American Healthcare REIT Reports Revenue Growth and Net Income Turnaround for Q3 2025

American Healthcare REIT, Inc. reported significant financial performance improvements for the third quarter and first nine months of 2025, as detailed in its latest 10-Q filing. For the three months ended September 30, 2025, total revenues reached $572.9 million, a 9.4% increase from $523.8 million in the same period of 2024. The nine-month revenue figures also showed growth, climbing to $1.66 billion from $1.53 billion, marking an 8.4% increase year-over-year. The company achieved a net income of $56.6 million for the third quarter, compared to a net loss of $3.1 million in the prior year, and a net income of $59.9 million for the nine months, reversing a loss of $3.2 million in 2024.

The company’s balance sheet as of September 30, 2025, reflected total assets of $4.77 billion, up from $4.49 billion at the end of 2024. This increase was primarily driven by a rise in real estate investments, which grew to $3.60 billion from $3.37 billion. The company also reported a reduction in total liabilities to $2.05 billion from $2.18 billion, largely due to decreased borrowings under lines of credit and term loans. The equity attributable to stockholders increased to $2.68 billion, compared to $2.26 billion at the end of the previous fiscal year.

Strategically, American Healthcare REIT has been active in expanding its portfolio, acquiring 15 properties across various states for a total contract purchase price of approximately $338 million during the nine months ended September 30, 2025. This includes the acquisition of five senior housing properties in Ohio and Michigan, which contributed to increased resident fees and services revenue. The company also disposed of 12 properties during the same period, resulting in a net loss on dispositions of $2.35 million.

Operationally, the company reported a total of 315 buildings and integrated senior health campuses, representing approximately 20.13 million square feet of gross leasable area. The overall leased percentage across its properties was 89.3% as of September 30, 2025, slightly down from 91% a year earlier. The company noted that inflationary pressures have impacted operating costs, particularly in labor and services, but it has managed to offset some of these costs through increased billing rates and occupancy levels.

Looking ahead, American Healthcare REIT expressed optimism about its growth trajectory, citing improved operational performance and strategic acquisitions. The company anticipates continued revenue growth driven by increased occupancy rates and pricing adjustments in response to market conditions. However, it remains vigilant regarding potential economic fluctuations and their impact on its operations and financial performance.