American Healthcare REIT (AHR) Q4 2025 earnings summary

Executive summary

• Achieved double-digit Same-Store NOI growth for the second consecutive year, with 11.8% in Q4 and 14.2% for FY 2025, driven by strong SHOP and ISHC/Trilogy segment performance.

• Portfolio expanded to 319 properties, with high occupancy rates: ISHC/Trilogy at 90.6%, SHOP at 90.6%, Outpatient Medical at 88.9%, and Triple-Net at 89.1%.

• Over $950 million in new investments closed in 2025, primarily in SHOP and ISHC/Trilogy, with a robust pipeline and $117.5 million in new SHOP acquisitions in early 2026.

• Leadership transition to interim CEO was seamless, with no change in strategy or capital allocation.

• Major acquisitions and development projects enhanced portfolio scale and quality, with $66.9 million invested to date and $178 million total expected cost.

Financial highlights

• Normalized FFO per diluted share was $0.46 in Q4 and $1.72 for FY 2025, up 22% year-over-year; NAREIT FFO per share was $0.44 in Q4 and $1.76 for FY 2025, up 39.7%.

• Q4 2025 Net Income was $10.9 million; full-year Net Income reached $70.8 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.

Outlook and guidance

• FY 2026 NFFO per diluted share guidance is $1.99–$2.05, with Same-Store NOI growth guidance of 7%–11% total, 8%–12% ISHC/Trilogy, 15%–19% SHOP, 0%–2% Outpatient Medical, and 2%–3% Triple-Net.

• Net income per diluted share guidance for 2026 is $0.75–$0.81.

• $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.

• SHOP expected to continue leading organic growth, supported by dynamic revenue management initiatives.