First Quarter 2025 Supplemental Disclaimers Forward-Looking Statements Certain statements contained in this supplemental, filed in conjunction with the First Quarter 2025 Earnings Press Release, 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-lev ...

Financial Data and Key Metrics Changes - In Q1 2025, the company generated distributable earnings of $25.5 million, or $0.20 per share, with a return on equity of 6.6% and adjusted leverage of 1.4 times [5][21] - As of March 31, 2025, the company's liquidity stood at $1.3 billion, including $480 million in cash and cash equivalents, with 83% of total assets unencumbered [10][21] - The company's total gross leverage was 1.83 times, with 72% of debt comprised of unsecured corporate bonds [22][24] Business Line Data and Key Metrics Changes - The company originated $329 million in new loans and acquired $521 million in AAA securities in Q1 2025, totaling over $800 million in investment activity [7][12] - The loan portfolio as of March 31, 2025, was $1.7 billion, representing 38% of total assets, with a weighted average yield of 8.7% [11][28] - The real estate portfolio generated $12.2 million of net operating income during Q1 2025, primarily consisting of net leased properties [15][30] Market Data and Key Metrics Changes - 74% of new loan originations in Q1 2025 were backed by multi-family or industrial assets [13][50] - The company expects muted payoffs for the remainder of the year due to strong payoffs achieved in 2024 [13] Company Strategy and Development Direction - The company aims to redeploy liquidity generated from loan payoffs into new loans that better reflect current market conditions [6][9] - The strategy includes a shift towards unsecured debt as the primary funding source, with a focus on maintaining a robust balance sheet and high credit ratings [10][11][24] - The company is prepared to navigate market volatility and capitalize on opportunities with the best risk-adjusted returns [18] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the potential for market volatility and uncertainty but remains optimistic about the company's liquidity and balance sheet strength [8][9] - The company anticipates attractive opportunities arising from the current economic environment, particularly in conduit securitizations [40] Other Important Information - The company has a CECL reserve of $52 million, which is deemed sufficient to cover potential losses in the loan portfolio [14][28] - The company repurchased $20 million in principal value of unsecured bonds during Q1 2025 and declared a $0.23 per share dividend [26][27] Q&A Session Summary Question: Regarding origination activity and spreads - The company noted that the blended spread of 394 basis points was influenced by market volatility, with expectations for continued opportunities in the high 300s range [44][49] Question: Expectations for origination pace - Management expects origination to exceed the pace set in Q1 2025, despite some slowdown in securitizations due to market volatility [56][61] Question: Long-term views on the net lease portfolio - The company is open to holding or selling properties based on market conditions, with no active attempts to sell but willing to grow the portfolio [63][67] Question: Outlook on interest rates and their impact - Management anticipates a steeper yield curve, with expectations for the 10-year treasury yield to rise, which could create opportunities for the company [72][77] Question: Asset allocation and future mix - The company does not have a fixed game plan for asset allocation but aims to maintain liquidity while adjusting to market conditions [90][92]

Start Time: 08:30 January 1, 0000 9:16 AM ET Getty Realty Corp. (NYSE:GTY) Q1 2025 Earnings Conference Call April 24, 2025, 08:30 AM ET Company Participants Christopher Constant - President and CEO Mark Olear - EVP and COO Brian Dickman - EVP, CFO and Treasurer Joshua Dicker - EVP, General Counsel and Secretary Conference Call Participants Daniel Byrne - Bank of America Mitch Germain - Citizens JMP Upal Rana - KeyBanc Capital Markets Wes Golladay - Baird Brad Heffern - RBC Michael Goldsmith - UBS Michael Go ...

Financial Data and Key Metrics Changes - Getty Realty reported an annualized base rent (ABR) of approximately $199 million, reflecting an 11.2% increase from $179 million in the prior year [7][18] - The company generated adjusted funds from operations (AFFO) per share of $0.59, a 3.5% increase compared to the same quarter last year [17][18] - General and administrative expenses (G&A) as a percentage of total revenue improved by 40 basis points to 13.2% [18] Business Line Data and Key Metrics Changes - The convenience and automotive retail sectors showed resilience, with strong performance from tenants despite macroeconomic challenges [7][8] - Rent coverage for convenience store assets remained consistent, while car wash sector rent coverage increased [8] - The company invested $10.9 million across six properties with an initial cash yield of 7.8% during the quarter [13] Market Data and Key Metrics Changes - The portfolio included 1,115 net leased properties with an occupancy rate of 99.7% and a weighted average lease term of ten years [12] - Approximately 61% of ABR came from the top 50 metropolitan statistical areas (MSAs) [12] Company Strategy and Development Direction - Getty Realty aims to maintain a disciplined acquisition strategy focused on high-density metro areas with creditworthy operators under long-term leases [11] - The company is committed to sourcing opportunities that align with its investment thesis, despite current market volatility [10] - The investment pipeline was increased to over $110 million, with a focus on development funding transactions [9][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of their tenant base, which provides essential goods and services [7] - The company reaffirmed its AFFO per share guidance for 2025 in the range of $2.38 to $2.41, factoring in the anticipated resolution of the ZiPS situation [23] - Management noted that the economic and political uncertainty has created headwinds for closing deals but remains optimistic about sourcing new opportunities [10][23] Other Important Information - The company has no debt maturities until June 2028, with a weighted average debt maturity of 5.4 years and a cost of debt at 4.5% [21][22] - The company received all rent due through April 2025 from ZiPS, except for the period surrounding its bankruptcy filing [22] Q&A Session Summary Question: Can you describe the cadence of capital deployment in the next nine to twelve months for the $110 million investment pipeline? - Management indicated that about two-thirds of the pipeline consists of development funding, typically taking nine to twelve months for completion, while sale leaseback activity is expected within the next quarter [25][26] Question: Given the macro uncertainty, what is the current development demand? - Management noted ongoing discussions with operators looking to accelerate new store growth programs in 2025, but clarity on the situation is still developing [27] Question: How should we think about the timing of ZiPS rent income hitting the income statement? - Management expects the resolution of the ZiPS situation by the end of the second quarter, with continuity of rent for sites remaining with ZiPS [36][37] Question: Have you seen any impact from tariffs on your existing tenant base? - Management stated that the impact of tariffs is still uncertain, but their assets are not heavily reliant on manufacturing, which may mitigate direct effects [42] Question: What is your appetite for QSR investments going forward? - Management indicated that while QSRs currently represent a small portion of the portfolio, they are pleased with the progress made in developing relationships in this sector [75]

Getty Realty (GTY) Q4 2024 Earnings Call February 13, 2025 08:30 AM ET Company Participants Joshua Dicker - EVP, General Counsel and SecretaryChristopher Constant - President and Chief Executive OfficerMark Olear - EVP and COOBrian Dickman - EVP, CFO and TreasurerMitch Germain - Managing Director - Real Estate ResearchFarrell Granath - Equity Research Associate Conference Call Participants Wesley Golladay - Senior Research AnalystUpal Rana - Director - Senior Equity Research Analyst Operator Good morning, a ...