American Healthcare REIT (AHR) Q3 2025 earnings summary

Executive summary

• Achieved seventh consecutive quarter of double-digit same-store NOI growth, with Q3 2025 same-store NOI up 16.4% year-over-year, led by 25.3% growth in SHOP and 21.7% in ISHC segments.

• Reported net income of $56.6 million for Q3 2025, a turnaround from a net loss of $3.1 million in Q3 2024, driven by higher occupancies, increased billing rates, and strategic acquisitions.

• Portfolio expanded to 315 properties, with over $575 million in acquisitions closed year-to-date, including full buyout of a joint venture and several new property acquisitions.

• Issued over 6.4 million shares for $275.1 million in gross proceeds through forward sales agreements and ATM programs, fully settled by November 4, 2025.

• Published inaugural corporate responsibility report, highlighting governance, social, and sustainability priorities.

Financial highlights

• Q3 2025 revenues were $572.9 million, up 9.4% year-over-year; net income was $56.6 million, compared to a net loss of $3.1 million in Q3 2024.

• NAREIT FFO per diluted share was $0.54 in Q3 2025; Normalized FFO per diluted share was $0.44, up 22% year-over-year.

• Net operating income (NOI) for Q3 2025 was $105.8 million, up from $93.5 million in Q3 2024.

• Net debt to annualized adjusted EBITDA improved to 3.5x as of September 30, 2025.

• Cash and cash equivalents at September 30, 2025: $147.4 million.

Outlook and guidance

• Raised full-year 2025 NFFO guidance to $1.69–$1.72 per share, implying over 20% growth at the midpoint.

• Increased total portfolio same-store NOI growth guidance to 13%–15% from 11%–14%.

• Segment-level same-store NOI growth guidance: ISHC 17%–20%, SHOP 24%–26%, Outpatient Medical 2%–2.4%, Triple-Net Leased Properties (0.3%)–0.3%.

• Net income per diluted share guidance raised to $0.47–$0.50.

• Management expects continued improvement in operating performance, driven by higher occupancies and increased resident fees.