Company: GLPI
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0001193125-25-181872
Chunk: 33

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-15
Form: 424B5
Chunk 33
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 5.300% senior unsecured notes maturing on January 15, 2029 (the 
 “2029 notes”);                                                                                |

| • |     | $500.0 million outstanding of 5.750% senior unsecured notes maturing on June 1, 2028 (the “2028 
 notes”); and                                                                                    |

| • |     | $975.0 million outstanding of 5.375% senior unsecured notes maturing on April 15, 2026 (the “2026                                                                            
 notes”, and collectively with the 2054 notes, 2034 notes, 2033 notes, 2032 notes, 2031 notes, 2030 notes, 2029 notes and 2028 notes, the “existing senior unsecured notes”). |

Interest on the 2054 notes and 2034 notes is payable semi-annually on March 15 and September 15 of each year. Interest on the 2033 notes and 2028 notes is payable semi-annually on June 1 and December 1 of each year. Interest on the 2032 notes, 2031 notes, 2030 notes and 2029 notes is payable semi-annually on January 15 and July 15 of each year. Interest on the 2026 notes is payable semi-annually on April 15 and October 15 of each year. The indenture governing the existing senior unsecured notes contains covenants limiting our ability to: incur additional debt and use our assets to secure debt; merge or consolidate with another company; and, for certain series of notes, make certain amendments to the PENN Master Lease. The indenture governing the existing senior unsecured notes also require us to maintain a specified ratio of unencumbered assets to unsecured debt. These covenants are subject to a number of important and significant limitations, qualifications and exceptions. S-19

We may redeem the existing senior unsecured notes of any series at any time, and from time to time, at a
redemption price of 100% of the principal amount of the existing senior unsecured notes redeemed, plus, in certain circumstances, a “make-whole” redemption premium described in the indenture governing the existing senior unsecured notes,
together with accrued and unpaid interest to, but not including, the redemption date. If GLPI experiences a change of control accompanied by a decline in the credit rating of certain series of the existing senior unsecured