Company: GLPI
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0001193125-25-181872
Chunk: 27

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-15
Form: 424B5
Chunk 27
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 the benefit of holders of OP Units.

The Operating Partnership has entered into limited tax protection
agreements in connection with the contribution of certain properties, and may in the future enter into additional tax protection agreements with contributors of properties. Tax protection agreements typically provide that if the Operating
Partnership (i) sells, exchanges, transfers or otherwise disposes of one or more contributed properties in a taxable transaction, or undertakes any taxable merger, combination, consolidation or similar transaction (including a transfer of all
or substantially all assets) within a specified protected period, or (ii) fails, prior to the expiration of such period, to maintain certain minimum levels of indebtedness that would be allocable to each protected partner for tax purposes, then
the Operating Partnership will indemnify each affected protected partner, against certain resulting tax liabilities. Therefore, although it may be in our shareholders’ best interest for us to cause the Operating Partnership to sell, exchange,
transfer or otherwise dispose of one or more contributed properties, it may be economically prohibitive for us to do so until the expiration of the applicable protection period because of these indemnity obligations. These obligations may also
require us to cause the Operating Partnership to maintain more or different indebtedness than we would otherwise require for our business.

S-14

USE OF PROCEEDS

We estimate that the net proceeds from this offering, after the deduction of the underwriting discounts and commissions and our estimated expenses, will be
approximately $1.28 billion.

We intend to use the net proceeds from this offering to fund the redemption in full of the 2026 Notes at a redemption price
equal to par, plus accrued and unpaid interest to, but not including, the date of redemption, plus a make-whole premium, and any related fees and expenses. We intend to use the remaining proceeds for working capital and general corporate purposes,
which may include funding development and expansion projects at existing and new properties, repayment of indebtedness, capital expenditures and other general business purposes.

The 2026 Notes have a 5.375% coupon and mature on April 15, 2026.

Certain of the underwriters and/or their affiliates may hold a position in the 2026 Notes and, as a result, may receive a portion of the net proceeds of the
notes offered hereby. See “Underwriting—Conflicts of Interest”.

For the avoidance of doubt, nothing contained in this prospectus
supplement constitutes a notice of redemption of the 2026 Notes.

S-15

CAPITALIZATION The