American Healthcare REIT, Inc.

Thank you for standing by. My name is Brianna and I will be your conference operator today. At this time, I'd like to welcome everyone to the American Healthcare REIT third quarter 2024 earnings conference call. Please note that this call is being recorded. 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, simply press star then the number one on your telephone keypad. To withdraw your question, press star one again. I will now turn the call over to Alan Peterson, Vice President of Investor Relations and Finance. Please go ahead, sir.

Good morning. Thank you for joining us for American Healthcare REIT's third quarter 2024 earnings conference call. With me today are Danny Proskey, President and CEO, Gabe Wilhite, Chief Operating Officer, Stephan Oh, Chief Investment Officer, and Brian Pei, Chief Financial Officer. On today's call, Danny, Gabe, Stephon, and Brian will provide high-level commentary discussing our operational results, financial position, and other recent news relating to American healthcare REIT. Following these remarks, we will conduct a question and answer session. Please be advised that this call will include forward-looking statements. All statements made during this call, other than statements of historical facts, are forward-looking statements that are subject to numerous risks and uncertainties that could cause actual results to differ materially from those projected in these statements. Therefore, you should exercise caution in interpreting and relying on them. I refer you to our SEC filings for a more detailed discussion of the risks that could impact our future operating results, financial condition, and prospects. All forward-looking statements speak only as of today, November 13, 2024, or such other dates as may otherwise be specified. We assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. During the call, we will discuss certain non-GAAP financial measures, which we believe can be useful in evaluating the company's operating performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. Reconciliations of non-GAAP financial measures discussed on this call to the most directly comparable financial measures calculated in accordance with GAAP are included in our earnings release, supplemental information package, and our filings with the SEC. You can find these documents as well as an audio webcast replay of this conference call on the investor relations section of our website at www.americanhealthcareread.com. With that, I will turn the call over to our president and CEO, Danny Prosky.

Thank you, Alan, and good morning, everyone. We appreciate you joining us today on the call. During the third quarter of 2024, we successfully executed on several key initiatives that have helped to set up American Healthcare REIT for continued growth for both this year and future years. On the operations side, we continue to position the REIT to capture the strong demand for our real estate portfolio. Our operations strategy utilizes a hands-on asset management approach, which continues to drive outsized NOI growth, particularly within our managed segments, comprised of our integrated senior health campuses and our shop portfolios. Most notably, on the capital allocation front, we completed the acquisition of the remaining 24% minority interest in Trilogy for cash consideration of approximately $258 million, plus the assumption of pro rata liabilities. As the sole owner of Trilogy, we believe we'll be able to better optimize capital allocation and pursue development of purpose-built facilities that serve the growing healthcare needs in the communities where our properties operate. For example, Trilogy this year, either through our direct investment or our development joint venture, has developed and opened four new campuses and completed three expansion projects, which will support earnings growth beyond 2024. We believe that at Trilogy we will have consistent external growth opportunities every year. Without the complexities of having a partner in our Trilogy investment, we expect to be able to increase our pipeline of growth opportunities and respond appropriately to our cost of capital and return requirements. We are excited to enter this next chapter alongside Trilogy Management Services as our operating partner to deliver high-quality care outcomes to residents and strong performance for AHR stockholders. We completed the acquisition of Trilogy using proceeds from our September follow-on public common stock offering, which raised approximately $471.2 million of gross proceeds and also enable us to pay down approximately $194 million on our lines of credit, further improving our balance sheet. We expect this enhanced financial position to provide us further flexibility and capacity to pursue external growth. Currently, we see robust opportunity to grow our managed portfolio segments, given the strong return profile for investments made at Trilogy and within our shop operators. Year to date, we've been able to close over $650 million of investments, inclusive of our trilogy minority interest acquisition, lease buyouts, and shop acquisitions. And we expect to be able to do more to the extent our cost of capital allows. Stefan will discuss some recent acquisitions we've executed in our shop segment and the landscape for future opportunities later in the call. As a result of the strong organic growth in our portfolio, and delivering on accretive transactions this quarter, we are once again increasing our same-store NOI growth and normalized funds from operations guidance for the full year 2024. Brian will provide further details on our guidance during his remarks. I'd like to once again take a moment and thank the entire AHR team, our board of directors, and our operating partners for not just driving execution and performance during the third quarter, but also for the continued focus on patient care, which is our primary mission here at AHR. Without them, we would not have been able to complete this transformational quarter for the REIT, and I'm excited to unlock value beyond what we've delivered so far this year. We believe that we're well positioned for sustainable growth, executing on the foundational operating strategies that have supported our strong performance thus far, and are further excited to unlock opportunities to grow our portfolio alongside our trusted regional partners. With that, I'll hand it over to Gabe to discuss operational highlights in more detail.