Company: GLPI
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0001193125-25-181872
Chunk: 5

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-15
Form: 424B5
Chunk 5
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 Properties, Inc., a Pennsylvania corporation and the guarantor of 
 the notes, and, unless the context otherwise requires, none of its subsidiaries;                      |

| • |     | “Issuers” refer to the Operating Partnership (as defined below) and Capital Corp. and none of their 
 consolidated subsidiaries;                                                                          |

| • |     | “Operating Partnership” refers to GLP Capital, L.P., a Pennsylvania limited partnership and                                                            
 majority-owned subsidiary of GLPI, through which GLPI conducts substantially all of its business and owns substantially all of its real estate assets; |

| • |     | “Revolving Credit Facility” refers to the $2.09 billion revolving credit facility under the 
 Revolving Credit Agreement;                                                                 |

| • |     | “Term Loan Credit Facility” refers to the $600.0 million delayed draw credit facility under the 
 Term Loan Credit Agreement;                                                                     |

| • |     | “we”, “our”, “us” and “the Company” refer to GLPI and its consolidated                                                                                                                                                                  
 subsidiaries; provided that with respect to the discussion of the terms of the notes on the cover page of this prospectus supplement, in the section entitled “Prospectus Supplement Summary—The Offering”, and in the section entitled 
 “Description of Notes”, references to “we”, “our” and “us” refer only to the Issuers and none of their subsidiaries.                                                                                                                    |

S-iii

PRESENTATION OF NON-GAAPFINANCIAL INFORMATION

Funds From Operations (“FFO”), Adjusted Funds From Operations
(“AFFO”) and Adjusted Earnings before Interest, Tax, Depreciation and Amortization (“Adjusted EBITDA”), which are presented in this prospectus supplement, are non-U.S. generally
accepted accounting principles (“GAAP”) financial measures we use as performance measures for benchmarking against our peers and as internal measures of business operating performance, which is used for a bonus metric. These metrics are
presented assuming full conversion of units of limited partnership interest in the Operating Partnership (“OP Units”) to shares of common stock and therefore before the income statement impact
of non-controlling interests. We believe FFO, AFFO and Adjusted EBITDA provide a meaningful perspective of the underlying operating performance of our current business. This is especially true since
these measures exclude real estate depreciation and we believe that real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time.

FFO