Sabra Health Care REIT, Inc.

Good day, everyone. My name is Abby and I will be your conference operator today. At this time, I would like to welcome everyone to the Sabra fourth quarter 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one a second time. I would now like to turn the call over to Lucas Hartwich, Executive Vice President of Finance. Please go ahead, Mr. Hartwich.

Thank you and good morning. Before we begin, I want to remind you that we will be making forward-looking statements in our comments and in response to your questions concerning our expectations regarding our future financial position and results of operations, including our earnings guidance for 2026 and our expectations regarding our tenants and operators, and our expectations regarding our acquisition, disposition, and investment plans. These forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially, including the risks listed in our Form 10-K for the year ended December 31st, 2025, as well as in our earnings press release included as Exhibit 99.1 to the Form 8-K we furnished to the SEC yesterday. We undertake no obligation to update our forward-looking statements to reflect subsequent events or circumstances, and you should not assume later in the quarter that the comments we make today are still valid. In addition, references will be made during this call to non-GAAP financial results. Investors are encouraged to review these non-GAAP financial measures, as well as the explanation and reconciliation of these measures to the comparable GAAP results included on the financials page of the investor section of our website at sabrahealth.com. Our Form 10-K earnings release and supplement can also be accessed in the investor section of our website. And with that, let me turn the call over to Rick Matros, CEO, President, and Chair of Sabra Healthcare REIT.

Thanks, Lucas. Happy Friday the 13th, everybody. Sabra's NOI growth for the shop portfolio, excluding our transition facilities, is expected to be sturdy in 2026 as it has been in 2025. and we expect the transition facilities as they continue to improve to add to the overall growth in our shop performance. Our guidance at 4.9 and 5.4% growth at the midpoint for normalized FFO and normalized AFFO respectively reflects continuing execution of our strategy. Our pipeline continues to be robust. We completed approximately 450 million investments for 2025. We had discussed on our last call exceeding 500 million. A couple of those deals fell over into 2026, but no deals fell out, so we're closing on everything that we said we would close on on our last call. Our investment activity has grown 200 million since our last call, and we're currently in the process of closing 240 million of awarded deals, most of which will close in Q1 and early Q2. Our expectation is that we will materially exceed the volume of 2025 investments and are clearly off to a strong start in 2026. Moving on to our operational results, they continue to be impressive. Our shop operational performance showed strong occupancy gains and increased cash NOI margins. Our same-store senior housing also showed occupancy gains and margin improvement. Our same-store senior housing triple net showed improved occupancy and maintained high rent coverage. The skilled nursing portfolio again showed increased rent coverage, hitting an all-time high, as well as increased occupancy. And our top 10 triple net relationships also had another strong showing. Our leverage stayed steady at our current target of five times, and the regulatory environment remained stable. And with that, I'll turn the call over to Darren for detail on our senior housing portfolio.