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- **Record Growth**: 16.4% same-store NOI growth, 21.7% at Trilogy, 25.3% at SHOP, and 90%+ occupancy across segments.
- **Strategic Acquisitions**: $575M year-to-date, $450M pipeline, and $177M development pipeline for 20%+ FFO growth.
- **Financial Strength**: 3.5x debt-to-EBITDA, $275M forward equity sales, and narrowed 2025 FFO guidance to $1.69-$1.72.
- **Medicare Advantage**: 7.2% resident days (vs. 5.8% 2024), driving 270 bps NOI margin expansion.
- **Focus Shift**: Exiting MOBs (<17% of NOI) to prioritize high-acuity RIDEA assets.

**Management Opening Remarks**
- Alan Peterson welcomed participants, highlighting Q3 2025 results, including 16.4% same-store NOI growth and 7.2% Medicare Advantage resident days. The company increased 2025 normalized FFO guidance to $1.69-$1.72 per share.

**CEO Commentary**
- Danny Prosky reported 7 consecutive quarters of double-digit same-store NOI growth, driven by Trilogy (21.7%) and SHOP (25.3%). Year-to-date acquisitions reached $575M, with a $450M pipeline. Emphasized disciplined capital deployment and strategic operator partnerships.

**COO Commentary**
- Gabriel Willhite detailed Trilogy's 90.2% occupancy and 7% ADR growth, alongside SHOP's 90%+ spot occupancy. Highlighted Medicare Advantage's 270 bps NOI contribution and the pilot of Trilogy's revenue management system across other operators.

**CIO Commentary**
- Stefan K. Oh announced $575M in 2025 acquisitions, including new partnerships with WellQuest and Great Lakes. The $177M development pipeline targets high-yield projects. Focused on accretive, relationship-driven growth.

**CFO Financial Commentary**
- Brian Peay reported Q3 normalized FFO of $0.44 (22% YoY growth) and narrowed 2025 guidance to $1.69-$1.72. Debt-to-EBITDA improved to 3.5x, with $275M in forward equity sales for capital flexibility.

**Q&A Highlights**
- **Occupancy & Pricing**: 90%+ occupancy across segments; expect 200+ bps ADR growth vs. inflation. Medicare Advantage penetration rising (7.2% Q3 2025 vs. 5.8% 2024).
- **Competitive Environment**: Pipeline growth driven by new operator partnerships; disciplined underwriting maintains accretion.
- **Capital Deployment**: $575M in 2025 acquisitions, $450M pipeline, and $177M development pipeline support 20%+ FFO growth.
- **MOB Strategy**: Divesting lower-margin MOBs (now <17% of NOI) to focus on high-growth RIDEA segments.

American Healthcare REIT, Inc. (AHR) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

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Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

AHR

AHR fundamentals

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