Essential Properties Realty Trust, Inc.

we stand by, your meeting is about to begin. Good morning, ladies and gentlemen, and welcome to Essential Properties Realty Trust's fourth quarter 2025 earnings conference call. This conference call is being recorded and a replay of the call will be available three hours after the completion of the call for the next two 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 and at www.essentialproperties.com, an archive of which will be available for 90 days. On the call with us this morning are Mr. Pete Mavoides, President and Chief Executive Officer, Rob Salisbury, Chief Financial Officer, Max Jenkins, Chief Operating Officer, A.J. Peel, Chief Investment Officer, and Cheryl Call, Director of Financial Planning and Data Analytics. It is now my pleasure to turn the conference over to Cheryl Call. Please go ahead, ma'am.

Thank you, Operator. Good morning, everyone, and thank you for joining us today for Essential Properties' fourth 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 the SEC and in yesterday's earnings press release. In our earnings release last night, for the quarter, we reported GAAP net income of $68.3 and ASFO of $99.7 million. With that, I'll turn the call over to Pete.

Thanks, Cheryl, and thank you to everyone joining us today for your interest in essential properties. The fourth quarter capped off another year of solid performance by the team that delivered compelling earnings growth and solid returns for shareholders. It has been 10 years since we started this company, and I'm extremely proud of the team that we have developed, the dominant position that we have established as a real estate capital provider to middle market operators that are growing in our targeted industries, and most importantly, the returns that we have delivered for shareholders, and over 200% total shareholder returns since our IPO in 2018. In the fourth quarter, we continue to execute our differentiated investment strategy, sourcing 85% of our $296 million of investments through existing relationships while continuing to add new operator relationships to our platform. This robust investment volume was generated with a disciplined pricing, including an average initial cash yield of 7.7% and a compelling gap yield of 9.1%. This large spread to our cost of capital is a key driver of our earnings growth. Our portfolio once again demonstrated resilient tenant credit trends with same store rent growth of 1.6%, strong rent coverage of 3.6 times, and an improvement in our watch list. With better than budgeted credit trends and a large investment pipeline with cap rates consistent with past quarters, We have increased our 2026 AFFO per share guidance range to $1.99 to $2.04, which implies a growth rate of about 7% at the midpoint and 8% at the high end. Our year-to-date closed investments and our current pipeline are supportive of our previously communicated investment guidance of $1 billion to $1.4 billion. While we continue to expect modest cap rate compression in the back half of 2026, competition appears to be stabilizing based upon our current visibility. Regarding our capital position, we started the year with pro forma leverage of 3.8 times and liquidity of $1.4 billion, providing ample runway to fund our investment pipeline. Turning to the portfolio, We ended the quarter with investments in 2,300 properties that were leased to over 400 tenants. Our weighted average lease term continued to be approximately 14 years for the 19th consecutive quarter, with just 5.2% of annual base rent expiring over the next five years. With that, I'll turn the call over to A.J. Peel, our Chief Investment Officer, who will provide an update on our portfolio and asset management activities. AJ?