Sonida Senior Living, Inc.

Thank you for standing by. My name is Carly and I will be your conference operator today. At this time, I would like to welcome everyone to the Senada Senior Living Q1 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star 1 again. Thank you. I would now like to turn the call over to Jason Finkelstein, Investor Relations. Please go ahead.

Thank you, operator. All statements made today, May 12th, 2025, which are not historical facts, may be deemed to be forward-looking statements within the meaning of federal securities laws. The company expressly disclaims any obligation to update these statements in the future. Actual results or performance may differ materially from forward-looking statements. Certain factors that can cause actual results to differ are detailed in the earnings release that the company issued earlier today, as well as in the reports that the company files with the SEC from time to time, including the risk factors contained in the annual report on Form 10-K and quarterly report on Form 10-Q. Please see today's press release for this full safe harbor statement, which may be found in the AK filing from this morning at the company's investor relations page found at investors.sonitaseniorliving.com. Please note that during this call, the company will present non-GAAP financial measures. For reconciliations of these non-GAAP measures to the most comparable GAAP measure, please see today's earnings release. If you'd like to follow along during today's call, you can find Sonita's first quarter 2025 earnings presentation at sonitaseniorliving.com in the investor relations section. In addition, we've included supplemental earnings information within our presentation consistent with the prior quarter release. At today's call, I am joined by President and CEO Brandon Rebar and Chief Financial Officer Kevin Dietz. At this time, I'd like to turn the call over to Brandon for opening remarks.

Thanks, Jason. Good morning and thank you all for joining us on our first quarter earnings call. 2025 is off to a strong start with encouraging momentum across each of our strategic objectives. Our top priority remains driving community performance through tailored operating plans and detailed execution. Growth in our same store portfolio continued along a strong trajectory fueled by operational discipline that drove improvements in occupancy, resident rates, and margin. Additionally, accelerated operating performance in the acquisition portfolio further demonstrates the benefit of our owner-operator-investor platform. Finally, our strategic and organic growth plan remains on track, and we are excited to announce two new acquisitions expected to close in the second quarter, both reflecting our focus on deploying capital accretively and strategically. Entering the year, we outlined a plan to deliver year-over-year net operating income growth in line with the high end of our peers. Slide 5 in the investor presentation summarizes our first quarter performance highlights. Our same-store portfolio NOI grew by 19.3% year-over-year, and the acquisition portfolio NOI increased 31.3% sequentially from Q4 2024. Together, this generated a total portfolio NOI growth of 37.6% year over year. Our Q1 annualized NOI for the acquisition portfolio implies a 9.1% yield on cost, excluding the one unopened asset acquired at year end. Additionally, we achieved a portfolio-wide 6.6% average renewal rate increase on March 1st, impacting nearly 70% of our resident base. and directly supported by our excellent resident satisfaction and our team's ability to offer a high value experience to our residents. These rate increases are consistent with the levels we achieved in 2024 and position the business for further NOI growth during the course of the year. Occupancy improved 100 basis points year over year in our same store portfolio and 70 basis points sequentially from Q4 in our acquisition portfolio. including the communities purchased in 2024, many of which required significant operational turnarounds. Our total company occupancy of 84.7% provides substantial margin and revenue upside as we continue to stabilize the portfolio. Lead volume increased across our same-store portfolio by 7% in the first quarter, and we remain highly focused on conversion tactics to support higher move-in volume. These efforts are supported by our highly engaged resident base, programming, and access to health and wellness services across each of our product types. Our average length of stay, a key metric for understanding velocity of resident turnover, has remained stable over the last year, allowing leadership to plan labor needs more effectively and tailor sales and marketing strategies to backfill vacancies. Investments in our clinical health information system, resident fall detection, nurse call, and employee scheduling will be fully implemented by Q3 this year, further enhancing our clinical and operating infrastructure, benefiting both resident services and our business intelligence and reporting capabilities. Lastly, over the past two years, we have invested in our employees and introduced leadership incentive plans focused on aggressively reducing employee turnover. These investments resulted in our lowest total company turnover percentage for a quarter since we began tracking this metric. and we are seeing further reduction in the second quarter. I'll now turn the call over to Kevin for detailed discussion of our Q1 financial performance.