CareTrust REIT, Inc.

Ladies and gentlemen, thank you for joining us and welcome to the Care Trust Reads third quarter 2025 operating results webcast and conference call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please raise your hand. If you have dialed in to today's call, please press star 9 to raise your hand and star 6 to unmute when your name is called. I will now hand the conference over to Lauren Beal, Care Trust's Chief Accounting Officer.

Lauren, please go ahead. Thank you, and welcome to Care Trust REIT's third 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. A reconciliation of these measures to the most comparable GAAP financial measures is available in our earnings press release and Q3 2025 non-GAAP reconciliation that are available on the investor relations section of CareTrust 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, James Collister, Chief Investment Officer, Bill Wagner, Chief Financial Officer, and Derek Bunker, SVP of Strategy and Investor Relations. I'll now turn the call over to Dave Sedgwick, Care Trust REIT's President and CEO. Dave?

Well, thank you, Lauren, and good morning, everybody. Thank you for joining us. This feels a little like deja vu. Around this time last year, we were in the middle of closing on a significant volume of new investments that were to be giving us a running head start coming into 2025. At the time, I said, if you liked our 2024, you're going to love 2025. Well, this time around, I'll say it again. If you liked our 2025, I think you're going to love our 2026. And with only two months remaining, we sure hope you've liked 2025 so far. The third quarter normalized FFO per share of 45 cents, representing approximately 18% growth over the prior year quarter. and the midpoint of our updated full-year guide, also representing approximately 18% year-over-year growth. To start, I'd like to make a few observations. First, I'm extremely proud of the Care Trust team. An exceptional year like this is the direct result of their talent, commitment, and our culture. Our investments team, led by James, are truly rock stars in growing our portfolio, sourcing and sifting through hundreds and hundreds of off-market and brokered opportunities, and navigating complex structuring and closing processes to help us deploy record amounts of capital in back-to-back years. Our asset management team notched several wins this quarter in helping identify and mitigate risk, including a seamless transition of a portfolio of skilled nursing facilities to a new regional operator with a stronger credit and reputation, all without any disruption in operations or rent collection. And our accounting team, led by Lauren, have undertaken a heavy lift, consolidating CareReads books with ours and preparing for some added complexity as we look to build a shop growth engine. And that's just to name a few. Second, I want to express my appreciation and admiration to our operators for their unwavering pursuit of quality care and operational excellence. A few weeks ago, we hosted our annual operator conference in Southern California. welcoming representatives from almost all of our operators for a few days to swap ideas, learn from business leaders within and outside the healthcare space, and recharge a bit. I'm continually reminded that we're privileged to work alongside some of the top operators in the U.S. and U.K. whose superior lease coverage, quality indicators, and ratings continue to set a high standard across the industry. Turning now to an update on the quarter. In the third quarter and since, we closed on $495 million of new investments, bringing our year-to-date total investments to over $1.6 billion. This is a historic amount for us, even eclipsing last year's massive year of $1.5 billion. And now, with a pipeline of $600 million that seems to reload about as fast as we can close on deals, the momentum continues to accelerate, and we're here for it and ready to execute. While we're pleased with the nominal amount of investments, we're also thrilled at the quality of those deals and their transformative impact on Care Trust. I've previously shared about how the first decade of Care Trust has been a success story built primarily around one single engine of growth, U.S. skilled nursing. While we've done triple net deals in seniors housing and have deep familiarity with the space, skilled nursing facilities have been our bread and butter and to be clear, will remain so. In order to position care trust to grow in the next decade, like we did in our first we need another growth engine and we decided to add to for good measure. The second one was officially bolted on to care trust with our UK acquisition in the second quarter since then we've integrated a London based team of professionals and closed on our first follow on transaction there in September. And we're pleased to see the deal pipeline in the UK expand and now account for roughly a third of our $600 million total pipeline. The third engine of growth is shop. While we don't typically speak of deals in our pipeline until they close, we do have an extra dose of confidence in closing our first shop deal before year end, placing all three engines of growth online and hungry going into 2026. As I've said a few times on past calls, If we were only trying to make consensus or focused on our results for this year or next, we may not have expended the significant resources and brainpower on the UK or to prepare for shop. Instead, our sites are set on where we will be in 10 plus years and how we can get there at a similar pace that drove the second highest total shareholder return amongst all REITs over the past decade. It's with that vision that we undertake the transformative investments in the UK and in shop. In that vein, while we will always maintain fiscal discipline and are still a very lean organization, we have invested this year across our team of professionals to absorb our massive recent growth and help position us for success as we continue to expand. We've taken the same approach with our balance sheet, keeping max optionality to pair a unique window of opportunity to capitalize like few others can on the generational demand for post-acute services and housing. So with that in mind, if I compare Care Trust this time last year to where Care Trust is today, I think you're going to love 2026 just as I thought you'd love 25. We are stronger and better across the board. We're a larger REIT with a fortress balance sheet and great liquidity with no near-term debt maturities until 2028. We have a growing portfolio with best-in-class coverage and better diversification across asset mix, operators, geography, and payer mix. We've added talent throughout the organization to support investments, asset management, tax, finance, and data science. And we're about to bolt on the third engine of growth for the next decade with our first shop deal closing before the end of the year. Going into 2026 with a stronger team, better portfolio and greater liquidity, we're poised to keep the flywheel ripping as we aggressively pursue deals across the three large opportunity sets of U.S. skilled nursing, UK care homes and shop. We are not managing the business for the next quarter or year. We have re-engineered care trust for a multi-year era of accelerated growth. With that, I'll hand it off to James for a report on investment activity and the acquisition landscape. James.