Company: GLPI
Filing Date: 2025-05-02
Form Type: 424B5
Source: 0001193125-25-111614
Chunk: 32

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-05-02
Form: 424B5
Chunk 32
---
 be made irrespective of our interests, including our need for capital. In such cases, we could be required to issue and deliver shares of common stock under the physical settlement provisions of the applicable forward sale agreement or, if we so elect and the Forward Purchasers so permits our election, net share settlement provisions of the applicable forward sale agreement irrespective of our capital needs, which would result in dilution to our earnings per share, return on equity and dividends per share. In addition, upon certain events of bankruptcy or insolvency relating to us, the forward sale agreements will terminate without further liability of the parties thereto. Following any such termination, we would not issue any shares of common stock or receive any proceeds pursuant to such forward sale agreements. See “Risk Factors—Risks Related to Forward Sale Agreements—In case of our bankruptcy or insolvency, any forward sale agreement that is in effect will automatically terminate, and we would not receive the expected proceeds from any forward sales of shares of our common stock under these agreements” in this prospectus supplement. Limitations on Sales of Similar Securities We have agreed not to directly or indirectly sell, offer to sell, contract to sell, grant any option to sell or otherwise dispose of, our common stock or securities convertible into or exchangeable for our common stock (other than pursuant to the Sales Agreement), warrants or any rights to purchase or acquire our common stock at any time that sales of shares pursuant to the Sales Agreement have been made, but not settled, or at any time there is an outstanding instruction notice and such notice has not been fulfilled or cancelled, without the providing the applicable Sales Agent or Forward Seller with at least one business days’ prior written notice before the date of any such proposed transaction. The restriction described in this paragraph does not apply to sales of:

| • |     | common stock we offer or sell pursuant to any instruction notice under the Sales Agreement (including sales of         
 borrowed shares of our common stock by a Forward Seller in connection with any forward sale agreement, if applicable); |

| • |     | common stock and options to purchase shares of common stock or common stock issuable upon the exercise of options                                                                                                                                        
 pursuant to any current or future employee or director stock option, incentive or benefit plan, employee stock purchase, long-term incentive plan, deferred compensation plan or ownership plan or dividend investment plan (but not shares subject to a 
 waiver to exceed plan limits in its stock purchase plan) of the Company;                                                                                                                                                                                 |

| • |     | common stock issuable upon the conversion of securities or