American Healthcare REIT, Inc.

Listed Company

AHRCIK 0001632970NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$2.09B

Net Income

$69.81M

Total Assets

$5.43B

Equity

$3.32B

Shares Out

188.03M

Op. Cash Flow

$294.44M

Business

American Healthcare REIT, Inc. is a self-managed real estate investment trust that acquires, owns and operates a diversified portfolio of clinical healthcare real estate properties. It offers integrated senior health campuses, senior housing operating properties (SHOP), skilled nursing facilities, outpatient medical (OM) buildings and other healthcare-related properties, and originates secured loans and real estate-related investments. The company reports four primary segments: integrated senior health campuses, OM, SHOP and triple-net leased properties. It leases assets to healthcare operators and third-party tenants across the United States, the United Kingdom and the Isle of Man.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Resident fees and services	2,095	1,884	1,669	1,412	1,124
Real estate revenue	166	187	190	205	141
Grant income	0	0	7	26	17
Total revenues and grant income	2,260	2,071	1,867	1,643	1,282
Property operating expenses	1,794	1,654	1,502	1,282	1,030
Rental expenses	51	53	57	60	39
General and administrative	59	48	48	43	43
Transaction, transition and restructuring costs	5	7	6	4	13
Depreciation and amortization	188	179	183	168	133
Total expenses	2,096	1,941	1,796	1,557	1,258
Interest expense, net	−86	−128	−163	−106	−81
(Loss) gain in fair value of derivative financial instruments	−1	1	−926,000	500,000	8
(Loss) gain on dispositions of real estate investments, net	−3	5	32	5	−100,000
Impairment of real estate investments	−50	−46	−14	−55	−3
Impairment of intangible assets	0	0	−11	—	—
Loss from unconsolidated entities	−2	−7	−2	1	−1
Gain on re-measurement of previously held equity interest	15	0	726,000	20	0
Foreign currency gain (loss)	3	−774,000	2	−5	−564,000
Other income, net	9	11	8	3	2
Total net other expense	−115	−164	−147	−159	−76
Income (loss) before income taxes	49	−34	−76	−73	−52
Income tax benefit (expense)	22	−2	−663,000	−586,000	−956,000
Net income (loss)	71	−36	−77	−73	−53
Net (income) loss attributable to noncontrolling interests	−1	−2	5	−8	5
Net income (loss) attributable to controlling interest	70	−38	−71	−81	−48
Net income (loss) per share of Common Stock, Class T common stock and Class I common stock attributable to controlling interest - basic (in dollars per share)	0.42	−0.29	−1.08	−1.24	−0.95
Net income (loss) per share of Common Stock, Class T common stock and Class I common stock attributable to controlling interest - diluted (in dollars per share)	0.42	−0.29	−1.08	−1.24	−0.95
Weighted average number of shares of Common Stock, Class T common stock and Class I common stock outstanding basic (in shares)	166	131	66	66	50
Weighted average number of shares of Common Stock, Class T common stock and Class I common stock outstanding diluted (in shares)	167	131	66	66	50
Foreign currency translation adjustments	408,000	−87,000	265,000	−724,000	−65,000
Total other comprehensive income (loss)	408,000	−87,000	265,000	−724,000	−65,000
Comprehensive income (loss)	71	−36	−77	−74	−53
Comprehensive (income) loss attributable to noncontrolling interests	−1	−2	5	−8	6
Comprehensive income (loss) attributable to controlling interest	70	−38	−71	−82	−48

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Real estate investments, net	4,183	3,367	3,425	3,582	3,515
Debt security investment, net	92	91	87	83	79
Cash and cash equivalents	115	77	43	65	82
Restricted cash	37	47	47	47	44
Accounts and other receivables, net	204	211	185	138	123
Identified intangible assets, net	253	161	180	236	249
Goodwill	235	235	3	232	210
Operating lease right-of-use assets, net	135	164	228	276	158
Other assets, net	171	135	146	128	121
Total assets	5,426	4,488	4,578	4,787	4,580
Mortgage loans payable, net	967	982	1,302	1,230	1,096
Lines of credit and term loan, net	550	689	1,224	1,282	1,227
Accounts payable and accrued liabilities	318	258	243	244	187
Identified intangible liabilities, net	2	3	6	11	13
Financing obligations	34	35	42	48	34
Operating lease liabilities	136	165	226	273	145
Security deposits, prepaid rent and other liabilities	60	52	76	50	49
Total liabilities	2,066	2,184	3,119	3,137	2,751
Commitments and contingencies	—	—	—	—	—
Redeemable noncontrolling interests	0	220,000	34	82	73
Preferred Stock	0	0	0	0	0
Additional paid-in capital	4,880	3,720	2,548	2,540	2,534
Accumulated deficit	−1,559	−1,458	−1,276	−1,138	−951
Accumulated other comprehensive loss	−2	−3	−2	−3	−2
Total stockholders equity	3,321	2,261	1,270	1,400	1,581
Noncontrolling interests	40	43	155	168	176
Total equity	3,361	2,304	1,425	1,568	1,757
Total liabilities, redeemable noncontrolling interests and equity	5,426	4,488	4,578	4,787	4,580

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	188	179	183	168	133
Other amortization	38	42	55	33	24
Deferred rent	−3	−3	−3	−7	−3
Stock based compensation	15	10	5	—	9
Impairment of intangible assets	0	0	11	—	—
Distributions of earnings from unconsolidated entity	211,000	0	0	—	—
Deferred income taxes	−23	0	0	0	0
Foreign currency (gain) loss	−3	780,000	−2	5	573,000
Loss on extinguishments of debt	2	5	345,000	5	3
Change in fair value of derivative financial instruments	1	−1	926,000	−500,000	−8
Accounts and other receivables	−13	−24	−35	−4	4
Other assets	−21	−9	−4	−8	−3
Accounts payable and accrued liabilities	29	−653,000	15	14	−33
Operating lease liabilities	−30	−33	−37	—	—
Security deposits, prepaid rent and other liabilities	4	−2	4	—	—
Net cash provided by operating activities	294	176	99	148	18
Developments and capital expenditures	−129	−92	−100	−72	−80
Acquisitions of real estate investments	−884	−60	−45	—	—
Proceeds from dispositions of real estate investments	50	141	185	48	4
Acquisitions of previously held equity interests	−118	0	−335,000	−14	0
Investments in unconsolidated entities	−443,000	−235,000	−13	−5	−650,000
Distributions in excess of earnings from unconsolidated entity	0	126,000	0	0	—
Issuances of real estate notes receivable	−6	−28	−21	−3	0
Principal repayments on real estate notes receivable	11	30	6	0	0
Real estate and other deposits	−7	510,000	−2	−554,000	−549,000
Net cash (used in) provided by investing activities	−1,083	−9	9	−119	−139
Borrowings under mortgage loans payable	30	63	160	120	299
Payments on mortgage loans payable	−49	−515	−101	−125	−35
Borrowings under the lines of credit and term loan	249	891	401	1,160	51
Payments on the lines of credit and term loan	−388	−1,427	−459	−1,104	−157
Borrowings under financing obligations	0	0	16	−14	0
Payments on financing and other obligations	−2	−8	−35	26	−12
Deferred financing costs	−513,000	−9	−5	−8	−4
Debt extinguishment costs	−150,000	−2	−269,000	−3	−127,000
Proceeds from issuance of common stock in offerings	1,156	1,364	0	0	—
Proceeds from issuance of common stock pursuant to employee stock purchase plan	238,000	0	0	—	—
Payment of offering costs	−10	−73	−1	−2	−10,000
Distributions paid	−164	−121	−76	−51	−23
Repurchase of common stock	0	−14,000	−469,000	−21	−382,000
Payments to taxing authorities in connection with common stock directly withheld from employees	−2	−639,000	−72,000	0	0
Purchase of noncontrolling interests	0	−258	0	—	—
Distributions to noncontrolling interests	−2	−4	−10	−16	−15
Redemptions of noncontrolling interests	0	−36	−17	—	—
Security deposits, net	−256,000	−127,000	−331,000	−777,000	95,000
Net cash provided by (used in) financing activities	817	−135	−129	−43	94
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	28	33	−21	−14	−27
EFFECT OF FOREIGN CURRENCY TRANSLATION ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH	62,000	−91,000	7,000	154,000	−74,000
Cash paid for: Interest	80	116	153	89	70
Cash paid for: Income taxes	2	1	1	1	1
Accrued developments and capital expenditures	37	23	25	30	20
Capital expenditures from financing and other obligations	0	472,000	5	2	—
Tenant improvement overage	308,000	5	2	1	2
Acquisition of real estate investments with assumed mortgage loans payable, net of debt discount	0	127	0	105	0
Assumption of mortgage loan payable for development	0	0	11	0	0
Settlement of real estate notes receivable upon acquisition of unconsolidated entity	18	0	0	—	—
Reclassification of noncontrolling interests from mezzanine equity, net	0	15	0	−83,000	6
Issuance of common stock from the redemption of operating partnership units	1	31	0	0	—
Accrued repurchase of redeemable noncontrolling interest	0	0	25	0	0
Accounts and other receivables	3	654,000	−2	2	−153,000
Issuances of notes receivable	0	4	0	5	0
Other assets, net	−10	−8	−4	—	—
Accounts payable and accrued liabilities	8	−3	−2	16	−161,000
Security deposits and other liabilities	3	−391,000	−907,000	16	0

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