Sabra Health Care REIT, Inc.

Good day, everyone. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the Sabra Healthcare REIT first quarter 2026 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 this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. I would now like to turn the call over to Lucas Hartwich, EVP 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 31, 2025, as well as in our earnings press release included in 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 cyberhealth.com. Our Form 10Q, earnings release, and supplement can also be accessed in the Investors section of our website. And with that, let me turn the call over to Rick Matros, CEO, President, and Chair of Solver Healthcare REIT.

Thanks, Mr. Smith. Thanks, everybody, for joining us today. Starting with our deal flow, our deal flow continues to be robust. We fully expect to materially exceed 2025's total investments. We've already been closed. We've already closed or been awarded $400 million year-to-date. In addition to opportunities we see in shop, we're also seeing some unskilled, but the ones that are appealing are off-market deals, both acquisitions and development, brought to us by existing operators. Our skilled nursing rent coverages continue to grow, as did our senior housing triple net and behavioral, all of which hit new highs in coverage. Our occupancy growth continued in our skilled and senior housing triple net portfolios. Our top 10 coverage is stronger than it's ever been. Our shop margins continue to grow and are consolidated and unconsolidated in same-store portfolios. Our year-over-year same-store shop NOI growth came in higher than the two previous quarters. Shop occupancy did slightly overall, but it was all in Canada, which had very strong year-over-year growth and currently sits at 93.4. So it's almost effectively full, and there will be ups and downs a little bit with that portfolio. The U.S. portfolio was up 10 basis points sequentially. For the first time in the company's history, our private pay concentration is now over 50% of the portfolio. Our leverage ticked off slightly, but it's still on current target. The regulatory environment is stable. The Medicare market basket proposal is within our expectations. We expect Medicaid rates to be within expectations as well. We have a number of AI initiatives that will streamline and enhance the effectiveness of cyber corporate. Our intent is to be an AI-enabled REIT. This, of course, is in addition to the numerous clinical pilots we have ongoing primarily in our shop portfolio, which have been really exciting to watch evolve. We're affirming guidance, but we will be revisiting guidance in Q2 given all the current trends. With that, I will turn the call over to Darren.