Omega Healthcare Investors, Inc.

first quarter earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there'll be a Q&A session. If you'd like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you'd like to withdraw your question, just press star one again. Please do limit your questions to one question and one follow-up question. Thank you. I would like to now turn the call over to Michelle Reber. Please go ahead.

Thank you, and good morning. With me today is Omega's CEO, Taylor Pickett, President, Matthew Gorman, CFO, Bob Stevenson, CIO, Vikas Gupta, and Megan Krull, Senior Vice President of Operations. Comments made during this conference call that are not historical facts may be forward-looking statements, such as statements regarding our financial projections, potential transactions, operator prospects, and outlook generally. Factors that could cause actual results to differ materially from those in the forward-looking statements are detailed in the company's filings with the SEC. During the call today, we will refer to some non-GAAP financial measures, such as NAREIT FFO, adjusted FFO, FAD, and EBITDA. Reconciliations of these non-GAAP measures to the most comparable measure under generally accepted accounting principles are available in the quarterly supplement. In addition, Certain operator coverage and financial information that we discuss is based on data provided by our operators that has not been independently verified by Omega. I will now turn the call over to Taylor.

Thanks, Michelle. Good morning, and thank you for joining our first quarter 2025 earnings conference call. Today, I will discuss our first quarter financial results and certain key operating trends. First quarter adjusted funds from operations of 75 cents per share. and FAD, funds available for distribution of 71 cents per share, reflects continued revenue and EBITDA growth, funded primarily with equity, which has allowed us to reduce leverage to 3.7 times debt to EBITDA. We raised and narrowed our 2025 AFFO guidance from a range of $2.90 to $2.98 up to $2.95 to $3.01, which reflects our strong first quarter 2025 earnings tempered by the dilutive impact of our significant year-to-date share issuances. In March, Genesis did not pay its contractual rent of $4.2 million, and we partially pulled a letter of credit to cover the full shortfall. Genesis paid full contractual rent in April and has remained current on all interest obligations due on our secured term loan. The balance of our letter of credit is $3.5 million. Genesis Management has indicated that their current liquidity issues stem from a tightening of their borrowing base by their asset-based lender and legacy general and professional liability obligations. Omega's credit position with Genesis is strong. Our trailing 12-month cash flow to rent coverage exceeds 1.6 times. We believe that our $118 million term loan is fully secured by our priority lien in all of the Genesis ancillary businesses, which includes the AlignMed physician practice, their accountable care organization, Power Back Rehab, and the equity ownership in ShiftMed as a result of the prior career staff sale. Turning to revenue mix within the portfolio, over the last decade, We have driven a meaningful shift in our sources of revenue through both U.S. and U.K. senior housing capital allocation. The percentage of private pay and other revenue has increased from 8% 10 years ago to 39% today. Based on our current pipeline and current tenant mix, we expect that the private and other revenue percentage will continue to grow. I will now turn the call over to Bob.