VICI Properties Inc.

Thank you, operator, and good morning. Everyone should have access to the company's second quarter 2025 earnings release and supplemental information. The release and supplemental information can be found in the investor section of the VT Properties website at .vtproperties.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 filings for more detailed discussion of the risks that could impact future operating results and financial conditions. During the call, we will discuss certain non-GAP 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 GAP. A reconciliation of these measures for the most directly comparable GAP measure is available on our website in our second quarter 2025 earnings release, our supplemental information, and our filings with the SEC. For additional information with respect to non-GAP 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 Patoniak, Chief Executive Officer, John Payne, President and Chief Operating Officer, David Kieske, Chief Financial Officer, Gabe Wasserman, Chief of County Officer, and Moira McCluskey, Senior Vice President of Capital Marketing. 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, and good morning, everyone. I'll begin today by going back to what I talked about in my opening remarks during our last earnings call in late April. In those remarks, I spoke of the paramount importance of the Vichy dividend in creating value for Vichy shareholders. Those remarks struck a chord for a lot of you as the feedback we received from many of our active management owners was along the line of the dividend is indeed important and we're glad you're focused on it. Today, I want to build on those remarks by focusing on what the dividend critically contributes to and that's total return. Total return is, of course, the function of dividend return plus dependent on valuation, an increment of return generated by the capitalization of earnings growth. In a recent note, in early July, the B of A equity strategist, Savita Subramanian wrote this headline, welcome back to a total return world. Savita goes on to say, and I quote, "'We expect a rising contribution to total return from dividends. Dividends contributed 40% of total returns from 1936 to 2021, but just over 16% over the past decade. From here, we think the contribution of dividends to returns could rise demonstrably. With aging demographics and sticky inflation risks, the supply demand argument for inflation protected income via stocks is in our view, compelling and bullish." Unquote. Savita was recently featured in a Wall Street Journal cover story on this topic of total return and the contribution of dividends to total return. In that article, as well as in a podcast with Medfaber, Savita shares an analysis of nearly 100 years of total return from the Russell 1000. And in that analysis, she finds that the highest total returns over that period have been generated by stocks with higher dividends, specifically by stocks in the second and first quintiles of dividend yield in that order. While stocks with the lowest dividend yields, the fifth quintile, significantly lagged the returns of higher yielding stocks, and not by a little, but by quite a lot. Nearly four times higher return for the second quintile and about 2.5 times for the first quintile versus the fifth quintile, according to the Wall Street Journal. Again, what Savita stresses is that dividend return is a key driver of delivering superior total return, along with the capitalization of earnings growth. In the case of VT, we see our total return building blocks as having three key components. Dividend return, capitalization of same store earnings growth, and capitalization of new store growth, whether through new acquisitions of property or new loans on property. Our 2025 same and new store growth expectations are embedded in the updated 2025 earnings guidance David will discuss in detail with you shortly. The midpoint of our revised 2025 guidance now calls for .4% growth in AFFO per share versus 2024. We believe this growth rate within the net lease rate category will put us among the leaders in AFFO per share growth for 2025. To date in 2025, we are generating our earnings growth through a combination of same store earnings growth and new store external growth. When it comes to same store earnings growth, VT's owners benefit from a same store NOI growth rate that according to Green Streets, latest published net lease research is over five times higher than the average projected rate of same store NOI growth for net lease rates. Our external or new store growth has been funded substantially through the deployment of our retained cash flow. Meaning at this point, we are growing our 2025 earnings without significantly growing our share count and without significantly growing our net debt. What you are seeing through this internally funded growth are the advantages of VT having achieved our current level of scale with more than $600 million a year of retained cash flow available for investment. I will also note that we are converting our revenue growth to earnings growth at a high rate of flow through given our continuing discipline around our GNA costs, which as percentages of both revenues and assets are among the lowest of large cap reads. We believe our current use of our internal funding capability or what we call capital markets independence together with exacting cost discipline is a sound strategy for defending our dividend, growing our earnings and creating the conditions that can potentially lead to compelling total return no matter if external funding windows are open or closed. To be sure we may in the quarters and years ahead develop investment opportunities require and also incredibly support issuance of incremental equity and debt in greater size. But for the time being, we believe we are serving our stakeholders well by generating earnings growth and striving for compelling total return without significant equity and credit market reliance. Before I turn the call over to John, I'll finish by repeating what Savita said. Welcome back to a total return world. Here at VT, we always live in a total return world and that's because we always believe in the power of compounding. Total return is the power source of compounding. No matter what the market does, we never lose faith in that power. And now over to you, John.

Thanks Ed, good morning to everyone. VT's power source of compounding, our total return, is supported by our discipline approach to building a high quality portfolio and cultivating a network of best in class operating partners. The investments announced during the second quarter with Red Rock Resorts, as well as Kane International and Eldridge Industries exemplify the relationship based nature of our capital and the dynamic operators with whom we seek to partner. As we shared on our first quarter earnings call, we entered into an agreement to provide up to $510 million for the development of the North Fork Monoconin Resort, which will be developed and managed by Red Rock Resorts. Red Rock Resorts is a best in class gaming developer and operator with decades of experience across commercial and tribal assets. We are thrilled to initiate our partnership through this project, as we have known and have wanted to work with the Red Rock team for years. During the second quarter, we also increased our investment in the mezzanine loan related to the development of the one Beverly Hills by $150 million for a total commitment of $450 million. We initially launched our strategic relationship with Kane International and Eldridge Industries through our investment in one Beverly Hills during the first quarter. And our incremental investment is representative of the continued partnership. We look forward to continue to support Kane and International and Eldridge Industries on the one Beverly Hills development, as they work on their next leg of financing for the project. Cultivating new relationships is a key for Vichy, but the quality of our existing real estate portfolio and the quality of our operators behind it is the foundation of Vichy's sustained growth. While recent headlines around Las Vegas have focused on slowing visitation, dips in gross gaming revenue, and a decrease in Canadian travel, we remain confident in the city's long-term trajectory. As Las Vegas has experienced multiple years of record-breaking growth, so it is not unexpected to see a period of normalization, particularly as it lapsed a Super Bowl year amidst broader economic uncertainty. As Steve Hill, the CEO of the Las Vegas Convention and Visitors Authority recently noted, the higher-end consumer remains resilient on the Las Vegas strip, with higher-end properties still running at over 90% occupancy levels. The lower-end consumer who is budget-conscious is the consumer who has declined recently, and the operators of the lower-till properties are already making adjustments to attract that cohort. From Vichy's perspective, our Las Vegas strip real estate portfolio continues to be well-positioned. Importantly, although these near-term dynamics may impact operator performance, Vichy's rental income remains well-insulated from cyclical fluctuations in our tenants' financial. That is the value of our model. Long-term leases, 90% of which, by rent rule, include corporate guarantees that serve as a powerful risk mitigant. Guaranteeing rent at the parent level adds cushion to Vichy's overall lease coverage, allowing operators to pay rent from the total system, not just brick and mortar earnings, thus limiting the idiosyncratic risk of any one geography or asset. This structure has also supported Vichy's track record of 100% rent collection in cash on time since inception. Even as Las Vegas experiences what we believe to be temporary moderation, we have conviction in both the staying power of the city as a global entertainment epicenter and in the creativity of our operating partners. A recent article from the Las Vegas Weekly discusses how operators are focusing on attracting new generations as millennials overtake Gen X in visitor volume share. The article highlights millennial and Gen Z tastes for experiences different than the traditional gambling enjoyed by their parents and grandparents, and experiential innovation is evident on the Las Vegas strip with the starting of day club concepts, elevated food and beverage experiences, increasing popularity of professional sports and more. There are also long-term tailwinds for Las Vegas, including the planned construction of the Brightline West high-speed rail line, the extension of the F1 contract through 2027, and the forthcoming edition of the A's Stadium. We feel very fortunate to be woven into the fabric of this iconic city and excited about the opportunity we believe continues to be offered in the years ahead. Now I will turn the call over to David, who will discuss our financial results and guidance. David.