American Healthcare REIT (AHR) Q4 2025 earnings summary

Executive summary

• Achieved strong double-digit same-store NOI growth for the second consecutive year, with 11.8% in Q4 and 14.2% for FY 2025, driven by occupancy gains, rate management, and expense controls.

• SHOP and Trilogy/ISHC segments now comprise the majority of consolidated cash NOI, with SHOP delivering 25.2% same-store NOI growth and Trilogy/ISHC 18.4% for FY 2025.

• Portfolio expanded to 319 properties, with high occupancy rates across all segments, and major acquisitions and development projects completed, enhancing portfolio quality.

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

• Over $950 million in new investments closed in 2025, primarily in SHOP and ISHC, with a robust pipeline and continued focus on high-quality, newer assets.

Financial highlights

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

• Q4 2025 Net Income was $10.8 million; full-year Net Income reached $69.8 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, with total consolidated indebtedness at $1.54 billion.

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 ISHC/Trilogy at 8%-12%, SHOP at 15%-19%, outpatient medical at 0%-2%, and triple net lease at 2%-3%.

• $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.