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Overview of American Healthcare REIT Inc. (NYSE: AHR)
American Healthcare REIT Inc. (AHR) is a self-managed real estate investment trust (REIT) specializing in the acquisition, ownership, and operation of a diversified portfolio of healthcare-related real estate properties. Operating across the United States, the United Kingdom, and the Isle of Man, AHR’s portfolio includes medical office buildings, senior housing communities, skilled nursing facilities, hospitals, and other clinical healthcare properties. The company’s focus on healthcare real estate positions it at the intersection of real estate investment and the growing demand for healthcare services, driven by demographic trends like an aging population.
Business Segments and Revenue Model
AHR operates through four primary business segments:
- Integrated Senior Health Campuses (ISHC): This segment encompasses a range of senior care services, including independent living, assisted living, memory care, skilled nursing, and ancillary services. ISHC properties are predominantly operated under the RIDEA structure, allowing AHR to benefit from operational performance improvements.
- Outpatient Medical (OM): These properties focus on medical office buildings that cater to outpatient healthcare services, offering stable income through long-term leases.
- Triple-Net Leased Properties: Under this model, tenants are responsible for property maintenance, taxes, and insurance, providing AHR with predictable rental income.
- Senior Housing Operating Properties (SHOP): This segment includes senior housing facilities managed by third-party operators under the RIDEA structure, enabling AHR to capture operational upside while supporting high-quality resident care.
The majority of AHR’s revenue is derived from its ISHC segment, which integrates multiple levels of senior care within a single campus, optimizing occupancy and operational efficiency.
Strategic Focus and Competitive Position
AHR’s strategic focus lies in maintaining a diversified portfolio that balances stable income from triple-net leases with growth potential from RIDEA-operated properties. The company’s hands-on asset management approach and partnerships with high-quality operators ensure strong performance metrics, including occupancy gains and NOI (Net Operating Income) growth. By leveraging its expertise in healthcare real estate, AHR differentiates itself in a competitive market, addressing the growing demand for senior housing and outpatient medical services.
Geographic Footprint and Market Significance
AHR’s portfolio spans 36 states in the U.S., as well as properties in the United Kingdom and the Isle of Man. This geographic diversification reduces market-specific risks and positions the company to capitalize on global healthcare trends. Its properties serve a wide range of healthcare needs, from primary outpatient care to long-term senior living solutions, making it a key player in the healthcare real estate sector.
Commitment to Quality and Sustainability
AHR is committed to delivering high-quality care through its properties while fostering sustainable growth. The company’s investment in modern facilities and partnerships with experienced operators underscore its dedication to enhancing patient and resident experiences. Additionally, AHR’s focus on refining its portfolio through strategic acquisitions and dispositions ensures alignment with long-term growth objectives.
Conclusion
American Healthcare REIT Inc. (AHR) combines real estate investment expertise with a deep understanding of the healthcare industry. Its diversified portfolio, innovative operational models, and strategic market positioning make it a significant entity within the healthcare REIT space. By addressing the evolving needs of healthcare providers and patients, AHR continues to create value for its stakeholders while contributing to the broader healthcare ecosystem.
American Healthcare REIT (NYSE: AHR) reported its Q4 and full-year 2024 results, along with 2025 guidance. The company posted a GAAP net loss of $(31.8) million in Q4 2024 and $(37.8) million for full-year 2024. However, it achieved significant Same-Store NOI growth of 21.6% in Q4 and 17.7% for the full year.
Key highlights include:
- Normalized FFO of $0.40 per share in Q4 and $1.41 for full-year 2024
- Strong performance in senior housing segments with SHOP and ISHC showing 66.6% and 28.0% Same-Store NOI growth in Q4
- Purchased over $650 million in new investments during 2024
- Raised $1.36 billion through equity offerings and ATM program
- Improved Net Debt-to-Annualized Adjusted EBITDA from 8.5x to 4.3x
For 2025, AHR projects Same-Store NOI growth of 7.0% to 10.0% and NFFO per diluted share of $1.56 to $1.60.
American Healthcare REIT (NYSE: AHR) has announced its participation in the upcoming Citi 2025 Global Property CEO Conference. The company's leadership team, including President and CEO Danny Prosky, CFO Brian S. Peay, COO Gabe M. Willhite, and VP of Investor Relations & Finance Alan Peterson, will engage in a roundtable discussion on Monday, March 3, 2025, from 3:35 to 4:10 p.m. Eastern Time.
The presentation will be accessible via live webcast, and a replay will remain available for one year following the conference's conclusion on March 4, 2025.
American Healthcare REIT (NYSE: AHR) announced plans to ring The Opening Bell® at the New York Stock Exchange on February 10, 2025, marking its one-year listing anniversary. The celebration comes after a remarkable year of growth, with the company's stock price increasing by 145% to $29.40 per share since its debut.
CEO Danny Prosky highlighted this milestone as a testament to the team's dedication and portfolio strength. The company has achieved a market capitalization of $4.5 billion, positioning itself as the 8th largest healthcare REIT in the nation according to the National Association of Real Estate Investment Trusts as of January 31, 2025.
AHR remains focused on providing high-quality healthcare facilities, pursuing growth opportunities, and maintaining strong operational performance to create stockholder value.
American Healthcare REIT (NYSE: AHR) announced that its President and CEO, Danny Prosky, has been named Healthcare Real Estate Insights™ (HREI) 2024 Executive of the Year. Board Chairman Jeff Hanson praised Prosky's role in developing the corporate vision for AHR and its predecessor REITs. The recognition comes as AHR completes its first year as a NYSE-listed REIT. The board expressed confidence in Prosky and the executive management team to lead AHR's next growth phase, acknowledging his 33-year commitment to the healthcare REIT sector.
American Healthcare REIT (NYSE: AHR) has announced its schedule for fourth quarter 2024 earnings release and conference call. The company will release its Q4 2024 earnings on Thursday, February 27, 2025, after market close, followed by a public conference call with webcast on Friday, February 28, 2025, at 10:00 a.m. Pacific Time / 1:00 p.m. Eastern Time.
During the conference call, executives will present Q4 results, discuss recent events, provide outlook for 2025, and hold a Q&A session. Investors can join via webcast or telephone conference, with toll-free options available for North America (800-715-9871) and international callers (+1-646-307-1963). A digital replay and full earnings report with supplemental data will be available in the Investor Relations section of the company's website.
American Healthcare REIT (NYSE: AHR) has announced a quarterly cash distribution of $0.25 per share for Q4 2024. The distribution will be paid on January 17, 2025, to stockholders of record as of December 31, 2024.
American Healthcare REIT (NYSE: AHR) reported Q3 2024 results with a GAAP net loss of $(3.1) million, or $(0.03) per diluted share. The company achieved 17.0% total portfolio Same-Store NOI growth year-over-year, with notable growth in SHOP (61.8%) and ISHC (22.6%) segments. AHR increased its full-year 2024 guidance, raising NFFO expectations to $1.40-$1.43 per share and Same-Store NOI growth to 15.0-17.0%. The company completed a follow-on offering raising $471.2 million and acquired the remaining 24% stake in Trilogy Holdings for $258.0 million, becoming its sole owner. Net-Debt-to-Annualized Adjusted EBITDA improved from 5.9x to 5.1x.
American Healthcare REIT (NYSE: AHR) has announced the dates for its third quarter 2024 earnings release and conference call. The company will issue its earnings release on Tuesday, November 12, 2024, after the close of trading. A public conference call with a simultaneous webcast is scheduled for Wednesday, November 13, 2024, at 10:00 a.m. Pacific Time / 1:00 p.m. Eastern Time.
During the conference call, company executives will review third quarter 2024 results, discuss recent events, and conduct a question-and-answer session. Investors can join via webcast or telephone, with pre-registration required for the latter. A digital replay of the call and the full earnings report with supplemental data will be available on the company's Investor Relations website shortly after the call concludes.
American Healthcare REIT, Inc. (NYSE: AHR) has acquired the remaining 24% minority membership interest in Trilogy REIT Holdings, for approximately $258 million. This acquisition makes AHR the sole owner of Trilogy Holdings and its Integrated Senior Health Campuses (ISHC). The transaction was funded using net proceeds from AHR's recent equity offering, with the remaining funds used to repay approximately $194.0 million of debt on its lines of credit.
Based on Q2 2024 results, assuming the acquisition had closed at the beginning of that period, the ISHC segment would have comprised about 55.3% of AHR's total portfolio cash net operating income. Danny Prosky, AHR's President and CEO, stated that the acquisition was completed in an accretive and leverage neutral manner, potentially leading to further accretion and increased borrowing capacity.
American Healthcare REIT (NYSE: AHR) has priced an upsized public offering of 17,400,000 shares of common stock at $23.55 per share. The company has granted underwriters a 30-day option to purchase up to an additional 2,610,000 shares. Net proceeds will be used to acquire the remaining 24% minority interest in Trilogy Holdings, and to repay debt on existing credit lines. The offering is expected to close on September 20, 2024. BofA Securities, Morgan Stanley, and KeyBanc Capital Markets are acting as joint book-running managers, with several other firms in supporting roles. The offering is being made pursuant to the company's effective shelf registration statement filed with the SEC.
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