Company: GLPI
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0001193125-25-181872
Chunk: 16

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-15
Form: 424B5
Chunk 16
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658 |     |   | 12,492,068 |
| Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance 
 discounts                                                                                   |     |               |          7,735,877 |     |      |  6,627,550 |     |   |  6,892,308 |
| Shareholders’ equity                                                                        |     |               |          4,645,524 |     |      |  4,508,954 |     |   |  4,933,310 |

S-7

| (1) | For a discussion of and definitions for FFO, AFFO and Adjusted EBITDA, see the section titled 
 “Presentation of Non-GAAP Financial Information”.                                             |

The reconciliation of our net income to FFO, AFFO and Adjusted EBITDA for the periods presented is as follows:

|                                                                                       |     | For the Years Ended 
 December 31,        
 2024                |           |   |     | 2023           
 (in thousands) |           |   |     | 2022 |           |   |     | For the Six  
 Months Ended 
 June 30,     
 2025         |         |   |     | 2024 |         |   |
|:--------------------------------------------------------------------------------------|:----|:--------------------|----------:|:--|:----|:---------------|----------:|:--|:----|:-----|----------:|:--|:----|:-------------|--------:|:--|:----|:-----|--------:|:--|
| Net income                                                                            |     | $                   |   807,648 |   |     | $              |   755,370 |   |     | $    |   703,285 |   |     | $            | 326,519 |   |     | $    | 393,938 |   |
| (Gains) losses on dispositions of property                                            |     |                     |    (3,790 | ) |     |                |       (22 | ) |     |      |   (52,844 | ) |     |              |    (125 | ) |     |      |       — |   |
| Real estate depreciation                                                              |     |                     |   258,219 |   |     |                |   260,440 |   |     |      |   236,809 |   |