Company: GLPI
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0001193125-25-181872
Chunk: 127

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-15
Form: 424B5
Chunk 127
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 with the prohibition on non-REIT earnings and profits is not                                                                                  
 due to fraud with intent to evade tax, we generally may retain our REIT status by paying a special distribution, but we will be required to pay an interest charge on 50% of the amount of undistributed non-REIT 
 earnings and profits.                                                                                                                                                                                             |

| • |     | We may be required to pay monetary penalties to the IRS in certain circumstances, including if we fail to meet                                                                                
 record-keeping requirements intended to monitor our compliance with rules relating to the composition of our stockholders, as described below in “—Requirements for Qualification as a REIT.” |

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| • |     | We will be subject to a nondeductible 4% excise tax on the excess of the required distribution over the sum of                                                                                                                                      
 amounts actually distributed and amounts retained for which U.S. federal income tax was paid, if we fail to distribute during each calendar year at least the sum of 85% of our REIT ordinary income for the year, 95% of our REIT capital gain net 
 income for the year; and any undistributed taxable income from prior taxable years.                                                                                                                                                                 |

| • |     | We will be subject to a 100% penalty tax on some payments we receive or on certain other amounts or on certain                                                                                                                                  
 expenses deducted by our taxable REIT subsidiaries (“TRSs,” and each a TRS) if arrangements among us, our tenants and/or our TRSs (including the amounts paid to us and/or our TRSs) are not comparable to similar arrangements among unrelated 
 parties.                                                                                                                                                                                                                                        |

| • |     | We may be subject to tax on gain recognized in a taxable disposition of assets acquired by way of a tax-free merger or other tax-free reorganization with a non-REIT corporation or a tax-free                
 liquidation of a non-REIT corporation into us. Specifically, to the extent we acquire any asset from a C corporation in a carry-over basis transaction and we subsequently recognize gain on a disposition of 
 such asset during a five-year period beginning on the date on which we acquired the asset, then, to the extent of any “built-in gain,” such gain will be subject to U.S. federal income tax at the            
 highest regular corporate tax rate, which is currently 21%. Built-in gain means the excess of (1) the fair market value of the asset as of the beginning of the applicable recognition period over            
 (2) our adjusted basis