LTC Properties, Inc. (LTC) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:03.297 Greetings, and welcome to the LTC Properties, Inc. 00:00:03.297 -- 00:00:07.103 Fourth Quarter 2025 Earnings Conference Call and Webcast. 00:00:07.103 -- 00:00:10.289 At this time, all participants are in listen-only mode. 00:00:10.289 -- 00:00:14.115 A question and answer session will follow the formal presentation. 00:00:14.115 -- 00:00:18.042 You may be placed into question queue at any time by pressing star 1 on your telephone 00:00:18.042 -- 00:00:21.468 keypad. As a reminder, this conference is being recorded. 00:00:21.468 -- 00:00:26.626 If anyone should require operator assistance, please press star 0. 00:00:26.626 -- 00:00:31.470 It's now my pleasure to introduce Pam Kessler, co-president and co-CEO. 00:00:31.470 -- 00:00:33.492 Pam, please go ahead. 00:00:33.492 -- 00:00:35.834 Good morning, and thank you for joining us. 00:00:35.834 -- 00:00:40.799 Eight months after launching our shop initiative, we are almost halfway through our transformation 00:00:40.799 -- 00:00:46.184 from a lower-growth triple net REIT into a faster-growing shop-focused REIT, 00:00:46.184 -- 00:00:51.248 a transformation that will lead to higher multi-year internal and external shop and earnings 00:00:51.248 -- 00:00:54.706 growth and to superior shareholder returns. 00:00:54.706 -- 00:00:59.993 This transformation has included substantial investment in people, systems, and technology, 00:00:59.993 -- 00:01:04.418 which will continue to be a focus to support our aggressive growth plans. 00:01:04.418 -- 00:01:09.044 We have made great progress growing our seniors housing portfolio through SHOP, reflecting 00:01:09.044 -- 00:01:13.449 successful execution across every aspect of the business. 00:01:13.449 -- 00:01:19.076 Today, we are guiding to 600 ...