Company: GLPI
Filing Date: 2025-05-02
Form Type: 424B5
Source: 0001193125-25-111614
Chunk: 41

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-05-02
Form: 424B5
Chunk 41
---
 portfolio consisted of interests in 68 gaming and related facilities, including the real property associated with 34 gaming and related facilities operated by PENN Entertainment, Inc., formerly known as Penn National
Gaming, Inc. (NASDAQ: PENN) (“PENN”), the real property associated with 6 gaming and related facilities operated by Caesars Entertainment Corporation (NASDAQ: CZR) (“Caesars”), the real property associated with 4 gaming and
related facilities operated by Boyd Gaming Corporation (NYSE: BYD) (“Boyd”), the real property associated with 15 gaming and related facilities operated by Bally’s Corporation (NYSE: BALY) (“Bally’s”) and 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