Company: GLPI
Filing Date: 2025-08-13
Form Type: 424B5
Source: 0001193125-25-179509
Chunk: 47

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-13
Form: 424B5
Chunk 47
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 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 net income when paid in cash, or given effect (and not added back to net income) when accrued or reserved);                                                                                                                                       |

| (i) | the amount of integration costs deducted (and not added back) in such period in computing the net income (or 
 net loss);                                                                                                   |

| (j) | severance, relocation costs, signing costs, retention or completion bonuses, transition costs, curtailments or         
 modifications to pension and post-retirement employee benefit plans (including any settlement of pension liabilities); |

| (k) | equity-based compensation; and |

| (l) | to the extent not included in net income or, if otherwise excluded from Consolidated EBITDA due to the                                                                                                                                                   
 operation of clause (2)(a) below, the amount of insurance proceeds received during such period, or after such period and on or prior to the date the calculation is made with respect to such period, attributable to any property which has been closed 
 or had operations curtailed for such period;                                                                                                                                                                                                             |

provided that such amount of insurance proceeds shall only be included pursuant to this clause (l) to the extent of the amount of insurance proceeds plus Consolidated EBITDA attributable to such property for such period (without giving effect to this clause (l)) does not exceed Consolidated EBITDA attributable to such property during the most recent four consecutive fiscal quarter period that such property was fully operational (or if such property has not been fully operational for the most recent such period prior to such closure or curtailment, the Consolidated EBITDA attributable to such property during the consecutive fiscal quarter period prior to such closure or curtailment (for which financial results are available) annualized over four fiscal quarters); (2) minus, without duplication and solely to the extent included in arriving at such net income (or net loss), the sum of the following amounts for such period:

| (a) | extraordinary, non-recurring and unusual gains (other than insurance 
 proceeds);                                                           |

| (b) | gains attributable to hedging agreements; |

| (c) | non-cash gains resulting from fluctuations in foreign exchange rates; 
 and                                                                   |

| (d) | other non-cash gains increasing net income (