CareTrust REIT, Inc.

keypad. If you would like to withdraw your question, press star 1 again. Thank you. I would now like to turn the conference over to Lauren Beal, Care Trust Chief Accounting Officer. You may begin.

Thank you, and welcome to Care Trust REIT's second quarter 2025 earnings call. We will make forward-looking statements today based on management's current expectations, including statements regarding future financial performance, dividends, acquisitions, investments, financing plans, business strategies, and growth prospects. These forward-looking statements are subject to risks and uncertainties that could cause actual results to materially differ from our expectations. These risks are discussed in Care Trust REIT's most recent Form 10-K and 10-Q filings with the SEC. We do not undertake a duty to update or revise these statements, except as required by law. During the call, the company will reference non-GAAP metrics such as EBITDA, FFO, and FAD, or FAD. A reconciliation of these measures to the most comparable GAAP financial measures is available in our earnings press release and Q2 2025 non-GAAP reconciliation that are available on the investor relations section of CareTrust's website at www.caretrustreit.com. A replay of this call will also be available on the website for a limited period. On the call this morning are Dave Sedgwick, President and Chief Executive Officer, Bill Wagner, Chief Financial Officer, James Collister, Chief Investment Officer, and Derek Bunker, FCP Strategy and Investor Relations. I'll now turn the call over to Dave Sedgwick, Care Trust REITs President and CEO. Dave?

Well, good morning, everybody, and thank you for joining us. Before I share the highlights for the quarter and the many good things yet to come, I think it's important to take a minute to step back and put our growth over the past two years in context. In the second quarter and since, we closed on approximately $1.1 billion of investments, highlighted, of course, by our acquisition of CareReit and entry into the UK care home market closed in May. Over the past 18 months, we have deployed roughly $2.7 billion of investments. eclipsing the total amount we invested in the prior eight years since our inception. During our Q4 call, when we were celebrating a record $1.5 billion of investments in 2024, which is seven times the amount of our annual average, I mentioned how we would not rest on that record, but would instead continue full steam ahead. Well, we quickly followed through and closed our first M&A deal in the CARE REIT acquisition in May diversifying our operator bench, our asset type mix, our payer mix, our geographic concentration, and providing a compelling exposure to a key market in which we expect to grow simultaneously with our U.S. opportunity set. Again, the team did not stop there. Since closing on Care Read, we closed on another nearly $220 million of investments. and yesterday announced a reloaded pipeline of approximately $600 million that James will talk about in his update. Now, the results of this record pace of investments is total revenues are up 63.3% in the second quarter or the prior year quarter, normalized FFO per share is up about 19%, and normalized FAD per share is up about 16%, each over the same period. We've also increased our quarterly dividend by 15 and a half percent year over year while maintaining a comfortable payout ratio. Turning to an update on the quarter, the integration of the care REIT assets is off to a strong start. James has promised not to use the word plucky again in this, and I promise I won't use a British accent, but I will say we are chuffed with the operator relationships that we've stepped into. and have already game-planned with many of them how to grow together in the near future. We continue to introduce ourselves to the market and expect more care home opportunities to find their way into our pipeline over time. At the end of June, we acquired CareREIT's former external manager and began the integration of those employees into CareTrust. They're a talented group that brings to the table experience with these assets and market, and deep relationships with operators and other key industry participants. And we believe a Care Trust UK team will help us source, identify, underwrite, and close on growth opportunities there. While it's fun to celebrate all of our recent investments and it's important to highlight what makes us so excited about the near and long-term future prospects, I'll reiterate what I conveyed on the last few earnings calls. We are not done. We very much feel like we're still in startup mode and hungry to prove ourselves and produce sustainable FFO per share growth over many years to come. In order to keep the flywheel ripping, along with investing in real assets, we've been investing in the people and systems to support their integration and our future growth. In addition to building out our UK presence, we've added key professionals here in the US across tax, finance, investments, and asset management. that position us to grow in more markets in more diversified ways. Our expanded team is stronger, smarter, and hungrier than ever before. And this behind-the-scenes investment in the team, like our investments in real assets, will continue to pay off over time. With that, I'll hand it off to James for a report on investment activity and the acquisition landscape.