American Healthcare REIT (AHR) Q1 2025 earnings summary

Executive summary

• Achieved strong Q1 2025 results with sector-leading same-store NOI growth of 15.1% year-over-year, led by SHOP (30.7%) and ISHC/Trilogy (19.8%) segments, and raised full-year guidance for NOI and NFFO per share.

• Portfolio comprised 294–312 properties as of March 31, 2025, with average occupancy of 88.5% in ISHC and 87.6% in SHOP.

• Executed creative capital allocation, including a $16.1 million ISHC lease buyout, $65 million SHOP acquisition, and $47.7–$48 million raised via ATM equity program.

• Developed a pipeline of over $300 million in awarded acquisitions, primarily in the operating portfolio, expected to close later in the year.

• Cash flows from operations improved to $60.6 million, and quarterly dividend of $0.25 per share was fully covered by operating cash flows.

Financial highlights

• Q1 2025 normalized funds from operations (NFFO) of $0.38 per diluted share, up 26.7% year-over-year; NAREIT FFO per share was $0.35.

• Revenues rose to $540.6 million, up 8% year-over-year, with resident fees and services up 10% to $497.2 million.

• Adjusted EBITDA for Q1 2025 was $85.1 million.

• Net loss attributable to controlling interest was $(6.8) million, or $(0.04) per share, impacted by a $21.7 million impairment charge.

• Net debt to annualized adjusted EBITDA was 4.5x as of quarter-end.

Outlook and guidance

• Raised full-year 2025 same-store NOI growth guidance for the total portfolio to 9%-13% (from 7%-10%).

• Segment-level guidance: ISHC/Trilogy 12%-16%, SHOP 20%-24%, OM (1%)-1%, Triple-Net Leased (1.5%)-(0.5%).

• NFFO per share guidance raised to $1.58-$1.64 (from $1.56-$1.60); net income per share guidance increased to $0.29-$0.35.

• Guidance excludes impact from the $300M+ acquisition pipeline, as timing and execution are not yet certain.

• General and administrative expenses projected at $50–$52 million; interest expense at $92–$97 million.