Company: GLPI
Filing Date: 2025-05-02
Form Type: 424B5
Source: 0001193125-25-111614
Chunk: 10

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-05-02
Form: 424B5
Chunk 10
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 feet. As of March 31, 2025, GLPI’s properties were 100% occupied. GLPI expects to continue growing its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms. The majority of GLPI’s earnings are a result of revenues it receives from its triple-netmaster leases with PENN, Boyd, Bally’s, Cordish and Caesars. In addition to rent, tenants are required to pay the following executory costs: (i) all facility maintenance, (ii) all insurance required in connection with the leased properties and the business conducted on the leased properties, including coverage of the landlord’s interests, (iii) taxes levied on or with respect to the leased properties (other than taxes on the income of the lessor), and (iv) all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. Additionally, in accordance with Accounting Standards Codification 842, GLPI records revenue for the ground lease rent paid by its tenants with an offsetting expense in land rights and ground lease expense as GLPI has concluded that as the lessee it is the primary obligor under the ground leases. GLPI subleases these ground leases back to its tenants, who are responsible for payment directly to the landlord.

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GLPI was formed from the 2013 tax-free spin-off of the real estate assets of PENN and was incorporated as a Pennsylvania corporation on February 13, 2013, as a wholly owned subsidiary of PENN. On November 1, 2013, PENN contributed to GLPI,
through a series of internal corporate restructurings, substantially all of the assets and liabilities associated with PENN’s real property interests and real estate development business, as well as the assets and liabilities of Hollywood
Casino Baton Rouge and Hollywood Casino Perryville and then spun-off GLPI to holders of PENN’s common and preferred stock in a tax-free distribution (the “Spin-Off”). GLPI elected to be treated as a REIT on its U.S. federal income tax return for its taxable year that began on January 1, 2014. GLPI is the general partner of the Operating Partnership,
through which it conducts substantially all of its business and owns substantially all of its real estate assets. The Operating Partnership was formed under Pennsylvania law on March 12, 2013. As of March 31, 2025, GLPI controlled
approximately 97.0