LTC Properties, Inc.

Greetings and welcome to the LTC Properties First Quarter 2026 Earnings Call. At this time, all participants are in a listen-only mode. Joining us on today's call are Pam Kessler, Co-President and Co-Chief Executive Officer, Clint Malin, Co-President and Co-Chief Executive Officer, Susie Chical, Executive Vice President and Chief Financial Officer and Treasurer, Gibson Satterwhite, Executive Vice President of Asset Management. Dave Boentano, Executive Vice President and Chief Investment Officer. Before management begins its presentation, please note 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 the LTC property filings with the Security and Exchange Commission from time to time, including the company's most recent 10-K dated December 31, 2025. 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 LTC management. Please go ahead.

Good morning, and thank you for joining us. LTC is successfully executing our shop strategy. Our capabilities, reputation, and culture are resonating with sellers and operators, and these relationships are driving investment opportunities and record external growth, allowing us to scale incredibly quickly. We have strong conviction that our strategy is the right one to create a higher growth profile company with better risk-adjusted returns to drive shareholder value. With a shop currently projected to represent 45% of our total investments and 40% of annualized NOI by year end, The shift in our portfolio mix is dramatically enhancing LTC's long-term ability to grow FFO and FAD per share above our historical rate. We are on track with our 600 million shop acquisition midpoint guidance, and with the expected closing of second quarter transactions, we will be more than halfway to that target. Additionally, to further increase our shop mix, we would consider transactions that capitalize on attractive skilled nursing pricing by recycling capital into higher-growth shop assets. Our operator partnerships, our relationship-centered culture, and our significant investment in the shop platform are driving our transformation and positioning LTC as a competitive force. I'll now turn it over to Gibson for more insight on the portfolio.

Thank you, Clint. We are focused on optimizing risk-adjusted returns for our shareholders by investing in our shop portfolio. and opportunistically recycling capital, positioning LTC for higher intrinsic growth. As Clint noted, SHOP is expected to account for 40% of our annualized NOI by year-end, with the potential to expand even further. This target incorporates reinvestment of approximately $265 million in planned dispositions and loan repayments from skilled nursing assets this year. Of that amount, $77 million is closed and $190 million is expected to close in the third quarter. Our guidance projects a July 1 payoff of the prestige loan in line with their notice of intent earlier this year. Shop performance continues to reinforce conviction in our strategy. First quarter shop NOI was in line with our expectations. For our core shop portfolio, which consists of 27 communities at or near stabilization, including those acquired through the first quarter of this year, we are reiterating prior guidance of 14% pro forma growth at the midpoint. You can find more information on this portfolio in our supplemental. To frame the impact of our transformation, the pro forma growth rate for our overall portfolio increases to 5% to 7% at our 40% shop NOI target from the low 2% range embedded in triple net leases. That change is driven by increasing exposure to shop assets with growth prospects in the low to mid-teens over the foreseeable future. We can further increase our intrinsic growth rate should we choose to take advantage of opportunities to recycle more capital into shop given the strong pricing for skilled nursing assets. Our 2026 guidance includes platform investments, adding the people and data capabilities needed to scale and support double-digit shop growth. We expect the core infrastructure to be largely in place by year-end, enabling us to continue to scale rapidly and best support our operators. Now I'll turn the call over to Dave to discuss investments.