IRVINE, Calif., Feb. 26, 2026 /PRNewswire/ -- American Healthcare REIT, Inc. (NYSE: AHR) (the "Company," "we," "our," "management," "us," or "AHR") is announcing today its fourth quarter and full year 2025 results and issuing full year 2026 guidance.
Key Highlights:
-- Reported GAAP net income attributable to controlling interest of $10.8
million, or $0.06 per diluted share, for the three months ended December
31, 2025; and GAAP net income attributable to controlling interest of
$69.8 million, or $0.42 per diluted share, for the year ended December
31, 2025.
-- Reported Normalized Funds from Operations attributable to common
stockholders ("NFFO") of $0.46 and $1.72 per diluted share for the three
months and year ended December 31, 2025, respectively.
-- Achieved total portfolio Same-Store Net Operating Income ("NOI") growth
of 11.8% and 14.2% for the three months and year ended December 31, 2025,
respectively, compared to the same periods in 2024.
-- Achieved Same-Store NOI growth of 24.6% and 14.0% for the three months
ended December 31, 2025, from its senior housing operating properties
("SHOP") and integrated senior health campuses ("ISHC") segments,
respectively, compared to the same period in 2024. Achieved Same-Store
NOI growth of 25.2% and 18.4% for the year ended December 31, 2025, from
its SHOP and ISHC segments, respectively, compared to the same period in
2024.
-- During the year ended December 31, 2025, the Company purchased over $950
million of new investments within its ISHC and SHOP segments. All of the
assets acquired are operated by the Company's trusted regional operating
partners, who continue to support AHR's mission of providing and
facilitating high-quality care and health outcomes for residents.
-- During the three months ended December 31, 2025, the Company issued
6,474,000 shares of common stock to settle sales under previously
announced forward sale agreements for gross proceeds of approximately
$275.1 million through its at-the-market equity offering program ("ATM
Program"). The Company also issued an additional 659,504 shares of common
stock for gross proceeds of approximately $32.5 million through its ATM
Program. Additionally, during the three months ended December 31, 2025
and thereafter through January 16, 2026, the Company entered into new
forward sale agreements pursuant to its ATM Program to sell 7,454,289
shares of common stock for approximately $361.7 million in gross
proceeds.
-- Completed a forward follow-on common equity offering in November 2025,
entering into forward sale agreements relating to 9,315,000 shares of
common stock for approximately $447.1 million in gross proceeds with
settlement dates of no later than May 20, 2027.
-- Reported a 0.1x improvement to Net Debt-to-Annualized Adjusted EBITDA
from 3.5x as of September 30, 2025 to 3.4x as of December 31, 2025.
-- The Company is issuing total portfolio Same-Store NOI growth guidance of
7.0% to 11.0% and NFFO per diluted share guidance of $1.99 to $2.05 for
the year ending December 31, 2026.
Fourth Quarter 2025 and Full Year 2025 Results
The Company's Same-Store NOI growth results for the three months and year ended December 31, 2025 are detailed below. Same-Store NOI growth in the fourth quarter of 2025, compared to the same period in 2024, was led by the Company's operating portfolio, comprised of its ISHC and SHOP segments, through disciplined revenue management, increased occupancy, strong rate growth and effective expense control by its regional operating partners.
Three Months Ended December 31, 2025 Relative to Three Months Ended
December 31, 2024
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Segment Same-Store NOI Growth
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ISHC 14.0%
Outpatient Medical 2.2%
SHOP 24.6%
Triple-Net Leased Properties 1.8%
Total Portfolio 11.8%
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Year Ended December 31, 2025 Relative to Year Ended December 31, 2024
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Segment Same-Store NOI Growth
------------------------------------------------ ----------------------
ISHC 18.4%
Outpatient Medical 2.1%
SHOP 25.2%
Triple-Net Leased Properties 0.5%
Total Portfolio 14.2%
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"2025 marked our second consecutive year with double-digit total portfolio Same-Store NOI growth as we continue to benefit from the unprecedented demand-and-supply fundamentals in the long-term care industry," said Gabe Willhite, the Company's Chief Operating Officer. "As we enter the new year, we remain focused and steadfast on establishing best-in-class revenue management practices across our operating portfolio, leveraging the platform we continue to invest in with Trilogy Management Services. Additionally, at these higher levels of occupancies, we continue to benefit from operating leverage from each new move-in, which should help us achieve another year of double-digit Same-Store NOI growth within our ISHC and SHOP segments."
Transactional Activity
As previously announced, during the year ended December 31, 2025, the Company completed over $950 million of acquisitions across its operating portfolio, including approximately $370.0 million within its ISHC segment and approximately $590.0 million within its SHOP segment. These investments were made in collaboration with the Company's trusted operating partners.
During the three months ended December 31, 2025, the Company also sold two Non-Core Properties for gross proceeds of approximately $3.9 million.
Subsequent to the year ended December 31, 2025, the Company:
-- Acquired five new SHOP assets for approximately $117.5 million. The
properties are located in California and Missouri, and all will be
managed and operated by the Company's existing regional operating
partners.
Following the Company's completed transaction activity during the three months ended December 31, 2025 and subsequent to quarter end, the Company maintains over $230 million of awarded deals in its investments pipeline, including newly awarded deals and deals previously disclosed in the Company's Third Quarter 2025 Earnings Release that have yet to close. While the Company expects to close the deals in its investments pipeline by the end of 2026, it cannot guarantee when or if these closings will take place. Therefore, the Company is not including any additional transaction activity, including the awarded deals in its investments pipeline, in its 2026 guidance, beyond the transactions disclosed as completed in this section.
Development Activity
The Company's total in-process development and expansion pipeline is expected to cost approximately $178.0 million, of which $66.9 million had been funded as of December 31, 2025.
Capital Markets and Balance Sheet Activity
As of December 31, 2025, the Company had total consolidated indebtedness of $1.54 billion and approximately $1.14 billion of total liquidity, comprised of cash and cash equivalents, undrawn capacity on its lines of credit, and unsettled forward sale agreements. The Company's Net-Debt-to-Annualized Adjusted EBITDA as of December 31, 2025, was 3.4x.
During the three months ended December 31, 2025, the Company issued 6,474,000 shares of common stock to settle sales under previously disclosed forward sale agreements for gross proceeds of approximately $275.1 million pursuant to its ATM Program. Additionally, the Company raised approximately $32.5 million in gross proceeds through direct issuances of 659,504 shares of its common stock under its ATM Program. Further, during the three months ended December 31, 2025, and subsequent to quarter end, the Company entered into new forward sale agreements under the ATM Program to issue 7,454,289 shares of common stock for approximately $361.7 million of gross proceeds.
The Company also completed a forward equity follow-on offering in November 2025, entering into new forward sale agreements to issue 9,315,000 shares of common stock for gross proceeds of approximately $447.1 million by no later than May 20, 2027.
As of February 26, 2026, under its ATM Program and in connection with its November 2025 follow-on common equity offering, the Company had entered into forward sale agreements relating to 5,910,853 shares of common stock that remain unsettled and would result in approximately $287.2 million in gross proceeds assuming full physical settlement.
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