As Share Price Falls, Filing A Broker Fraud Claim May Be Best Chance For Financial Recovery HOUSTON, Aug. 13, 2024 /PRNewswire/ -- Shepherd Smith Edwards and Kantas (investorlawyers.com) is offering free, no obligation case consultations to American Healthcare REIT (NYSE:AHR) investors. The real estate investment trust saw its shares drop almost 3% on August 6, 2024 as the lock-up period for legacy nontraded REIT shareholders concluded. A product of the merger between Griffin-American Healthcare REIT III, G ...

Financial Data and Key Metrics Changes - In Q2 2024, the company reported a 15.7% same-store net operating income (NOI) growth, with a year-to-date growth of 14.4% [5][17] - The normalized funds from operations (NFFO) guidance for the full year 2024 has been increased to a range of $1.23 to $1.27 per fully diluted share, reflecting a $0.04 increase to the midpoint of earnings guidance [17][18] - The net debt to annualized adjusted EBITDA ratio improved to 5.9x as of the end of Q2 2024, down from 6.4x at the end of Q1 2024 [21] Business Line Data and Key Metrics Changes - The integrated senior health campuses segment is expected to grow between 18% and 20% in 2024, while the SHOP segment is projected to achieve 45% to 50% NOI growth [18] - The same-store NOI for the integrated senior health campuses segment grew by 24.1% year-over-year in Q2 2024 [10] - The SHOP segment achieved a 49.1% year-over-year same-store NOI growth in Q2 2024, driven by occupancy gains and accelerating revenue per occupied room (RevPOR) growth [14][15] Market Data and Key Metrics Changes - Assisted living occupancy reached approximately 85% in Q2 2024, matching pre-COVID levels, with the company's same-store integrated senior health campus and SHOP segment occupancies exceeding the industry average [7][8] - The skilled nursing occupancy remains well above the industry average, with a sequential increase in occupancy noted [11] Company Strategy and Development Direction - The company is focused on three strategic pillars: ensuring quality care and positive health outcomes, committing to strong operating performance, and demonstrating prudent capital allocation [9] - The management expressed optimism about the growth prospects in the healthcare real estate sector, expecting robust performance over the next 3 to 5 years [6] Management's Comments on Operating Environment and Future Outlook - Management noted that the demand for healthcare real estate remains strong, driven by an aging population, prompting an increase in guidance for same-store NOI growth [5][6] - The reimbursement environment for skilled nursing is improving, with expectations for continued positive rate growth [27] Other Important Information - The company plans to sell approximately $50 million of additional noncore properties for the remainder of the year, bringing total sales proceeds for 2024 to approximately $65 million [22][23] - The company received approximately $1.8 million in nonrecurring recoveries from former tenants, contributing slightly more than $0.01 per share increase to Q2 2024 earnings [20] Q&A Session Summary Question: Insights on Trilogy's rate growth - Trilogy's business consists of 55% skilled nursing and 45% senior housing, with year-over-year rate growth of 6.5% to 7% for senior housing and 9.3% for private pay skilled nursing [26][27] Question: Delay in asset sales - The delay in asset sales is attributed to buyers being more cautious in their due diligence, influenced by lenders' expectations [29][30] Question: Margin expansion potential for integrated health campuses - The expectation is to surpass pre-COVID margins, with reimbursement improvements and higher occupancy levels contributing to this growth [34] Question: Update on potential buyout of Trilogy - The company has flexibility regarding the buyout of Trilogy, with options for cash or preferred stock, and aims to close the deal efficiently [42] Question: Dividend payout ratio expectations - The payout ratio is expected to improve, potentially falling below 100% for the year, driven by faster-than-anticipated occupancy increases [55][56]

Financial Performance - For the three months ended June 30, 2024, total revenues and grant income increased to $504,581,000, up from $467,571,000 in the same period of 2023, representing an increase of 7.2%[185]. - Integrated senior health campuses generated resident fees and services revenue of $393,774,000 for the three months ended June 30, 2024, compared to $362,856,000 in 2023, reflecting an increase of 8.5%[185]. - The SHOP segment saw an increase in resident fees and services revenue by $16,473,000 for the three months ended June 30, 2024, primarily due to the acquisition of 14 senior housing properties in February 2024[187]. - The company reported net cash used in investing activities of $(65,534,000) for the six months ended June 30, 2024, compared to net cash provided of $9,687,000 for the same period in 2023[209]. - The net income for the three months ended June 30, 2024, was $2,926,000, compared to a net loss of $11,867,000 for the same period in 2023[225]. - Funds from operations (FFO) attributable to controlling interest for the six months ended June 30, 2024, was $49,594,000, a 91.1% increase from $39,265,000 for the same period in 2023[215]. - The normalized FFO attributable to controlling interest for the six months ended June 30, 2024, was $74,838,000, up from $44,376,000 in the same period of 2023[225]. - Net operating income (NOI) for the three months ended June 30, 2024, was $88,694,000, an increase of 10.5% compared to $80,369,000 for the same period in 2023[228]. Property and Leasing Information - As of June 30, 2024, the company owned and/or operated 318 buildings with a total gross leasable area of approximately 19,455,000 square feet, representing an aggregate contract purchase price of $4,612,670,000[170]. - As of June 30, 2024, the company's properties were 91.3% leased, with 4.2% of the leased gross leasable area scheduled to expire during the remainder of 2024[178]. - The total weighted average leased percentage across all property types was 91.3% as of June 30, 2024, slightly down from 92.5% in 2023[183]. - The remaining weighted average lease term for properties, excluding SHOP and integrated senior health campuses, was 6.6 years as of June 30, 2024[178]. - The total contractual obligations as of June 30, 2024, amounted to $2,964,187,000, including principal and interest payments on fixed and variable-rate debt[203]. Business Segments - The company operates through four reportable business segments: integrated senior health campuses, outpatient medical (OM), senior housing operating properties (SHOP), and triple-net leased properties[180]. - The company has modified its evaluation of business operations, resulting in a change in segment reporting to better reflect its operational structure[160]. - The total number of integrated senior health campuses increased to 126 in 2024 from 123 in 2023, with an aggregate purchase price contract of $2,012,932,000[183]. - Integrated senior health campuses reported property operating expenses of $348,466,000 for Q2 2024, representing 88.5% of revenue, compared to $328,696,000 and 89.0% in Q2 2023[190]. - The SHOP segment's total resident fees and services revenue for the six months ended June 30, 2024, reached $123,235,000, up from $94,626,000 in 2023, marking a 30.2% increase[185]. Costs and Expenses - The company has experienced increased costs due to inflation, leading to higher than average annual rent and care fee increases for existing residents in 2023 and 2024[176]. - Total property operating expenses for integrated senior health campuses increased to $348,466,000 for the three months ended June 30, 2024, compared to $328,696,000 in 2023, an increase of 6.0%[190]. - The company experienced an increase in costs due to inflation, impacting variable-rate debt and overall operating expenses[177]. - Total property operating expenses for the company increased to $402,564,000 in Q2 2024, or 87.9% of revenue, from $372,549,000 and 89.3% in Q2 2023[190]. - Interest expense decreased to $30,208,000 in Q2 2024 from $35,997,000 in Q2 2023, primarily due to a reduction in debt balances[195]. Capital and Financing - The company issued 64,400,000 shares of Common Stock in February 2024, raising a total of $772,800,000 in gross offering proceeds[168]. - Aggregate borrowings outstanding under credit facilities were $784,500,000 as of June 30, 2024, with $765,500,000 available on such facilities[205]. - The company had $1,253,419,000 in outstanding fixed-rate and variable-rate mortgage loans payable as of June 30, 2024, with a weighted average effective interest rate of 4.86% per annum[219]. - The company has an aggregate borrowing capacity of $1,550,000,000 under its credit facilities, with $784,500,000 outstanding as of June 30, 2024[205]. - The company anticipates that its liquidity sources will be sufficient to meet cash requirements for the next 12 months[200]. Shareholder Distributions - Distributions paid in cash increased to $49,594,000 for the six months ended June 30, 2024, compared to $43,086,000 for the same period in 2023[213]. - The company expects to continue quarterly distributions of $0.25 per share, equating to an annualized rate of $1.00 per share, dependent on financial conditions[212]. - The board suspended the DRIP offering on November 14, 2022, and current participants will receive cash distributions instead[211]. - The company is required to distribute a minimum of 90% of its REIT taxable income to maintain its REIT status[217].

[Executive Summary & Key Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Key%20Highlights) This section provides an overview of American Healthcare REIT's strong Q2 2024 performance and management's positive outlook for continued growth [Second Quarter 2024 Performance Highlights](index=1&type=section&id=Second%20Quarter%202024%20Performance%20Highlights) American Healthcare REIT reported strong Q2 2024 performance with **GAAP net income of $2.9 million**, **diluted NFFO per share of $0.33**, and **15.7% total portfolio same-store NOI growth**, alongside an improved net debt to annualized Adjusted EBITDA ratio of **5.9x** - The company's Q2 2024 GAAP net income was **$2.9 million**, compared to a GAAP net loss of **$11.9 million** in Q2 2023[1](index=1&type=chunk) - Total portfolio same-store NOI grew by **15.7%**, with SHOP properties increasing by **49.1%** and ISHC properties by **24.1%**[2](index=2&type=chunk) - The company's net debt to annualized Adjusted EBITDA ratio improved from **6.4x** as of March 31, 2024, to **5.9x** as of June 30, 2024[3](index=3&type=chunk) Diluted GAAP Net Income Per Share and NFFO Per Share | Metric | Q2 2024 | Q2 2023 | | :----------------------------------- | :------------- | :------------- | | Diluted GAAP Net Income Per Share | $0.01 | $(0.19) | | Diluted NFFO Per Share | $0.33 | - | [Management Commentary](index=1&type=section&id=Management%20Commentary) Management expressed satisfaction with strong H1 2024 growth exceeding expectations, leading to revised upward guidance for same-store NOI and NFFO, with high growth anticipated through 2025 due to long-term care supply-demand imbalances - Company President and CEO Danny Prosky stated that H1 2024 growth exceeded expectations, leading to an upward revision of same-store NOI growth and NFFO guidance[4](index=4&type=chunk) - Management anticipates high levels of same-store NOI growth will continue into **2025** due to existing supply-demand imbalances in the long-term care sector[4](index=4&type=chunk) [Second Quarter and Year-to-Date 2024 Results](index=2&type=section&id=Second%20Quarter%20and%20Year-to-Date%202024%20Results) This section details the company's financial and operational performance for Q2 and H1 2024, including same-store NOI growth and consolidated financial statements [Same-Store NOI Growth Analysis](index=2&type=section&id=Same-Store%20NOI%20Growth%20Analysis) The company achieved significant portfolio same-store NOI growth in Q2 and H1 2024, primarily driven by strong ISHC and SHOP segment performance due to increased occupancy and effective expense management - Company COO Gabe Willhite stated that property performance in the ISHC and SHOP segments remains strong, with opportunities to further enhance pricing strategies to boost performance through industry-leading occupancy rates established in H1 2024[7](index=7&type=chunk) Q2 2024 Same-Store NOI Growth Rate (vs. Q2 2023) | Segment | NOI Growth/(Decline) | | :----------------------- | :------------- | | ISHC | 24.1% | | Outpatient Medical | (0.4)% | | SHOP | 49.1% | | Triple Net Lease | 2.9% | | Total Portfolio | 15.7% | H1 2024 Same-Store NOI Growth Rate (vs. H1 2023) | Segment | NOI Growth | | :----------------------- | :-------- | | ISHC | 22.0% | | Outpatient Medical | 0.3% | | SHOP | 41.4% | | Triple Net Lease | 3.6% | | Total Portfolio | 14.4% | [Consolidated Financial Statements](index=12&type=section&id=Consolidated%20Financial%20Statements) Consolidated financial statements as of June 30, 2024, show increased total assets and shareholder equity, decreased total liabilities, and a significant improvement to net income in Q2 2024, driven by revenue growth and reduced interest expenses [Condensed Consolidated Balance Sheets](index=12&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2024, total assets increased to **$4.645 billion** from **$4.578 billion** at year-end 2023, driven by net real estate investments, while total liabilities significantly decreased, leading to a substantial increase in total equity Condensed Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2024 | December 31, 2023 | Change | | :--------------------------- | :-------------- | :---------------- | :----- | | Total Assets | $4,644,615 | $4,577,933 | +$66,682 | | Net Real Estate Investments | $3,509,526 | $3,425,438 | +$84,088 | | Total Liabilities | $2,540,502 | $3,118,755 | -$578,253 | | Total Equity | $2,103,893 | $1,425,335 | +$678,558 | [Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)](index=14&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the three months ended June 30, 2024, total revenues and grants increased by **7.9%**, total expenses by **6.4%**, and the company achieved **$2.9 million net income**, a significant improvement from a **$11.9 million net loss** in Q2 2023, driven by revenue growth and reduced interest expenses Condensed Consolidated Statements of Operations Highlights (Three Months Ended June 30, in thousands) | Metric | Q2 2024 | Q2 2023 | YOY Change | | :-------------------------------- | :-------- | :-------- | :--------- | | Total Revenues and Grants | $504,581 | $467,571 | +7.9% | | Total Expenses | $472,912 | $444,565 | +6.4% | | Interest Expense | $(30,596) | $(40,990) | -25.4% | | Net Income (Loss) | $2,926 | $(11,867) | N/A | | Diluted Net Income (Loss) Per Share | $0.01 | $(0.19) | N/A | Condensed Consolidated Statements of Operations Highlights (Six Months Ended June 30, in thousands) | Metric | H1 2024 | H1 2023 | YOY Change | | :-------------------------------- | :-------- | :-------- | :--------- | | Total Revenues and Grants | $1,004,114 | $919,797 | +9.2% | | Total Expenses | $947,645 | $887,961 | +6.7% | | Interest Expense | $(67,034) | $(80,001) | -16.2% | | Net Income (Loss) | $(78) | $(39,482) | N/A | | Diluted Net Income (Loss) Per Share | $(0.02) | $(0.58) | N/A | [Full Year 2024 Guidance](index=3&type=section&id=Full%20Year%202024%20Guidance) This section outlines the company's revised full-year 2024 guidance, reflecting improved operating outlooks and the underlying assumptions [Revised Full Year 2024 Guidance](index=3&type=section&id=Revised%20Full%20Year%202024%20Guidance) American Healthcare REIT significantly raised its full-year 2024 diluted NFFO per share and total portfolio same-store NOI growth guidance, reflecting improved operating outlooks across all property segments - The upward revision in NFFO guidance is primarily attributed to increased expectations for same-store portfolio NOI growth, partially offset by anticipated higher interest expenses[3](index=3&type=chunk) Full Year 2024 Guidance Revision Comparison | Metric | Revised FY 2024 Range | Prior FY 2024 Range | Midpoint Change | | :---------------------------- | :-------------------- | :------------------ | :-------------- | | NAREIT FFO Per Share | $1.17 to $1.22 | $1.13 to $1.19 | +$0.04 | | NFFO Per Share | $1.23 to $1.27 | $1.18 to $1.24 | +$0.04 | | Total Portfolio Same-Store NOI Growth | 12.0% to 14.0% | 5.0% to 7.0% | +700 bps | | Segment Same-Store NOI Growth: | | | | | ISHC | 18.0% to 20.0% | 8.0% to 10.0% | +1000 bps | | Outpatient Medical | (0.5)% to 0.0% | (0.5)% to 0.0% | No Change | | SHOP | 45.0% to 50.0% | 25.0% to 30.0% | +2000 bps | | Triple Net Lease | 1.0% to 3.0% | 1.0% to 3.0% | No Change | [Guidance Assumptions and Non-GAAP Measures Context](index=5&type=section&id=Guidance%20Assumptions%20and%20Non-GAAP%20Measures%20Context) The company's 2024 guidance relies on specific assumptions detailed in non-GAAP reconciliation tables and supplemental financial information, with no GAAP guidance provided for total revenues and property operating and maintenance expenses due to unpredictable non-recurring items - Certain assumptions for the company's 2024 guidance can be found in the non-GAAP reconciliation tables within this earnings release and the appendix to the company's Q2 2024 supplemental financial information[9](index=9&type=chunk) - The company does not provide guidance for comparable GAAP financial measures of total revenues and property operating and maintenance expenses, as certain non-recurring and infrequent items included in GAAP measures cannot be reasonably predicted[9](index=9&type=chunk) [Operational and Capital Activities](index=5&type=section&id=Operational%20and%20Capital%20Activities) This section covers the company's transactional activities, capital market engagements, balance sheet management, and distribution declarations [Transactional Activity](index=5&type=section&id=Transactional%20Activity) In Q2 2024, the company exercised purchase options for three previously leased ISHC properties totaling approximately **$45.8 million** at a **9.1%** original lease rate, while maintaining a full-year asset sales expectation of approximately **$65 million**, with **$15.6 million** in non-core properties sold in H1 2024 - In Q2 2024, the company exercised purchase options for three previously leased ISHC properties totaling approximately **$45.8 million**[10](index=10&type=chunk) - The original lease rates for these properties were approximately **9.1%**[10](index=10&type=chunk) - The company maintains its full-year 2024 asset sales proceeds expectation of approximately **$65 million**, having sold approximately **$15.6 million** in non-core properties in H1 2024[10](index=10&type=chunk) [Capital Markets and Balance Sheet Activity](index=5&type=section&id=Capital%20Markets%20and%20Balance%20Sheet%20Activity) As of June 30, 2024, total pro rata debt was **$1.8 billion**, consolidated liquidity was approximately **$863.1 million**, and the net debt to annualized Adjusted EBITDA ratio improved to **5.9x**, with all Class T and Class I common stock converted to listed common stock post-quarter - As of June 30, 2024, the company's total pro rata debt was **$1.8 billion**, and total consolidated liquidity was approximately **$863.1 million** (including cash and undrawn credit facilities)[11](index=11&type=chunk) - As of June 30, 2024, the company's net debt to annualized Adjusted EBITDA ratio was **5.9x**[11](index=11&type=chunk) - Subsequent to quarter-end, the company completed the conversion of all Class T and Class I common stock into the company's listed common stock on **August 5, 2024**[11](index=11&type=chunk) - Company CFO Brian Peay stated that strong organic earnings growth enabled further improvement in the company's leverage profile by enhancing the net debt to annualized Adjusted EBITDA ratio[12](index=12&type=chunk) [Distribution](index=5&type=section&id=Distribution) The Board of Directors declared a quarterly cash distribution of **$0.25 per share** for all common stock classes for Q2 2024, paid on **July 19, 2024**, to shareholders of record as of **June 27, 2024** - The company's Board of Directors declared a quarterly cash distribution of **$0.25 per share** for the quarter ended June 30, 2024[13](index=13&type=chunk) - This quarterly distribution was paid on **July 19, 2024**, to shareholders of record as of **June 27, 2024**[13](index=13&type=chunk) [Non-GAAP Financial Measures and Reconciliations](index=9&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section explains the non-GAAP financial measures used by the company and provides detailed reconciliation tables to GAAP results [Explanation of Non-GAAP Financial Measures](index=9&type=section&id=Explanation%20of%20Non-GAAP%20Financial%20Measures) The company utilizes non-GAAP financial measures like EBITDA, Adjusted EBITDA, NAREIT FFO, NFFO, NOI, and same-store NOI to offer supplemental insights into operating performance, enable consistent comparisons, and assist in valuation, while acknowledging they are not GAAP substitutes - The company discloses non-GAAP financial measures such as EBITDA, Adjusted EBITDA, NAREIT FFO, NFFO, NOI, and same-store NOI, considering them useful supplements for evaluating operating performance[18](index=18&type=chunk) - EBITDA and Adjusted EBITDA are used by management for internal and external comparisons, operational decision-making, and are widely utilized by investors, lenders, credit, and equity analysts for company valuation[19](index=19&type=chunk) - FFO and NFFO provide further understanding of the company's operating performance by excluding real estate-related depreciation, amortization, and impairments[20](index=20&type=chunk) - NOI, Cash NOI, Pro Rata Cash NOI, and Same-Store NOI are considered appropriate supplemental measures to reflect the operating performance of the company's properties, as they exclude certain items unrelated to property operations[21](index=21&type=chunk) [FFO and Normalized FFO Reconciliation](index=18&type=section&id=FFO%20and%20Normalized%20FFO%20Reconciliation) The reconciliation table indicates significant year-over-year growth in NAREIT FFO and Normalized FFO attributable to controlling interests for Q2 and H1 2024, reflecting improved operating performance FFO and Normalized FFO Reconciliation (in thousands, except per share amounts) | Metric | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :---------------------------------------------------- | :-------- | :-------- | :-------- | :-------- | | Net Income (Loss) | $2,926 | $(11,867) | $(78) | $(39,482) | | NAREIT FFO Attributable to Controlling Interests | $41,746 | $27,574 | $73,044 | $39,265 | | Normalized FFO Attributable to Controlling Interests | $43,740 | $24,147 | $74,838 | $44,376 | | Diluted NAREIT FFO Per Share Attributable to Controlling Interests | $0.32 | $0.42 | $0.62 | $0.59 | | Diluted Normalized FFO Per Share Attributable to Controlling Interests | $0.33 | $0.37 | $0.64 | $0.67 | [EBITDA and Adjusted EBITDA Reconciliation](index=19&type=section&id=EBITDA%20and%20Adjusted%20EBITDA%20Reconciliation) For the three months ended June 30, 2024, **EBITDA was $79.96 million** and **Adjusted EBITDA was $82.49 million**, following adjustments for various non-cash and non-recurring items EBITDA and Adjusted EBITDA Reconciliation (Three Months Ended June 30, 2024, in thousands) | Metric | Amount (in thousands) | | :---------------------------------------------------------------------------------------------------- | :------- | | Net Income | $2,926 | | Interest Expense (including amortization of deferred financing costs, debt discount/premium, and loss on extinguishment of debt) | $30,596 | | Income Tax Expense | $686 | | Depreciation and Amortization (including amortization of lease assets and accretion of lease liabilities) | $45,750 | | **EBITDA** | **$79,958** | | Loss from Unconsolidated Entities | $1,035 | | Straight-Line Rent and Above/Below Market Rent Amortization | $(329) | | Non-Cash Equity-Based Compensation Expense | $2,765 | | Business Acquisition Costs | $15 | | Net Loss on Disposition of Real Estate Investments | $2 | | Foreign Currency Gain | $(82) | | Gain on Fair Value Change of Derivative Financial Instruments | $(388) | | Non-Recurring One-Time Items | $(489) | | **Adjusted EBITDA** | **$82,487** | [NOI and Cash NOI Reconciliation](index=20&type=section&id=NOI%20and%20Cash%20NOI%20Reconciliation) The company's Q2 2024 Net Operating Income (NOI) was **$88.69 million**, a **10.3%** year-over-year increase, while Cash NOI was **$83.14 million**, up **14.4%**, reflecting strong operating performance NOI and Cash NOI Reconciliation (in thousands) | Metric | Q2 2024 | Q2 2023 | YOY Change | H1 2024 | H1 2023 | YOY Change | | :-------------------------- | :-------- | :-------- | :--------- | :-------- | :-------- | :--------- | | Net Operating Income (NOI) | $88,694 | $80,369 | +10.3% | $170,871 | $147,254 | +16.0% | | Cash NOI | $83,135 | $72,684 | +14.4% | $160,984 | $146,049 | +10.2% | [Same-Store NOI Reconciliation](index=21&type=section&id=Same-Store%20NOI%20Reconciliation) Total portfolio same-store NOI grew by **15.7%** in Q2 2024 and **14.4%** in H1, primarily driven by significant growth in the SHOP and ISHC segments, indicating strong underlying property performance Same-Store NOI by Segment (in thousands) | Segment | Q2 2024 | Q2 2023 | YOY Change | H1 2024 | H1 2023 | YOY Change | | :----------------------- | :-------- | :-------- | :--------- | :-------- | :-------- | :--------- | | ISHC | $35,864 | $28,906 | +24.1% | $69,607 | $57,039 | +22.0% | | Outpatient Medical | $20,108 | $20,183 | -0.4% | $40,183 | $40,053 | +0.3% | | SHOP | $8,800 | $5,902 | +49.1% | $16,587 | $11,733 | +41.4% | | Triple Net Lease | $9,248 | $8,990 | +2.9% | $18,573 | $17,929 | +3.6% | | Total Same-Store NOI | $74,020 | $63,981 | +15.7% | $144,950 | $126,754 | +14.4% | [Same-Store Revenue Reconciliation](index=24&type=section&id=Same-Store%20Revenue%20Reconciliation) Total same-store revenue grew by **7.3%** in Q2 2024 and **7.2%** in H1, with significant contributions from the ISHC and SHOP segments, indicating healthy revenue generation from the core portfolio Same-Store Revenue by Segment (in thousands) | Segment | Q2 2024 | Q2 2023 | YOY Change | H1 2024 | H1 2023 | YOY Change | | :----------------------- | :-------- | :-------- | :--------- | :-------- | :-------- | :--------- | | ISHC | $204,031 | $189,254 | +7.8% | $408,316 | $379,462 | +7.6% | | Outpatient Medical | $32,023 | $31,926 | +0.3% | $64,326 | $63,765 | +0.9% | | SHOP | $43,124 | $38,589 | +11.7% | $85,521 | $76,866 | +11.3% | | Triple Net Lease | $9,790 | $9,482 | +3.3% | $19,649 | $18,932 | +3.8% | | Total Same-Store Revenue | $288,968 | $269,251 | +7.3% | $577,812 | $539,025 | +7.2% | [Earnings Guidance Reconciliation](index=26&type=section&id=Earnings%20Guidance%20Reconciliation) The detailed full-year 2024 earnings guidance reconciliation table illustrates the adjustment process from net income to NAREIT FFO and Normalized FFO, highlighting the impact of depreciation, amortization, and other non-cash items, with revised guidance reflecting higher expectations for key metrics Earnings Guidance Reconciliation (Full Year 2024, in millions, except per share amounts) | Metric | Revised FY 2024 Guidance (Low) | Revised FY 2024 Guidance (High) | Prior FY 2024 Guidance (Low) | Prior FY 2024 Guidance (High) | | :------------------------------------ | :----------------------------- | :------------------------------ | :------------------------------ | :------------------------------- | | Net Income (Loss) Attributable to Common Stockholders | $(8.80) | $(3.05) | $(4.15) | $3.19 | | NAREIT FFO Attributable to Common Stockholders | $147.30 | $151.30 | $143.11 | $150.45 | | Normalized FFO Attributable to Common Stockholders | $154.20 | $158.20 | $149.58 | $156.92 | | Diluted Net Income (Loss) Per Common Share | $(0.07) | $(0.02) | $(0.03) | $0.03 | | Diluted NAREIT FFO Per Common Share | $1.17 | $1.22 | $1.13 | $1.19 | | Diluted Normalized FFO Per Common Share | $1.23 | $1.27 | $1.18 | $1.24 | | Total Portfolio Same-Store NOI Growth | 12.00 % | 14.00 % | 5.00 % | 7.00 % | [Company Information and Disclosures](index=11&type=section&id=Company%20Information%20and%20Disclosures) This section provides essential information about American Healthcare REIT, including its business overview, supplemental disclosures, forward-looking statements, and key financial definitions [About American Healthcare REIT, Inc.](index=11&type=section&id=About%20American%20Healthcare%20REIT%2C%20Inc.) American Healthcare REIT, Inc. is a self-managed REIT that acquires, owns, and operates a diversified portfolio of clinical healthcare real estate properties across the U.S., UK, and Isle of Man, focusing on outpatient medical, senior housing, and skilled nursing facilities - American Healthcare REIT, Inc. is a self-managed real estate investment trust (REIT)[23](index=23&type=chunk) - The company acquires, owns, and operates a diversified portfolio of clinical healthcare real estate properties, primarily including outpatient medical buildings, senior housing, skilled nursing facilities, and other healthcare-related facilities[23](index=23&type=chunk) - Its properties are located in the United States, the United Kingdom, and the Isle of Man[23](index=23&type=chunk) [Supplemental Information and Conference Call](index=5&type=section&id=Supplemental%20Information%20and%20Conference%20Call) The company disclosed supplemental information for Q2 2024 on its investor relations website and held a webcast and conference call on **August 6, 2024**, to review results and conduct a Q&A session - The company has disclosed supplemental information for the period ended June 30, 2024, on its investor relations website[14](index=14&type=chunk) - The company held a webcast and conference call on **August 6, 2024**, at 1:00 PM ET to review its Q2 2024 performance[15](index=15&type=chunk) [Forward-Looking Statements](index=7&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements regarding future expectations, estimates, and projections, which are subject to known and unknown risks and uncertainties that could cause actual results to differ materially, cautioning readers against undue reliance - Certain statements in this press release, including those related to the company's expectations for interest expense savings, balance sheet, net income or loss per share, FFO per share, NFFO per share, total portfolio same-store NOI growth, segment same-store NOI growth, occupancy, NOI growth, revenue growth, margin expansion, asset purchases and sales, and the Trilogy plan, may be considered forward-looking statements[16](index=16&type=chunk) - Such forward-looking statements are based on current expectations, estimates, and projections about the industries and markets in which the company operates, as well as management's beliefs and assumptions, and involve known and unknown risks and uncertainties[16](index=16&type=chunk) - Except as required by law, the company undertakes no obligation to update or revise any forward-looking statements in this press release[16](index=16&type=chunk) [Definitions](index=27&type=section&id=Definitions) This section provides detailed definitions for key financial and operational terms used in the earnings release, ensuring clarity and consistency in reporting - Adjusted EBITDA: EBITDA excluding the impact of gains or losses from unconsolidated entities, straight-line rent and above/below market rent amortization, non-cash equity-based compensation expense, business acquisition costs, gains or losses on sales of real estate investments, unrealized foreign currency gains or losses, fair value changes of derivative financial instruments, impairment of real estate investments, impairment of intangible assets and goodwill, and non-recurring one-time items[45](index=45&type=chunk) - NAREIT FFO or FFO: Net income (loss) computed in accordance with GAAP, excluding gains or losses from sales of certain real estate assets, gains or losses on consolidation of previously held equity interests, and impairment write-downs of certain real estate assets and investments, plus real estate-related depreciation and amortization, and adjusted for unconsolidated partnerships and joint ventures[45](index=45&type=chunk) - Normalized FFO (NFFO): FFO further adjusted for the following items included in the determination of GAAP net income (loss): expensed acquisition fees and costs (i.e., business acquisition costs); amounts related to changes in deferred rent and above/below market rent amortization; non-cash impact of changes in equity instruments; non-cash or non-recurring income or expenses; non-cash impact of income tax benefits or expenses; capitalized interest; impairment of intangible assets and goodwill; amortization of debt investment settlement costs; mark-to-market adjustments included in net income (loss); gains or losses included in the extinguishment or sale of debt, hedges, foreign exchange, derivatives, or securities holdings (if the trading of such holdings is not a fundamental attribute of the business plan); and adjustments for consolidated and unconsolidated partnerships and joint ventures, such that these adjustments are reflected on the same basis as Normalized FFO[45](index=45&type=chunk)[46](index=46&type=chunk) - Same-Store NOI or SS NOI: Cash NOI for the company's same-store properties. Same-Store NOI is used to evaluate the operating performance of the company's properties, using a consistent portfolio of properties and controlling for the impact of changes in portfolio composition[46](index=46&type=chunk)

Investment Thesis - American Healthcare REIT, Inc. (AHR) focuses on nursing homes and health infrastructure, utilizing both traditional triple-net leases and RIDEA properties for operational upside [1] - AHR is experiencing a return to pre-COVID occupancy rates, currently at 91%, with a solid yield of 6.5% and demographic tailwinds supporting long-term growth [1][5] Estimated Fair Value - The estimated fair value (EFV) of AHR is calculated as EFV = EFY25 FFO (Funds from Operations) of $1.30 multiplied by a P/FFO multiple of 15.0, resulting in a target price of $19.50 [2][3] Market Conditions - The population over 80 is projected to increase by 50% over the next decade, with occupancy rates recovering from an average of 85% during COVID to pre-COVID levels of 87-90% [4] - New construction costs have risen by 36% since 2020, while absorption rates for new beds have reached record highs [5] Financial Performance - AHR operates 298 properties with 17,658 beds across 36 states and the UK, with 54% of its net asset value (NAV) derived from RIDEA properties [8][9] - Same-store net operating income for ISHC grew by 20% year-over-year, while SHOP saw a 30% increase, indicating strong operational performance [9] Strategic Initiatives - AHR plans to acquire the remaining interest in Trilogy, which operates 75% of its ISHC facilities, with a purchase option lasting until September 2025 [9][11] - The company aims to divest approximately $50 million in non-core assets in 2024 to support deleveraging and expansion goals [17] Regulatory Environment - New minimum staffing standards proposed by CMS may require additional staffing in nursing homes, but AHR believes the impact will be minimal due to existing compliance [10][11] Conclusion - AHR is positioned for growth with a strong balance sheet, a current yield of 6.5%, and favorable demographic trends, making it an attractive option for income investors [18]

To join via webcast, investors may use the following link: https://events.q4inc.com/attendee/697424546 American Healthcare REIT, Inc. is a self-managed real estate investment trust that acquires, owns and operates a diversified portfolio of clinical healthcare real estate properties, focusing primarily on outpatient medical buildings, senior housing, skilled nursing facilities and other healthcare-related facilities. Its properties are located in the United States, the United Kingdom and the Isle of Man. SO ...

Data Centers - EQIX's interconnected data centers are experiencing organic growth of 5-6% annually, but have not yet benefited from AI, which is primarily seen in large data center developments with hyperscalers like Alphabet, Microsoft, and Amazon [1] - EQIX is leveraging x-scale joint ventures to capture AI demand, believing that AI leasing will eventually drive rents higher in interconnected data centers [1] - A significant comment from Microsoft indicated that the world will need 40 EQIXs to meet the upcoming demand [1] - DLR has seen a 68% stock increase since October 2022, driven by restricted new supply and strong demand, particularly from AI [7] - DLR reported a record $252 million in annualized booking revenue in Q1 2024, with expectations of breaking this record again [7] Cell Towers - American Tower (AMT) is trading near a 13-year low AFFO multiple, indicating a bearish earnings outlook, yet maintains a growth guidance of at least 5% in US annual revenue through 2027 [2] - AMT plans to sell its India business for $2.5 billion, which, while dilutive to earnings, will reduce debt and potentially increase the price to AFFO multiple [2] - The deployment of 5G is slower than anticipated, but AMT believes every cell tower will eventually have a 5G site, with discussions already starting about 6G development [2] Triple Net REITs - NNN REIT initiated a position due to attractive relative valuation compared to shopping center REITs, with a conservative balance sheet and a weighted average maturity of 11.8 years on its debt [3] - NNN generates approximately $200 million in free cash flow annually after dividends, allowing for acquisitions of about $500 million in new properties each year without increasing leverage [3] - Realty Income (O) is leveraging its size to borrow in international markets at lower rates, achieving 7.8% year-one cash yields on acquisitions [3] Multifamily and SFR - Sun Belt apartment REITs are seeing gradual improvements in lease rate growth, while Coastal apartment REITs are experiencing stronger growth due to robust fundamentals [4] - The transaction market is gradually improving, with significant deals like Blackstone's acquisition of AIR Communities helping to narrow the bid-ask spread [4] - The SFR sector is benefiting from a 28% disparity between in-place rents and homeownership costs, with stable occupancy around 97% and blended lease spreads exceeding 5% [10] Self-Storage - Despite negative move-in rates, management teams express optimism due to better-than-expected occupancy levels, anticipating that the sector will capitalize on a housing market recovery [18] Office - Office REITs are experiencing a bifurcation, with a national vacancy rate of 20%, but A-quality buildings seeing only 12% vacancy [16] - The return-to-work trend is improving, and REITs are well-capitalized, positioning them to capture market share [16] Conclusion - The overall outlook for the commercial real estate industry is improving, driven by a decline in development activity and a normalization of interest rate volatility, which is expected to enhance transaction activity [17]

Financial Data and Key Metrics - The company reported $0.30 per fully diluted share of normalized funds from operations in Q1 2024, driven by a 13% same-store net operating income (NOI) growth in the combined portfolio [30] - Same-store NOI growth for the SHOP segment was 33.5% year-over-year, while the integrated Senior Health campuses segment saw a 19.9% increase [30] - The company raised $773 million through an offering of 64.4 million shares and used the proceeds to pay down $722 million of high-interest floating-rate debt, improving the net debt to annualized adjusted EBITDA ratio by over two times [31] - Liquidity at the end of Q1 2024 stood at approximately $915 million, including cash on hand and undrawn credit lines [33] Business Line Performance - The integrated senior health campuses segment saw a 20% increase in same-store NOI in Q1 2024, driven by a 160 basis points increase in occupancy to 86.2% [18] - The SHOP segment achieved an 85.7% occupancy rate in Q1 2024, up from 78.6% in Q1 2023, resulting in a 700 basis points improvement year-over-year [21] - NOI margins in the SHOP segment increased by 360 basis points to 18.4% in Q1 2024, driving a 30% year-over-year increase in same-store NOI [21] - The outpatient medical segment is expected to see flat to slightly negative NOI growth in 2024, while the triple-net lease segment is projected to grow by 1% to 3% [34] Market Performance - The company closed on the acquisition of 14 properties in Oregon, containing 856 beds, at an attractive pricing of $110,000 per bed [14] - The company expects to sell an additional $45 million to $50 million of non-core assets in 2024, with potential for more depending on market conditions [38] - The company is focusing on growing its SHOP portfolio, with the Oregon transaction being a key example of this strategy [44] Strategic Direction and Industry Competition - The company is focusing on three main areas: quality care for residents, strong operating performance, and measured capital allocation to take advantage of attractive risk-adjusted returns in the market [16] - The company believes the supply/demand imbalance in the long-term care sector, driven by demographic trends and limited new supply, creates a positive environment for growth [13] - The company is leveraging its expertise in asset management to optimize underperforming properties and drive operational gains [20] Management Commentary on Operating Environment and Future Outlook - The company is maintaining its full-year guidance for same-store NOI growth of 5% to 7% in 2024, with expectations of 8% to 10% growth in the integrated senior health campuses segment and 25% to 30% growth in the SHOP segment [34] - The company is cautious about updating guidance too early in the year but remains bullish on the demographic tailwinds and limited new supply in the industry [48] - The company expects to continue seeing strong occupancy and NOI growth, particularly in the SHOP and integrated senior health campuses segments [19][22] Other Important Information - The company has successfully reduced agency labor expenses in the SHOP segment, returning staffing levels to pre-pandemic norms [23] - The company is monitoring the potential impact of new CMS staffing requirements for skilled nursing facilities but expects minimal impact due to its partnership with Trilogy, which already exceeds the minimum staffing requirements [25][27] - The company is exploring opportunities to acquire properties opportunistically, with a focus on Trilogy and the SHOP segment [44] Q&A Session Summary Question: Guidance and Same-Store Pool - The company confirmed that the guidance provided six weeks ago already accounted for the current same-store pool, and the increase in properties did not significantly alter the guidance [41] Question: Acquisition Environment - The company sees the best risk-adjusted returns within Trilogy and the SHOP segment, with the Oregon transaction being a key example of growth opportunities [44] Question: Same-Store NOI Guidance Deceleration - The company explained that the strong Q1 performance was driven by significant occupancy gains, but it is cautious about assuming the same trajectory for the rest of the year [48][49] Question: Trilogy Buyout Funding and Timing - The company has flexibility in funding the Trilogy buyout, potentially using cash, preferred equity, or a mix, with timing dependent on market conditions and asset sales [52][53] Question: SHOP RevPAR Growth - The company expects SHOP RevPAR growth to accelerate throughout the year, driven by higher occupancy and reduced concessions [59][60] Question: Transaction Environment and Cap Rates - The company has been selling non-core outpatient medical buildings at cap rates in the mid-6s to low 7s, with a focus on achieving attractive pricing [61] Question: Trilogy Staffing Levels - Trilogy already exceeds the minimum staffing requirements, with a significant operational advantage through its internal Flex Force labor pool [65][66] Question: Near-Term Trilogy Investments - The company is focusing on lease buyouts and independent living villa projects, with plans to slow down new campus developments due to capital constraints [69][71] Question: Triple-Net Lease NOI Growth - The company expects triple-net lease NOI growth to moderate to 1% to 3% in 2024, after benefiting from one-time factors in Q1 [91][92] Question: Oregon SHOP Portfolio - The company was the original lender on the Oregon SHOP portfolio and found minimal deferred maintenance, with no significant CapEx required [94][95] Question: Trilogy Interest Purchase - The company paid $32 million for the Trilogy interest, a pre-negotiated price that reflects the growth in Trilogy's value over the years [97][98]

Operating Expenses - Total property operating expenses for integrated senior health campuses increased to $351.142 million (89.3% of revenue) in Q1 2024, up from $328.361 million (90.8%) in Q1 2023, driven by higher occupancy and increased labor costs[204] - SHOP segment property operating expenses rose to $52.487 million (89.0% of revenue) in Q1 2024, compared to $41.785 million (89.2%) in Q1 2023[204] - Total rental expenses decreased to $13.727 million (29.0% of revenue) in Q1 2024 from $15.195 million (34.9%) in Q1 2023, with OM segment expenses at $13.089 million (38.4%) and triple-net leased properties at $638,000 (4.8%)[204] - General and administrative expenses decreased by $1.225 million to $11.828 million in Q1 2024, primarily due to a $1.315 million reduction in professional and legal fees[207] - Depreciation and amortization expenses decreased by $1.903 million in Q1 2024, mainly due to the full amortization of $885,000 in-place leases and real estate dispositions in the SHOP segment[210] - Total property operating expenses for the SHOP segment increased by $6.4 million due to the acquisition of 14 senior housing properties in February 2024[205] - Depreciation and amortization expenses decreased to $42,767,000 in Q1 2024 from $44,670,000 in Q1 2023, primarily due to lower amortization of intangible assets[209] - Rental expenses for the OM segment decreased in Q1 2024 compared to Q1 2023, primarily due to the disposition of OM buildings since March 31, 2023[206] Revenue Growth - Total revenues for the three months ended March 31, 2024, were $499.5 million, compared to $452.2 million for the same period in 2023[199] - Resident fees and services revenue increased by $31.4 million for the integrated senior health campuses segment, primarily due to increased resident occupancy and higher billing rates[200] - The SHOP segment's resident fees and services revenue increased by $12.1 million, driven by acquisitions and transitioning properties to a RIDEA structure[201] - Real estate revenue for the triple-net leased properties segment increased by $7.2 million, primarily due to transitioning properties to a RIDEA structure[202] - Integrated senior health campuses segment revenue grew by $31.4 million in Q1 2024, primarily due to increased resident occupancy and higher billing rates[200] - SHOP segment revenue increased by $12.1 million in Q1 2024, driven by acquisitions and transitioning properties to a RIDEA structure[201] - Triple-net leased properties segment revenue rose by $7.2 million in Q1 2024, largely due to transitioning SNFs to a RIDEA structure[202] Financial Performance and Metrics - Net loss for Q1 2024 improved to $(3.0) million from $(27.6) million in Q1 2023, driven by increased resident occupancies and higher billing rates[242] - NAREIT FFO attributable to controlling interest increased to $31.3 million in Q1 2024 from $11.7 million in Q1 2023, reflecting stronger operational performance[242] - Normalized FFO attributable to controlling interest rose to $31.1 million in Q1 2024 from $20.2 million in Q1 2023, supported by higher resident fees and services revenue[242] - FFO, a non-GAAP measure, excludes gains/losses from real estate sales, impairments, and includes depreciation and amortization related to real estate, providing insights into operational performance[238] - NAREIT FFO attributable to controlling interest increased to $31,298,000 in Q1 2024 from $11,691,000 in Q1 2023[242] - Normalized FFO attributable to controlling interest rose to $31,098,000 in Q1 2024 compared to $20,229,000 in Q1 2023[242] - Weighted average common shares outstanding increased to 104,295,142 in Q1 2024 from 66,026,173 in Q1 2023[242] - Net loss per common share improved to $(0.04) in Q1 2024 from $(0.39) in Q1 2023[242] - NAREIT FFO per common share increased to $0.30 in Q1 2024 from $0.18 in Q1 2023[242] - Normalized FFO per common share remained stable at $0.30 in Q1 2024 compared to $0.31 in Q1 2023[242] Capital and Financing Activities - The company issued 64.4 million shares of Common Stock in February 2024, raising $772.8 million in gross proceeds, including the full exercise of the underwriters' overallotment option[181] - The company had $17.1 million of restricted cash in loan impounds and reserve accounts to fund capital expenditures as of March 31, 2024[217] - The company's aggregate borrowing capacity under its credit facilities was $1.55 billion, with $760 million outstanding and $790 million available as of March 31, 2024[221] - Cash, cash equivalents, and restricted cash at the end of Q1 2024 were $124,531,000, compared to $88,229,000 in Q1 2023[222] - Net cash used in operating activities in Q1 2024 was $5,954,000, compared to net cash provided by operating activities of $23,862,000 in Q1 2023[222] - Net cash used in investing activities decreased by $28,096,000 in Q1 2024 compared to Q1 2023, primarily due to reduced real estate acquisitions and increased proceeds from dispositions[224] - Net cash provided by financing activities in Q1 2024 was $44,962,000, driven by $772,800,000 in gross proceeds from the 2024 Offering, partially offset by increased debt repayments[225] - Quarterly distributions paid in Q1 2024 were $16,596,000, sourced entirely from FFO attributable to controlling interest, compared to $26,492,000 in Q1 2023[229] - Total interest expense decreased to $30,021,000 in Q1 2024 from $39,206,000 in Q1 2023, driven by reduced debt balances and a gain in fair value of derivative financial instruments[212] - The company paid off $176,145,000 of variable-rate mortgage loans and $545,010,000 of variable-rate lines of credit in February 2024[212] - Net cash provided by financing activities for Q1 2024 was $44,962,000, primarily due to $772,800,000 in gross offering proceeds from the issuance of Common Stock, partially offset by $47,534,000 in offering costs[225] - Distributions paid in cash for Q1 2024 were $16,596,000, sourced entirely from proceeds from borrowings, compared to $26,492,000 in Q1 2023, which was 90.1% sourced from cash flows from operations[229] - The company's board has authorized a quarterly distribution of $0.25 per share since Q1 2023, equating to an annualized distribution rate of $1.00 per share[227] - Net cash used in investing activities decreased by $11,328,000 in Q1 2024 compared to Q1 2023, driven by reduced cash paid for real estate investments and increased proceeds from dispositions[224] - The company's REIT qualification requires distributing at least 90.0% of REIT taxable income, with a safe harbor allowing distributions in cash and stock, provided the cash component is at least 20.0%[232] - FFO (Funds from Operations) for Q1 2024 was $16,596,000, sourced entirely from FFO attributable to controlling interest, compared to $11,691,000 (44.1%) in Q1 2023[229] Real Estate and Property Operations - The company operates through four reportable business segments: integrated senior health campuses, outpatient medical (OM), triple-net leased properties, and SHOP, with no changes to historical results despite the segment name change from MOBs to OM[175] - As of March 31, 2024, the company owned 97.4% of the operating partnership units, up from 95.0% as of December 31, 2023[179] - The company has approximately 112 employees and operates clinical healthcare properties in the U.S., the U.K., and the Isle of Man, utilizing the RIDEA structure for senior housing and integrated senior health campuses[178] - As of March 31, 2024, the company's properties were 91.0% leased, with 6.5% of the leased GLA scheduled to expire during the remainder of 2024[192] - The combined SHOP and integrated senior health campuses were 85.5% leased as of March 31, 2024, with most resident leases being for a term of one year or less[193] - Properties were 91.0% leased as of March 31, 2024, with 6.5% of leased GLA scheduled to expire in 2024[192] - Combined SHOP and integrated senior health campuses were 85.5% leased as of March 31, 2024, with most resident leases being for one year or less[193] - Estimated unspent discretionary expenditures for capital and tenant improvements for the remaining nine months of 2024 are $62.4 million[217] - Total contractual obligations as of March 31, 2024, amount to $2,994,182,000, including principal and interest payments on fixed and variable-rate debt, ground and other lease obligations, and financing obligations[218] - The company's aggregate borrowing capacity under the 2024 Credit Facility and the Trilogy Credit Facility is $1,550,000,000, with $760,000,000 outstanding and $790,000,000 available as of March 31, 2024[221] - Recognized a net gain of $2,263,000 on dispositions of real estate investments in Q1 2024 from the sale of two OM buildings and one SHOP[213] - The company maintains compliance with all financial and non-financial covenants related to its mortgage loans payable and lines of credit as of March 31, 2024[236] Inflation and Economic Impact - Inflation in the U.S. reached 3.5% in March 2024, impacting labor, services, energy, and supply costs, leading to higher rent and care fee increases for existing residents in 2023 and 2024[189]

EXHIBIT 99.1 Press Release Irvine, CA – May 13, 2024 Contact: Alan Peterson Email: investorrelations@ahcreit.com American Healthcare REIT ("AHR") Announces First Quarter 2024 Results American Healthcare REIT, Inc. (the "Company," "we," "our," or "us") (NYSE: AHR) announced today its first quarter 2024 results. Key Highlights: "After completing our offering and listing event in February, our main focus is on delivering strong operating performance across our property segments. The year is off to a solid star ...