Company: GLPI
Filing Date: 2025-05-01
Form Type: S-3ASR
Source: 0001193125-25-110027
Chunk: 43

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-05-01
Form: S-3ASR
Chunk 43
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ifying income from foreclosure property, we will be subject to tax at the highest U.S. federal corporate income tax rate on this 
 income.                                                                                                                                                                                                                                                 |

| • |     | If we have net income from “prohibited transactions” we will be subject to a 100% tax on this income.                                                                                    
 In general, prohibited transactions are sales or other dispositions of property held primarily for sale to customers in the ordinary course of business other than foreclosure property. |

| • |     | If we fail to satisfy either the 75% gross income test or the 95% gross income test discussed below, but                                                                                                                                       
 nonetheless maintain our qualification as a REIT because other requirements are met, we will be subject to a tax in an amount equal to the greater of either (1) the amount by which we fail the 75% gross income test for the taxable year or 
 (2) the amount by which we fail the 95% gross income test for the taxable year, multiplied by a fraction intended to reflect our profitability.                                                                                                |

| • |     | If we fail to satisfy any of the REIT asset tests, as described below, other than a failure by a de minimis                                                                                                                                    
 amount of the 5% or 10% assets tests, and we qualify for and satisfy certain cure provisions, then we will be required to pay a tax equal to the greater of $50,000 or the product of (1) the net income generated by the nonqualifying assets 
 during the period in which we failed to satisfy the asset tests and (2) the highest U.S. federal corporate income tax rate.                                                                                                                    |

| • |     | If we fail to satisfy any provision of the Code that would result in our failure to qualify as a REIT (other than                                                                                                                        
 a gross income or asset test requirement) and that violation is due to reasonable cause and not due to willful neglect, we may retain our REIT qualification, but we will be required to pay a penalty of $50,000 for each such failure. |

| • |     | If we fail to qualify for taxation as a REIT because we fail to distribute by the end of the relevant year any                                                                                                    
 earnings and profits accumulated in a non-REIT taxable year (such as earnings and profits we inherit from a taxable C corporation that was acquired during the year through a                                     
 tax-free merger or tax-free liquidation), and the failure to comply with the prohibition on non-REIT earnings and profits is