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

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-13
Form: 424B5
Chunk 13
---
 Date, we may redeem the applicable series of notes, in whole or in part, at any time and from time to time, at a redemption price equal to 
 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date. See “Description of Notes—Redemption—Optional Redemption.”         |

| Redemption Based upon Gaming Laws | The notes will be subject to redemption requirements imposed by gaming laws and regulations of gaming authorities in jurisdictions in which we conduct gaming operations. See “Description of Notes—Redemption—Gaming 
 Redemption”.                                                                                                                                                                                                          |

S-4

| Certain Indenture Provisions | The indenture governing the notes contains covenants limiting, among other things: |

| • |     | the ability of the Issuers and their subsidiaries to incur additional indebtedness and use their assets to secure 
 indebtedness; and                                                                                                 |

| • |     | the ability of the Issuers to merge, consolidate or transfer all or substantially all of our and our 
 subsidiaries’ assets, taken as a whole.                                                              |

| These covenants are subject to a number of important and significant limitations, qualifications and exceptions. See “Description of Notes—Certain Covenants”. |

| No Prior Market | Although certain of the underwriters have informed us that they intend to make a market in the notes, they are not obligated to do so, and they may discontinue market making activities at any time without notice. Accordingly, we cannot assure 
 you that a liquid market for the notes will develop or be maintained.                                                                                                                                                                              |

| Use of Proceeds | We estimate that the net proceeds from this offering, after the deduction of the underwriting discounts and commissions and our estimated expenses, will be approximately $    . |

| We intend to use the net proceeds from this offering together with cash on hand, if necessary, to fund the redemption in full of the 2026 Notes at a redemption price equal to par, plus accrued and unpaid interest to,                           
 but not including, the date of redemption, plus a make-whole premium, and any related fees and expenses. The redemption in full of the 2026 Notes is conditioned upon the issuance of at least $975.0 million of notes in this offering. We intend 
 to use the remaining proceeds, if any, or, if we do not issue at least $975.0 million of notes in this offering, the full net proceeds, for working capital and