CareTrust REIT, Inc.

Hello, everyone. Thank you for joining us and welcome to the Care Trust second quarter earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Lauren Beale, Chief Accounting Officer. Lauren, please go ahead.

Thank you and welcome to Care Trust REIT's second quarter 2026 earnings call. Today, we will make forward-looking statements 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 10Q filing 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 Q2 2026 financial supplement, which are available on the investor relations section of Care Trust'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, Derek Bunker, Chief Financial Officer, and James Callister, Chief Investment Officer. I'll now turn the call over to Dave Sedgwick, CareTrust REIT's President and CEO. Dave?

Thank you, Lauren, and good morning, everybody. Thank you for joining us. The CareTrust flywheel cranked up a few years ago when we hit around seven times our lifetime annual average of investments in 2024 and again in 2025. The team shows no signs of slowing. In fact, the opposite is true. After two back-to-back record-setting years, we are again on pace to deliver in a big way for our operators and shareholders. Last quarter was the single largest investment quarter in our company's history, excluding M&A activity, with approximately $900 million of investments at a blended yield of 8.9%. James, Kyle, Joe, Tri, Josh, JP, Nick, Martin, and Killian. That's the dream team right there responsible for a year's worth of investments in one quarter. I'm so proud of them and proud of the entire Care Trust team across the board. Accounting, asset management, finance, tax, legal, data, operations. Everyone is rowing hard together to make this year a three-peat of record performance. Q2 results achieved record investments in a quarter, record revenues, record FFO per share, and a healthy raise to guidance. Built on a foundation of record operator lease coverage and operator quality care measures. Let me expand on that foundation just a little bit. We're stoked to see our operator quality care measures exceed the industry averages for overall star ratings, health inspections, quality measures, successful discharges, and readmission rates. Let me repeat that. Our operators outperform industry averages for overall star ratings, health inspections, quality measures, successful discharges, and readmission rates after they've had a chance to manage these buildings for at least four years. In my 2025 annual report letter, I discussed how mission critical it is for us to lease our properties to high quality operators and how we view the relationship between them and the value of our real estate investments. A quality operator is one who is driven by a mission, focuses their resources first on becoming the employer of choice and through that becomes the quality care provider of choice in their market. Only after achieving sustained quality care outcomes can a provider and the real estate they operate achieve sustainable financial stability. We have seen this formula for success prove out over the last 25 years. A care trust operator is one who harmonizes mission-driven culture with the clinical and financial sophistication to adapt to an ever-changing environment. We apply those first principles to skilled nursing and senior housing alike. We invest for the long term. The price we pay and the operator we choose are intended to result in long-term quality care. and as a result, compounding value creation. That solid operator foundation and orientation allows us to grow in a sustainable and accelerated way across our three growth engines. Year to date, we have already closed on approximately $1.5 billion and looking forward, the pipeline continues to reload and deal flow continues to be active and interesting across skilled nursing, care homes and shop Both in the U.S. and the U.K. With the balance sheet as strong as it is, the team stronger than ever before, and the opportunity set expanded, and great relationships with partners and new and existing high-quality operators, there has simply never been a more exciting time for Care Trust. With that, I'll hand it off to James for a report on investment activity and the acquisition landscape. James.