American Healthcare REIT Reports $540.6 Million Revenue in Q1 2025, Faces Net Loss

American Healthcare REIT, Inc. reported a total revenue of $540.6 million for the first quarter of 2025, marking a 8.2% increase from $499.5 million in the same period of 2024. The growth was primarily driven by a rise in resident fees and services revenue, which increased to $497.2 million from $452.1 million year-over-year. However, the company also experienced a net loss of $6.8 million, compared to a loss of $3.0 million in the prior year, attributed to higher property operating expenses and an impairment charge of $21.7 million related to one of its outpatient medical buildings.

In terms of operational metrics, American Healthcare REIT's integrated senior health campuses and senior housing operating properties (SHOP) segments saw significant increases in revenue, with integrated senior health campuses generating $423.4 million, up from $393.1 million, and SHOP contributing $73.8 million, up from $59.0 million. The company also reported a total of 312 buildings and integrated senior health campuses, representing approximately 19.03 million square feet of gross leasable area, as of March 31, 2025.

Strategically, the company made notable acquisitions during the quarter, including nine land parcels in Indiana for future development of integrated senior health campuses, and one previously leased real estate investment in the same state. These acquisitions were financed through a combination of cash and debt. Additionally, American Healthcare REIT disposed of one SHOP and one integrated senior health campus, resulting in a loss of $359,000. The company’s total assets decreased slightly to $4.46 billion from $4.49 billion at the end of 2024, primarily due to changes in real estate investments and cash balances.

The company’s financial position remains stable, with cash and cash equivalents increasing to $86.1 million from $76.7 million at the end of 2024. Total liabilities decreased to $2.16 billion from $2.18 billion, reflecting a reduction in lines of credit and term loans. The company continues to maintain a strong liquidity position, with $507 million available under its credit facility as of March 31, 2025. Looking ahead, American Healthcare REIT anticipates continued growth in revenues driven by increased occupancy rates and billing rates, although it remains cautious of inflationary pressures impacting operating costs.