IRVINE, Calif., April 3, 2025 /PRNewswire/ -- American Healthcare REIT, Inc. (the "Company") (NYSE: AHR) announced today that it will issue its first quarter 2025 earnings release on Thursday, May 8, 2025, after the close of trading.A public conference call with a simultaneous webcast will be held on Friday, May 9, 2025, at 10:00 a.m. Pacific Time / 1:00 p.m. Eastern Time. During the conference call, company executives will review first quarter 2025 results, discuss recent events, and conduct a question-and ...

Core Insights - The article does not provide any specific company or industry insights, focusing instead on disclaimers and disclosures related to investment advice and positions held by the authors [1][2][3] Group 1 - The authors have no stock, option, or similar derivative positions in any of the companies mentioned and have no plans to initiate such positions within the next 72 hours [1] - The content is based on personal thoughts and research, emphasizing the need for readers to conduct their own due diligence before making investment decisions [2] - The article clarifies that past performance is not indicative of future results and that no specific investment recommendations are being made [3]

IRVINE, Calif., March 19, 2025 /PRNewswire/ -- American Healthcare REIT, Inc. (NYSE: AHR) announced today that its board of directors has declared a quarterly distribution of $0.25 per share for the quarter ending March 31, 2025. The distribution will be payable in cash on or about April 17, 2025, to all holders of record of its common stock as of the close of business on March 31, 2025.About American Healthcare REIT, Inc.American Healthcare REIT, Inc. (NYSE: AHR) is a real estate investment trust that acqu ...

Core Viewpoint - Chilton Capital Management's REIT Team focuses on investments in publicly traded real estate investment trusts (REITs) and related entities primarily in North America, emphasizing the advantages of liquidity, transparency, and total return characteristics of public REITs [1] Group 1: Team and Strategy - The REIT Team is led by co-portfolio managers Bruce Garrison and Matt Werner, with Garrison having over 40 years of experience in public REIT analysis [1] - The investment strategy combines real estate industry experience with traditional security analysis methods, including research and analytical depth [1] - The REIT Team manages Separately Managed Accounts (SMAs) for high net worth individuals and institutions, and serves as a sub-advisor for the West Loop Realty Fund [1] Group 2: Investment Focus - The REIT Team invests in a variety of property types, including apartments, regional malls, shopping centers, lodging, office, industrial, self-storage, data centers/cell towers, and healthcare-related facilities [1] - The focus on public securities allows for diversification across geography, sector, strategy, property, and tenant while maintaining portfolio liquidity [1]

Analyst’s Disclosure: I/we have a beneficial long position in the shares of RIET, HOMZ, IRET, ALL HOLDINGS IN THE IREIT+HOYA PORTFOLIOS either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Hoya Capital Research & Index Innovations (“Hoya Capital”) is an affiliate of Hoya Capi ...

Financial Performance and Stability - The company has experienced net losses in the past and may continue to do so in the future, primarily due to depreciation, interest expenses, and general administrative costs[107]. - The financial stability of tenants is crucial for the company's revenue, and lease defaults could significantly impact distributions to stockholders[106]. - Economic downturns could lead to tenant defaults, reduced occupancy rates, and lower property values, adversely affecting financial results[114]. - The company may incur additional costs in re-leasing specialized properties if tenants default or terminate leases, which could materially affect its financials[120]. - Inflationary pressures are expected to increase general and administrative expenses, including compensation and professional fees[129]. - The company may not be able to recover all operating expenses due to inflation, which could adversely impact its financial performance[128]. - The company faces risks associated with real estate investments, including potential decreases in property values and the inability to sell properties at favorable prices[125]. - The company’s ability to maintain distributions may be affected by cash flow from operations, with potential changes evaluated throughout 2025[256]. Competition and Market Risks - The company faces significant competition in acquiring healthcare-related facilities, which may increase costs and impede investment opportunities[113]. - Competition from other medical practices and facilities could adversely affect tenants' ability to make rental payments[153]. - The healthcare industry is facing increased competition and scrutiny, leading to higher expenses and pressure to reduce payments to service providers[194]. Regulatory and Compliance Risks - The company is subject to various regulatory risks that could impact operations and profitability, including potential audits and investigations[103]. - The healthcare industry is heavily regulated, and changes in laws or regulations could adversely affect tenants' ability to make rent payments[168]. - Failure to obtain necessary licenses or certificates of need (CON) could prevent facilities from operating as intended, impacting rent payments[169]. - The company may face adverse legislative or regulatory tax changes that could increase tax liability or reduce operating flexibility[232]. Debt and Financial Structure - As of December 31, 2024, the company's outstanding debt totaled $1.7 billion, with 8.2% being unhedged variable-rate debt[130]. - The company expects to fund a portion of its cash needs through operating cash flows, issuances of additional equity, and additional indebtedness[203]. - Rising interest rates have significantly increased the company's interest costs, potentially reducing available cash flow for operations and distributions to stockholders[204]. - The company may incur mortgage debt on existing properties to finance acquisitions or capital investments, which could affect its REIT qualification[205]. - The company's overall leverage was reported to be lower than 30.0% of its combined market capitalization and outstanding indebtedness as of December 31, 2024[202]. Geographic and Sector Concentration - The company has a high concentration of properties in specific geographic areas, increasing vulnerability to local economic conditions[97]. - As of December 31, 2024, properties in Indiana and Ohio accounted for approximately 35.6% and 11.8% of the total property portfolio's annualized base rent or annualized NOI, indicating a significant geographic concentration of risk[133]. - The company has a concentration of investments in senior housing (41.0%), skilled nursing facilities (SNFs) (28.0%), and other healthcare-related facilities (26.1%), which increases vulnerability to negative factors affecting these sectors[135]. Operational Risks - The company is dependent on key personnel, and the loss of executives could materially affect operations and performance[109]. - Cybersecurity threats pose risks to the company's information technology systems, which could materially affect operations and reputation[124]. - Delays in obtaining necessary permits for development projects could hinder revenue generation and operational efficiency[143]. - The company may face challenges in acquiring new properties or making capital improvements if it cannot secure funding on favorable terms[116]. Economic and Market Conditions - The market price and trading volume of the company's common stock may be volatile, influenced by broader economic conditions[111]. - The company may incur substantial costs related to environmental cleanup and compliance with regulations, which could adversely affect financial performance[150]. - Severe weather events and climate change could increase operational costs and damage properties, impacting financial performance[157]. - Economic factors may hinder seniors' ability to afford resident fees, impacting occupancy rates and revenues at healthcare facilities[182]. Investment and Growth Strategies - The company may incur additional indebtedness in the future, which could adversely affect financial stability and operational flexibility[103]. - Future offerings of debt or equity securities may dilute existing stockholders and affect the company's ability to raise capital on favorable terms[103]. - The company evaluates tenant rent coverage ratios based on unaudited financial information provided by tenants, which may not accurately reflect their ability to make rent payments[138]. Revenue and Expense Trends - As of December 31, 2024, the company reported a total revenue of $2,070,668,000, an increase from $1,866,618,000 in 2023, representing an increase of approximately 10.9%[332]. - Total property operating expenses for integrated senior health campuses increased to $1,430,539,000 (88.3% of revenue) from $1,335,817,000 (89.7% of revenue) in 2023[339]. - The company’s SHOP segment saw an increase in resident fees and services revenue by $77,124,000 in 2024, driven by acquisitions and increased occupancy[335]. - Total rental expenses decreased to $53,239,000 (28.5% of real estate revenue) in 2024 from $57,475,000 (30.2% of real estate revenue) in 2023, primarily due to dispositions of OM buildings[341].

Financial Data and Key Metrics Changes - In Q4 2024, the total portfolio same-store NOI grew by 21.6% year over year, bringing full year 2024 same-store NOI growth to 17.7% compared to 2023 [22][42] - The net debt to adjusted EBITDA ratio improved significantly from 8.5 times at the end of 2023 to 4.3 times at the end of 2024, providing flexibility for future opportunities [19][48] - Normalized funds from operation (NFFO) for Q4 2024 were reported at $0.40 per diluted share, resulting in full year 2024 NFFO of $1.41 per diluted share, within the guidance range [41][45] Business Line Data and Key Metrics Changes - The Trilogy segment achieved same-store NOI growth of 28% year over year in Q4 2024, with full year growth at 23.8% [23] - The shop segment saw same-store NOI growth of over 65% year over year in Q4 2024, with full year growth at 52.8% [27] - Same-store NOI margins for the shop segment improved by over 700 basis points in Q4 2024 compared to the same period in 2023 [29] Market Data and Key Metrics Changes - The aging population is expected to grow by over 700,000 individuals annually through 2030, while the senior housing industry has added less than 20,000 units on average each year since 2020, indicating a favorable demand-supply dynamic [12] - The company anticipates that RevPOR growth will continue to outpace expense growth in managed portfolio segments over the next 12 to 18 months [31] Company Strategy and Development Direction - The company remains focused on accretive external growth, primarily through RIDEA structure senior housing and care investments, with over $650 million invested in external growth in 2024 [17] - Plans for 2025 include acquiring two new shop assets and starting several new Trilogy development projects, with a total expected investment of approximately $140 million [38][41] - The company aims to maintain a disciplined approach to capital allocation while pursuing new investments that align with its strategy [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term care sector, citing persistent barriers to new supply and favorable demand fundamentals [31][32] - The company expects same-store NOI growth guidance for 2025 to be between 7% and 10%, with specific segment targets including 10% to 12% growth for Trilogy and 18% to 22% growth for the shop segment [43][44] - Management acknowledged potential headwinds from expected tenant move-outs in outpatient medical and lease resets in triple net leased properties [43] Other Important Information - The company has been actively refining its portfolio through opportunistic dispositions, selling approximately $140 million worth of properties in Q4 2024 [35] - The company raised approximately $121 million through its ATM program in Q4 2024, which was used to pay down outstanding debt [47] Q&A Session Summary Question: Trends in January and February - Management noted that while Q1 2025 is expected to show flat growth compared to Q4 2024, it will be significantly higher than Q1 2024 due to various seasonal factors [53][55] Question: Acquisition Pipeline - The acquisition pipeline is robust, with a significant number of potential deals being evaluated, indicating a favorable environment for new opportunities [61][62] Question: Occupancy Tipping Point - Management indicated that occupancy levels are above pre-COVID levels, allowing for rate increases and margin expansion [67][68] Question: Medicaid Exposure - The company has low Medicaid exposure, with management expressing confidence in their ability to pivot if necessary, given the limited reliance on Medicaid in their business model [72][75][78] Question: Trilogy Developments and Expansions - Management discussed the number of developments and expansions completed in 2024 and the guidance for 2025, indicating a focus on new campuses and expansions [110][113] Question: Seasonal Considerations in Guidance - Management confirmed that seasonal factors such as fewer days in Q1 and increased utility costs are considered in the guidance for sequential growth [131]

Fourth Quarter 2024 Supplemental Disclaimers Forward-Looking Statements Certain statements contained in this supplemental, filed in conjunction with the Fourth Quarter 2024 and Full Year 2024 Earnings Press Release, including statements relating to American Healthcare REIT, Inc.'s (the "Company") expectations regarding its interest expense savings, balance sheet, net income or loss per diluted share, FFO per diluted share, NFFO per diluted share, total portfolio Same-Store NOI growth, segment-level Same-Sto ...

Core Viewpoint - American Healthcare REIT (AHR) reported quarterly funds from operations (FFO) of $0.40 per share, meeting the Zacks Consensus Estimate, and showing an increase from $0.38 per share a year ago [1] - The company posted revenues of $542.74 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 9.17%, but up from $482.58 million year-over-year [2] Financial Performance - AHR's FFO for the previous quarter was $0.36 per share, exceeding the expected $0.32, resulting in a surprise of 12.50% [1] - Over the last four quarters, AHR has surpassed consensus FFO estimates two times and topped consensus revenue estimates twice [2] Market Performance - AHR shares have increased approximately 4.6% since the beginning of the year, outperforming the S&P 500's gain of 1.3% [3] - The current consensus FFO estimate for the upcoming quarter is $0.38 on revenues of $600.34 million, and for the current fiscal year, it is $1.68 on revenues of $2.45 billion [7] Industry Outlook - The REIT and Equity Trust - Other industry, to which AHR belongs, is currently ranked in the bottom 47% of over 250 Zacks industries, indicating potential challenges ahead [8] - The outlook for the industry can significantly impact AHR's stock performance, as historical data shows that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8]

Core Insights - American Healthcare REIT, Inc. reported strong earnings and attractive Same-Store NOI growth for 2024, with expectations for continued growth in 2025 driven by robust supply and demand fundamentals in the healthcare real estate sector [3][4][15]. Financial Performance - For Q4 2024, Same-Store NOI growth was 21.6%, with significant contributions from the ISHC segment at 28.0% and SHOP segment at 66.6% compared to Q4 2023 [5][7]. - For the full year 2024, Same-Store NOI growth was 17.7%, with ISHC at 23.8% and SHOP at 52.8% compared to 2023 [5][7]. - The company reported a GAAP net loss of $(31.8) million for Q4 2024 and $(37.8) million for the full year 2024, translating to $(0.21) and $(0.29) per diluted share, respectively [7][15]. - Normalized Funds from Operations (NFFO) were reported at $0.40 for Q4 2024 and $1.41 for the full year 2024 [7]. Transactional Activity - The company acquired a SHOP asset in Atlanta for approximately $7.5 million in Q4 2024 and has plans to acquire two additional SHOP assets for about $70.5 million in 2025 [6][8]. - In 2024, the company raised approximately $1.36 billion through equity offerings and an ATM program, with $120.2 million raised in Q4 2024 alone [7][13]. Guidance for 2025 - The company issued guidance for 2025, projecting Same-Store NOI growth of 7.0% to 10.0% and NFFO per diluted share between $1.56 and $1.60 [7][15]. - Segment-level guidance includes ISHC growth of 10.0% to 12.0%, SHOP growth of 18.0% to 22.0%, and a slight decline in Outpatient Medical and Triple-Net Leased Properties [15]. Capital Structure and Balance Sheet - As of December 31, 2024, total consolidated indebtedness was $1.69 billion, with a Net Debt-to-Annualized Adjusted EBITDA ratio of 4.3x, improved from 8.5x in 2023 [12][14]. - The company had approximately $984.3 million in total liquidity, including cash and undrawn credit lines [12]. Portfolio and Asset Management - The company focused on senior housing investments, which significantly contributed to its portfolio's performance in 2024 [4][5]. - New ISHC development projects are planned for 2025, with expected construction costs of approximately $136.6 million [9].