American Healthcare REIT, Inc.
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 7, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
PART I — FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited)
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Real estate investments, net | $3,598,607 | $3,366,648 |
| Debt security investment, net | 91,992 | 91,264 |
| Cash and cash equivalents | 147,364 | 76,702 |
| Restricted cash | 36,999 | 46,599 |
| Accounts and other receivables, net | 188,604 | 211,104 |
| Identified intangible assets, net | 181,370 | 161,473 |
| Goodwill | 234,942 | 234,942 |
| Operating lease right-of-use assets, net | 140,701 | 163,987 |
| Other assets, net | 149,710 | 135,338 |
| Total assets | $4,770,289 | $4,488,057 |
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||
| Liabilities: | ||
| Mortgage loans payable, net(1) | $971,401 | $982,071 |
| Lines of credit and term loan, net(1) | 549,696 | 688,534 |
| Accounts payable and accrued liabilities(1) | 298,052 | 258,324 |
| Identified intangible liabilities, net | 2,250 | 3,001 |
| Financing obligations(1) | 34,135 | 34,870 |
| Operating lease liabilities(1) | 141,276 | 165,239 |
| Security deposits, prepaid rent and other liabilities(1) | 53,549 | 51,856 |
| Total liabilities | 2,050,359 | 2,183,895 |
| Commitments and contingencies (Note 10) | ||
| Redeemable noncontrolling interests (Note 11) | — | 220 |
| Equity: | ||
| Stockholders’ equity: | ||
| Preferred stock, $0.01 par value per share; 200,000,000 shares authorized; none issued and outstanding | — | — |
| Common Stock, $0.01 par value per share; 700,000,000 shares authorized; 171,031,062 and 157,446,697 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 1,702 | 1,564 |
| Additional paid-in capital | 4,201,924 | 3,720,268 |
| Accumulated deficit | (1,523,335) | (1,458,089) |
| Accumulated other comprehensive loss | (2,114) | (2,512) |
| Total stockholders’ equity | 2,678,177 | 2,261,231 |
| Noncontrolling interests (Note 12) | 41,753 | 42,711 |
| Total equity | 2,719,930 | 2,303,942 |
| Total liabilities, redeemable noncontrolling interests and equity | $4,770,289 | $4,488,057 |
(1)
Such liabilities of American Healthcare REIT, Inc. represented liabilities of American Healthcare REIT Holdings, LP or its consolidated subsidiaries as of September 30, 2025 and December 31, 2024. American Healthcare REIT Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of American Healthcare REIT, Inc. The creditors of American Healthcare REIT Holdings, LP or its consolidated subsidiaries do not have recourse against American Healthcare REIT, Inc., except for the 2024 Credit Facility, as defined in Note 8, Lines of Credit and Term Loan, held by American Healthcare REIT Holdings, LP in the amount of$550,000 and$689,000 as of September 30, 2025 and December 31, 2024, respectively, which was guaranteed by American Healthcare REIT, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenues: | ||||
| Resident fees and services | $532,058 | $476,834 | $1,530,519 | $1,386,965 |
| Real estate revenue | 40,879 | 46,980 | 125,524 | 140,963 |
| Total revenues | 572,937 | 523,814 | 1,656,043 | 1,527,928 |
| Expenses: | ||||
| Property operating expenses | 454,530 | 417,128 | 1,313,238 | 1,223,321 |
| Rental expenses | 12,592 | 13,150 | 39,225 | 40,200 |
| General and administrative | 14,108 | 11,921 | 42,206 | 35,495 |
| Transaction, transition and restructuring costs | 50 | 3,537 | 1,808 | 6,334 |
| Depreciation and amortization | 49,181 | 44,246 | 132,236 | 132,277 |
| Total expenses | 530,461 | 489,982 | 1,528,713 | 1,437,627 |
| Other income (expense): | ||||
| Interest expense: | ||||
| Interest expense, net | (20,392) | (30,395) | (65,969) | (97,429) |
| Gain (loss) in fair value of derivative financial instruments | 166 | (8,967) | (1,213) | (2,162) |
| Gain (loss) on dispositions of real estate investments, net | 691 | (4) | (2,344) | 2,257 |
| Impairment of real estate investments | (3,768) | — | (38,133) | — |
| Income (loss) from unconsolidated entities | 462 | (2,123) | (2,624) | (4,363) |
| Gain on re-measurement of previously held equity interest | 14,580 | — | 14,580 | — |
| Foreign currency (loss) gain | (977) | 2,689 | 3,181 | 2,345 |
| Other income, net | 2,309 | 2,138 | 5,314 | 7,107 |
| Total net other expense | (6,929) | (36,662) | (87,208) | (92,245) |
| Income (loss) before income taxes | 35,547 | (2,830) | 40,122 | (1,944) |
| Income tax benefit (expense) | 21,092 | (263) | 19,756 | (1,227) |
| Net income (loss) | 56,639 | (3,093) | 59,878 | (3,171) |
| Net income attributable to noncontrolling interests | (712) | (1,033) | (847) | (2,868) |
| Net income (loss) attributable to controlling interest | $55,927 | $(4,126) | $59,031 | $(6,039) |
| Net income (loss) per share of Common Stock, Class T common stock and Class I common stock attributable to controlling interest: | ||||
| Basic | $0.33 | $(0.03) | $0.36 | $(0.05) |
| Diluted | $0.33 | $(0.03) | $0.36 | $(0.05) |
| Weighted average number of shares of Common Stock, Class T common stock and Class I common stock outstanding: | ||||
| Basic | 169,010,301 | 133,732,745 | 162,188,510 | 122,893,049 |
| Diluted | 169,802,090 | 133,732,745 | 162,908,219 | 122,893,049 |
| Net income (loss) | $56,639 | $(3,093) | $59,878 | $(3,171) |
| Other comprehensive (loss) income: | ||||
| Foreign currency translation adjustments | (121) | 303 | 398 | 272 |
| Total other comprehensive (loss) income | (121) | 303 | 398 | 272 |
| Comprehensive income (loss) | 56,518 | (2,790) | 60,276 | (2,899) |
| Comprehensive income attributable to noncontrolling interests | (712) | (1,033) | (847) | (2,868) |
| Comprehensive income (loss) attributable to controlling interest | $55,806 | $(3,823) | $59,429 | $(5,767) |
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
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