American Healthcare REIT (AHR) Q1 2025 Earnings Call May 09, 2025 01:00 PM ET Company Participants Alan Peterson - Vice President of Investor Relations & FinanceDanny Prosky - President & CEOGabe Willhite - COOStefan Oh - Chief Investment OfficerBrian Peay - Chief Financial OfficerFarrell Granath - Equity Research AssociateMichael Carroll - Managing Director & Head of US Real Estate ResearchRonald Kamdem - Managing Director & Head of US REITs and CRE ResearchJoe Dickstein - VP - Equity Research Conference C ...

Financial Data and Key Metrics Changes - The company reported normalized funds from operations (NFFO) of $0.38 per fully diluted share, representing an increase of over 26% compared to Q1 2024 [25] - The net debt to annualized adjusted EBITDA stood at 4.5 times at the end of the quarter [11][28] - Full year 2025 same store NOI growth targets were increased to a range of 9% to 13% from a prior range of 7% to 10% [26] Business Line Data and Key Metrics Changes - The company achieved 15.1% same store NOI growth year over year in Q1 2025, driven by the operating portfolio, particularly the Trilogy and SHOP segments [8][12] - Trilogy reported a year-over-year same store NOI growth of 19.8%, while SHOP experienced a growth of 30.7% in Q1 2025 [12] - The Trilogy segment's same store NOI growth guidance was revised upward to a range of 12% to 16% from a previous range of 10% to 12% [27] Market Data and Key Metrics Changes - The company noted a sharp uptick in move-ins since the end of Q1, indicating strong demand in the assisted living market [9][70] - The company is experiencing favorable fundamentals in the senior housing industry, benefiting from a multi-year tailwind [9] Company Strategy and Development Direction - The company is focused on delivering high-quality care and improving health outcomes, which is central to its operational strategy [6][7] - The investments team is actively identifying new growth opportunities and has a pipeline of over $300 million in potential acquisitions [20] - The company is prioritizing partnerships with market leaders and expanding its operator base to enhance growth opportunities [10][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth across the operating portfolio, particularly as demand for assisted living care increases in warmer months [9] - The company anticipates that the senior housing industry will continue to benefit from favorable demographics and demand trends [9][15] - Management highlighted the importance of quality care and operational efficiency as key drivers for future success [95] Other Important Information - The company successfully closed a lease buyout of a Trilogy campus for approximately $16.1 million and acquired a $65 million SHOP community [19] - The company raised approximately $48 million through its ATM program at an average price of $30.22 per share [25] Q&A Session Summary Question: Can you provide more detail on the investment pipeline and expected close? - Management indicated that the pipeline is robust, with transactions expected to close mostly in the fourth quarter, depending on regulatory approvals [33][34] Question: How is the company thinking about its MOB and triple net portfolio? - The company has been selling off non-core MOB assets, focusing on higher risk-adjusted returns in long-term care [38][41] Question: Can you share details on the investment pipeline's competitiveness and economics? - The pipeline consists of over $300 million, primarily newer buildings, with attractive pricing and yields [46][47] Question: What is the expected impact of tariffs on the business? - Management believes the company is well-positioned to handle potential impacts from tariffs, with a focus on maintaining pricing power [76][79] Question: Can you elaborate on the recent uptick in move-ins and pricing strategies? - The company has seen a significant increase in move-ins, with a focus on reducing concessions and implementing dynamic pricing strategies [70][72] Question: How does Trilogy support SHOP operational efficiency? - Trilogy provides resources such as revenue management and training to regional operators, enhancing overall operational efficiency [95][96]

National Health Investors (NHI) Q1 2025 Earnings Call May 06, 2025 10:00 AM ET Company Participants Dana Hambly - VP - Finance & IREric Mendelsohn - President, CEO & Board MemberKevin Pascoe - CIOJohn Spaid - CFORichard Anderson - Managing Director - Equity ResearchJuan Sanabria - Managing DirectorFarrell Granath - Equity Research AssociateOmotayo Okusanya - Managing Director Conference Call Participants Austin Wurschmidt - Senior Equity Research Analyst Operator Greetings. Welcome to National Health Invest ...

Financial Data and Key Metrics Changes - Same property NOI grew by 6.1% in Q1 2025, reaching $47.3 million, driven by strong demand and effective lease management [6][13] - NAREIT FFO for the quarter totaled $37.2 million or $0.48 per diluted share, representing a 6.7% increase year-over-year [13] - Core FFO rose 4.5% year-over-year to $0.46 per share, supported by internal growth and acquisitions [14] - The company declared an annualized dividend payment of $0.95 per share, a 5% increase over the previous year [15] Business Line Data and Key Metrics Changes - The portfolio remains highly leased, with small shop lease occupancy achieving a record high of 93.4%, up 130 basis points from last year [17] - The total portfolio ABR ended Q1 at $20.21 per square foot, reflecting a 3.1% increase compared to Q1 2024 [18] - The company executed 256,000 square feet of new leases and renewals during the quarter, achieving a retention rate of 90% [17] Market Data and Key Metrics Changes - 90.7% of net operating income is generated from the Sunbelt region, which continues to be a top-performing retail market [6] - The company is actively pursuing acquisitions in high-growth markets such as Asheville, Charlotte, Charleston, San Antonio, and Orlando [11] Company Strategy and Development Direction - The company is focused on necessity-based open retail centers in Sunbelt markets, which have shown resilience despite economic challenges [5][6] - Plans to exit California are underway, with expectations to significantly reduce investments in the state in 2025 [9][10] - The capital allocation plan includes evaluating asset sales and capital recycling to enhance the portfolio with high-quality necessity-based tenants [11][12] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic about the economic environment, citing strong tenant health and minimal exposure to recent retail bankruptcies [7][19] - The company anticipates some impact on same property NOI later in the year due to announced bankruptcies, but expects to maintain guidance for same property NOI growth of 3.5% to 4.5% [15][19] Other Important Information - The company maintains a low leverage ratio of 23.4%, allowing for opportunistic growth without relying heavily on capital markets [14][12] - The current pipeline for acquisitions stands at $1.5 to $2 billion, focusing on grocery-anchored centers [11] Q&A Session Summary Question: How does the company expect to achieve the 3.5% to 4.5% same store NOI growth for the year after a strong Q1? - Management indicated that while Q1 was strong, there are factors such as anticipated bad debt and unique Q1 circumstances that may lead to deceleration in the following quarters [21][22][25] Question: What is the reception and pricing expectation for the California assets currently on the market? - Management reported strong interest in the California assets, with several in the due diligence phase, and expressed confidence in potential pricing outcomes [33][34] Question: Has there been any change in leasing conversations post-April 2 amid macro uncertainty? - Management noted that leasing demand remains healthy and conversations with tenants have not changed significantly [35][36] Question: What is the company's strategy regarding capital recycling and market expansion? - Management confirmed that capital recycling involves selling lower cap rate California assets and reinvesting in higher-yielding opportunities, with a focus on maintaining quality in smaller markets [41][42][48]

Ventas (VTR) Q1 2025 Earnings Call May 01, 2025 10:00 AM ET Company Participants Bill Grant - Investor RelationsDebra Cafaro - Chairman & CEOJustin Hutchens - Executive Vice President, Senior Housing and CIORobert Probst - Executive VP & CFOJames Kammert - Managing DirectorMichael Carroll - Managing Director & Head of US Real Estate ResearchVikram Malhotra - Managing DirectorJeffrey Spector - Managing DirectorRichard Anderson - Managing Director - Equity ResearchOmotayo Okusanya - Managing DirectorJuan Sana ...

Whitestone REIT Q1 2025 Earnings Presentation Industry Leaders in High- Value Shop Space The Value of Shop Space "Shop Spaces" are the smaller spaces within centers, often in the high-demand 1,500 – 3,000 square foot range that suit regional or local service-based tenants | | Higher Growth | More Durable Cash Flows | | --- | --- | --- | | ➢ | Shop Spaces command higher rents and higher | ➢ Whitestone's underwriting assesses the full strength | | | contractual escalators due to the overall demand for | of th ...

American Healthcare REIT (AHR) Q4 2024 Earnings Call February 28, 2025 01:00 PM ET Company Participants Alan Peterson - Vice President of Investor Relations & FinanceDanny Prosky - President & CEOGabe Willhite - COOStefan Oh - Chief Investment OfficerBrian Peay - Chief Financial OfficerRonald Kamdem - Managing Director & Head of US REITs and CRE ResearchFarrell Granath - Equity Research AssociateMichael Carroll - Managing Director & Head of US Real Estate Research Conference Call Participants Michael Griffi ...