Company: GLPI
Filing Date: 2025-08-13
Form Type: 424B5
Source: 0001193125-25-179509
Chunk: 45

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-13
Form: 424B5
Chunk 45
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tedness is incurred in connection with, or in |

S-28

| contemplation of, such other Person merging with or into, or becoming a Subsidiary of, such specified Person; and |

| (2) | Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. |

“ Asset Value” means, at any date of determination, the sum of:

| (1) | in the case of any Income Property (or group of Income Properties, including, without limitation, the PENN                                                                                                                                               
 Master Lease Properties), the Capitalized Value of such Income Property (or group of Income Properties) as of such date; provided, however, that the Asset Value of each Income Property (other than a former Development Property or Redevelopment      
 Property) during the first four complete fiscal quarters following the date of acquisition thereof shall be the greater of (i) the acquisition price thereof and (ii) the Capitalized Value thereof (provided that the Asset Value shall be the          
 acquisition price thereof if results of one full fiscal quarter after the acquisition thereof are not available with respect to such Income Property (or group of Income Properties) (and after results of one full fiscal quarter after the acquisition 
 thereof are available, the Capitalized Value thereof may be determined by annualizing such results) including for purposes of determining any increase in Total Asset Value since the end of the Latest Completed Quarter); provided, further, that an   
 adjustment shall be made to the Asset Value of any Income Property (in an amount reasonably determined by an Issuer) as new tenancy leases are entered into, or existing tenancy leases terminate or expire, in respect of such Income Property;         |

| (2) | in the case of any Development Property or Redevelopment Property (or former Development Property or                                                                                                                                                      
 Redevelopment Property) prior to the date when financial results are available for at least one complete fiscal quarter following completion or opening of the applicable development project, 100% of the book value (determined in accordance with GAAP 
 but determined without giving effect to any depreciation) of any such Development Property or Redevelopment Property (or former Development Property or Redevelopment Property); and                                                                      |

| (3) | 100% of the book value (determined in accordance with GAAP) of any undeveloped land owned or leased as of such 
 date of determination.                                                                                         |

“ Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d