Omega Healthcare Investors, Inc.

Thank you for standing by. My name is Van, and I will be your conference operator today.

EO Taylor Pickett, President Matthew Gorman, CFO Bob Stevenson, CIO Vikas Gupta, and Megan Krull, Senior Vice President, Data, Intelligence, and Government Relations. 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 NAREID 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 fourth quarter 2025 earnings conference call. Today, I will discuss our fourth quarter financial results and certain key operating trends. Fourth quarter adjusted funds from operations AFFO of 80 cents per share and FAD, funds available for distribution of 76 cents per share, reflect strong revenue and EBITDA growth principally fueled by acquisitions and active portfolio management. Our dividend payout ratio has dropped to 84% for AFFO and 88% for FAD. 2025 was a great year for our team. Full-year AFFO and FAD growth exceeded 8% year over year, driven in part by $1.1 billion in capital deployment. In addition, the credit quality of our operators continued to improve as a result of active portfolio management and the overall improvement in industry fundamentals. During the fourth quarter, we closed two RIDEA transactions totaling $80 million. We significantly expanded our Sabre relationship, and we committed capital in Canada, all this while de-levering and strengthening the balance sheet. Our momentum from 2025 should carry us forward for another strong year in 2026. We will continue to actively manage and enhance the credit quality of our operating relationships. We will continue to deploy meaningful capital across all of our geographies and property types, including our new RIDEA platform. It is likely by year end that Sabre will be our largest source of revenue. Furthermore, by year end, it is likely that we will have the strongest tenant credit profile and balance sheet in Omega's history. I will now turn the call over to Vikas.