Gaming and Leisure Properties, Inc.

Greetings. Welcome to the Gaming and Leisure Properties, Inc. Fourth Quarter 2022 Earnings Conference Forum. At this time, all participants are in a listen-only mode. A 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. Please note this conference is being recorded. I will now turn the conference over to your host, Joe Jafani. You may begin.

Thank you. Good morning, everyone, and thank you for joining Gaming and Leisure Properties' fourth quarter 2022 earnings call and webcast. The press release distributed yesterday afternoon is available in the Investor Relations section on our 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 the risk factors and forward-looking statements contained in the company's filings with the SEC, including its 10Q and in the earnings release, as well as the definitions and reconciliations of non-GAAP financial measures contained in the company's earnings release. On this morning's call, we are joined by Peter Carlino, Chairman and Chief Executive Officer at Gaming and Leisure Properties. Also joining today's call are Brandon Moore, Chief Operating Officer, General Counsel and Secretary, Desiree Burke, Chief Financial Officer and Treasurer, Steve Ladney, Senior Vice President and Chief Development Officer, and Matthew Demchek, Senior Vice President and Chief Investment Officer. With that, it's my pleasure to turn the call over to Peter Carlino. Peter, please go ahead.

Well, thank you, Joe, and good morning, everyone. Let me announce at the outset that several of us have dialed in from out of the office. and hopefully that won't affect the smooth flow of our presentation. We are very pleased to announce another positive and eventful year here at GLPI, documented with considerable detail in our published release. Some of the highlights, which, you know, we – we'll look at in more detail as we go through this call include notably reaching a new fixed rent agreement with Penn Entertainment, which significantly limits the rent volatility that we've experienced in the past. Additionally, we've signed agreements that define the arrangement by which we will fund the previously announced relocation of Penn's properties in Aurora, Illinois and Joliet, Illinois. along with providing long-term funding for a new hotel in Columbus, Ohio, and supporting the second hotel tower at the M in Las Vegas. This is pretty exciting stuff, and we're delighted to be doing this with Penn. Also this quarter, we closed on Valley's Diverton, Rhode Island property and Valley's Hard Rock in Biloxi. And additionally, as we'll probably discuss in more detail, we worked hard this past year and last quarter to perfect our balance sheet, now achieving the lowest leverage we've ever enjoyed in positioning us to do, with the option to do things using that now, if we wish, and still stay within the five to 5.5 leverage range that we have discussed. I'm gonna ask Desiree to put some numbers behind some of these things that I've just outlined. So Desiree, please go ahead.