Company: GLPI
Filing Date: 2025-05-02
Form Type: 424B5
Source: 0001193125-25-111614
Chunk: 12

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-05-02
Form: 424B5
Chunk 12
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 including 
 our senior unsecured credit facilities, and for other general corporate and working capital purposes, or a combination of the foregoing.                                                                                                                  |

| Pending such uses, we may invest any net proceeds in interest-bearing accounts and short-term, interest-bearing securities as is consistent with our intention to maintain our qualification for taxation as a REIT. See 
 “Use of Proceeds” in this prospectus supplement.                                                                                                                                                                         |

| We will not initially receive any proceeds from any sale of borrowed shares of our common stock by a Forward Purchaser or its affiliate and sold through a Forward Seller. For additional information, see “Plan of 
 Distribution” in this prospectus supplement.                                                                                                                                                                        |

| Accounting Treatment of any Forward Sales | In the event that we enter into any forward sale agreements, we expect that before the issuance of shares of our common stock, if any, upon physical or net share settlement of any forward sale agreement, the shares issuable upon settlement of        
 that particular forward sale agreement will be reflected in our diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of common stock used in calculating diluted earnings per share is deemed 
 to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of that particular forward sale agreement over the number of shares of common stock that could be purchased by us in    |

S-3

| the market (based on the average market price during the relevant period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the 
 relevant reporting period).                                                                                                                                                                       |

| Consequently, before physical or net share settlement of a particular forward sale agreement and subject to the occurrence of certain events, we anticipate there will be no dilutive effect on our earnings per share                                    
 except during periods when the average market price of our common stock is above the applicable adjusted forward sale price under that particular forward sale agreement, subject to increase or decrease based on the overnight bank funding rate, less  
 a spread, and subject to decrease by amounts related to expected dividends on our common stock during the term of that particular forward sale agreement. However, if we physically or net share settle a particular forward sale agreement, the delivery 
 of shares of common stock would result in an increase in the number of shares outstanding and dilution to our earnings per share and return on equity.                                                                                                    |

| Restrictions on Ownership and Transfer of Common Stock | To assist us in maintaining our qualification as a RE