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]

American Healthcare REIT (AHR) Q4 2024 Earnings Call February 28, 2025 01:00 PM ET Company Participants Alan Peterson - Vice President of Investor Relations & FinanceDanny Prosky - President & CEOGabe Willhite - COOStefan Oh - Chief Investment OfficerBrian Peay - Chief Financial OfficerRonald Kamdem - Managing Director & Head of US REITs and CRE ResearchFarrell Granath - Equity Research AssociateMichael Carroll - Managing Director & Head of US Real Estate Research Conference Call Participants Michael Griffi ...

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].

Core Points - American Healthcare REIT, Inc. will celebrate its one-year anniversary on the New York Stock Exchange by ringing The Opening Bell on February 10, 2025 [1][2] - The company's stock price has increased by 145% since its debut, reaching $29.40 per share, with a market capitalization of $4.5 billion as of February 6, 2025 [2] - As of January 31, 2025, American Healthcare REIT is the 8th largest healthcare REIT in the United States based on market capitalization [2] Company Overview - American Healthcare REIT, Inc. is a real estate investment trust that focuses on acquiring, owning, and operating a diversified portfolio of clinical healthcare real estate [3] - The company's primary focus areas include senior housing communities, skilled nursing, and outpatient medical buildings across the United States, the United Kingdom, and the Isle of Man [3]

Company Overview - American Healthcare REIT, Inc. (NYSE: AHR) is a real estate investment trust 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 [3]. Leadership Recognition - Danny Prosky, President and CEO of AHR, has been named Healthcare Real Estate Insights™ ("HREI") 2024 Executive of the Year, highlighting his significant contributions to the healthcare REIT sector [1][2]. - The board of AHR expressed pride in Prosky's recognition, emphasizing his central role in developing the corporate vision since the company's inception and their confidence in his leadership for future growth [2]. Industry Context - HREI, established in 2003, is the first and only national media platform dedicated to healthcare real estate development, financing, and investment, providing comprehensive industry coverage [4].

Group 1 - The leader of the investing group High Yield Landlord shares a real-money REIT portfolio and transactions in real-time, featuring three portfolios: core, retirement, and international [1] - Jussi Askola, President of Leonberg Capital, is a value-oriented investment expert who consults hedge funds, family offices, and private equity firms on REIT investing [1] - Askola has authored award-winning academic papers on REIT investing and has passed all three CFA exams, establishing relationships with top REIT executives [1]

Group 1 - The articles emphasize that past performance does not guarantee future results, highlighting the speculative nature of investing in publicly held securities [2][3] - There is a clear disclaimer that no specific investment advice or recommendations are provided, and readers are encouraged to conduct their own due diligence before making investment decisions [2][3] - The content is presented as an information source for investors capable of making their own decisions, indicating that the information is impersonal and not tailored to individual investment needs [2][3] Group 2 - The articles mention that analysts may have beneficial long positions in certain stocks, which could indicate potential biases in their analysis [1] - It is noted that the views expressed may not reflect the opinions of the platforms as a whole, suggesting a diversity of perspectives among contributors [3] - The articles clarify that the authors may not be licensed or certified by any regulatory body, which could impact the credibility of the investment insights provided [3]

Core Points - American Healthcare REIT, Inc. will release its fourth quarter 2024 earnings on February 27, 2025, after market close [1] - A conference call to discuss the earnings will take place on February 28, 2025, at 10:00 a.m. Pacific Time [2] - The company operates a diversified portfolio of clinical healthcare real estate properties, focusing on senior housing and skilled nursing facilities [3] Earnings Release - The earnings release for Q4 2024 will be available immediately following the release to wire services [2] - Supplemental data will also be accessible in the Investor Relations section of the company's website [2] Conference Call Details - The conference call will include a review of Q4 2024 results, recent events, and the outlook for 2025 [2] - Investors can join the call via a provided webcast link or by dialing specific phone numbers [2] Company Overview - American Healthcare REIT, Inc. is a self-managed real estate investment trust [3] - The company focuses on acquiring, owning, and operating healthcare-related properties in the U.S., U.K., and Isle of Man [3]