Company: GLPI
Filing Date: 2025-08-13
Form Type: 424B5
Source: 0001193125-25-179509
Chunk: 134

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-13
Form: 424B5
Chunk 134
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 These relief provisions generally will be available if our failure to meet the tests is due to reasonable cause and not due to willful neglect, we attach a schedule of the sources of our income to
our U.S. federal income tax return and otherwise comply with the applicable Treasury Regulations. It is not possible, however, to state whether in all circumstances we would be entitled to the benefit of these relief provisions. For example, if we
fail to satisfy the gross income tests because nonqualifying income that we intentionally incur unexpectedly exceeds the limits on nonqualifying income, the IRS could conclude that the failure to satisfy the tests was not due to reasonable cause. If
these relief provisions are inapplicable to a particular set of circumstances involving us, we will fail to qualify as a REIT. Even if these relief provisions apply, a tax would be imposed based on the amount of nonqualifying income.

34

Asset Tests Applicable to REITs At the close of each quarter of our taxable year, we must satisfy five tests relating to the nature of our assets:

| (1) | at least 75% of the value of our total assets must be represented by real estate assets, cash, cash items                                                                                                                                                 
 (including receivables) and U.S. Government securities. Real estate assets include interests in real property (such as land, buildings, leasehold interest in real property and personal property leased with real property if the rents attributable to  
 the personal property would be rents from real property under the income tests discussed above), interests in mortgages on real property or on interests in real property, shares in other qualifying REITs, stock or debt instruments held for less than 
 one year purchased with the proceeds from an offering of shares of our stock or certain debt, and debt instruments issued by publicly offered REITs;                                                                                                      |

| (2) | not more than 25% of the value of our total assets may be represented by securities other than those in the 75% 
 asset class;                                                                                                    |

| (3) | except for equity investments in REITs, qualified REIT subsidiaries, other securities that qualify as                                                                                                                              
 “real estate assets” for purposes of the test described in clause (1) or securities of our TRSs: the value of any one issuer’s securities owned by us may not exceed 5% of the value of our total assets; we may not own more than 
 10% of any one issuer’s outstanding voting securities; and we may not own more than