FALSE000163297000016329702025-02-272025-02-27
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): February 27, 2025
American Healthcare REIT, Inc.
(Exact name of registrant as specified in its charter)
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| Maryland | | 001-41951 | | 47-2887436 |
(State or other jurisdiction
of incorporation) | | (Commission
File Number) | | (I.R.S. Employer
Identification No.) |
| |
18191 Von Karman Avenue, Suite 300 Irvine, California | | 92612 |
| (Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (949) 270-9200
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
| Common Stock, $0.01 par value per share | | AHR | | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On February 27, 2025, we issued an earnings release announcing our financial position as of December 31, 2024 and our results for the quarter and year then ended. A copy of the earnings release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Item 7.01 Regulation FD Disclosure.
On February 27, 2025, we released certain supplemental data for the quarter and year ended December 31, 2024. A copy of the supplemental data is attached hereto as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference herein.
The information contained in Items 2.02 and 7.01 hereof, including Exhibits 99.1 and 99.2 and incorporated by reference herein, is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by the specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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| Exhibit No. | | Description |
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| 104 | | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | American Healthcare REIT, Inc. |
| February 27, 2025 | | |
| | By: /s/ Danny Prosky |
| | Name: Danny Prosky |
| | Title: Chief Executive Officer and President |
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| Press Release | |
| |
Irvine, CA – February 27, 2025 | Contact: Alan Peterson Email: investorrelations@ahcreit.com |
American Healthcare REIT (“AHR”) Announces Fourth Quarter 2024 and Full Year 2024 Results;
Issues Full Year 2025 Guidance
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:
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| Full Year 2025 Guidance | Full Year 2024 Results |
| 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 outstanding | — | | | — | |
Common Stock, $0.01 par value per share; 700,000,000 shares authorized; 157,446,697 shares issued and outstanding as of December 31, 2024 and none issued and outstanding as of December 31, 2023 | 1,564 | | | — | |
| Class T common stock, $0.01 par value per share; 200,000,000 shares authorized; none issued and outstanding as of December 31, 2024 and 19,552,856 shares issued and outstanding as of December 31, 2023 | — | | | 194 | |
Class I common stock, $0.01 par value per share; 100,000,000 shares authorized; none issued and outstanding as of December 31, 2024 and 46,673,320 shares issued and outstanding as of December 31, 2023 | — | | | 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 financing costs, debt discount/premium and loss on debt and derivative extinguishments) | (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 Class I common stock attributable to controlling interest: | | | | | | | |
| 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 common stock and Class I common stock outstanding: | | | | | | | |
| 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 interests | 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 — consolidated properties | 46,877 | | | 43,922 | | | 179,040 | | | 182,452 | |
| Depreciation and amortization related to real estate — unconsolidated entities | 504 | | | 147 | | | 1,186 | | | 401 | |
| Impairment of real estate investments — consolidated properties | 45,755 | | | 1,389 | | | 45,755 | | | 13,899 | |
| Gain on dispositions of real estate investments, net — consolidated properties | (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 dispositions and gain on re-measurement — noncontrolling interests | (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 common shares outstanding — diluted | 154,449,288 | | | 66,079,343 | | | 131,211,731 | | | 66,047,114 | |
| | | | | | | |
| NAREIT FFO per common share attributable to controlling interest — diluted | $ | 0.37 | | | $ | 0.13 | | | $ | 1.26 | | | $ | 0.99 | |
| Normalized FFO per common share attributable to controlling interest — diluted | $ | 0.40 | | | $ | 0.38 | | | $ | 1.41 | | | $ | 1.40 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
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| | | | | | | |
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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 discount/premium and loss on debt extinguishments) | | 30,301 | |
| Income tax expense | | 486 | |
| Depreciation and amortization (including amortization of leased assets and accretion of lease liabilities) | | 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 | | | | | | | |
| GAAP revenue and Grant Income | $ | 423,290 | | | $ | 384,993 | | | $ | 1,619,812 | | | $ | 1,489,355 | |
| Grant Income | — | | | (30) | | | — | | | (7,475) | |
| Cash revenue from dispositions | (1,774) | | | — | | | (1,774) | | | — | |
Cash revenue (1) | $ | 421,516 | | | $ | 384,963 | | | $ | 1,618,038 | | | $ | 1,481,880 | |
Revenue attributable to non-Same-Store properties (1) | (128,772) | | | (117,025) | | | (491,479) | | | (441,605) | |
Revenue attributable to Non-Core Properties (1) | (8,098) | | | (6,926) | | | (31,251) | | | (25,237) | |
Other normalizing revenue adjustments (1) | — | | | — | | | (1,236) | | | — | |
Same-Store revenue (1) | $ | 284,646 | | | $ | 261,012 | | | $ | 1,094,072 | | | $ | 1,015,038 | |
| | | | | | | |
| Outpatient Medical | | | | | | | |
| GAAP revenue | $ | 33,276 | | | $ | 36,257 | | | $ | 134,740 | | | $ | 146,068 | |
| Straight line rent | (134) | | | (291) | | | (568) | | | (1,320) | |
| Other non-cash adjustments | (399) | | | (2,995) | | | (1,113) | | | (3,349) | |
| Cash revenue from dispositions | (304) | | | — | | | (304) | | | — | |
Cash revenue (2) | $ | 32,439 | | | $ | 32,971 | | | $ | 132,755 | | | $ | 141,399 | |
| Revenue attributable to non-Same-Store properties | — | | | (1,197) | | | (3,029) | | | (12,721) | |
| Revenue attributable to Non-Core Properties | (479) | | | (482) | | | (2,004) | | | (1,892) | |
Same-Store revenue (2) | $ | 31,960 | | | $ | 31,292 | | | $ | 127,722 | | | $ | 126,786 | |
| | | | | | | |
| SHOP | | | | | | | |
| GAAP revenue | $ | 73,543 | | | $ | 48,321 | | | $ | 263,986 | | | $ | 186,862 | |
Cash revenue attributable to noncontrolling interests (2) | (304) | | | (271) | | | (1,167) | | | (1,287) | |
| Cash revenue | $ | 73,239 | | | $ | 48,050 | | | $ | 262,819 | | | $ | 185,575 | |
| Revenue attributable to non-Same-Store properties | (27,955) | | | (7,692) | | | (86,922) | | | (28,178) | |
| Revenue attributable to development conversion | (491) | | | (183) | | | (1,587) | | | (1,451) | |
| Same-Store revenue | $ | 44,793 | | | $ | 40,175 | | | $ | 174,310 | | | $ | 155,946 | |
| | | | | | | |
| Triple-Net Leased Properties | | | | | | | |
| GAAP revenue | $ | 12,631 | | | $ | 13,010 | | | $ | 52,130 | | | $ | 44,333 | |
| Straight line rent | (538) | | | (293) | | | (2,666) | | | (2,161) | |
| Other non-cash adjustments | 220 | | | 206 | | | 859 | | | 11,833 | |
| Cash revenue from dispositions | (1,910) | | | — | | | (1,910) | | | — | |
Cash revenue attributable to noncontrolling interest (2) | (190) | | | (186) | | | (752) | | | (738) | |
| Cash revenue | $ | 10,213 | | | $ | 12,737 | | | $ | 47,661 | | | $ | 53,267 | |
| Debt security investment | (2,117) | | | (2,011) | | | (8,690) | | | (8,040) | |
| Revenue attributable to non-Same-Store properties | — | | | (2,757) | | | (6,507) | | | (13,662) | |
| Revenue attributable to Non-Core Properties | (499) | | | (445) | | | (1,881) | | | (1,802) | |
| Same-Store revenue | $ | 7,597 | | | $ | 7,524 | | | $ | 30,583 | | | $ | 29,763 | |
AMERICAN HEALTHCARE REIT, INC.
Same-Store Revenue 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 | | | | | | | |
| GAAP revenue and Grant Income | $ | 542,740 | | | $ | 482,581 | | | $ | 2,070,668 | | | $ | 1,866,618 | |
| Straight line rent | (672) | | | (584) | | | (3,234) | | | (3,481) | |
| Other non-cash adjustments | (179) | | | (2,789) | | | (254) | | | 8,484 | |
| Grant Income | — | | | (30) | | | — | | | (7,475) | |
| Cash revenue from dispositions | (3,988) | | | — | | | (3,988) | | | — | |
Cash revenue attributable to noncontrolling interests (2) | (494) | | | (457) | | | (1,919) | | | (2,025) | |
Cash revenue (1)(2) | $ | 537,407 | | | $ | 478,721 | | | $ | 2,061,273 | | | $ | 1,862,121 | |
| Debt security investment | (2,117) | | | (2,011) | | | (8,690) | | | (8,040) | |
Revenue attributable to non-Same-Store properties (1) | (156,727) | | | (128,671) | | | (587,937) | | | (496,166) | |
| Revenue attributable to development conversion | (491) | | | (183) | | | (1,587) | | | (1,451) | |
Revenue attributable to Non-Core Properties (1) | (9,076) | | | (7,853) | | | (35,136) | | | (28,931) | |
Other normalizing revenue adjustments (1) | — | | | — | | | (1,236) | | | — | |
Same-Store revenue (1)(2) | $ | 368,996 | | | $ | 340,003 | | | $ | 1,426,687 | | | $ | 1,327,533 | |
____________(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.
Earnings Guidance Reconciliation
For the Year Ending December 31, 2025
(Dollars and shares in millions, except per share amounts) (Unaudited)
| | | | | | | | | | | | | |
| Full Year 2025 Guidance | | |
| Low | | High | | |
Net income attributable to common stockholders | $ | 40.59 | | $ | 46.71 | | |
Depreciation and amortization(1) | 192.49 | | 192.49 | | |
| NAREIT FFO attributable to common stockholders | $ | 233.08 | | $ | 239.20 | | |
| | | | | |
Amortization of other intangible assets/liabilities(1) | $ | 1.89 | | $ | 1.89 | | |
Change in deferred rent(1) | (1.00) | | (1.00) | | |
Non-cash impact of changes to equity plan(1)(2) | 8.96 | | 8.96 | | |
Other adjustments(3) | 1.26 | | 1.26 | | |
| Normalized FFO attributable to common stockholders | $ | 244.19 | $ | — | $ | 250.31 | | |
| | | | | |
Net income per common share — diluted | $ | 0.26 | | $ | 0.30 | | |
| | | | | |
NAREIT FFO per common share — diluted | $ | 1.49 | | $ | 1.53 | | |
| | | | | |
Normalized FFO per common share — diluted | $ | 1.56 | | $ | 1.60 | | |
| | | | | |
NAREIT FFO and Normalized FFO weighted average shares — diluted | 156.4 | | 156.4 | | |
| | | | | |
| Total Portfolio Same-Store NOI growth | 7.0 | % | | 10.0 | % | | |
| | | | | |
Segment-Level Same-Store NOI growth / (decline): | | | | | |
| ISHC | 10.0 | % | | 12.0 | % | | |
Outpatient Medical | (1.0 | %) | | 1.0 | % | | |
| SHOP | 18.0 | % | | 22.0 | % | | |
| Triple-Net Leased Properties | (1.5 | %) | | (0.5 | %) | | |
____________(1)Amounts presented net of noncontrolling interests' share and AHR's share of unconsolidated entities.
(2)Amounts represent amortization of equity compensation and fair value adjustments to performance-based equity compensation.
(3)Includes adjustments for capitalized interest, business acquisition expenses and additional items as noted in the Company’s definition for NFFO.
Definitions
Adjusted EBITDA: EBITDA excluding the impact of gain or loss from unconsolidated entities, straight line rent and amortization of above/below market leases, non-cash stock-based compensation expense, business acquisition expenses, gain or loss on sales of real estate investments, unrealized foreign currency gain or loss, change in fair value of derivative financial instruments, impairments of real estate investments, impairments of intangible assets and goodwill, and non-recurring one-time items.
Cash NOI: NOI excluding the impact of, without duplication, (1) non-cash items such as straight-line rent and the amortization of lease intangibles, (2) third-party facility rent payments and (3) other items set forth in the Cash NOI reconciliation included herein. Both Cash NOI and Same-Store NOI include Pro-Rata ownership and other adjustments.
EBITDA: A Non-GAAP financial measure that is defined as earnings before interest, taxes, depreciation and amortization.
GAAP revenue: Revenue recognized in accordance with Generally Accepted Accounting Principles (“GAAP”), which includes straight line rent and other non-cash adjustments.
ISHC: Integrated senior health campuses include a range of senior care, including independent living, assisted living, memory care, skilled nursing services and certain ancillary businesses. Integrated senior health campuses are operated utilizing a RIDEA structure.
MSA: Metropolitan statistical area; a geographic area defined by the United States Office of Management and Budget that includes a city with at least 50,000 people and the surrounding counties with economic ties. MSAs are used to group cities and counties for statistical data and population censuses.
NAREIT FFO or FFO: Funds from operations attributable to controlling interest; a Non-GAAP financial measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT (the “White Paper”). The White Paper defines FFO as net income (loss) computed in accordance with GAAP, excluding gains or losses from sales of certain real estate assets, gains or losses upon consolidation of a previously held equity interest, and impairment write-downs of certain real estate assets and investments, plus depreciation and amortization related to real estate, after adjustments for unconsolidated partnerships and joint ventures. While impairment charges are excluded from the calculation of FFO as described above, investors are cautioned that impairments are based on estimated future undiscounted cash flows. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO.
Net Debt: Total long-term debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash related to debt.
NOI: Net operating income; a Non-GAAP financial measure that is defined as net income (loss), computed in accordance with GAAP, generated from properties before general and administrative expenses, business acquisition expenses, depreciation and amortization, interest expense, gain or loss in fair value of derivative financial instruments, gain or loss on dispositions, impairments of real estate investments, impairments of intangible assets and goodwill, income or loss from unconsolidated entities, gain on re-measurement of previously held equity interest, foreign currency gain or loss, other income or expense and income tax benefit or expense.
Non-Core Properties: Assets that have been deemed not essential to generating future economic benefit or value to our day-to-day operations and/or are projected to be sold.
Normalized FFO attributable to controlling interest or NFFO: FFO further adjusted for the following items included in the determination of GAAP net income (loss): expensed acquisition fees and costs, which we refer to as business acquisition expenses; amounts relating to changes in deferred rent and amortization of above and below-market leases (which are adjusted in order to reflect such payments from a GAAP accrual basis); the non-cash impact of changes to our equity instruments; non-cash or non-
recurring income or expense; the noncash effect of income tax benefits or expenses; capitalized interest; impairments of intangible assets and goodwill; amortization of closing costs on debt investments; mark-to-market adjustments included in net income (loss); gains or losses included in net income (loss) from the extinguishment or sale of debt, hedges, foreign exchange, derivatives or securities holdings where trading of such holdings is not a fundamental attribute of the business plan; and after adjustments for consolidated and unconsolidated partnerships and joint ventures, with such adjustments calculated to reflect Normalized FFO on the same basis.
Occupancy: With respect to OM, the percentage of total rentable square feet leased and occupied, including month-to-month leases, as of the date reported. With respect to all other property types, occupancy represents average quarterly operating occupancy based on the most recent quarter of available data. The Company uses unaudited, periodic financial information provided solely by tenants to calculate occupancy and has not independently verified the information. Occupancy metrics are reflected at our Pro-Rata share.
Outpatient Medical or OM: Outpatient Medical buildings.
Pro-Rata: As of December 31, 2024, we owned and/or operated eight buildings through entities of which we owned between 90.0% and 98.0% of the ownership interests. Because we have a controlling interest in these entities, these entities and the properties these entities own are consolidated in our financial statements in accordance with GAAP. However, while such properties are presented in our financial statements on a consolidated basis, we are only entitled to our Pro-Rata share of the net cash flows generated by such properties. As a result, we have presented certain property information herein based on our Pro-Rata ownership interest in these entities and the properties these entities own, as of the applicable date, and not on a consolidated basis. In such instances, information is noted as being presented on a “Pro-Rata share” basis.
RevPOR: Revenue per occupied room. RevPOR is calculated as total revenue generated by occupied rooms divided by the number of occupied rooms.
RIDEA: Used to describe properties within the portfolio that utilize the RIDEA structure as described in “RIDEA structure”.
RIDEA structure: A structure permitted by the REIT Investment Diversification and Empowerment Act of 2007, pursuant to which we lease certain healthcare real estate properties to a wholly-owned taxable REIT subsidiary (“TRS”), which in turn contracts with an eligible independent contractor (“EIK”) to operate such properties for a fee. Under this structure, the EIK receives management fees, and the TRS receives revenue from the operation of the healthcare real estate properties and retains, as profit, any revenue remaining after payment of expenses (including intercompany rent paid to us and any taxes at the TRS level) necessary to operate the property. Through the RIDEA structure, in addition to receiving rental revenue from the TRS, we retain any after-tax profit from the operation of the healthcare real estate properties and benefit from any improved operational performance while bearing the risk of any decline in operating performance at the properties.
Same-Store or SS: Properties owned or consolidated the full year in both comparison years and that are not otherwise excluded. Properties are excluded from Same-Store if they are: (1) sold, classified as held for sale or properties whose operations were classified as discontinued operations in accordance with GAAP; (2) impacted by materially disruptive events, such as flood or fire for an extensive period of time; or (3) scheduled to undergo or currently undergoing major expansions/renovations or business model transitions or have transitioned business models after the start of the prior comparison period.
Same-Store NOI or SS NOI: Cash NOI for our Same-Store properties. Same-Store NOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. Both Cash NOI and Same-Store NOI include ownership and other adjustments.
SHOP: Senior housing operating properties.
Square Feet or Sq. Ft.: Net rentable square feet calculated utilizing Building Owners and Managers Association measurement standards.
Total Debt: The principal balances of the Company’s revolving credit facility, term loan and secured indebtedness as reported in the Company’s consolidated financial statements.
Trilogy: Trilogy Investors, LLC; one of our consolidated subsidiaries, in which we indirectly owned a 100% interest as of December 31, 2024.
Trilogy REIT Holdings or Trilogy Holdings: Trilogy REIT Holdings, LLC, which indirectly owned a 100% interest in Trilogy as of December 31, 2024.
Triple-net leased: A lease where the tenant is responsible for making rent payments, maintaining the leased property, and paying property taxes and other expenses.
Fourth Quarter 2024 Supplemental Exhibit 99.2
2 Forward-Looking Statements Certain statements contained in this supplemental, filed in conjunction with the Fourth Quarter 2024 and Full Year 2024 Earnings Press Release, including statements relating to American Healthcare REIT, Inc.'s (the "Company") 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 supplemental. 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 periodic reports as 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 supplemental. Disclaimers
3 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 Supplemental. 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, 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. Disclaimers
4 Our Properties (as of 12/31/2024) (dollars in thousands) Pro-Rata (3)(4) Consolidated (4) Number of Buildings/ Campuses Beds/Units (1) Leased % (2) Wtd Avg Lease Term (years) Annualized Cash NOI Annualized Cash NOI Integrated Senior Health Campuses (ISHC) 126 12,920 87.5% — $ 243,548 58.8% $ 243,548 58.7% Outpatient Medical (OM) 84 4,262 87.9% 4.9 81,296 19.7% 81,296 19.6% Senior Housing Operating Properties (SHOP) 84 5,565 86.0% — 50,380 12.2% 50,700 12.2% Triple-Net Leased Properties 20 1,494 100.0% 13.8 30,220 7.3% 30,984 7.5% Debt Security Investment — — — — 8,468 2.0% 8,468 2.0% Total 314 6.8 $ 413,912 100.0% $ 414,996 100.0% CONSOLIDATED ANNUALIZED CASH NOI Debt Security Investment 2.0% OM 19.6% SHOP 12.2% ISHC 58.7% Triple-Net Leased Properties 7.5% (1) Outpatient Medical represents GLA in thousands, rather than Beds/Units. (2) ISHC and SHOP occupancies are quarterly averages, while OM and Triple-Net Leased Properties are quarter-end spot occupancies. (3) Represents all properties at Pro-Rata ownership. (4) See reconciliations in the appendix of this presentation. Annualized Cash NOI shown as current quarter Cash NOI multiplied by four. Note: Except as otherwise noted, all data herein is presented on a consolidated basis.
5 Integrated Senior Health Campuses (ISHC) (1) Prior quarters information is presented to reflect the increase in ownership to 100% in the Company's ISHC segment effective September 2024. (2) Excludes Grant Income. (3) See reconciliations in the appendix of this presentation. (4) Controllable expenses include utilities, food, repairs and maintenance, and other operating expenses. (5) Non-Controllable expenses include property taxes and insurance. Total Portfolio (1) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2023 FY 2024 Campuses 125 126 126 127 126 — — IL/AL/MC units 5,512 5,560 5,560 5,584 5,565 5,512 5,565 SNF beds 7,380 7,433 7,431 7,436 7,355 7,380 7,355 Consolidated total beds/units 12,892 12,993 12,991 13,020 12,920 12,892 12,920 Average occupancy 85.0% 85.6% 86.0% 86.9% 87.5% 85.0% 86.5% Revenues (2)(3) $ 384,963 $ 393,122 $ 393,774 $ 409,626 $ 421,516 $ 1,481,880 $ 1,618,038 Operating expenses 334,423 342,302 340,578 353,608 360,629 1,298,792 1,397,117 Cash NOI (2)(3) $ 50,540 $ 50,820 $ 53,196 $ 56,018 $ 60,887 $ 183,088 $ 220,921 Cash NOI margin % 13.1% 12.9% 13.5% 13.7% 14.4% 12.4% 13.7% Maintenance Capex $ 3,221 $ 3,040 $ 3,371 $ 3,769 $ 4,569 $ 16,825 $ 14,749 Same-Store (1) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q4 2024 vs Q4 2023 FY 2023 FY 2024 FY 2024 vs FY 2023 Campuses 108 108 108 108 108 108 108 Consolidated beds/units 11,127 11,113 11,114 11,143 11,139 11,127 11,139 Average occupancy 85.0% 86.2% 86.4% 87.0% 87.4% 239 bps 85.4% 86.8% 138 bps Same-Store revenues (2)(3) $ 261,012 $ 268,796 $ 268,461 $ 272,169 $ 284,646 9.1% $ 1,015,038 $ 1,094,072 7.8% Same-Store operating expenses 219,070 224,397 221,272 223,715 230,953 5.4% 858,514 900,337 4.9% Compensation 143,647 144,060 143,360 146,609 154,747 7.7% 559,117 588,776 5.3% Controllable (4) 67,459 72,400 69,978 68,573 68,271 1.2% 267,552 279,222 4.4% Non-Controllable (5) 7,964 7,937 7,934 8,533 7,935 (0.4%) 31,845 32,339 1.6% Same-Store NOI (2)(3) $ 41,942 $ 44,399 $ 47,189 $ 48,454 $ 53,693 28.0% $ 156,524 $ 193,735 23.8% Same-Store NOI margin % 16.1% 16.5% 17.6% 17.8% 18.9% 279 bps 15.4% 17.7% 229 bps (dollars in thousands)
6 ISHC Revenue per Payor and Bed Type Average Daily Rate % of Resident Days % of Revenue Q4 2023 Q4 2024 % change Q4 2023 Q4 2024 Q4 2023 Q4 2024 Private $ 361.56 $ 387.62 7.2 % 11.9% 11.8% 13.6% 13.6% Managed Care/Insurance $ 386.55 $ 430.73 11.4 % 0.4% 0.3% 0.5% 0.4% Medicaid $ 293.35 $ 313.92 7.0 % 23.7% 23.1% 21.9% 21.5% Hospice Medicaid $ 297.22 $ 311.51 4.8 % 3.8% 3.1% 3.5% 2.9% Medicare $ 652.29 $ 690.56 5.9 % 11.6% 11.2% 24.0% 22.9% Medicare Advantage $ 536.71 $ 562.16 4.7 % 4.9% 6.2% 8.2% 10.4% Total Skilled Nursing $ 403.77 $ 433.70 7.4 % 56.3% 55.7% 71.7% 71.7% Total Senior Housing $ 172.68 $ 182.62 5.8 % 43.7% 44.3% 23.8% 24.0% Ancillary revenue $ 14.01 $ 14.43 3.0 % 0.0% 0.0% 4.5% 4.3% Total, including ancillary revenue $ 316.75 $ 336.93 6.4 % 100.0% 100.0% 100.0% 100.0% Quality Mix 72.5% 73.8% 74.6% 75.6%
7 Outpatient Medical (1) See reconciliations in the appendix of this presentation. Total Portfolio Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2023 FY 2024 Properties 85 83 83 83 81 — — Consolidated GLA (sq ft) 4,448 4,396 4,400 4,400 4,262 4,448 4,262 Ending occupancy 89.2% 88.1% 88.5% 88.1% 87.9% 89.2% 87.9% Revenues (1) $ 32,971 $ 33,724 $ 33,287 $ 33,305 $ 32,439 $ 141,399 $ 132,755 Operating expenses 12,070 12,740 12,322 12,300 12,115 53,067 49,477 Cash NOI (1) $ 20,901 $ 20,984 $ 20,965 $ 21,005 $ 20,324 $ 88,332 $ 83,278 Cash NOI margin % 63.4% 62.2% 63.0% 63.1% 62.7% 62.5% 62.7% Revenues per square foot $ 29.65 $ 30.69 $ 30.26 $ 30.28 $ 30.44 $ 31.79 $ 31.15 Cash NOI per square foot $ 18.80 $ 19.09 $ 19.06 $ 19.10 $ 19.07 $ 19.86 $ 19.54 Maintenance Capex $ 5,121 $ 1,721 $ 3,612 $ 2,962 $ 3,724 $ 19,511 $ 12,019 Same-Store Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q4 2024 vs Q4 2023 FY 2023 FY 2024 FY 2024 vs FY 2023 Properties 79 79 79 79 79 79 79 Consolidated GLA (sq ft) 4,210 4,210 4,214 4,214 4,214 4,210 4,214 Ending occupancy 89.1 % 87.9 % 88.4 % 88.0 % 87.8 % (139) bps 89.1 % 87.8 % (139) bps Same-Store revenues (1) $ 31,292 $ 32,063 $ 31,787 $ 31,912 $ 31,960 2.1% $ 126,786 $ 127,722 0.7% Same-Store operating expenses 11,566 12,225 11,911 11,962 11,971 3.5% 47,524 48,069 1.1% Same-Store NOI (1) $ 19,726 $ 19,838 $ 19,876 $ 19,950 $ 19,989 1.3% $ 79,262 $ 79,653 0.5% Same-Store NOI margin % 63.0 % 61.9 % 62.5 % 62.5 % 62.5 % (49) bps 62.5 % 62.4 % (15) bps Same-Store revenue per square foot $ 29.73 $ 30.45 $ 30.17 $ 30.29 $ 30.34 $ 30.12 $ 30.31 Same-Store NOI per square foot $ 18.74 $ 18.85 $ 18.87 $ 18.94 $ 18.97 $ 18.83 $ 18.90 (dollars and square feet in thousands, except revenues per square foot and NOI per square foot)
8 Outpatient Medical (as of 12/31/2024) Tenants ABR % S&P Credit Rating Christus Good Shepherd Health System $ 7,668 8.0% A+ Mercy Health 4,550 4.7% A+ Prime Healthcare 4,143 4.3% B- Montefiore Medical Center 2,417 2.5% BBB- Atrius Health, Inc. 2,249 2.3% BBB Remaining Portfolio 75,146 78.2% Total $ 96,173 100.0% Square Feet % On-Campus/Adjacent 1,818 42.6% Off-Campus Affiliated 1,375 32.3% Unaffiliated 1,069 25.1% Total 4,262 100.0% OM Absorption Occupied Square Feet as of December 31, 2023 3,967 Expirations (701) Renewals 544 New leases 107 Terminations (13) Adjustment/remeasurement 10 Dispositions (167) Occupied Square Feet as of December 31, 2024 3,747 Trailing 12-months Retention 79.0% (dollars and square feet in thousands)
9 (1) Includes future leases signed, but not commenced. (2) The total ABR expiring in the applicable year. Expiring Leases Year # of Expiring Leases Total Sq. Ft. (1) % of GLA ABR (2) % of Total ABR Average Rent per Sq. Ft. 2025 101 570 15.3% $ 14,576 13.4% $ 25.57 2026 46 214 5.7% 4,939 4.6% 23.08 2027 69 462 12.3% 12,698 11.7% 27.48 2028 58 513 13.7% 15,143 14.0% 29.52 2029 63 530 14.1% 15,214 14.0% 28.71 Thereafter 137 1,463 38.9% 45,924 42.3% 31.39 Total 474 3,752 100.0% $ 108,494 100.0% $ 28.92 (dollars and square feet in thousands, except average rent per square foot) Outpatient Medical (as of 12/31/2024)
10 Senior Housing Operating Properties (SHOP) (1) See reconciliations in the appendix of this presentation. (2) Excludes COVID subsidies. (3) Controllable expenses include utilities, food, repairs and maintenance, and other operating expenses. (4) Non-Controllable expenses include property taxes and insurance. Total Portfolio Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2023 FY 2024 Properties 51 64 64 69 70 — — IL/AL/MC units 4,318 5,085 5,076 5,353 5,465 4,318 5,465 SNF beds 135 90 95 95 100 135 100 Consolidated total beds/units 4,453 5,175 5,171 5,448 5,565 4,453 5,565 Average occupancy 80.4 % 82.5 % 84.0 % 85.2 % 86.0 % 78.0 % 84.5 % Revenues (1) $ 48,050 $ 58,720 $ 63,948 $ 66,912 $ 73,239 $ 185,575 $ 262,819 Operating expenses (2) 41,589 52,257 53,867 55,683 60,644 165,530 222,451 Cash NOI (1)(2) $ 6,461 $ 6,463 $ 10,081 $ 11,229 $ 12,595 $ 20,045 $ 40,368 Cash NOI margin % 13.4 % 11.0 % 15.8 % 16.8 % 17.2 % 10.8 % 15.4 % RevPOR $ 4,631 $ 4,795 $ 4,934 $ 5,006 $ 5,136 $ 4,481 $ 4,975 Maintenance Capex $ 793 $ 789 $ 3,496 $ 4,485 $ 4,393 $ 2,175 $ 13,163 Same-Store Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q4 2024 vs Q4 2023 FY 2023 FY 2024 FY 2024 vs FY 2023 Properties 41 41 41 41 41 41 41 Consolidated beds/units 3,725 3,710 3,716 3,715 3,715 3,725 3,715 Average occupancy 84.3% 85.7% 86.8% 87.8% 88.6% 429 bps 81.1% 87.2% 608 bps Same-Store revenues (1) $ 40,175 $ 42,397 $ 43,124 $ 43,996 $ 44,793 11.5% $ 155,946 $ 174,310 11.8% Same-Store operating expenses (2) 34,213 34,610 34,324 34,883 34,858 1.9% 132,619 138,675 4.6% Compensation 19,839 19,890 19,846 19,927 20,157 1.6% 76,671 79,820 4.1% Controllable (3) 11,761 11,810 11,656 12,233 12,070 2.6% 45,219 47,769 5.6% Non-Controllable (4) 2,613 2,910 2,822 2,723 2,631 0.7% 10,729 11,086 3.3% Same-Store NOI (1)(2) $ 5,962 $ 7,787 $ 8,800 $ 9,113 $ 9,935 66.6% $ 23,327 $ 35,635 52.8% Same-Store NOI margin % 14.8 % 18.4 % 20.4 % 20.7 % 22.2 % 734 bps 15.0 % 20.4 % 549 bps RevPOR $ 4,307 $ 4,465 $ 4,499 $ 4,542 $ 4,580 6.3% $ 4,341 $ 4,522 4.2% (dollars in thousands, except RevPOR, and Pro-Rata)
11 SHOP & ISHC Partners (as of 12/31/2024) Partner/Operator State Number of Properties/Campuses Pro-Rata Share Beds/Units Consolidated Beds/ Units Trilogy Management Services KY,IN,MI,OH,WI 128 13,130 13,130 Senior Solutions Management Group AR,MS,TX,LA,MO,GA 20 1,652 1,685 Priority Life Care IN, MI 12 988 988 Compass Senior Living OR, WA 15 907 907 Cogir Senior Living NC,CA,UT,WA 14 902 902 Heritage Senior Living PA,VA 5 653 653 Heritage Communities NE 2 220 220 Total 196 18,452 18,485
12 Triple-Net Leased Properties (1) Facilities are 100% triple-net leased, operators' occupancies are one quarter in arrears and hospitals are excluded. (2) Occupancy includes properties that transitioned to SHOP provided that the date of transition was during the applicable quarter. (3) See reconciliations in the appendix of this presentation. (4) Includes currency adjustment for UK properties at full year 2024 average GBP/USD rate of 1.28. Total Portfolio Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2023 FY 2024 Properties 27 27 27 27 19 — — AL/MC beds/units 538 538 538 538 538 538 538 SNF beds 2,061 2,061 2,061 2,061 956 2,061 956 Consolidated total beds/units 2,599 2,599 2,599 2,599 1,494 2,599 1,494 Average operator occupancy (1)(2) 87.4% 91.0% 91.7% 91.4% 89.2% 86.5% 91.0% Revenues (3) $ 10,726 $ 10,317 $ 10,253 $ 10,305 $ 8,096 $ 45,227 $ 38,971 Debt security investment 2,011 2,081 2,039 2,453 — 2,117 8,040 8,690 Operating expenses 602 619 632 482 541 2,950 2,274 Cash NOI (3) $ 12,135 $ 11,779 $ 11,660 $ 12,276 $ 9,672 $ 50,317 $ 45,387 Cash NOI margin % 95.3% 95.0% 94.9% 96.2% 94.7% 94.5% 95.2% Same-Store Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q4 2024 vs Q4 2023 FY 2023 FY 2024 FY 2024 vs FY 2023 Properties 18 18 18 18 18 18 18 Consolidated beds/units 1,494 1,494 1,494 1,494 1,494 1,494 1,494 Average operator occupancy (1) 87.4 % 88.1 % 88.6 % 88.3 % 89.2 % 189 bps 85.0 % 88.5 % 355 bps Same-Store revenues (3) $ 7,524 $ 7,690 $ 7,621 $ 7,675 $ 7,597 1.0 % $ 29,763 $ 30,583 2.8 % Same-Store operating expenses 467 529 500 385 421 (9.9) % 1,895 1,835 (3.2) % Same-Store NOI (3) $ 7,057 $ 7,161 $ 7,121 $ 7,290 $ 7,176 1.7% $ 27,868 $ 28,748 3.2% Same-Store NOI margin % 93.8 % 93.1 % 93.4 % 95.0 % 94.5 % 67 bps 93.6 % 94.0 % 37 bps Same-Store NOI (Constant Currency) (4) $ 7,091 $ 7,171 $ 7,137 $ 7,268 $ 7,171 1.1% $ 27,995 $ 28,748 2.7 % (dollars in thousands and Pro-Rata)
13 Triple-Net Leased Properties Rent Payment Coverage Stratification (1) Represents trailing twelve month coverage metrics as of September 30, 2024. Percentages are based on Pro-Rata Cash NOI for the three months ended December 31, 2024. (2) Represents combined coverage metrics for all leases within each property type and total segment. Contribution to Pro-Rata Cash NOI at each Coverage Stratification for Q4 2024 (1) Tenant EBITDAR Coverage Tenant EBITDARM Coverage Coverage Senior Housing- Leased SNFs Hospital Total Weighted Average Maturity (years) Number of Leases Senior Housing- Leased SNFs Hospital Total Weighted Average Maturity (years) Number of Leases < 0.80x — — 1.8 % 1.8 % 12.4 1 — — 1.8 % 1.8 % 12.4 1 0.80x - 0.89x — — — — — — — — — — — — 0.90x - 0.99x — 0.1 % — 0.1 % 9.3 1 — — — — — — 1.00x - 1.09x 0.6 % — — 0.6 % 7.4 1 — — — — — — 1.10x - 1.19x 1.2 % 2.0 % — 3.2 % 19.3 2 — — — — — — 1.20x - 1.29x — — — — — — 0.6 % — — 0.6 % 7.4 1 1.30x - 1.39x — — — — — — — — — — — — 1.40x - 1.49x — — — — — — 1.2 % — — 1.2 % 25.7 1 1.50x - 1.59x — — — — — — — 2.1 % — 2.1 % 15.8 2 1.60x - 1.69x — — — — — — — — — — — — 1.70x - 1.79x — — — — — — — — — — — — 1.80x - 1.89x — 1.2 % — 1.2 % 5.8 1 — — — — — — 1.90x - 1.99x — — — — — — — — — — — — > 2.00x — — 0.4 % 0.4 % 8.9 1 — 1.2 % 0.4 % 1.6 % 6.4 2 Total 1.8 % 3.3 % 2.2 % 7.3 % 13.8 7 1.8 % 3.3 % 2.2 % 7.3 % 13.8 7 Segment Rent Coverage (2) 1.13x 1.38x 1.46x 1.34x 1.37x 1.85x 1.68x 1.68x Tenant Occupancy 87.6 % 90.1 % N/A 89.2 % 87.6 % 90.1 % N/A 89.2 %
14 Revenue and Lease Expiration(1) (as of 12/31/2024) (1) Excludes ISHC and SHOP. (2) Total ABR expiring in the applicable year. Month-to-month leases are included as expirations in 2025. (3) Represents total interest income from debt security investment. ABR of Expiring Leases (2) as % of Total ABR Year OM Triple-Net Leased Properties Interest Income (3) Total 2025 $ 14,576 13.4% $ — 0.0% $ 4,011 100.0% $ 18,587 12.5% 2026 4,939 4.6% — 0.0% — 0.0% 4,939 3.3% 2027 12,698 11.7% — 0.0% — 0.0% 12,698 8.5% 2028 15,143 14.0% — 0.0% — 0.0% 15,143 10.1% 2029 15,214 14.0% — 0.0% — 0.0% 15,214 10.2% Thereafter 45,924 42.3% 36,709 100.0% — 0.0% 82,633 55.4% Total $ 108,494 100.0% $ 36,709 100.0% $ 4,011 100.0% $ 149,214 100.0% (dollars in thousands)
15 Debt Maturities and Principal Payments (as of 12/31/2024) (1) Debt maturing after 2029 has a weighted average maturity date of March 2053 (28 Years). (2) Interest rates reflect two in-place swap derivatives for $275 million each, which mature on January 19, 2026 with strikes at 4.41% and 3.74%. (3) Does not include interest rate impact from mortgage insurance premiums and equipment financing. (4) Excludes variable-rate debt with interest rate swaps in place. Period Lines of Credit and Term Loan Mortgage Loans Payable Noncontrolling Interest's Share of Mortgage Loans Payable, Lines of Credit and Term Loan Combined Pro-Rata Debt % of Combined Pro-Rata Debt Weighted Average Interest Rate (2)(3) 2025 $ 32 $ 32,327 $ (270) $ 32,089 1.9% 3.54 % 2026 — 159,437 (8,077) 151,360 9.0% 3.05 % 2027 550,000 57,791 — 607,791 36.1% 5.24 % 2028 139,000 139,961 — 278,961 16.5% 5.05 % 2029 — 16,948 — 16,948 1.0% 3.29 % Thereafter (1) — 598,260 — 598,260 35.5% 3.70 % Total $ 689,032 $ 1,004,724 $ (8,347) $ 1,685,409 100.0% Weighted Interest Rate (2)(3) 5.48% 3.67% 2.64% 4.42% Weighted average maturity (years) 2.3 19.8 1.4 12.7 Percentage of variable-rate debt (4) 20.2% —% —% 8.2% (dollars in thousands)
16 Full Year 2024 Real Estate Acquisitions and Dispositions (1) Outpatient Medical represents Square Feet GLA in thousands. Acquisitions Reportable Segment Number of Properties/ Campuses Beds/Units Gross Purchase Price Average Cost per Bed/Unit Integrated Senior Health Campuses - Lease buyouts 3 325 $45,841 $141 SHOP 20 1,188 $138,839 $117 Dispositions Reportable Segment Number of Properties/ Campuses Beds/Units/GLA(1) Gross Proceeds Integrated Senior Health Campuses 1 97 $17,000 Outpatient Medical 4 189 $46,536 SHOP 1 22 $4,500 Triple-Net Leased Properties 8 1,105 $87,500 (dollars and square feet in thousands)
17 (1) The Company's guidance constitutes forward-looking statements within the meaning of the federal securities laws and is based on a number of assumptions that are subject to change and many of which are outside of the Company's control. Actual results may differ materially from the Company's expectations depending on factors discussed herein and in the Company's filings with the Securities and Exchange Commission. Totals may not add due to rounding. Non-GAAP financial measures and other terms, as used in this supplemental, are also defined and further explained in the appendix. 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 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. See reconciliations in the appendix of this presentation. (2) Amounts are presented net of noncontrolling interests' share and AHR's share of unconsolidated entities. (3) Amounts represent amortization of equity compensation and fair value adjustments to performance-based equity compensation. (4) Includes adjustments for capitalized interest, business acquisition expenses and additional items as noted in the Company’s definition for NFFO. 2025 Guidance(1) NAREIT FFO and NFFO Attributable to Common Stockholders FY 2025 Total Portfolio Same-Store NOI Growth Guidance • 7.0% - 10.0% FY 2025 Segment-Level Same-Store NOI Growth / (Decline) Guidance • ISHC: 10.0% - 12.0% • Outpatient Medical: (1.0%) - 1.0% • SHOP: 18.0% - 22.0% • Triple-Net Leased Properties: (1.5%) - (0.5%) 2025 Guidance FY 2025 FY 2025 - per diluted share Low High Low High Net income attributable to common stockholders $ 40.59 $ 46.71 $ 0.26 $ 0.30 Depreciation and amortization (2) 192.49 192.49 1.23 1.23 NAREIT FFO attributable to common stockholders $ 233.08 $ 239.20 $ 1.49 $ 1.53 Amortization of other intangible assets/liabilities (2) 1.89 1.89 0.01 0.01 Change in deferred rent (2) (1.00) (1.00) (0.01) (0.01) Non-cash impact of changes to equity plan (2)(3) 8.96 8.96 0.06 0.06 Other adjustments (4) 1.26 1.26 0.01 0.01 Normalized FFO attributable to common stockholders $ 244.19 $ 250.31 $ 1.56 $ 1.60 Weighted average diluted shares (in millions) 156.4 156.4 (dollars in millions, except per share) Other FY 2025 Guidance Assumptions • General and administrative expenses of $48 million to $50 million • Interest expense of $97 million to $102 million • Other income of $4 to $6 million • Expect to spend $80 million to $100 million for new development starts and on-going development projects • Expect to close ~$86.4 million of investments in the first half of 2025
18 Components of NAV(1) (1) Dollars, square feet and beds/units are presented on a consolidated basis as of December 31, 2024. (2) Cash NOI is adjusted to exclude non-recurring items. (3) Excludes interest income from debt security investment. (4) Weighted average rates reflect two in-place swap derivatives for $275 million each. Segment # of Buildings/ Campuses SQ FT Total Beds/ Units Q4 2024 Cash NOI (2) Q4 2024 Ann. Cash NOI (2) ISHC 126 9,323 12,920 $ 60,887 $ 243,548 Outpatient Medical 83 4,191 20,087 80,348 SHOP - Grouped by Avg Occupancy >80% 64 3,159 3,998 11,908 47,632 60%-80% 15 1,159 1,299 1,038 4,152 <60% 4 148 180 (807) (3,228) Triple-Net Leased Properties (3) 19 1,001 1,438 7,590 30,360 Total 311 18,981 19,835 $ 100,703 $ 402,812 Pro-Rata Consolidated Weighted Avg. Rate (4) Obligations (Outstanding principal balance as of 12/31/24) Total Total Total Mortgage Debt $ 996,377 $ 1,004,724 3.67% Revolving LOC 139,032 139,032 5.71% Term Loan 550,000 550,000 5.43% Total Debt $ 1,685,409 $ 1,693,756 Cash, cash equivalents and restricted cash pertaining to debt (121,978) (122,246) Net Debt $ 1,563,431 $ 1,571,510 Other tangible liabilities, net: Accounts payable and accrued liabilities 258,115 258,187 Other 50,564 50,649 Total other tangible liabilities, net 308,679 308,836 Financing 34,731 34,731 Lease obligations 165,239 165,239 Net obligations $ 2,072,080 $ 2,080,316 Other Assets Debt security investment, gross $ 91,099 $ 91,099 Other tangible assets: Accounts receivable 211,102 211,104 Capital expenditures 27,481 27,484 Inventory 19,477 19,477 Other 34,596 34,617 Total other tangible assets 292,656 292,682 Sold assets/assets expected to be sold 22,175 22,175 Total other assets $ 405,930 $ 405,956 Common Shares and OP Units Issued and Outstanding Total Common Shares 157,446,697 157,446,697 Total OP units 2,004,216 2,004,216 Total Common Shares and OP Units 159,450,913 159,450,913 (dollars and square feet in thousands)
19 Fourth Quarter 2024 Supplemental Appendix Non-GAAP Reconciliations and Defined Terms
20 FFO / NFFO Reconciliation(1) (1) Totals may not add due to rounding. QTD Full Year Q4 2024 Q4 2023 2024 2023 Net loss $ (32,429) $ (30,959) $ (35,600) $ (76,887) Depreciation and amortization related to real estate — consolidated properties 46,877 43,922 179,040 182,452 Depreciation and amortization related to real estate — unconsolidated entities 504 147 1,186 401 Impairment of real estate investments — consolidated properties 45,755 1,389 45,755 13,899 Gain on dispositions of real estate investments, net — consolidated properties (2,956) (2,695) (5,213) (32,472) Net loss (income) loss 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 dispositions and gain on re-measurement — noncontrolling interests (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 investments 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 (NFFO) attributable to controlling interest $ 62,396 $ 24,819 $ 184,922 $ 92,368 NAREIT FFO per common share attributable to controlling interest — diluted $ 0.37 $ 0.13 $ 1.26 $ 0.99 Normalized FFO per common share attributable to controlling interest — diluted $ 0.40 $ 0.38 $ 1.41 $ 1.40 Distributions paid to common stockholders $ 38,304 $ 16,599 $ 120,895 $ 76,284 NAREIT FFO and Normalized FFO weighted average common shares outstanding — diluted 154,449,288 66,079,343 131,211,731 66,047,114 (in thousands, except share and per share amounts)
21 Adjusted EBITDA Reconciliation Q4 2024 Net loss $ (32,429) Adjustments: Interest expense (including amortization of deferred financing costs, debt discount/ premium and loss on debt extinguishments) 30,301 Income tax expense 486 Depreciation and amortization (including amortization of leased assets and accretion of lease liabilities) 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 (dollars in thousands)
22 Coverage Ratios and Net Debt Reconciliation(1) (1) The details of the Adjusted EBITDA calculation can be found on the previous page. (2) Includes approximately $1.8 million of cash interest expense from mortgage insurance premiums and equipment financing. (3) Non-cash interest expense includes amortization of loan fees and debt discount/premium. (4) Interest Coverage ratio calculated as Adjusted EBITDA divided by Total Interest. Fixed Charges Coverage ratio calculated as Adjusted EBITDA divided by Total Fixed Charges. Q4 2024 Interest Coverage Ratios Interest Expense (2) $ 30,301 Capitalized Interest 73 Loss on extinguishment of debt (3,530) Non-Cash Interest Expense (3) (2,754) Total Interest $ 24,090 Interest Coverage ratio (4) 3.8x Fixed Charges Coverage Ratios Total Interest $ 24,090 Secured Debt Principal Amortization 4,873 Total Fixed Charges $ 28,963 Fixed Charge Coverage Ratio (4) 3.1x Total debt $ 1,693,756 Cash and cash equivalents (76,702) Restricted cash pertaining to debt (45,544) Net Debt $ 1,571,510 Net Debt-to-Annualized Adjusted EBITDA 4.3x (dollars in thousands)
23 Same-Store Property Reconciliation (1) Includes two SNFs in Central Wisconsin that transitioned from the Triple-Net Leased Properties segment to SHOP on March 1, 2023 and six Michigan properties that transitioned from the Triple-Net Leased Properties segment to SHOP on November 1, 2023. (2) ISHC includes eight expansions and six campuses under development. For the Year Ended 12/31/2024 Integrated Senior Health Campuses Outpatient Medical SHOP Triple-Net Leased Properties Total properties/campuses 126 81 70 19 Recent acquisition/development conversions (1) — (21) — Non-Core Properties (3) (2) — (1) Transitions (1) — — (8) — Other (2) (14) — — — Same-Store properties 108 79 41 18
24 Cash NOI Reconciliation (1) All periods are based upon current quarter’s ownership percentage. Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2023 FY 2024 Net (loss) income $ (30,959) $ (3,004) $ 2,926 $ (3,093) $ (32,429) $ (76,887) $ (35,600) General and administrative 11,341 11,828 11,746 11,921 12,064 47,510 47,559 Business acquisition expenses 3,551 2,782 15 3,537 807 5,795 7,141 Depreciation and amortization 43,960 42,767 45,264 44,246 46,915 182,604 179,192 Interest expense 41,185 36,438 30,596 30,395 30,301 163,191 127,730 Loss (gain) in fair value of derivative financial instruments 9,126 (6,417) (388) 8,967 (3,192) 926 (1,030) (Gain) loss on dispositions of real estate investments, net (2,695) (2,263) 2 4 (2,956) (32,472) (5,213) Impairment of real estate investments 1,389 — — — 45,755 13,899 45,755 Impairment of intangible assets 10,520 — — — — 10,520 — Loss from unconsolidated entities 794 1,205 1,035 2,123 2,505 1,718 6,868 Gain on re-measurement of previously held equity interest — — — — — (726) — Foreign currency (gain) loss (1,935) 426 (82) (2,689) 3,119 (2,307) 774 Other income, net (1,649) (1,863) (3,106) (2,138) (4,246) (7,601) (11,353) Income tax (benefit) expense (112) 278 686 263 486 663 1,713 Total NOI $ 84,516 $ 82,177 $ 88,694 $ 93,536 $ 99,129 $ 306,833 $ 363,536 Grant Income (30) — — — — (7,475) — Total NOI (excluding Grant Income) $ 84,486 $ 82,177 $ 88,694 $ 93,536 $ 99,129 $ 299,358 $ 363,536 Straight line rent (584) (1,132) (748) (682) (672) (3,481) (3,234) Facility rental expense 8,774 8,840 7,888 7,619 7,642 37,025 31,989 Other non-cash adjustments (2,397) 391 315 323 158 9,946 1,187 COVID subsidies — — — — — (171) — Cash NOI from dispositions — — — — (2,508) — (2,508) Cash NOI attributable to noncontrolling interests(1) (242) (230) (247) (268) (271) (895) (1,016) Cash NOI $ 90,037 $ 90,046 $ 95,902 $ 100,528 $ 103,478 $ 341,782 $ 389,954 (dollars in thousands)
25 Same-Store NOI Reconciliation (1/2) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2023 FY 2024 Integrated Senior Health Campuses NOI (excluding Grant Income) $ 41,766 $ 41,980 $ 45,308 $ 48,399 $ 53,586 $ 146,063 $ 189,273 Facility rental expense 8,774 8,840 7,888 7,619 7,642 37,025 31,989 Cash NOI from dispositions — — — — (341) — (341) Cash NOI (1) $ 50,540 $ 50,820 $ 53,196 $ 56,018 $ 60,887 $ 183,088 $ 220,921 New acquisitions/dispositions/transitions/other (1) (6,709) (5,556) (5,005) (7,326) (6,266) (24,975) (24,153) Non-Core Properties (1) (460) (865) (1,002) (1,212) (928) (160) (4,007) Other normalizing adjustments (1) (1,429) — — 974 — (1,429) 974 Same-Store NOI (1) $ 41,942 $ 44,399 $ 47,189 $ 48,454 $ 53,693 $ 156,524 $ 193,735 Outpatient Medical NOI $ 23,825 $ 20,978 $ 21,011 $ 21,066 $ 20,800 $ 91,611 $ 83,855 Straight line rent (291) (158) (128) (148) (134) (1,320) (568) Other non-cash adjustments (2,633) 164 82 87 (81) (1,959) 252 Cash NOI from dispositions — — — — (261) — (261) Cash NOI (2) $ 20,901 $ 20,984 $ 20,965 $ 21,005 $ 20,324 $ 88,332 $ 83,278 New acquisitions/dispositions/transitions (802) (762) (694) (663) — (7,664) (2,119) Non-Core Properties (373) (384) (395) (392) (335) (1,406) (1,506) Same-Store NOI (2) $ 19,726 $ 19,838 $ 19,876 $ 19,950 $ 19,989 $ 79,262 $ 79,653 SHOP NOI $ 6,506 $ 6,509 $ 10,141 $ 11,307 $ 12,675 $ 20,369 $ 40,632 Other non-cash adjustments 11 — — — — 5 — COVID subsidies — — — — — (171) — Cash NOI attributable to noncontrolling interests (2) (56) (46) (60) (78) (80) (158) (264) Cash NOI $ 6,461 $ 6,463 $ 10,081 $ 11,229 $ 12,595 $ 20,045 $ 40,368 New acquisitions/dispositions/transitions (1,010) 784 (1,891) (2,913) (3,236) 1,474 (7,256) Development conversion 340 540 510 664 576 1,551 2,290 Other normalizing adjustments 171 — 100 133 — 257 233 Same-Store NOI $ 5,962 $ 7,787 $ 8,800 $ 9,113 $ 9,935 $ 23,327 $ 35,635 (dollars in thousands) (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.
26 Same-Store NOI Reconciliation (2/2) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2023 FY 2024 Triple-Net Leased Properties NOI $ 12,389 $ 12,710 $ 12,234 $ 12,764 $ 12,068 $ 41,315 $ 49,776 Straight line rent (293) (974) (620) (534) (538) (2,161) (2,666) Other non-cash adjustments 225 227 233 236 239 11,900 935 Cash NOI from dispositions — — — — (1,906) — (1,906) Cash NOI attributable to noncontrolling interest (2) (186) (184) (187) (190) (191) (737) (752) Cash NOI $ 12,135 $ 11,779 $ 11,660 $ 12,276 $ 9,672 $ 50,317 $ 45,387 Debt security investment (2,011) (2,081) (2,039) (2,453) (2,117) (8,040) (8,690) New acquisitions/dispositions/transitions (2,708) (2,164) (2,127) (2,163) — (12,996) (6,454) Non-Core Properties (359) (373) (373) (370) (379) (1,413) (1,495) Same-Store NOI $ 7,057 $ 7,161 $ 7,121 $ 7,290 $ 7,176 $ 27,868 $ 28,748 Total Portfolio NOI (excluding Grant Income) $ 84,486 $ 82,177 $ 88,694 $ 93,536 $ 99,129 $ 299,358 $ 363,536 Straight line rent (584) (1,132) (748) (682) (672) (3,481) (3,234) Facility rental expense 8,774 8,840 7,888 7,619 7,642 37,025 31,989 Other non-cash adjustments (2,397) 391 315 323 158 9,946 1,187 COVID subsidies — — — — — (171) — Cash NOI from dispositions — — — — (2,508) - (2,508) Cash NOI attributable to noncontrolling interests (2) (242) (230) (247) (268) (271) (895) (1,016) Cash NOI (1)(2) $ 90,037 $ 90,046 $ 95,902 $ 100,528 $ 103,478 $ 341,782 $ 389,954 Debt security investment (2,011) (2,081) (2,039) (2,453) (2,117) (8,040) (8,690) New acquisitions/dispositions/transitions/other (1) (11,229) (7,698) (9,717) (13,065) (9,502) (44,161) (39,982) Development conversion 340 540 510 664 576 1,551 2,290 Non-Core Properties (1) (1,192) (1,622) (1,770) (1,974) (1,642) (2,979) (7,008) Other normalizing adjustments (1) (1,258) — 100 1,107 — (1,172) 1,207 Same-Store NOI (1)(2) $ 74,687 $ 79,185 $ 82,986 $ 84,807 $ 90,793 $ 286,981 $ 337,771 (dollars in thousands) (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.
27 Same-Store Revenue Reconciliation (1/2) (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. Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2023 FY 2024 Integrated Senior Health Campuses GAAP revenue and Grant Income $ 384,993 $ 393,122 $ 393,774 $ 409,626 $ 423,290 $ 1,489,355 $ 1,619,812 Grant Income (30) — — — — (7,475) — Cash revenue from dispositions — — — — (1,774) — (1,774) Cash revenue (1) $ 384,963 $ 393,122 $ 393,774 $ 409,626 $ 421,516 $ 1,481,880 $ 1,618,038 Revenue attributable to non-Same-Store properties (1) (117,025) (116,791) (117,675) (128,241) (128,772) (441,605) (491,479) Revenue attributable to Non-Core Properties (1) (6,926) (7,535) (7,638) (7,980) (8,098) (25,237) (31,251) Other normalizing revenue adjustments (1) — — — (1,236) — — (1,236) Same-Store revenue (1) $ 261,012 $ 268,796 $ 268,461 $ 272,169 $ 284,646 $ 1,015,038 $ 1,094,072 Outpatient Medical GAAP revenue $ 36,257 $ 34,067 $ 33,682 $ 33,715 $ 33,276 $ 146,068 $ 134,740 Straight line rent (291) (158) (128) (148) (134) (1,320) (568) Other non-cash adjustments (2,995) (185) (267) (262) (399) (3,349) (1,113) Cash revenue from dispositions — — — — (304) — (304) Cash revenue (2) $ 32,971 $ 33,724 $ 33,287 $ 33,305 $ 32,439 $ 141,399 $ 132,755 Revenue attributable to non-Same-Store properties (1,197) (1,162) (986) (881) — (12,721) (3,029) Revenue attributable to Non-Core Properties (482) (499) (514) (512) (479) (1,892) (2,004) Same-Store revenue (2) $ 31,292 $ 32,063 $ 31,787 $ 31,912 $ 31,960 $ 126,786 $ 127,722 SHOP GAAP revenue $ 48,321 $ 58,996 $ 64,239 $ 67,208 $ 73,543 $ 186,862 $ 263,986 Cash revenue attributable to noncontrolling interests (2) (271) (276) (291) (296) (304) (1,287) (1,167) Cash revenue $ 48,050 $ 58,720 $ 63,948 $ 66,912 $ 73,239 $ 185,575 $ 262,819 Revenue attributable to non-Same-Store properties (7,692) (16,053) (20,409) (22,505) (27,955) (28,178) (86,922) Revenue attributable to development conversion (183) (270) (415) (411) (491) (1,451) (1,587) Same-Store revenue $ 40,175 $ 42,397 $ 43,124 $ 43,996 $ 44,793 $ 155,946 $ 174,310 (dollars in thousands)
28 Same-Store Revenue Reconciliation (2/2) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2023 FY 2024 Triple-Net Leased Properties GAAP revenue $ 13,010 $ 13,348 $ 12,886 $ 13,265 $ 12,631 $ 44,333 $ 52,130 Straight line rent (293) (974) (620) (534) (538) (2,161) (2,666) Other non-cash adjustments 206 210 212 217 220 11,833 859 Cash revenue from dispositions — — — — (1,910) — (1,910) Cash revenue attributable to noncontrolling interest (2) (186) (186) (186) (190) (190) (738) (752) Cash revenue $ 12,737 $ 12,398 $ 12,292 $ 12,758 $ 10,213 $ 53,267 $ 47,661 Debt security investment (2,011) (2,081) (2,039) (2,453) (2,117) (8,040) (8,690) Revenue attributable to non-Same-Store properties (2,757) (2,169) (2,169) (2,169) — (13,662) (6,507) Revenue attributable to Non-Core Properties (445) (458) (463) (461) (499) (1,802) (1,881) Same-Store revenue $ 7,524 $ 7,690 $ 7,621 $ 7,675 $ 7,597 $ 29,763 $ 30,583 Total Portfolio GAAP revenue and Grant Income $ 482,581 $ 499,533 $ 504,581 $ 523,814 $ 542,740 $ 1,866,618 $ 2,070,668 Straight line rent (584) (1,132) (748) (682) (672) (3,481) (3,234) Other non-cash adjustments (2,789) 25 (55) (45) (179) 8,484 (254) Grant Income (30) — — — — (7,475) — Cash revenue from dispositions — — — — (3,988) — (3,988) Cash revenue attributable to noncontrolling interests (2) (457) (462) (477) (486) (494) (2,025) (1,919) Cash revenue (1)(2) $ 478,721 $ 497,964 $ 503,301 $ 522,601 $ 537,407 $ 1,862,121 $ 2,061,273 Debt security investment (2,011) (2,081) (2,039) (2,453) (2,117) (8,040) (8,690) Revenue attributable to non-Same-Store properties (1) (128,671) (136,175) (141,239) (153,796) (156,727) (496,166) (587,937) Revenue attributable to development conversion (183) (270) (415) (411) (491) (1,451) (1,587) Revenue attributable to Non-Core Properties (1) (7,853) (8,492) (8,615) (8,953) (9,076) (28,931) (35,136) Other normalizing revenue adjustments (1) — — — (1,236) — — (1,236) Same-Store revenue (1)(2) $ 340,003 $ 350,946 $ 350,993 $ 355,752 $ 368,996 $ 1,327,533 $ 1,426,687 (dollars in thousands) (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.
29 • Adjusted EBITDA: EBITDA excluding the impact of gain or loss from unconsolidated entities, straight line rent and amortization of above/below market leases, non-cash stock-based compensation expense, business acquisition expenses, gain or loss on sales of real estate investments, unrealized foreign currency gain or loss, change in fair value of derivative financial instruments, impairments of real estate investments, impairments of intangible assets and goodwill, and non-recurring one-time items. • Affiliated: An OM (as defined on the next page) that, as of a specified date, has 25.0% or more of its square footage occupied by at least one healthcare system. • AL: Assisted living units. • Annualized Adjusted EBITDA: Current period (shown as quarterly) EBITDA multiplied by 4. • Annualized Base Rent or ABR: Contractual base rent for the last month of the applicable period multiplied by 12. • Cash NOI: NOI excluding the impact of, without duplication, (1) non-cash items such as straight-line rent and the amortization of lease intangibles, (2) third-party facility rent payments and (3) other items set forth in the Cash NOI reconciliation included herein. Both Cash NOI and Same-Store NOI include Pro-Rata ownership and other adjustments. • EBITDA: A non-GAAP financial measure that is defined as earnings before interest, taxes, depreciation and amortization. • EBITDAR: Earnings before interest, taxes, depreciation, amortization and facilities rent. We use unaudited, periodic financial information provided solely by tenants to calculate EBITDAR and have not independently verified the information. • EBITDAR Coverage: The ratio of EBITDAR to contractual rent for leases or interest and principal payments for loans. EBITDAR Coverage is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations. • EBITDARM: Earnings before interest, taxes, depreciation, amortization, rent and management fees. We use unaudited, periodic financial information provided solely by tenants to calculate EBITDARM and have not independently verified the information. • EBITDARM Coverage: The ratio of EBITDARM to contractual rent for leases or interest and principal payments for loans. EBITDARM Coverage is a measure of a property’s ability to generate sufficient cash flows for the operator or borrower to pay rent and meet other obligations, assuming that management fees are not paid. • GAAP revenue: Revenue recognized in accordance with Generally Accepted Accounting Principles (“GAAP”), which includes straight line rent and other non-cash adjustments. • GLA: Gross leasable area. • Grant Income: Stimulus funds granted to us through various federal and state government programs, such as the CARES Act, established for eligible healthcare providers to preserve liquidity in response to lost revenues and/or increased healthcare expenses associated with the COVID-19 pandemic; such grants are not loans and, as such, are not required to be repaid, subject to certain conditions. • Hospital: Hospital properties typically will include acute care, long-term acute care, specialty and rehabilitation hospitals and generally will be leased to single tenants or operators under triple-net lease structures. • IL: Independent living units. • Integrated senior health campuses or ISHC: Integrated senior health campuses include a range of senior care, including independent living, assisted living, memory care, skilled nursing services and certain ancillary businesses. Integrated senior health campuses are operated utilizing a RIDEA structure. • Maintenance Capex: AHR-invested capital expenditures, whether routine or non-routine (including second generation tenant incentives and leasing commissions), that are not expected to generate incremental income for the Company. • MC: Memory-care units. • NAREIT FFO or FFO: Funds from operations attributable to controlling interest; a non-GAAP financial measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT (the “White Paper”). The White Paper defines FFO as net income (loss) computed in accordance with GAAP, excluding gains or losses from sales of certain real estate assets, gains or losses upon consolidation of a previously held equity interest, and impairment write-downs of certain real estate assets and investments, plus depreciation and amortization related to real estate, after adjustments for unconsolidated partnerships and joint ventures. While impairment charges are excluded from the calculation of FFO as described above, investors are cautioned that impairments are based on estimated future undiscounted cash flows. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO. Defined Terms
30 • NAV: Net asset value. • Net Debt: Total long-term debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash related to debt. • NOI: Net operating income; a non-GAAP financial measure that is defined as net income (loss), computed in accordance with GAAP, generated from properties before general and administrative expenses, business acquisition expenses, depreciation and amortization, interest expense, gain or loss in fair value of derivative financial instruments, gain or loss on dispositions, impairments of real estate investments, impairments of intangible assets and goodwill, income or loss from unconsolidated entities, gain on re-measurement of previously held equity interest, foreign currency gain or loss, other income or expense and income tax benefit or expense. • NOI margin: A profitability metric that measures how efficiently a property or portfolio is operated by comparing its NOI to its revenue. Calculated by dividing NOI by revenue. • Non-Core Properties: Assets that have been deemed not essential to generating future economic benefit or value to our day-to-day operations and/or are scheduled to be sold. • Normalized FFO attributable to controlling interest or NFFO: FFO further adjusted for the following items included in the determination of GAAP net income (loss): expensed acquisition fees and costs, which we refer to as business acquisition expenses; amounts relating to changes in deferred rent and amortization of above and below-market leases (which are adjusted in order to reflect such payments from a GAAP accrual basis); the non-cash impact of changes to our equity instruments; non-cash or non- recurring income or expense; the noncash effect of income tax benefits or expenses; capitalized interest; impairments of intangible assets and goodwill; amortization of closing costs on debt investments; mark-to-market adjustments included in net income (loss); gains or losses included in net income (loss) from the extinguishment or sale of debt, hedges, foreign exchange, derivatives or securities holdings where trading of such holdings is not a fundamental attribute of the business plan; and after adjustments for consolidated and unconsolidated partnerships and joint ventures, with such adjustments calculated to reflect Normalized FFO on the same basis. • Occupancy: With respect to OM, the percentage of total rentable square feet leased and occupied, including month-to-month leases, as of the date reported. With respect to all other property types, occupancy represents average quarterly operating occupancy based on the most recent quarter of available data. The Company uses unaudited, periodic financial information provided solely by tenants to calculate occupancy and has not independently verified the information. • OM: Outpatient Medical buildings. • OP unit: Units of limited partnership interest in the Operating Partnership, which are redeemable for cash or, at our election, shares of our common stock on a one-for-one basis, subject to certain adjustments. • Operating Partnership: American Healthcare REIT Holdings, LP, a Delaware limited partnership, through which we conduct substantially all of our business and of which Continental Merger Sub, LLC, a Delaware limited liability company and our wholly-owned subsidiary, is the sole general partner. • Pro-Rata: As of December 31, 2024, we owned and/or operated eight other buildings through entities of which we owned between 90.0% and 98.0% of the ownership interests. Because we have a controlling interest in these entities, these entities and the properties these entities own are consolidated in our financial statements in accordance with GAAP. However, while such properties are presented in our financial statements on a consolidated basis, we are only entitled to our Pro-Rata share of the net cash flows generated by such properties. As a result, we have presented certain property information herein based on our Pro-Rata ownership interest in these entities and the properties these entities own, as of the applicable date, and not on a consolidated basis. In such instances, information is noted as being presented on a “Pro-Rata share” basis. • Quality Mix: Total number of Medicare, Managed Care, Medicare Advantage and private days or revenue divided by the total number of actual patient days or total revenue for all payor types within Skilled Nursing and Senior Housing beds in the ISHC segment. • Retention: The ratio of total renewed square feet and month-to-month leases retained to the total square feet expiring, excluding the square feet for tenant leases terminated and leases in assets expected to be sold for the trailing 12-months. • RevPOR: Revenue per occupied room. RevPOR is calculated as total revenue generated by occupied rooms divided by the number of occupied rooms. • RIDEA: Used to describe properties within the portfolio that utilize the RIDEA structure as described in “RIDEA structure”. Defined Terms
31 • RIDEA structure: A structure permitted by the REIT Investment Diversification and Empowerment Act of 2007, pursuant to which we lease certain healthcare real estate properties to a wholly-owned taxable REIT subsidiary (TRS), which in turn contracts with an eligible independent contractor (EIK) to operate such properties for a fee. Under this structure, the EIK receives management fees, and the TRS receives revenue from the operation of the healthcare real estate properties and retains, as profit, any revenue remaining after payment of expenses (including intercompany rent paid to us and any taxes at the TRS level) necessary to operate the property. Through the RIDEA structure, in addition to receiving rental revenue from the TRS, we retain any after-tax profit from the operation of the healthcare real estate properties and benefit from any improved operational performance while bearing the risk of any decline in operating performance at the properties. • Same-Store or SS: Properties owned or consolidated the full year in both comparison years and that are not otherwise excluded. Properties are excluded from Same-Store if they are: (1) sold, classified as held for sale or properties whose operations were classified as discontinued operations in accordance with GAAP; (2) impacted by materially disruptive events, such as flood or fire for an extensive period of time; or (3) scheduled to undergo or currently undergoing major expansions/renovations or business model transitions or have transitioned business models after the start of the prior comparison period. • Same-Store NOI or SS NOI: Cash NOI for our Same-Store properties. Same-Store NOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. Both Cash NOI and Same-Store NOI include ownership and other adjustments. • Senior Housing-Leased: Senior housing facilities cater to different segments of the elderly population based upon their personal needs and include assisted living, memory care and independent living. Residents of assisted living facilities typically require limited medical care and need assistance with eating, bathing, dressing and/or medication management, and those services can be provided by staff at the facility. Resident programs offered at such facilities may include transportation, social activities and exercise and fitness programs. Our Senior Housing-Leased properties are Triple-net leased. • SHOP: Senior housing operating properties. • SNFs: Skilled nursing facilities. • Square Feet or Sq. Ft.: Net rentable square feet calculated utilizing Building Owners and Managers Association measurement standards. • Total Debt: The principal balances of the Company’s revolving credit facility, term loan and secured indebtedness as reported in the Company’s consolidated financial statements. • Trilogy: Trilogy Investors, LLC; in which we indirectly owned a 100% interest in Trilogy as of December 31, 2024. • Triple-net leased: A lease where the tenant is responsible for making rent payments, maintaining the leased property, and paying property taxes and other expenses. Defined Terms
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- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Publisher SEC
-Name Securities Act
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-Section 425
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American Healthcare REIT (NYSE:AHR)
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