American Healthcare REIT reported fourth‑quarter 2025 results that included a net income of $69.8 million, or $0.42 per diluted share, reversing a loss of $0.42 per share in 2024. The company posted a normalized FFO of $0.46 per diluted share, matching the consensus estimate of $0.46 and beating lower analyst expectations that ranged from $0.16 to $0.28. Revenue for the quarter was $604.1 million, slightly below the consensus range of $614.2 million to $617.5 million, indicating a modest revenue miss despite strong operating performance.
Same‑store NOI grew 14.0% in the Integrated Senior Health Campus (ISHC) segment and 24.6% in the Senior Housing (SHOP) segment, driving an overall portfolio growth of 11.8%. For the full year, ISHC NOI increased 18.4% and SHOP NOI rose 25.2%, resulting in a 14.2% portfolio gain. The double‑digit growth in both core segments reflects continued demand for senior‑care services and effective cost management across the portfolio.
Looking ahead, the company guided for 2026 same‑store NOI growth of 9.0% across the portfolio, with ISHC expected to grow 10.0%, SHOP 17.0%, and Outpatient Medical 1.0%. The guidance signals confidence in sustained demand for senior‑care and outpatient services, while the modest growth in outpatient NOI reflects a cautious outlook for that segment.
Strategically, AHR completed $950 million in acquisitions during 2025 and is advancing a development pipeline worth $178 million, underscoring its focus on expanding capacity and generating future cash flow. CEO Danny Prosky is on medical leave, a factor that may influence governance discussions but does not alter the company’s operational trajectory.
The earnings beat on EPS can be attributed to disciplined cost control and operational leverage that offset the revenue miss. The revenue shortfall, while modest, suggests that demand in some segments did not fully meet analyst expectations, but the strong same‑store NOI growth indicates that the company’s pricing power and efficient asset utilization are maintaining profitability. Overall, the results reinforce AHR’s position as a leading senior‑care REIT with a clear growth strategy and a resilient financial profile.
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