MGM Growth Properties LLC Class A common shares representing limited liability company interests

can be found in the investor section of the Beachy Properties website at www.beachyproperties.com. Some of our comments today will be forward-looking statements within the medium of the federal securities laws. Forward-looking statements, which are usually identified by the use of words such as will, believe, expect, should, guidance, intends, outlook, projects, or other similar phrases are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Therefore, you should exercise caution in interpreting and relying on them. I refer you to the company's SEC filings for a more detailed discussion of the risks that could impact future operating results and financial conditions. During the call, we will discuss certain non-GAAP measures, which we believe can be useful in evaluating the company's operating performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. A reconciliation of these measures to the most directly comparable GAAP measure is available on our website in our fourth quarter and full year 2024 earnings release, our supplemental information, and our other filings with the SEC. For additional information with respect to non-GAAP measures of certain tenants and or counterparties discussed on this call, please refer to the respective company's public filings with the SEC. Hosting the call today, we have Ed Petoniak, Chief Executive Officer, John Payne, President and Chief Operating Officer, David Kieske, Chief Financial Officer, Gabe Wasserman, Chief Accounting Officer, and William McCluskey, Senior Vice President of Capital Markets. Ed and team will provide some opening remarks, and then we'll open the call to questions. With that, I'll turn the call over to Ed.

Thank you, Samantha. Good morning, everyone. Thanks for joining us. Over the course of the next few minutes leading into our Q&A session, you'll hear from John Payne on our growth activities, and you'll hear from David Kieske on our financial results, financing activities, and initial 2025 earnings guidance. I'll start the call with a few words about the announcement we made Wednesday morning, initiating a new Vici strategic and financial relationship with Kane International and Eldridge Industries through an initial investment in the financing of the One Beverly Hills development. Like most of Vici's growth activities, this Vici investment is a result of our growing a new relationship. This relationship began last May when on a trip to London, I spent time with Jonathan Goldstein, the founding CEO of Kane International, a diversified global real estate development and investment company. By the end of our hour, Jonathan and I agreed that we should find ways to work together. Our urge to work together grew out of the recognition that we share convictions and we share values. We share conviction in the secular strength for years to come of experiences. We share cultural and ethical values around partnership. Put another way, the meeting of Cain and Vici is a meeting of minds and a meeting of ambitions, particularly the shared ambition to invest in differentiated place-based experiences, whether those experiences are entertainment, hospitality, wellness, or sport-based. Excuse me. For those of you not familiar with Cain, which as of year end 2024 had nearly $18 billion in assets under management, it was founded in 2014 by Jonathan and his partner, Todd Boley, and is affiliated with Eldridge Industries, an investment company founded and led by Todd Boley. Kane and Eldridge have made investments in iconic experiential brands that include Amman, Delano, St. James Sports Clubs, Cirque du Soleil, and Flexjet. Todd is an owner of the Los Angeles Dodgers and the Los Angeles Lakers, and both Todd and Jonathan are owners of Chelsea FC in the English Premier League. As 2024 went by, Jonathan asked if Kane's development of One Beverly Hills might be our first opportunity to work together. These discussions enabled Kane, Eldridge, and Veche to get to know each other better. And over the last few months, we all came to believe that our shared conviction around place-based experiences could yield us many compelling opportunities to work together in the years to come. And that's why, as well as announcing our One Beverly Hills investment on Wednesday, Kane, Eldridge, and Veche also announced our joint signing of a letter of intent expressing our intention to work collaboratively to identify and pursue experiential investment opportunities that meet our respective investment objectives. As you would have seen if you reviewed the investment deck we posted to our website, One Beverly Hills stands to rank among the most compelling American luxury hospitality, retail, and residential developments in recent history. Development is currently rising out of over 17.5 of the best located acres in Beverly Hills, a triangle bordered by Wilshire Boulevard, Santa Monica Boulevard, and the LA Country Club. This development is centered on the Amman brand, among the world's most venerated luxury hospitality brand. One Beverly Hills will be the largest realization of Amman branded hospitality, wellness, and living to date. with an Amman hotel, an Amman wellness spa, an Amman club, and two Amman residential towers. The development will also include a full renovation of the legendary Beverly Hilton, longtime host site of the Golden Globes and the Milken Conference, as well as 10 acres of botanical gardens and open space with high-end retail and dining offerings. Capital is a key fuel for ambitious placemakers and experienced creators. Cain stands among the most ambitious placemakers we have come to know, and yet Cain balances that ambition with what we've seen to be strong capability in development risk management. We believe multi-generational, multinational demand for the differentiated experience within the differentiated place will create abundant opportunities for Cain and Elders in the coming decades, and we're excited about the prospect of becoming a long-term partner in their growth. This announcement of our new partnership with Kane and Eldridge represents our first new venture in what we hope will be a year of new investment ventures in both gaming and non-gaming. For more on that, I'll now turn the call over to John. John?

Thanks, Ed, and good morning to everyone. I'll start by reiterating Ed's enthusiasm around the new strategic relationship we formed with Kane and Eldridge. As we've said time and time again, Deep relationships are at the core of Vichy's investment strategy. Through the development of a new relationship with Home Field Kansas City and the strength of existing relationships with Great Wolf and the team from Venetian, we were able to commit approximately $1.1 billion of capital in 2024 at an initial yield of 8.1%. The quality and scale of our existing portfolio also accrues to the value of our platform. Since our last earnings call in early November, the VT team attended the NAREIT conference in Las Vegas. The conference provided a great opportunity to physically showcase our Las Vegas strip assets and convey the incredible scale of operation happening at these properties every single day. For example, the Venetian, to which we committed up to $700 million in 2024 through our partner property growth fund strategy, sprawls over 17 million square feet and is being proactively reimagined across several business verticals, including conventions, food and beverage, hotel rooms, gaming floor optimization, entertainment, and more to drive the continued growth of the operating business, as well as capitalize on the sphere which sits behind the Venetian. In R.J. Milligan's Nareit Recap Note, He observed that, I quote, with all the events in and around Las Vegas, it was hard to ignore the quality of Vici's real estate, which we don't think the market is giving them enough credit for. It's just so hard to comprehend that Vici was able to purchase the Venetian at the same cap rate as a well-located Dollar General. Well stated, RJ. Las Vegas tourism also continues to hit records. According to the LVCVA, 2024 saw record airline passengers through Harry Reid Airport at 58 million for the year, and visitation to the city increased 2% year over year to approximately 42 million. Our operating partners recognize the value in proactively investing in, and reinventing experiences at our assets to capitalize on demand. For example, MGM Grand recently announced a $300 million remodel of all of their 4,200 hotel rooms to be completed in December of 2025 and launched their Palm Tree Beach Club outdoor music and entertainment venue, which will open in May of 2025. Caesars New Orleans just opened following a comprehensive $435 million renovation, and the property hosted many Super Bowl goers a couple of weeks ago. And in November of last year, Harvey's Lake Tahoe also announced a $100 million all-encompassing transformational project. Just since the fourth quarter, our operators have announced nearly $1 billion of investment in our real estate. That is reflective of our shared conviction around the value of high-quality experiences at high-quality properties. Vici believes that the quality and scale of investment opportunity in our existing properties, as well as our ability to cultivate and maintain deep relationships with our partners, will provide springboards for future growth. Now, I will turn the call over to David, who will discuss our financial results and guidance.