American Healthcare REIT Q4 NFFO $0.38; FY23 NFFO $1.40, Revenue $1.87M

Author: Benzinga Newsdesk | March 21, 2024 04:41pm

Key Highlights:

• Reported GAAP net loss attributable to stockholders of $(0.42) and $(1.08) per basic and diluted share for the three and 12 months ended December 31, 2023.
• Reported Normalized Funds from Operations attributable to stockholders ("NFFO") of $0.38 and $1.40 per basic and diluted share for the three and 12 months ended December 31, 2023, respectively.
• Achieved 5.2% and 7.7% total portfolio Same-Store ("SS") revenue growth for the three and 12 months ended December 31, 2023, respectively, compared to the same periods in 2022 largely driven by occupancy gains in the Company's RIDEA-operated assets.
• Achieved year-over-year total portfolio Same-Store Net Operating Income ("NOI") growth of 8.6%, highlighted by 27.2% and 14.0% Same-Store NOI growth from our SHOP and Integrated Senior Health Campuses ("ISHC"), respectively.
• Disposed of approximately $195 million of Non-Core Properties across the Company's Outpatient Medical and SHOP segments during the 12 months ended December 31, 2023.
• Subsequent to year end, completed a public offering of 64.4 million shares of our common stock priced at $12.00 per share and listed our common stock on the New York Stock Exchange ("NYSE") under the symbol "AHR".
• Subsequent to year end, paid down approximately $721 million of outstanding debt obligations carrying a weighted average interest rate of approximately 7.53% using the net proceeds from the public offering, meaningfully improving leverage metrics and providing the Company with additional capacity and flexibility.

"We are proud of our 2023 operating results and have begun 2024 with a successful common stock offering and the listing of our common stock on the NYSE. As a publicly listed company, we are committed to being responsible stewards of capital for all our stockholders. The entire team at American Healthcare REIT is working diligently to ensure optimal performance across our entire portfolio," said Danny Prosky, American Healthcare REIT's President and CEO.

Posted In: AHR