Core Insights - American Healthcare REIT (AHR) reported revenue of $540.6 million for Q1 2025, marking an 8.2% year-over-year increase and exceeding the Zacks Consensus Estimate of $538.59 million by 0.37% [1] - The company achieved an EPS of $0.38, a significant improvement from -$0.04 a year ago, and surpassed the consensus EPS estimate of $0.37 by 2.70% [1] Revenue Breakdown - Resident fees and services generated $497.18 million, slightly above the average estimate of $495.43 million from two analysts [4] - Real estate revenue was reported at $43.43 million, which fell short of the average estimate of $44.43 million from two analysts [4] Stock Performance - Over the past month, shares of American Healthcare REIT have returned +12.3%, outperforming the Zacks S&P 500 composite's +11.3% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

American Healthcare REIT (AHR) came out with quarterly funds from operations (FFO) of $0.38 per share, beating the Zacks Consensus Estimate of $0.37 per share. This compares to FFO of $0.30 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 2.70%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.40 per share when it actually produced FFO of $0.40, delivering no surprise.Over the last four quar ...

Financial Performance - Reported GAAP net loss attributable to common stockholders of $(0.04) per diluted share for Q1 2025[5] - Net loss attributable to controlling interest for the three months ended March 31, 2025, was $6,804,000, compared to a net loss of $3,892,000 for the same period in 2024, indicating a deterioration in performance[33] - Net loss for Q1 2025 was $6,840,000, compared to a net loss of $3,004,000 in Q1 2024, representing an increase in loss of 128.5%[40] - The company reported a comprehensive loss of $6,664,000 for the three months ended March 31, 2025, compared to a comprehensive loss of $3,047,000 in the same period of 2024[33] Revenue and Income Growth - Total revenues for the three months ended March 31, 2025, increased to $540,603,000, up from $499,533,000 in the same period of 2024, representing an increase of approximately 8.2%[33] - Same-store revenue for Q1 2025 was $410,234,000, up from $377,787,000 in Q1 2024, an increase of 8.6%[53] - GAAP revenue for Q1 2025 was $540,603,000, compared to $499,533,000 in Q1 2024, reflecting a growth of 8.2%[53] - Net operating income (NOI) for Q1 2025 was $94,537,000, up from $82,177,000 in Q1 2024, reflecting a growth of 15.0%[46] - Achieved Same-Store Net Operating Income (NOI) growth of 15.1% for Q1 2025 compared to Q1 2024[5] - Cash NOI for Q1 2025 reached $101,026,000, compared to $90,046,000 in Q1 2024, marking a growth of 12.2%[46] - Adjusted EBITDA for Q1 2025 was $85,083,000, compared to $58,267,000 in Q1 2024, indicating an increase of 46.0%[38] Guidance and Projections - Increased total portfolio Same-Store NOI growth guidance for FY 2025 to a range of 9.0% to 13.0%[5] - Increased NFFO guidance for FY 2025 to a range of $1.58 to $1.64 per diluted share[5] - Full Year 2025 guidance for net income attributable to common stockholders is projected between $46.70 million and $56.10 million, up from the prior guidance of $40.59 million to $46.71 million[57] - NAREIT FFO attributable to common stockholders is expected to range from $236.40 million to $245.80 million, compared to the previous range of $233.08 million to $239.20 million[57] - Total Portfolio Same-Store NOI growth is forecasted between 9.0% and 13.0%, an increase from the prior range of 7.0% to 10.0%[57] - ISHC segment-level Same-Store NOI growth is anticipated to be between 12.0% and 16.0%, up from 10.0% to 12.0% previously[57] - SHOP segment-level Same-Store NOI growth is projected to be between 20.0% and 24.0%, compared to the prior range of 18.0% to 22.0%[57] - Normalized FFO attributable to common stockholders is expected to be between $250.60 million and $260.00 million, an increase from the previous range of $244.19 million to $250.31 million[57] - Net income per common share — diluted is projected to be between $0.29 and $0.35, compared to the prior range of $0.26 to $0.30[57] - NAREIT FFO per common share — diluted is expected to range from $1.49 to $1.55, consistent with the previous range of $1.49 to $1.53[57] - Normalized FFO per common share — diluted is projected to be between $1.58 and $1.64, compared to the prior range of $1.56 to $1.60[57] Expenses and Liabilities - General and administrative expenses increased to $13,155,000 in Q1 2025 from $11,828,000 in Q1 2024, a rise of 11.2%[40] - Interest expense decreased to $22,945,000 in Q1 2025 from $36,438,000 in Q1 2024, a reduction of 37.0%[40] - Business acquisition expenses were $1,837,000 in Q1 2025, down from $2,782,000 in Q1 2024, a decrease of 34.0%[40] - Total liabilities decreased to $2,159,343,000 as of March 31, 2025, from $2,183,895,000 as of December 31, 2024, a reduction of approximately 1.1%[28] Assets and Indebtedness - Total consolidated indebtedness was $1.67 billion as of March 31, 2025[11] - Cash and cash equivalents as of March 31, 2025, were $86,064,000, an increase from $76,702,000 as of December 31, 2024, showing a growth of approximately 12.8%[28] - Total assets decreased to $4,464,051,000 as of March 31, 2025, from $4,488,057,000 as of December 31, 2024, a decline of approximately 0.5%[28] Acquisitions and Developments - Developed a pipeline of over $300 million in new potential acquisitions as of May 8, 2025[8] - Started two new development projects with a total expected cost of approximately $60.0 million[9] - Completed a lease buyout in the ISHC segment for approximately $16.1 million during Q1 2025[10] Shareholder Information - Declared a cash distribution of $0.25 per share for the quarter ended March 31, 2025[15] - The weighted average number of diluted common shares outstanding increased to 157,428,446 for the three months ended March 31, 2025, compared to 104,295,142 in 2024, indicating a significant increase in share count[34] - Issued 1,577,113 shares of common stock through the ATM program for gross proceeds of approximately $47.7 million[12] Impairments - Impairment of real estate investment was reported at $21,706,000 in Q1 2025, with no such impairment recorded in Q1 2024[40]

Core Insights - American Healthcare REIT, Inc. reported strong performance in Q1 2025, with a Same-Store NOI growth of 15.1% compared to Q1 2024, driven by demand for long-term care and effective expense management [4][8][14] - The company has increased its full-year 2025 guidance for Same-Store NOI growth from a range of 7.0% to 10.0% to a revised range of 9.0% to 13.0% [8][14] - The company has a pipeline of over $300 million in potential acquisitions, indicating a proactive approach to external growth opportunities [6][8] Financial Performance - The company reported a GAAP net loss of $(6.8) million for Q1 2025, with a net loss per diluted share of $(0.04) [8][29] - Normalized Funds from Operations (NFFO) for Q1 2025 were reported at $0.38 per diluted share, reflecting a strong operational performance [8][32] - Total revenues for Q1 2025 increased to $540.6 million from $499.5 million in Q1 2024, primarily due to higher resident fees and services [29][40] Segment Performance - The ISHC segment achieved a Same-Store NOI growth of 19.8%, while the SHOP segment saw a growth of 30.7% in Q1 2025 compared to the same period in 2024 [5][8] - The outpatient medical segment reported a modest Same-Store NOI growth of 2.0%, while the triple-net leased properties experienced a decline of (1.4)% [5][8] Capital Markets and Balance Sheet - As of March 31, 2025, the company's total consolidated indebtedness was $1.67 billion, with a Net Debt-to-Annualized Adjusted EBITDA ratio of 4.5x [11][8] - The company raised approximately $47.7 million through the issuance of 1,577,113 shares of common stock during Q1 2025 [12][8] - The company has approximately $634.5 million in total liquidity, which includes cash, restricted cash, and undrawn capacity on its line of credit [11][8] Development and Transactional Activity - The company initiated two new development projects during Q1 2025, with a total expected cost of approximately $60.0 million [10][8] - A lease buyout in the ISHC segment was completed for approximately $16.1 million, and several non-core properties were sold for a total of approximately $39.0 million [9][8]

IRVINE, Calif., April 3, 2025 /PRNewswire/ -- American Healthcare REIT, Inc. (the "Company") (NYSE: AHR) announced today that it will issue its first quarter 2025 earnings release on Thursday, May 8, 2025, after the close of trading.A public conference call with a simultaneous webcast will be held on Friday, May 9, 2025, at 10:00 a.m. Pacific Time / 1:00 p.m. Eastern Time. During the conference call, company executives will review first quarter 2025 results, discuss recent events, and conduct a question-and ...

Core Insights - The article does not provide any specific company or industry insights, focusing instead on disclaimers and disclosures related to investment advice and positions held by the authors [1][2][3] Group 1 - The authors have no stock, option, or similar derivative positions in any of the companies mentioned and have no plans to initiate such positions within the next 72 hours [1] - The content is based on personal thoughts and research, emphasizing the need for readers to conduct their own due diligence before making investment decisions [2] - The article clarifies that past performance is not indicative of future results and that no specific investment recommendations are being made [3]

Core Viewpoint - American Healthcare REIT, Inc. has declared a quarterly distribution of $0.25 per share for the quarter ending March 31, 2025, payable on or about April 17, 2025 [1] Company Overview - American Healthcare REIT, Inc. is a real estate investment trust that focuses on acquiring, owning, and operating a diversified portfolio of clinical healthcare real estate, primarily targeting senior housing communities, skilled nursing, and outpatient medical buildings across the United States, the United Kingdom, and the Isle of Man [2]

Core Viewpoint - Chilton Capital Management's REIT Team focuses on investments in publicly traded real estate investment trusts (REITs) and related entities primarily in North America, emphasizing the advantages of liquidity, transparency, and total return characteristics of public REITs [1] Group 1: Team and Strategy - The REIT Team is led by co-portfolio managers Bruce Garrison and Matt Werner, with Garrison having over 40 years of experience in public REIT analysis [1] - The investment strategy combines real estate industry experience with traditional security analysis methods, including research and analytical depth [1] - The REIT Team manages Separately Managed Accounts (SMAs) for high net worth individuals and institutions, and serves as a sub-advisor for the West Loop Realty Fund [1] Group 2: Investment Focus - The REIT Team invests in a variety of property types, including apartments, regional malls, shopping centers, lodging, office, industrial, self-storage, data centers/cell towers, and healthcare-related facilities [1] - The focus on public securities allows for diversification across geography, sector, strategy, property, and tenant while maintaining portfolio liquidity [1]

Core Insights - The article discusses the investment landscape in the real estate sector, particularly focusing on the performance and outlook of various real estate investment trusts (REITs) and housing-related companies [2][3]. Group 1: Company Insights - Hoya Capital Research & Index Innovations is affiliated with Hoya Capital Real Estate, which provides investment advisory services and focuses on publicly traded securities in the real estate industry [2]. - The commentary emphasizes that the information provided is for educational purposes and does not constitute investment advice [2][3]. Group 2: Industry Insights - The real estate industry is highlighted as having unique risks associated with investments in real estate companies and housing industry companies [2]. - The article notes that past performance of market data does not guarantee future results, indicating the inherent volatility in the real estate sector [3].

Financial Performance and Stability - The company has experienced net losses in the past and may continue to do so in the future, primarily due to depreciation, interest expenses, and general administrative costs[107]. - The financial stability of tenants is crucial for the company's revenue, and lease defaults could significantly impact distributions to stockholders[106]. - Economic downturns could lead to tenant defaults, reduced occupancy rates, and lower property values, adversely affecting financial results[114]. - The company may incur additional costs in re-leasing specialized properties if tenants default or terminate leases, which could materially affect its financials[120]. - Inflationary pressures are expected to increase general and administrative expenses, including compensation and professional fees[129]. - The company may not be able to recover all operating expenses due to inflation, which could adversely impact its financial performance[128]. - The company faces risks associated with real estate investments, including potential decreases in property values and the inability to sell properties at favorable prices[125]. - The company’s ability to maintain distributions may be affected by cash flow from operations, with potential changes evaluated throughout 2025[256]. Competition and Market Risks - The company faces significant competition in acquiring healthcare-related facilities, which may increase costs and impede investment opportunities[113]. - Competition from other medical practices and facilities could adversely affect tenants' ability to make rental payments[153]. - The healthcare industry is facing increased competition and scrutiny, leading to higher expenses and pressure to reduce payments to service providers[194]. Regulatory and Compliance Risks - The company is subject to various regulatory risks that could impact operations and profitability, including potential audits and investigations[103]. - The healthcare industry is heavily regulated, and changes in laws or regulations could adversely affect tenants' ability to make rent payments[168]. - Failure to obtain necessary licenses or certificates of need (CON) could prevent facilities from operating as intended, impacting rent payments[169]. - The company may face adverse legislative or regulatory tax changes that could increase tax liability or reduce operating flexibility[232]. Debt and Financial Structure - As of December 31, 2024, the company's outstanding debt totaled $1.7 billion, with 8.2% being unhedged variable-rate debt[130]. - The company expects to fund a portion of its cash needs through operating cash flows, issuances of additional equity, and additional indebtedness[203]. - Rising interest rates have significantly increased the company's interest costs, potentially reducing available cash flow for operations and distributions to stockholders[204]. - The company may incur mortgage debt on existing properties to finance acquisitions or capital investments, which could affect its REIT qualification[205]. - The company's overall leverage was reported to be lower than 30.0% of its combined market capitalization and outstanding indebtedness as of December 31, 2024[202]. Geographic and Sector Concentration - The company has a high concentration of properties in specific geographic areas, increasing vulnerability to local economic conditions[97]. - As of December 31, 2024, properties in Indiana and Ohio accounted for approximately 35.6% and 11.8% of the total property portfolio's annualized base rent or annualized NOI, indicating a significant geographic concentration of risk[133]. - The company has a concentration of investments in senior housing (41.0%), skilled nursing facilities (SNFs) (28.0%), and other healthcare-related facilities (26.1%), which increases vulnerability to negative factors affecting these sectors[135]. Operational Risks - The company is dependent on key personnel, and the loss of executives could materially affect operations and performance[109]. - Cybersecurity threats pose risks to the company's information technology systems, which could materially affect operations and reputation[124]. - Delays in obtaining necessary permits for development projects could hinder revenue generation and operational efficiency[143]. - The company may face challenges in acquiring new properties or making capital improvements if it cannot secure funding on favorable terms[116]. Economic and Market Conditions - The market price and trading volume of the company's common stock may be volatile, influenced by broader economic conditions[111]. - The company may incur substantial costs related to environmental cleanup and compliance with regulations, which could adversely affect financial performance[150]. - Severe weather events and climate change could increase operational costs and damage properties, impacting financial performance[157]. - Economic factors may hinder seniors' ability to afford resident fees, impacting occupancy rates and revenues at healthcare facilities[182]. Investment and Growth Strategies - The company may incur additional indebtedness in the future, which could adversely affect financial stability and operational flexibility[103]. - Future offerings of debt or equity securities may dilute existing stockholders and affect the company's ability to raise capital on favorable terms[103]. - The company evaluates tenant rent coverage ratios based on unaudited financial information provided by tenants, which may not accurately reflect their ability to make rent payments[138]. Revenue and Expense Trends - As of December 31, 2024, the company reported a total revenue of $2,070,668,000, an increase from $1,866,618,000 in 2023, representing an increase of approximately 10.9%[332]. - Total property operating expenses for integrated senior health campuses increased to $1,430,539,000 (88.3% of revenue) from $1,335,817,000 (89.7% of revenue) in 2023[339]. - The company’s SHOP segment saw an increase in resident fees and services revenue by $77,124,000 in 2024, driven by acquisitions and increased occupancy[335]. - Total rental expenses decreased to $53,239,000 (28.5% of real estate revenue) in 2024 from $57,475,000 (30.2% of real estate revenue) in 2023, primarily due to dispositions of OM buildings[341].