Company: GLPI
Filing Date: 2025-05-02
Form Type: 424B5
Source: 0001193125-25-111614
Chunk: 23

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-05-02
Form: 424B5
Chunk 23
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 affiliate will use commercially reasonable efforts, consistent with its normal trading and sales practices for similar transactions, to borrow from third parties and sell, through the relevant Forward Seller, acting as
sales agent for such Forward Purchaser, shares of our common stock equal to the number of shares of our common stock underlying the particular forward sale agreement to hedge such Forward Purchaser’s exposure under such forward sale agreement.
Each Forward Purchaser, Forward Seller, its agent or an affiliate of one of those Sales Agents and, unless otherwise expressly stated or the context otherwise requires, references herein to the “related” or “relevant” Forward
Purchaser means, with respect to any Sales Agent, the affiliate of such Sales Agent that is acting as Forward Purchaser or, if applicable, such Sales Agent acting in its capacity as Forward Purchaser. Only Sales Agents that are, or are affiliated
with, Forward Purchasers will act as Forward Sellers. We will not initially receive any proceeds from any sale of shares of our common stock borrowed by a Forward Purchaser or its affiliate and sold through the related Forward Seller.

The sales, if any, of shares of our common stock pursuant to this prospectus supplement and the accompanying prospectus will be made in “at the
market” offerings as defined in Rule 415 under the Securities Act, including sales made directly on Nasdaq, the existing trading market for our common stock, or sales made to or through a market maker or through an electronic communications
network. In addition, shares of our common stock may be offered and sold by such other methods, including privately negotiated transactions (including block transactions), as we and any Sales Agent or Forward Seller agree to in writing.

None of the Sales Agents, whether acting as our sales agent or as Forward Seller, is required to sell any specific number or dollar amount shares of our
common stock, but each has agreed, subject to the terms and conditions of the Sales Agreement, to use its commercially reasonable efforts, consistent with its normal trading and sales practices for similar transactions, to sell shares of our common
stock as instructed by us. The Sales Agreement provides that shares of our common stock offered and sold through a Sales Agent, as our sales agent or as Forward Seller, pursuant to this prospectus supplement and the accompanying prospectus, will be
offered and sold through only one Sales Agent on any trading day.

We will report at least quarterly the number of shares of common stock sold through the
Sales Agents and/or Forward Sellers, as agents, in at-the-market offerings, pursuant to