Company: GLPI
Filing Date: 2025-05-02
Form Type: 424B5
Source: 0001193125-25-111614
Chunk: 28

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-05-02
Form: 424B5
Chunk 28
---
 to the Sales Agreement by the relevant Forward Seller. Thereafter, the forward sale price will be
subject to adjustment as described below. We will not initially receive any proceeds from any sale of shares of our common stock borrowed by a Forward Purchaser or its affiliate and sold through a Forward Seller, and all of such net proceeds will be
paid to the relevant Forward Purchaser (or one or more of its affiliates).

The forward sale agreements will provide that the forward sale price, as well
as the sales prices used to calculate the initial forward sale price, will be subject to adjustment on a daily basis based on a floating interest rate factor (which may be negative) equal to a specified daily rate less a spread and will be decreased
based on amounts related to expected dividends on shares of our common stock during the term of the applicable forward sale agreement. If the specified daily rate is less than the spread on any day, the interest rate factor will result in a daily
reduction of the forward sale price.

In the event we enter into a forward sale agreement, we expect that, before any issuance of shares of our common
stock upon physical settlement or net share settlement of any forward sale agreement, the shares of our common stock issuable upon settlement of such forward sale agreement will be reflected in our diluted earnings per share, return on equity and
dividends per share calculations using the treasury stock method. Under this method, the number of shares of our common stock used in calculating diluted earnings per share, return on equity and dividends per share is deemed to be increased by the
excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of such forward sale agreement over the number of shares of our common stock that could be purchased by us in the market (based on the average
market price during the relevant period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the relevant reporting period). Consequently, before physical or net share settlement of
such forward sale agreement and subject to the occurrence of certain events, we anticipate there will be no dilutive effect on our earnings per share, except during periods when the average market price of our common stock is above the applicable
forward sale price, subject to increase or decrease based on a specified daily rate less a spread, and will be decreased by the per share amounts on the dates specified in the relevant forward sale agreement based on the ordinary cash dividends on
our common stock during the term of that particular