Gaming and Leisure Properties, Inc.

Greetings and welcome to the Gaming and Leisure Properties fourth quarter 2025 earnings conference call and webcast. At this time, all participants are in a listen-only mode. A question and answer session will follow a formal presentation. 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.

Thank you, Paul, and good morning, everyone, and thank you for joining Gaming and Leisure Properties' fourth quarter 2025 earnings call-in webcast. The press release distributed yesterday afternoon is available in the Investor Relations section on our website at www.glpropinc.com. In addition to the fourth quarter press release, GLPI also posted a supplemental earnings presentation, which highlights the events of the quarter, recent developments, and future considerations in That can also be accessed 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 forward-looking statements contained in the company's filings with the SEC, including its 10Q and 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 Brandon Moore, President and Chief Operating Officer, Desiree Burke, Chief Financial Officer and Treasurer, Steve Ladney, Senior Vice President and Chief Development Officer, and Carlos Santorelli, Senior Vice President, Corporate Strategy and Investor Relations. With that, it's my pleasure to turn the call over to Brandon Moore. Brandon, please go ahead. Thanks, Joe.

Good morning, everyone. We appreciate you being on the call today. And before we dive into the quarter, I'll address the obvious absence of Peter on our call this morning. For those of you that have been dialing into these calls at GLPI and prior to that Penn for the last three decades, Peter's voice is the one you'd expect to hear. But unfortunately, he's unable to join us this morning due to some lingering back issues he's been having, and he's having a procedure this morning ahead of some upcoming travel to get him back on his feet. So we'll miss him this morning. But he asked us to share some prepared remarks, which I will do, and then turn over to Desiree, and then we'll move to your questions. So moving on to Peter's remarks, we enter 2026 in an enviable position with what I would consider to be the most visible line of sight towards healthy multi-year AFFCO growth that I can recall. Our pipeline entering 2026 is deep, with $2.6 billion of future capital commitments poised for deployment over the next 24 months. Our balance sheet is well positioned to support our growth without the need for incremental capital, and our tenants, as evidenced by our robust rent coverage metrics, remain healthy. We recently completed the acquisition of Valley's Lincoln, an asset we have long coveted, for $700 million at an accretive 8% cap rate. while also closing on the real estate related to Cordish Live Virginia project, to which we have committed an incremental $440 million towards the development. In addition, funding remains ongoing in Bally, Chicago with roughly $740 million left to spend towards the development as of 12-31. The project remains on schedule for the first half of 2027 opening with the hotel tower surpassing the 20th floor. On the tribal front, we eagerly anticipate the grand opening of the IOWN Bands Acorn Ridge Casino next week, while development activity at Caesars Republic Sonoma remains ongoing. Overall, we believe the strength of our tenants, the strength of our leases, the depth of our pipeline, and the condition of our balance sheet position us well to continue to execute and grow the business in 2026 and beyond. With that, I'll turn it over to Desiree, and then we'll move to questions.