Company: GLPI
Filing Date: 2025-05-02
Form Type: 424B5
Source: 0001193125-25-111614
Chunk: 75

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-05-02
Form: 424B5
Chunk 75
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) that generally results from an investment in a corporation. However, even if we qualify for taxation as a REIT, we will be subject to U.S. federal income tax as follows:

| • |     | We will be subject to regular U.S. federal corporate income tax on any undistributed “REIT taxable                                                                      
 income.” REIT taxable income is the taxable income of the REIT, including net capital gain, subject to specified adjustments, including a deduction for dividends paid. |

| • |     | If we have net income from the sale or other disposition of “foreclosure property” for which we make a                                                                                                                                                  
 special election, and that is held primarily for sale to customers in the ordinary course of business, or other nonqualifying income from foreclosure property, we will be subject to tax at the highest U.S. federal corporate income tax rate on this 
 income.                                                                                                                                                                                                                                                 |

| • |     | If we have net income from “prohibited transactions” we will be subject to a 100% tax on this income.                                                                                    
 In general, prohibited transactions are sales or other dispositions of property held primarily for sale to customers in the ordinary course of business other than foreclosure property. |

| • |     | If we fail to satisfy either the 75% gross income test or the 95% gross income test discussed below, but                                                                                                                                       
 nonetheless maintain our qualification as a REIT because other requirements are met, we will be subject to a tax in an amount equal to the greater of either (1) the amount by which we fail the 75% gross income test for the taxable year or 
 (2) the amount by which we fail the 95% gross income test for the taxable year, multiplied by a fraction intended to reflect our profitability.                                                                                                |

| • |     | If we fail to satisfy any of the REIT asset tests, as described below, other than a failure by a de minimis                                                                                                                                    
 amount of the 5% or 10% assets tests, and we qualify for and satisfy certain cure provisions, then we will be required to pay a tax equal to the greater of $50,000 or the product of (1) the net income generated by the nonqualifying assets 
 during the period in which we failed to satisfy the asset tests and (2) the highest U.S. federal corporate income tax rate.                                                                                                                    |

| • |     | If we fail to satisfy any provision of the Code that would result in our failure to qualify as a RE