VTR - Earnings call Q4 2025

Thank you for standing by. My name is Jenny, and I will be your conference operator today. At this time, I would like to welcome everyone to the Ventas Fourth Quarter 2025 Earnings Call.

[Operator Instructions] I would now like to turn the call over to BJ Grant, Senior Vice President of Investor Relations.

You may begin.

Thank you, [indiscernible]. Good morning, everyone, and welcome to the Ventas Fourth Quarter and Full Year 2025 Results Conference Call. Yesterday, we issued our fourth quarter and full year 2025 earnings release, presentation materials and supplemental information package which are available on the Ventas website at ir.ventasreit.com.

As a reminder, remarks today may include forward-looking statements and other matters. Statements are subject to risks and uncertainties, and a variety of topics may cause actual results to differ materially from those contemplated in such statements.

For a more detailed discussion of those factors, please refer to our earnings release for this quarter and to our most recent SEC filings, all of which are available on the Ventas website.

Certain non-GAAP financial measures will also be discussed on this call and for a reconciliation of these measures to the most closely comparable GAAP measures, please refer to our supplemental information package posted on the Investor Relations website. And with that, I'll turn the call over to Debra Cafaro, Chairman and CEO of Ventas.