American Healthcare REIT(AHR) - 2025 Q1 - Quarterly Results

Financial Performance - Reported GAAP net loss attributable to common stockholders of $(0.04) per diluted share for Q1 2025[5] - Net loss attributable to controlling interest for the three months ended March 31, 2025, was $6,804,000, compared to a net loss of $3,892,000 for the same period in 2024, indicating a deterioration in performance[33] - Net loss for Q1 2025 was $6,840,000, compared to a net loss of $3,004,000 in Q1 2024, representing an increase in loss of 128.5%[40] - The company reported a comprehensive loss of $6,664,000 for the three months ended March 31, 2025, compared to a comprehensive loss of $3,047,000 in the same period of 2024[33] Revenue and Income Growth - Total revenues for the three months ended March 31, 2025, increased to $540,603,000, up from $499,533,000 in the same period of 2024, representing an increase of approximately 8.2%[33] - Same-store revenue for Q1 2025 was $410,234,000, up from $377,787,000 in Q1 2024, an increase of 8.6%[53] - GAAP revenue for Q1 2025 was $540,603,000, compared to $499,533,000 in Q1 2024, reflecting a growth of 8.2%[53] - Net operating income (NOI) for Q1 2025 was $94,537,000, up from $82,177,000 in Q1 2024, reflecting a growth of 15.0%[46] - Achieved Same-Store Net Operating Income (NOI) growth of 15.1% for Q1 2025 compared to Q1 2024[5] - Cash NOI for Q1 2025 reached $101,026,000, compared to $90,046,000 in Q1 2024, marking a growth of 12.2%[46] - Adjusted EBITDA for Q1 2025 was $85,083,000, compared to $58,267,000 in Q1 2024, indicating an increase of 46.0%[38] Guidance and Projections - Increased total portfolio Same-Store NOI growth guidance for FY 2025 to a range of 9.0% to 13.0%[5] - Increased NFFO guidance for FY 2025 to a range of $1.58 to $1.64 per diluted share[5] - Full Year 2025 guidance for net income attributable to common stockholders is projected between $46.70 million and $56.10 million, up from the prior guidance of $40.59 million to $46.71 million[57] - NAREIT FFO attributable to common stockholders is expected to range from $236.40 million to $245.80 million, compared to the previous range of $233.08 million to $239.20 million[57] - Total Portfolio Same-Store NOI growth is forecasted between 9.0% and 13.0%, an increase from the prior range of 7.0% to 10.0%[57] - ISHC segment-level Same-Store NOI growth is anticipated to be between 12.0% and 16.0%, up from 10.0% to 12.0% previously[57] - SHOP segment-level Same-Store NOI growth is projected to be between 20.0% and 24.0%, compared to the prior range of 18.0% to 22.0%[57] - Normalized FFO attributable to common stockholders is expected to be between $250.60 million and $260.00 million, an increase from the previous range of $244.19 million to $250.31 million[57] - Net income per common share — diluted is projected to be between $0.29 and $0.35, compared to the prior range of $0.26 to $0.30[57] - NAREIT FFO per common share — diluted is expected to range from $1.49 to $1.55, consistent with the previous range of $1.49 to $1.53[57] - Normalized FFO per common share — diluted is projected to be between $1.58 and $1.64, compared to the prior range of $1.56 to $1.60[57] Expenses and Liabilities - General and administrative expenses increased to $13,155,000 in Q1 2025 from $11,828,000 in Q1 2024, a rise of 11.2%[40] - Interest expense decreased to $22,945,000 in Q1 2025 from $36,438,000 in Q1 2024, a reduction of 37.0%[40] - Business acquisition expenses were $1,837,000 in Q1 2025, down from $2,782,000 in Q1 2024, a decrease of 34.0%[40] - Total liabilities decreased to $2,159,343,000 as of March 31, 2025, from $2,183,895,000 as of December 31, 2024, a reduction of approximately 1.1%[28] Assets and Indebtedness - Total consolidated indebtedness was $1.67 billion as of March 31, 2025[11] - Cash and cash equivalents as of March 31, 2025, were $86,064,000, an increase from $76,702,000 as of December 31, 2024, showing a growth of approximately 12.8%[28] - Total assets decreased to $4,464,051,000 as of March 31, 2025, from $4,488,057,000 as of December 31, 2024, a decline of approximately 0.5%[28] Acquisitions and Developments - Developed a pipeline of over $300 million in new potential acquisitions as of May 8, 2025[8] - Started two new development projects with a total expected cost of approximately $60.0 million[9] - Completed a lease buyout in the ISHC segment for approximately $16.1 million during Q1 2025[10] Shareholder Information - Declared a cash distribution of $0.25 per share for the quarter ended March 31, 2025[15] - The weighted average number of diluted common shares outstanding increased to 157,428,446 for the three months ended March 31, 2025, compared to 104,295,142 in 2024, indicating a significant increase in share count[34] - Issued 1,577,113 shares of common stock through the ATM program for gross proceeds of approximately $47.7 million[12] Impairments - Impairment of real estate investment was reported at $21,706,000 in Q1 2025, with no such impairment recorded in Q1 2024[40]