Company: GLPI
Filing Date: 2025-08-13
Form Type: 424B5
Source: 0001193125-25-179509
Chunk: 32

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-13
Form: 424B5
Chunk 32
---
 Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee, as supplemented by the supplemental indenture among the Issuers, the Guarantor and the trustee, dated as of March 28, 2016 (the “first supplemental indenture”). The terms of the notes will include those stated in the base indenture as supplemented by the first supplemental indenture as well as those stated in an additional supplemental indenture or officer’s certificate, as applicable, related to the notes (the base indenture, as supplemented by the first supplemental indenture and by such additional supplemental indenture or officer’s certificate, as applicable, is referred to as the “indenture”) and those made part of the indenture by reference to the Trust Indenture Act of 1939, as amended (the “TIA”). The following description is a summary of the material provisions of the indenture. It does not restate the indenture in its entirety. We urge you to read the indenture because the indenture, and not this description, defines your rights as holders of the notes. The indenture is available from us upon request. See “—Additional Information” and “Where You Can Find More Information”. Certain defined terms used in this description but not defined below under the caption “—Certain Definitions” have the meanings assigned to them in the indenture. The registered holder of a note will be treated as the owner of it for all purposes. Only registered holders will have rights under the indenture. Brief Description of the Notes and the Note Guarantee The Notes The notes:

| • |     | will be general senior unsecured obligations of the Issuers; |

| • |     | will be pari passu in right of payment with all of the Issuers’ senior indebtedness, including the Existing                                   
 Notes and borrowings under the Revolving Credit Facility and the Term Loan Credit Facility, without giving effect to collateral arrangements; |

| • |     | will be effectively subordinated in right of payment to all of the Issuers’ secured indebtedness to the 
 extent of the value of the assets securing such indebtedness;                                           |

| • |     | will be senior in right of payment to all of the Issuers’ senior subordinated or subordinated indebtedness; |

| • |     | will be structurally subordinated to all liabilities of the Issuers’ subsidiaries (other than Capital Corp., 
 which is a co-Issuer of the notes); and                                                                      |

| • |     | will be fully