American Healthcare REIT, Inc.

What they do

AHR acquires, owns and operates a diversified portfolio of clinical healthcare real estate, focusing on integrated senior health campuses (ISHC), senior housing operating properties (SHOP) and outpatient medical (OM) buildings. It operates ISHC and SHOP assets under the RIDEA structure, using a fully integrated management platform of roughly 121 employees as of December 31, 2025. Operations run through American Healthcare REIT Holdings, LP, of which the company owned 99.0% of OP units as of December 31, 2025. The company also has originated and acquired secured loans on an opportunistic basis.

Revenue drivers

• SHOP (senior housing operating properties) — Senior housing properties operated under RIDEA; Same-Store NOI grew 20.5% year over year in Q2 2026, the fastest-growing reported segment, and the company acquired about $126.9 million of new SHOP investments in that quarter.
• ISHC (integrated senior health campuses) — Senior health campuses managed by Trilogy Management Services, LLC; Same-Store NOI grew 16.1% year over year in Q2 2026. The 10-K states ISHC account for a significant portion of revenues and operating income.
• Outpatient medical (OM) buildings — One of the three stated property focuses alongside senior housing and SNFs; no segment-level revenue or NOI figures were provided in the excerpts.
• Secured loans and other real estate-related investments — The company has originated and acquired secured loans and may add other real estate-related investments infrequently and opportunistically; the balance sheet shows a debt security investment, net of $92.5 million at June 30, 2026.

Recent performance

For Q2 2026, AHR reported GAAP net income attributable to controlling interest of $30.6 million, or $0.16 per diluted share, and NFFO of $0.54 per diluted share. Total portfolio Same-Store NOI grew 13.2% year over year, with SHOP up 20.5% and ISHC up 16.1%. Quarterly revenue rose from $532.1 million in Q3 2025 to $564.0 million in Q4 2025, $609.8 million in Q1 2026 and $634.5 million in Q2 2026. Net Debt-to-Annualized Adjusted EBITDA improved to 2.5x at June 30, 2026 from 3.0x at March 31, 2026. Full-year 2025 revenue was $2.09 billion with net income of $70.8 million and diluted EPS of $0.42.

Strategy

Management describes a deliberate strategy of concentrating capital in senior housing and care, partnering with operators and supporting them with its platform. The company completed $1.4 billion in new investments since the start of 2026, including about $126.9 million of SHOP acquisitions in Q2 2026. It also completed a May 2026 follow-on equity offering of 16,100,000 shares for about $811.4 million in gross proceeds and used its ATM program for additional forward sales. As of August 6, 2026, unsettled forward sale agreements covered 12,246,596 shares, equating to about $630.5 million in gross proceeds assuming full physical settlement. Management tied improved Net Debt-to-Annualized Adjusted EBITDA to this capital activity.

Risks

• Dependence on Trilogy Manager for ISHC — The 10-K states all ISHC are managed by Trilogy Management Services, LLC, which accounts for a significant portion of revenues and operating income, so adverse developments in that manager's business or financial strength could materially and adversely affect AHR.
• Tenant, operator and borrower credit risk — The 10-K says the financial deterioration, insolvency or bankruptcy of one or more major tenants, operators, borrowers or other obligors could have a material adverse effect, and lease defaults or terminations could reduce the ability to make distributions.
• History of net losses — The 10-K risk factor states the company has experienced net losses in the past and may experience additional losses in the future; annual net income was negative from 2021 through 2024 before turning positive at $70.8 million in 2025.
• Key executive availability — The 10-K notes success depends in part on certain key executives and that the loss or extended unavailability of a key executive could materially and adversely affect the company; the filing also discloses that CEO and President Danny Prosky is on a leave of absence for medical reasons.

Outlook

Management increased full-year 2026 guidance, raising NFFO per diluted share to $2.15 to $2.19, about 5% above the prior midpoint, and total portfolio Same-Store NOI growth guidance to 11.0% to 13.0%. The Q2 2026 press release describes the result as the tenth consecutive quarter of double-digit Same-Store NOI growth. Management also cited more than $1.4 billion of new investments year to date and said the quality and depth of available opportunities has improved.