VICI Properties Inc. (VICI) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

May 2, 2023 9:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks：

Operator

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the VICI Properties First Quarter 2023 Earnings Conference Call. At this time, all participants are in listen-only mode. Please note that this conference call is being recorded today, May 2, 2023.

I'll now turn the call over to Samantha Gallagher, General Counsel with VICI Properties.

Samantha Gallagher

Thank you, operator, and good morning. Everyone should have access to the company's first quarter 2023 earnings release and supplemental information. The release and supplemental information can be found in the Investors section of the VICI Properties website at www.viciproperties.com. Some of our comments today will be forward-looking statements within the meaning of the federal securities laws. Forward-looking statements, which are which are usually identified by use of words such as will, believe, expect, should, guidance, intend, 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 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 and our first quarter 2023 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, please refer to the respective company's public filings with the SEC.

Hosting the call today, we have Ed Pitoniak, Chief Executive Officer; John Payne, President and Chief Operating Officer; David Kieske, Chief Financial Officer; Gabe Wasserman, Chief Accounting Officer; and Moira McCloskey, 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.

Edward Pitoniak

Thank you, Samantha, and good morning, everyone. Let me start today by telling you how I tend to spend my Saturday mornings espresso in hand. First, I grab the FT, the old-fashioned print edition, to see what Katie Martin has to say about the state of the equity and credit markets in her Long View column. Katie can be very funny. But the long and short of it is that the market participants she's quoting these days aren't having a lot of fun. Then I might grab my iPad and catch up on any of Rob Armstrong's unhedged FT columns that I fell behind on during the prior week. Rob's response to current and prospective market conditions is rather Hamlet in character: to be or not to be, to be a bull or to be a bear or to be neither. But who is he who is neither bull nor bear? That is the question.