Omega Healthcare Investors, Inc.

Hello everyone, thank you for joining us and welcome to Omega Healthcare Investors' second quarter earnings conference call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to Michele Reber. Please go ahead.

Thank you and good morning. With me today is Omega's CEO, Taylor Pickett, President, Matthew Gourmand, CFO, Bob Stephenson, CIO, Vikas Gupta, CAO, Neal Ballew, 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, or Thank you for joining us. Thanks, Michele.

Good morning and thank you for joining our second quarter 2026 earnings conference call. For me and Bob, this is our 100th and our final Omega earnings call. Today, I'm going to reflect back on the evolution of the skilled nursing and senior housing industry and look forward to Omega's extremely bright future. In the 1990s, skilled nursing and senior housing facilities traded at very similar cap rates. Thank you for joining us. Over the last 25 years, the cap rate difference between SNFs and senior housing has meaningfully separated. Why? In the late 1990s, Medicare reimbursement changed from an inefficient cost-based system to a fixed-fee, acuity-driven system called PPS. Five of the seven largest SNF public companies filed for bankruptcy, mostly caused by significant leverage used to acquire facilities and ancillary companies, rehab, pharmacy, respiratory, etc., Thank you for joining us. The housing component of monthly rates could be flexed to reflect market demand and residents stayed for extended periods of time. Senior housing cap rates fell. This cap rate differential has persisted and widened over the years. Now, however, the long anticipated baby boomer aging is here and is showing up in demand for both SNFs and senior housing, which is now resulting in lower cap rates for SNFs and a continuation of the lower cap rates for senior housing. Omega's portfolio has materially changed as we've responded to capital allocation opportunities and shifting industry dynamics, including asset valuation changes. We've gone from nearly 100% SNF exposure in 2001 to significant senior housing and UK care home exposure by expanding and growing in those product lines while simultaneously growing our industry-leading SNF portfolio. In addition, We continue to evolve our capital allocation products to gain exposure to operating cash flow upside. Our top 10 operators reflect our capital allocation priorities as we have new top 10 entrants including Pax and the GoldCare UK portfolio and major shifts with Sabre jumping to number one. In addition, our operating portfolio, Shop, is growing rapidly. and we expect to deploy significant operating portfolio capital going forward. I'm very confident in Omega's future growth prospects. We have the right culture, products and importantly the people to maximize value over the next 10 years. Our culture is anchored by fact-based intellectual rigor applied to operator underwriting, conservative balance sheet management and continuous forward-looking portfolio decisions. Our products continue to expand and evolve, going beyond triple net sniffs with a whole array of property and structuring options, allowing us to solve the capital needs of our partners. Lastly, our people are the difference in the value creation equation. I believe that our team under Matthew's leadership will generate outsized results for many years to come. The team is young, highly driven, and very diverse. with talent from both industry backgrounds and sophisticated capital allocation organizations. Focusing on culture, product, and people is the playbook that the most successful REITs have deployed and one that we have enthusiastically embraced. Lastly, a special thanks to Bob. He has been a trusted partner and good friend for over 30 years. I know that he will have no shortage of future board and business opportunities during his retirement. I wish him and his wife Cheryl the very best. I will now turn the call over to Matthew. Thanks, Taylor.