American Healthcare REIT, Inc.

Thank you for standing by. My name is Kate and I will be your conference operator today. At this time, I would like to welcome everyone to American Healthcare REIT Q4 2025 earnings conference call. 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 during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, Crestar won 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 fourth quarter 2025 earnings conference call. With me today are Jeff Hansen, Chairman and Interim CEO and President, Gabe Wilhite, Chief Operating Officer, Stephon Oh, Chief Investment Officer, and Brian Pei, Chief Financial Officer. On today's call, Jeff, Gabe, Stephon, and Brian will provide high-level commentary discussing our operational results, financial position, our 2026 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, February 27, 2026, 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 our Chairman and Interim CEO and President, Jeff Hansen.

Well, thanks, Alan, and greetings to those of you joining us today. Before the team dives into our results, I want to start by addressing the leadership update that we shared earlier this month. As you know, I've stepped into the role of interim CEO while Danny's on a medical leave of absence. I'm pleased to share that he's at home, recovering well, and is in good spirits. In fact, he remains engaged. He and I speak regularly each week on the business front. and he's participating in all of our board meetings virtually while he's on the mend at home. He intends to return in the relative near term, but it's too early to have timing visibility at this point. By the way, we appreciate the many well wishes sent from our partners and stakeholders. We've passed them along to the Proskey family, and for that he's grateful, so thank you. For those of you who don't know me well, I served as chairman since the company's formation and previously led AHR's predecessor companies as both chairman and CEO. I'm one of the three co-founders of the companies, and I led this platform for roughly 16 of the past 20 years, alongside both Danny and Matt Strife, Matt, of course, being our third founding partner and a current board member. Together, we built this platform over the past two decades with a clear vision to create a disciplined healthcare company focused on providing and facilitating high-quality care and superior health outcomes. Our team here continues to reinforce this internally and externally, as this vision is actually what drives our performance and long-term value creation, and this foundation remains firmly in place today. Along the way, Dan, Matt, and I have built the executive management team that you know so well today. The rest of the board and I have tremendous confidence in our team's ability to continue to do what they've done exceedingly well over the past decade, which is to drive the growth and the performance of this REIT. I want to be very clear at the outset. This is a seamless continuation of the strategy and execution you've grown to expect from this team. My role as interim CEO is one of continuity, support, and advisory. There's no change in strategy. Our investment and capital allocation strategy, risk management framework, balance sheet posture, and long-term value orientation remain unchanged, and our executive team continues to work very closely with the board in executing against the established plan. It's also important to note that I've been engaged as the interim CEO full-time since the day after Danny's medical event, and I can tell you that the organization is operating with the same alignment, focus, and clarity of execution as it ever has. One of the company's greatest strengths, by the way, has always been the depth and the commitment of our people, which is particularly evident during times like this. Importantly, the results you're about to hear reflect the strength of this platform and the depth of our team. And with that, I'll turn the call back to the team to walk you through the quarter and our outlook. Thank you.