Results
American Healthcare REIT Announces Second Quarter 2026 Results;
Outlook
Increases Full Year 2026 GuidanceGuidance raised
American Healthcare REIT, Inc. (NYSE: AHR) (the “Company,” “we,” “our,” “us,” “management,” or "AHR") is announcing today its second quarter 2026 results and increasing full year 2026 guidance.Guidance raised
Key Highlights:Guidance raised
Results
Reported GAAP net income attributable to controlling interest of $30.6 million, or $0.16 per diluted share, for the three months ended June 30, 2026.
Reported Normalized Funds From Operations attributable to controlling interest (“NFFO”) of $0.54 per diluted share for the three months ended June 30, 2026.
Achieved total portfolio Same-Store Net Operating Income (“NOI”) growth of 13.2% for the three months ended June 30, 2026, compared to the same period in 2025.
Achieved Same-Store NOI growth of 20.5% and 16.1% for the three months ended June 30, 2026, in its senior housing operating properties (“SHOP”) and integrated senior health campuses (“ISHC”) segments, respectively, compared to the same period in 2025.
During the three months ended June 30, 2026, the Company acquired approximately $126.9 million of new investments within its SHOP segment.
Since the beginning of 2026, the Company has completed $1.4 billion in new investments.
Outlook
2The Company is increasing total portfolio Same-Store NOI growth guidance to 11.0% to 13.0% and NFFO per diluted share guidance to $2.15 to $2.19 for the year ending December 31, 2026, over a 5% increase versus the prior NFFO per diluted share guidance at the midpoint.Guidance raised
Corporate events
Completed a follow-on common equity offering in May 2026, entering into forward sale agreements relating to 16,100,000 shares of common stock for approximately $811.4 million in gross proceeds.
During the three months ended June 30, 2026, the Company entered into forward sale agreements pursuant to its at-the-market equity offering program ("ATM Program"), to sell 8,786,880 shares of common stock for approximately $433.2 million in gross proceeds.
Subsequent to quarter end, the Company entered into additional forward sale agreements pursuant to its ATM Program to sell 4,706,002 shares of common stock for approximately $254.7 million in gross proceeds, assuming full physical settlement.
During the three months ended June 30, 2026, the Company issued 4,704,556 shares of common stock to physically settle sales under previously announced forward sale agreements pursuant to its ATM Program for gross proceeds of approximately $228.7 million.
Subsequent to quarter end, the Company issued an additional 23,334,350 shares of common stock to physically settle sales under forward sale agreements from its ATM Program and its May 2026 follow-on common equity offering for gross proceeds of approximately $1.18 billion.
As of August 6, 2026, pursuant to its ATM Program and its May 2026 follow-on common equity offering, the Company had unsettled forward sale agreements outstanding relating to 12,246,596 shares of common stock that would result in approximately $630.5 million in gross proceeds assuming full physical settlement.
Results
Reported a 0.5x improvement in Net Debt-to-Annualized Adjusted EBITDA from 3.0x as of March 31, 2026, to 2.5x as of June 30, 2026.
Management commentary
"Our results this quarter reflect a deliberate strategy: concentrate capital in senior housing and care, partner with operators who deliver quality outcomes, and support them with our platform that improves how those assets perform," said Jeff Hanson, the Company's Chairman and Chief Executive Officer.
8"That approach produced our tenth consecutive quarter of double-digit Same-Store NOI growth.
5We combined that strong organic growth with over $1.4 billion in new investments year-to-date.
Our conviction in this opportunity is not new.
We have been building toward it for years.
What has strengthened is our capacity to act on it at scale.
Our underwriting standards have not changed; what has changed is the quality and depth of the opportunities available to us, which reflects our strengthening position as the industry's partner of choice.
Results
Second Quarter 2026 Results
The Company’s Same-Store NOI growth results for the three and six months ended June 30, 2026 are detailed below.
Same-Store NOI growth in the second quarter of 2026, compared to the same period in 2025, was led by the Company’s operating portfolio, comprised of its ISHC and SHOP segments, through disciplined revenue management and effective expense control by its regional operating partners.
Management commentary
"This quarter was operating execution, not just favorable conditions," said Gabe Willhite, AHR's President and Chief Operating Officer.
4"Same-Store occupancy gains year-over-year, dynamic revenue management, and expense discipline turned into 20.5% same-store NOI growth in SHOP and 16.1% in ISHC.
We are extending our platform capabilities to our regional operating partners to facilitate growth, and we expect that work to compound through the second half.”
Corporate events
Transactional Activity
During the three months ended June 30, 2026, the Company:
Acquired four new SHOP assets for approximately $86.4 million, as previously announced.
The properties are located in Georgia and South Carolina and will be managed and operated by one of the Company's existing regional operating partners.
Acquired one new SHOP asset for approximately $40.5 million.
The property is located in Minnesota and will be managed by one of the Company's existing regional operating partners.
Sold three Non-Core Properties for approximately $22.3 million within various segments, of which two property sales for $8.1 million were previously announced.
Subsequent to the quarter ended June 30, 2026, the Company:
Acquired 10 new SHOP assets for approximately $1.0 billion.
The properties are located in various states and will be managed and operated by new and existing regional operating partners.
Funded a loan for seven properties for approximately $86.2 million with purchase options to acquire the properties.
The properties are currently operated by one of the Company's existing tenants who leases other buildings within its Triple-Net Leased Properties segments.
Following the Company's completed transaction activity during the three months ended June 30, 2026, and subsequent to quarter end, the Company's investments pipeline consists of over $800 million which includes newly awarded deals and deals in the pipeline previously disclosed in the Company's First Quarter 2026 Earnings Release that have yet to close.
While the Company expects to close the deals in its investments pipeline by the end of 2026, it cannot guarantee when or if these closings will take place.
Therefore, the Company is not including any additional transaction activity, including the awarded deals in its investments pipeline, in its 2026 guidance, beyond the transactions disclosed as completed.
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Development Activity
Outlook
The Company's total in-process development and expansion pipeline is expected to cost approximately $197.5 million, of which $72.0 million had been funded as of June 30, 2026.
Corporate events
Capital Markets and Balance Sheet Activity
Results
As of June 30, 2026, the Company had total consolidated indebtedness of $1.4 billion and approximately $2.6 billion of total liquidity, comprised of cash and cash equivalents, undrawn capacity on its lines of credit, and expected gross proceeds from unsettled forward sale agreements, assuming full physical settlement.
The Company's Net-Debt-to-Annualized Adjusted EBITDA as of June 30, 2026, was 2.5x.
Corporate events
During the three months ended June 30, 2026, as previously announced, the Company amended its credit facility by increasing the size of the unsecured revolving credit facility portion from $600 million to $800 million, thereby increasing the total aggregate credit facility including term loan to $1.35 billion.
The revolving portion of the credit facility now matures on April 1, 2030, and may be extended for two 6-month periods, subject to certain conditions.
Further, the Company may increase the aggregate incremental amount of the entire credit facility from $1.35 billion to $1.85 billion, subject to certain terms and conditions.
The Company's existing unsecured term loan facility within the credit facility in the initial aggregate amount of $550 million remains unchanged.
During the three months ended June 30, 2026, the Company entered into forward sale agreements pursuant to its ATM Program, to sell 8,786,880 shares of common stock for approximately $433.2 million in gross proceeds.
Subsequent to quarter end, the Company entered into additional forward sale agreements pursuant to its ATM Program to sell 4,706,002 shares of common stock for approximately $254.7 million in gross proceeds, assuming full physical settlement.
The Company also completed a follow-on common equity offering in May 2026, entering into new forward sale agreements to issue 16,100,000 shares of common stock for gross proceeds of approximately $811.4 million.
During the three months ended June 30, 2026, the Company issued 4,704,556 shares of common stock to physically settle sales under previously announced forward sale agreements pursuant to its ATM Program for gross proceeds of approximately $228.7 million.
Subsequent to quarter end, the Company issued an additional 23,334,350 shares of common stock to physically settle sales under forward sale agreements from its ATM Program and its May 2026 follow-on common equity offering for gross proceeds of approximately $1.18 billion.
As of August 6, 2026, pursuant to its ATM Program and its May 2026 follow-on common equity offering, the Company had unsettled forward sale agreements outstanding relating to 12,246,596 shares of common stock that would result in approximately $630.5 million in gross proceeds assuming full physical settlement.
Outlook
1"With strong results in the first half and expectation of carrying that momentum through the second half we are raising full-year guidance for both NFFO per diluted share and Same-Store NOI growth," said Chief Financial Officer Brian Peay.Guidance raised
3"NFFO per diluted share is now expected to be between $2.15 to $2.19 in 2026, which would translate to over 25% per share growth versus 2025.
7Additionally, we funded our acquisitions with forward equity we prudently raised and still improved Net Debt-to-Adjusted EBITDA by half a turn during the quarter."
Full Year 2026 Guidance
6The Company is increasing NFFO per diluted share and Same-Store NOI growth guidance for the year ending December 31, 2026.Guidance raised
The Company's 2026 guidance does not assume any additional transaction or capital markets activity beyond the transactions or activity disclosed herein as completed.
Guidance ranges are detailed below:
Full Year 2026 Guidance
MetricMidpointCurrent FY 2026 RangePrior FY 2026 Range
Net income per diluted share$0.56$0.54 to $0.58$0.51 to $0.57
NAREIT FFO per diluted share$2.06$2.04 to $2.08$1.93 to $1.99
NFFO per diluted share$2.17$2.15 to $2.19$2.03 to $2.09
Total Portfolio SS NOI Growth12.0%11.0% to 13.0%9.0% to 12.0%
Segment-Level SS NOI Growth:
Results
ISHC14.5%13.0% to 16.0%11.0% to 15.0%
SHOP19.5%18.0% to 21.0%15.0% to 19.0%
Outpatient Medical0.5%0.0% to 1.0%0.0% to 2.0%
Triple-Net Leased Properties2.5%2.0% to 3.0%2.0% to 3.0%
Capital return
Distributions
As previously announced, the Company’s Board of Directors declared a cash distribution for the quarter ended June 30, 2026 of $0.25 per share of its common stock.
The second quarter distribution was paid in cash on July 17, 2026, to stockholders of record as of June 30, 2026.
62 boilerplate lines (safe-harbor disclaimer, contacts, call details) are set aside.