Essential Properties Realty Trust, Inc.

Please stand by, your program is about to begin. Good morning, ladies and gentlemen, and welcome to Essential Properties Realty Trust's second quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question and answer session. You may register to ask questions by pressing the star and 1 on your telephone keypad. You may remove your question by pressing star 2. This conference call has been recorded and a replay of the call will be available 3 hours after the completion of the call for the next 2 weeks. The dial-in details for the replay can be found in yesterday's press release. Additionally, there will be an audio webcast available on Essential Properties website at .essentialproperties.com, an archive of which will be available for 90 days. On the call this morning are Pete Mavoudis, President and Chief Executive Officer, Mark Patton, Chief Financial Officer, Max Jenkins, Chief Operating Officer, AJ Peel, Chief Investment Officer, and Rob Salisbury, Head of Corporate Finance and Strategy. It is now my pleasure to turn the call over to Rob Salisbury. Please go ahead.

Thank you, Operator. Good morning, everyone, and thank you for joining us today for Essential Properties' second quarter 2025 earnings conference call. During this conference call, we will make certain statements that may be considered forward-looking statements under federal securities law. The company's actual future results may differ significantly from the matters discussed in these forward-looking statements, and we may not release revisions to those forward-looking statements to reflect changes after the statements were made. Factors and risks that could cause actual results to differ materially from expectations are disclosed from time to time in greater detail in the company's filings with SEC and in yesterday's earnings press release. With that, I'll turn the call over to Pete.

Thanks, Rob. And thank you to everyone joining us today for your interest in Essential Properties. In the second quarter, despite a macroeconomic backdrop that remains volatile, the operating environment was favorable for our business as our team continued to source attractive investment opportunities, focusing on middle market sale leasebacks with growing operators within our targeted industries. During the quarter, we continued to support our existing relationships, which contributed 88% of our $334 million of investments, underscoring the value of recurring business with our tenant base. Pricing was favorable in the quarter, with a weighted average cash yield of .9% and a particularly strong average gap yield of 9.7%. Our portfolio continued to perform well, tenant credit trends, and same store rent performance healthy and ahead of our budgeted credit losses. We further extended our capital position during the quarter, issuing $119 million of equity through our ATM program. Our pro forma leverage is 3.5 times, and we have $1.3 billion of liquidity. This positions us well to continue to invest, support our relationships, and grow our portfolio while generating sustainable earned growth for our shareholders. With the portfolio performance and investment activity ahead of budgeted expectations, we are increasing our 2025 AFFO Per Share Guidance to a range of $1.86 to $1.89. On our first quarter earnings call, we discussed our expectation that competition could build as capital markets normalize, resulting in cap rate compression. Though we have not yet seen this materialize in our opportunities set, we continue to expect our investment cap rates in 2025 to trend lower. Having closed $642 million of investments in the first half of the year, our pipeline today gives us conviction to also increase our investment guidance range by $100 million to a new range of $1 billion to $1.2 billion. Importantly, we do not need to raise any incremental capital to achieve our guidance range this year. If we executed at the midpoint of our investment guidance range and did not raise any additional equity capital, our year-end leverage would be under four times, leaving us ample capital runway into next year. Turning to the portfolio, we ended the quarter with investments in 2,190 properties that were leased to over 400 tenants operating in our targeted core industries. Our weighted average lease term stood at 14 years at quarter end in line with a year ago, with just .9% of our annual base rent expiring over the next five years. From a tenant health perspective, our weighted average unit level coverage ratio was 3.4 times this quarter, indicative of the profitability and cash flow generation by our tenants at the unit level. With that, I'll turn the call over to Max Jenkins, our Chief Operating Officer, who will provide an update on our investment activities and the current market dynamics.