American Healthcare REIT (AHR) Q2 2026 earnings summary

Executive summary

• Leadership transition completed as former CEO Danny Prosky retires after a successful heart transplant, remaining as a board member and advisor.

• Q2 2026 net income rose to $30.98 million, up from $10.08 million in Q2 2025, with revenue increasing to $674.25 million from $542.50 million, driven by higher occupancy, increased billing rates, and acquisitions.

• The company operates through four segments (ISHC, SHOP, OM, triple-net) with a portfolio of 347 properties as of June 30, 2026.

• Q2 2026 marked the 10th consecutive quarter of double-digit same-store NOI growth, with industry-leading normalized FFO per share growth and increased full-year guidance.

• Over $1.4 billion in acquisitions closed year-to-date, with an additional $800 million in the pipeline expected to close by year-end.

Financial highlights

• Normalized FFO per diluted share was $0.54 for Q2 2026, up 28.6% year-over-year; year-to-date NFFO per share is $1.05, up 31.3%.

• Cash NOI for Q2 2026 was $143.0 million, up from $109.2 million in Q2 2025.

• Net debt to EBITDA improved to 2.5x as of June 30, 2026, down from 3.0x in Q1 and 3.7x in Q2 2025.

• Total assets increased to $5.70 billion as of June 30, 2026, with $1.44 billion in total debt.

• Quarterly dividend maintained at $0.25 per share.

Outlook and guidance

• Full-year 2026 NFFO per diluted share guidance raised to $2.15–$2.19, representing ~26% growth over 2025.

• Total portfolio same-store NOI growth guidance increased to 11%–13% (from 9%–12%).

• Integrated Senior Health Campuses segment guidance raised to 13%–16%, SHOP to 18%–21%.

• Guidance excludes pipeline deals not yet closed.

• Management expects continued revenue and expense growth due to higher occupancies, increased billing rates, and recent acquisitions.