Company: GLPI
Filing Date: 2025-08-13
Form Type: 424B5
Source: 0001193125-25-179509
Chunk: 53

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-13
Form: 424B5
Chunk 53
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 applicable) most recently filed Quarterly Report on Form 10-Q, or, in the case of the last fiscal quarter of the year, the
Issuers’ (or the Guarantor’s or another parent guarantor’s, as applicable) Annual Report on Form 10-K.

“Lien” means, with respect to any asset (without duplication), any lien, security interest or other type of preferential arrangement for
security, including, without limitation, the lien or retained security title of a conditional vendor;provided that, for purposes hereof, “Lien” shall not include any Lien related to Indebtedness that has been
Discharged or otherwise satisfied by the Issuers or any of their Subsidiaries in accordance with the provisions thereof, including through the deposit of cash, cash equivalents or marketable securities (it being understood that cash collateral shall
be deemed to include cash deposited with a trustee with respect to third party indebtedness).

“Ownership Share” means, with respect to
any Subsidiary (other than a wholly owned Subsidiary of any of the Issuers) or any Unconsolidated Affiliate of the Issuers, the Issuers’ relative direct and indirect economic interest (calculated as a percentage) in such Subsidiary or
Unconsolidated Affiliate determined in accordance with the applicable provisions of the declaration of trust, articles or certificate of incorporation, articles of organization, partnership agreement, joint venture agreement or other applicable
organizational document of such Subsidiary or Unconsolidated Affiliate.

“Penn” means PENN Entertainment, Inc., a Pennsylvania
corporation.

“Penn Master Lease” means that certain Master Lease, dated as of November 1, 2013, between the Operating Partnership
(and any Subsidiaries of the Operating Partnership acting as landlord or co-landlord) and the Penn Tenant, as it has been amended through the date hereof and may be amended, supplemented or
modified from time to time.

“Penn Master Lease Properties” means, as of any date of determination, the real properties that are leased
to Penn Tenant pursuant to the Penn Master Lease.

S-33

“ Penn Tenant” means Penn Tenant, LLC, a Pennsylvania limited liability company, in its capacity as tenant under the Penn Master Lease, and its successors in such capacity. “ Penn Transactions” means the “Transactions” (as defined in the base indenture). “ Permitted Debt” means:

| (1) | Indebted