LTC Properties, Inc.

Greetings, and welcome to the LTC Properties, Inc. Third Quarter 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. Before management begins this 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's properties filings with the Securities and Exchange Commission from time to time, including the company's most recent 10-K, dated December 31st, 2024. LTC undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this presentation. And please note that this event is being recorded. I would now like to turn the conference over to LTC management. Thank you. You may begin.

Hello, and welcome to LTC's 2025 Third Quarter Earnings Call. After some brief introductory remarks from me, you'll hear from C.C. Jekyll, our chief financial officer, followed by Gibson Satterwhite, LTC's executive vice president of asset management, then Dave Boitano, our chief investment officer. Pam Kessler, LTC's co-CEO, will close out our formal remarks. It's been a busy and productive 10 months for LTC. We've been executing on every front, initial cooperative conversions from triple net leads to shop, external growth through investments capital recycling and transformation through shop following the announcement of our shop initiative in late 2024 we moved quickly to build our investment pipeline outperforming our own expectations and growing the pipeline four-fold since the beginning of this year as gibson will detail later today we are raising our 2025 shop noi guidance We have closed about 85 percent of our projected $460 million investment pipeline, more than $290 million of which was in our shop segment. We expanded operator relationships and reduced the average age of our portfolio. Today, we have six shop operator relationships, four new to LTC. By the end of the year, we expect shop to approach 25 percent of our investment portfolio with an average age of less than nine years. Our primary thesis for launching SHOP was the realization that LTC was effectively excluding itself from a vast opportunity set of new investments. With the robust volume of new investments we've made in 2025 and the backdrop of favorable demand fundamentals and supply constraints, our external growth trajectory remains strong. The transformation we've accomplished since the second quarter of this year is delivering meaningful results and positioning LTC to continue creating long-term value for our shareholders. Pam, Wendy, and I want to extend a sincere thank you and express our gratitude to the LTC team. They have stretched themselves by tackling new tasks and responsibilities and are working together tirelessly and professionally to successfully execute on LTC's strategy. Now we'll turn the call over to CeCe.

Thank you, Clint. The numbers I'll be discussing today are for the third quarter of 2025 compared with the same quarter in 2024, unless otherwise noted. You can find a more detailed description of our financial results in yesterday's earnings release, our supplemental, and our Form 10-Q. Core FFO improved to 69 cents from 68 cents, principally due to an increase in shop NOI from Anthem and New Perspectives compared with rents we received before those leases were converted from TripleNet, new shop acquisitions, and a decrease in interest expense. These were partially offset by an increase in reoccurring G&A. Core FAD improved by $0.04 to $0.72 versus $0.68 last year. The increase primarily related to the same factors impacting core FFO, as well as the turnaround impact of rent assistance provided to ALG in the third quarter of 2024, cash rent increases from escalations and CapEx funding in our triple net portfolio. These were partially offset by increase in reincurring G&A. During the quarter, we took a non-cash write-off of Prestige's straight-line effective interest receivable balance of $41.5 million, resulting from the loan amendment tweaks that we discussed on last quarter's call. The amendment gives Prestige a penalty-free prepayment option on their $180 million loan within a 12-month window beginning at July 2026. Additionally, during the third quarter, we wrote off $1.3 million of straight-line rent receivable related to the Genesis Chapter 11 bankruptcy filing. During the third quarter and subsequent, we sold a total of 1.5 million shares under our ATM for net proceeds of approximately $56 million. Our pro forma debt to annualized adjusted EBITDA for real estate was 4.7 times, and our annualized adjusted fixed charge ratio was 4.6 times. Our pro forma liquidity stands at nearly 500 million. We have increased the low end of our full year 2025 core FFO guidance by one cent, which now stands at 269 to 271. For the fourth quarter, we expect core FFO in the range of 67 cents to 69 cents. Guidance excludes asset sales and includes only those transactions close to date or expected close over the next 60 days. Additional assumptions underpinning this guidance can be found in our earnings release, which is posted on our website. Now I'll turn the call over to Gibson.