Company: GLPI
Filing Date: 2025-05-02
Form Type: 424B5
Source: 0001193125-25-111614
Chunk: 16

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-05-02
Form: 424B5
Chunk 16
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 evaluate the economic merits of any such investments before making an investment decision to purchase shares of our common stock in these
offerings. Additionally, we can make no assurances that we will have opportunities to allocate the net proceeds from offerings made under this prospectus supplement and the accompanying prospectus for productive uses or that other uses of the net
proceeds from these offerings will result in a favorable return to investors. Our inability to apply the net proceeds from these offerings effectively could have an adverse effect on our financial condition or results of operations.

Risks Related to Forward Sale Agreements

Settlement provisions contained in a forward sale agreement could result in substantial dilution to our earnings per share and return on equity or result in substantial cash payment obligations.

If we enter into one or more forward sale agreements, the relevant Forward Purchaser will have the right
to accelerate the applicable forward sale agreement with respect to all or any portion of the shares underlying such forward sale agreement (except with respect to events specified in (1) and (3) below, where accelerated settlement is limited
to the portion of shares whose settlement would address the relevant event or that is affected by the relevant event) and require us to physically settle on a date specified by such Forward Purchaser if: (1) in such Forward Purchaser’s
good-faith commercially reasonable judgment, it or its affiliate is unable to hedge its exposure under such forward sale agreement because (x) a lack of sufficient shares of our common stock have been made available for borrowing by securities
lenders or (y) such Forward Purchaser or any of its affiliates would incur a stock loan fee in excess of a threshold amount, as specified in the forward sale agreement; (2) we

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declare any distribution, issue or dividend to existing holders of shares of our common stock (a) payable in cash in excess of amounts specified in the forward sale agreement (unless it is an extraordinary dividend), (b) payable in share capital or securities of another issuer acquired or owned by us as a result of a spin-offor similar transaction, or (c) payable in any other type of securities (other than our common stock), rights, warrants or other assets for payment at less than the prevailing market price as determined by the Forward Purchaser; (3) certain share ownership limits (as more fully described in the relevant forward sale agreement) applicable to such Forward Purchaser and its affiliates are or would be exceeded; (4) an event (a) is publicly announced that if consummated would