Company: GLPI
Filing Date: 2025-08-13
Form Type: 424B5
Source: 0001193125-25-179509
Chunk: 9

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-13
Form: 424B5
Chunk 9
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 which consists of acquiring, financing, and owning real estate property to be leased to gaming and leisure operators in triple-net leasearrangements. As of June 30, 2025, GLPI’s portfolio consisted of interests in the real property of 68 gaming and related facilities as follows:

| • |     | 34 gaming and related facilities operated by PENN Entertainment, Inc. (“PENN”); |

| • |     | 6 gaming and related facilities operated by Caesars Entertainment Corporation (“Caesars”); |

| • |     | 4 gaming and related facilities operated by Boyd Gaming Corporation (“Boyd”); |

| • |     | 15 gaming and related facilities operated by Bally’s and 3 facilities under development with Bally’s in 
 Chicago, Illinois;                                                                                      |

| • |     | 3 gaming and related facilities operated by The Cordish Companies (“Cordish”); |

| • |     | 1 gaming facility managed by a subsidiary of Hard Rock International; |

| • |     | 3 gaming and related facilities operated by Strategic Gaming Management, LLC; and |

| • |     | 1 gaming and related facility operated by American Racing & Entertainment LLC. |

These facilities, including our corporate headquarters building, are geographically diversified across 20 states. As of June 30, 2025, GLPI’s properties were 100% occupied. We expect to continue growing our portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms. The majority of our earnings are a result of revenues we receive from our triple-net masterleases with PENN, Boyd, Bally’s, Cordish and Caesars. In addition to rent, tenants are required to pay the following executory costs: (i) facility maintenance, (ii) insurance required in connection with the leased properties and the business conducted on the leased properties, including coverage of the landlord’s interests, (iii) taxes levied on or with respect to the leased properties (other than taxes on the income of the lessor), and (iv) utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. In accordance with Accounting Standards Codification 842, we record revenue for the ground lease rent paid by our tenants with an offsetting expense in land rights and ground lease expense as we have concluded that as the lessee, we are the primary obligor under the ground leases. We sublease these ground leases back to our tenants