LTC Properties, Inc.

Greetings and welcome to the LTC Properties Second 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, C.C. Chikhale, Executive Vice President, Chief Financial Officer and Treasurer, Gibson Satterwhite, Executive Vice President of Asset Management, Dave Boitano, Executive Vice President and Chief Investment Officer. Before management begins its presentation, please know 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 filing 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 like to now turn the conference over to LTC management. Please proceed.

Good morning and thank you for joining us. The excitement and momentum of our shop strategy here at LTC continues and our transformation is well ahead of schedule. We are increasing our 2026 SHOP acquisition guidance by 50% to $900 million at the midpoint and will have closed $700 million in acquisitions by the end of September. Additionally, we expect a meaningful step-up in dispositions and loan payoffs this year well above what we've previously discussed with the majority in skilled nursing. By the end of September, SHOP will represent 40% of LTC's pro forma annualized NOI A full quarter ahead of previous estimates. We expect to drive that to 50% by year-end through pipeline execution, redeploying proceeds from the Prestige loan payoff, and proactively recycling capital on lower growth investments at exceptional pricing. At our current pace, we see a pathway to generating 75% of our annualized NOI from shop by the end of 2028. We are encouraged by our core shop performance and the momentum we are seeing across the portfolio. Additionally, we have strengthened our balance sheet with a $1.1 billion credit facility, supporting our growth trajectory with additional liquidity. At 40% SHOP NOI, our pro forma internal growth rate triples. Combined with external growth opportunities, LTC's projected annual growth rate at 75% of NOI in two years increases meaningfully. Our shop strategy has resulted in a substantial shift in our portfolio, dramatically enhancing LTC's long-term ability to organically grow core FFO and FAD per share above historical rates. LTC's transformation from a triple net lease and lending platform into a higher growth shop-focused REIT reflects deliberate planning and efficient execution. What you see this quarter is our transformative shop strategy converting into results. The investments we have made in operator relationships, human capital, and real estate are creating value and long-term growth for our shareholders. I'll now turn it over to Gibson to walk through the operating portfolio.

Thank you, Pam. We are intentionally and rapidly transforming our business to meaningfully increase LTC's long-term intrinsic growth profile. The degree to which we accomplish our objective will be driven by our investment in shop and the long-term growth potential of that segment. With respect to increasing our shop mix, we now expect proceeds of $730 million from dispositions and loan payoffs in 2026, $465 million above prior guidance. We expect to realize a 5.5% cap rate on a rent from the incremental $465 million. and a blended rate of 7.3% on total 2026 proceeds. About two-thirds of the incremental sales will be skilled nursing properties, bringing total expected 2026 proceeds from skilled nursing to $570 million at a blended cap rate of 7.5%. The remaining $160 million of triple net seniors housing properties is expected to be sold at a 6.5% cap rate on current rent. The total proceeds this year include $180 million from the Prestige loan payoff, which we are now modeling to occur on October 1st. Our revision to the anticipated payoff date relates to the HUD process timeline, and given the progress that has already been made, we do expect that closing to occur this year. The timing of the additional sales and associated rent reductions are outlined in our supplemental package. With respect to shop growth, We remain encouraged by the portfolio's strong characteristics and expect to realize pro forma growth of 14% at the midpoint of guidance in our core shop portfolio when compared with 2025. Our second quarter core shop NOI was $13.3 million, up from $12.9 million pro forma NOI in Q1. We're encouraged by the RevCorp growth relative to our expectations earlier in the year and saw occupancy increases accelerate at the end of the quarter. Given those factors, we believe we are well positioned to achieve guidance with continued improvement throughout the year. Looking forward into 2027, we will continue to evaluate our portfolio for opportunities to accelerate our strategy by recycling capital at attractive risk-adjusted rates. We're excited about the long-term growth potential of the SHOP portfolio that we are assembling. Now I'll turn the call over to Dave to discuss our investment activity.