Gaming and Leisure Properties, Inc.

Greetings and welcome to the Gaming and Leisure Properties fourth quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentations. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Joe Giaffone, Investor Relations. Please go ahead.

Thanks, Paul, and good morning, everyone, and thank you for joining Gaming and Leisure Properties' fourth quarter 2024 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 this morning'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 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 Relation Properties. Also joining us today's call are Brandon Moore, President and Chief Operating Officer, Desiree Burke, Chief Financial Officer and Treasurer, Steve Ladney, Senior Vice President, Chief Development Officer, and Matthew Demchek, Senior Vice President and Chief Investment Officer. With that, it's now my pleasure to turn the call over to Peter Carlino. Peter, please go ahead.

Well, thank you, Joe, and good morning, everyone. We are, of course, pleased to present another strong quarter, which is well summarized in our earnings release. I should highlight that projections this quarter were especially difficult because there are so many variables that you'll hear a bit from Desiree, who has to deal with those every day. Nonetheless, the estimates that we have put out we believe are, with great pain, a fair representation of what we see going forward. One large difficulty that we have is that even when we're committed to a project, we can't determine when funds are going to be drawn because that rests with our tenants so that we can only estimate to the best of our ability. Nonetheless, we are prepared to handle all of the known demands that you folks are aware of, and we have capacity to handle some things that may be on the horizon. I want to emphasize that We are committed to the gaming space and with the sense that it's the best vehicle for us to develop and maintain long-term, dependable, rock-solid cash flow. So with that in mind, Desiree, I'm looking across the table and you're on.