Company: GLPI
Filing Date: 2025-05-02
Form Type: 424B5
Source: 0001193125-25-111614
Chunk: 3

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-05-02
Form: 424B5
Chunk 3
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 of our
common stock, but each has agreed, subject to the terms and conditions of the Sales Agreement, to use its commercially reasonable efforts, consistent with its normal trading and sales practices for similar transactions and applicable law and
regulations and on the terms and subject to the conditions of the Sales Agreement, to sell shares of our common stock offered as instructed by us. The shares of common stock offered and sold through the Sales Agents, as our sales agents, or Forward
Sellers, as agents for the applicable Forward Purchasers, pursuant to this prospectus supplement and the accompanying prospectus, will be offered and sold through only one Sales Agent or Forward Seller on any given day.

We will pay the applicable Sales Agent a commission at a mutually agreed rate that will not exceed, but may be lower than, 2.0% of the aggregate gross sales
prices of the shares of our common stock issued by us and sold through such Sales Agent, as our sales agent. In connection with each forward sale agreement, we will pay the applicable Sales Agent, acting as Forward Seller in connection with such
forward sale agreement, in the form of a reduced initial forward sale price under the related forward sale agreement, commissions at a mutually agreed rate that will not exceed, but may be lower than, 2.0% of the volume weighted average price of the
borrowed shares of our common stock sold through such Sales Agent, as Forward Seller, during the applicable forward hedge selling period for such shares. We may also agree with any Sales Agent, whether acting as our sales agent or as Forward Seller,
to sell shares of our common stock other than through ordinary brokers’ transactions on Nasdaq, and for which we may agree to pay such Sales Agent a commission that is customary for such sales.

Under the terms of the Sales Agreement, we also may sell shares of common stock to each of the Sales Agents as principal, for its own account, at a price per
share to be agreed upon at the time of sale. If we sell shares of common stock to any Sales Agent, acting as principal, we will enter into a separate terms agreement with the Sales Agent setting forth the terms of such transaction, and we will
describe the agreement in a separate prospectus supplement or pricing supplement.

The net proceeds we receive from the sale of our shares of common stock
in this offering will be the gross proceeds received from such sales less the commissions and any other costs we may incur in issuing and/or

selling the shares of common stock; provided, however, that