Company: GLPI
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0001193125-25-181872
Chunk: 92

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-15
Form: 424B5
Chunk 92
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1 facility
under development with Bally’s in Chicago, Illinois, the real property associated with 3 gaming and related facilities operated by The Cordish Companies (“Cordish”), 1 gaming facility managed by a subsidiary of Hard Rock International
(“Hard Rock”), 3 gaming and related facilities operated by Strategic Gaming Management, LLC (“Strategic”) 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 and we own over 5,400 acres and lease approximately 1,000 acres. As of March 31, 2025, our properties were 100% occupied. GLPI expects to continue growing its
portfolio by pursuing opportunities to acquire additional gaming facilities (either existing facilities or new development facilities) to lease to gaming operators under prudent terms. In addition, we have entered into various commitments or call
rights to finance or acquire future investments in gaming and related facilities for our tenants. As of March 31, 2025, the maximum aggregate amount of these commitments was approximately $2.7 billion. Our tenants retain the option to decline
our financing for certain projects and may seek alternative financing solutions, so there is no guarantee that any financing commitment will be utilized in circumstances where a tenant has the option to obtain alternative financing.

As of March 31, 2025, the majority of our earnings are the result of revenues we receive from our
triple-net master leases with PENN, Boyd, Bally’s, Cordish, and Caesars. In addition to rent, the tenants are required to pay the following executory costs: (1) all facility maintenance, (2) all
insurance required in connection with the leased properties and the business conducted on the leased properties, including coverage of the landlord’s interests, (3) taxes levied on or with respect to the leased properties (other than taxes
on the income of the lessor) and (4) all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.

GLPI was incorporated on February 13, 2013, as a wholly-owned subsidiary of PENN. On November 1, 2013, PENN contributed to the
Company, through a series of internal corporate restructurings, substantially all of the assets and liabilities associated with PENN’s real property interests and real estate development business, as well as the assets and liabilities of
Hollywood Casino Baton