Gaming and Leisure Properties, Inc.

Greetings. Welcome to Gaming and Leisure Properties Incorporated's first quarter 2026 earnings conference call and webcast. At this time, all participants will be in listen-only mode. The question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero from your telephone keypad. Please note this conference is being recorded. At this time, I'll now turn the conference over to Joe Giaffone with Investor Relations. Thank you, Joe. You may begin.

And thank you, Rob, and good morning, everyone, and thank you for joining Gaming and Leisure Properties' first quarter 2026 earnings call and 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 press release, GLPI also posted its supplemental earnings presentation, which highlights the events of the quarter, recent developments, future considerations can be accessed at 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 Form 10-Q and in the earnings release, as well as 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 on today's call are 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. Thank you for your patience with that. It's now my pleasure to turn the call over to Peter Carlino. Peter, please go ahead.

Well, thank you, Joe. I'm happy to be here this morning and always a lot more fun to make these calls when things are looking good and we've had a terrific quarter. Our AFFO and AFFO per share both growing in mid to high single digits through this first quarter. And as we did as we entered 2026, we sit in a very enviable position with a clear and well-documented line of sight toward a very healthy multi-year AFO growth, both in our acquisition and development pipelines. With the acquisition of Bally's Lincoln in February, as well as progress on several of our development projects, our future capital commitments stand at roughly $1.8 billion, nearly all of which we expect to deploy by year-end 2027. And despite what was a relatively challenging year in the regional gaming markets, 2026 has been seeing the earnings reports off to a very, very solid start. And our rent coverage remains strong with the vast majority of our leases covered at 1.8 times or higher. We feel pretty good about opportunity that exists in the market today. We remain pretty active and feel pretty confident well about our balance sheet, their ability to add transactions in an accretive manner. As I've offered many times over the years, I would remind you that there is no transaction that we have to do. We are never pressured just to do something new. I used to say over at Penn National that our customers may be in the gambling business, but we are not. So our focus remains on thoughtful transaction underwriting, careful capital deployment, looking always at the health of our balance sheet, and continuing to position the company for multi-year AFFO and dividend growth. So with that, I'll turn this over to Des.