Core Insights - Chilton Capital Management's REIT Team is led by experienced co-portfolio managers Bruce Garrison and Matt Werner, focusing on publicly traded real estate investment trusts (REITs) and related entities primarily in North America [1] - The REIT Team emphasizes the advantages of public REITs, including liquidity, transparency, and total return characteristics, which enhance diversification across various dimensions [1] - The investment strategy combines real estate industry experience with traditional security analysis methods to make informed investment decisions [1] Company Overview - Chilton Capital Management is an independently owned firm established in 1996, providing investment advisory services to a range of clients including registered investment companies, private clients, family offices, endowments, foundations, retirement plans, and trusts [1] - The REIT Team manages Separately Managed Accounts (SMAs) for high net worth individuals and institutions, and serves as a sub-advisor for the West Loop Realty Fund [1] Investment Strategy - The REIT Team's investment approach focuses on traditional methods of security analysis, including research, critical thought, and analytical depth, which are essential to their investment process [1] - The property types targeted by the REIT Team include apartments, regional malls, shopping centers, lodging, office, industrial, self-storage, data centers/cell towers, and various healthcare-related facilities [1]

Core Viewpoint - American Healthcare REIT, Inc. is set to release its second quarter 2025 earnings on August 7, 2025, after market close [1] Group 1: Earnings Release Information - The earnings release for the second quarter of 2025 will be available on August 7, 2025, after trading hours [1] - A public conference call will take place on August 8, 2025, at 10:00 a.m. Pacific Time / 1:00 p.m. Eastern Time to discuss the earnings results [2] - Investors can access the conference call via a provided webcast link or by dialing specific phone numbers [2] Group 2: Company Overview - American Healthcare REIT, Inc. is a real estate investment trust that focuses on acquiring, owning, and operating a diversified portfolio of clinical healthcare real estate [3] - The company's primary focus areas include senior housing communities, skilled nursing, and outpatient medical buildings, with operations in the United States, the United Kingdom, and the Isle of Man [3]

Core Viewpoint - American Healthcare REIT, Inc. has declared a quarterly distribution of $0.25 per share for the quarter ending June 30, 2025, payable on or about July 18, 2025 [1]. Company Overview - American Healthcare REIT, Inc. is a real estate investment trust (REIT) that focuses on acquiring, owning, and operating a diversified portfolio of clinical healthcare real estate, primarily targeting senior housing communities, skilled nursing, and outpatient medical buildings across the United States, the United Kingdom, and the Isle of Man [2].

Core Insights - The article discusses the investment landscape in the real estate sector, particularly focusing on the performance and potential of various real estate investment trusts (REITs) and housing-related companies [2][3]. Group 1: Company Insights - Hoya Capital Research & Index Innovations is affiliated with Hoya Capital Real Estate, providing investment advisory services and market commentary focused on publicly traded securities in the real estate industry [2]. - The commentary emphasizes that it is for informational and educational purposes only, and does not constitute investment, tax, or legal advice [2]. Group 2: Industry Insights - The real estate industry is highlighted as having unique risks associated with investments in real estate companies and housing industry companies, as well as investments in ETFs [2]. - The article notes that past performance of market data does not guarantee future results, indicating the inherent volatility and unpredictability of the real estate market [3].

Group 1 - The market shows resilience and even optimism despite increasing economic challenges, suggesting that market sentiment is a significant driver [1] - The stock market continues to rise alongside the implementation of tariffs, indicating a disconnect between economic indicators and market performance [1] Group 2 - The company is positioned as the largest real estate investment community on Seeking Alpha, boasting over 2,000 members and a perfect rating based on over 400 reviews [2] - A promotional offer is available for a limited time, allowing new members to join at a significantly reduced rate [2]

Group 1 - The population of seniors aged 80 and above in the United States is projected to increase significantly, indicating a growth trend in the senior demographic [1] - The article emphasizes the importance of high-quality dividend growth stocks for generating a safe and growing passive income stream [1] - The focus of the investment strategy is on portfolio income growth rather than total returns, with an ideal holding period described as "lifelong" [1] Group 2 - The author, Austin Rogers, is a REIT specialist with a background in commercial real estate, contributing to the High Yield Landlord investment group [1] - High Yield Landlord is noted as one of the largest real estate investment communities on Seeking Alpha, providing exclusive research and multiple real money portfolios [1]

Summary of American Healthcare REIT (AHR) 2025 Conference Call Company Overview - **Company Name**: American Healthcare REIT (AHR) - **Market Capitalization**: Approximately $6 billion - **Enterprise Value**: Approximately $7 billion - **Portfolio**: About 300 clinical healthcare real estate properties - **Unique Structure**: 70% of the portfolio is managed under RIDEA (Real Estate Investment and Development in Elderly Affairs) rather than leased, allowing AHR to retain bottom line earnings [9][10][12] Industry Dynamics - **Demographic Trends**: The oldest baby boomers will turn 80 next year, leading to a significant increase in demand for senior housing over the next 15 years [11] - **Supply Constraints**: There has been a significant drop in new construction starts for assisted living since 2018, exacerbated by COVID-19, rising construction costs, and increasing interest rates [12] - **NOI Growth**: AHR has experienced double-digit same-store NOI growth over the past two years, with expectations for continued growth due to favorable supply-demand dynamics in the senior housing sector [12][36] Competitive Advantages - **Managed vs. Leased Exposure**: AHR's higher exposure to managed properties (70%) compared to peers (60% or lower) allows for greater earnings retention and growth potential [13][16] - **Operator Relationships**: AHR's primary operator, Trilogy, manages about 60% of AHR's NOI and has a strong track record in integrated senior health campuses [18][20] - **Regional Focus**: AHR emphasizes building relationships with regional operators to enhance performance and accountability [30][32] Financial Performance and Guidance - **2024 Performance**: Strong performance led to optimistic growth expectations for 2025, with guidance indicating Trilogy same-store NOI growth in the low teens (13-14%) and SHOP same-store NOI growth in the low twenties [36][38] - **Earnings Growth**: Revised guidance for 2025 indicates a midpoint of $1.61 per share, up from $1.41, reflecting significant earnings growth and a reduction in leverage from 9x to 4.5x [42][44] - **Acquisition Pipeline**: AHR has a dynamic acquisition pipeline of over $300 million, focusing on managed segments to improve portfolio quality and returns [45][46][52] Risks and Mitigations - **Medicaid and Medicare Concerns**: AHR acknowledges potential risks from changes in Medicaid but believes that Trilogy's higher quality mix (less than 20% of revenue from Medicaid) mitigates these risks [60][64] - **Rate Growth**: Trilogy's ability to optimize resident mix and focus on value-based care positions it well to continue achieving rate growth despite potential regulatory changes [66][68] Key Takeaways - **Strong Demand**: The aging population and limited new supply create a favorable environment for AHR's growth in senior housing [11][12] - **Operational Excellence**: AHR's focus on managed properties and strong operator relationships are key differentiators in the competitive landscape [10][30] - **Positive Financial Outlook**: Continued double-digit growth in NOI and a robust acquisition strategy support a positive financial outlook for AHR [36][38][45]

I N V E S T O R P R E S E N T A T I O N J U N E 2 0 2 5 DISCLAIMERS FORWARD-LOOKING STATEMENTS Certain statements contained in this presentation, including statements relating to American Healthcare REIT, Inc.'s (the "Company") expectations regarding its performance, interest expense savings, balance sheet, net income or loss per diluted share, NAREIT FFO per diluted share, NFFO per diluted share, NOI growth, total portfolio Same-Store NOI growth, segment-level Same-Store NOI growth or decline, occupancy, r ...

Company Presentation - American Healthcare REIT, Inc. will present at Nareit's REITweek: 2025 Investor Conference on June 4, 2025, from 11:45 a.m. to 12:15 p.m. Eastern Time [1] - The presentation will feature CEO Danny Prosky, CFO Brian S. Peay, COO Gabe M. Willhite, and VP of Investor Relations and Finance Alan Peterson [1] - A live webcast of the presentation will be available, with a replay accessible for up to 30 days post-conference [1] Company Overview - American Healthcare REIT, Inc. is a real estate investment trust (REIT) that focuses on acquiring, owning, and operating a diversified portfolio of clinical healthcare real estate [2] - The company primarily targets senior housing communities, skilled nursing facilities, and outpatient medical buildings across the United States, the United Kingdom, and the Isle of Man [2]

Real Estate Portfolio - As of March 31, 2025, the company owned and/or operated 312 buildings with a total gross leasable area of approximately 19,031,000 square feet, representing an aggregate contract purchase price of $4,523,782,000[165]. - The integrated senior health campuses segment had a contract purchase price of $2,025,365,000 with an occupancy rate of 88.4% as of March 31, 2025[177]. - The outpatient medical (OM) segment reported a contract purchase price of $1,205,145,000 with an occupancy rate of 87.4%[177]. - As of March 31, 2025, the company’s SHOP and integrated senior health campuses were 87.6% leased, with most leases being for a term of one year or less[174]. - As of March 31, 2025, properties were 89.9% leased, with 10.0% of the leased gross leasable area (GLA) scheduled to expire during the remainder of 2025[173]. Financial Performance - Total revenues for the three months ended March 31, 2025, were $540,603,000, an increase of 8.2% compared to $499,533,000 for the same period in 2024[178]. - Resident fees and services revenue increased by $45,058,000, reaching $497,176,000 for the three months ended March 31, 2025, compared to $452,118,000 in 2024[178]. - Integrated senior health campuses segment saw a revenue increase of $30,242,000, primarily due to higher resident occupancy and increased billing rates[179]. - SHOP segment's revenue rose by $14,816,000, driven by acquisitions of senior housing properties in Washington, Oregon, and Georgia[180]. - For the three months ended March 31, 2025, the net operating income (NOI) was $94,537,000, an increase from $82,177,000 in the same period of 2024, reflecting a growth of 15.5%[222]. Operating Expenses - Total property operating expenses increased to $432,423,000, representing 87.0% of resident fees and services revenue, down from 89.3% in 2024[185]. - The total property operating expenses for integrated senior health campuses increased to $370,647,000, representing 87.5% of resident fees and services revenue for the three months ended March 31, 2025[185]. - The company’s operating expenses are expected to increase in the future due to rising occupancies and pricing of care services provided[175]. Cash Flow and Distributions - Cash flows from operating activities increased due to improved resident occupancy and expense management, resulting in a shift from net cash used to net cash provided by operating activities for the three months ended March 31, 2025, compared to the same period in 2024[199]. - Distributions paid in cash for the three months ended March 31, 2025, totaled $39,548,000, a significant increase from $16,596,000 in the same period of 2024[204]. - Quarterly distributions were authorized at $0.25 per share, equating to an annualized distribution rate of $1.00 per share, dependent on various financial factors[203]. Debt and Interest - As of March 31, 2025, the company had $1,023,241,000 in fixed-rate mortgage loans payable and $643,000,000 outstanding under its line of credit[210]. - The weighted average effective interest rate on outstanding debt was 4.39% per annum as of March 31, 2025[210]. - Interest expense decreased to $23,695,000 for the three months ended March 31, 2025, down from $30,021,000 in 2024, primarily due to reduced debt balances[188]. Impairments and Charges - The company recognized an impairment charge of $21,706,000 for one OM building for the three months ended March 31, 2025[190]. - The company reported depreciation and amortization related to consolidated properties of $41,015,000 for Q1 2025, slightly down from $42,729,000 in Q1 2024[218]. - Impairment of real estate investment for consolidated properties was $21,706,000 in Q1 2025, with no impairment reported in Q1 2024[218]. Future Expectations - The company expects revenues and expenses related to RIDEA properties to increase in the future due to overall increases in occupancies and resident fees[175]. - The company estimates capital and tenant improvement expenditures of approximately $61,066,000 for the remaining nine months of 2025[192]. - Total contractual obligations as of March 31, 2025, amount to $2,484,774,000, including $1,023,241,000 in fixed-rate mortgage loans payable[193].