Company: GLPI
Filing Date: 2025-08-13
Form Type: 424B5
Source: 0001193125-25-179509
Chunk: 30

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-13
Form: 424B5
Chunk 30
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 repay any loans under the Term
Loan Credit Facility prior to maturity. The Operating Partnership may prepay all or any portion of the loans under the Term Loan Credit Facility prior to maturity without premium or penalty, subject to reimbursement of any SOFR breakage costs of the
lenders, and may reborrow loans that it has repaid.

S-18

The Term Loan Credit Facility contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of GLPI and its subsidiaries, including the Operating Partnership, to grant liens on their assets, incur indebtedness, sell assets, engage in acquisitions, mergers or consolidations, or pay certain dividends and make other restricted payments. The financial covenants include the following, which are measured quarterly on a trailing four-quarter basis: (i) maximum total debt to total asset value ratio, (ii) maximum senior secured debt to total asset value ratio, (iii) maximum ratio of certain recourse debt to unencumbered asset value, and (iv) minimum fixed charge coverage ratio. GLPI is required to maintain its status as a REIT and is permitted to pay dividends to its shareholders as may be required in order to maintain REIT status. GLPI is also permitted to make other dividends and distributions, subject to pro forma compliance with the financial covenants and the absence of defaults. The Term Loan Credit Facility also contains certain customary affirmative covenants and events of default. The occurrence and continuance of an event of default, which includes, among others, nonpayment of principal or interest, material inaccuracy of representations and failure to comply with covenants, will enable the lenders to accelerate the loans and terminate the commitments thereunder. At June 30, 2025, the Company was in compliance with all required financial covenants under the Term Loan Credit Facility. Existing Senior Unsecured Notes At June 30, 2025, GLPI had:

| • |     | $400.0 million outstanding of 6.250% senior unsecured notes maturing on September 15, 2054 (the 
 “2054 notes”);                                                                                  |

| • |     | $800.0 million outstanding of 5.625% senior unsecured notes maturing on September 15, 2034 (the 
 “2034 notes”);                                                                                  |

| • |     | $400.0 million outstanding of 6.750% senior unsecured notes maturing on December 1, 2033 (the