American Healthcare REIT, Inc.

Ladies and gentlemen, thank you for standing by. My name is Colby, and I'll be your conference operator today. At this time, I would like to welcome you to the American Healthcare REIT Q3 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. And after the speaker's remarks, there will be a question and answer session. We please ask that you limit yourself to one question and one follow-up. Thank you. If you'd like to ask a question at that time, please press star and then the number one on your telephone keypad. If you'd like to withdraw your question at any time, please press star one again. 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 third quarter 2025 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, 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, November 7, 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. 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 President and CEO, Danny Profsky.

Thank you, Alan. Good morning or good afternoon, everyone, and thank you for joining us on today's call. I am very pleased to report that the third quarter was another very strong quarter for AHR. We continue to build upon our strong first half momentum, generating same-store NOI growth of 16.4% across the total portfolio. marking our seventh consecutive quarter of a double-digit same-store NOI growth portfolio-wide. This performance once again reflects the depth and quality of our portfolio, our strategic initiatives, which include leveraging our platform across our operating portfolio, the strength of our regional operating partners, and the enduring demand tailwinds that support healthcare real estate. Within our operating portfolio are RIDEA's structured segments, which include our integrated senior health campuses, also known as Trilogy, and our shop segment continue to drive outsized growth, which is the result of our team's proactive and hands-on asset management approach. As I look across our industry, I maintain my conviction that this is the best operating environment for long-term care that I've seen in my entire 33-year career. This is most evident to me when reviewing our strong RedPort growth and the fact that Trilogy and Shop, same-store occupancies, are currently above 90% and continue to trend in a positive direction. Shifting to our external growth activity, we're executing diligently on scaling our operating portfolio with our regional operating partners. In aggregate, we have closed on over $575 million of acquisitions year to date, all of which is within our RIDEA segments. Among these new acquisitions, I'm happy to announce that we're expanding our highly curated stable of operators. We introduced two new relationships to our group of operators this year, which will broaden our geographic diversification while reinforcing our focus on operators that share our values, including a strong employee culture, ability to deliver ongoing outsized financial performance, and most importantly, a keen focus on delivering high quality care and results for our residents. I'd like to congratulate Stefan and the entire investments team along with Ray Oborn and his senior housing asset management team again, as they have continued to identify and acquire a tremendous volume of very high quality managed senior housing assets. These acquisitions not only provide immediate earnings accretion to AHR, these assets should also provide strong ongoing organic earnings growth for years to come. Along with the acquisitions I just noted, the team has continued to backfill our pipeline of awarded deals. which now stands at well over $450 million. These transactions are expected to close in the fourth quarter and early 2026. As we execute on our external growth plans, we continue to demonstrate discipline and remain opportunistic in our capital markets and capital deployment activity, which should drive further earnings accretion in 2026 and future years. We're now on track to grow normalized FFO for fully diluted share by 20% over last year, while also continuing to improve our balance sheet metrics and leverage profile. As Brian will note during his remarks, our net debt to EBITDA at the end of the third quarter is now down to 3.5 times. Our strategy remains consistent. We're not simply chasing near-term accretion. We're building durable long-term growth through operating alignment with best-in-class regional operators, disciplined capital allocation, and capital markets activity while always putting resident care and outcomes first. Finally, I'm proud to note that in September, we published our inaugural corporate responsibility report, publicly disclosing the governance, social, and sustainability priorities that have long been embedded in AHR's culture. This milestone reflects our belief that responsible stewardship and performance are inseparable. Before turning the call over to Gabe, I want to thank the entire AHR team and our operator partners for their exceptional work. Together, we are executing with precision and purpose for all AHR stakeholders, providing high quality care and outcomes for residents, which is leading to strong financial performance for our shareholders. And now, Gabe, over to you.