Company: GLPI
Filing Date: 2025-05-02
Form Type: 424B5
Source: 0001193125-25-111614
Chunk: 4

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-05-02
Form: 424B5
Chunk 4
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 we will not initially receive any proceeds from the sale of our shares of common stock by any Forward Seller. We expect to physically settle each forward sale agreement (by the delivery of shares of common stock) and receive proceeds from the sale of those shares of common stock upon one or more forward settlement dates no later than a date that is up to two years from entry into the applicable forward sale agreement. We may also elect to cash settle or net share settle all or a portion of our obligations under any forward sale agreement. If we elect to cash settle any forward sale agreement, we may not receive any proceeds, and we may owe cash to the relevant Forward Purchaser in certain circumstances. If we elect to net share settle any forward sale agreement, we will not receive any proceeds, and we may owe shares of common stock to the relevant Forward Purchaser in certain circumstances. See “Plan of Distribution” in this prospectus supplement. Our common stock is listed on Nasdaq under the symbol “GLPI.” On May 1, 2025, the last reported sale price of our common stock on Nasdaq was $47.19 per share. You are urged to obtain current market quotations of our common stock. The offering of shares of common stock pursuant to the Sales Agreement will terminate upon the earlier of (i) the sale of all the shares of common stock subject to the Sales Agreement (including shares sold by us to or through the Sales Agents and borrowed shares sold by the Forward Sellers) and (ii) the termination of the Sales Agreement, pursuant to its terms. To ensure that we maintain our qualification as a real estate investment trust (“REIT”), our amended and restated articles of incorporation impose certain restrictions on ownership of our common stock. See “Description of Capital Stock of GLPI—Restrictions on Ownership and Transfer” in the accompanying prospectus. Investing in our common stock involves risks. You should read carefully and consider the “ Risk Factors” beginning on page S-5of this prospectus supplement and beginning on page 29 of our Annual Report on Form 10-Kfor the year ended December 31, 2024 and our other periodic reports filed with the Securities and Exchange Commission (“SEC”), which are incorporated by reference herein. Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense. No gaming or regulatory agency has approved or disapproved of these securities, or passed upon the adequ