Sila Realty Trust, Inc.

conference specialist by pressing the star followed by zero. I will now turn the conference over to your host, Myles Callahan, Senior Vice President in Capital Markets and Investor Relations for CELA. You may begin.

Good morning and welcome to CELA Realty Trust's first quarter 2025 earnings conference call. Yesterday evening, we issued our earnings release and supplement, which are available on the investor relations section of our website at investors.celarealtytrust.com. With me today are Michael Seaton, President and Chief Executive Officer, Kay Neely, Executive Vice President and Chief Financial Officer, and Chris Flohaus, Executive Vice President and Chief Investment Officer. Before we begin, I would like to remind you that today's comments will include forward-looking statements under federal securities laws. Forward-looking statements are identified by words such as will, be, intend, believe, expect, anticipate, or other comparable words and phrases. Statements that are not historical facts, such as statements about expected financial performance, are also forward-looking statements. Actual results may differ materially from those contemplated by such forward-looking statements. A discussion of the factors that could cause a material difference in our results compared to those forward-looking statements is contained in our SEC filings. Please note that on today's call, we will be referring to non-GAAP measures. You can find the reconciliation of these historical non-GAAP measures to the most directly comparable GAAP measures in our first quarter earnings release and our earnings supplement, both of which can be found on the investor relations section of our website and in the form 8K we file with the SEC. With that, I will now turn the call over to our President and Chief Executive Officer, Michael Seaton.

Thank you, Myles, and good morning to everyone. Thank you for taking the time to join our call today. I will begin by thanking our team for delivering another quarter of solid results. Our results are a testament to the hard work and dedication that continues to drive our success and reinforce the long-term value proposition of CELA's portfolio. Our in-place tenancy remains strong as evidenced by high tenant and guarantor EBITDA coverage ratios, coupled with long lease terms and annual contractual lease escalations. Our balance sheet continues to reflect ample liquidity and very modest leverage positioning, which pleases us as most companies contend with the shifting economic winds and landscape. Thus far in 2025, we continue to maintain our prudent yet active investment approach, recently closing on two acquisitions that meet all of our investment criteria and fit strategically into our portfolio construction. I realize that it feels to many of us that the economic world order has changed since our last earnings call in February. Concerns surrounding tariffs, labor, and other inflationary pressures and the distinct possibility of a recession have taken a toll on the global markets and may have significant consequences on the future of many businesses. While confusion and uncertainty are a friend to no one, we believe that CELA will continue to offer investors a differentiated opportunity to invest in the REIT space. CELA's focus on acquiring and owning healthcare properties should provide a greater degree of confidence to investors than many other real estate asset classes. The bottom line is that healthcare is non-discretionary, and healthcare real estate is a vital part of societal infrastructure. We invest in high-quality, necessity-based healthcare properties in markets with growing demand, which are critical to the communities in which they operate. This growth is being driven by the shift toward lower cost patient centric settings in an aging population with increasingly complex medical needs, both of which generate increasing and continuing healthcare spending, which should benefit our tenancy. Our triple net lease structure provides a significant advantage for our stockholders. by allowing for more predictable income streams with major capital costs of owning real estate residing not with us as a responsibility, but rather with our tenants. Our weighted average remaining lease term of more than nine and a half years with average annual contractual rent escalations of 2.2% enables predictable long-term revenues which grow each year. Seal of lease structures and characteristics are the bedrock of the company's stability. and we believe position us as a safe haven compared to many other investment opportunities. Despite the current economic backdrop, we continue to demonstrate success further building our portfolio. Our two most recent acquisitions are emblematic of our target acquisition market, both being newly constructed, highly utilized, lower cost patient care settings with investment grade rated health system affiliations. One last remaining point and using a metaphor. We have a tidal wave of support of our investment thesis of deploying capital in healthcare. The silver tsunami is upon us and should drive the success of our tenants for decades to come. By 2030, just five years away, the entire baby boomer generation will have reached the retirement age, increasing the US population share of seniors to 70 million from 61 million people. in 2024, while the number of Americans 100 years of age or older is projected to quadruple over the next three decades. By 2030, seniors are expected to increase total outpatient healthcare spending by 31% to nearly $2 trillion. This demographic shift will continually increase patient volumes in the acuity of cases, supporting stronger operator revenues and consequently more durable income for CELA's current portfolio and future healthcare acquisition opportunities. We have carefully built this company with both the intention and discipline needed for enduring success. While there is much noise in the marketplace, which can make it difficult for some to focus, we remain as clear-eyed and vigilant as ever, with laser-like attention on making the best possible decisions for the long-term value of CELA shareholders. I will now turn to Kay to discuss our financial performance.