Company: GLPI
Filing Date: 2025-08-13
Form Type: 424B5
Source: 0001193125-25-179509
Chunk: 4

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-13
Form: 424B5
Chunk 4
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| • |     | “we”, “our”, “us” and “the Company” refer to GLPI and its consolidated                                                                                                                                                                  
 subsidiaries; provided that with respect to the discussion of the terms of the notes on the cover page of this prospectus supplement, in the section entitled “Prospectus Supplement Summary—The Offering”, and in the section entitled 
 “Description of Notes”, references to “we”, “our” and “us” refer only to the Issuers and none of their subsidiaries.                                                                                                                    |

S-iii

PRESENTATION OF NON-GAAPFINANCIAL INFORMATION

Funds From Operations (“FFO”), Adjusted Funds From Operations
(“AFFO”) and Adjusted Earnings before Interest, Tax, Depreciation and Amortization (“Adjusted EBITDA”), which are presented in this prospectus supplement, are non-U.S. generally
accepted accounting principles (“GAAP”) financial measures we use as performance measures for benchmarking against our peers and as internal measures of business operating performance, which is used for a bonus metric. These metrics are
presented assuming full conversion of units of limited partnership interest in the Operating Partnership (“OP Units”) to shares of common stock and therefore before the income statement impact
of non-controlling interests. We believe FFO, AFFO and Adjusted EBITDA provide a meaningful perspective of the underlying operating performance of our current business. This is especially true since
these measures exclude real estate depreciation and we believe that real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time.

FFO, AFFO and Adjusted EBITDA are non-GAAP financial measures that are considered supplemental measures for
the real estate industry and a supplement to GAAP measures. The National Association of Real Estate Investment Trusts defines FFO as net income (computed in accordance with GAAP), excluding (gains) or losses from dispositions of property, net of tax
and real estate depreciation. We define AFFO as FFO excluding, as applicable to the particular period, stock based compensation expense; the amortization of debt issuance costs, bond premiums and original issuance discounts; other depreciation;
amortization of land rights; accretion on investment in leases, financing receivables; non-cash adjustments to financing lease liabilities; property transfer tax recoveries; impairment charges;
straight-line rent and deferred rent adjustments; losses on debt extinguishment; and capitalized interest and provision (benefit) for