Company: GLPI
Filing Date: 2025-08-13
Form Type: 424B5
Source: 0001193125-25-179509
Chunk: 56

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-13
Form: 424B5
Chunk 56
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 cash payments and for which an accrual or reserve is, or is required by GAAP to be, made in which case, at the election of the Issuers such items may be added back when accrued and deducted 
 from net income when paid in cash, or given effect (and not added back to net income) when accrued or reserved);                                                                                                                                       |

| (i) | the amount of integration costs deducted (and not added back) in such period in computing the net income (or 
 net loss);                                                                                                   |

| (j) | severance, relocation costs, signing costs, retention or completion bonuses, transition costs, curtailments or             
 modifications to pension and post-retirement employee benefit plans (including any settlement of pension liabilities); and |

S-35

| (k) | to the extent not included in net income or, if otherwise excluded from Property EBITDA due to the operation of                                                                                                         
 clause (2)(a) below, the amount of insurance proceeds received during such period, or after such period and on or prior to the date the calculation is made with respect to such period, attributable to such property; |

| (2) | minus, without duplication and solely to the extent included in arriving at such net income (or net loss), the 
 sum of the following amounts for such period:                                                                  |

| (a) | extraordinary, non-recurring and unusual gains (other than insurance 
 proceeds);                                                           |

| (b) | gains attributable to hedging agreements; |

| (c) | non-cash gains resulting from fluctuations in foreign exchange rates; 
 and                                                                   |

| (d) | other non-cash gains increasing net income (or decreasing net loss) 
 other than accruals in the ordinary course;                         |

providedthat to the extent any amounts referred to in this definition or deducted in calculating net income (or net loss) (including any costs or expenses included in calculating net income (or net loss)) are required to be paid by the Penn Tenant under the Penn Master Lease or any other Person that is a lessee or operator of any such property, such amounts will not be subtracted, and will be added back to Property EBITDA for the applicable property or group of properties. Property EBITDA will be adjusted, without duplication, to give pro formaeffect: (x) in the case of any assets having been placed-in-service or removedfrom service since the beginning of the period and on or prior to the date of determination, to include or exclude