Company: GLPI
Filing Date: 2025-05-02
Form Type: 424B5
Source: 0001193125-25-111614
Chunk: 18

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-05-02
Form: 424B5
Chunk 18
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 delivered by us to such Forward Purchaser, if applicable, in the case of net share settlement); and |

| • |     | if applicable, in the case of net share settlement, deliver shares of our common stock to us to the extent 
 required upon settlement of such forward sale agreement.                                                   |

The purchase of shares of our common stock by a Forward Purchaser or its affiliate to unwind its hedge position could cause the price of our common stock to increase above the price that would have prevailed in the absence of those purchases (or reduce the amount of a decrease over such time), thereby increasing the amount of cash we would owe to such Forward Purchaser (or decreasing the amount of cash that such Forward Purchaser would owe us) upon a cash settlement of the relevant forward sale agreement or increasing the number of shares of our common stock we would deliver to such Forward Purchaser (or decreasing the number of shares of our common stock that such Forward Purchaser would deliver to us) upon net share settlement of the relevant forward sale agreement. The forward sale price we expect to receive upon physical settlement of a forward sale agreement will be subject to adjustment on a daily basis based on a floating interest rate factor (which may be negative) equal to a specified daily rate less a spread. In addition, the forward sale price will be decreased by the per share amounts on the S-7

dates specified in the relevant forward sale agreement based on amounts related to ordinary cash dividends on shares of our common stock during the term of the applicable forward sale agreement.
If the specified daily rate is less than the applicable spread on any day, the interest rate factor will result in a daily reduction of the applicable forward sale price. If the price of our common stock at which purchases by such Forward Purchaser
(or its affiliate) as described in the immediately preceding bullets are made is below the relevant forward sale price, in the case of cash settlement, such Forward Purchaser will pay us such difference in cash or, in the case of net share
settlement, such Forward Purchaser will deliver to us a number of shares of common stock having a value equal to such difference. If the price of our common stock at which these purchases are made by such Forward Purchaser (or its affiliate) exceeds
the relevant forward sale price, in the case of cash settlement, we will pay such Forward Purchaser an amount in cash equal to such difference or, in the case of net share settlement, we will deliver to such Forward Purchaser, a number of shares of
our common stock having