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Omega Healthcare Investors (NYSE: OHI)
Q4 2024 Earnings Call
Feb 06, 2025, 10:00 a.m. ET

Omega Healthcare Reports Positive Q4 Results Amid Management Changes

Summary of the Earnings Call

• Prepared Remarks
• Questions and Answers
• Call Participants

Prepared Remarks

Operator

Thank you for standing by. My name is Kate, and I will be your conference operator today. I would like to welcome everyone to Omega Healthcare Investors’ fourth quarter earnings conference call. [Operator instructions] I will now turn the call over to Michele Reber.

Please go ahead.

Michele Reber — Senior Director, Asset Management

Thank you, and good morning. Joining me today is Omega’s CEO, Taylor Pickett, President Matthew Gourmand, CFO Bob Stephenson, CIO Vikas Gupta, and Senior Vice President of Operations Megan Krull. Since some comments on this call may not be historical facts, they could be considered forward-looking statements regarding financial projections and operational outlook. Actual results may differ significantly, and detailed disclosures are available in our SEC filings.

We will reference certain GAAP financial measures today, including NAREIT FFO, adjusted FFO, FAD, and EBITDA. You can find reconciliations of these non-GAAP measures in the quarterly supplement. Some operator coverage and financial data discussed are based on information from our operators that hasn’t been independently verified by Omega. I will now pass the call to Taylor.

Strong Performance and Leadership Updates

Taylor C. Pickett — Chief Executive Officer

Thanks, Michele. Good morning, and I appreciate your attendance at our Q4 2024 earnings call. Today, I will highlight our financial performance, management transitions, and key operating trends. For the fourth quarter, our Funds Available for Distribution (FAD) was $0.70 per share, reflecting ongoing revenue and EBITDA growth. This has enabled us to reduce our leverage to below 4.0x debt-to-EBITDA while achieving FAD growth throughout 2024.

Our 2025 AFFO guidance ranges from $2.90 to $2.98 per share. This reflects the initial dilution impact from our substantial share issuances in Q4, balanced by escalators and opportunities throughout the year. Recently, we announced management changes with Matthew Gourmand now as president and Vikas Gupta as chief investment officer. I have great confidence in their leadership moving forward. I would also like to thank Dan Booth for his contributions over the past 30 years, of which 23 were spent at Omega. Dan’s efforts significantly contributed to our success relative to other healthcare REITs. In 2024, we managed to stay disciplined while closing 36 transactions, deploying approximately $1.1 billion in capital. Our acquisition pipeline for 2025 remains robust.

I will now turn the call over to Bob.

Robert O. Stephenson — Chief Financial Officer

Thanks, Taylor, and good morning. Now let’s review our financials for Q4. We reported revenue of $279 million, up from $239 million in Q4 2023, primarily due to new investments and operator restructurings, slightly offset by asset sales during the period.

Our NAREIT FFO for Q4 was $196 million or $0.68 per share, compared to $129 million or $0.50 per share in Q4 2023. Adjusted FFO was $214 million or $0.74 per share, while FAD stood at $202 million or $0.70 per share. Notably, Q4 FAD was slightly higher than Q3 FAD, which was commendable. In Q3, we issued 14 million shares generating $530 million in gross proceeds at an average price of $37.32 per share. During Q4, we also completed $340 million of new investments funded through an additional issuance of 11 million shares, yielding approximately $438 million in gross proceeds at an average price of $40.19 per share.

Our balance sheet remains healthy, ending the year with over $500 million in cash. We utilized this to repay a $400 million bond on January 15, 2025. By the end of January, we had over $240 million in cash, the full borrowing capacity of our $1.45 billion credit facility, and about $820 million available under our ATM program, ready for deployment into new investments.

As long as the equity market remains favorable, we will continue funding investments through equity issuance. As of December 31, 95% of our $4.9 billion debt was at fixed rates. Our fixed charge coverage ratio stood at 4.7 times, and our net funded debt to annualized adjusted normalized EBITDA was 3.96 times, marking the lowest leverage level in the past decade. Ultimately, we aim to maintain leverage between four and five times, ideally around 4.5 to 4.75 times.

By continuing to fund acquisitions with equity, we anticipate strong AFFO growth once we reenter the bond market. As previously mentioned, our adjusted FFO guidance for the year stands between $2.90 and $2.98 per share, assuming no changes to revenue recognition based on operators’ accrual revenue.

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Omega’s Strategic Investment Review: Strengthening Foundations Amidst Market Challenges

Omega Healthcare Investors is currently using a straight-line accounting method, which means that increases in revenue from annual escalators won’t lead to higher adjusted Funds From Operations (FFO); however, it will boost cash flow.

We anticipate improvements in Maplewood’s ability to pay contractual rents. Out of the $260 million in mortgages and other real estate-backed investments maturing in 2025, $124 million will change from loans to fee-simple real estate, while $28 million will be repaid during the year. We also expect the remaining loans to be extended beyond 2025. Additionally, we are allowing for $56 million in asset sales for properties classified as held for sale, with recorded revenue of $1.9 million in the fourth quarter.

Our forecast includes effects from new investments finalized by February 5. We estimate that our quarterly General and Administrative (G&A) expenses will range from $12 million to $14 million in 2025, with the highest costs typically occurring in the first quarter. We plan to pay off our $230 million of secured debt in November 2025 and do not predict any significant fluctuations in market interest rates affecting interest earned on cash balances or expenses from credit facility borrowings.

To align with our position at the end of 2024, we aim to have enough cash on hand by the end of 2025 to cover our $600 million bond maturing in January 2026. As a reminder, if our equity remains favorable and we continue prefunding investments, we expect that for every 4 million shares issued—assuming issuance prices remain similar to those in 2024—our quarterly adjusted FFO will slightly decrease by less than $0.01 per share, while our leverage will improve by about 0.15x until that cash is reinvested. Our 2025 adjusted FFO guidance does not include additional investments or asset sales beyond what has been mentioned or included in our earnings release. Now, I will hand it over to Vikas.

Vikas Gupta — Chief Investment Officer

Thank you, Bob, and good morning to everyone. Today, we’ll review the latest performance trends for Omega’s operational portfolio and our investment activities for 2024, as well as preview what’s in store for 2025. Starting with portfolio performance, our trailing 12-month operator EBITDAR coverage as of September 30, 2024, rose to 1.5 times, compared to 1.49 times for the previous 12-month period ending June 30, 2024.

We want to emphasize that this recent performance continues a yearlong trend of improving coverage across our portfolio. These enhancements reflect the steadfastness of Omega’s operating partners, the resolution of nearly all restructuring efforts over recent years, and a careful investment strategy in new capital this past year. Despite persisting challenges from labor shortages and reimbursement issues in certain markets, the industry is progressing due to the larger aging population and our operators’ abilities to cater to more complex resident needs. With occupancy nearing pre-COVID levels, we anticipate that future coverage increases will be modest.

Currently, Omega is restructuring activities with the only major operator, Levi. Levi aims to exit bankruptcy in the second quarter of 2025; however, this is subject to court rulings on pending motions. During this period, Omega expects to maintain full contractual rent payments totaling $3.1 million monthly, equating to $37.5 million annually. Shifting gears to new investments, as Taylor mentioned earlier, Omega has a robust transaction pipeline for 2024, exceeding $1.1 billion in new investments. These diverse transactions showcase Omega’s agility in adapting to the evolving investment environment within the long-term care sector.

In 2024, we are focused on supporting our existing and emerging operators by establishing strong credit-backed real estate investments and real estate loans that offer excellent returns, positioning Omega for potential real estate ownership. Notably, about $359 million—or 31%—of Omega’s new investments in 2024 were in real estate loans, a third of which provided opportunities for underlying real estate acquisition upon maturity with already negotiated long-term triple net leases.

The remaining real estate loans this year have bolstered existing operator partnerships or helped our borrowers acquire undervalued distressed properties. Our investments in the UK have been significant, making up $782 million—or 68%—of our total new investments. With over a decade of experience in this market, we have built strong operator relationships that yield lucrative investment opportunities. In the fourth quarter of 2024 alone, Omega made $363 million in new investments, which included $23 million in capital expenditures.

This quarter’s new investments featured $179 million in real estate acquisitions across four deals, presenting an average initial annual cash yield of 9.9%, alongside $162 million in real estate loans at an average interest rate of 10.9%. Importantly, a substantial portion of these loans—$101 million, or 62%—provides Omega with a chance to acquire the underlying real estate upon maturity. Following the fourth quarter, Omega secured an additional $26 million in new investments, not counting capital expenditures, which encompasses a $10.6 million acquisition of two facilities with a cash yield of 9.9% through a new lease and a $15.4 million mortgage to an existing operator with an 11% interest rate.

Looking ahead, Omega’s pipeline and transaction outlook for 2025 remain strong. We see continued opportunities in both the US and UK markets, bolstered by off-market chances from our existing operator relationships. Given the current lending landscape, we expect ongoing requests for real estate loans while we evaluate selective loan proposals, prioritizing capital allocations for beneficial real estate deals that will strengthen our balance sheet.

Now, I’ll turn the call over to Megan.

Megan Krull — Senior Vice President, Operations

Thank you, Vikas, and good morning, everyone. As we embark on a new administration, many uncertainties lie ahead. However, we have ample reasons to feel confident about our current standing. As Vikas highlighted, our coverage levels are the highest they’ve been in years, indicating a steady recovery from the pandemic.

Although the industry continues to face challenges, primarily stemming from staffing shortages, the situation appears relatively stable for now. While the incoming administration may push for entitlement reforms, it’s worth noting that support for this industry has been emphasized historically, especially during COVID. We maintain vigilance regarding efforts that target staffing mandates.

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Regulatory Challenges Loom as Industry Seeks Clarity

The ongoing legal battles in Texas and Iowa could reshape the industry landscape, with potential savings of $22 billion at stake.

Current Legal Landscape

A case in Texas, initiated by a coalition of industry associations, is expected to reach a conclusion by the end of this quarter or early next quarter. Although the 20 attorneys general who challenged the mandate in Iowa’s Federal Court did not receive a preliminary injunction, their case remains active. Regardless of these court proceedings, there is still a significant chance for a legislative repeal. The Congressional Budget Office estimates that reversing the rule could save the federal government $22 billion over the next decade. Optimism remains that the rule will ultimately be rescinded, and stakeholders hope for any future rule-making to be balanced and informed by the serious ramifications at play.

Q&A Session Overview

Barely skipping a beat, I will now open the call for questions.

Questions & Answers:

Operator

[Operator instructions] Your first question comes from the line of Jonathan Hughes with Raymond James. Please go ahead.

Jonathan Hughes — Analyst

Hi, good morning. Thanks for the prepared remarks, and congratulations to Matthew and Vikas on their new roles, alongside Dan for his impressive career. Vikas, could you provide additional details about the current investment pipeline, specifically focusing on dollar size yields versus fee simple acquisitions compared to loans?

Vikas Gupta — Chief Investment Officer

Thank you, Jonathan. The investment pipeline remains robust. Currently, it is slightly more skewed toward the UK, but this is subject to change as developments unfold. At this stage, we are primarily targeting small to midsize deals. Our focus is leaning more toward real estate rather than loans, but that too may adjust over time.

Jonathan Hughes — Analyst

Got it. I believe Bob mentioned in his remarks that some loans are converting to fee simple ownership this year. Was this conversion always intended, or did the operators adjust their plans due to the tough lending environment?

Vikas Gupta — Chief Investment Officer

Great question, Jonathan. We structured a few loans last year knowing they would transition to leases, mainly due to lengthy regulatory approval processes in the UK. Our operators were able to finalize deals, and these loans will convert to real estate leases within the year.

Operator

Your next question comes from the line of Michael Griffin with Citi. Please go ahead.

Michael Griffin — Citi — Analyst

Thank you for your insights on regulation and the potential effects of the new administration. Can you elaborate on the current labor environment and demand that your operators are experiencing? Is there concern that immigration reform could hinder the labor pool and raise wage pressures?

Megan Krull — Senior Vice President, Operations

The labor environment remains challenging, especially in rural areas. This situation is likely to continue unless significant changes occur. Consequently, immigration policy will certainly influence the labor force. While we aim to legally bring in immigrants to bolster our nursing staff, we have not yet felt any impact from the current immigration policies.

Michael Griffin — Citi — Analyst

Thanks for that clarification. Vikas, regarding the acquisition pipeline and surrounding opportunities, recent reports have centered on the health of SNF operators. Are you noticing heightened scrutiny in the underwriting of potential deals, especially regarding rent coverage?

Vikas Gupta — Chief Investment Officer

We have not observed a significant shift in our underwriting practices. As we’ve done historically, we continue with credit-based evaluations that involve strong operators. The current situation tends to be more specific to certain operators.

Operator

Your next question comes from the line of John Kilichowski with Wells Fargo. Please go ahead.

John Kilichowski — Analyst

Thank you. I’d like to follow up on the competitive landscape and your expectations regarding yields.

Vikas Gupta — Chief Investment Officer

Currently, we don’t notice significant changes, although family offices and private investors are active in both the US and UK. In the UK, competition is slightly less intense due to limited capital availability. Yield expectations remain steady at around 10%, where we continue to deploy capital effectively.

John Kilichowski — Analyst

Understood. For Bob, regarding balance sheet fortification. Your leverage stands at four times, aligning with your long-term target. Although there is no immediate need to reduce leverage, your guidance indicates material equity issuance ahead of the 2026 maturity. Could you clarify the expected figures for that equity issuance, excluding any acquisition activity, and share thoughts on the decision to solidify the balance sheet, potentially at the cost of some dilution?

Robert O. Stephenson — Chief Financial Officer

You have accurately summarized the situation. We plan to approach guidance similarly to last year, preparing for the upcoming debt maturity in 2026 as we did with the last one that was settled. Given our current equity costs, we intend to be opportunistic in our approach. Our guidance does not include future acquisitions but anticipates around $600 million for equity issuance. Should market conditions be favorable, we will consider bond issuance as well.

Operator

Your next question comes from the line of Juan Sanabria with BMO Capital Markets. Please go ahead.

Juan C. Sanabria — Analyst

Hi, good morning. Following up on your previous points regarding guidance, what share count is assumed for the equity issuance planned to cover maturing loans this year and for the 2026 maturity you mentioned?

Robert O. Stephenson — Chief Financial Officer

We will provide an exact share count in due course.

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Maplewood’s Path to Increased Rent Amidst Strategic Financial Management

Financial Projections for 2024: Achieving a Target of $600 Million

Robert O. Stephenson — Chief Financial Officer

We plan to reach $600 million, but the share count will depend on the timing and price at which we issue new equity. A higher stock price means less equity is required, which is outside of our projected guidance. Conversely, if prices drop from current levels as seen in the third and fourth quarter, we can still be strategic in funding without exceeding guidance limits.

Juan C. Sanabria — Analyst

Just to confirm, you plan to repay the remaining 25 debt maturities with cash or equity?

Robert O. Stephenson — Chief Financial Officer

Yes, that is correct.

Operator

Your next question comes from Nick Yulico with Scotiabank. Please go ahead.

Nicholas Yulico — Analyst

Can you update us on the status of Maplewood and the Guardian transition? Specifically, what is the occupancy situation at Second Avenue?

Vikas Gupta — Chief Investment Officer

Currently, our total portfolio occupancy stands at 91%, which includes Second Avenue, with that property at 85%. We’re optimistic about Maplewood; they paid reliable rent in January, and we expect this will continue or potentially increase as occupancy rises in the latter half of the year. The transition to the new operator for Guardian occurred last year, and they have met their rent targets so far. Everything is progressing as planned.

Nicholas Yulico — Analyst

To clarify, does the yearly guidance simply assume that both operators will maintain their current rental payments?

Robert O. Stephenson — Chief Financial Officer

Indeed, if Maplewood manages to secure higher rent, it could play a vital role in boosting our guidance forecasts.

Operator

Your next question comes from Farrell Granath with Bank of America. Please proceed.

Farrell Granath — Analyst

I’d like to discuss EBITDAR coverage. While you mentioned future increases may be modest, could you clarify the contributing factors and if trailing four-quarter performance is skewed by an underperforming asset?

Megan Krull — Senior Vice President, Operations

Yes, the lower than 1x coverage comes from one specialized facility acquired during a larger transaction. It differs from our usual asset types and experiences considerable revenue fluctuations. Still, the performances across our core portfolio remain robust, showing steady improvement.

Farrell Granath — Analyst

I’ve noticed a rise in private insurance involvement. What’s prompting this shift?

Megan Krull — Senior Vice President, Operations

This trend is contingent on our deal flow. With more UK deals, private pay naturally rises as part of our strategy.

Operator

Your next inquiry comes from Michael Carroll with RBC Capital Markets.

Michael Carroll — Analyst

Let’s return to Maplewood’s current position. How prepared are they to boost EBITDAR compared to early 2024? I noticed a $1 million rent increase projected from Q1 to Q4 of 2024. Should we expect a similar trend in 2025?

Vikas Gupta — Chief Investment Officer

Yes, we foresee improvement this year. Occupancy at Second Avenue is climbing towards 90% by the year’s end. However, a full stabilization will take one to two years to finalize.

Michael Carroll — Analyst

Have you observed any changes in buyer or seller behavior due to the recent fluctuations in interest rates and ongoing discussions regarding Medicaid restructuring?

Vikas Gupta — Chief Investment Officer

No significant changes have been noted at this time. We, along with our peers, continue to assess opportunities in the usual manner while watching market conditions closely.

Operator

Your next question comes from Alec Feygin with Baird.

Alec Feygin — Robert W. Baird and Company — Analyst

Regarding your UK investments, which currently represent over 14% of your portfolio, is there a threshold for increasing that percentage?

Matthew Gourmand — President

We don’t have a specific target. Each deal is evaluated for its individual merits, and the UK market presents a compelling investment landscape. The market dynamics there mirror those of the US SNF sector, particularly with restricted new supply and an aging population.

Alec Feygin — Robert W. Baird and Company — Analyst

Are there plans for Omega to hedge against currency fluctuations relating to UK cash flows?

Matthew Gourmand — President

Yes, we are actively discussing this internally. Given current currency trends, it’s an option we’re keen to explore further.

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Impact of UK Employment Changes on Nursing Sector Unclear for Investment Firm

Operator

Your next question comes from the line of Emily Meckler with Green Street. Please go ahead.

Emily Meckler — Green Street Advisors — Analyst

Have the increased employment taxes and increased minimum wage in the UK had a noticeable impact on coverage level for your UK portfolio? Does this change your underwriting criteria moving forward there?

Vikas Gupta — Chief Investment Officer

This is Vikas. No, we have not observed any substantial changes due to those adjustments in the UK at this time.

Emily Meckler — Green Street Advisors — Analyst

OK. Great. And then, maybe one for Megan. Could you share what percentage of workers in skilled nursing facilities are foreign-born?

Megan Krull — Senior Vice President, Operations

I do not have that information. There has been some legal immigration over the past few years where some operators have recruited from abroad, but we lack precise percentages.

Operator

Your next question comes from the line of Jonathan Hughes with Raymond James.

Jonathan Hughes — Analyst

Bob, could you explain the expectations around Funds Available for Distribution (FAD) or cash earnings? Should we expect the gap between Adjusted Funds From Operations (AFFO) and FAD to be similar to last year? I’ve noticed it has shrunk by about half when comparing the pre-COVID period to today, likely due to some operators transitioning from cash to accrual accounting. Any insights there would be helpful.

Robert O. Stephenson — Chief Financial Officer

Yes, you’re correct. We do not provide specific guidance on FAD, but generally, we anticipate a similar relationship to what we saw in Q4. Remember that 76% of our revenues are recorded on a straight-line basis. Therefore, while escalators do not affect AFFO, they do impact FAD, which explains some of the closing gap. Additionally, with the Maplewood DC asset, as revenue starts being recorded, that capped interest will no longer apply.

Operator

Your next question comes from the line of Vikram Malhotra with Mizuho.

Vikram Malhotra — Analyst

Could you elaborate on how much of the UK expansion may relate to changes in Medicaid or other factors in the US? Additionally, how does raising debt in the UK compare to the US?

Matthew Gourmand — President

Thanks, Vikram. To answer your first question, I don’t believe we are making hedging moves in the UK. We are simply seeing great opportunities to work with respected operators in that market. Our views about the US Medicaid market have not shifted significantly over the past year. Even with the new administration, Medicaid remains crucial to the funding landscape.

Earlier this year, we executed many transactions without clear visibility on the administration’s direction. We are capitalizing on the favorable market conditions in the UK. Regarding debt, we continue to explore financing options that balance hedging and interest rate considerations. The initial rates we anticipated in the UK are not aligning with current market realities. Therefore, we are primarily funding debt in the US but will remain open to favorable opportunities in the UK should they arise.

Vikram Malhotra — Analyst

Understood. Looking ahead to potential regulations, do you have insights on how minimum staffing might be approached legislatively versus through legal means? Plus, any thoughts on the Republican proposals regarding adjustments to SNAP or incorporating quality metrics into block grants would be helpful.

Megan Krull — Senior Vice President, Operations

Regarding the staffing mandate, we believe that the elimination of the Chevron Doctrine could strengthen our legal position. We anticipate that the legislative approach may not gain traction, especially given the cost implications and the Republican focus on budget cuts. Overall, we remain optimistic thinking about staffing mandates as the Association for Community Affiliated Plans (ACA) is advocating for this.

As for block grants, those discussions have been ongoing. The ACA favors a model that would tie funding increases to enrollment growth, which would be crucial for long-term care. They are actively involved in lobbying for these changes.

While we are tied to the current political landscape, we feel confident in our coverage levels and the support from the administration during COVID. We hope this support will continue, as the industry cannot afford drastic measures. About Medicaid’s spending, over 25% of federal Medicaid expenditure is allocated toward Medicaid expansion established by the Affordable Care Act. This expansion primarily supports non-elderly adults without children, highlighting its significance in federal funding distribution. We see this expansion as the most vulnerable part of the funding structure, though the rest of Medicaid is not without risks. Overall, we believe we are in a solid position.

Operator

Your next question comes from the line of Juan Sanabria with BMO Capital Markets.

Juan C. Sanabria — Analyst

Referring back to the deals executed last year and historically, what should we expect to convert in ’25? How does the rate you receive as a lender compare to traditional fee simple conversions?

Vikas Gupta — Chief Investment Officer

Yes, as mentioned earlier, we plan to convert $124 million this year at rates consistent with previous years. So I don’t believe there’s a significant difference there.

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Insights from the Earnings Call: Financial Guidance and Strategy Updates

Converting Investments: Key Figures and Plans

Our team is targeting around $124 million for conversions this year.

Juan C. Sanabria — Analyst

Could you provide clarity on maturing loans or rents? Should we be considering potential rent increases or possible vacancies in our model?

Robert O. Stephenson — Chief Financial Officer

Indeed, the $28 million in repayments will enhance our balance sheet, contributing to our interest earnings. The current guidance on that aspect remains unchanged.

Understanding Debt and Future Investments

Operator

Your next query comes from Nick Yulico at Scotiabank.

Nicholas Yulico — Analyst

Following up on investment guidance, how might we anticipate incremental debt or equity issuance if, for example, we pursue $500 million in acquisitions? It seems like pre-funding might already be in your outlook even as we await specific investments.

Robert O. Stephenson — Chief Financial Officer

You’re right. There’s a $230 million secured debt scheduled for repayment in November, contributing to a total of $600 million. Cash flow from operations plays a vital role in this context, especially alongside previous loan repayments.

To clarify, pre-funding acquisitions will occur as we move closer to finalizing them, which is why they aren’t explicitly included in this guidance. Both acquisition plans and current metrics must be taken into account.

Nicholas Yulico — Analyst

That clarification helps. Could you share some insights into your average cash balance throughout the year, considering the potential interest income?

Considering Cash Flow Dynamics

Robert O. Stephenson — Chief Financial Officer

Estimating cash flow presents challenges due to various influencing factors. At the end of January, we reported over $200 million in cash, but we anticipate a significant dividend payment soon. This pattern suggests that the first quarter will likely present lower cash levels. The dynamics between issuing equity and financing the $600 million also play an essential role.

Ultimately, cash will primarily be allocated for acquisitions, complicating accurate projections. I regret that I cannot provide a more precise answer.

Nicholas Yulico — Analyst

Thank you for your insights, Bob.

Operator

Now, I will turn the call back to Taylor Pickett for the closing remarks.

Taylor C. Pickett — Chief Executive Officer

Thank you for joining us today. Our team will be ready for any follow-up questions. Have a great day ahead.

Operator

[Operator signoff]

Duration: 0 minutes

Call Participants:

Michele Reber — Senior Director, Asset Management

Taylor C. Pickett — Chief Executive Officer

Robert O. Stephenson — Chief Financial Officer

Vikas Gupta — Chief Investment Officer

Megan Krull — Senior Vice President, Operations

Jonathan Hughes — Analyst

Michael Griffin — Citi — Analyst

John Kilichowski — Analyst

Bob Stephenson — Chief Financial Officer

Juan C. Sanabria — Analyst

Nicholas Yulico — Analyst

Farrell Granath — Analyst

Michael Carroll — Analyst

Alec Feygin — Robert W. Baird and Company — Analyst

Matthew Gourmand — President

Emily Meckler — Green Street Advisors — Analyst

Vikram Malhotra — Analyst

Taylor Pickett — Chief Executive Officer

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