0001575965 2025-01-01 2025-12-31 0001575965 2024-01-01 2024-12-31 0001575965 2023-01-01 2023-12-31 0001575965 2022-01-01 2022-12-31 0001575965 2021-01-01 2021-12-31 0001575965 ecd:DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMember ecd:PeoMember 2025-01-01 2025-12-31 0001575965 ecd:VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember ecd:PeoMember 2025-01-01 2025-12-31 0001575965 ecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember ecd:PeoMember 2025-01-01 2025-12-31 0001575965 ecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember ecd:PeoMember 2025-01-01 2025-12-31 0001575965 ecd:YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMember ecd:PeoMember 2025-01-01 2025-12-31 0001575965 ecd:YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001575965 ecd:DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001575965 glpi:ServiceBasedAndPerformanceBasedAwardValueMember ecd:PeoMember 2025-01-01 2025-12-31 0001575965 glpi:ServiceBasedAndPerformanceBasedAwardValueMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001575965 ecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001575965 ecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001575965 ecd:VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001575965 3 2025-01-01 2025-12-31 0001575965 2 2025-01-01 2025-12-31 0001575965 1 2025-01-01 2025-12-31 iso4217:USD DEF 14A false 0001575965 Gaming and Leisure Properties, Inc. true <div id="txa61837_36" style="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><div style="color:#009bda;display:inline;">Pay vs Performance Table </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The following table sets forth information concerning the compensation earned during the fiscal years ended December 31, 2025, 2024, 2023, 2022 and 2021 by the Company’s NEOs: </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:25%"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:105pt"></td> <td></td> <td></td> <td style="width:105pt"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:77pt"></td> <td></td> <td></td> <td style="width:77pt"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:94pt"></td> <td></td> <td></td> <td style="width:94pt"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:133pt"></td> <td></td> <td></td> <td style="width:133pt"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:12pt"></td> <td></td> <td></td> <td style="width:12pt"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:35pt"></td> <td></td> <td></td> <td style="width:35pt"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:115pt"></td> <td></td> <td></td> <td style="width:115pt"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:56pt"></td> <td></td> <td></td> <td style="width:56pt"></td></tr> <tr style="font-size:1pt;background-color:#eaeaea"> <td style="height:1.5pt"></td> <td colspan="5" style="height:1.5pt"></td> <td colspan="5" style="height:1.5pt"></td> <td colspan="5" style="height:1.5pt"></td> <td colspan="5" style="height:1.5pt"></td> <td colspan="10" style="height:1.5pt"></td> <td colspan="5" style="height:1.5pt"></td> <td colspan="5" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt;background-color:#eaeaea"> <td rowspan="2" style="padding-bottom:4pt ;vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; text-indent:0.44em; font-size:9pt; font-family:ARIAL"><div style="color:#009bda;display:inline;"><div style="font-weight:bold;display:inline;">Year</div></div></div></td> <td rowspan="2" style="vertical-align:bottom"> </td> <td colspan="4" rowspan="2" style="padding-bottom:4pt ;vertical-align:bottom;text-align:center"><div style="color:#009bda;display:inline;"><div style="font-weight:bold;display:inline;">Summary<br/> Compensation<br/> Total for<br/> CEO<div style="font-size:75%; vertical-align:top;display:inline;font-size:7.5px">(1)(2)</div></div></div></td> <td rowspan="2" style="vertical-align:bottom"> </td> <td colspan="4" rowspan="2" style="padding-bottom:4pt ;vertical-align:bottom;text-align:center"><div style="color:#009bda;display:inline;"><div style="font-weight:bold;display:inline;">Compensation<br/> Actually Paid<br/> to CEO<div style="font-size:75%; vertical-align:top;display:inline;font-size:7.5px">(3)</div></div></div></td> <td rowspan="2" style="vertical-align:bottom"> </td> <td colspan="4" rowspan="2" style="padding-bottom:4pt ;vertical-align:bottom;text-align:center"><div style="color:#009bda;display:inline;"><div style="font-weight:bold;display:inline;">Average<br/> SCT Total<br/> <div style="white-space:nowrap;display:inline;">for Non-CEO</div><br/> NEOs<div style="font-size:75%; vertical-align:top;display:inline;font-size:7.5px">(1)(2)</div></div></div></td> <td rowspan="2" style="vertical-align:bottom"> </td> <td colspan="4" rowspan="2" style="padding-bottom:4pt ;vertical-align:bottom;text-align:center"><div style="color:#009bda;display:inline;"><div style="font-weight:bold;display:inline;">Average<br/> Compensation<br/> Actually Paid<br/> to <div style="white-space:nowrap;display:inline;">Non-CEO</div><br/> NEOs<div style="font-size:75%; vertical-align:top;display:inline;font-size:7.5px">(3)</div></div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #009bda;vertical-align:bottom"> </td> <td colspan="9" style="padding-bottom:4pt ;BORDER-BOTTOM:0.75pt solid #009bda;vertical-align:bottom;text-align:center"><div style="color:#009bda;display:inline;"><div style="font-weight:bold;display:inline;">Value of Initial Fixed<br/> $100 Investment<br/> based on:</div></div></td> <td rowspan="2" style="vertical-align:bottom"> </td> <td colspan="4" rowspan="2" style="padding-bottom:4pt ;vertical-align:bottom;text-align:center"><div style="color:#009bda;display:inline;"><div style="font-weight:bold;display:inline;">Net Income<br/> attributable to<br/> common<br/> shareholders</div></div></td> <td rowspan="2" style="vertical-align:bottom"> </td> <td colspan="4" rowspan="2" style="padding-bottom:4pt ;vertical-align:bottom;text-align:center"><div style="color:#009bda;display:inline;"><div style="font-weight:bold;display:inline;">AFFO per<br/> Diluted<br/> Share<div style="font-size:75%; vertical-align:top;display:inline;font-size:7.5px">(5)</div></div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt;background-color:#eaeaea"> <td style="vertical-align:bottom"> </td> <td colspan="4" style="padding-bottom:4pt ;vertical-align:bottom;text-align:center"><div style="color:#009bda;display:inline;"><div style="font-weight:bold;display:inline;">TSR<div style="font-size:75%; vertical-align:top;display:inline;font-size:7.5px">(4)</div></div></div></td> <td style="vertical-align:bottom"> </td> <td colspan="4" style="padding-bottom:4pt ;vertical-align:bottom;text-align:center"><div style="color:#009bda;display:inline;"><div style="font-weight:bold;display:inline;">Peer Group<br/> TSR<div style="font-size:75%; vertical-align:top;display:inline;font-size:7.5px">(4)</div></div></div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.44em; font-size:9pt; font-family:ARIAL">2025</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">14,054,918</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">10,868,702</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">4,925,491</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">2,536,635</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">144.32</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">137.53</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">825.1</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">3.88</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.44em; font-size:9pt; font-family:ARIAL">2024</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">14,853,214</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">16,044,359</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">4,111,319</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">4,464,248</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">145.52</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">133.59</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">784.6</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">3.77</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.44em; font-size:9pt; font-family:ARIAL">2023</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">15,947,667</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">14,771,611</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">4,475,135</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">4,070,334</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">139.95</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">122.84</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">734.3</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">3.69</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.44em; font-size:9pt; font-family:ARIAL">2022</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">14,989,182</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">28,441,757</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">3,940,203</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">7,443,508</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">138.64</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">108.00</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">684.7</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">3.55</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td> <td colspan="5" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.44em; font-size:9pt; font-family:ARIAL">2021</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">13,407,438</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">20,650,901</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">3,395,082</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">5,189,844</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">122.16</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">143.06</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">534.0</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td> <td style=" BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:bottom;text-align:right">3.44</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #d0b669;white-space:nowrap;vertical-align:bottom"></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left">(1)</td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL;text-align:left">For all periods presented, our CEO is Peter M. Carlino. For the 2025, 2024, 2023 and 2022 periods presented, our other NEOs are Brandon J. Moore, Desiree A. Burke, Matthew J. Demchyk, and Steven L. Ladany. For the 2021 period presented, our other NEOs are Brandon J. Moore, Desiree A. Burke and Matthew J. Demchyk. </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left">(2)</td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL;text-align:left">The values reflected in this column reflect the “Total” compensation set forth in the Summary Compensation Table (“SCT”) of the corresponding years’ Proxy Statement for our CEO and average of our other NEOs. See the footnotes to the respective tables for further detail regarding the amounts in this column. </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left">(3)</td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL;text-align:left">In accordance with SEC rules, the Compensation actually paid (“CAP”) reflected in this column is computed by replacing the amounts in the “Service-Based Awards” and “Performance-Based Awards” column of the SCT for each year from the “SCT Total” column of this table with the following amounts: (i) the fair value as of the last day of the reporting year of unvested awards (or portions thereof) that were granted during such year, (ii) as of the last day of the reporting year, the change in fair value of unvested awards granted in prior years that remain unvested as of the last day of such year compared to the last day of the previous reporting year, (iii) as of the applicable vesting date, the change in fair value of awards that vested during the reporting year compared to the last day of the previous reporting year, (iv) as of the applicable vesting date the fair value of awards that were granted and vested during the reporting year and, (v) the value of dividends paid in cash on performance based awards that vested during the reporting year. The dollar amounts do not reflect the actual amount of compensation earned by or paid to our CEO or other NEOs during the applicable year. In accordance with Item 402(v) of Regulation <div style="white-space:nowrap;display:inline;">S-K,</div> CAP for our CEO and Average CAP for our other NEOs for the year ended December 31, 2025 was computed as follows: </div></td></tr></table><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:97%;border-spacing:0;margin-left:auto"> <tr> <td style="width:79%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="6" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:center">2025</td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center">CEO</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center">Other NEO<br/> Average</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:8pt; font-family:ARIAL">SCT Total Compensation</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">14,054,918</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">4,925,491</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:8pt; font-family:ARIAL">Minus SCT Service-Based and Performance-Based Award Value</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">(8,600,900</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom">) </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">(2,914,370</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:8pt; font-family:ARIAL">Plus Fair Value of Unvested Awards Granted During the Reporting Year as of Last Day of Reporting Year</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">7,611,450</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">2,041,253</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:8pt; font-family:ARIAL">Minus Change in Fair Value of Unvested Awards Granted in Prior Years as of Last Day of Reporting Year from Last Day of Year Preceding Reporting Year</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">(1,608,746</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom">) </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">(402,187</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:8pt; font-family:ARIAL">Minus Change in Fair Value of Awards Vested in Reporting Year as of Vesting Date from Last Day of Year Preceding Reporting Year</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">(1,396,373</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom">) </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">(1,315,651</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:8pt; font-family:ARIAL">Plus Fair Value of Awards Granted During the Reporting Year that Vested During the Reporting Year</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:8pt; font-family:ARIAL">Plus Value of Accrued Dividends Paid Upon Vesting of Awards in Reporting Year</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">808,353</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">202,099</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:8pt; font-family:ARIAL">Total CAP</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right">10,868,702</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right">2,536,635</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr></table></div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left">(4)</td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL;text-align:left">Reflects the cumulative TSR of the Company and the US MSCI REIT Index for the year ended December 31, 2021, the two years ended December 31, 2022, the three years ended December 31, 2023, the four years ended December 31, 2024, and the five years ended December 31, 2025 assuming a $100 investment at the closing price on December 31, 2020 and the reinvestment of all dividends before consideration of income taxes. </div></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left">(5)</td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL;text-align:left">AFFO is a <div style="white-space:nowrap;display:inline;">non-GAAP</div> financial measure. For a definition and reconciliation of this <div style="white-space:nowrap;display:inline;">non-GAAP</div> financial measure to the most directly comparable GAAP measure, see the section entitled “FFO, AFFO and Adjusted EBITDA” on pages 51 – 52 of our 2025 Annual Report on Form <div style="white-space:nowrap;display:inline;">10-K.</div> AFFO per share is presented on a fully diluted basis assuming full conversion of limited partnership units to common shares and therefore before the income statement impact of <div style="white-space:nowrap;display:inline;">non-controlling</div> interests. </div></td></tr></table> 14054918 10868702 4925491 2536635 144.32 137.53 825.1 3.88 14853214 16044359 4111319 4464248 145.52 133.59 784.6 3.77 15947667 14771611 4475135 4070334 139.95 122.84 734.3 3.69 14989182 28441757 3940203 7443508 138.64 108 684.7 3.55 13407438 20650901 3395082 5189844 122.16 143.06 534 3.44 Peter M. Carlino NEOs are Brandon J. Moore, Desiree A. Burke, Matthew J. Demchyk, and Steven L. Ladany. For the 2021 period presented, our other NEOs are Brandon J. Moore, Desiree A. Burke and Matthew J. Demchyk. <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:97%;border-spacing:0;margin-left:auto"> <tr> <td style="width:79%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="6" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:center">2025</td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center">CEO</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center">Other NEO<br/> Average</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:8pt; font-family:ARIAL">SCT Total Compensation</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">14,054,918</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">4,925,491</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:8pt; font-family:ARIAL">Minus SCT Service-Based and Performance-Based Award Value</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">(8,600,900</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom">) </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">(2,914,370</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:8pt; font-family:ARIAL">Plus Fair Value of Unvested Awards Granted During the Reporting Year as of Last Day of Reporting Year</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">7,611,450</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">2,041,253</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:8pt; font-family:ARIAL">Minus Change in Fair Value of Unvested Awards Granted in Prior Years as of Last Day of Reporting Year from Last Day of Year Preceding Reporting Year</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">(1,608,746</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom">) </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">(402,187</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:8pt; font-family:ARIAL">Minus Change in Fair Value of Awards Vested in Reporting Year as of Vesting Date from Last Day of Year Preceding Reporting Year</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">(1,396,373</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom">) </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">(1,315,651</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:8pt; font-family:ARIAL">Plus Fair Value of Awards Granted During the Reporting Year that Vested During the Reporting Year</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:8pt; font-family:ARIAL">Plus Value of Accrued Dividends Paid Upon Vesting of Awards in Reporting Year</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">808,353</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">202,099</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:8pt; font-family:ARIAL">Total CAP</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right">10,868,702</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right">2,536,635</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:97%;border-spacing:0;margin-left:auto"> <tr> <td style="width:79%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="6" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:center">2025</td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center">CEO</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center">Other NEO<br/> Average</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:8pt; font-family:ARIAL">SCT Total Compensation</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">14,054,918</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">4,925,491</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:8pt; font-family:ARIAL">Minus SCT Service-Based and Performance-Based Award Value</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">(8,600,900</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom">) </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">(2,914,370</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:8pt; font-family:ARIAL">Plus Fair Value of Unvested Awards Granted During the Reporting Year as of Last Day of Reporting Year</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">7,611,450</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">2,041,253</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:8pt; font-family:ARIAL">Minus Change in Fair Value of Unvested Awards Granted in Prior Years as of Last Day of Reporting Year from Last Day of Year Preceding Reporting Year</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">(1,608,746</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom">) </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">(402,187</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:8pt; font-family:ARIAL">Minus Change in Fair Value of Awards Vested in Reporting Year as of Vesting Date from Last Day of Year Preceding Reporting Year</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">(1,396,373</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom">) </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">(1,315,651</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:8pt; font-family:ARIAL">Plus Fair Value of Awards Granted During the Reporting Year that Vested During the Reporting Year</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:8pt; font-family:ARIAL">Plus Value of Accrued Dividends Paid Upon Vesting of Awards in Reporting Year</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">808,353</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right">202,099</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:8pt; font-family:ARIAL">Total CAP</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right">10,868,702</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right">2,536,635</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr></table> 14054918 4925491 -8600900 -2914370 7611450 2041253 -1608746 -402187 -1396373 -1315651 0 0 808353 202099 10868702 2536635 Reflects the cumulative TSR of the Company and the US MSCI REIT Index for the year ended December 31, 2021, the two years ended December 31, 2022, the three years ended December 31, 2023, the four years ended December 31, 2024, and the five years ended December 31, 2025 assuming a $100 investment at the closing price on December 31, 2020 and the reinvestment of all dividends before consideration of income taxes. AFFO is a <div style="white-space:nowrap;display:inline;">non-GAAP</div> financial measure. For a definition and reconciliation of this <div style="white-space:nowrap;display:inline;">non-GAAP</div> financial measure to the most directly comparable GAAP measure, see the section entitled “FFO, AFFO and Adjusted EBITDA” on pages 51 – 52 of our 2025 Annual Report on Form <div style="white-space:nowrap;display:inline;">10-K.</div> AFFO per share is presented on a fully diluted basis assuming full conversion of limited partnership units to common shares and therefore before the income statement impact of <div style="white-space:nowrap;display:inline;">non-controlling</div> interests. <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><div style="font-style:italic;display:inline;">Financial Performance Measures </div></div><div style="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The most important financial performance measures used by the Company to link compensation actually paid to performance for the most recently completed fiscal year are listed herein. </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;width:35%;border-spacing:0;margin:0 auto"> <tr> <td style="width:100%"></td></tr> <tr style="font-size:1pt;background-color:#eaeaea"> <td style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt;background-color:#eaeaea"> <td style="vertical-align:bottom;text-align:center"><div style="color:#009bda;display:inline;"><div style="font-weight:bold;display:inline;">Significant Financial Performance Metrics</div></div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:top;text-align:center">TSR Compared to Peer Groups</td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:top;text-align:center">AFFO Per Diluted Share</td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #d0b669;vertical-align:top;text-align:center">Dividends Per Share</td></tr></table> TSR Compared to Peer Groups AFFO Per Diluted Share Dividends Per Share AFFO per diluted share <div id="txa61837_37" style="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><div style="color:#009bda;display:inline;">Compensation Actually Paid (CAP) vs. Cumulative TSR </div></div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="font-size:0pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center"></div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center"> <img alt="LOGO" src="g61837g01g04.jpg" style="width:6.31897in;height:3.01981in"/> </div> <div id="txa61837_37" style="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><div style="color:#009bda;display:inline;">Compensation Actually Paid (CAP) vs. Cumulative TSR </div></div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="font-size:0pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center"></div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center"> <img alt="LOGO" src="g61837g01g04.jpg" style="width:6.31897in;height:3.01981in"/> </div> <div id="txa61837_38" style="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><div style="color:#009bda;display:inline;">Compensation Actually Paid (CAP) vs. Net Income Attributable to Common Shareholders </div></div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="font-size:0pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="font-size:0pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center"></div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center"> <img alt="LOGO" src="g61837g01p05.jpg" style="width:6.32652in;height:3.02348in"/> </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div> <div id="txa61837_39" style="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><div style="color:#009bda;display:inline;">Compensation Actually Paid (CAP) vs. AFFO Per Diluted Share </div></div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="font-size:0pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center"> <img alt="LOGO" src="g61837g02g05.jpg" style="width:6.31897in;height:3.01981in"/> </div>