American Healthcare REIT (AHR) Q4 2025 earnings summary

Executive summary

• Achieved strong year-over-year growth in key financial metrics, including double-digit increases in Same-Store NOI and FFO/NFFO per share across all major segments.

• Portfolio expanded to 319 properties, with high occupancy rates in ISHC (90.6%), SHOP (90.6%), and Outpatient Medical (88.9%).

• Leadership transition with interim CEO in place; strategy and execution remain unchanged.

• Major acquisitions and development projects increased beds/units and enhanced portfolio quality.

Financial highlights

• Normalized FFO per diluted share was $0.46 in Q4 2025 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.

• Total portfolio Same-Store NOI grew 11.8% in Q4 and 14.2% for FY 2025.

• Q4 2025 Net Income was $10.8 million; full-year Net Income reached $69.8 million.

• Adjusted EBITDA for Q4 2025 was $102.7 million.

• Cash NOI for FY 2025 was $439.7 million, up from $390.0 million in FY 2024.

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 segment ranges of ISHC 8%–12%, SHOP 15%–19%, Outpatient Medical 0%–2%, Triple-Net Leased 2%–3%.

• Pipeline includes over $230 million in awarded deals and $117.5 million in acquisitions closed YTD 2026.

• $100–$120 million planned for new and ongoing development projects.