Company: GLPI
Filing Date: 2025-05-02
Form Type: 424B5
Source: 0001193125-25-111614
Chunk: 15

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-05-02
Form: 424B5
Chunk 15
---
 granted under our incentive compensation plan, or otherwise would dilute the
percentage ownership held by investors who purchase our shares in offerings made under this prospectus supplement and the accompany prospectus and would reduce our earnings per share.

Future offerings of debt securities or other borrowings which would be senior to our common stock upon liquidation, or equity securities, which would dilute our existing shareholders and may be senior to our common stock for the purposes of distributions, may harm the value of our common stock.

In the future, we may attempt to increase our capital resources by making additional offerings of debt or equity securities, including commercial paper,
medium-term notes, senior or subordinated notes, and by borrowings under loan agreements including our existing revolving credit facility. Upon our liquidation, holders of our debt securities, lenders with respect to other borrowings and all of our
creditors, including lenders under our credit facility, will receive a distribution of our available assets prior to the holders of our common stock. Additional equity offerings by us may dilute the holdings of our existing shareholders or reduce
the value of our common stock, or both. Because our decision to issue securities in any future offering or borrow under loan agreements will depend in part on market conditions and other factors beyond our control, we cannot predict or estimate the
amount, timing or nature of our future offerings or borrowings. Thus, our shareholders bear the risk of our future offerings or borrowings reducing the value of our common stock and diluting their stock holdings in us.

We will have broad discretion with respect to the use of net proceeds from offerings of our common stock made pursuant to this prospectus supplement and the accompanying prospectus.

We will have significant discretion to allocate the net proceeds we expect to receive from offerings of our common
stock made under this prospectus supplement and the accompanying prospectus. 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. See “Use of Proceeds” in this
prospectus supplement. However, we have not yet committed to any specific use, and you will be unable to