LTC Properties, Inc.

the LTC Properties second quarter 2025 earnings call. At this time, all participants are in a listen-only mode. Before management begins its presentation, please note that today's comments, including the question and answer session, may include forward-looking statements subject to risk 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 that this event is being recorded. I would now like to turn the conference over to LTC Management.

Hello, and welcome everyone to our second quarter 2025 earnings call. With me today, in order of speaker, are Cici Jekyll, Chief Financial Officer, Gibson Satterwhite, Executive Vice President of Asset Management, Dave Boitano, Chief Investment Officer, and Clint Malin, Co-CEO. LTC has been focused on transformation and execution. We executed on strengthening our team through promotions, the addition of a new chief investment officer, and a new board member with extensive REIT experience. We executed on initiating a RIDEA platform, which will transform LTC from a small cap triple net REIT to a larger, more diversified senior housing focused REIT. We executed on enhancing liquidity. We are executing on growth, and driving additional accretive growth remains our top priority. Our momentum is evident. Last quarter, we increased our pipeline to 300 million. Today, we are increasing guidance again to 400 million of investments in 2025, which will more than double the size of our existing shop portfolio. It will also expand our shop operators to five, three of whom are new relationships for LTC. We have established a strong platform for meaningful growth, and with ample access to capital, We're moving through the year with energy and optimism as we continue to successfully deliver on our plan. Now I'll turn things over to CeCe for a review of our financials, a liquidity update, and increased guidance.

Thank you, Pam. The numbers I'll be discussing today are for the second quarter of 2025 compared to the same period in 2024, unless otherwise noted. I will focus my comments on key items as a detailed description of our financial results was provided in yesterday's earnings release and supplemental. Core FFO improved to 68 cents from 67 cents. Core FAD improved by 5 cents to 71 cents versus 66 cents. The increase in core FFO primarily was related to a decrease in interest expense, an increase in fair market rent resets, and an increase in shop NOI. These were partially offset by lower interest income due to mortgage loan payoffs and principal paydowns and higher G&A. Core FAD increased principally related to these same factors plus rent escalations and increases from the turnaround impact of deferred rent provided in the second quarter of last year. To further strengthen our capital position, subsequent to the end of the second quarter, we entered into a new four-year unsecured credit agreement with a solid group of banks. The new unsecured credit agreement matures in July 2029 and provides a one-year extension option. Aggregate commitments on the revolver increased from $425 million to $600 million, and we have the ability to further increase the loan commitments up to $1.2 billion. Additionally, we rolled two $50 million term loans that were maturing over the next 16 months into the revolver, keeping the swap agreements intact through November 2025 at 2.3%, and November 2026 at 2.4%, based on current margins. At June 30th, our debt to annualized adjusted EBITDA for real estate was 4.2 times, and our annualized adjusted fixed charge coverage ratio was 5.1 times. Our current total liquidity stands at $674 million. We have increased our full year 2025 core FFO guidance range by two cents to 267 and 271. The low end of this guidance includes only those investments made to date, while the high end includes $320 million in investments that are expected to close in the next 60 days. Dave will provide more color on these investments shortly. Additional assumptions underpinning this guidance can be found in the supplemental posted on our website. Now I'll turn things over to Gibson for a portfolio review and update on SHOP.