Financial Data and Key Metrics Changes - Fourth quarter adjusted funds from operations (AFFO) were $0.80 per share, and funds available for distribution (FAD) were $0.76 per share, reflecting strong revenue and EBITDA growth, primarily driven by acquisitions and active portfolio management [4][21] - Full year AFFO and FAD growth exceeded 8% year-over-year, supported by $1.1 billion in capital deployment [4][20] - Revenue for the fourth quarter was $319 million, up from $279 million in the fourth quarter of 2024, with net income increasing to $172 million, or $0.55 per common share, compared to $116 million, or $0.41 per common share, in the prior year [20][21] Business Line Data and Key Metrics Changes - Omega has investments in 1,111 facilities, with 62% being skilled nursing and transitional care facilities, and 38% in U.S. senior housing and U.K. care homes [6] - The trailing 12-month operator EBITDAR coverage for the core portfolio increased to 1.57 times, up from 1.55 times in the previous quarter, indicating strong credit support for existing investments [7][8] Market Data and Key Metrics Changes - The company closed two RIDEA transactions totaling $80 million during the fourth quarter, significantly expanding its relationship with Saber and committing capital in Canada [5][12] - Approximately 66% of the $1.1 billion in new investments in 2025 was in senior housing facilities or U.K. care homes, demonstrating a focus on diverse asset classes [12] Company Strategy and Development Direction - Omega aims to allocate capital with a focus on growing FAD per share on a risk-adjusted basis, expanding investment structures to include RIDEA for U.S. senior housing and U.K. care homes [13] - The company is positioned to enhance shareholder returns by acquiring underperforming assets at prices below replacement cost and partnering with proven operators [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operating environment, noting that the credit quality of operators has improved due to active portfolio management and overall industry fundamentals [4][8] - The company anticipates strong momentum from 2025 to carry into 2026, with full-year adjusted FFO guidance set between $3.15 to $3.25 per share [25][27] Other Important Information - Omega's balance sheet remains strong, with over $700 million in funded debt reduction and a fixed charge coverage ratio of 5.8 times [24][25] - The company has entered a new $2 billion ATM program and ended the quarter with $27 million in available cash [24] Q&A Session Summary Question: Can you provide insight on the Saber strategy and differentiation from peers? - The company focuses on smaller, targeted deals that require turnaround efforts, aiming for low- to mid-teens IRRs by aligning with operators who have expertise in specific areas [33][35] Question: Any updates on PAX and the federal investigation? - No new information on the investigation; however, the management team remains in close contact with PACS, and their facilities continue to perform well [40][41] Question: What is the expected timing and returns on Genesis-related loans in 2026? - The guidance assumes loan repayments will occur mid-year, with proceeds first used to pay off any balance on the credit facility [42] Question: Can you provide details on the Georgia Skilled Nursing portfolio? - The deal was an off-market transaction with a good operator, achieving a higher yield of 10.6% due to favorable conditions [47][48] Question: How does the investment mix look for 2026? - The pipeline remains strong, with a balanced mix of skilled nursing, senior housing, and U.K. care homes, and the company is not concerned about regulatory investigations affecting U.K. transactions [90][91]

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].