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American Healthcare REIT ("AHR") Announces Fourth Quarter 2024 and Full Year 2024 Results; Issues Full Year 2025 Guidance
IRVINE, Calif., Feb. 27, 2025 /PRNewswire/ -- American Healthcare REIT, Inc. (the "Company," "we," "our," "management," or "us") (NYSE: AHR) announced today its fourth quarter and full year 2024 results and is issuing full year 2025 guidance.
Key Highlights:
- Reported GAAP net loss attributable to controlling interest of $(31.8) million and GAAP net loss attributable to common stockholders of $(0.21) per diluted share for the three months ended December 31, 2024. Reported GAAP net loss attributable to controlling interest of $(37.8) million and GAAP net loss attributable to common stockholders of $(0.29) per diluted share for the year ended December 31, 2024.
- Reported Normalized Funds from Operations attributable to common stockholders ("NFFO") of $0.40 and $1.41 per diluted share for the three months and year ended December 31, 2024, respectively.
- Achieved total portfolio Same-Store Net Operating Income ("NOI") growth of 21.6% and 17.7% for the three months and year ended December 31, 2024, respectively, compared to the same periods in 2023.
- Achieved 66.6% and 28.0% Same-Store NOI growth during the three months ended December 31, 2024, from its senior housing operating properties ("SHOP") and integrated senior health campuses ("ISHC"), respectively, compared to the same period in 2023. Achieved 52.8% and 23.8% Same-Store NOI growth during the year ended December 31, 2024, from its SHOP and ISHC segments, respectively, compared to the same period in 2023.
- During the year ended December 31, 2024, the Company purchased over $650 million of new investments. During the three months ended December 31, 2024, the Company acquired a SHOP asset in the Atlanta MSA for a total consideration of approximately $7.5 million, before closing and transaction costs.
- In November, the Company established an at-the-market equity offering program ("ATM program") allowing the Company to sell shares of common stock for aggregate gross proceeds of up to $500 million. During the three months ended December 31, 2024, the Company issued 4,285,531 shares of common stock from its ATM program, raising gross proceeds of approximately $120.2 million. During the year ended December 31, 2024, the Company raised total gross proceeds of approximately $1.36 billion through its equity offerings and ATM program.
- The Company is issuing total portfolio Same-Store NOI growth guidance of 7.0% to 10.0% and NFFO per diluted share guidance of $1.56 to $1.60 for the year ending December 31, 2025.
- Reported a 4.2x improvement in the Company's Net Debt-to-Annualized Adjusted EBITDA from 8.5x as of December 31, 2023, to 4.3x as of December 31, 2024.
"We have much to be proud of in AHR's first year as a listed Healthcare REIT," said Danny Prosky, the Company's President and Chief Executive Officer. "We delivered strong earnings and achieved attractive NOI growth across our diversified healthcare portfolio. As we look ahead to 2025, the supply and demand fundamentals within the healthcare real estate industry remain robust. AHR is steadfast in its commitment to delivering high-quality care and performance across our facilities. This year, we expect to deliver both solid earnings per share and Same-Store NOI growth, building on the successful year we had in 2024."
Fourth Quarter 2024 and Full-Year 2024 Results
The Company's Same-Store NOI growth results for the three months and year ended December 31, 2024, are detailed below. Same-Store NOI growth results from its managed portfolio, comprised of ISHC and SHOP segments, led the Company's growth in 2024, compared to 2023, supported by occupancy growth and NOI margin expansion over the course of the year.
| Three Months Ended December 31, 2024 Relative to Three Months Ended December 31, 2023 | |
| Segment | Same-Store NOI Growth |
| ISHC | 28.0 % |
| Outpatient Medical | 1.3 % |
| SHOP | 66.6 % |
| Triple-Net Leased Properties | 1.7 % |
| Total Portfolio | 21.6 % |
| | |
| Year Ended December 31, 2024 Relative to Year Ended December 31, 2023 | |
| Segment | Same-Store NOI Growth |
| ISHC | 23.8 % |
| Outpatient Medical | 0.5 % |
| SHOP | 52.8 % |
| Triple-Net Leased Properties | 3.2 % |
| Total Portfolio | 17.7 % |
"Our portfolio focus on senior housing investments proved to be a winning strategy as senior housing fueled strong total portfolio Same-Store NOI growth in 2024," said Gabe Willhite, the Company's Chief Operating Officer. "Our ISHC and SHOP segments once again produced exceptional results in the fourth quarter with 28.0% and 66.6% year-over-year Same-Store NOI growth, respectively. I believe deeply that partnering with a highly-curated list of operating partners in combination with our ability to provide more focused asset management support, continue to be key differentiators driving our performance and demonstrating the strength of our platform. In 2025, we expect continued growth driven by strong senior housing fundamentals, which we anticipate to produce outsized revenue growth opportunities relative to expense growth and sustained margin expansion."
Transactional Activity
As previously announced, on October 1, 2024, the Company acquired a SHOP asset located in the Atlanta MSA consisting of 90 units for approximately $7.5 million, before closing and transaction costs, reflecting a price per unit of approximately $83,750. Operations at the property were transitioned to Senior Solutions Management Group, one of the Company's existing regional operators, in a RIDEA structure.
Subsequent to quarter end, the Company is under contract to acquire two SHOP assets for approximately $70.5 million. The transactions are expected to close in the first half of 2025. Both SHOP properties are expected to be operated by two of the Company's existing regional operators. Additionally, the Company also completed a lease buyout within its ISHC segment for approximately $15.9 million.
During the year ended December 31, 2024, the Company purchased over $650 million of new investments, including the minority membership interest in Trilogy Holdings that had been held by a joint venture partner. The Company has approved new ISHC development projects, including new campuses, independent living villas, and campus and wing expansions that will begin construction in 2025, with total expected construction costs of approximately $136.6 million.
As previously announced, on October 16, 2024, the Company sold one Outpatient Medical building for approximately $19.4 million. Additionally, during the three months ended December 31, 2024, the Company sold 10 properties from its Outpatient Medical, Triple-Net Leased Properties and ISHC segments for approximately $120.5 million. During the year ended December 31, 2024, the Company sold approximately $155.5 million of properties from various segments, further refining its portfolio and using proceeds to pay down debt or allocate capital to better risk-adjusted return opportunities, such as SHOP acquisitions and ISHC development.
Subsequent to quarter end, the Company sold one SHOP property for approximately $3.3 million.
Capital Markets and Balance Sheet Activity
As of December 31, 2024, the Company's total consolidated indebtedness was $1.69 billion, and it had approximately $984.3 million of total liquidity, comprised of cash, restricted cash and undrawn capacity on its lines of credit. The Company's Net-Debt-to-Annualized Adjusted EBITDA as of December 31, 2024, was 4.3x.
During the three months ended December 31, 2024, the Company established an ATM equity offering program, pursuant to which it may, from time to time, offer and sell shares of common stock for aggregate gross proceeds of up to $500 million. During the three months ended December 31, 2024, the Company issued 4,285,531 shares of common stock through its ATM program for gross proceeds of approximately $120.2 million, at an average price of $28.05 per share. As of December 31, 2024, the remaining amount available under the ATM program for future sales of common stock was approximately $379.8 million.
"Our guidance reflects our expectation that 2025 will be another year of strong earnings growth, building on the excellent double-digit Same-Store NOI growth delivered in 2024," said Brian Peay, the Company's Chief Financial Officer. "Additionally, we were able to strategically raise additional equity at attractive pricing and utilize those proceeds to buy out the remainder of Trilogy and also dramatically improve our balance sheet. I am very proud of the team's efforts this year, creating capacity to allow us to continue to execute on our business plan while ending the year with Net Debt-to- Annualized Adjusted EBITDA of 4.3x."
Full Year 2025 Guidance
The Company is issuing guidance for the year ending December 31, 2025. The Company's 2025 guidance does not assume any additional transaction or capital markets activity beyond the items disclosed in this earnings release. Guidance ranges are detailed below:
| | Full Year 2025 Guidance | Full Year 2024 | |
| Metric | Midpoint | FY 2025 Range | |
| Net income (loss) per diluted share | $0.28 | $0.26 to $0.30 | $(0.29) |
| NAREIT FFO per diluted share | $1.51 | $1.49 to $1.53 | $1.26 |
| NFFO per diluted share | $1.58 | $1.56 to $1.60 | $1.41 |
| Total Portfolio SS NOI Growth | 8.5 % | 7.0% to 10.0% | 17.7 % |
| Segment-Level SS NOI | | | |
| Growth / (Decline): | | | |
| ISHC | 11.0 % | 10.0% to 12.0% | 23.8 % |
| Outpatient Medical | 0.0 % | (1.0%) to 1.0% | 0.5 % |
| SHOP | 20.0 % | 18.0% to 22.0% | 52.8 % |
| Triple-Net Leased Properties | (1.0 %) | (1.5%) to (0.5%) | 3.2 % |
| | | | | |
| Certain of the assumptions underlying the Company's 2025 guidance can be found within the Non-GAAP reconciliations in this earnings release and in the appendix of the Company's Fourth Quarter 2024 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 reasonable 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 revenues 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, 2024 of $0.25 per share of its common stock. The fourth quarter distribution was paid in cash on January 17, 2025, to stockholders of record as of December 31, 2024.
Supplemental Information
The Company has disclosed supplemental information regarding its portfolio, financial position and results of operations as of, and for the three months ended, December 31, 2024, 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 28, 2025. During the conference call, Company executives will review fourth quarter 2024 results, provide additional comments on its 2025 guidance, 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/718447410.
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 interest expense savings, balance sheet, net income or loss per diluted share, FFO per diluted share, NFFO per diluted share, total portfolio Same-Store NOI growth, segment-level Same-Store NOI growth or decline, occupancy, NOI growth, revenue growth, margin expansion, purchases and sales of assets, construction plans, and plans for Trilogy 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, risks disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, expected to be filed on February 28, 2025, and other 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 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 from 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.
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). 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
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 is 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, and outpatient medical buildings across the United States, the United Kingdom and the Isle of Man.
| AMERICAN HEALTHCARE REIT, INC. | |||
| CONSOLIDATED BALANCE SHEETS | |||
| As of December 31, 2024 and 2023 | |||
| (In thousands, except share and per share amounts) (Unaudited) | |||
| | |||
| | December 31, | ||
| | 2024 | | 2023 |
| ASSETS | |||
| Real estate investments, net | $ 3,366,648 | | $ 3,425,438 |
| Debt security investment, net | 91,264 | | 86,935 |
| Cash and cash equivalents | 76,702 | | 43,445 |
| Restricted cash | 46,599 | | 47,337 |
| Accounts and other receivables, net | 211,104 | | 185,379 |
| Identified intangible assets, net | 161,473 | | 180,470 |
| Goodwill | 234,942 | | 234,942 |
| Operating lease right-of-use assets, net | 163,987 | | 227,846 |
| Other assets, net | 135,338 | | 146,141 |
| Total assets | $ 4,488,057 | | $ 4,577,933 |
| | | | |
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||
| Liabilities: | | | |
| Mortgage loans payable, net | $ 982,071 | | $ 1,302,396 |
| Lines of credit and term loan, net | 688,534 | | 1,223,967 |
| Accounts payable and accrued liabilities | 258,324 | | 242,905 |
| Identified intangible liabilities, net | 3,001 | | 6,095 |
| Financing obligations | 34,870 | | 41,756 |
| Operating lease liabilities | 165,239 | | 225,502 |
| Security deposits, prepaid rent and other liabilities | 51,856 | | 76,134 |
| Total liabilities | 2,183,895 | | 3,118,755 |
| | | | |
| Commitments and contingencies | | | |
| | | | |
| Redeemable noncontrolling interests | 220 | | 33,843 |
| | | | |
| Equity: | | | |
| Stockholders' equity: | | | |
| Preferred stock, $0.01 par value per share; 200,000,000 shares authorized; none issued and | — | | — |
| Common Stock, $0.01 par value per share; 700,000,000 shares authorized; 157,446,697 shares | 1,564 | | — |
| Class T common stock, $0.01 par value per share; 200,000,000 shares authorized; none issued | — | | 194 |
| Class I common stock, $0.01 par value per share; 100,000,000 shares authorized; none issued | — | | 467 |
| Additional paid-in capital | 3,720,268 | | 2,548,307 |
| Accumulated deficit | (1,458,089) | | (1,276,222) |
| Accumulated other comprehensive loss | (2,512) | | (2,425) |
| Total stockholders' equity | 2,261,231 | | 1,270,321 |
| Noncontrolling interests | 42,711 | | 155,014 |
| Total equity | 2,303,942 | | 1,425,335 |
| Total liabilities, redeemable noncontrolling interests and equity | $ 4,488,057 | | $ 4,577,933 |
| AMERICAN HEALTHCARE REIT, INC. | |||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | |||||||
| For the Three Months Ended and Years Ended December 31, 2024 and 2023 | |||||||
| (In thousands, except share and per share amounts) (Unaudited) | |||||||
| | |||||||
| | Three Months Ended December 31, | | Year Ended December 31, | ||||
| | 2024 | | 2023 | | 2024 | | 2023 |
| Revenues and grant income: | | | | | | | |
| Resident fees and services | $ 496,833 | | $ 433,284 | | $ 1,883,798 | | $ 1,668,742 |
| Real estate revenue | 45,907 | | 49,267 | | 186,870 | | 190,401 |
| Grant income | — | | 30 | | — | | 7,475 |
| Total revenues and grant income | 542,740 | | 482,581 | | 2,070,668 | | 1,866,618 |
| Expenses: | | | | | | | |
| Property operating expenses | 430,572 | | 385,012 | | 1,653,893 | | 1,502,310 |
| Rental expenses | 13,039 | | 13,053 | | 53,239 | | 57,475 |
| General and administrative | 12,064 | | 11,341 | | 47,559 | | 47,510 |
| Business acquisition expenses | 807 | | 3,551 | | 7,141 | | 5,795 |
| Depreciation and amortization | 46,915 | | 43,960 | | 179,192 | | 182,604 |
| Total expenses | 503,397 | | 456,917 | | 1,941,024 | | 1,795,694 |
| Other income (expense): | | | | | | | |
| Interest expense: | | | | | | | |
| Interest expense (including amortization of deferred | (30,301) | | (41,185) | | (127,730) | | (163,191) |
| Gain (loss) in fair value of derivative financial instruments | 3,192 | | (9,126) | | 1,030 | | (926) |
| Gain on dispositions of real estate investments, net | 2,956 | | 2,695 | | 5,213 | | 32,472 |
| Impairment of real estate investments | (45,755) | | (1,389) | | (45,755) | | (13,899) |
| Impairment of intangible assets | — | | (10,520) | | — | | (10,520) |
| Loss from unconsolidated entities | (2,505) | | (794) | | (6,868) | | (1,718) |
| Gain on re-measurement of previously held equity interest | — | | — | | — | | 726 |
| Foreign currency (loss) gain | (3,119) | | 1,935 | | (774) | | 2,307 |
| Other income, net | 4,246 | | 1,649 | | 11,353 | | 7,601 |
| Total net other expense | (71,286) | | (56,735) | | (163,531) | | (147,148) |
| Loss before income taxes | (31,943) | | (31,071) | | (33,887) | | (76,224) |
| Income tax (expense) benefit | (486) | | 112 | | (1,713) | | (663) |
| Net loss | (32,429) | | (30,959) | | (35,600) | | (76,887) |
| Net loss (income) attributable to noncontrolling interests | 656 | | 3,534 | | (2,212) | | 5,418 |
| Net loss attributable to controlling interest | $ (31,773) | | $ (27,425) | | $ (37,812) | | $ (71,469) |
| Net loss per share of Common Stock, Class T common stock and | | | | | | | |
| Basic | $ (0.21) | | $ (0.42) | | $ (0.29) | | $ (1.08) |
| Diluted | $ (0.21) | | $ (0.42) | | $ (0.29) | | $ (1.08) |
| Weighted average number of shares of Common Stock, Class T | | | | | | | |
| Basic | 153,702,650 | | 66,079,343 | | 130,637,539 | | 66,047,114 |
| Diluted | 153,702,650 | | 66,079,343 | | 130,637,539 | | 66,047,114 |
| | | | | | | | |
| Net loss | $ (32,429) | | $ (30,959) | | $ (35,600) | | $ (76,887) |
| Other comprehensive (loss) income: | | | | | | | |
| Foreign currency translation adjustments | (359) | | 199 | | (87) | | 265 |
| Total other comprehensive (loss) income | (359) | | 199 | | (87) | | 265 |
| Comprehensive loss | (32,788) | | (30,760) | | (35,687) | | (76,622) |
| Comprehensive loss (income) attributable to noncontrolling | 656 | | 3,534 | | (2,212) | | 5,418 |
| Comprehensive loss attributable to controlling interest | $ (32,132) | | $ (27,226) | | $ (37,899) | | $ (71,204) |
| AMERICAN HEALTHCARE REIT, INC. | |||||||
| FFO and Normalized FFO Reconciliation | |||||||
| For the Three Months Ended and Years Ended December 31, 2024 and 2023 | |||||||
| (In thousands, except share and per share amounts) (Unaudited) | |||||||
| | |||||||
| | Three Months Ended December 31, | | Year Ended December 31, | ||||
| | 2024 | | 2023 | | 2024 | | 2023 |
| Net loss | $ (32,429) | | $ (30,959) | | $ (35,600) | | $ (76,887) |
| Depreciation and amortization related to real estate — | 46,877 | | 43,922 | | 179,040 | | 182,452 |
| Depreciation and amortization related to real estate — | 504 | | 147 | | 1,186 | | 401 |
| Impairment of real estate investments — consolidated | 45,755 | | 1,389 | | 45,755 | | 13,899 |
| Gain on dispositions of real estate investments, net — | (2,956) | | (2,695) | | (5,213) | | (32,472) |
| Net loss (income) attributable to noncontrolling interests | 656 | | 3,534 | | (2,212) | | 5,418 |
| Gain on re-measurement of previously held equity interest | — | | — | | — | | (726) |
| Depreciation, amortization, impairments, net gain/loss on | (1,986) | | (6,846) | | (17,851) | | (26,518) |
| NAREIT FFO attributable to controlling interest | $ 56,421 | | $ 8,492 | | $ 165,105 | | $ 65,567 |
| | | | | | | | |
| Business acquisition expenses | $ 807 | | $ 3,551 | | $ 7,141 | | $ 5,795 |
| Amortization of above- and below-market leases | 415 | | (2,489) | | 1,692 | | 9,744 |
| Amortization of closing costs — debt security investment | 86 | | 74 | | 324 | | 278 |
| Change in deferred rent | (668) | | (89) | | (2,411) | | 1,149 |
| Non-cash impact of changes to equity instruments | 2,037 | | 1,377 | | 9,367 | | 5,621 |
| Capitalized interest | (73) | | (36) | | (334) | | (163) |
| Loss on debt and derivative extinguishments | 3,530 | | — | | 5,382 | | 345 |
| (Gain) loss in fair value of derivative financial instruments | (3,192) | | 9,126 | | (1,030) | | 926 |
| Foreign currency loss (gain) | 3,119 | | (1,935) | | 774 | | (2,307) |
| Impairment of intangible assets | — | | 10,520 | | — | | 10,520 |
| Adjustments for unconsolidated entities | (1) | | 38 | | (320) | | (321) |
| Adjustments for noncontrolling interests | (85) | | (3,810) | | (768) | | (4,786) |
| Normalized FFO attributable to controlling interest | $ 62,396 | | $ 24,819 | | $ 184,922 | | $ 92,368 |
| NAREIT FFO and Normalized FFO weighted average | 154,449,288 | | 66,079,343 | | 131,211,731 | | 66,047,114 |
| NAREIT FFO per common share attributable to controlling | $ 0.37 | | $ 0.13 | | $ 1.26 | | $ 0.99 |
| Normalized FFO per common share attributable to | $ 0.40 | | $ 0.38 | | $ 1.41 | | $ 1.40 |
| AMERICAN HEALTHCARE REIT, INC. | ||
| Adjusted EBITDA Reconciliation | ||
| For the Three Months Ended December 31, 2024 | ||
| (In thousands) (Unaudited) | ||
| | | |
| Net loss | | $ (32,429) |
| Interest expense (including amortization of deferred financing costs, debt | | 30,301 |
| Income tax expense | | 486 |
| Depreciation and amortization (including amortization of leased assets | | 47,376 |
| EBITDA | | $ 45,734 |
| | | |
| Loss from unconsolidated entities | | 2,505 |
| Straight line rent and amortization of above/below market leases | | (714) |
| Non-cash impact of changes to equity instruments | | 2,037 |
| Business acquisition expenses | | 807 |
| Gain on dispositions of real estate investments, net | | (2,956) |
| Amortization of closing cost - debt security investment | | 86 |
| Foreign currency loss | | 3,119 |
| Gain in fair value of derivative financial instruments | | (3,192) |
| Impairment of real estate investments | | 45,755 |
| Non-recurring one-time items | | (2,024) |
| | | |
| Adjusted EBITDA | | $ 91,157 |
| AMERICAN HEALTHCARE REIT, INC. | |||||||
| NOI and Cash NOI Reconciliation | |||||||
| For the Three Months Ended and Years Ended December 31, 2024 and 2023 | |||||||
| (In thousands) (Unaudited) | |||||||
| | |||||||
| | Three Months Ended December 31, | | Year Ended December 31, | ||||
| | 2024 | | 2023 | | 2024 | | 2023 |
| Net loss | $ (32,429) | | $ (30,959) | | $ (35,600) | | $ (76,887) |
| General and administrative | 12,064 | | 11,341 | | 47,559 | | 47,510 |
| Business acquisition expenses | 807 | | 3,551 | | 7,141 | | 5,795 |
| Depreciation and amortization | 46,915 | | 43,960 | | 179,192 | | 182,604 |
| Interest expense | 30,301 | | 41,185 | | 127,730 | | 163,191 |
| (Gain) loss in fair value of derivative financial instruments | (3,192) | | 9,126 | | (1,030) | | 926 |
| Gain on dispositions of real estate investments, net | (2,956) | | (2,695) | | (5,213) | | (32,472) |
| Impairment of real estate investments | 45,755 | | 1,389 | | 45,755 | | 13,899 |
| Impairment of intangible assets | — | | 10,520 | | — | | 10,520 |
| Loss from unconsolidated entities | 2,505 | | 794 | | 6,868 | | 1,718 |
| Gain on re-measurement of previously held equity interest | — | | — | | — | | (726) |
| Foreign currency loss (gain) | 3,119 | | (1,935) | | 774 | | (2,307) |
| Other income, net | (4,246) | | (1,649) | | (11,353) | | (7,601) |
| Income tax expense (benefit) | 486 | | (112) | | 1,713 | | 663 |
| Net operating income | $ 99,129 | | $ 84,516 | | $ 363,536 | | $ 306,833 |
| | | | | | | | |
| Grant Income | — | | (30) | | — | | (7,475) |
| Total NOI (excluding Grant Income) | $ 99,129 | | $ 84,486 | | $ 363,536 | | $ 299,358 |
| | | | | | | | |
| Straight line rent | (672) | | (584) | | (3,234) | | (3,481) |
| Facility rental expense | 7,642 | | 8,774 | | 31,989 | | 37,025 |
| Other non-cash adjustments | 158 | | (2,397) | | 1,187 | | 9,946 |
| COVID subsidies | — | | — | | — | | (171) |
| Cash NOI from dispositions | (2,508) | | — | | (2,508) | | — |
| Cash NOI attributable to noncontrolling interests(1) | (271) | | (242) | | (1,016) | | (895) |
| Cash NOI | $ 103,478 | | $ 90,037 | | $ 389,954 | | $ 341,782 |
| | | | | | |
| (1) | All periods are based upon current quarter's ownership percentage. | ||||
| AMERICAN HEALTHCARE REIT, INC. | |||||||
| Same-Store NOI Reconciliation | |||||||
| For the Three Months Ended and Years Ended December 31, 2024 and 2023 | |||||||
| (In thousands) (Unaudited) | |||||||
| | |||||||
| | Three Months Ended December 31, | | Year Ended December 31, | ||||
| | 2024 | | 2023 | | 2024 | | 2023 |
| ISHC | | | | | | | |
| NOI (excluding Grant Income) | $ 53,586 | | $ 41,766 | | $ 189,273 | | $ 146,063 |
| Facility rental expense | 7,642 | | 8,774 | | 31,989 | | 37,025 |
| Cash NOI from dispositions | (341) | | — | | (341) | | — |
| Cash NOI (1) | $ 60,887 | | $ 50,540 | | $ 220,921 | | $ 183,088 |
| New acquisitions/dispositions/transitions/other (1) | (6,266) | | (6,709) | | (24,153) | | (24,975) |
| Non-Core Properties (1) | (928) | | (460) | | (4,007) | | (160) |
| Other normalizing adjustments (1) | — | | (1,429) | | 974 | | (1,429) |
| Same-Store NOI (1) | $ 53,693 | | $ 41,942 | | $ 193,735 | | $ 156,524 |
| | | | | | | | |
| Outpatient Medical | | | | | | | |
| NOI | $ 20,800 | | $ 23,825 | | $ 83,855 | | $ 91,611 |
| Straight line rent | (134) | | (291) | | (568) | | (1,320) |
| Other non-cash adjustments | (81) | | (2,633) | | 252 | | (1,959) |
| Cash NOI from dispositions | (261) | | — | | (261) | | — |
| Cash NOI (2) | $ 20,324 | | $ 20,901 | | $ 83,278 | | $ 88,332 |
| New acquisitions/dispositions/transitions | — | | (802) | | (2,119) | | (7,664) |
| Non-Core Properties | (335) | | (373) | | (1,506) | | (1,406) |
| Same-Store NOI (2) | $ 19,989 | | $ 19,726 | | $ 79,653 | | $ 79,262 |
| | | | | | | | |
| SHOP | | | | | | | |
| NOI | $ 12,675 | | $ 6,506 | | $ 40,632 | | $ 20,369 |
| Other non-cash adjustments | — | | 11 | | — | | 5 |
| COVID subsidies | — | | — | | — | | (171) |
| Cash NOI attributable to noncontrolling interests (2) | (80) | | (56) | | (264) | | (158) |
| Cash NOI | $ 12,595 | | $ 6,461 | | $ 40,368 | | $ 20,045 |
| New acquisitions/dispositions/transitions | (3,236) | | (1,010) | | (7,256) | | 1,474 |
| Development conversion | 576 | | 340 | | 2,290 | | 1,551 |
| Other normalizing adjustments | — | | 171 | | 233 | | 257 |
| Same-Store NOI | $ 9,935 | | $ 5,962 | | $ 35,635 | | $ 23,327 |
| | | | | | | | |
| Triple-Net Leased Properties | | | | | | | |
| NOI | $ 12,068 | | $ 12,389 | | $ 49,776 | | $ 41,315 |
| Straight line rent | (538) | | (293) | | (2,666) | | (2,161) |
| Other non-cash adjustments | 239 | | 225 | | 935 | | 11,900 |
| Cash NOI from dispositions | (1,906) | | — | | (1,906) | | — |
| Cash NOI attributable to noncontrolling interest (2) | (191) | | (186) | | (752) | | (737) |
| Cash NOI | $ 9,672 | | $ 12,135 | | $ 45,387 | | $ 50,317 |
| Debt security investment | (2,117) | | (2,011) | | (8,690) | | (8,040) |
| New acquisitions/dispositions/transitions | — | | (2,708) | | (6,454) | | (12,996) |
| Non-Core Properties | (379) | | (359) | | (1,495) | | (1,413) |
| Same-Store NOI | $ 7,176 | | $ 7,057 | | $ 28,748 | | $ 27,868 |
| AMERICAN HEALTHCARE REIT, INC. | |||||||
| Same-Store NOI Reconciliation - (Continued) | |||||||
| For the Three Months Ended and Years Ended December 31, 2024 and 2023 | |||||||
| (In thousands) (Unaudited) | |||||||
| | |||||||
| | Three Months Ended December 31, | | Year Ended December 31, | ||||
| | 2024 | | 2023 | | 2024 | | 2023 |
| Total Portfolio | | | | | | | |
| NOI (excluding Grant Income) | $ 99,129 | | $ 84,486 | | $ 363,536 | | $ 299,358 |
| Straight line rent | (672) | | (584) | | (3,234) | | (3,481) |
| Facility rental expense | 7,642 | | 8,774 | | 31,989 | | 37,025 |
| Other non-cash adjustments | 158 | | (2,397) | | 1,187 | | 9,946 |
| COVID subsidies | — | | — | | — | | (171) |
| Cash NOI from dispositions | (2,508) | | — | | (2,508) | | — |
| Cash NOI attributable to noncontrolling interests (2) | (271) | | (242) | | (1,016) | | (895) |
| Cash NOI (1)(2) | $ 103,478 | | $ 90,037 | | $ 389,954 | | $ 341,782 |
| Debt security investment | (2,117) | | (2,011) | | (8,690) | | (8,040) |
| New acquisitions/dispositions/transitions/other (1) | (9,502) | | (11,229) | | (39,982) | | (44,161) |
| Development conversion | 576 | | 340 | | 2,290 | | 1,551 |
| Non-Core Properties (1) | (1,642) | | (1,192) | | (7,008) | | (2,979) |
| Other normalizing adjustments (1) | — | | (1,258) | | 1,207 | | (1,172) |
| Same-Store NOI (1)(2) | $ 90,793 | | $ 74,687 | | $ 337,771 | | $ 286,981 |
| | | | | | |
| (1) | Prior periods' information is presented to reflect the increase in ownership to 100% in the Company's ISHC segment effective September 2024. | ||||
| (2) | All periods are based upon current quarter's ownership percentage. | ||||
| AMERICAN HEALTHCARE REIT, INC. | |||||||
| Same-Store Revenue Reconciliation | |||||||
| For the Three Months Ended and Years Ended December 31, 2024 and 2023 | |||||||
| (In thousands) (Unaudited) | |||||||
| | |||||||
| | Three Months Ended December 31, | | Year Ended December 31, | ||||
| | 2024 | | 2023 | | 2024 | | 2023 |
| ISHC | | | | | | | |
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