American Healthcare Reit, Inc. · NYSE:AHR
American Healthcare Reit — Q1 2025 Earnings Presentation
33 slides from American Healthcare Reit's earnings presentation, May 8, 2025
Slide 1: First Quarter 2025 Supplemental
First Quarter 2025 Supplemental Exhibit 99.2
Slide 2: Forward-Looking Statements
2 Forward-Looking Statements Certain statements contained in this supplemental, filed in conjunction with the First Quarter 2025 Earnings Press Release, including statements relating to American Healthcare REIT, Inc.'s (the "Company") expectations regarding its performance, interest expense savings,
Slide 3: Non-GAAP Financial Measures
3 Non-GAAP Financial Measures The Company’s reported results are presented in accordance with GAAP. The Company also discloses the following non-GAAP financial measures: EBITDA, Adjusted EBITDA, Net Debt-to-Annualized Adjusted EBITDA, NAREIT FFO, NFFO, NOI and Same-Store NOI. The Company believes th
Slide 4: Overview & Financial Highlights
4 Overview & Financial Highlights (as of 3/31/2025) (dollars in thousands, except per share) Portfolio Overview Pro-Rata (3)(4) Consolidated (4) Campuses / Properties Beds/Units (1) Leased % (2) Wtd Avg Lease Term (years) Annualized Cash NOI Annualized Cash NOI Integrated Senior Health Campuses (ISH
Slide 5: Integrated Senior Health Campuses (ISHC)
5 Integrated Senior Health Campuses (ISHC) (1) Prior periods' information is presented to reflect the increase in ownership to 100% in the Company's ISHC segment effective September 2024. (2) See reconciliations in the appendix of this presentation. (3) Controllable expenses include utilities, food,
Slide 6: ISHC Revenue per Payor and Bed Type
6 ISHC Revenue per Payor and Bed Type Average Daily Rate % of Resident Days % of Revenue Q1 2024 Q1 2025 % change Q1 2024 Q1 2025 Q1 2024 Q1 2025 Private $ 386.68 $ 403.64 4.4 % 12.0% 11.4% 14.0% 13.2% Managed Care/Insurance $ 398.68 $ 404.22 1.4 % 0.5% 0.4% 0.6% 0.4% Medicaid $ 292.18 $ 310.34 6.2
Slide 7: Outpatient Medical
7 Outpatient Medical (1) See reconciliations in the appendix of this presentation. Total Portfolio Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Properties 83 83 83 81 81 Consolidated GLA (sq ft) 4,396 4,400 4,400 4,262 4,260 Ending occupancy 88.1% 88.5% 88.1% 87.9% 87.4% Cash revenue (1) $ 33,724 $ 33,28
Slide 8: Outpatient Medical: Tenants and Absorption
8 Outpatient Medical (as of 3/31/2025) Tenants ABR % S&P Credit Rating Christus Good Shepherd Health System $ 7,759 8.0% A Mercy Health 4,550 4.8% A+ Prime Healthcare 4,161 4.4% B- Montefiore Medical Center 2,417 2.5% BBB- Atrius Health, Inc. 2,249 2.4% BBB Remaining Portfolio 74,195 77.9% Total $ 9
Slide 9: Outpatient Medical Expiring Leases
9 (1) Includes future leases signed, but not commenced. (2) Indicates total ABR expiring in the applicable year. Expiring Leases Year # of Expiring Leases Total Sq. Ft. (1) % of GLA ABR (2) % of Total ABR Average Rent per Sq. Ft. 2025 85 475 12.8% $ 12,479 11.5% $ 26.27 2026 51 224 6.0% 5,204 4.8% 2
Slide 10: Senior Housing Operating Properties (SHOP)
10 Senior Housing Operating Properties (SHOP) (1) See reconciliations in the appendix of this presentation. (2) Controllable expenses include utilities, food, repairs and maintenance, and other operating expenses. (3) Non-Controllable expenses include property taxes and insurance. Total Portfolio Q1
Slide 11: ISHC & SHOP Partners
11 ISHC & SHOP Partners (as of 3/31/2025) Partner/Operator State Number of Properties/Campuses Pro-Rata Share Beds/Units Consolidated Beds/ Units Trilogy Management Services KY,IN,MI,OH,WI 127 13,050 13,050 Senior Solutions Management Group AR,MS,TX,LA,MO,GA 20 1,652 1,685 Priority Life Care IN, MI
Slide 12: Triple-Net Leased Properties
12 Triple-Net Leased Properties (1) Facilities are 100% triple-net leased, operators' occupancies are one quarter in arrears and hospitals are excluded. (2) See reconciliations in the appendix of this presentation. (3) Includes currency adjustment for UK properties at current quarter GBP/USD rate of
Slide 13: Triple-Net Rent Payment Coverage Stratification
13 Triple-Net Leased Properties Rent Payment Coverage Stratification (1) Represents trailing twelve month coverage metrics as of December 31, 2024. Percentages are based on Pro-Rata Cash NOI for the three months ended March 31, 2025. (2) Represents combined coverage metrics for all leases within eac
Slide 14: Revenue and Lease Expiration
14 Revenue and Lease Expiration(1) (as of 3/31/2025) (1) Excludes ISHC and SHOP. (2) Total ABR expiring in the applicable year. Month-to-month leases are included as expirations in 2025. (3) Represents total interest income from debt security investment. ABR of Expiring Leases (2) as % of Total ABR
Slide 15: Debt Maturities and Principal Payments
15 Debt Maturities and Principal Payments (as of 3/31/2025) (1) Debt maturing after 2029 has a weighted average maturity date of March 2052 (27 Years). (2) Interest rates reflect two in-place swap derivatives for $275 million each, which mature on January 19, 2026 with strikes at 4.41% and 3.74%. Du
Slide 16: Year-to-Date 2025 Real Estate Acquisitions and Dispositions
16 Year-to-Date 2025 Real Estate Acquisitions and Dispositions Acquisitions Reportable Segment Number of Properties/ Campuses Gross Purchase Price Integrated Senior Health Campuses - Lease buyouts 1 $16,087 Dispositions Reportable Segment Number of Properties/ Campuses Beds/Units Gross Proceeds SHOP
Slide 17: Real Estate Development & Expansions
17 Real Estate Development & Expansions Development Timing Project Name State Segment Type of Project Units/Beds Spent To Date Total Expected Cost Construction Start Expected Completion Portage MI ISHC New Campus 108 $8,458 $22,854 Q3 2024 Q1 2026 Sylvania OH ISHC IL Villas 26 2,685 8,044 Q3 2024 Q4
Slide 18: 2025 Guidance
18 (1) The Company's guidance constitutes forward-looking statements within the meaning of the federal securities laws and is based on a number of assumptions that are subject to change and many of which are outside of the Company's control. Actual results may differ materially from the Company's ex
Slide 19: Components of NAV
19 Components of NAV(1) (1) Dollars, square feet and beds/units are presented on a consolidated basis as of March 31, 2025. (2) Cash NOI is adjusted to exclude non-recurring items. (3) Excludes interest income from debt security investment. (4) Weighted average rates reflect in-place swap derivative
Slide 20: Appendix: Non-GAAP Reconciliations and Defined Terms
20 First Quarter 2025 Supplemental Appendix Non-GAAP Reconciliations and Defined Terms
Slide 21: FFO / NFFO Reconciliation
21 FFO / NFFO Reconciliation(1) (in thousands, except share and per share amounts) QTD Q1 2025 Q1 2024 Net loss $ (6,840) $ (3,004) Depreciation and amortization related to real estate — consolidated properties 41,015 42,729 Depreciation and amortization related to real estate — unconsolidated entit
Slide 22: Adjusted EBITDA Reconciliation
22 Adjusted EBITDA Reconciliation Q1 2025 Net loss $ (6,840) Adjustments: Interest expense (including amortization of deferred financing costs, debt discount/premium and loss on debt extinguishments) 22,945 Income tax expense 604 Depreciation and amortization (including amortization of leased assets
Slide 23: Coverage Ratios and Net Debt Reconciliation
23 Coverage Ratios and Net Debt Reconciliation(1) (1) The details of the Adjusted EBITDA calculation can be found on the previous page. (2) Includes approximately $1.7 million of cash interest expense from mortgage insurance premiums and equipment financing. (3) Non-cash interest expense includes am
Slide 24: Same-Store Property Reconciliation
24 Same-Store Property Reconciliation For the Three Months Ended March 31, 2025 Integrated Senior Health Campuses Outpatient Medical SHOP Triple-Net Leased Properties Total properties/campuses 125 81 69 19 Recent acquisition/development conversions — — (21) — Non-Core Properties (1) (14) (1) (2) Tra
Slide 25: Cash NOI Reconciliation
25 Cash NOI Reconciliation (1) All periods are based upon current quarter’s ownership percentage. Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Net (loss) income $ (3,004) $ 2,926 $ (3,093) $ (32,429) $ (6,840) General and administrative 11,828 11,746 11,921 12,064 13,155 Business acquisition expenses 2,7
Slide 26: Same-Store NOI Reconciliation (1/2)
26 Same-Store NOI Reconciliation (1/2) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Integrated Senior Health Campuses NOI $ 41,980 $ 45,308 $ 48,399 $ 53,586 $ 52,717 Facility rental expense 8,840 7,888 7,619 7,642 7,499 Cash NOI from dispositions — — — (341) (274) Cash NOI (1) $ 50,820 $ 53,196 $ 56,018
Slide 27: Same-Store NOI Reconciliation (2/2)
27 Same-Store NOI Reconciliation (2/2) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Triple-Net Leased Properties NOI $ 12,710 $ 12,234 $ 12,764 $ 12,068 $ 9,275 Straight line rent (974) (620) (534) (538) (562) Other non-cash adjustments 227 233 236 239 243 Cash NOI from dispositions — — — (1,906) — Cash
Slide 28: Same-Store Revenue Reconciliation (1/2)
28 Same-Store Revenue Reconciliation (1/2) (1) Prior periods' information is presented to reflect the increase in ownership to 100% in the Company's ISHC segment effective September 2024. (2) All periods are based upon current quarter’s ownership percentage. Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 I
Slide 29: Same-Store Revenue Reconciliation (2/2)
29 Same-Store Revenue Reconciliation (2/2) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Triple-Net Leased Properties GAAP revenue $ 13,348 $ 12,886 $ 13,265 $ 12,631 $ 10,233 Straight line rent (974) (620) (534) (538) (562) Other non-cash adjustments 210 212 217 220 225 Cash revenue from dispositions — —
Slide 30: Defined Terms
30 • Adjusted EBITDA: EBITDA excluding the impact of gain or loss from unconsolidated entities, straight line rent and amortization of above/below market leases, non-cash stock-based compensation expense, business acquisition expenses, gain or loss on sales of real estate investments, unrealized for
Slide 31: Defined Terms (continued)
31 • NOI: Net operating income; a non-GAAP financial measure that is defined as net income (loss), computed in accordance with GAAP, generated from properties before general and administrative expenses, business acquisition expenses, depreciation and amortization, interest expense, gain or loss in f
Slide 32: Defined Terms (continued)
32 • RIDEA structure: A structure permitted by the REIT Investment Diversification and Empowerment Act of 2007, pursuant to which we lease certain healthcare real estate properties to a wholly-owned taxable REIT subsidiary (TRS), which in turn contracts with an eligible independent contractor (EIK)
Slide 33: Slide 33
American Healthcare REIT — Q1 2025 Earnings Presentation on 6ix