American Healthcare REIT (AHR) Q4 2024 earnings summary

Executive summary

• Achieved a milestone with the first full year as a listed healthcare REIT, delivering strong financial and operational results in 2024, with a portfolio of 314 properties and occupancy rates between 87.5%–100%.

• Reported GAAP net loss attributable to controlling interest of $(31.8) million for Q4 2024 and $(37.8) million for the full year, with net loss per diluted share of $(0.21) and $(0.29), respectively.

• Normalized Funds from Operations (NFFO) per diluted share was $0.40 for Q4 and $1.41 for the year, reflecting strong operational performance.

• Over $650 million invested in external growth in managed long-term care segments in 2024, with $1.36 billion raised in gross proceeds through equity offerings and ATM program.

• Benefited from favorable long-term care fundamentals, driven by demographic tailwinds and limited new supply in senior housing.

Financial highlights

• Total portfolio Same-Store NOI grew 21.6% year-over-year in Q4 2024 and 17.7% for the full year; consolidated cash NOI rose to $389.95M from $341.78M in FY 2023.

• SHOP segment Same-Store NOI grew 66.6% in Q4 and 52.8% for the year; ISHC/Trilogy segment grew 28% in Q4 and 23.8% for the year.

• Reported normalized funds from operations (NFFO) of $0.40 per diluted share in Q4 and $1.41 for full year 2024, within guidance.

• Net Debt-to-Adjusted EBITDA improved from 8.5x at end of 2023 to 4.3x at end of 2024.

• Adjusted EBITDA for Q4 2024 was $91.2 million.

Outlook and guidance

• 2025 Same-Store NOI growth guidance: 7%-10% total, 10%-12% for ISHC/Trilogy, 18%-22% for SHOP, -1% to +1% for Outpatient Medical, and -1.5% to -0.5% for Triple-Net Lease.

• NFFO per share guidance for 2025: $1.56-$1.60, reflecting double-digit growth over 2024.

• Net income per diluted share guidance for 2025: $0.26 to $0.30.

• Expected 2025 investments: $80M–$100M in development, $86.4M in new investments in 1H25.

• Guidance does not include unannounced investments; expects continued double-digit growth in managed segments.