American Healthcare REIT Posts 22% NFFO Growth and 24.6% SHOP NOI Rise
American Healthcare REIT Inc delivered 11.8% portfolio same-store NOI growth in Q4 2025 and 14.2% full year, with SHOP segment NOI up 24.6% in Q4 and 25.2% for the year. NFFO per share rose 22% to $1.72, with 2026 guidance of $1.99–$2.05 and same-store NOI growth projected at 7%–11%.
1. 2025 Financial Highlights
American Healthcare REIT reported total portfolio same-store NOI growth of 11.8% in Q4 2025 and 14.2% for the full year, while Trilogy assets saw 14% Q4 and 18.4% annual growth. The SHOP segment led performance with 24.6% Q4 and 25.2% annual same-store NOI increases, driving normalized FFO per share to $1.72, up 22%.
2. 2026 Outlook and Guidance
The company issued 2026 guidance of $1.99 to $2.05 NFFO per share and projected total portfolio same-store NOI growth between 7% and 11%, reflecting continued investment in high-quality healthcare properties. Year-to-date acquisitions of approximately $117.5 million follow over $950 million in new investments during 2025, supporting targeted growth objectives.
3. Balance Sheet Strength and Risks
American Healthcare REIT ended 2025 with a net debt-to-EBITDA ratio of 3.4 times, preserving balance sheet capacity for future deals. Leadership continuity concerns persist as the CEO’s return timeline remains unclear, and challenges include increased SHOP acquisition competition, potential rent coverage declines in hospitals, and dependence on Medicare rate adjustments.