Medical Properties Trust, Inc. common stock

Thank you for standing by. My name is Bailey and I will be your conference operator today. At this time, I would like to welcome everyone to the Medical Properties Trust first quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise during this 60-minute call. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number 1 on your telephone keypad. If you would like to withdraw your question, press star and 1 again. Thank you. I would now like to turn the call over to Charles Lambert, Senior Vice President. Please go ahead.

Good morning and welcome to the Medical Properties Trust conference call to discuss our first quarter 2025 financial results. With me today are Edward K. Aldag, Jr., Chairman, President, and Chief Executive Officer of the company, Steven Hamner, Executive Vice President and Chief Financial Officer, Kevin Hanna, Senior Vice President, Controller, and Chief Accounting Officer, Rosa Hooper, Senior Vice President of Operations and Secretary, and Jason Fry, Managing Director, Asset Management and Underwriting. Our press release was distributed this morning and furnished on Form 8K with the Securities and Exchange Commission. If you did not receive a copy, it is available on our website at medicalpropertystrust.com in the Investor Relations section. Additionally, we're hosting a live webcast of today's call, which you can access in that same section. During the course of this call, we will make projections and certain other statements that may be considered forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause our financial results and future events to differ materially from those expressed in or underlying such forward-looking statements. We refer you to the company's reports filed with the Securities and Exchange Commission for discussion of the factors that could cause the company's actual results or future events to differ materially from those expressed in this call. The information being provided today is as of this date only and except as required by the federal securities laws, the company does not undertake a duty to update any such information. In addition, during the course of the conference call, we will describe certain non-GAAP financial measures which should be considered in addition to, and not in lieu of, comparable GAAP financial measures. Please note that in our press release, Medical Properties Trust has reconciled all non-GAAP financial measures to the most directly comparable GAAP measures in accordance with Reg G requirements. You can also refer to our website at MedicalPropertiesTrust.com for the most directly comparable financial measures and related reconciliations. I will now turn the call over to our Chief Executive Officer, Ed Aldag.

Thank you, Charles, and thanks to all of you for joining us this morning on our first quarter 2025 earnings call. I'm pleased to be joined again today by Steve, Kevin, Rosa, and Jason. But before you hear from the rest of the team, I'll spend a few minutes discussing the state of the market and a few recent strategic updates. Beginning with the broader market environment, it's important to note that despite all the noise surrounding the macroeconomy, healthcare has historically proven to be one of the most recession-resistant industries. Across our portfolio, operators continue to report strong results with increasing volumes and steady coverage. Further, any concerns surrounding the impacts of tariffs or proposed funding changes only serve to reinforce the importance of MPT's business model. When hospitals need access to affordable capital solutions that enhance their financial flexibility and operational agility, that's where we come in. We empower operators to replace expensive debt solutions, immediately unlock 100% of the value of their real estate, and redirect those funds into patient care. And we are confident in our ability to continue playing that role in this critical economic environment. Turning to a few updates from the quarter, in February, we issued more than $2.5 billion of seven-year secured bonds at a blended coupon rate of approximately 7.8%, strengthening our balance sheet and providing sufficient liquidity to cover all debt maturities through 2026. As Rosa will discuss in more detail shortly, our new portfolio of tenants continues to ramp operations at facilities around the country. Broadly speaking, we remain highly encouraged by the volume improvements being reported across these locations, as well as the steps these new operators are taking to upgrade facilities. And importantly, all new operators, except for Insight who owed less than $100,000, were current on rent through the first quarter. and Ohio Insight Health had been making considerable progress turning around performance at two facilities in Trumbull County. However, those efforts were interrupted by disputes between Stewart Healthcare's advisors and Insight regarding the distribution of cash collections from Insight's revenue under the terms of the transition services agreement. We're working with Insight and government officials to explore all viable solutions to restore full operations at these facilities as soon as possible. A word briefly on Prospect before turning it over to Rosa. In line with the terms of our global settlement agreement with Prospect and its other creditors that the Bankruptcy Court approved in March, Prospect and its advisors are in the process of marketing the Prospect assets. With the progress of our new operators are making across most markets, the steady contributions from our stabilized portfolio, we remain confident in our ability to reach total annualized cash rent of more than a billion dollars once our new tenants are fully ramped. As we continue with this progress, we look forward to opportunities for accretive growth and increasing shareholders' return. Rosa?