Financial Data and Key Metrics Changes - For Q4 2025, total income from real estate increased by over $17 million compared to Q4 2024, driven by cash rent increases of over $23 million from acquisitions and escalations [9] - Operating expenses decreased by $37.8 million, primarily due to a non-cash adjustment in the provision for credit loss [10] - The guidance for 2026 AFFO is projected between $1.207 billion and $1.222 billion, or between $4.06 and $4.11 per diluted share in OP units [10][11] Business Line Data and Key Metrics Changes - Cash rent increases were attributed to several acquisitions, including Bally's Kansas City and Shreveport, which increased cash rent by $6.6 million, and the Chicago lease, which added $2.6 million [9] - The recognition of escalators and percentage rent adjustments contributed approximately $4.3 million to cash income [9] Market Data and Key Metrics Changes - The leverage ratio is currently at 4.6, which is below targeted and historic levels, indicating a strong balance sheet position [11] - Rent coverage ratios on master leases range from 1.69 times to 2.6 times covered as of the prior quarter end [11] Company Strategy and Development Direction - The company has a robust pipeline with $2.6 billion of future capital commitments planned for deployment over the next 24 months [6] - Recent acquisitions include Bally's Lincoln for $700 million at an 8% cap rate and an incremental $440 million commitment towards the Cordish Live! Virginia project [6][7] - The company is focused on maintaining strong rent coverage and is actively pursuing development projects while managing its balance sheet effectively [8][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position entering 2026, citing healthy multiyear AFFO growth and a strong pipeline [6] - The anticipated grand opening of the Ione Band's Acorn Ridge Casino and ongoing development at Caesars Republic Sonoma were highlighted as positive developments [7] - Management acknowledged the challenges in the industry but emphasized the strength of their leases and tenant health [62] Other Important Information - The company is actively engaged in discussions with various tribes regarding potential capital investments, indicating a strong interest in tribal partnerships [20] - The anticipated settlement of $363 million of forward equity is expected on June 1, 2026, which is included in the guidance [11] Q&A Session Summary Question: Update on Bally's Chicago development project - The project is over 20% complete, with significant progress on the hotel structure and casino podium, expected to open in the first half of 2027 [15][16] Question: Comments on the pipeline and Lincoln acquisition - The lender consent issue for Lincoln was resolved through refinancing, allowing the acquisition to proceed [19][21] Question: Updates on Las Vegas and New York projects - The Las Vegas stadium is ahead of schedule, and while there is interest in the New York project, the company does not expect to provide the majority of the capital [26][29] Question: Impact of iGaming and skill-based games legislation - Management does not foresee significant impacts on tribal investments from potential iGaming legislation, as current underwriting remains strong [44][46] Question: Interest in the Las Vegas locals market - The company remains interested in the Las Vegas locals market and is actively looking for opportunities [72][74] Question: Pipeline composition and future projects - Approximately half of the pipeline consists of development projects, with many being existing assets undergoing reinvestment [78][80]