Austin Wurschmidt

Michael Carroll

Ronald Kamdem

Farrell Granath

Seth Bergey

Nicholas Yulico

Wes Golladay

Michael Griffin

Michael Stroyeck

Joseph Dickstein

Joshua Dennerlein

- President and CEO Danny Prosky stated that the current period is the **best operating environment** he has seen in 33 years, with outsized organic earnings growth for REITs like American Healthcare REIT due to demand for long-term care outpacing supply, a trend expected to continue for **15 years**.  **[1632970_2137420_0]** 
- Spot occupancy for American Healthcare REIT was approximately **87.5%** at the end of the second quarter, with **very strong growth** observed in July and August.  **[1632970_2137420_0]** **[1632970_2137420_1]**  The company is shifting its focus towards **revenue per occupied bed (REVPOR)** growth as occupancy increases, reducing incentives.  **[1632970_2137420_3]** 
- Trilogy, which accounts for **more than half of American Healthcare REIT's Net Operating Income (NOI)**, has converted its long-term incentive plan (LTIP) to **stock-based** compensation effective January 1, 2024, to align incentives with overall company performance.  **[1632970_2137420_0]** **[1632970_2137420_3]**  Trilogy's employee turnover is significantly lower than the industry average, at **40% to 45%** annually compared to 80% to 100%.  **[1632970_2137420_5]** 
- The current acquisition pipeline of awarded transactions is **over $350 million**.  **[1632970_2137420_8]**  American Healthcare REIT anticipates **strong earnings growth** from its existing portfolio even without new acquisitions, but plans to continue external growth.  **[1632970_2137420_9]**  Underwriting assumptions for acquisitions are considered **too conservative**, with a 3% rent growth assumption.  **[1632970_2137420_9]**

American Healthcare REIT Discusses Strong Operating Environment and Growth Strategy

- American Healthcare REIT (AHR) President and CEO Danny Prosky describes the current operating environment as the **best he has seen in 33 years**, anticipating continued demand growth for long-term care for the next **15 years** due to the aging baby boomer population and limited new supply.  **[1632970_2137591_0]** 
- AHR reported spot occupancy of approximately **87.5%** at the end of the second quarter, with strong acceleration observed in July and August.  **[1632970_2137591_0]** **[1632970_2137591_1]** 
- The company now owns **100%** of Trilogy, which contributes over half of its NOI, and has aligned Trilogy's long-term incentive plan (LTIP) with overall AHR performance, effective **January 1, 2024**.  **[1632970_2137591_0]** **[1632970_2137591_4]** 
- AHR's acquisition pipeline includes over **$350 million** in awarded transactions, focusing on newer, high-quality assets to drive future organic earnings growth.  **[1632970_2137591_9]** 
- Underwriting assumptions for acquisitions are considered conservative, with rent growth projected at **3%**, suggesting potential for outperformance.  **[1632970_2137591_10]**

- American Healthcare REIT (AHR) President and CEO Danny Prosky described the current operating environment as the **best he has seen in 33 years**, driven by an imbalance between supply and demand for long-term care, with baby boomers starting to turn 80 next year.  **[1632970_2137463_0]** 
- AHR's spot occupancy was approximately **87.5%** at the end of the second quarter, with strong growth observed in July and August.  **[1632970_2137463_0]** **[1632970_2137463_1]**  The company is increasingly focusing on **revenue per occupied bed (REVPOR)** growth over just occupancy, implementing strategies like dynamic pricing.  **[1632970_2137463_3]** **[1632970_2137463_5]** 
- Trilogy, which accounts for **more than half of AHR's NOI**, is an integrated senior health campus model, and AHR now owns **100%** of it.  **[1632970_2137463_0]** **[1632970_2137463_4]**  Trilogy's employee turnover is significantly lower than the industry average, at **40%-45%** compared to **80%-100%**.  **[1632970_2137463_6]** 
- AHR's acquisition pipeline currently stands at over **$350 million** in awarded transactions, with a focus on newer, higher-quality assets that are expected to drive organic earnings growth.  **[1632970_2137463_9]**  The company also plans to invest approximately **$150 million annually** in Trilogy development, including 2-4 new campuses per year.  **[1632970_2137463_8]**