Company: GLPI
Filing Date: 2025-05-02
Form Type: 424B5
Source: 0001193125-25-111614
Chunk: 22

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-05-02
Form: 424B5
Chunk 22
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We may also elect to cash settle or net share settle all or a portion of our obligations under any forward sale agreement (if we conclude it is in our best
interest to do so). To the extent that we elect to cash settle any forward sale agreement, we may not receive any net proceeds (and we may owe cash to the relevant Forward Purchaser in certain circumstances). To the extent that we elect to net share
settle any forward sale agreement in full, we would not receive any proceeds from the relevant Forward Purchaser (and we may owe shares of our common stock to the relevant Forward Purchaser in certain circumstances).

In addition, if we enter into a forward sale agreement with any Forward Purchaser, we expect that such Forward Purchaser or its 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, shares of our common stock to hedge such Forward
Purchaser’s exposure under such forward sale agreement. All

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of the net proceeds from the sale of any such borrowed shares of our common stock will be paid to the applicable Forward Purchaser (or one or more of its affiliates). Each Forward Purchaser,
Forward Seller, its agent or one of its affiliates will receive the net proceeds from any sale of borrowed shares of our common stock made in connection with any forward sale agreements. See “Plan of Distribution” in this prospectus
supplement.

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PLAN OF DISTRIBUTION

Plan of Distribution

On May 2, 2025, we entered into the
Sales Agreement with each of the Sales Agents and Forward Purchasers, pursuant to which we may issue and sell up to $1,250,000,000 aggregate gross sales price of our common stock from time to time through the Sales Agents, acting as our sales agents
or, if applicable, as Forward Sellers, or directly to one or more of the Sales Agents acting as principal. Our prior sales agency financing agreement dated December 21, 2022, was terminated as a result.

The Sales Agreement provides that, in addition to the issuance and sale by us of shares of common stock to or through the Sales Agents, we may also enter into
one or more separate forward sale agreements under a forward sale agreement with each of the Forward Purchasers or one of their respective affiliates. In addition, if we enter into a forward sale agreement with any Forward Purchaser, we expect that
such Forward Purchaser or its