VICI Properties Inc.

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the VT Properties Third Quarter 2022 Earnings Conference Call. At this time, all participants are in listen-only mode. Please note that this conference call is being recorded today, October 28, 2022. I will now turn the call over to Samantha Gallagher, General Counsel with VT Properties.

Thank you, Operator, and good morning. everyone should have access to the company's third quarter 2022 earnings release and supplemental information. The release and supplemental information can be found in the investor section of the BT Properties website at www.btproperties.com. Some of our comments today will be forward-looking statements within the meaning of the Federal Securities Law. Forward-looking statements, which are usually identified by the use of words such as will, believe, expect, should, guidance, Intend, outlook, project, 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 third quarter 2022 earnings release and our supplemental information. For additional information with respect to non-GAAP measures of certain tenants and or counterparties described herein, 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 Kiefke, Chief Financial Officer, Gabe Wasserman, Chief Accounting Officer, and Danny Velloy, Vice President of Acquisitions and Finance. 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, and good morning, everyone. The third quarter of 2022 for BG was a quarter of both realization and continuing activation. By realization, I mean that in Q3 2022, we realized the full magnitude and impact of our growth activities of 2021. And by activation, I mean that we continue to create incremental capital allocation opportunities for BG, especially in non-gaming. The key benefits realized in Q3 2022 included growing our revenue by 100% versus the same quarter in 2021, manifesting the full impact of our acquisitions of the Venetian and MGP, growing our AFFO by 83% year over year, growing AFFO per share by 8.5% year-over-year, announcing a dividend increase of 8.3%, giving Vici a dividend compound annual growth rate of 8.2% since our emergence in October 2017. Our key growth activities in Q3 and early Q4 included announcing an additional $186 million of financings within our partnership with Great Wolf Resorts, announcing our $203.9 million acquisition of Rocky Gap Casino Resort, announcing a $200 million real estate financing partnership with Canyon Ranch. In 2022, we've invested in relationships with high-quality partners operating in high-quality experiential segments. Our year-to-date capital allocation commitments, the ones I just mentioned, plus our Cabot investment announced in June 2022, are expected to generate a going-in weighted average unlevered yield on investment of approximately 7.4%, as this nearly $710 million of capital is deployed over time. Before I turn the call over to John Payne and David Kieske, who will talk about our outlook, growth activities, and financial results, I want to say a few words about our new partnership with Canyon Ranch, which we announced just last week. When we announced our new partnership with Cabot Golf back in June, you heard me talk about our belief in the power and moat qualities of what we call pilgrimage experiences. many experiential categories especially those with strong elements of expertise and or knowledge accumulation are pyramidal in shape and at the apex of these pyramids are the purest rarest realizations of that category's experience these are experiences that tend to attract within that experiential category the most valuable and loyal clientele able and willing through all cycles to pay a premium the purest realization of the experience to which they are devoted. At Vici, as real estate investors, our thesis is a simple and we believe powerful one. Places of pilgrimage are places of great value. We want to and we are investing in these places. Cabot creates and operates golf resorts that represent pilgrimage experiences in golf. We are proud and excited to partner with Cabot on the creation of Cabot Citrus Farms, is their next pilgrimage destination, and we believe we can partner on many subsequent opportunities with Cabot. I must note as well that the Las Vegas Strip is also a pilgrimage destination for people seeking apex experiences of all kinds. I was just there this week. It is the busiest place on earth. In the experiential category of wellness and personal performance, Canyon Ranch has been, is, and I believe will be for decades to come, the market leader of creating an operating resort that represents a definition of pilgrimage experiences and wellness. The Canyon Ranch brand was born in 1974. For nearly 50 years now, Canyon Ranch's clientele has traveled to Canyon Ranch resorts to make the most important investments they can make, an investment in themselves, in the betterment of their lives, body, mind, and spirit. The Canyon Ranch clientele, in order to make this investment, entrust themselves to the Canyon Ranch team, an act of trust that the Canyon Ranch team takes with existential seriousness. Under the leadership of Chairman and Principal Owner John Goff, a legend in American real estate investing through his creation of Crescent Real Estate, and CEO Jeff Kooster, formerly North American head for Ralph Lauren, Canyon Ranch has built a wellness and human performance team of great strength and authority. This team includes, by way of example, a former U.S. Surgeon General, a former head of sports medicine research and innovation at the U.S. Olympic Committee, a former head of physical therapy for the U.S. Women's National Soccer Team, a former strength coach for the Philadelphia 76ers, a nationally renowned behavioral therapist, physicians who have pioneered integrative and lifestyle medicine fields, former chef dietician at the U.S. Olympic Committee, and a Harvard Divinity School-appointed spiritual innovator. The Canyon Ranch clientele is able and willing to pay, through all cycles, premium for the experiences and life improvements they obtain at Canyon Ranch. As many of you know, I've worked across ski resorts, heli-ski resorts, beach resorts, golf resorts, and now casino resorts. I can tell you, based on my experience, that the Canyon Ranch capital and operating economic model is among the most compelling and productive I have seen in revenue intensity per dollar of capital invested, in margins, and in the returns on invested capital. Canyon Ranch, we believe, will benefit greatly for decades to come from highly positive demographic and cultural tailwinds. The growth opportunities for Canyon Ranch are manifold, both domestically and internationally, and we are very excited to be Canyon Ranch's capital partner funding this growth. You can hear John Goff speak of the role he sees VG playing in Canyon Ranch's growth if you watch the Mad Money segment that John and I did with Jim Kramer on October 17th. That clip can be found at our website, www.vgproperties.com. Finally, we're particularly excited about our first investment with Canyon Ranch because it enables us to invest capital into and ultimately gives us the opportunity to own high-quality real estate in one of America's most dynamic metropolitan areas, Austin, Texas, a region that, at least for the foreseeable future, we cannot invest in through gaming. Let me now turn the call over to John Payne, who will talk about our outlook and growth activities.