American Healthcare REIT(AHR) - 2025 Q3 - Quarterly Results

Financial Performance - Reported GAAP net income attributable to controlling interest of $55.9 million, or $0.33 per diluted share, for Q3 2025[5] - Total revenues for the three months ended September 30, 2025, increased to $572,937, up 9.4% from $523,814 in the same period of 2024[34] - Net income attributable to controlling interest for the three months ended September 30, 2025, was $55,927, compared to a loss of $4,126 in the same period of 2024[34] - Basic net income per share for the three months ended September 30, 2025, was $0.33, compared to a loss of $0.03 in the same period of 2024[34] - Net income attributable to common stockholders is projected to be between $78.00 million and $83.00 million for 2025, compared to $53.70 million to $60.50 million in the prior year[53] - The company anticipates a diluted net income per common share of $0.47 to $0.50, compared to $0.33 to $0.37 in the prior year[53] Operational Metrics - Achieved Same-Store Net Operating Income (NOI) growth of 16.4% for Q3 2025 compared to Q3 2024, with SHOP and ISHC segments growing by 25.3% and 21.7%, respectively[5][7] - Net operating income (NOI) for the three months ended September 30, 2025, was $105,815, an increase of 13.1% from $93,536 in the same period of 2024[40] - Total Portfolio NOI for Q3 2025 was $105,815,000, an increase of 13.2% from $93,536,000 in Q3 2024[45] - Same-Store NOI for Q3 2025 was $101,407,000, representing a 16.4% increase compared to $87,111,000 in Q3 2024[45] - Cash NOI for the three months ended September 30, 2025, reached $111,895, compared to $100,535 in the same period of 2024, reflecting a 11.5% increase[40] - Cash NOI for the nine months ended September 30, 2025, reached $322,144,000, up 12.4% from $286,490,000 in the same period of 2024[45] Guidance and Projections - Increased total portfolio Same-Store NOI growth guidance for FY 2025 to a range of 13.0% to 15.0%, up from 11.0% to 14.0%[5][16] - Increased NFFO guidance for FY 2025 to a range of $1.69 to $1.72 per diluted share, reflecting a $0.045 increase at the midpoint[5][16] - NAREIT FFO attributable to common stockholders is expected to range from $283.50 million to $288.50 million, up from $259.40 million to $266.20 million previously[53] - Total Portfolio Same-Store NOI growth is forecasted to be between 13.0% and 15.0%, compared to 11.0% to 14.0% in the prior year[53] - ISHC segment is anticipated to achieve Same-Store NOI growth of 17.0% to 20.0%, an increase from 15.0% to 19.0% previously[53] - SHOP segment is expected to see Same-Store NOI growth of 24.0% to 26.0%, compared to 20.0% to 24.0% in the prior year[53] Acquisitions and Investments - Closed approximately $210.8 million in acquisitions during Q3 2025, totaling over $575 million year-to-date[5] - Initiated ten new development and expansion projects with an expected total cost of approximately $176.9 million[10] - Maintained over $450 million in awarded deals within its investments pipeline, expected to close by year-end or early 2026[9] Balance Sheet and Financial Position - Total consolidated indebtedness as of September 30, 2025, was $1.54 billion, with a Net-Debt-to-Annualized Adjusted EBITDA of 3.5x[11] - Total assets increased to $4,770,289 thousand as of September 30, 2025, up from $4,488,057 thousand at December 31, 2024, representing a growth of approximately 6.3%[31] - Real estate investments net value rose to $3,598,607 thousand, compared to $3,366,648 thousand at the end of 2024, indicating an increase of about 6.9%[31] - Cash and cash equivalents significantly increased to $147,364 thousand from $76,702 thousand, reflecting an increase of approximately 92.2%[31] - Total liabilities decreased to $2,050,359 thousand from $2,183,895 thousand, a reduction of about 6.1%[31] - Stockholders' equity grew to $2,678,177 thousand as of September 30, 2025, compared to $2,261,231 thousand at the end of 2024, marking an increase of approximately 18.5%[31] - The accumulated deficit increased to $(1,523,335) thousand from $(1,458,089) thousand, indicating a rise in losses of about 4.5%[31] - Common stock shares issued and outstanding increased to 171,031,062 as of September 30, 2025, from 157,446,697 at December 31, 2024, representing an increase of approximately 8.6%[31] Corporate Responsibility and Future Initiatives - Published its inaugural Corporate Responsibility Report outlining future initiatives[5] - The company reported a significant focus on expanding its portfolio in clinical healthcare real estate, particularly in senior housing and skilled nursing facilities across the U.S. and U.K.[29] - Management emphasizes the importance of non-GAAP financial measures such as EBITDA and NFFO for evaluating operational performance and making investment decisions[24][25] - The company plans to continue leveraging its diversified portfolio to enhance revenue growth and operational efficiency in the upcoming quarters[29] Expenses and Impairments - The company reported a depreciation and amortization expense of $49,181 for the three months ended September 30, 2025, compared to $44,246 in the same period of 2024[34] - Interest expense for the three months ended September 30, 2025, decreased to $20,392 from $30,395 in the same period of 2024, a reduction of 32.9%[40] - The company recognized an impairment of real estate investments of $3,768 for the three months ended September 30, 2025, compared to no impairment in the same period of 2024[36] - Depreciation and amortization for 2025 is expected to remain steady at $182.00 million, up from $168.30 million in the prior year[53] - Non-cash impact of changes to equity plan is projected at $12.80 million, slightly up from $12.50 million previously[53]