Company: GLPI
Filing Date: 2025-05-02
Form Type: 424B5
Source: 0001193125-25-111614
Chunk: 20

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-05-02
Form: 424B5
Chunk 20
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 Exchange Act. Although we believe that any amount received by us in exchange for our common stock would qualify for the exemption under Section 1032 of the Code, because it is
not entirely clear whether a forward sale agreement qualifies as a “securities futures contract,” the U.S. federal income tax treatment of any cash settlement payment we receive is uncertain. In the event that we recognize a significant
gain from the cash settlement of any forward sale agreement, we might not be able to satisfy the gross income requirements applicable to REITs under the Code. In that case, we may be able to rely upon the relief provisions under the Code in order to
avoid the loss of our REIT status. Even if the relief provisions apply, we will be subject to a 100% tax on the greater of (i) the excess of 75% of our gross income (excluding gross income from prohibited transactions) over the amount of such
income attributable to sources that qualify under the 75% gross income test or (ii) the excess of 95% of our gross income (excluding gross income from prohibited transactions) over the

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amount of such gross income attributable to sources that qualify under the 95% gross income test, as discussed in the section titled “Certain U.S. Federal Income Tax Considerations” in
the accompanying prospectus, multiplied in either case by a fraction intended to reflect our profitability. In the event that these relief provisions were not available, we could lose our REIT status under the Code.

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USE OF PROCEEDS

We intend to contribute the net proceeds, if any, from issuances and sales of our common stock to or through the Sales Agents and upon the settlement of any
forward sale agreements with the relevant Forward Purchasers to the Operating Partnership in exchange for OP Units. The Operating Partnership intends to subsequently use the net proceeds for general corporate purposes, which may include funding
potential acquisition opportunities, repaying outstanding indebtedness, including our senior unsecured credit facilities, and for other general corporate and working capital purposes, or a combination of the foregoing. Pending such uses, we may
invest any net proceeds in interest-bearing accounts and short-term, interest-bearing securities as is consistent with our intention to maintain our qualification for taxation as a REIT, including, for example, government and governmental agency
securities, short—term certificates of deposit and interest-bearing bank deposits.

As of March 31, 2025, we had approximately
$6,889.1 million