Company Overview - American Healthcare REIT is a midsized but growing diversified healthcare REIT that focuses on investments in senior health campuses, particularly through its significant investment in Trilogy, which constitutes more than half of its Net Operating Income (NOI) [3]. Leadership and Structure - The leadership team includes Danny Prosky as President and CEO, Brian Peay as Chief Financial Officer, and Alan Peterson as VP of Investor Relations [2]. IPO and Market Position - The company went public approximately 1.5 years ago, with Bank of America (BofA) leading the Initial Public Offering (IPO) [2].

Summary of American Healthcare REIT Conference Call Company Overview - **Company**: American Healthcare REIT (NYSE:AHR) - **Type**: Mid-sized diversified healthcare REIT - **Key Investment**: Trilogy Health Services, which constitutes over 50% of the company's Net Operating Income (NOI) [2][3] Industry Insights - **Operating Environment**: The current operating environment for REITs is described as the best seen in 33 years, with significant organic earnings growth due to supply-demand imbalances in long-term care [3][4] - **Demand Growth**: The demand for long-term care is expected to grow significantly over the next 15 years, driven by the aging baby boomer population [4] - **Supply Constraints**: New construction starts in the healthcare sector have been low, leading to a multi-year period where demand will outstrip supply [4] Financial Performance - **Occupancy Rates**: As of the end of Q2, spot occupancy was approximately 87.5%, with strong growth observed in July and August [7][9] - **Revenue Per Occupied Room (REVPOR)**: There has been a focus on increasing REVPOR, which has shown significant growth, while occupancy rates have also improved [21][22] - **Medicare Advantage Growth**: The percentage of Medicare Advantage resident stays has increased to 7.2%, with expectations for continued growth as insurers push rates up due to demand for access to Trilogy facilities [13][14] Strategic Initiatives - **Dynamic Pricing**: The company is implementing dynamic pricing strategies across its portfolio, moving away from fixed rate sheets to more flexible pricing based on occupancy levels [30][31] - **Employee Retention**: Trilogy has a lower employee turnover rate (40-45%) compared to the industry average (80-100%), which is attributed to better employee satisfaction and career development opportunities [38][40][51] - **Acquisition Pipeline**: The company has over $350 million in its acquisition pipeline, focusing on high-quality assets that will provide organic earnings growth [58][60] Challenges and Risks - **Labor Shortages**: Labor remains a significant challenge in the industry, although the situation has improved recently. The company emphasizes the importance of being an attractive employer to retain staff [45][46] - **Regulatory Changes**: The company is monitoring potential changes in Medicaid reimbursement rates and the impact of lawsuits related to value-based payments in states like Ohio [77][78] Future Outlook - **Earnings Growth**: The company expects strong organic earnings growth over the next few years, even without new acquisitions, due to the performance of existing facilities [67] - **Market Conditions**: The current market conditions are favorable, with demand growth outpacing supply growth, which is expected to continue driving performance [64] Additional Notes - **AI Initiatives**: The company plans to increase spending on AI initiatives in the coming year [83] - **Same-Store NOI**: Expectations for same-store NOI in the sector are positive, with predictions for it to be higher next year [85][86]

Core Viewpoint - American Healthcare REIT, Inc. (AHR) has released its inaugural Corporate Responsibility Report and Task Force on Climate-related Financial Disclosures (TCFD) Report, highlighting its commitment to responsible growth and transparency in its operations [1][2]. Corporate Responsibility Report Highlights - The report outlines AHR's progress in three key areas: corporate governance, environmental responsibility, and social responsibility [3]. - AHR emphasizes strong governance practices, including enhanced board independence and the establishment of a Corporate Responsibility Committee [5]. - The company has completed its first Scope 1 and 2 greenhouse gas emissions inventory and is investing in energy-efficient updates across its properties [5]. Climate-related Risk Management - The TCFD Report details AHR's initial climate scenario analysis, assessing physical risks like extreme weather and transition risks such as regulatory developments [3]. - AHR has repositioned its portfolio to reduce exposure to high-risk geographies and standardized emissions reporting to enhance decision-making [3]. Future Plans - AHR plans to establish baseline environmental performance data and set measurable improvement targets [6]. - The company aims to expand energy- and water-efficiency initiatives and broaden leadership development and wellness programs for employees [6]. Company Overview - American Healthcare REIT, Inc. is a real estate investment trust focused on acquiring, owning, and operating a diversified portfolio of clinical healthcare real estate, primarily in senior housing, skilled nursing facilities, and outpatient medical buildings across the U.S., U.K., and Isle of Man [8].

Core Insights - Albert Anthony is a Croatian-American business author and media contributor with a focus on real estate investment trusts (REITs) [1] - He has a background in IT analysis for Fortune 500 companies and experience in financial services with Charles Schwab [1] - Anthony is launching a book on REITs in 2025 and operates his own equities research firm remotely [1] Background and Experience - The author has over 1,000 followers on Seeking Alpha and writes for various financial platforms [1] - He has participated in numerous business and innovation conferences in the EU and the US [1] - Anthony is pursuing a CMSA certification from the Corporate Finance Institute [1] Media and Digital Presence - He is active in digital media, including a YouTube channel focused on REITs [1] - The author has appeared in regional media channels in Croatia and has had roles in multiple productions [1] - Albert Anthony & Company is a sole proprietorship based in Austin, Texas, focusing on general market commentary and research [1]

Core Insights - American Healthcare REIT, Inc. will participate in a roundtable presentation at the BofA Securities Global Real Estate Conference on September 10, 2025 [1] - The company will issue its investor presentation on September 8, 2025, after market close [2] - American Healthcare REIT focuses on acquiring, owning, and operating a diversified portfolio of clinical healthcare real estate, primarily in senior housing, skilled nursing facilities, and outpatient medical buildings [3] Company Information - American Healthcare REIT, Inc. is a real estate investment trust listed on NYSE under the ticker AHR [3] - The company operates across the United States, the United Kingdom, and the Isle of Man [3] - The company has been certified as a Great Place to Work® for 2025 [6]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1][2]. Company Overview: American Healthcare REIT (AHR) - AHR currently holds a Momentum Style Score of A, indicating strong potential for momentum investing [3]. - The company has a Zacks Rank of 2 (Buy), suggesting it is positioned for outperformance in the market [4]. Performance Metrics - AHR shares have increased by 4.99% over the past week, outperforming the Zacks REIT and Equity Trust - Other industry, which rose by 4.03% [6]. - Over the past month, AHR's price change is 14.83%, significantly higher than the industry's 2.82% [6]. - In the last quarter, AHR shares rose by 21.25%, and over the past year, they have surged by 100.95%, compared to the S&P 500's increases of 11.26% and 15.64%, respectively [7]. Trading Volume - AHR's average 20-day trading volume is 1,593,853 shares, which serves as a bullish indicator when combined with rising stock prices [8]. Earnings Outlook - Recent earnings estimate revisions for AHR show positive momentum, with 2 estimates moving higher and none lower over the past two months, raising the consensus estimate from $1.63 to $1.65 [10]. - For the next fiscal year, 2 estimates have also increased, with no downward revisions during the same period [10]. Conclusion - Given the strong performance metrics and positive earnings outlook, AHR is identified as a promising momentum pick with a Momentum Score of A and a Zacks Rank of 2 (Buy) [12].

Group 1 - American Healthcare REIT (AHR) has returned 49.4% year-to-date, significantly outperforming the average Finance sector gain of 13% [4] - AHR is part of the Finance sector, which includes 869 individual stocks and currently holds a Zacks Sector Rank of 1, indicating strong performance relative to other sectors [2] - The Zacks Rank system, which emphasizes earnings estimates and revisions, currently gives AHR a Zacks Rank of 2 (Buy), suggesting a positive earnings outlook [3] Group 2 - The Zacks Consensus Estimate for AHR's full-year earnings has increased by 3.5% over the past quarter, reflecting improved analyst sentiment [4] - AHR is categorized under the REIT and Equity Trust - Other industry, which consists of 99 companies and has an average gain of 4.7% this year, further highlighting AHR's strong performance [6] - Apollo Commercial Finance (ARI), another Finance stock, has returned 20% year-to-date and has a Zacks Rank of 2 (Buy), indicating it is also performing well within the sector [5][7]

[PART I — FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) Unaudited financial statements for Q2 2025 show total assets at **$4.51 billion**, equity at **$2.46 billion**, and net income attributable to controlling interest at **$9.9 million** [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased slightly to **$4.51 billion** from **$4.49 billion** at year-end 2024, primarily due to a rise in cash and cash equivalents, while total liabilities decreased to **$2.04 billion**, leading to total equity growth to **$2.46 billion** | Financial Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | **Assets** | | | | Real estate investments, net | $3,346,121 | $3,366,648 | | Cash and cash equivalents | $133,494 | $76,702 | | **Total assets** | **$4,506,650** | **$4,488,057** | | **Liabilities** | | | | Mortgage loans payable, net | $983,510 | $982,071 | | Lines of credit and term loan, net | $549,632 | $688,534 | | **Total liabilities** | **$2,044,006** | **$2,183,895** | | **Equity** | | | | Total stockholders' equity | $2,420,997 | $2,261,231 | | **Total equity** | **$2,462,644** | **$2,303,942** | [Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20%28Loss%29) For Q2 2025, total revenues increased to **$542.5 million**, driving net income attributable to controlling interest to **$9.9 million**, and for the six-month period, the company reported net income of **$3.1 million** | Metric (in thousands, except EPS) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $542,503 | $504,581 | $1,083,106 | $1,004,114 | | Net income (loss) | $10,079 | $2,926 | $3,239 | $(78) | | Net income (loss) attributable to controlling interest | $9,908 | $1,979 | $3,104 | $(1,913) | | Diluted EPS | $0.06 | $0.01 | $0.02 | $(0.02) | [Condensed Consolidated Statements of Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity) Total equity grew from **$2.30 billion** at year-end 2024 to **$2.46 billion** by June 30, 2025, primarily due to **$236.3 million** from common stock issuance and **$3.1 million** in net income, partially offset by **$81.3 million** in distributions - For the six months ended June 30, 2025, the company issued 7,028,690 shares of common stock in an offering, raising gross proceeds of **$236.3 million**[18](index=18&type=chunk) - Distributions declared for the first six months of 2025 amounted to **$81.3 million**, or **$0.50 per share**[18](index=18&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities significantly increased to **$132.1 million** for H1 2025, while net cash used in investing activities rose to **$94.9 million**, and net cash from financing activities decreased to **$9.3 million** | Cash Flow Activity (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $132,091 | $53,448 | | Net cash used in investing activities | $(94,862) | $(65,534) | | Net cash provided by financing activities | $9,348 | $18,935 | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, business segments, real estate transactions, debt structure, and equity offerings, highlighting the ISHC segment as a key contributor - The company operates through four reportable business segments: Integrated Senior Health Campuses (ISHC), Outpatient Medical (OM), Senior Housing Operating Properties (SHOP), and triple-net leased properties[32](index=32&type=chunk) - In the first six months of 2025, the company acquired properties for an aggregate price of **$81.1 million** and disposed of six properties for **$43.4 million**, recognizing a net loss of **$3.0 million**[60](index=60&type=chunk)[61](index=61&type=chunk) - An impairment charge of **$34.4 million** was recognized for six OM buildings in the first half of 2025[62](index=62&type=chunk) - The company terminated its **$400 million** Trilogy Credit Facility on March 3, 2025[88](index=88&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes improved H1 2025 results to increased occupancy and billing rates, maintaining strong liquidity, and reporting significant year-over-year growth in FFO and Normalized FFO [Results of Operations](index=42&type=section&id=Results%20of%20Operations) Revenue growth in Q2 and H1 2025 was driven by ISHC and SHOP segments due to higher occupancy and acquisitions, partially offset by property dispositions and increased operating expenses, while interest expense decreased - ISHC segment revenue increased by **$30.1 million** in Q2 2025 and **$60.3 million** in H1 2025 year-over-year, driven by higher resident occupancy and billing rates[193](index=193&type=chunk) - SHOP segment revenue increased by **$13.2 million** in Q2 2025 and **$28.0 million** in H1 2025, boosted by acquisitions and organic growth[194](index=194&type=chunk) - Total interest expense decreased in H1 2025 compared to H1 2024, primarily due to debt paydowns using net proceeds from equity offerings[201](index=201&type=chunk) - An aggregate impairment charge of **$34.4 million** was recognized in H1 2025 for six OM buildings[204](index=204&type=chunk) [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity through cash from operations, equity issuances, and a **$600 million** available credit facility, sufficient to meet future cash requirements - As of June 30, 2025, the company had **$600 million** available for borrowing under its 2024 Credit Facility[211](index=211&type=chunk) - The board has authorized a quarterly distribution of **$0.25 per share**[216](index=216&type=chunk) | Contractual Obligations as of June 30, 2025 (in thousands) | Total (in thousands) | | :--- | :--- | | Principal payments — fixed-rate debt | $1,004,016 | | Interest payments — fixed-rate debt | $452,669 | | Principal payments — variable-rate debt | $550,000 | | Interest payments — variable-rate debt | $48,857 | | Operating lease obligations | $227,111 | | Financing and other obligations | $45,927 | | **Total** | **$2,328,580** | [Funds from Operations (FFO) and Normalized Funds from Operations](index=49&type=section&id=Funds%20from%20Operations%20%28FFO%29%20and%20Normalized%20Funds%20from%20Operations) The company reported significant year-over-year growth in Q2 2025, with NAREIT FFO increasing to **$66.8 million** and Normalized FFO rising to **$68.4 million**, driven by higher net income and adjustments | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income (loss) | $10,079 | $2,926 | $3,239 | $(78) | | NAREIT FFO attributable to controlling interest | $66,796 | $41,746 | $122,677 | $73,044 | | Normalized FFO attributable to controlling interest | $68,377 | $43,740 | $128,119 | $74,838 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate exposure on long-term debt, managed through interest rate swaps, resulting in a **4.33%** weighted average effective interest rate and no impact from a hypothetical 0.50% rate increase - The primary market risk is interest rate risk associated with long-term debt[234](index=234&type=chunk)[235](index=235&type=chunk) - As of June 30, 2025, the weighted average effective interest rate on outstanding debt, factoring in interest rate swaps, was **4.33%** per annum[240](index=240&type=chunk) - A **0.50%** increase in market interest rates would have no impact on annualized interest expense as of June 30, 2025, because all variable-rate loan balances have interest rate swap arrangements in place[240](index=240&type=chunk) [Item 4. Controls and Procedures](index=53&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[243](index=243&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter ended June 30, 2025[244](index=244&type=chunk) [PART II — OTHER INFORMATION](index=54&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=54&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently subject to any material litigation that would significantly adversely affect its financial condition or results of operations - The company is not presently subject to any material litigation[91](index=91&type=chunk)[247](index=247&type=chunk) [Item 1A. Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors) New and updated risk factors include challenges from Artificial Intelligence (AI) use, cybersecurity threats, and potential adverse impacts from federal law changes like the 'One Big Beautiful Bill Act' (OBBBA) - A new risk factor has been identified concerning the use of Artificial Intelligence (AI), which presents challenges such as potential inaccuracies, data privacy risks, and increased sophistication of cybersecurity attacks[249](index=249&type=chunk)[250](index=250&type=chunk) - The newly enacted 'One Big Beautiful Bill Act' (OBBBA) increases the REIT asset test limit for taxable REIT subsidiaries (TRSs) from **20%** to **25%** and includes an estimated **$1 trillion** in cuts to Medicaid spending, which could adversely impact financial performance[254](index=254&type=chunk)[255](index=255&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=55&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In April 2025, the company repurchased **16,708** shares of Common Stock for **$513,000** to satisfy employee tax withholding obligations related to restricted stock awards - In April 2025, the company acquired **16,708** shares of its Common Stock for **$513,000** to satisfy employee tax withholding requirements on vested restricted stock awards[256](index=256&type=chunk) [Item 3. Defaults Upon Senior Securities](index=55&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities during the period - None[257](index=257&type=chunk) [Item 4. Mine Safety Disclosures](index=55&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[258](index=258&type=chunk) [Item 5. Other Information](index=55&type=section&id=Item%205.%20Other%20Information) No directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the quarter - No directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement during the reporting period[259](index=259&type=chunk) [Item 6. Exhibits](index=56&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Quarterly Report on Form 10-Q, including corporate governance documents and required certifications - The report includes a list of filed exhibits, such as the 2025 Manager Equity Plan and certifications from the CEO and CFO pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[260](index=260&type=chunk)[262](index=262&type=chunk)

Financial Data and Key Metrics Changes - The company reported normalized FFO of $0.42 per fully diluted share, representing a 27% year-over-year increase in NFFO per share compared to Q2 2024 [22] - Net debt to EBITDA improved to 3.7 times at the end of the second quarter, down from 4.5 times on March 31 [10][23] - The company raised its full year 2025 NFFO per share guidance to a range of $1.64 to $1.68, up from a previous range of $1.58 to $1.64 [24] Business Line Data and Key Metrics Changes - Total same store NOI growth for the portfolio was 13.9% year-over-year, with Trilogy showing 18.3% growth and SHOP showing 23% growth [8][12][15] - Average daily rates across all payors in Trilogy grew by 7.8% year-over-year, while RevPOR in SHOP accelerated with a growth of 6.6% compared to the same quarter last year [12][15] - The SHOP segment's same store occupancy was above 87.5% at the end of Q2, with significant move-in activity observed [15][70] Market Data and Key Metrics Changes - Medicare Advantage now accounts for 7.2% of resident days, up from 5.8% a year ago, indicating a shift towards higher reimbursement sources [13][56] - The company anticipates continued favorable operating fundamentals due to high demand and low supply growth in the long-term care market [16] Company Strategy and Development Direction - The company emphasizes a commitment to quality resident care and high-quality health outcomes, believing this focus will drive strong financial results [7] - The acquisition strategy remains focused on high-quality long-term care assets under a RIDEA structure, with over $300 million in awarded deals in the pipeline [10][20] - The company aims to optimize its operating platform capabilities and leverage expertise across operators to enhance performance [15] Management's Comments on Operating Environment and Future Outlook - Management believes the company is in the early stages of a multi-year trend of improving operating metrics, with expectations for rising occupancies and margins [7][16] - The company is optimistic about the outpatient medical portfolio, expecting improvements in occupancy and earnings starting in Q4 [75][78] - Management noted that the demand for long-term care will continue to grow due to demographic trends, particularly as baby boomers age [28] Other Important Information - The company has been awarded the Great Place to Work certification, reflecting its commitment to employee satisfaction and quality care [10] - The company closed approximately $255 million in acquisitions year-to-date, with a robust pipeline of over $300 million in investments expected to close by year-end [19][20] Q&A Session Summary Question: What is the peak occupancy expected for the Trilogy and SHOP portfolios? - Management indicated that they believe mid-90s occupancy is achievable, with a focus on maintaining disciplined pricing strategies [31][32] Question: Can you elaborate on the recent acquisitions and pipeline? - The company is focusing on larger, newer, and higher-quality assets, with a significant portion of the pipeline being SHOP assets [35][36] Question: How will the recent ADR growth impact future performance? - The growth is attributed to an improved quality mix and management's focus on higher-paying contracts, particularly in Medicare Advantage [46][50] Question: What is the outlook for the outpatient medical portfolio? - Management expects a slight drop in occupancy in Q3 but anticipates improvements starting in Q4, with a more optimistic outlook than in previous years [75][78] Question: Is there seasonality in Medicare Advantage contract renewals? - There is no significant seasonality, but annual increases based on CMS rates occur every October [81] Question: How does the company select new operators? - The selection process is thorough, focusing on operators that align with the company's growth strategy and have a proven track record [101][104]

Portfolio Overview - The company's total annualized cash NOI is $437892 thousand, with ISHC contributing 613% ($268592 thousand), OM contributing 170% ($74256 thousand), SHOP contributing 136% ($59760 thousand), Triple-Net Leased Properties contributing 70% ($30632 thousand), and Debt Security Investment contributing 11% ($4652 thousand)[10] - The weighted average lease term for Outpatient Medical (OM) properties is 49 years, and for Triple-Net Leased Properties, it is 133 years[10] Same-Store NOI Performance - Total Same-Store NOI increased by 139% from $86835 thousand in Q2 2024 to $98911 thousand in Q2 2025[11] - Total Year-to-Date Same-Store NOI increased by 145% from $168902 thousand on 6/30/2024 to $193387 thousand on 6/30/2025[11] - SHOP Same-Store NOI increased by 230% in Q2 and 266% YTD[11] Earnings Highlights - NAREIT FFO per share - diluted increased by 281% from $032 in Q2 2024 to $041 in Q2 2025[12] - Normalized FFO per share - diluted increased by 273% from $033 in Q2 2024 to $042 in Q2 2025[12] ISHC Performance - ISHC Same-Store NOI increased by 183% in Q2 and 190% YTD[11, 17] - ISHC average occupancy increased from 867% to 889% in Q2 2025 compared to Q2 2024[17] Outpatient Medical Performance - Outpatient Medical Same-Store NOI increased by 14% in Q2 and 17% YTD[11, 22] - Outpatient Medical ending occupancy decreased slightly from 919% to 917% in Q2 2025 compared to Q2 2024[22] Triple-Net Leased Properties - Triple-Net Leased Properties Same-Store NOI increased by 14% in Q2, remaining flat YTD[11, 31] - Triple-Net Leased Properties average operator occupancy increased slightly from 880% to 889% in Q2 2025 compared to Q2 2024[31] 2025 Guidance - The company projects a FY 2025 Total Portfolio Same-Store NOI Growth of 110% - 140%[49]