Gaming and Leisure Properties, Inc. (the “Company” or “GLPI”) is a self-administered and self-managed Pennsylvania REIT that was incorporated on February 13, 2013 as a wholly-owned subsidiary of Penn National Gaming, Inc. (“Penn”). On November 1, 2013, Penn completed the tax-free spin-off of GLPI by distributing the common stock it held in GLPI to Penn’s shareholders. GLPI owns substantially all of the assets associated with the real property interests related to Penn’s gaming operations, as well as the assets and liabilities of Louisiana Casino Cruises, Inc. (“Hollywood Casino Baton Rouge”) and Penn Cecil Maryland, Inc. (“Hollywood Casino Perryville”). GLPI’s tenants include Penn Tenant, LLC, a subsidiary of Penn, which leases the real estate assets of 18 facilities related to Penn’s operations, pursuant to a master lease agreement and Casino Queen in East St. Louis, Illinois.\r\n\r\nGLPI elected on its U.S. federal income tax return for the taxable year beginning on January 1, 2014 to be treated as a REIT and intends to continue to be organized and to operate in a manner that will permit it to qualify as a REIT. The Company’s primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in “triple net” lease arrangements. GLPI expects to grow its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators, which may or may not include Penn. GLPI also anticipates diversifying its portfolio over time by acquiring properties outside the gaming industry to lease to third parties. The expertise of GLPI’s management team will allow the Company to secure additional avenues for growth beyond the gaming industry and allow it to pursue other acquisitions that may prove complementary to GLPI's gaming facilities.