VICI Properties Inc.

Thank you, operator, and good morning. Everyone should have access to the company's first quarter 2025 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, 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 filing for a more detailed discussion of the risks that can 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 first quarter 2025 earnings release, our supplemental information, and our 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 will open the call to questions. With that, I'll turn the call over to Ed.

Thank you, Samantha, and good morning, everyone. Over the next few minutes, John will talk to you about our exciting new relationship with Red Rock Resorts and our other growth activities, and then David will discuss our recent refinancing, our results, and our increased guidance. To start, I'd like to share my thoughts on what we at VG anchor to in all times, especially in periods of high volatility and low certainty. And that is working to ensure that we maintain our ability to sustain and grow the current cash income we distribute to our stockholders in the form of our dividend. For a REIT management team, that should of course be standard operating procedure. And because of that, one might think that the sustaining and growing of dividends would be top of mind for REIT investors as well. Again, one would think, and yet, When we meet with our investors, which we do with great frequency, many of them will end the meeting by asking, is there anything we didn't ask about that other investors are asking about? When we are asked this question, we often answer with, well, you didn't ask about our dividend, but don't feel bad because very few investors do. Call it old-fashioned, but I believe strongly that dividends should always be a top-of-mind topic, especially for REITs, but frankly, for most equity investments. As I'm sure you all know, over the long term, the last 100 years, dividends have contributed about one-third of the S&P 500's total return, and that's despite the fact that the long-term dividend yield of the S&P 500 has averaged under 2% over the last 30 years. Given the greater dividend yield of REITs, dividends, of course, matter even more to REIT total returns. As of yesterday's close, the trailing five-year total return of the RMC REIT index was 54%, of which 27% was price return and 27% was dividend return. Over that same five-year period, which I should note started in the spring 2020 COVID drawdown for stocks, BG has generated 138 percentage points of total return, of which 84 points come from price return and about 54 points come from dividend return. I will also note that during that same five-year period, the S&P 500 generated 106 percentage points of return, of which 91 points were price return and 15 points were dividend return. And as you can see, over that five-year period, dividends were a major factor in VT outperforming the S&P 500 by a margin of over 30 percentage points or by about 30%. Over the last year or two, especially given the MAG7's dominance of investor mind and market share, dividends didn't get a lot of attention. But it's been interesting in recent weeks amidst the volatility of both equity and credit markets to see dividends being talked about again. One of my favorite readings each week is Michael Hartnett's weekly flow show bulletin, which tends to come out late Thursday evening or early Friday morning. In his April 11th bulletin, in his inimitably cryptic way, Michael made the following points, and I quote, on portfolios we say, A, own credit, e.g. long-dated high-quality U.S. corporate bonds, many yielding 5% to 6%, B, own equity income, 71 companies within the S&P 500 have a dividend yield greater than 4%. 41 have a dividend yield greater than 5%. Buy stocks that can defend dividends, unquote. Did you get that? Did you get Michael's point that as of his writing on April 11th, only 71 companies in the S&P 500 had dividend yields above 4% and only 41 had dividends above 5%? What's notable about those dividend yields, especially the greater than 5% dividend yields, is that those yields are comfortably above the current rate of inflation and then thus generate a meaningful real return in a world where real return matters as much as ever. As a fellow Vici stockholder, it gladdens me to point out that as an S&P 500 stock, Vici currently offers a dividend yield greater than 5%. And we believe that that dividend yield is, to paraphrase Michael Hartnett, a defended dividend. In the coming weeks and months, equity market volatility may die down, or it may not. Who really knows? But whether market volatility dies down or not, a well-defended dividend can, and I believe likely will, be a significant contributor to total return for the market as a whole and for Vichy and its stockholders. Everything we do at VG is ultimately about total return in all of its key components. And so now I'll turn the call over to John and David, who will talk further about what we're doing to drive total return over the near and long term through our growth activities and through balance sheet and cost of capital optimization. John?

Thanks, Ed. Good morning to everyone. VG is very proud of our core ability to develop relationships and convert them into valuable long-term investment partnerships. Not only were we able to successfully do this with Kane and Eldridge teams in connection with One Beverly Hills earlier in the first quarter, but subsequent to quarter end, we closed our first transaction in partnership with Red Rock Resorts connected to the development of a casino on tribal land in central California. As announced in our earnings release last night on April 4th, Beachy committed up to $510 million of a delayed draw term loan facility for the development of the North Fork Mono Casino and Resort, which will be developed and managed by Red Rock Resorts. Red Rock is a premier gaming development and management company that operates productive assets in attractive geographies, and they've developed over $9 billion of regional gaming and entertainment destinations. They are also an established leader in Native American gaming, have developed and managed tribal casinos for over 20 years. Red Rock broke ground on the North Fork Project in September 2024, and expects it to be completed by September of 2026. Upon completion, the casino is expected to feature 2,400 slot machines, 40 table games, two restaurants, three bars, a food hall, and a small retail offering. The 305-acre site, located in Madera, California, directly adjacent to Highway 99, where 4.2 million people live within a two-hour drive of the North Polk site. This transaction established a formal relationship between Vichy and Red Rock and represent Red Rock's first partnership with a REIT. For Vici, it represents our first gaming investment on tribal land and our second investment on tribal land overall, with the first being our Great Wolf Northeast loan announced in February of 2023. Lending on tribal land in partnership with a high-quality gaming operator in Red Rock demonstrates Vici's ability to drive high-quality opportunities for continued investment in the gaming sector. Another benefit of Vici's relationship-based approach is that it fosters close communication with each of our tenants. Having just 13 tenants and eight financing partners on our roster allows us to maintain consistent and frequent dialogue with all of them, which is particularly advantageous during this volatile time such as these. We believe this level of communication, coupled with the monthly financial reporting received from the majority of our tenants, provides Vichy with strong oversight of our portfolio. Looking across our portfolio, we continue to be big believers in Las Vegas, as there are just so many unique demand drivers that continue to fuel the city's activity. For example, over the Easter weekend, Las Vegas hosted WWE's WrestleMania at Allegiant Stadium. drawing nearly 125,000 fans and marking the largest gate for any event in WWE history. T-Mobile Arena has recently hosted packed houses for Stanley Cup playoff games, and the musical talent at the Sphere remains a compelling draw for the city. Additionally, during the first quarter, tens of thousands of guests attended conferences hosted by companies like Home Depot and Adobe flooded the city with activity. While a potential international travel slowdown has come into question, We would note that only 12% of Las Vegas visitation in 2024 was from international travelers. It is also possible that Las Vegas may benefit from a domestic trade-down effect if Americans forego international destinations. In regional gaming, we continue to monitor the landscape, and based on prior periods of heightened market volatility, we expect performance to be relatively resilient. Property performance will vary based on geography and asset. And at Vici, we focus on working with our tenants so they feel positioned to continue to successfully operate the properties we own. Like I said, partnership is at the core of what we do. It is one of the key factors underlying our success in building this company as it drives current and future opportunities and allows our team to consistently seek to create value for our shareholders. Now I will turn the call over to David, who will discuss our financial results and guidance. David? Thanks, John.