Company: GLPI
Filing Date: 2025-05-02
Form Type: 424B5
Source: 0001193125-25-111614
Chunk: 17

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-05-02
Form: 424B5
Chunk 17
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 result in a specified extraordinary event (including certain mergers or tender offers, as well as certain events involving our nationalization or our insolvency) or (b) occurs that would constitute a change in law or a delisting of our common stock, as specified in the forward sale agreement; or (5) certain other specified events of default or termination events occur, including among others, any failure to pay or deliver or any breach, repudiation or misrepresentation made by us in connection with such forward sale agreement (each as more fully described in the relevant forward sale agreement). A Forward Purchaser’s decision to exercise its right to accelerate all or a portion of the settlement of any forward sale agreement and to require us to physically settle the relevant shares will be made irrespective of our interests, including our need for capital. In such cases, we could be required to issue and deliver shares of our common stock under the terms of the physical settlement provisions of the applicable forward sale agreement, or if we so elect and the relevant Forward Purchaser so permits our election, net share settlement provisions of the applicable forward sale agreement, irrespective of our capital needs, which could result in dilution to our earnings per share, return on equity and dividends per share. We expect that each forward sale agreement will settle no later than the date specified in the applicable forward sale agreement. However, any forward sale agreement may be settled earlier than that specified date in whole or in part at our option, subject to the satisfaction of certain conditions. Except under certain circumstances, we will generally have the right in lieu of physical settlement of any forward sale agreement, to elect cash or net share settlement in respect of all or a part of the shares of our common stock subject to such forward sale agreement. Upon physical settlement or, if we so elect, net share settlement of a particular forward sale agreement, delivery of shares of our common stock in connection with such physical settlement or, to the extent we are obligated to deliver shares of our common stock, net share settlement, could result in dilution to our earnings per share and return on equity. If we elect to cash or net share settle all or a part of any forward sale agreement, we expect that the relevant Forward Purchaser (or an affiliate thereof) to purchase a number of shares of our common stock in secondary market transactions over an unwind period to:

| • |     | return shares of our common stock to securities lenders in order to unwind such Forward Purchaser’s hedge                                                                 
 (after taking into consideration any shares of our common stock to be