Yahoo Finance

• Same Store NOI Growth (Q4 2024): 21.6% year-over-year.

• Full Year Same Store NOI Growth (2024): 17.7% compared to 2023.

• Trilogy Segment Same Store NOI Growth (Q4 2024): 28% year-over-year.

• Trilogy Segment Full Year Same Store NOI Growth (2024): 23.8%.

• Shop Segment Same Store NOI Growth (Q4 2024): Over 65% year-over-year.

• Shop Segment Full Year Same Store NOI Growth (2024): 52.8%.

• Normalized Funds From Operations (NFFO) Per Share (Q4 2024): $0.40 per diluted share.

• Full Year NFFO Per Share (2024): $1.41.

• Net Debt to Adjusted EBITDA (End of 2024): 4.3 times, improved from 8.5 times at the end of 2023.

• External Growth Investment (2024): Over $650 million in managed long-term care segments.

• Capital Raised Through ATM Program (Q4 2024): Approximately $121 million at $28.05 per share.

• 2025 NFFO Per Share Guidance: $1.56 to $1.60 per fully diluted share.

• 2025 Total Portfolio NOI Growth Guidance: 7% to 10%.

• 2025 Trilogy Segment NOI Growth Guidance: 10% to 12%.

• 2025 Shop Segment NOI Growth Guidance: 18% to 22%.

• Warning! GuruFocus has detected 6 Warning Sign with AHR.

Release Date: February 28, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• American Healthcare REIT Inc (NYSE:AHR) reported strong same-store NOI growth of 21.6% year-over-year in Q4 2024, with full-year growth at 17.7%.

• The Trilogy segment, the largest in AHR's portfolio, showed significant growth, contributing to 71% of total NOI by the end of Q4 2024.

• AHR's net debt to adjusted EBITDA improved significantly from 8.5 times at the end of 2023 to 4.3 times at the end of 2024, providing financial flexibility.

• The company invested over $650 million in external growth in 2024 and plans further investments in 2025, including new acquisitions and development projects.

• AHR's guidance for 2025 indicates expected double-digit NFFO per share growth, reflecting confidence in continued strong performance.

Negative Points

• Potential policy changes in the healthcare sector, particularly related to Medicaid, pose uncertainty and could impact future operations.

• The outpatient medical segment faces headwinds from expected tenant move-outs, which could affect occupancy and NOI growth.

• Seasonal factors such as higher utility costs and fewer days in Q1 are expected to impact NOI growth sequentially.

• The company anticipates modest sequential headwinds in Trilogy NOI in Q1 2025 due to compensation-related expenses and seasonal occupancy changes.

• Despite strong growth, the company acknowledges that the pace of occupancy growth in the shop segment may not match the 600 basis points increase seen in 2024.