Company: GLPI
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0001193125-25-181872
Chunk: 58

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-15
Form: 424B5
Chunk 58
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 Subsidiaries following the date such calculation is being made; and                                                                                                                                                                              |

| (f) | interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime                                                                                                          
 or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate as the Issuers may designate. |

“ Property EBITDA” means, for any period of time with respect to the Penn Master Lease Properties or any other group of related properties or any property (excluding any properties that are not Income Properties), the sum, with respect to the Penn Master Lease Properties or other group of related properties or property, of the net income (or net loss) derived from such property for such period (excluding, without duplication, gains (or losses) from dispositions of depreciable real estate investments, property valuation losses and impairment charges);

| (1) | plus, without duplication and solely to the extent already deducted (and not added back) in arriving at such 
 net income (or net loss), the sum of the following amounts for such period:                                  |

| (a) | interest expense (whether paid or accrued and whether or not capitalized); |

| (b) | income tax expense; |

| (c) | depreciation expense; |

| (d) | amortization expense; |

| (e) | extraordinary, non-recurring and unusual items, charges or expenses                                                                                                                                                                                   
 (including, without limitation, property valuation losses, impairment charges, fees, costs and expenses relating to the Penn Transactions, prepayment penalties and costs, fees or expenses incurred in connection with any capital markets offering, 
 debt financing, or amendment thereto, redemption or exchange of indebtedness, lease termination, business combination, acquisition, disposition, recapitalization or similar transaction (regardless of whether such transaction is completed));      |

| (f) | expenses and losses associated with hedging agreements; |

| (g) | expenses and losses resulting from fluctuations in foreign exchange rates; |

| (h) | other non-cash items, charges or expenses reducing net income (or                                                                                                                                                                                      
 increasing net loss) (other than items that will require cash payments and for which an accrual or reserve is, or is required by GAAP to be, made in which case, at the election of the Issuers such items may be added back when accrued and deducted 
 from