VICI Properties Inc.

Thank you, Operator, and good morning.

Everyone should have access to the company's first quarter 2020 earnings release and supplemental information. The release and supplemental information can be found in the investor section of the VG Properties website at www.vgproperties.com. Some of our comments today will be forward-looking statements within the meaning of the federal securities laws. Forward-looking statements, which are usually identified by the use of words such as will, expect, should, guidance, intends, 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 condition. During the call, we will discuss 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 in our first quarter 2020 earnings release and our supplemental information. Hosting the call today, we have Ed Petoniak, Chief Executive Officer, John Payne, President and Chief Operating Officer, David Kieske, Chief Financial Officer, and Gabe Wasserman, Chief Accounting Officer. Ed and team will provide some opening remarks, and then we will open the call to questions. With that, I'll turn the call over to Ed.

Thank you, Samantha. Good morning, everyone, and thanks for joining us. Here is what is foremost at this time for us, and that is that we hope that all our stakeholders are weathering this crisis as best as can be hoped. Our hearts go out to any who have been stricken by this virus and to the hundreds of thousands of U.S. gaming industry employees who have been furloughed for the past few weeks. To those stricken, we wish a speedy recovery, and to those who have been furloughed, we wish for reopenings to come soon and come safely. We held our last earnings call on Thursday, February 20th, and in my opening remarks, I focused on the ways in which Vici's relationships have fostered the building and bettering of our REIT. I talked on that call about our relationships with gaming operators and asset controllers, our creditors, our own people, and of course you, our stockholders. Today, about two months after our last earnings call, I want to talk about another critical VT relationship, and that is our relationship to reality. The essence of our relationship to reality is this. We don't deny reality. We don't fight reality. We manage our business so that we make the best we can of reality. Reality has changed a lot since our last earnings call to the point where reality can feel sort of unreal. Here's what we know with real certainty. 28 of 28 of our assets are closed. Here's what we do not know with any certainty, when our assets will all reopen and what the recovery pace of our tenants' businesses will be. There are many different scenarios for when our assets could reopen and many different scenarios for what the recovery pace of American Regional and Las Vegas Gaining could be. We are modeling all those scenarios and digging deep into what the implications of each scenario could be for Vici and for our tenants. But it's too early to commit to any strategy that only works if a certain scenario prevails because we don't know which scenario will prevail. We are working and will continue to work day by day, week by week, month by month with our tenants to determine how we best mutually navigate this crisis, which may ultimately mean supporting our tenants during the short term in ways we believe will benefit us over the long term. But there is one strategy we have committed to and have, in fact, been committed to since day one at VG, and that's to be prepared for heavy weather and scenarios that heavy weather may bring. The one strategy that works for most varieties of heavy weather is a liquidity-focused strategy, a strategy that centers on already possessing and having ready access to cash that's sufficient to meet the company's fundamental financial obligations or a prolonged period of heavy weather. Our cash position is supported by the way we run our business. Low G&A, high margins, high flow-through of revenue growth to profit growth, strong cash retention driven by a payout ratio at the lower end of triple net REIT standards. As our CFO, David Kieske, will make clear later in this call, Vichy's liquidity position today is a position we will work to preserve every day going forward. I've talked about what we know and what we don't know, the outlook for reopening and recovery. But let me close out these opening remarks by turning to what we strongly believe. We believe we own high-quality, well-located real estate that is sustainable. and moreover, will remain mission critical to our tenants. We believe that our tenants are in a business, gaming, that has proven its deep and enduring consumer appeal over decades, and through February 2020, American casino traffic, revenue, and profit were at their highest levels in recent years. American gaming is a consumer sector that did not come into the COVID-19 crisis with pre-existing conditions. And while we don't know what the pace of gaming recovery will be post-COVID-19, we believe that there will come a time in the future when consumer demand for the gaming experience will return to prior levels. All of this is to say that because of the long-term durability of gaming as a consumer experience, we believe strongly in the enduring value of gaming real estate. Vici's owners, you, our stockholders, own this fundamentally valuable real estate, and we believe strongly that the value of your real estate will endure long past the passing of this crisis. With that, I will turn the call over to John Payne, our President and Chief Operating Officer. John?