American Healthcare REIT, Inc.

Press star followed with the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Alan Peterson, Vice President of Investor Relations and Finance. Please go ahead.

Good morning. Thank you for joining us for American Healthcare REIT's first quarter 2025 earnings conference call. With me today are Danny Prosky, President and CEO, Gabe Wilhite, Chief Operating Officer, Stephon Oh, Chief Investment Officer, and Brian Paye, Chief Financial Officer. On today's call, Danny, Gabe, Stephon, and Brian will provide high-level commentary discussing our operational results, financial position, changes related to our increased 2025 guidance, 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, May 9, 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 of our financial results prepared in accordance with GAAP. Reconciliations 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'll turn the call over to our President and CEO, Danny Prosky.

Thanks, Alan. Good day, everyone, and thank you for joining us today. Let me begin by stating how proud I am of the team here at AHR, as well as our operating partners for kicking off 2025 with such strong results, particularly within our operating portfolio. These results are a direct outcome of our unwavering focus on delivering high quality care and facilitating better health outcomes across our campuses and properties. This combined commitment continues to drive consistent and sustainable financial performance. As I've shared in the past, This commitment to care is the primary goal for all of us here at AHR, and it is embedded in every decision we make in every partnership we establish. This week, we held our annual operator summit here in Southern California and worked together to share best practices, as well as to continue to reinforce our emphasis on quality care, quality outcomes, resident satisfaction, as well as employee retention and satisfaction in our buildings. During the first quarter, we delivered strong operational performance and successfully executed a creative capital allocation initiative. Our capital markets activity in the first quarter further strengthens our company's financial position and supports our planned external growth for this year and beyond. I would like to congratulate Stefan and the rest of the investments team for compiling a pipeline of well over $300 million of acquisitions that we expect to close before year end. which is in addition to the assets we've already closed on so far this year. Looking at performance across our diversified healthcare portfolio, we achieved 15.1% same-store NOI growth year-over-year in Q1 2025. This growth was led by our operating portfolio, which includes our integrated senior health campuses, which we also refer to as Trilogy, as well as our senior housing operating properties or shop segments. As described in last quarter's call, we anticipated the colder winter months and flu season might modestly weigh on first quarter growth. However, the diversification within our operating portfolio, including properties and campuses serving a variety of long-term care needs, proved to be a positive force during this typically slower growth period. The post-acute skilled nursing settings within Trilogy performed particularly well, And due to the strong performance, we are increasing our full-year, same-store NOI growth expectations for the trilogy segment. As we move into the warmer spring and summer months, our teams and operating partners are well-positioned to capture growing demand for assisted living care within our markets. We expect continued growth across the operating portfolio throughout the rest of the year, and we have already seen a sharp uptick in move-ins since the end of Q1. This occupancy trend, as well as strong improvements in rev pour and margins, allows us to increase full-year 2025 guidance for our shop segment as well. It is our long-term view that the senior housing industry is benefiting and should continue to benefit from a multi-year tailwind of favorable fundamentals. On the capital allocation front, our investments team is actively identifying new growth opportunities with our existing operating partners, as well as identifying new prospective operating partners that will complement our current regional operator base. These new partnerships will allow us to maintain our strategic focus on working with market leaders in the communities they serve. At the same time, they expand our opportunity set while preserving our hands-on asset management approach to drive strong performance across our operating portfolio. Stefan will provide more detail on some of the promising new relationships we've been cultivating. Finally, as a result of a conducive capital markets environment, we sourced attractively priced capital utilizing our ATM program in Q1 2025. As of the end of the quarter, our net debt to annualized adjusted EBITDA stood at 4.5 times. The financial capacity we've built over time will continue to support our development initiatives and enable us to execute on the new shop acquisition opportunities that our team has and will continue to unlock. Before I turn it over to the rest of the team, I'd like to once again thank everyone at AHR and our partners for their outstanding execution during what we expected to be a more turbulent winter season. These results are a testament to the hard work you all put in to ensure we provide the highest standard of care that we can to the individuals and families who trust us with their care. With that, I'll turn it over to Gabe to walk us through our operational results in more detail. Thank you, Danny.