LTC Properties, Inc.

Greetings. Welcome to the LTC Properties, Inc. Fourth Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Before management begins its presentation, Please know that today's comments, including the question and answer session, may include forward-looking statements subject to risks and uncertainties that may cause actual results and events to differ materially. These risks and uncertainties are detailed in LTC properties filings with the Securities and Exchange Commission from time to time, including the company's most recent 10-K, dated December 31, 2024. LTC undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this presentation. Please note this event is being recorded. I would now like to turn the conference over to Wendy Simpson.

Thank you, Operator, and welcome to LTC's 2024 Fourth Quarter Conference Call. Before I turn the call over to Pam and Clint, our co-CEOs, and CeCe, our Chief Financial Officer, I want to say thank you to everyone on today's call for your steadfast support. Leading LTC for the past 17 years has been an incredible honor. Today, as Executive Chairman, my excitement for the company remains as strong as ever. In fact, with Rydea driving our growth strategy, I could not be more optimistic about our future. I have had the privilege of working alongside this very talented group for more than two decades. They have a proven track record of navigating numerous complex real estate cycles and an unprecedented pandemic while consistently delivering value to our stakeholders and our industry. Additionally, the recent promotions of Gibson Satterwhite to Executive Vice President Asset Management and Mike Bowden to senior vice president investments further recognizes the talents of our highly experienced team. As we finalize our search for a new chief investment officer, our focus is on adding a seasoned executive who will assist us in growing our RIDEA platform. We anticipate completing the search in the second quarter. The board is fully confident this team will continue to drive our business forward. The team's depth of experience A board that brings fresh perspectives, with half of its members having joined us in the last five years, and an aggressive but achievable plan for growth, LTC is positioned to thrive this year and well into the future. With that, I'll turn things over to Pam.

Thank you, Wendy. Throughout 2024, we've worked to position LTC for long-term growth. Of note, we reduced our leverage and continued our policy of having well-staggered debt maturities matched to our projected cash flow. For 2025, we are focused on further diversifying our portfolio to ensure a balance with respect to operator, geography, property type, and investment vehicle. And importantly, we are unlocking a strong catalyst for growth by adding a RIDEA structure to our business. After extensive analysis and consultation with industry experts as to implementing a RIDEA platform, we are now moving quickly to execute our strategy while actively building out the infrastructure necessary to make this strategy a success. As we've discussed, we have identified several opportunities to cooperatively convert selected existing triple net leases into RIDEA structures and are targeting $150 to $200 million in initial gross investment assets currently on our balance sheet. We expect to complete these conversions from TripleNet to RIDEA during the second quarter. Currently, we expect that year one NOI from these conversions will offset the initial expense incurred to build the platform. Once the conversions are complete, we will provide full year guidance for 2025. Cece will provide our first quarter guidance during her remarks. In short, for us, RIDEA isn't just a strategy. It has the potential to be transformative. When combined with a robust suite of tailored financing solutions to support operators' success, we will unlock long-term growth potential for LTC. Now I'll turn things over to CeCe for a review of our fourth quarter financial results.