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 (37.8) million for the full year 2024, translating to (0.29) per diluted share, respectively [7][15]. - Normalized Funds from Operations (NFFO) were reported at 1.41 for the full year 2024 [7]. Transactional Activity - The company acquired a SHOP asset in Atlanta for approximately 70.5 million in 2025 [6][8]. - In 2024, the company raised approximately 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 1.60 [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 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].
American Healthcare REIT ("AHR") Announces Fourth Quarter 2024 and Full Year 2024 Results; Issues Full Year 2025 Guidance