LTC Properties, Inc.

Good day ladies and gentlemen and welcome to the LTC Properties Incorporated first quarter 2025 earnings call. At this time all participants are on a listen only mode and 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 your host, Mr. Chris Malan. Sir, the floor is yours.

Hello and welcome everyone to our first quarter 2025 earnings call. With me today are Wendy Simpson, our executive chairman, Pam Kessler, our co-CEO, C.C. Chakal, our CFO, and Gibson Satterwhite, our executive vice president of asset management. This year is off to a great start. Through our idea platform, we now have a shop portfolio totaling 176 million in gross book value through the cooperative conversion of 13 properties from triple net leases. We completed the conversion with Anthem Memory Care on May 1st and expect to complete a conversion with new perspective senior living within the next 30 days. What's more, we've added to LTC's bench strength with the appointment of our new chief investment officer and demonstrated the depth of talent in our company with the promotions of several executives as discussed last quarter. The implementation of our idea strategy has resulted in an increase in our investment pipeline, giving us a clear pathway to growth by more fully aligning our interests with those of our existing and new operators and unlocking additional opportunities for performance-driven upside. Currently, our pipeline stands at $300 million, of which RIDEA opportunities represent approximately 50%. We welcomed our new Chief Investment Officer, Dave Boitano, on April 21st. Dave adds even deeper expertise to our team. Spending most of his career in seniors housing at Ventas, He played a pivotal role in sourcing investments and had direct underwriting responsibility for $5 billion in transactions. As we expand our idea platform, Dave's experience and substantial industry relationships will contribute to our future growth. You will be hearing directly from Dave on our next quarterly call. We've clearly laid the foundation for transformative expansion, and with growth as our focus for 2025, we are moving into the future with momentum and confidence. Next, I'll turn the call over to Cece for a review of our first quarter financial results.

Thank you, Clint. All of the numbers I'll be discussing today are for the first quarter of 2025 compared with the same period in 2024, unless otherwise noted. In yesterday's earnings release, we provided a detailed description of our financial results, so this morning I'll focus my comments on items of note. Fully diluted FFO per share, excluding non-recurring items, our core FFO grew to 65 cents from 64 cents. Fully diluted FAD per share, excluding non-recurring items, or core FAD, increased 70 cents from 67 cents. Core FFO and core FAD increased primarily related to a decrease in interest expense, rent increases from fair market rent resets, escalations and amendments, an increase in income from unconsolidated joint ventures, and an increase in interest income from additional loan funding. These were partially offset by lower interest income due to mortgage loan payoffs and principal paydowns, an increase in GNA, and lower rental income from property sold. During and subsequent to the first quarter, we sold shares under our ATM for net proceeds of $9.6 million. These proceeds are being used to fund the initial investment in our RIDEA platform, comprised of our purchase of Anthem's leasehold improvement for $1.4 million, which will be capitalized, and a $6.5 million lease termination fee to new perspective, which will be expense, as well as one-time idea platform transaction costs of approximately 1.1 to 1.5 million. Our total liquidity is approximately 681 million. Our debt to annualized adjusted EBITDA for real estate is 4.3 times, and our annualized adjusted fixed charge coverage ratio improved to 5.0 times from 4.7 times for the fourth quarter of last year. Today, we are providing full-year 2025 guidance for core FFO per share between 265 and 269 and core FAD per share of between 278 and 282. Please refer to our supplemental for our assumptions for this guidance. Now, I'll turn things over to Gibson.