Company: GLPI
Filing Date: 2025-05-01
Form Type: S-3ASR
Source: 0001193125-25-110027
Chunk: 45

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-05-01
Form: S-3ASR
Chunk 45
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 See “—Tax on Built-in Gains of Former C Corporation Assets.”                                                             |

| • |     | We may elect to retain and pay income tax on our net long-term capital gain. In that case, a stockholder would:                                                                                                                                
 (1) include its proportionate share of our undistributed long-term capital gain (to the extent we make a timely designation of such gain to the stockholder) in its income, (2) be deemed to have paid its proportionate share of the tax that 
 we paid on such gain and (3) be allowed a credit for its proportionate share of the tax deemed to have been paid, with an adjustment made to increase the stockholders’ basis in our stock by the difference between (a) the amount of         
 capital gain included in the stockholder’s income and (b) the amount of tax deemed paid by the stockholder.                                                                                                                                    |

| • |     | We may have subsidiaries or own interests in other lower-tier entities that are C corporations that have elected                      
 or will elect, jointly with us, to be treated as our TRSs. The earnings of our TRSs are subject to U.S. federal corporate income tax. |

No assurance can be given that the amount of any such U.S. federal income taxes will not be substantial. In addition, we and our subsidiaries may be subject to a variety of taxes other than U.S. federal income tax, including payroll taxes and state, local and non-U.S.income, franchise, property and other taxes on assets and operations. We could also be subject to tax in situations and on transactions not presently contemplated. Requirements for Qualification as a REIT We elected to be taxed as a REIT under the Code effective with our taxable year beginning on January 1, 2014. In order to have so qualified, we must have met and continue to meet the requirements discussed below, relating to our organization, ownership, sources of income, nature of assets and distributions of income to stockholders, beginning with our taxable year beginning on January 1, 2014, unless otherwise noted. The Code defines a REIT as a corporation, trust, or association:

| (1) | that is managed by one or more trustees or directors; |

| (2) | the beneficial ownership of which is evidenced by transferable shares, or by transferable certificates of 
 beneficial interest;                                                                                      |

| (3) | that would be taxable as a domestic corporation, but for its election to be subject to tax