Highlights

  • Total revenues for the three months ended June 30, 2026 were $674,250 thousand, compared with $542,503 thousand a year earlier.
  • Net income was $30,980 thousand for the quarter, or $0.16 per diluted share attributable to controlling interest, compared with $0.06.
  • After quarter end, the company acquired 11 senior housing properties in its SHOP segment for an aggregate contract purchase price of $1,041,000,000.
  • Management raised full-year 2026 normalized FFO guidance to $2.15 to $2.19 per diluted share, up from $2.03 to $2.09.

American Healthcare REIT, Inc. (NYSE: AHR) shares were trading at USD 51.39 on October 27, 2026, down 4.03%, with a relative volume at time of 2.59. The healthcare real estate company completed a follow-on offering in May 2026, acquired 11 senior housing properties after June 30, 2026, and filed its quarterly report for the period ended June 30, 2026 on August 7, 2026.

American Healthcare REIT is a Maryland corporation with principal executive offices in Irvine, California. It is a self-managed REIT that acquires, owns and operates clinical healthcare real estate, focusing primarily on senior housing, skilled nursing facilities, outpatient medical buildings and other healthcare-related facilities in the United States, the United Kingdom and the Isle of Man. It reports four segments: integrated senior health campuses, senior housing operating properties, outpatient medical, and triple-net leased properties. Its fiscal year ends December 31. As of June 30, 2026, it owned and/or operated 347 buildings and integrated senior health campuses.

Second Quarter 2026 Results

Total revenues were $674,250 thousand for the three months ended June 30, 2026, compared with $542,503 thousand for the same period of 2025. Resident fees and services revenue was $634,519 thousand.

Net income was $30,980 thousand for the quarter, compared with $10,079 thousand. Net income attributable to controlling interest was $30,606 thousand, or $0.16 per diluted share, compared with $9,908 thousand, or $0.06.

Normalized FFO attributable to controlling interest, a non-GAAP measure, was $105,189 thousand for the quarter, compared with $68,377 thousand. Impairment of real estate investments was $1,719 thousand for the quarter.

On the call, management said normalized FFO was $0.54 per diluted share for the second quarter, compared with $0.42 in the same quarter last year, and that total portfolio same-store NOI grew 13.2% year over year.

Balance Sheet, Equity and Capital

At June 30, 2026, cash and cash equivalents were $156,896 thousand, compared with $114,836 thousand at December 31, 2025. Aggregate borrowing capacity under the 2026 Credit Facility and the 2025 Trilogy Credit Facility was $1,400,000,000, with $550,000,000 outstanding and $850,000,000 available. The weighted average effective interest rate on outstanding debt, factoring in interest rate swaps, was 4.23% per annum. The company said it was in compliance with all covenants on its mortgage loans payable and lines of credit.

On May 22, 2026 and May 28, 2026, the company completed a follow-on public offering of 16,100,000 shares of common stock for gross proceeds of $811,440,000 at an average gross price of $50.40 per share, with forward sale agreements that settle no later than May 20, 2028. Shares of common stock outstanding were 194,689,026 at June 30, 2026, compared with 185,911,442 at December 31, 2025.

Net cash provided by operating activities was $199,687 thousand for the six months, and net cash used in investing activities was $376,435 thousand. The board has authorized a quarterly distribution of $0.25 per share, which the company said it expects will continue but cannot guarantee.

Acquisitions and 2026 Guidance

Subsequent to June 30, 2026, the company acquired 11 senior housing properties in its SHOP segment for an aggregate contract purchase price of $1,041,000,000. On the call, management said the investment pipeline stands at over $800 million, that it expects to close most, if not all, before the end of the year, and that none of this volume is reflected in guidance.

Management said it is raising full-year 2026 normalized FFO per diluted share guidance to a range of $2.15 to $2.19, up from $2.03 to $2.09. Total portfolio same-store NOI growth guidance was raised to 11% to 13%, up from 9% to 12%. Management said it expects triple-net leased properties to increase 2% to 3%, unchanged, and outpatient medical to be flat to up 1%.