Gaming and Leisure Properties, Inc.

This growth was driven by the addition of Valley, Biloxi, and Timberkin, which drove an increase of cash rental income of $12.1 million. The Rockford acquisition increased cash rental income by $3 million. The Casino Queen Marquette acquisition and the Baton Rouge Landside development increased cash rental income by $2.3 million. The recognition of escalators and percentage rent adjustments on our leases added approximately $3.6 million of cash rent. And the combination of higher non-cash revenue growth ups, investment and lease adjustments, and straight line run adjustments drove a collective year-over-year increase of approximately $11.6 million. Our operating expenses increased by $12.8 million, primarily related to increases in non-cash expenses, such as depreciation and the provision for credit losses. The annualized rent reduction in the amended PEN percentage lease was $4.4 million, which began in November of 2023. However, we did achieve full escalation on that lease of $4.2 million annualized and $3.5 million escalation on the PEN 2023 master lease annualized. In addition, our Penn amended and Pinnacle Boyd master leases have rent resets occurring on May 1st of 2024. We expect these resets will increase percentage rent adjustments between 4 and 5 million annually. From a balance sheet perspective, during the fourth quarter, we sold 3.9 million shares of common stock under our ATM program, raising approximately $179 million. Subsequent to year end, we sold an additional 182,000 shares. Our net leverage remains under five times EBITDA. Included in today's release is GLPI's full year 2024 AFFO guidance ranging from $3.70 to $3.74 per diluted share in OP unit. Please note that this guidance does not include the impact of future transactions. For modeling purposes, our non-cash straight line rent adjustments for 2024 will be approximately $62 million, which will be needed to be included in revenue and then deducted for ASFO purposes. I would also like to note that our first quarter dividend was declared of 76 cents per share, and our rent coverage ratios remain strong, ranging from 195 to 275 on our master leases as of the end of the prior quarter. With that, I will turn it over to Matthew for his comments.

Thanks, Desiree, and thanks to everyone for joining today. Over this past quarter, we've watched as market participants vacillated between diverse views on interest rates, inflation, and the economy, headlines around looming commercial real estate loan issues and the potential for more abound. It's a very interesting backdrop to further highlight the relevance of GLPI's enduring cash flows. Our thoughtfully constructed portfolio of safe and durable cash flows, combined with our liquidity and capital markets discipline, have set the stage for opportunity. And to that end, this past quarter, we again demonstrated our team's ability to uniquely source and structure a transaction for the benefit of our shareholders. Our team created a bespoke solution for a new tenant partner, American Racing, with our recently announced Tioga Downs acquisition, in which we issued OP units, and achieved an 8-3 initial cap rate on a $175 million investment. The transaction took a long time to finalize and underscores the sweat equity that our team invests into deals as we compete on capability and not just cost of capital. Our capital market actions reemphasize our commitment to balance sheet strength and our respect for the role it plays in our long-term success. With an appreciation for our pipeline of opportunities, including Tioga, We also opted to lock in equity through our ATM program. Our very healthy net leverage positions us to be highly opportunistic in our use of debt and equity for new deals. We've underscored our commitment for GLPI to be both safe in a volatile environment and also very well positioned to take advantage of opportunity if and when it arises. Our core message to potential counterparties is that Despite the macro backdrop and volatility, we are very much open for business. Our overarching objective remains the same, increasing long-term intrinsic value per share. Thank you to our shareholders for the confidence you've placed in our efforts to make prudent long-term decisions for you. And with those comments, I'll turn the call back to Peter.

Well, thanks, Matthew. I think that well summarizes kind of our philosophy of operating with this company. And the growth, which I'd love to look at, the 19 properties we left when we spun from Penn, we did so with 19 properties.