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Edge20 Feb 2026
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American Healthcare REIT
American Healthcare REIT (AHR) investor relations material
American Healthcare REIT Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Feb, 2026
Executive summary
Achieved strong double-digit same-store NOI growth for the second consecutive year, with 11.8% in Q4 and 14.2% for FY 2025, driven by occupancy gains, rate management, and expense controls.
SHOP and Trilogy/ISHC segments now comprise the majority of consolidated cash NOI, with SHOP delivering 25.2% same-store NOI growth and Trilogy/ISHC 18.4% for FY 2025.
Portfolio expanded to 319 properties, with high occupancy rates across all segments, and major acquisitions and development projects completed, enhancing portfolio quality.
Leadership transition to interim CEO was seamless, with no change in strategy or capital allocation approach.
Over $950 million in new investments closed in 2025, primarily in SHOP and ISHC, with a robust pipeline and continued focus on high-quality, newer assets.
Financial highlights
Normalized FFO per diluted share was $0.46 in Q4 and $1.72 for FY 2025, representing 22% year-over-year growth; NAREIT FFO per share was $0.44 in Q4 and $1.76 for FY 2025.
Q4 2025 Net Income was $10.8 million; full-year Net Income reached $69.8 million.
Q4 2025 Adjusted EBITDA was $102.7 million.
Cash NOI for FY 2025 was $439.7 million, up from $390.0 million in FY 2024.
Debt to EBITDA improved to 3.4x by year-end 2025, with total consolidated indebtedness at $1.54 billion.
Outlook and guidance
FY 2026 NFFO and NAREIT FFO per diluted share guidance: $1.99–$2.05; net income per diluted share guidance: $0.75–$0.81.
2026 same-store NOI growth guidance: 7%-11% total, with ISHC/Trilogy at 8%-12%, SHOP at 15%-19%, outpatient medical at 0%-2%, and triple net lease at 2%-3%.
$100–$120 million planned for new and ongoing development projects in 2026.
General and administrative expenses expected at $61–$65 million; interest expense at $85–$89 million.
What specific factors sustain SHOP/ISHC growth?
What is the strategy for the $230M deal pipeline?
What is the strategy for lower-growth segments?
SHOP revenue management system rollout benefits
Acquisition strategy for undermanaged assets
Non-same-store assets' 2026 NOI contribution
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Next American Healthcare REIT earnings date
Citi’s Miami Global Property CEO Conference 20264 Mar, 2026
American Healthcare REIT
Next American Healthcare REIT earnings date
Citi’s Miami Global Property CEO Conference 20264 Mar, 2026
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Frequently asked questions
American Healthcare REIT, Inc. is a self-managed real estate investment trust (REIT) primarily focused on healthcare-related real estate. The company's diverse portfolio spans various types of properties, including outpatient medical office buildings, senior housing communities, skilled nursing facilities, hospitals, and integrated senior health campuses. The company is headquartered in Irvine, California, and its shares are listed on the New York Stock Exchange.
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