Core Insights - American Healthcare REIT, Inc. announced strong third quarter results for 2025 and increased its full-year guidance, reflecting solid organic growth and favorable market conditions in the long-term care sector [1][3][4]. Financial Performance - The company reported a GAAP net income of $55.9 million, or $0.33 per diluted share, for Q3 2025, compared to a loss in the same period of 2024 [6][32]. - Normalized Funds from Operations (NFFO) for Q3 2025 were $0.44 per diluted share, indicating a robust performance [6]. - Total portfolio Same-Store Net Operating Income (NOI) grew by 16.4% in Q3 2025 compared to Q3 2024, with senior housing operating properties (SHOP) and integrated senior health campuses (ISHC) achieving growth rates of 25.3% and 21.7%, respectively [6][7]. Capital Allocation and Transactions - The company closed approximately $210.8 million in acquisitions during Q3 2025, bringing the total for the year to over $575 million [6][9]. - A significant acquisition included the purchase of a 51% interest in a joint venture with five pre-stabilized campuses for approximately $118.4 million [9]. - The company has over $450 million in awarded deals within its investment pipeline, expected to close by the end of 2025 or early 2026 [8]. Guidance and Outlook - The company increased its total portfolio Same-Store NOI growth guidance for 2025 from a range of 11.0%-14.0% to 13.0%-15.0% [6][15]. - NFFO guidance was raised by $0.045 at the midpoint, now ranging from $1.69 to $1.72 per diluted share, reflecting improved expectations for NOI growth [6][15]. - The company anticipates continued demand tailwinds in the long-term care sector, supported by record move-in activity [7][14]. Development and Expansion - Ten new development and expansion projects were initiated during Q3 2025, with a total expected cost of approximately $176.9 million [11]. - As of September 30, 2025, the company had spent $51.8 million on these projects [11]. Balance Sheet and Liquidity - The company's total consolidated indebtedness was $1.54 billion, with total liquidity of approximately $997.3 million [12]. - The Net Debt-to-Annualized Adjusted EBITDA improved to 3.5x as of September 30, 2025, down from 3.7x [6][12].

Financial Performance & Portfolio Composition - The company's pro-rata annualized cash NOI totaled $413.912 million, with ISHC contributing 58.8%, OM 19.7%, SHOP 12.2%, Triple-Net Leased Properties 7.3%, and Debt Security Investment 2.0%[10] - Same-store ISHC revenues increased by 9.1% from Q4 2023 to $284.646 million in Q4 2024, and 7.8% from FY 2023 to $1.094 billion in FY 2024[15] - Same-store SHOP revenues increased by 11.5% from Q4 2023 to $44.793 million in Q4 2024, and 11.8% from FY 2023 to $174.310 million in FY 2024[26] - Same-store Triple-Net Leased Properties revenues increased by 1.0% from Q4 2023 to $7.597 million in Q4 2024, and 2.8% from FY 2023 to $30.583 million in FY 2024[31] Outpatient Medical (OM) - OM properties' ending occupancy was 87.9% as of December 31, 2024[20] - Same-store OM revenues increased by 2.1% from Q4 2023 to $31.960 million in Q4 2024, and 0.7% from FY 2023 to $127.722 million in FY 2024[20] Debt and Lease Expirations - Debt maturities and principal payments total $1.685 billion, with a weighted average interest rate of 4.42%[39] - In 2025, $14.576 million (13.4%) of OM ABR and $4.011 million (100%) of interest income are expiring[36] 2025 Guidance - The company anticipates total portfolio same-store NOI growth of 7.0% - 10.0% in FY 2025[45]