Company: GLPI
Filing Date: 2025-05-02
Form Type: 424B5
Source: 0001193125-25-111614
Chunk: 106

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-05-02
Form: 424B5
Chunk 106
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 different UBTI rules, which generally will require them
to characterize distributions that they receive from us as UBTI.

In certain circumstances, a qualified employee pension or profit sharing
trust that owns more than 10% of our stock by value at any time during a taxable year must treat a percentage of the dividends that it receives from us for the taxable year as UBTI. Such percentage is equal to the gross income (less direct expenses
related thereto) that we derive from an unrelated trade or business, determined as if we were a pension trust, divided by

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our total gross income (less direct expenses related thereto) for the year in which we pay the dividends. That rule applies to a pension trust holding more than 10% of our shares by value only if:

| • |     | the percentage of our dividends that the tax-exempt trust must treat as 
 UBTI is at least 5%;                                                    |

| • |     | we qualify as a REIT by reason of the modification of the rule requiring that no more than 50% of the value of                                                                                             
 our stock be owned by five or fewer individuals that allows the beneficiaries of the pension trust to be treated as holding our stock in proportion to their actuarial interests in the pension trust; and |

| • |     | either (a) one pension trust owns more than 25% of the value of our stock; or (b) a group of pension                           
 trusts individually holding more than 10% of the value of our stock collectively owns more than 50% of the value of our stock. |

Taxation of Non-U.S.Stockholders The rules governing U.S. federal income taxation of beneficial owners of our common stock or preferred stock that are nonresident alien individuals or foreign corporations for U.S. federal income tax purposes (“non-U.S.stockholders”) are complex. This section is only a partial discussion of such rules. It does not attempt to address all of the considerations that may be relevant for non-U.S.stockholders that are partnerships or other pass-through entities, that hold their common or preferred stock through intermediate entities, that are non-U.S.trusts or estates or the beneficiaries of such non-U.S.trusts or estates, that have special status (such as sovereigns), or that otherwise are subject to special rules under the Code. We urge non-U.S.stockholders to consult their tax advisors to determine the impact of U.S. federal, state, local and non U.S. income and