Financial Data and Key Metrics Changes - AFFO increased by 6.8% year-over-year to $642.5 million for Q4 2025, and per share increased by 5.6% to $0.60 [20] - For the full year 2025, AFFO rose by 6.6% year-over-year to $2.5 billion, with a per share increase of 5.1% to $2.38 [20] - General and administrative expenses were $19.3 million for the quarter and $65.1 million for the year, representing only 1.9% and 1.6% of total revenues respectively [21] - The net income margin for the year was approximately 69%, one of the highest in the S&P 500 [21] Business Line Data and Key Metrics Changes - The company formed several new partnerships in 2025, including a $450 million mezzanine loan with Cain and Eldridge Industries and a $510 million loan with Red Rock Resorts [13][14] - A $1.16 billion sale-leaseback transaction with Golden Entertainment was announced, which will add a new tenant to the portfolio [15] Market Data and Key Metrics Changes - The Las Vegas locals market has shown a 10-year CAGR of 5.5% in median household income, compared to the national average of 1.9% [16] - Despite a dip in Canadian visitation, Harry Reid Airport had its third busiest year in history [17] Company Strategy and Development Direction - The company aims to diversify partnerships across best-in-class experiential operators, as demonstrated by the new partnerships formed in 2025 [19] - The focus remains on investing in the locals market in Las Vegas, which is seen as demographically attractive and resilient [16] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of operators' ability to adapt to macroeconomic changes and consumer demand, which contributes to the longevity of the experiential sectors [19] - The strong convention calendar in Las Vegas is expected to support demand in the first half of 2026 [18] Other Important Information - The company has a total debt of $17.1 billion, with a net debt to annualized fourth quarter adjusted EBITDA ratio of approximately 5x [21] - Total liquidity as of December 31 was approximately $3.2 billion, including $608 million in cash [22] Q&A Session Summary Question: Update on discussions with Caesars regarding the master lease - Management stated they would not provide details on discussions but emphasized that any solutions would align with portfolio optimization goals [26][27] Question: Status of a senior loan collateralized by a golf development on non-accrual status - Management confirmed that the issue was being addressed and that it would not impact 2026 guidance as it is a de minimis part of the loan book [29][31] Question: Current deal environment for sale-leaseback and loan discussions - Management indicated they continue to prioritize real estate ownership while using their loan book to develop relationships, feeling positive about future opportunities [36][38] Question: Rationale behind the Greektown Margaritaville lease adjustment - Management explained that combining leases simplified the structure and enhanced credit protections without changing the rent collected [46] Question: Thoughts on New York City development opportunities - Management is monitoring the situation and is open to participating in capital stacks for developments but is still assessing the landscape [104][105]