American Healthcare REIT, Inc.

followed by the number one on your telephone keypad. I would now like to turn the call over to Alan Peterson, Vice President of Investor Relations and Finance. You may begin your conference.

Good morning. Thank you for joining us for American Healthcare REIT's fourth quarter and full year 2024 earnings conference call. With me today are Danny Proskey, President and CEO, Gabe Wilhite, Chief Operating Officer, Stephon 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, guidance for 2025, 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 fact, 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, February 28, 2025, 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. Reconciliation of non-GAAP financial measures discussed on this call to the most directly comparable 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. Good day, everyone. We appreciate you joining us on today's call. We have much to celebrate and future successes to look forward to here at American Healthcare Read. We recently commemorated the anniversary of our first full year as a listed healthcare read, a milestone achieved through the dedication of our AHR team who invested countless hours to get us here. I'm grateful to work alongside such a committed group that shows up day in and day out to deliver on our mission, which I've shared on all our calls of providing high quality care, high quality health outcomes, and strong financial performance across our portfolio. I am proud that we've delivered on this mission in 2024, and I look forward to the AHR team and its partners delivering on it once again in 2025. This continues to be one of the most favorable fundamental backdrops for long-term care that I've observed during my 33-year career in the healthcare REIT industry. Through 2030, The 80 plus year old population is expected to grow by over 700,000 individuals on average each year against the supply backdrop of the senior housing industry, only having added less than 20,000 units on average each year since 2020. I am confident that across our portfolio we will be able to capture this growing demand wave. Now let's dive into our results. In the fourth quarter of 2024, our operational results reflected another exceptional period of same-store NOI growth, meaning the rising long-term care needs of an aging population. Our hands-on asset management approach has continued to expand NOI margins, particularly within our managed segments that are comprised of our integrated senior health campuses, which we also refer to as Trilogy, and shop portfolios. As we enter 2025, we expect the rate of revenue growth to continue to exceed the rate of expense growth, positioning us to build on the impressive same-store NOI growth that we achieved in 2024. NOI from Trilogy and shop segments has grown to 71% of our total NOI as of the end of the fourth quarter in 2024, and we expect this share to continue to grow by year-end, driven by both organic earnings growth and our investment strategy. Our Trilogy segment, which is the largest segment in our portfolio, contributed the largest share of our growth in 2024. This segment of our business meets the essential needs of an aging population. We believe that our Trilogy campuses are the gold standard asset class within the senior housing industry. Their purpose-built design and the capabilities of Trilogy Management Services as our partner to treat all different levels of acuity have resulted in robust health outcomes for residents, which has helped to propel the strong financial results for the portfolio. Trilogy's business and quality care outcomes were recently highlighted by Trilogy's overall CMS star rating exceeding over four stars on average portfolio-wide. I believe Trilogy's operating model, along with their service standards and their commitment to residents and employees, differentiate our Trilogy segment within the industry. On the capital allocation front, we remain focused on accretive external growth, primarily through RIDEA-structured senior housing and care investments. leveraging our favorable cost of capital and balance sheet capacity to execute on new acquisitions and to fund our captive trilogy development pipeline. In 2024, we invested over $650 million in external growth in our managed long-term care segments, and we're optimistic about unlocking further value through investment activity in 2025. Already in 2025, we announced that we are under contract to acquire two new shop assets, We closed on a lease buyout in our trilogy segment and announced plans to start several new trilogy development projects this year. We believe that these investments will continue to grow our exposure to where we currently see the best risk-adjusted returns, which is in managed long-term care. Our guidance, which Brian will break down in more detail later on the call, does not include investments beyond those announced last night, but our cost of capital and our strong balance sheet position us well to pursue accretive opportunities that may arise. Our net debt to adjusted EBITDA has dramatically improved from both organic growth as well as our capital allocation activity, decreasing from 8.5 times at the end of 2023 to 4.3 times at the end of 2024. This provides flexibility to pursue accretive internal and external opportunities over a sustained period of time. In aggregate, we finished 2024 within the increased normalized funds from operations or NFFO per share guidance range we set last quarter. We realized these earnings while further refining our portfolio with several opportunistic dispositions that closed in the fourth quarter and raised attractive equity capital via our ATM program. Everything we achieved over the last year, I believe, strengthens the quality of our portfolio and earnings and provides us with more optionality to grow efficiently within our expanding industry. Before handing it over to the team to discuss our results and outlook for 2025 in more detail, I want to note that we've recently received questions from investors regarding potential policy changes in the healthcare sector, primarily related to Medicaid. Those of us that have been in this business for an extended period of time are used to seeing these types of potential policy shifts and have navigated changes over the years. We welcome any questions and are happy to address them during Q&A. However, as of now, it would be speculation as to what would occur with the ever-changing regulatory discussion. With that, I'll turn it over to Gabe to discuss our operational results in more detail.