Core Insights - Welltower's shares have increased by 24.1% over the past six months, significantly outperforming the industry's growth of 5.7% [1][9] Company Overview - Welltower has a diversified portfolio of healthcare real estate assets across the U.S., Canada, and the U.K. The aging population and rising healthcare expenditures among senior citizens position the company's senior housing operating (SHO) segment for growth [2][5] - The outpatient medical (OM) portfolio is expected to benefit from favorable trends in outpatient visits [2] Financial Performance - Analysts have a positive outlook on Welltower, currently holding a Zacks Rank 3 (Hold). The Zacks Consensus Estimate for its 2025 funds from operations (FFO) per share has been revised upward by three cents to $5.02 [3] - Management anticipates same-store SHO net operating income to grow between 16.5% and 21.5% in 2025 [5][9] Growth Strategies - Welltower is actively pursuing growth through acquisitions, including a planned acquisition of the Amica Senior Lifestyles portfolio for C$4.6 billion, expected to close in late 2025 or early 2026 [7] - The company is optimizing its OM portfolio and strengthening relationships with health system partners to enhance long-term growth [6] Financial Health - As of March 31, 2025, Welltower had $8.6 billion in available liquidity, including $3.6 billion in cash and a fully available $5 billion line of credit. The net debt to adjusted EBITDA ratio improved to 3.33X from 4.03X year over year [10] - Welltower's debt maturities are well-laddered, with a weighted average maturity of 5.8 years, providing financial flexibility [10] Market Outlook - The combination of an increasing senior citizen population, rising healthcare expenditures, and muted new supply is expected to support Welltower's revenue growth in the coming years [5][11]

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 ...

Core Viewpoint - Welltower (WELL) has outperformed the healthcare REIT industry, with a year-to-date stock price increase of 20.4% compared to the industry's 5.4% growth [1]. Company Overview - Welltower owns a diversified portfolio of healthcare real estate assets across the U.S., Canada, and the U.K. The aging population and increasing healthcare expenditure among senior citizens position the company's senior housing operating (SHO) segment for growth [2]. - The outpatient medical (OM) portfolio is expected to benefit from favorable trends in outpatient visits [2]. Financial Performance - Analysts have a positive outlook on Welltower, currently holding a Zacks Rank 3 (Hold). The Zacks Consensus Estimate for its 2025 funds from operations (FFO) per share has been revised upward by nearly 1% to $4.99 [3]. Growth Drivers - The senior citizens' population is projected to rise, leading to increased healthcare expenditures. The muted new supply in the industry is also a favorable factor. Welltower anticipates a 16.5-21.5% growth in same-store SHO net operating income by 2025 [5]. - The company is optimizing its OM portfolio and strengthening relationships with health system partners, which is expected to enhance long-term growth [6]. Strategic Acquisitions - Welltower is pursuing growth through acquisitions, including a contract to acquire the Amica Senior Lifestyles portfolio for C$4.6 billion, expected to close in late 2025 or early 2026. The company has also disposed of assets, completing property dispositions of $381 million and loan repayments of $123 million in Q1 2025 [7]. Financial Health - As of March 31, 2025, Welltower has $8.6 billion in available liquidity, including $3.6 billion in cash and a fully utilized $5 billion line of credit. The net debt to adjusted EBITDA ratio improved to 3.33X from 4.03X year-over-year, with a well-laddered debt maturity profile averaging 5.8 years [8]. Market Outlook - Given the positive factors outlined, the upward trend in Welltower's stock price is expected to continue in the near term [10].

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 [27] - The net debt to annualized adjusted EBITDA stood at 4.5 times at the end of the quarter [31] - Full year 2025 same store NOI growth targets were raised to a new range of 9% to 13% from a prior range of 7% to 10% [29] Business Line Data and Key Metrics Changes - The company achieved 15.1% same store NOI growth year over year in Q1 2025, driven by strong performance in the Trilogy and SHOP segments [10][14] - Trilogy reported a same store NOI growth of 19.8%, while the SHOP segment saw a growth of 30.7% in Q1 2025 [15] - The Trilogy segment's full year same store NOI growth guidance was revised upward to a range of 12% to 16% from a previous range of 10% to 12% [29] 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 [11] - The company experienced strong revenue optimization, leading to an 8.8% year-over-year revenue growth in the SHOP segment [18] Company Strategy and Development Direction - The company is focused on expanding its operating portfolio through strategic partnerships with market leaders and identifying new growth opportunities [12] - The company aims to maintain a hands-on asset management approach to drive strong performance across its operating portfolio [12] - The company is actively selling off non-core, lower growth assets to reallocate capital towards higher growth opportunities [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued growth of the senior housing industry, benefiting from favorable long-term fundamentals [11] - The company anticipates strong demand for assisted living care as it moves into the warmer months [11] - Management highlighted the importance of quality care and operational efficiency as key drivers for future success [19] Other Important Information - The company successfully closed several investments, including a $65 million acquisition in the Mid Atlantic region [21] - The company has a pipeline of over $300 million in potential acquisitions, primarily in the operating portfolio segments [22] Q&A Session Summary Question: Can you provide more detail on the expected close and stages of the pipeline? - Management indicated that the pipeline has ramped up quickly, with expected closings mostly in the fourth quarter [35][36] Question: How is the company thinking about its MOB and triple net portfolio? - Management noted a conscious decision to reduce the size of the MOB portfolio, focusing on better risk-adjusted returns in long-term care [40][41] Question: Can you share details on the investment pipeline and deal economics? - The pipeline consists of over $300 million, primarily newer buildings with attractive pricing and yields [48][49] Question: What is the outlook for Trilogy's rates and occupancy? - Management expects inflationary increases in Medicaid rates and a potential for outperformance based on quality measures [62] Question: How is the company addressing the current demand and pricing strategies? - Management highlighted a reduction in concessions and dynamic pricing strategies to capture demand effectively [74][76]

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]

Portfolio Overview - The company's total annualized cash NOI is $405.128 million, with ISHC contributing $239.768 million (59.2%), OM contributing $81.172 million (20.0%), SHOP contributing $48.364 million (11.9%), Triple-Net Leased Properties contributing $29.900 million (7.4%), and Debt Security Investment contributing $5.924 million (1.5%) [10] - The portfolio consists of 294 properties, including 125 Integrated Senior Health Campuses (ISHC), 81 Outpatient Medical (OM) properties, 69 Senior Housing Operating Properties (SHOP), and 19 Triple-Net Leased Properties [10] Same-Store NOI Performance - Total Same-Store NOI increased by 15.1% from $82.067 million in Q1 2024 to $94.476 million in Q1 2025 [11] - ISHC Same-Store NOI increased by 19.8% from $49.086 million to $58.820 million [11] - SHOP Same-Store NOI increased significantly by 30.7% from $7.867 million to $10.286 million [11] - OM Same-Store NOI increased by 2.0% from $17.870 million to $18.227 million [11] - Triple-Net Leased Properties Same-Store NOI decreased slightly by 1.4% from $7.244 million to $7.143 million [11] Earnings Highlights - NAREIT FFO per share - diluted increased by 16.7% from $0.30 in Q1 2024 to $0.35 in Q1 2025 [12] - Normalized FFO per share - diluted increased by 26.7% from $0.30 in Q1 2024 to $0.38 in Q1 2025 [12] 2025 Guidance - The company projects a FY 2025 Total Portfolio Same-Store NOI Growth between 9.0% and 13.0% [48] - The company anticipates NAREIT FFO per diluted share between $1.49 and $1.55, and Normalized FFO per diluted share between $1.58 and $1.64 for FY 2025 [48]

Core Insights - American Healthcare REIT, Inc. reported strong performance in Q1 2025, with a Same-Store NOI growth of 15.1% compared to Q1 2024, driven by demand for long-term care and effective expense management [4][8][14] - The company has increased its full-year 2025 guidance for Same-Store NOI growth from a range of 7.0% to 10.0% to a revised range of 9.0% to 13.0% [8][14] - The company has a pipeline of over $300 million in potential acquisitions, indicating a proactive approach to external growth opportunities [6][8] Financial Performance - The company reported a GAAP net loss of $(6.8) million for Q1 2025, with a net loss per diluted share of $(0.04) [8][29] - Normalized Funds from Operations (NFFO) for Q1 2025 were reported at $0.38 per diluted share, reflecting a strong operational performance [8][32] - Total revenues for Q1 2025 increased to $540.6 million from $499.5 million in Q1 2024, primarily due to higher resident fees and services [29][40] Segment Performance - The ISHC segment achieved a Same-Store NOI growth of 19.8%, while the SHOP segment saw a growth of 30.7% in Q1 2025 compared to the same period in 2024 [5][8] - The outpatient medical segment reported a modest Same-Store NOI growth of 2.0%, while the triple-net leased properties experienced a decline of (1.4)% [5][8] Capital Markets and Balance Sheet - As of March 31, 2025, the company's total consolidated indebtedness was $1.67 billion, with a Net Debt-to-Annualized Adjusted EBITDA ratio of 4.5x [11][8] - The company raised approximately $47.7 million through the issuance of 1,577,113 shares of common stock during Q1 2025 [12][8] - The company has approximately $634.5 million in total liquidity, which includes cash, restricted cash, and undrawn capacity on its line of credit [11][8] Development and Transactional Activity - The company initiated two new development projects during Q1 2025, with a total expected cost of approximately $60.0 million [10][8] - A lease buyout in the ISHC segment was completed for approximately $16.1 million, and several non-core properties were sold for a total of approximately $39.0 million [9][8]

Financial Data and Key Metrics Changes - Cash NOI for Q1 2025 was $41.2 million, a slight increase from $41 million in Q4 2024, representing a 0.5% increase driven by scheduled lease escalations and a recent acquisition [11] - AFFO for Q1 2025 was $29.4 million or $0.53 per diluted share, down from $30.2 million or $0.54 per diluted share in Q4 2024, reflecting a 2.6% decrease primarily due to increased interest expenses [12] - Compared to Q1 2024, AFFO decreased by 23.1%, largely due to nonrecurring fees and bankruptcies impacting cash NOI [12] Business Line Data and Key Metrics Changes - The company maintained a weighted average remaining lease term of over 9.5 years with average annual contractual rent escalations of 2.2%, indicating stable long-term revenue growth [8][22] - The portfolio consisted of approximately 5.3 million rentable square feet, with a leasing rate of 96%, unchanged from the previous quarter [22] Market Data and Key Metrics Changes - The company reported that 73.3% of ABR from tenants with financial reporting maintained a strong EBITDARM coverage ratio of 5.3 times, indicating financial stability among tenants [16] - The percentage of ABR with EBITDARM coverage below one times decreased significantly from 1.8% to 0.5%, driven by improvements in tenant coverage levels [43] Company Strategy and Development Direction - The company focuses on acquiring health care properties, which are seen as essential and non-discretionary, providing a stable investment opportunity amid economic uncertainty [7] - Recent acquisitions included two healthcare facilities totaling approximately $59 million, expanding the company's footprint into new states and aligning with its strategic focus on necessity-based healthcare properties [18][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the current economic challenges, including inflation and potential recession, but expressed confidence in the company's ability to navigate these issues due to its strong financial position and focus on healthcare real estate [6][10] - The demographic shift towards an aging population is expected to drive increased healthcare spending, benefiting the company's portfolio and future acquisition opportunities [9][10] Other Important Information - The company has over $598 million in liquidity available for future acquisitions, supported by a new $600 million revolving line of credit [15] - The company is currently evaluating the financial strength of its tenant base and monitoring potential impacts from tariffs and healthcare policy changes [17] Q&A Session Summary Question: Update on Stoughton property status - Management engaged a broker to solicit bids for the sale or lease of the Stoughton property, with more interest from multifamily developers, potentially involving demolition and entitlement processes [26][28] Question: Update on mezzanine loan investments - The company has funded amounts related to the mezzanine loan for the inpatient rehab facility and expects both loans to be fully funded by Q3 2025 [30] Question: Increase in credit loss reserve - The increase in the credit loss reserve is a required GAAP reserve related to loans receivable, assessed quarterly based on qualitative judgments [31][32] Question: Impact of stock price on acquisition pace - The company is cautious about leveraging to the high end of its target range until its stock price recovers, indicating a methodical approach to acquisitions [37] Question: Minimum yield for quality acquisitions - The company is currently looking for opportunities in the 6.5% to 7.5% cap rate range, depending on property type and quality [41][42] Question: Improvement in EBITDARM coverage - The improvement in EBITDARM coverage was due to properties moving up in coverage levels, with a significant portion of the lower coverage associated with investment-grade rated tenants [43][44]

Core Viewpoint - Community Healthcare Trust Incorporated announced a leadership change to enhance operational momentum and focus on portfolio leasing, management, and investment with Mark E. Kearns appointed as Senior Vice President of Asset Management, succeeding Timothy L. Meyer [1][2] Group 1: Leadership Change - Mark E. Kearns will join the Company on May 12, 2025, while Timothy L. Meyer will assist with the transition until May 31, 2025 [1] - David H. Dupuy, the CEO, expressed gratitude for Tim Meyer's service and welcomed Mark Kearns, highlighting his extensive experience in healthcare real estate [2] Group 2: Mark E. Kearns' Background - Mark Kearns has over 25 years of experience in healthcare real estate, including roles in leasing and managing medical outpatient properties [2] - Prior to joining Community Healthcare Trust, Kearns served as Vice President of Leasing at Welltower and held senior positions at Healthpeak [2] Group 3: Company Overview - Community Healthcare Trust Incorporated is a real estate investment trust focused on owning income-producing properties primarily related to outpatient healthcare services across the United States [3]

Strategic. Disciplined. Opportunistic. Investor Presentation | May 5, 2025 Disclaimers Forward-Looking Statements This presentation contains "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. Any statements that do not relate to historical or current facts or matters are forward-looking statements. These statements may be identified, without limitation, by the use of "expects," "believes," "intends," "should" or comparable terms or the negative thereof. Examples ...