Medical Properties Trust, Inc. common stock

time, simply press star followed by the number one on your telephone keypad. If you would like, if you'd like to withdraw your question press star one again. Thank you. I would now like to turn the call over to Charles Lambert, Senior Vice President. Please go ahead.

Thank you and good morning. Welcome to the Medical Properties Trust Conference call to discuss our second quarter 2025 financial results. With me today are Edward K. Aldag Jr., Chairman, President, and Chief Executive Officer of the company. Stephen 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 medicalpropertiestrust.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 risk, 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 Aldak.

Thank you, Charles, and thanks to all of you for joining us this morning on our second quarter 2025 earnings call. Before you hear from the rest of the team, I'll spend a few minutes discussing the state of the healthcare market and a few recent strategic updates. In early July, U.S. Congress passed the One Big Beautiful Bill Act introducing Medicaid funding changes and work requirements for the Affordable Care Act. These changes are expected to be phased in over the next decade to allow ample time for hospital operators to adjust their businesses as necessary. And as providers digest this impact, we expect they will increasingly explore innovative capital solutions creating greater need for MPD's business model to enhance financial flexibility and operational agility. MPD's objective has always been to offer hospitals permanent capital solutions that facilitate greater focus on patient care. And we are committed today as ever to doing our part to ensure hospitals can continue serving the communities that they rely on. Shifting to a few updates from the quarter. As Rosa will discuss in detail shortly, our portfolio of new tenants continues to report encouraging performance trends and rental income associated with these facilities is increasing rapidly as planned. Whereas in the first quarter of this year, we reported approximately $3.4 million in cash revenue from these properties. That has increased to $11 million this quarter. We expected to reach approximately $17 million by the third quarter. In fact, three of these new operators have already ramped up to fully owed monthly contractual amounts. The new operators have done an impressive job to enhance operations, upgrade facilities, and attract top doctors and patients. And we look forward to continuing to partner with them moving forward. Turning to our European portfolio, in June, our joint venture in Germany announced a successful 702 million euro refinancing transaction at a .1% fixed rate. Steve will discuss this transaction in more detail as it's an important demonstration of investor appetite for high quality healthcare infrastructure in Europe and further validation of our ability to access low cost capital. With steady contributions from our stabilized portfolio and a rapidly ramping portfolio of new operators, we remain confident in our ability to reach total annualized cash rent of more than $1 billion by year-end 2026. Rosa?