Gaming and Leisure Properties, Inc.

Greetings and welcome to the Gaming and Leisure Properties second quarter 2020 earnings conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Joe Giappone, Investor Relations.

Thank you, Christine, and good morning, everyone, and thank you for joining Gaming and Leisure Properties' second quarter 2020 earnings call and webcast. The press release distributed yesterday afternoon is available on the Investor Relations section on the company's website at www.glpropinc.com. On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ materially from those discussed today. Forward-looking statements may include those related to revenue, operating income, and financial guidance, as well as non-GAAP financial measures such as FFO and AFFO. As a reminder, forward-looking statements represent management's current estimates and the company assumes no obligation to update any forward-looking statements in the future. We encourage listeners to review the more detailed discussions related to risk factors and Brandon Moore, Senior Vice President, General Counsel and Secretary. Steve Ladany, Senior Vice President of Finance, and Matthew Demchek, Senior Vice President of Investments. With that, it's my pleasure to turn the call over to Peter Carlino. Peter, please go ahead.

Thank you, Joe. And good morning, everyone, and thank you for joining our second quarter earnings call. As you all know, there have been eventful and unprecedented challenges that we and our triple net competitors have faced this quarter. I think on balance, CLPI has weathered the crisis extremely well. As always, our team has issued a very detailed summary of activities over the quarter, so I will limit my summary remarks, but I think the important net result is that we have received 99% of our contractual rent through July. Additionally, I think we've proved to be very flexible in helping our tenants meet liquidity or other business challenges in order to ensure their long-term viability and success. As you all recognize by now, the partial opening of all but a few of our tenants' properties has produced stunning and unexpected results. Business volumes are surprisingly strong, but margins have proven to be even stronger. We expect to hear the same result from Penn National when it reports on August 6th. This is probably the best time for me to say what I've been saying for years. and that is my belief that the real strength of our industry lies with the regional properties, not on the Las Vegas Strip. Not only is the cash return on invested capital better, certainly all the properties I've been involved with over the years, but you're about to see again that the resiliency of our tenants' regional properties far exceeds that of destination properties in Las Vegas, however wonderful and exciting they might be. Let's be clear. I'm not suggesting that Vegas properties are not extremely valuable. They are. But I want to make the case, and I think this demonstrates it, that regional properties have long been undervalued, and we deserve equal or even greater appreciation for that. Another bright spot that I would highlight is that within the triple net space, our companies uniquely will collect virtually 100% of our rental income. are largely distinguished public companies whose earnings and issues are largely transparent. Not a lot of guesswork for investors about the health of gaming, about gaming REIT earnings. Pretty open book. So with that, let me turn the call over to Steve Snyder, who will give you a lot more detail.