Gaming and Leisure Properties, Inc (NASDAQ:GLPI) Q4 2018 Earnings Conference Call Transcript
Feb 13, 2019 • 10:00 am ET
Greetings, and welcome to the Gaming and Leisure Properties Fourth Quarter 2018 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the presentation. (Operator Instructions) And as a reminder, this conference is being recorded.
I would now like to turn the conference over to your host, Joe Jaffoni, Investor Relations. Thank you. Please go ahead.
Thank you, Brenda. Good morning everyone and thank you for joining Gaming and Leisure Properties fourth quarter 2018 earnings call and webcast. The press release distributed earlier this morning is available in 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 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 and 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 forward-looking statements contained in the Company's filings with the SEC as well as the definitions and reconciliations of non-GAAP financial measures contained in the Company's earnings release. On this morning's conference call, we're joined by Peter Carlino, Chairman and Chief Executive Officer; and Steve Snyder, Senior Vice President of Development and Interim Chief Financial Officer at Gaming and Leisure Properties. Also joining today's call are Desiree Burke, Chief Accounting Officer; Brandon Moore, Senior VP, General Counsel and Secretary, Stiefel Dennis (ph), VP, Finance; and Matthew Demchyk, Senior Vice President of Investments.
With that, it's my pleasure to turn the call over to Peter Carlino. Peter?
Peter M. Carlino
Well, thank you, Joe, and good morning everyone. We're, of course, very pleased to report on the conclusion of another outstanding year at Gaming and Leisure Properties. As highlighted in our earnings release, we completed $1.5 billion of new investments. At the same time, diversifying our tenant base with the addition of Eldorado Resorts and Boyd Gaming. In the process, we added as indicated, eight new properties and increased our real estate revenue by $155 million. I'll make the observation that we sometimes are questioned about our, quote, pipeline. And note that some of our competitors rely heavily upon that sought. We've never had a pipeline and yet we've managed to do a terrific job over the last five years building what we think is the outstanding Company in this industry.
So, and as usual today, we have most of our senior management team here with you. I'm going to turn the program over to Steve in just a moment, he'll introduce Matt Demchyk who will -- as the last person to join us, make a few comments to introduce himself and then we'll move