Greetings, welcome to the Gaming and Leisure Properties first quarter 2023 earnings conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Joe Jaffoni. Please go ahead. Thank you, Stacy, good morning, everyone, and thank you for joining Gaming and Leisure Properties first quarter 2023 earnings call and webcast. The press release distributed yesterday afternoon is available on the investor relations section on our website at www.glpropinc.com. On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ materially from those discussed today. Forward-looking statements may include those related to revenue, operating income, and financial guidance, as well as non-GAAP financial measures such as FFO and AFFO. As a reminder, forward-looking statements represent management's current estimates, the company assumes no obligation to update any forward-looking statements in the future. We encourage listeners to review the more detailed discussions related to risk factors and forward-looking statements contained in the company's filings with the SEC, including its 10-K, 10-Q, and in the earnings release, as well as the definitions and reconciliations of non-GAAP financial measures contained in the company's earnings release. On this morning's call, we are joined by Peter Carlino, Chairman and Chief Executive Officer at Gaming and Leisure Properties. Also joining today's call are Brandon Moore, Chief Operating Officer, General Counsel, and Secretary. Desiree Burke, Chief Financial Officer and Treasurer. Steve Ladany, Senior Vice President and Chief Development Officer. Matthew Demchyk, Senior Vice President and Chief Investment Officer. With that, it's my pleasure to turn this call over to Peter Carlino. Peter, please go ahead. Well, thank you, Joe Jaffoni. Good morning. We are happy, of course, to report another very positive quarter as well, outlined in our releases yesterday. As always, I think our team has done a very thorough job of giving you all the information that you would want. It's very well encapsulated there. I'll highlight a couple of things and then, of course, turn the floor over to Desiree Burke and to Matthew Demchyk. I'm happy to say that through this quarter, our stock price hit its highest level ever. Spec will be back there soon. Our dividend was at an all-time high as well. We've been very successful in achieving most of the goals that we've had. This success has been accomplished against a backdrop of turmoil and pretty rough going for many in the market today, which I hope underscores what we've been saying for many, many years, that gaming revenues are incredibly stable, and that's reflected in our performance even in tough times. There are a number of significant achievements this quarter, but I'm gonna leave those to Desiree and Matthew to share. Then, of course, we'll be directed by your questions. I should say that while nothing is certain, I think that we believe that the balance of 2023 should prove to be a very good year for the company and for our shareholders. With that, Desiree, you are on. Thanks, Peter. Good morning. We reported yet another quarter of record results for our first quarter of 2023. Our total income from real estate exceeded the first quarter of 2022 by over $40 million. This growth was driven by the addition of the Bally's Black Hawk and Rock Island, as well as Biloxi and Tiverton properties, which drove an increase in cash rental income of $15 million. The quarter's Live! transactions increased cash rental income by approximately $8 million, and the TropLV land lease created cash rental income of $2.6 million. The recognition of escalators and percentage rent increases on our leases also added $4.7 million of cash rent. We had a combination of higher non-cash revenue growth ups, investment in leases, and straight-line rent adjustments, which drove a collective year-over-year increase of approximately $9.7 million. Our operating expenses declined by $26.8 million, but that is primarily due to non-cash items such as the reversal of prior period provisions for credit losses on our Cordish leases, resulting from improved property performance, partially offset by a increase in depreciation expense, primarily related to our recent transactions. We continue to see strong rent coverage across our leases. From a balance sheet perspective, during the first quarter, we settled the forward agreement and issued 1.3 million shares, raising net proceeds of $64.6 million. We used these proceeds to partially fund the redemption of our $500 million five and three-eighths notes, which were coming due in November of 2023. Our leverage is now under five times EBITDA. Our $1 billion at-the-market program remains unused as of today. We've refined our full year guidance for 2023 for AFFO per diluted share and OP units to be ranging from $3.63-$3.67 per diluted share and OP units. Please note that this guidance does not include the impact of future transactions. With that, I will turn the call back to Peter. I won't keep it for long. Matthew. Thanks, Peter. Thanks to everyone for joining us this morning. It's certainly been interesting how increasingly unpredictable the macro environment has been. Amidst this backdrop, the stability of regional gaming cash flows continues to hold up while other real estate sectors are experiencing meaningful secular and economic challenges. The relative track record continues. The institutionalization of our asset class is as justified as ever. At GLPI, we've worked hard to prepare for this environment. Our focus on stability and dependability continues to show in the consistency of cash flows, which we work tirelessly to protect and perfect. Nowhere is this more evident than in our Penn lease restructuring. We will continue to seek opportunities to improve the quality of our leases cash flow. In addition, after a few years of playing the long game with a focus on deleveraging, our balance sheet remains purposefully conservative. We respect its role as the foundation for all that we do. In addition to managing debt to EBITDA into the high fours, we also managed a staggered maturity profile with our next maturity not due until September of 2024 and close to $1.7 billion of available liquidity. We continue to be positioned to pounce on attractive opportunities as we see them. Headwinds in the banking sector have set the stage for more robust and wide-reaching dialogue with potential counterparties. Lending costs and bank relationships that used to be more predictable could be less so over the coming months and years, and that reality is not lost on the folks that we talk to. We've always been a dependable capital partner, one that our partners can be confident can get to the finish line. In the current backdrop, the value of that dependability has gone up substantially. I make that comment for both our current tenant partners and also for new potential partners. GLPI is built to last, a reality that is widely appreciated. Our unique structure, including our access to multiple capital sources, makes us an ideal choice for counterparties that want not just a transaction, but a bespoke financing solution, which is our specialty. Our partners want not only to solve the current needs, but often to have a partner who can predictably continue to meet those needs well into the future. As we move forward with our strong and sound financial foundation, we remain focused on improving what we have and unearthing new opportunities for the prudent deployment of our shareholders' capital. With that, I'll turn the call back to Peter. Thank you, Matt. I think it says it pretty well. Stacy, would you open the floor to questions? Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press Star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset. First question, Greg McGinniss with Scotiabank. Please go ahead. Hey, good morning. Peter, in your opening remarks, you touched on the stability of gaming revenues, but you kinda also saw rent coverage ratios decline across the board this quarter. In your view, are we seeing the beginning of a trend or maybe more of a normalization following the pandemic? Are there any leases where escalators might be more at risk? The quick answer is that the movement has been very, very small in a long, long way, given our coverage from any threat to us. I mean, I guess, the point I'd make kind of not so subtly is no matter what happens, we get paid. We see absolutely no threat on the horizon. Des, you wanted to comment? Yes. Our rent coverage ratios are still well above the 2019 pre-COVID levels. We feel they're still very strong for our collection of rent. Look, you're gonna have to hit disaster before we don't get paid. For obvious reasons. Mm-hmm. Don't get rent, you don't open the front door. I can't think of anything further from... Listen, the one point I'd make, and we do talk about this internally, I've been at this for a very long time, and I can tell you absolutely, having I used to say in talking with many investors that gaming revenues were solid as a rock, but it would take an atomic attack to threaten our revenues. Well, we had that in the form of the equivalent of a neutron bomb that shut down the country. We and our contemporary companies all got paid. I don't know what it takes to make clear that people just do not give up their entertainment. Enough said. I think the proof has been well identified. Okay, thanks. Just a bit of a multi-parter on development. Could you please provide an update on Hollywood Casino Baton Rouge, expected total cost spent to date? We also saw a news article on Belle of Baton Rouge being approved for a $91 million renovation after a $35 million renovation was announced late last year. Are you taking part in that investment? With all this investment going on in Baton Rouge, do you have any thoughts on the market, whether customer demand can support and justify those investments? I'll start with, Baton Rouge, and we at GLPI have about $31 million in cash left to fund. With that, I'm gonna turn it over to Steve to talk about the other projects that you're asking of. Sure. I think your second part of your question was with respect to the Belle of Baton Rouge. Mm-hmm. We do own the land and building at the Belle, and Casino Queen is our tenant there. We have had ongoing dialogue with them. They're also the tenant at, in the Hollywood Casino Baton Rouge property that you just asked about previously. We have ongoing dialogue with them. We are always looking for ways to be supportive of not only them, but all of our tenants. You know, we're going to continue to have dialogue around that project and, you know, we'll provide an update once we have something to definitively tell you. Yeah. Let me add that things are moving pretty well in the Hollywood Baton Rouge landside project. There have been difficulties along the way in just getting materials, which we all are aware of on a national basis. You know, trying to get HVAC equipment, for example, is tough. All that being said, I think we have visibility on a early. Well, let's just say safely, we're targeting September as a probable date barring any equipment that doesn't show on time. That project is well along and looks terrific, by the way. With respect to depth of market in Baton Rouge, we feel very confident and comfortable with the marketplace there. It's obviously a city that has a government presence and a state university. It's actually a growing demographic. We feel very good about the longevity of the market there. Okay. Sorry. Desiree, is the total spend on Baton Rouge, that's still, what, I think $70 million from the last call? Yeah. It might be just a slight higher, but it's about $70 million. That's right. Thank you. Next question, Smedes Rose with Citi. Please go ahead. Hi. thanks. I just wanted to ask you a little bit of, as you assess potential opportunities in the marketplace, have you seen any changes in who else, you know, is also looking? Just in terms of competing with maybe more traditional sources of capital, do you think you might be at a relative advantage here just given what's going on with some of the issues that we're seeing across the regional banks, or just kind of interested in maybe if you could just speak to that broadly? Well, I think the quick answer is I think we are, Matt, you look like you wanna add to that. Yeah. I mean, we mentioned last quarter, I think I mentioned a little in my prepared remarks, that the banking evolution in that environment has changed the availability and cost of funding. If you look at the private equity folks that started to poke around, certainly their business model is not as robust as it was, and they're not as competitive as they were. You know, Peter's intro underscored, we've got access not just to debt like others, but we've also got access to common equity, to OP units, which we've used to good effect. You put those things together and our total cost of capital relative to the competitors, and we're in a lot stronger relative position now than a year or two years ago compared to other folks. I suspect if things stay the way they are, we won't see a lot of new folks trying to push in to the space. The only wild card is some of the other public companies. We've certainly heard interest verbalized from others for a little while now. Remember, if we've got the relationships we have and the leases we have, as large as they are, we're the best buyer of assets for the tenants you see in our earnings release if you look through the names. We're well-positioned, and we hope to use that to find new opportunities. Yeah. Again. You- At the risk of sticking my neck out, we've got a number of interesting things in the shop here that we're working on. You know, you gotta bring them over the finish line. We think the market's for us, is in a pretty good place. In terms of just kind of overall, I mean, it sounds like you're, you know, assessing a number of opportunities, which you talked about, I think, on the last call as well. I mean, is that sort of potential deal flow, has that been relatively steady or has it picked up, or? I'm just kind of curious, you know, if people are interested in. As you mentioned on your opening remarks, you know, in other sectors we've seen, you know, definite decline in transaction activity. I'm just kind of wondering if you guys are seeing that as well? Certainly hasn't cut enthusiasm for gaming. Steve, do you wanna take that? Yeah. Look, I think it goes without saying large scale M&A has clearly slowed. The credit market impact, along with adjustment needed for valuations has caused a little bit of a slowdown on that front. With respect to strategic one-off type property transactions, those are still plentiful and people are still looking to enhance their portfolios, whether that means a divestiture of an asset to someone else or an addition of an asset that could be strategic. I think we're seeing plenty of deal flow, whether it be on the greenfield side with respect to states like Illinois, Virginia, and New York, which are expanding, or even, you know, simply construction and redevelopment of existing properties like we've already announced with Penn and like we're doing in Hollywood, Baton Rouge. There continues to be plenty of deal flow. It just might be in slightly different buckets than it has been in years past. Thank you. Appreciate it. Thank you. Next question, Todd Thomas with KeyBanc Capital Markets. Please go ahead. Hi. Thanks. Good morning. I guess just following up with that line of questioning, you know, and the discussion around GLPI as a financing solution in the current environment. Have you know, changed your return hurdles at all when underwriting new deals? I mean, how are you thinking about the appropriate spread that you need, the amount of accretion that you're looking for in new investments here? I mean, we haven't changed our approach at all. We need an appropriate spread, that really varies by opportunity. I mean, it's a function of the risk of the specific opportunity, the market. You should continue to watch us think about things the exact same way. It may take different forms as we figure out how we, again, try and create solutions compared to banks or others not being there the way they used to be. You'll have to stay tuned to see where we end. Okay. Then, I guess a question about Bally's Lincoln, where you have, you know, an option through 2024, that may or may not happen. You have a predefined lease yield. How do you think about funding or maybe pre-funding that potential investment, you know, today or, you know, in the near term where you can lock in your cost of capital, lock in that spread, versus the risk of waiting to see where your cost of capital trends over the next several quarters? How do you sort of think about that and weigh your options? Well, Todd, I when we did the original equity raise around this broader announcement, we raised enough equity to be able to have either path work from a debt-to-EBITDA perspective. We've effectively pre-funded a majority of the transaction if you look at where our leverage is right now. I mean, incrementally, we've got locked in a term loan that we can effectuate at closing, the actual cash would come from that in large majority. The Bally's transaction, that transaction would actually have to be funded through our bank debt, through our credit agreements. We have a revolving facility that we've tagged a piece because we have allowed Bally's to guarantee our debt if we do that transaction. I think the real answer to your question is probably, you know, we're at a wait and see. We'll see what the markets rates drive. That is at our option. If for some reason our pricing did not look accretive for GLPI, we would make that assessment at the time. Assuming it is, we would be using our credit agreement in order to effectuate that transaction. Okay, great. All right, thank you. Next question, Barry Jonas with Truist Securities. Please go ahead. Hey, hey, guys. Good morning. Wynn just put out some details on its plans for the UAE. Curious to get to see if you have any thoughts on that market or maybe any other international markets where you could see potential future involvement for GLPI. Thanks. Steve, do you wanna take that? Thanks for the question, Barry. I mean, we've obviously seen some transactions come across in Canada more recently. We do continue to look internationally. We have not taken a deep dive on the UAE. With respect to each of these international opportunities, you know, we do spend a bunch of time to better understand not only the legal regimes and set up both in the government that we'd be transacting in, but more importantly, the tax arrangements and how that would impact any type of transaction economics that we would potentially pursue. We will continue to look internationally. We have an interest in expanding internationally, but it's on a country-by-country basis and a deep dive of analysis. Got it. Just as a follow-up, wanted to touch on Trop. Not sure how much you could say, but the word is that the A's have selected another site for a baseball stadium. Is it sort of back to square one for large scale developments there, or are there still options being discussed that you think could involve, you know, transformation of your asset there? Yeah, just to be clear, we can't speak to what Bally's does or doesn't intend to do with the site. We've read the same articles that you're referencing with respect to the A's acquisition of some land from the Fertittas. As far as how that all plays out and where it all goes, we don't have an ability to state anything on that front. Got it. All right, I appreciate it. Thanks so much, guys. Thank you. Next question, Daniel Guglielmo with Capital One Securities. Please go ahead. Hi, everyone. Thanks for taking my questions. The first one's on the Cordish Live! Casinos. It looks like those casinos have been taking market share in their respective cities just based on state gaming data and also the allowance balances that you all have been reporting. Seems like they've found a recipe for what the new gaming generation wants. Now that it's been a year, how big do you all think that relationship can get over the long term? I look, we're very optimistic about that. Look, these guys are really good operators. Just plain flat out good. I have been on the floor when David Cordish himself is on the floor for promotions and the like, basically giving away money. It's very impressive to see how personally involved he, his sons, team are involved in their properties. It's incredible. Frankly, it is incredible. We think the opportunity is tremendous going forward. We stay very close with them. We wanna do more with them, and I think... I can't speak for them, but I would hope and expect that they'd like to do much more with us as well. That's a very, very positive thing. They are terrific operators. Great. Thank you. The second one's just, so only a few operators have reported, but there was some mention about some softness in Louisiana and Mississippi. I You guys don't have that much exposure there, but there is some in the Pinnacle lease. I really appreciate the coverage ratio disclosures by lease, but it does look like that's trended down slightly over the last few quarters. Any comments on what you think is going on there for those markets and how those will evolve over the next few years? Well, as you know, we don't get by property information from the tenants. In our dialogues with our tenants, you know, holistically, we're getting the sense that the market as a whole, the domestic US is been holding up and relatively flat in line from a year-over-year perspective. I think that might be a regional phenomenon that hit in one quarter. I don't get the sense from any of our tenant discussions that people are running for the hills or there's any type of hysteria around some of the, you know, quarterly trends. I do feel like people feel very comfortable about the state of the gaming market domestically. Great. Thank you. Next question, Haendel St. Juste with Mizuho. Please go ahead. Hey, good morning out there. Good morning. I found your comments earlier on the stability of gaming and mitigating balance sheet risk during this period of uncertainty, interesting. I was hoping you could talk about risk, but more holistically and how you're thinking about managing risk in the current environment of more restrictive debt availability, the macro uncertainty, and how that could be impacting not only how you're thinking about managing the balance sheet, but incrementally risk your investments like development, maybe mezz lending, within gaming. And also potentially how you're considering investing potentially outside of gaming. Thank you. Well, first, I would say that every transaction is a one-off and looked at market to market, sponsor to sponsor. What you might do with one on a master lease, strong operator might be different from something you do on a one-off in some other market. I mean, one advantage for us in this team is that we've been in this business for a very long time. I'd like to think we have a pretty good understanding of the business, its risks, the competitive set, and so forth. It's deal by deal. And our concern is the same that you've raised. Are we gonna get paid? It's as simple as that. Matt, do you wanna add something to that? I mean, at a high level, you know Haendel, we've got really a commitment to investing with caution and focusing on a margin of safety. That means if things go the way we think they will, we're good, and if things don't go the way we think they will, we're still in good shape. You know, we've been in a really frothy market for a long time. There's been mispriced risk in a lot of places. You brought up outside of gaming, it's kind of been a double hurdle. If you had gaming not trading where it should based on our view of it, and then everything else outside of gaming trading probably more expensively than it should. Things haven't lined up yet. We're looking for durable, predictable cash flows outside of gaming. We keep looking, we've got deep relationships, and to the extent something makes sense, we'll move forward on it. You know, we continue to use tools too. You look at what we've done to date, we've got master leases that give us really protection from known unknowns when you think about either macro, micro risks, new licenses, et cetera, and also layer on corporate credit protections, operator selection, et cetera. We'll continue to use that same mentality as we assess new opportunities. That's helpful. Thank you. I'm curious, what's the current house view on investing in tribal, and how would you get comfortable with that if you couldn't own the land? Well, that's actually a good question. I mean, look, we and probably everybody else in the gaming business has been looking at tribal for years. I'm gonna let Brandon, who's been silent so far, speak a little bit about that. We spend a lot of time as underscore looking at tribal opportunities and giving thought to how can we protect ourselves to the degree we might get involved. Brandon, do you wanna put some color? I'm happy to. I mean, I think when you think about tribal gaming, there's obviously two different types of tribal gaming. There's the commercial side, then there's the side that you focused on, where the land is held in trust with the government. I think that has been the challenge for us and others that have sought to invest in tribal gaming on trust land. I think that over the course of the last decade or so, the protections in place for banks and others have become more routine and robust. I think that you have to look at those markets and look at those protections and see if you can port those over to the long-term real estate ownership model. I don't know that anybody's perfected that yet. I think it is possible, and I think it depends on the tribe. I mean, there are a lot of very unique tribal situations in trust land across the country, and each of them is a little different. I'm optimistic that is a wheel we can round, but I don't think we've done it quite yet. That's helpful too, Brandon. I guess, can I ask you, since you've been looking into it, is there any historical data that you've been able to see? I'm curious, I think a lot of us are curious how tribal assets perform during economic downturn. Certainly understand the stickiness of, say, more the, more regional, gaming assets, but curious about the history of tribal, as well as, I guess I'm curious, is there any history between Penn? Has Penn ever really invested or. relationships or history with tribal banks. If we start from the last question, you may recall that Penn did manage a facility for a tribe in Canada, and that was a very successful relationship and operation. Penn had a less successful relationship with the tribe outside of San Diego with the Jamul tribe, where they developed a beautiful facility for that tribe several years ago. I think that this goes back to depending on tribe by tribe and situation by situation. As far as the tribe's performance during COVID, I haven't seen anything specific, and others here can certainly chime in if they did. I think generally they perform similarly to the other regional casinos. Because keep in mind, a lot of these tribal casinos that are held in trust land are in states like California, Oklahoma, Florida, where there aren't commercial facilities around. Those really are the commercial facilities for the population densities in those states. From what I have seen, I think that their experiences were very similar to the commercial casinos that you see out there today. Great. Helpful. Thank you. Next question, David Katz with Jefferies. Please go ahead. Morning, everyone. Thanks for taking my questions. I wanted to just get a little broader color on what the opportunity set of deals is looking like, right? The presumption is last nine months, you know, the world has changed, cost of capital has gone up. Specifically, whether, you know, new developments are just far less available and/or whether there's shifts in the financing and refinancing market that may be bringing opportunities your way in some increasing numbers. That's just getting a sense of what your flow looks like. Let me suggest this. This is my personal thing. We haven't talked internally. My sense is there's as much interest in developing gaming facilities today as there was at any other time. I have not noticed any sense. I have no sense of diminution of interest. Gaming, as I say again and again, is in a class by itself. Steve, you're at this day-to-day. I think that's completely accurate. I mean, there are some. Look, of course, there are some development projects that seem like they've been kind of floating around for years. That's not correlated to the state of the credit markets. That's correlated to the underwriting opportunity. I think from a credit market perspective, I think Matt hit on it in his opening remarks. The traditional banks have tightened the purse strings. Typical lender you could go to and end up with a, you know, end up with less than optimal rates, they're still around. The rates are even further less optimal. There became this middle open ocean area where anyone that has a cost of capital and is willing to roll up their sleeves and try to underwrite might be able to play. I think, you know, we're no different than others that are sitting in the same seats as we are. I'm sure all of us are getting similar phone calls from folks that are trying to figure out how they can get their, you know, projects financed and off the ground. We're seeing plenty of opportunities. Some are interesting and some are not. It all depends on a by project, by property underwriting process. Got it. Perfect. Thank you. Next question, Ronald Kamdem with Morgan Stanley. Please go ahead. Thanks so much. A couple quick ones. Starting just on the leverage. If you think about just how much cash flow the company is generating, where do you think you're gonna end sort of 2023 and going into 2024 on a leverage level? Because we can get to sort of the 4.7, 4.6s range. Curious where you guys are thinking. Given our current guidance and, you know, again, assuming no transactions, we still expect to end around the 4.8 range net leverage. Great. Then on the guidance, just can you be specific on what drove that one penny bump? Is it core NY? Is it interest income? Just what was the change there? Yeah. The average interest rate assumption that we used in our guidance on the low end came in better than what we had expected. The average interest rate that we used on our high end, it's not better than what's in our high end. It is really related to interest in general. Excellent. The last one, just another one on the Bally's transaction. You know, I think two pieces to it. Number one, is there any sort of timing, any event that we should look for prior to that December 2024 deadline that's gonna let us know whether it's more or less likely is Number one? Number two, given the events of the past sort of month and a half, in terms of getting the lender consent, does anything change there? Is it more likely, less likely? Like, just trying to get a sense of how we should think about the impact of the past month and a half on potential scenarios here. Thank you. Thank you. Steve, go ahead. Sure. With respect to the timing goes, look, I think we will continue on a quarterly basis to try to provide whatever updates we have available to us. Certainly, we'll keep you apprised whenever we, whenever we actually hear from them that there's an opportunity to effectuate the option, we'll make our decision. It's got to be timely, and we'll be back to the marketplace either informing you that we've announced and signed up the deal or that we've decided to pass on it. I think one way or another, you'll be up to date with that. With respect to the recent credit markets, how that may play into what's going on. Look, I think the reality is, they're most likely going to end up needing to refinance their credit facility to create an opportunity to remove the language that's prohibiting them from selling that asset. I don't foresee the easier path being through a lender consent. Again, we're not involved in their dialogues with their lenders. Those are their discussions with either their current lenders or maybe future lenders if they were to pursue a refinancing. We're kind of sitting here, anxiously awaiting some kind of movement on that front. That would be my perception of what the easiest path forward would be. Great. Thanks so much. Once again, if you would like to ask a question, please press star one on your telephone keypad. Next question comes from John DeCree with CBRE. Please go ahead. Hi. Good morning, everyone. Thank you for taking my question. Good morning. Matt, you had an interesting comment in your prepared remarks about some of the stress that other real estate asset classes are seeing, whether it's economic or secular, or banking related, kind of highlights, you know, Peter's point all the time is just, you know, how durable the gaming business is. The broad question for whoever wants to take it is, as we see stress in other real estate asset classes, you know, are there any implications, good, bad, or indifferent for your business? I realize that's kind of broad, so, you know, maybe the more specific question is, have people from outside of the gaming industry, who need capital have been reaching out, you know, to you guys, you know, given your position, or have you seen other pockets of institutional capital that haven't traditionally looked at gaming assets, step in and have you kind of started to cross paths with maybe some additional competitors that are looking for new types of investments? Kind of broad, but kind of seeing if there's, you know, more or less players or any implications that you've seen yet. A quick answer is, look, a lot of people look enviously at where we are. I can't say I blame them, but getting here is not as easy as some have found. Matt, do you wanna address that one? Yeah. Look, we've now added a few years of track record, and that's certainly something on a relative basis that stands out compared to other asset classes in real estate. Thinking back to the financial crisis, how things got treated, you know, banks very quickly recategorized how they look at real estate, and they're licking their wounds, and it's not a position where they're really aggressively lending into. That tends to impact all real estate. To the extent something like that happens again, it makes us that much more attractive as a solution because we've got money, it's pretty fairly priced in this environment, and we're ready to go, and you can count on us. That should work to our benefit. Yes, there have been some incomings from folks we've talked to for a long time, where the bid-ask gap has been incredibly wide around where we would be able to do something and want to do something and what they're looking for. Now it's tighter. We're not there yet, or you would have seen an announcement, but certainly we're being looked at as an alternative a lot more realistically than we were historically for even things outside of gaming and for the development loans Steve talked about. The world's moving in our direction in that sense. I think we need to season this environment a little more, too, before you see a whole lot of volume. Everything's happened kinda quickly and things still are in a state of flux. I don't think if someone's planning their business for the next 10 or 20 years, that they're gonna look at a spreadsheet and confidently plug in something and say, "Hey, we're gonna use you 'cause you're better than something." But we seem to be getting there. Let's watch over the next couple, few quarters and see what falls into place. That's good additional color. Thanks, everybody. Thank you. Next question, John Massocca with Ladenburg Thalmann. Please go ahead. Good morning. Good morning, John. Maybe sticking with Matt's comments on kind of bid-ask spread. I know you talked about it in terms of non-gaming assets. Has there been any kind of movement on, you know, bid-ask spread, if you will, for gaming investment opportunities over the last couple of months or quarters? Go ahead, Steve. I think on the buyer side, yes, and on the seller side, not quite a yes. Look, I think people are still anchored into valuations that were, let's be honest, 12 months ago, right? Valuations were in a different place, credit markets were in a different place. It hasn't been that long that the credit markets have been materially changed. Look, I think on the seller side, I think from a valuation perspective, people are still seeking what they knew was a potential reality not too long ago. I think from a buyer side, people are realizing that that means they have to put a current day credit market cost into their math and in some cases, people's equity prices are down too. I do think there's a little bit of a disconnect, and it really comes down to, is there a strategic rationale that allows someone to kinda look beyond the short-term perspective and take a longer view? In some cases, that might come to fruition, in others it might not. I think that's where we find ourselves at the moment. Okay. Outside of Penn, where you obviously have a deal already in place, what is the broad appetite of either current tenants or even new partners for development funding at existing assets? Is that a major part of the investment conversation today or your talk's more focused on kinda de novo deals? It's a constant ongoing dialogue. Many of our tenants are constantly doing projects. I would tell you that I feel like more of our tenants are starting to reinvest in their properties through capital improvements and focus on the properties they own, whether it be hotel remodels and things of that length. We are in kind of a constant dialogue with them around our desire and willingness to help fund those projects. They sometimes will pursue our financing and other times will finance the projects themselves. That's an ongoing dialogue that has continued, and I actually think that people are starting to put more dollars to work into the properties in the recent months. Okay. I know it's kind of bespoke deal by deal, but is there kind of a broad thumb, you know, return hurdle difference between what you would do for those kind of developments at existing assets versus kind of straight acquisition sale leasebacks? No. Look, I think we're trying to seek accretion in all transactions. We, you know, we're not offering a sweetheart dilutive transaction pricing to folks for doing projects inside of buildings we already own. We're constantly trying to make sure that we're being good stewards for our stakeholders and trying to earn an accretive return. It depending on the time of the market and where we sit, our accretive financing may in fact be still appealing to where someone might have to go raise capital. Okay. That's it for me. Thank you very much. Thank you. Next question, Chris Darling with Green Street. Please go ahead. Thanks. Good morning. I'm hoping to get your perspective on the recent acquisition of Diamond Jacks in Bossier City by Cordish. Is this a project you'd like to get involved with potentially, in some capacity? Additionally, just any thoughts you have on the market's ability to absorb, you know, the incremental supply over time. Steve, I'm gonna let you stick with that one. I think the Cordish, we've talked to Cordish about the project. They seem very excited about the project and the opportunity. Of course we wish them the best of luck with that. As far as the market goes, you know, I think that marketplace did support that casino previously. There have been some issues in Shreveport due to the smoking ban over there. Bossier has reaped some benefits. I think that marketplace is clearly able to absorb an additional competitor for now. I do continue to wonder what, you know, may come if there is gaming expansion in Texas. Got it. Appreciate the thoughts. Let me add, though. They're very, very bullish about this project. They genuinely are. We haven't talked about anything past that, but they are obviously committed. As I said earlier, they're terrific operators, so I would never bet against them. No, it's helpful. I guess speaking of, you know, their acumen as operators, just switching gears a bit, the Live! Maryland lease, I believe this is the first time you've disclosed the rent coverage there at that property. Just given how healthy that coverage level is, I'm curious to understand how that kind of compares to maybe what you originally underwrote when you acquired that property. Yeah. they're right at two times, which is. The Maryland. Maryland. Maryland. Maryland's three times. Sorry. Pennsylvania is two times. Yes. They are actually performing better than what we underwrote at the time. It's what we expect. There's nothing... We're happy with it, obviously, clearly. We did underwrite the two properties kind of looking at them together, the acquisition, the relationship with Cordish, not just one lease at a time. We originally, on a pro forma basis, were looking at 2.6, if you recall. This is a really strong outcome for that property. Yeah. Fair enough. I appreciate the time. Thank you. Thank you. I would like to turn the floor over to Mr. Carlino for closing remarks. It sounds like we're at the end, so I thank you all very much. I hope you leave with the idea that we're pretty excited about what we see ahead this year, and hope that we can deliver some very positive news as we meet next quarter. Thanks again. Have a great day. Thanks, operator. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.