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.

"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.

"We achieved over 20% NFFO per share growth in 2025 compared to the prior year, marking a record year for AHR," said Brian Peay, the Company's Chief Financial Officer. "Looking ahead at 2026, we anticipate continued Same-Store NOI growth throughout our portfolio, which we expect will enable us to deliver another year of double-digit NFFO per share increases. We expect this growth to be led, once again, by our SHOP segment, which has been our fastest growing segment over the last two years and now is the second largest segment of our portfolio. We continue to source attractive equity capital under our ATM Program, which, in combination with our opportunistic follow-on common equity offering completed in November 2025, has allowed us to fully match fund all of our recent acquisitions and our in-process development pipeline."

Full Year 2026 Guidance

The Company is issuing guidance for the year ending December 31, 2026. The Company's 2026 guidance does not assume any additional transaction or capital markets activity beyond the transactions or activity disclosed herein as completed. Guidance ranges are detailed below:

Certain of the assumptions underlying the Company's 2026 guidance can be found within the Non-GAAP reconciliations in this earnings release and in the appendix of the Company's Fourth Quarter 2025 Supplemental Financial Information ("Supplemental"). A reconciliation of net income (loss) calculated in accordance with GAAP to NAREIT FFO and NFFO can be found within the Non-GAAP reconciliations in this earnings release. Non-GAAP financial measures and other terms, as used in this earnings release, are also defined and further explained in the Supplemental. The Company is unable to provide, without unreasonable effort, guidance for the most comparable GAAP financial measures of total revenues and property operating and maintenance expenses. Additionally, a reconciliation of the forward-looking Non-GAAP financial measures of Same-Store NOI growth to the comparable GAAP financial measures cannot be provided without unreasonable effort because the Company is unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of the Company's ongoing operations. Such items include, but are not limited to, impairment on depreciated real estate assets, net gain or loss on sale of real estate assets, stock-based compensation, casualty loss, non-Same-Store revenue and non-Same-Store operating expenses. These items are uncertain, depend on various factors and could have a material impact on the Company's GAAP results for the guidance period.

Distributions

As previously announced, the Company's Board of Directors declared a cash distribution for the quarter ended December 31, 2025 of $0.25 per share of its common stock. The fourth quarter distribution was paid in cash on January 16, 2026, to stockholders of record as of December 31, 2025.

Supplemental Information

The Company has disclosed supplemental information regarding its portfolio, financial position and results of operations as of, and for the three months and year ended, December 31, 2025, and certain other information, which is available on the Investor Relations section of the Company's website at https://ir.americanhealthcarereit.com.

Conference Call and Webcast Information

The Company will host a webcast and conference call at 1:00 p.m. Eastern Time on February 27, 2026. During the conference call, Company executives will review fourth quarter 2025 results, discuss recent events and conduct a question-and-answer period.

To join via webcast, investors may use the following link: https://events.q4inc.com/attendee/845972584.     

To join the live telephone conference call, please dial one of the following numbers at least five minutes prior to the start time:

North America - Toll-Free: (800) 715-9871
International Toll: +1 (646) 307-1963
Conference ID: 2930459

A digital replay of the call will be available on the Investor Relations section of the Company's website at https://ir.americanhealthcarereit.com shortly after the conclusion of the call.

Forward-Looking Statements

Certain statements contained in this press release, including statements relating to the Company's expectations regarding its performance, interest expense savings, balance sheet, net income or loss attributable to common stockholders and per diluted share, NAREIT FFO attributable to common stockholders and per diluted share, NFFO attributable to common stockholders and per diluted share, total portfolio Same-Store NOI growth, segment-level Same-Store NOI growth, occupancy, NOI growth, revenue growth, purchases and sales of assets, development plans, and the settlement of forward sale agreements may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in those acts. Such forward-looking statements generally can be identified by the use of forward-looking terminology, such as "may," "will," "can," "expect," "intend," "anticipate," "estimate," "believe," "continue," "possible," "initiatives," "focus," "seek," "objective," "goal," "strategy," "plan," "potential," "potentially," "preparing," "projected," "future," "long-term," "once," "should," "could," "would," "might," "uncertainty" or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Any such forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which the Company operates, and beliefs of, and assumptions made by, the Company's management and involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied therein, including, without limitation, changing macroeconomic conditions, domestic legal and fiscal policies, and geopolitical conditions and other risks disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 28, 2025, and subsequent periodic reports filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statements contained in this release.

Non-GAAP Financial Measures

The Company's reported results are presented in accordance with GAAP. The Company also discloses the following non-GAAP financial measures: EBITDA, Adjusted EBITDA, Net Debt-to-Annualized Adjusted EBITDA, NAREIT FFO, NFFO, NOI and Same-Store NOI. The Company believes these non-GAAP financial measures are useful supplemental measures of its operating performance and used by investors and analysts to compare the operating performance of the Company between periods and to other REITs or companies on a consistent basis without having to account for differences caused by unanticipated and/or incalculable items. Definitions of the non-GAAP financial measures used herein and reconciliations to the most directly comparable financial measure calculated in accordance with GAAP can be found at the end of this earnings release. See below and "Definitions" for further information regarding the Company's non-GAAP financial measures.

EBITDA and Adjusted EBITDA

Management uses earnings before interest, taxes, depreciation and amortization ("EBITDA") and Adjusted EBITDA to facilitate internal and external comparisons to our historical operating results and in making operating decisions. EBITDA and Adjusted EBITDA are widely used by investors, lenders, credit and equity analysts in the valuation, comparison, and investment recommendations of companies. Additionally, EBITDA and Adjusted EBITDA are utilized by our Board of Directors to evaluate management. Neither EBITDA nor Adjusted EBITDA represents net income (loss) or cash flows provided by operating activities as determined in accordance with GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the EBITDA and Adjusted EBITDA may not be comparable to similarly entitled items reported by other REITs or other companies. In addition, management uses Net Debt-to-Annualized Adjusted EBITDA as a measure of our ability to service our debt.

NAREIT Funds from Operations (FFO) and Normalized Funds from Operations (NFFO)

We believe that the use of FFO, which excludes the impact of real estate-related depreciation and amortization and impairments, provides a further understanding of our operating performance to investors, industry analysts and our management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses and interest costs, which may not be immediately apparent from net income (loss) as determined in accordance with GAAP. However, FFO and NFFO should not be construed to be (i) more relevant or accurate than the current GAAP methodology in calculating net income (loss) as an indicator of our operating performance, (ii) more relevant or accurate than GAAP cash flows from operations as an indicator of our liquidity or (iii) indicative of funds available to fund our cash needs, including our ability to make distributions to our stockholders. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the Non-GAAP FFO and NFFO measures and the adjustments to GAAP in calculating FFO and NFFO. Presentation of this information is intended to provide useful information to investors, industry analysts and management as they compare the operating performance metrics used by the REIT industry, although it should be noted that some REITs may use different methods of calculating funds from operations and normalized funds from operations, so comparisons with such REITs may not be meaningful.

Net Operating Income (NOI)

We believe that NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI are appropriate supplemental performance measures to reflect the performance of our operating assets because NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI exclude certain items that are not associated with the operations of the properties. We believe that NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI are widely accepted measures of comparative operating performance in the real estate community and are useful to investors in understanding the profitability and operating performance of our property portfolio. However, our use of the terms NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing these amounts.

NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI are not equivalent to our net income (loss) as determined under GAAP and may not be a useful measure in measuring operational income or cash flows. Furthermore, NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should not be considered as alternatives to net income (loss) as an indication of our operating performance or as an alternative to cash flows from operations as an indication of our liquidity. NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should not be construed to be more relevant or accurate than the GAAP methodology in calculating net income (loss). NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should be reviewed in conjunction with other measurements as an indication of our performance.

About American Healthcare REIT, Inc.

American Healthcare REIT, Inc. (NYSE: AHR) is a real estate investment trust that acquires, owns and operates a diversified portfolio of clinical healthcare real estate, focusing primarily on senior housing communities, skilled nursing facilities, and outpatient medical buildings across the United States, and in the United Kingdom and the Isle of Man.