Company: GLPI
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0001193125-25-181872
Chunk: 11

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-15
Form: 424B5
Chunk 11
---
, Boyd, Bally’s, Cordish and Caesars. In addition to rent, tenants are required to pay the following executory costs: (i) facility maintenance, (ii) 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) utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. In accordance with Accounting Standards Codification 842, we record revenue for the ground lease rent paid by our tenants with an offsetting expense in land rights and ground lease expense as we have concluded that as the lessee, we are the primary obligor under the ground leases. We sublease these ground leases back to our tenants, who are responsible for payment directly to the landlord. GLPI was formed from the 2013 tax-free spin-off ofthe 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

S-1

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. GLPI elected to be treated as a REIT on its U.S. federal income tax return for its taxable year that ended December 31, 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
June 30, 2025, GLPI controlled approximately 97.0% of the Operating Partnership as the sole general partner.

Corporate Information

Our principal executive offices are located at 845 Berkshire Blvd., Suite 200, Wyomissing, Pennsylvania 19610, and our telephone number is (610) 401-2900. Our website address is www.glpropinc.com. Information found on, or accessible through, our website is not a part of, and is not incorporated