Tearsheet

American Healthcare REIT (AHR)

Market Price (4/21/2026): $49.51 | Market Cap: $8.8 Bil
Sector: Real Estate | Industry: Health Care REITs

American Healthcare REIT (AHR)

Market Price (4/21/2026): $49.51
Market Cap: $8.8 Bil
Sector: Real Estate
Industry: Health Care REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%

Low stock price volatility
Vol 12M is 23%

Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, and Sustainable & Green Buildings. Themes include Geriatric Care, and Green Building Certification.

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 65x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 30x, P/EPrice/Earnings or Price/(Net Income) is 126x

Key risks
AHR key risks include [1] substantial legacy investor losses and valuation concerns stemming from its deeply discounted IPO, Show more.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%
1	Low stock price volatility Vol 12M is 23%
2	Megatrend and thematic drivers Megatrends include Aging Population & Chronic Disease, and Sustainable & Green Buildings. Themes include Geriatric Care, and Green Building Certification.
3	Expensive valuation multiples P/EBITPrice/EBIT or Price/(Operating Income) ratio is 65x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 30x, P/EPrice/Earnings or Price/(Net Income) is 126x
4	Key risks AHR key risks include [1] substantial legacy investor losses and valuation concerns stemming from its deeply discounted IPO, Show more.

Valuation, Metrics & Events

	4/21/26	2025	2024	2023	2022
Share Price CYE	$49.51	$47.06	$28.42	�	�
Market Cap CYE ($ Bil)	8.8	8.4	4.4	-	-
Total Debt ($ Bil)	1.7	1.7	1.9	2.8	2.8
Total Cash ($ Bil)	0.1	0.1	0.1	0.0	0.1
Enterprise Value ($ Bil)	10.4	10.1	6.3
Valuation Ratios
P/S TTM	3.9	3.7	2.1	-	-
P/EBIT TTM	65.4	62.2	46.6	-	-
P/E TTM	126.0	119.8	-115.7	-	-
P/FCF TTM	53.0	50.4	52.0	-	-
Sector Ratios
P/S TTM (Sector)	5.7	5.1	5.3	5.2	5.0
P/EBIT TTM (Sector)	15.9	15.1	16.9	15.3	16.5
P/E TTM (Sector)	24.0	21.8	26.0	23.0	22.4
P/FCF TTM (Sector)	14.4	13.0	14.7	13.9	14.1

	4/21/26	2025	2024
Share Price CYE	$49.51	$47.06	$28.42
Market Cap CYE ($ Bil)	8.8	8.4	4.4
Total Debt ($ Bil)	1.7	1.7	1.9
Total Cash ($ Bil)	0.1	0.1	0.1
Enterprise Value ($ Bil)	10.4	10.1	6.3
Valuation Ratios
P/S TTM	3.9	3.7	2.1
P/EBIT TTM	65.4	62.2	46.6
P/E TTM	126.0	119.8	-115.7
P/FCF TTM	53.0	50.4	52.0
Sector Ratios
P/S TTM (Sector)	5.7	5.1	5.3
P/EBIT TTM (Sector)	15.9	15.1	16.9
P/E TTM (Sector)	24.0	21.8	26.0
P/FCF TTM (Sector)	14.4	13.0	14.7

	AHR	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	2.3
Rev Chg Q	11.3%	7.5%
Rev Chg LTM	9.1%	6.9%
Rev Chg 3Y Avg	11.8%	5.7%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	7.5%	18.6%
CFO/Rev LTM	13.0%	20.6%
Net Inc Mgn	3.1%	12.8%
VALUATION	MODERATE
P/S	3.9	3.3
P/CFO	29.9	15.7
P/FCF	53.0	20.4
P/E	126.0	24.4

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Metric	Value	Date	Source
Number of Properties	298	6302025	Link
Number of Beds/Units	19445	6302025	Link
Portfolio Leased Percentage	91.8%	6302025	Link
Integrated Senior Health Campuses - Number of Campuses	108	6302025	Link
Integrated Senior Health Campuses - Number of Beds	11096	6302025	Link
Integrated Senior Health Campuses - Occupancy	88.0%	6302025	Link
Senior Housing Operating Properties - Number of Properties	56	6302025	Link
Senior Housing Operating Properties - Number of Units	3681	6302025	Link
Senior Housing Operating Properties - Occupancy	87.7%	6302025	Link
Outpatient Medical - Number of Properties	78	6302025	Link
Outpatient Medical - Leased Percentage	88.0%	6302025	Link
Triple-Net Leased Properties - Number of Properties	56	6302025	Link
Triple-Net Leased Properties - Leased Percentage	100%	9132025	Link

Recent
3/31/2026	Dividend	Amount: $0.25 Payment On: 4/17/2026
Upcoming
5/07/2026	Earnings Release	Rev: $667 Mil (E) EPS: $0.16 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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American Healthcare REIT (AHR) stock has gained about 5% since 12/31/2025 because of the following key factors:

1. Strong Q4 2025 Earnings Beat and Positive 2026 Outlook.

American Healthcare REIT significantly surpassed Q4 2025 earnings expectations, reporting Normalized Funds from Operations (NFFO) of $0.46 per diluted share, which was a 64.29% beat over analyst estimates of $0.28. The company also delivered robust financial results for the full year 2025, with NFFO per diluted share reaching $1.72, representing 22% year-over-year growth. Furthermore, the company provided an optimistic outlook for 2026, projecting total portfolio Same-Store Net Operating Income (NOI) growth of 7.0% to 11.0% and NFFO per diluted share guidance of $1.99 to $2.05, indicating expectations for continued double-digit growth.

2. Exceptional Performance and Strategic Focus on Senior Housing Operating Properties (SHOP) Segment.

The Senior Housing Operating Properties (SHOP) segment was a key driver of growth, demonstrating strong performance with same-store NOI increasing by 24.6% in the fourth quarter of 2025 and 25.2% for the full year 2025 compared to the previous year. Occupancy in the SHOP segment also showed significant improvement, averaging 90.6% in Q4 2025, a 288 basis point increase year-over-year. The company has continued its strategic investment in this segment, closing on $117.5 million of new SHOP acquisitions in 2026 and maintaining a robust pipeline of $230 million in awarded deals, reinforcing its strong growth potential.

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Stock Movement Drivers

Fundamental Drivers

The 5.8% change in AHR stock from 12/31/2025 to 4/21/2026 was primarily driven by a 149.1% change in the company's Net Income Margin (%).

(LTM values as of)	12312025	4212026	Change
Stock Price ($)	46.81	49.51	5.8%
Change Contribution By:
Total Revenues ($ Mil)	2,199	2,260	2.8%
Net Income Margin (%)	1.2%	3.1%	149.1%
P/E Multiple	290.2	126.0	-56.6%
Shares Outstanding (Mil)	169	178	-4.9%
Cumulative Contribution			5.8%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/21/2026

	Return	Correlation
AHR	5.8%
Market (SPY)	-5.4%	26.5%
Sector (XLRE)	8.5%	39.0%

Fundamental Drivers

The 19.1% change in AHR stock from 9/30/2025 to 4/21/2026 was primarily driven by a 25.4% change in the company's P/S Multiple.

(LTM values as of)	9302025	4212026	Change
Stock Price ($)	41.57	49.51	19.1%
Change Contribution By:
Total Revenues ($ Mil)	2,150	2,260	5.1%
P/S Multiple	3.1	3.9	25.4%
Shares Outstanding (Mil)	160	178	-9.7%
Cumulative Contribution			19.1%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/21/2026

	Return	Correlation
AHR	19.1%
Market (SPY)	-2.9%	13.8%
Sector (XLRE)	5.1%	31.1%

Fundamental Drivers

The 67.3% change in AHR stock from 3/31/2025 to 4/21/2026 was primarily driven by a 77.0% change in the company's P/S Multiple.

(LTM values as of)	3312025	4212026	Change
Stock Price ($)	29.59	49.51	67.3%
Change Contribution By:
Total Revenues ($ Mil)	2,071	2,260	9.1%
P/S Multiple	2.2	3.9	77.0%
Shares Outstanding (Mil)	154	178	-13.4%
Cumulative Contribution			67.3%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/21/2026

	Return	Correlation
AHR	67.3%
Market (SPY)	16.3%	37.7%
Sector (XLRE)	7.5%	49.9%

Fundamental Drivers

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Market Drivers

3/31/2023 to 4/21/2026

	Return	Correlation
AHR
Market (SPY)	63.3%	32.2%
Sector (XLRE)	29.0%	50.8%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
AHR Return	-	-	-	127%	70%	7%	313%
Peers Return	8%	-11%	17%	28%	22%	10%	94%
S&P 500 Return	27%	-19%	24%	23%	16%	4%	89%
Monthly Win Rates [3]
AHR Win Rate	-	-	-	82%	75%	50%
Peers Win Rate	48%	43%	57%	65%	58%	65%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
AHR Max Drawdown	-	-	-	-1%	-5%	-3%
Peers Max Drawdown	-12%	-24%	-13%	-11%	-7%	-2%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: WELL, VTR, OHI, DOC, SBRA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/21/2026 (YTD)

How Low Can It Go

AHR has limited trading history. Below is the Real Estate sector ETF (XLRE) in its place.

Unique Key	Event	XLRE	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-37.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	61.0%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-39.3%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	64.7%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	393 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-13.5%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	15.7%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	43 days	120 days

Compare to WELL, VTR, OHI, DOC, SBRA

In The Past

Real Estate Select Sector SPDR Fund (The)'s stock fell -37.9% during the 2022 Inflation Shock from a high on 12/31/2021. A -37.9% loss requires a 61.0% gain to breakeven.

Preserve Wealth

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Asset Allocation

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About American Healthcare REIT (AHR)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

We are a self-managed REIT that acquires, owns and operates a diversified portfolio of clinical healthcare real estate properties, focusing primarily on MOBs, senior housing, SNFs, hospitals and other healthcare-related facilities. We have built a fully-integrated management platform, with 112 employees, that operates clinical healthcare properties throughout the United States, the United Kingdom and the Isle of Man. As of September 30, 2023, we had approximately $4.6 billion of total assets and were the ninth largest public reporting healthcare REIT (based on total assets). As of September 30, 2023, we owned and/or operated 298 buildings and integrated senior health campuses, representing an aggregate of approximately 18,875,000 square feet of GLA. Our long-standing track record of execution and expertise across multiple clinical healthcare asset classes is the foundation upon which we have built a strong, diversified portfolio of assets with a broad geographic footprint. Members of our management team have overseen the acquisition of approximately $9.6 billion in healthcare real estate investments (based on aggregate contract purchase price) over the last 17 years, on behalf of us and three other prior public reporting REITs. This long-standing track record of execution has allowed us to develop and foster deep operator, tenant and industry relationships, which we believe, in turn, have allowed us to access attractive investments and deliver favorable risk-adjusted returns. We believe that we are effectively positioned to grow over the near- and long-term through multiple operating segments, which include six reportable business segments—MOBs, integrated senior health campuses, SHOP, senior housing—leased, SNFs and hospitals. • MOBs. We value the stable and reliable cash flows our MOBs provide our portfolio, which we believe are particularly valuable during market disruptions and recessionary periods. As of September 30, 2023, we owned 90 MOBs that we lease to third parties, accounting for approximately 31.3% of our portfolio (based on aggregate contract purchase price on a pro rata share basis). These properties are similar to commercial office buildings, but typically require specialized infrastructure to accommodate physicians’ offices and examination rooms, as well as some ancillary uses, including pharmacies, hospital ancillary service space and outpatient services, such as diagnostic centers, rehabilitation clinics and outpatient-surgery operating rooms. As of September 30, 2023 and based on square feet on a pro rata share basis, approximately 75.0% of our MOBs were on-campus or adjacent to hospitals or Affiliated MOBs. Our MOBs are typically multi-tenant properties leased to healthcare providers (hospitals and physician practices) under leases that generally provide for recovery of certain operating expenses and certain capital expenditures and have initial terms of five to 10 years with fixed annual rent escalations (historically ranging from 2% to 3% per year). • Integrated Senior Health Campuses. Integrated senior health campuses are a valuable component of our portfolio because of their ability to provide a continuum of care as residents require increasing levels of care. As of September 30, 2023, we owned and/or operated 125 integrated senior health campuses, accounting for approximately 35.5% of our portfolio (based on aggregate contract purchase price on a pro rata share basis). These facilities allow residents to “age-in-place” by providing independent living, assisted living, memory care, skilled nursing and certain ancillary services, all within a single campus setting. Integrated senior health campuses predominantly focus on need-driven segments of senior care (i.e., assisted living, memory care and skilled nursing) and charge market rents in lieu of entry fees, as is commonly the case with continuing care retirement communities. Predominantly all of our integrated senior health campuses are operated utilizing a RIDEA structure, allowing us to participate in the upside from any improved operational performance while bearing the risk of any decline in operating performance. All of our integrated senior health campuses are held by Trilogy, one of our consolidated joint ventures in which we indirectly owned a 74.0% interest as of September 30, 2023, and are managed by a third-party operator, the Trilogy Manager. The management agreement between Trilogy and the Trilogy Manager limits the Trilogy Manager’s ability to compete with us and our portfolio and provides us exclusive rights to future opportunities identified by the Trilogy Manager, including future developments. • SHOP. Our SHOP segment has the potential for growth through the ongoing recovery from the COVID-19 pandemic and demand growth from an aging U.S. population. As of September 30, 2023, we owned and operated 46 senior housing facilities in our SHOP segment, accounting for approximately 17.9% of our portfolio (based on aggregate contract purchase price on a pro rata share basis). Senior housing facilities cater to different segments of the elderly population based upon their personal needs and include independent living, assisted living and memory care facilities. Residents of assisted living facilities typically require limited medical care but need assistance with eating, bathing, dressing and/or medication management. Services provided by operators at these facilities are primarily paid for by the residents directly or through private insurance and are therefore less reliant on government reimbursement programs, such as Medicaid and Medicare. The facilities in our SHOP segment are operated utilizing RIDEA structures, allowing us to participate in the upside from any improved operational performance while bearing the risk of any decline in operating performance. • Senior Housing—Leased. As of September 30, 2023, we owned 20 senior housing facilities that we lease to third parties within our senior housing—leased segment, accounting for approximately 4.4% of our portfolio (based on aggregate contract purchase price on a pro rata share basis). Each facility is leased to a single tenant under a triple-net lease structure with an initial term typically ranging from approximately 12 to 15 years, fixed annual rent escalations (historically ranging from 2% to 3% per year) and requiring minimum lease coverage ratios. We commonly structure senior housing—leased assets under a single master lease covering multiple facilities in order to diversify our master tenant’s sources of rent and mitigate risk. • SNFs. As of September 30, 2023, we owned 15 SNFs that we lease to third parties, accounting for approximately 5.5% of our portfolio (based on aggregate contract purchase price on a pro rata share basis). SNF residents are generally higher acuity and need assistance with eating, bathing, dressing and/or medication management and also require available 24-hour nursing care. SNFs offer restorative, rehabilitative and custodial nursing care for people who cannot live independently but do not require the more extensive and sophisticated treatment available at hospitals. Skilled nursing services provided by our tenants in SNFs are paid for either by private sources or through the Medicare and Medicaid programs. Each SNF is leased to a single tenant under a triple-net lease, with an initial term typically ranging from 12 to 15 years, fixed annual rent escalations (historically ranging from 2% to 3% per year) and requiring minimum lease coverage ratios. We commonly structure SNFs under a master lease with multiple facilities in order to diversify our master tenant’s sources of rent and mitigate risk. We typically focus on SNF investments in states that require a CON in order to develop new SNFs, which we believe reduces the risk of over-supply. • Hospitals. As of September 30, 2023, we had one wholly-owned hospital and one hospital in which we owned an approximately 90.6% interest, which together account for approximately 3.2% of our portfolio (based on aggregate contract purchase price on a pro rata share basis). Services provided by operators and tenants in our hospitals are paid for by private sources, third-party payors (e.g., insurance and health maintenance organizations) or through the Medicare and Medicaid programs. Our hospital properties include acute care, long-term acute care, specialty and rehabilitation services and are leased to single tenants or operators under triple-net lease structures. Our principal executive offices are located at 18191 Von Karman Avenue, Suite 300, Irvine, California.

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Here are a few brief analogies to describe American Healthcare REIT (AHR):

American Healthcare REIT is like a Marriott or Hilton for healthcare, owning and operating a diverse portfolio of essential medical offices, hospitals, and senior living communities across the country.
Imagine CVS Health or Walgreens Boots Alliance, but instead of running the pharmacies and clinics, American Healthcare REIT owns the actual buildings where crucial healthcare services happen, from doctor's offices to hospitals and senior care facilities.

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Medical Office Buildings (MOBs): Provides real estate for physicians' offices, examination rooms, and outpatient services, leased to healthcare providers.
Integrated Senior Health Campuses: Offers multi-level senior care environments, including independent living, assisted living, memory care, and skilled nursing, operated through a RIDEA structure.
Senior Housing Operating Portfolio (SHOP): Owns and operates independent living, assisted living, and memory care facilities through RIDEA structures.
Leased Senior Housing Facilities: Provides senior housing real estate to third-party operators under long-term triple-net lease agreements.
Skilled Nursing Facilities (SNFs): Offers real estate for skilled nursing care to third-party operators under triple-net lease agreements.
Hospitals: Provides real estate for acute care, long-term acute care, specialty, and rehabilitation hospitals, typically under triple-net lease structures.

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American Healthcare REIT (AHR) primarily serves individuals in its Integrated Senior Health Campuses and Senior Housing Operating Portfolio (SHOP) segments, which collectively account for over half of its portfolio by aggregate contract purchase price. In these segments, the company utilizes RIDEA structures, which means its financial performance is directly tied to the operational performance and payments from individual residents.

The major categories of individual customers it serves are:

Seniors requiring independent living: These residents typically seek a community environment with amenities and services, but generally require minimal assistance with daily activities.
Seniors requiring assisted living and/or memory care: These residents need assistance with daily activities such as eating, bathing, dressing, and medication management, and/or require specialized care for cognitive impairments like dementia.
Seniors requiring skilled nursing care: These residents are often higher acuity and require 24-hour nursing supervision, restorative, rehabilitative, or long-term custodial care.

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Jeff Hanson, Chairman & Interim CEO

Jeff Hanson previously served as Chairman and CEO of American Healthcare REIT's predecessor companies, Griffin-American Healthcare REIT III and Griffin-American Healthcare REIT IV. He co-founded American Healthcare Investors (AHI) and was instrumental in building a global healthcare real estate investment firm. Hanson also served as Chairman and CEO of Griffin-American Healthcare REIT II, which he sold in December 2014 to NorthStar Realty Finance (now DigitalBridge) in a transaction valued at $4 billion. Before founding AHI, he was an executive officer of Grubb & Ellis Company, where he concurrently served as CEO of its investment management subsidiary, Grubb & Ellis Equity Advisors, and as Chairman and CEO of Grubb & Ellis Healthcare REIT II.

Brian Peay, Chief Financial Officer

Brian Peay previously held the position of CFO for American Healthcare Investors, LLC, Griffin-American Healthcare REIT III, and Griffin-American Healthcare REIT IV, entities that merged to form American Healthcare REIT in October 2021. He served as CFO of Veritas Investments, Inc., a private real estate investment management company with over $2 billion in assets under management. Prior to Veritas, Peay spent 15 years at Glenborough, LLC, a formerly NYSE-listed REIT, where he was Executive Vice President and CFO and played a key role in its sale to Morgan Stanley Real Estate Fund.

Danny Prosky, President & Chief Executive Officer (on medical leave)

Danny Prosky serves as President and Chief Executive Officer of American Healthcare REIT, Inc., and is a member of its board of directors. He previously held roles as President, Chief Operating Officer, and Director of Griffin-American Healthcare REIT III and Griffin-American Healthcare REIT IV. Prosky is a founder of American Healthcare Investors (AHI). He was involved in the sale of Griffin-American Healthcare REIT II for $4 billion to NorthStar Realty Finance (now DigitalBridge) in December 2014.

Gabriel M. Willhite, Chief Operating Officer

Gabriel M. Willhite currently serves as Chief Operating Officer for American Healthcare REIT, Inc. His prior roles include Executive Vice President, General Counsel with American Healthcare REIT, Inc., and American Healthcare Investors, LLC, and Assistant General Counsel — Transactions for Griffin-American Healthcare REIT III and Griffin-American Healthcare REIT IV. Before joining American Healthcare Investors in 2016, Willhite was legal counsel for Sabal Financial Group, L.P., a subsidiary of Oaktree Capital Management, where he managed portfolio acquisitions, financings, joint ventures, dispositions, and strategic workout transactions.

Stefan K. Oh, Chief Investment Officer

Stefan K. Oh serves as Chief Investment Officer for American Healthcare REIT. His prior roles include Executive Vice President, Investments with American Healthcare REIT and American Healthcare Investors, LLC, and various senior vice president and executive vice president positions in acquisitions for Griffin-American Healthcare REIT III and Griffin-American Healthcare REIT IV. Oh's career in commercial real estate began as an auditor at Ernst & Young LLP. He also served as Director of Asset Management & Acquisitions at Health Care Property Investors, Inc. (now HCP, Inc.), a publicly traded healthcare REIT. He helped launch Griffin-American Healthcare REIT II in 2009 as Senior Vice President-Acquisitions, remaining in that role until its $4.0 billion merger in December 2014.

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Direct Exposure to Operational Performance and Costs in RIDEA Structures: A significant portion of American Healthcare REIT's portfolio, specifically its Integrated Senior Health Campuses (35.5%) and SHOP (Senior Housing Operating Portfolio) facilities (17.9%), are operated under RIDEA structures. This arrangement means the company directly participates in the upside from improved operational performance but also bears the risk of any decline in operating performance. Consequently, AHR is directly exposed to fluctuating occupancy rates, rising labor costs, and other operational challenges inherent in managing senior care facilities, rather than simply collecting fixed rent payments. If these segments face operational difficulties, it would directly impact AHR's profitability.
Dependence on Government Reimbursement Policies and Broader Healthcare Regulatory Changes: Several segments of AHR's portfolio, particularly Skilled Nursing Facilities (SNFs) (5.5%) and Hospitals (3.2%), are significantly reliant on payments from government programs such as Medicare and Medicaid, as well as private and third-party payors. Changes in these reimbursement policies, including potential cuts or stricter regulations, could adversely affect the financial viability of their tenants and operators in these segments. Even for leased properties, the financial health of the tenants, and thus their ability to meet lease obligations, is intrinsically linked to the stability and adequacy of healthcare reimbursement and the overall regulatory environment.
Tenant Credit Risk and Potential for Default, particularly with master leases: While AHR diversifies its portfolio across various healthcare asset classes, it relies on the financial health and operational performance of its tenants to generate revenue from its leased properties (MOBs, Senior Housing—Leased, SNFs, and Hospitals). The company explicitly states that it commonly structures SNFs and Senior Housing—Leased assets under master leases covering multiple facilities. While this aims to diversify sources of rent within the master lease, it also concentrates risk to the financial stability of a single master tenant. If a significant tenant, especially one under a master lease covering several properties, experiences financial distress or defaults, it could lead to substantial revenue loss and operational challenges for AHR.

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American Healthcare REIT (AHR) operates within several significant healthcare real estate markets primarily in the United States. The addressable markets for its main property types are as follows:

Medical Office Buildings (MOBs): The U.S. medical office buildings market generated a revenue of approximately $14.08 billion in 2023 and is projected to reach about $22.04 billion by 2030.
Senior Living (including Integrated Senior Health Campuses, SHOP, and Senior Housing—Leased): The U.S. senior living market size was valued at approximately $943.90 billion in 2025 and is expected to reach $1.33 trillion by 2033. Another estimate indicates the market was valued at $923.75 billion in 2023 and is projected to reach around $1.39 trillion by 2033.
Skilled Nursing Facilities (SNFs): The U.S. skilled nursing facility market is projected to grow from an estimated $202.4 billion in 2025 to $279.9 billion by 2035. Another source estimated the market size at $199.72 billion in 2024, expected to reach $290.02 billion by 2033.
Hospitals: The broader U.S. healthcare real estate market, which includes hospitals, was estimated at $1.32 trillion in 2024 and is projected to expand to $2.27 trillion by 2030. Hospital real estate accounted for a significant portion, holding a 32.80% market share within the global healthcare real estate market in 2025. Based on the U.S. healthcare real estate market size in 2024, the hospital real estate segment in the U.S. would be approximately $434 billion.

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American Healthcare REIT (AHR) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

Occupancy Gains and Margin Expansion in Senior Housing Operating Properties (SHOP) and Integrated Senior Health Campuses (ISHC): The company has demonstrated strong Same-Store Net Operating Income (NOI) growth in its SHOP and Integrated Senior Health Campuses (ISHC) segments, primarily fueled by increasing occupancy rates and expanding margins. For instance, the SHOP segment led growth with a 24.6% increase in same-store NOI in Q4 2025 and 25.2% for the full year 2025, with occupancy climbing to approximately 90.6%. Similarly, the Trilogy segment (part of ISHC) posted same-store NOI growth of 14.0% in Q4 and 18.4% for 2025. This trend is anticipated to continue, with SHOP expected to remain a primary growth engine heading into 2026.
Strategic Acquisitions and Portfolio Expansion: American Healthcare REIT actively pursues acquisitions to grow its asset base. For example, in early 2024, the company closed on the acquisition of a senior housing portfolio in Oregon, consisting of 14 properties. Analysts also highlight the company's robust portfolio growth and expanding development pipeline as key drivers.
Favorable Demographic Trends and Demand for Senior Care: The rising demand for senior care, propelled by an aging U.S. population, creates a strong underlying tailwind for AHR's properties. This demographic shift supports sustained revenue growth in its senior housing and integrated senior health campus segments by ensuring consistent demand for its services.
Contractual Rent Escalations in Leased Properties: The company's Medical Office Buildings (MOBs), senior housing—leased, Skilled Nursing Facilities (SNFs), and hospital segments benefit from triple-net lease structures that generally include fixed annual rent escalations, historically ranging from 2% to 3% per year. These contractual increases provide a stable and predictable component of revenue growth.

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Share Repurchases

American Healthcare REIT terminated its Share Repurchase Plan (SRP) as of February 7, 2024, when its shares became freely tradable on the NYSE following its initial public offering.

Share Issuance

On February 7, 2024, American Healthcare REIT completed its initial public offering (IPO) of 56 million common shares at $12.00 per share, with net proceeds intended to repay approximately $703.8 million of outstanding debt.
In November 2025, the company commenced an underwritten public offering of 8.1 million shares of common stock through a forward sale agreement, with an option for underwriters to purchase up to an additional 1.215 million shares.
In February 2026, American Healthcare REIT initiated a new at-the-market (ATM) equity offering program, authorizing the sale of up to $1.75 billion of common stock, replacing a prior program with $230.1 million in remaining capacity. A follow-on equity offering in late February 2026 raised approximately US$769.86 million.

Outbound Investments

American Healthcare REIT completed over $950 million in new acquisitions during 2025, primarily focused on its Integrated Senior Health Campuses (ISHC) and Senior Housing Operating Properties (SHOP) segments.
These 2025 acquisitions included approximately $370 million in the ISHC segment and about $590 million in the SHOP segment.
The company aimed for a $300 million pipeline of acquisitions expected to close in 2025, specifically for its SHOP segment.

Capital Expenditures

As of September 30, 2025, accrued developments and capital expenditures amounted to $27.347 million, increasing from $22.848 million as of September 30, 2024.
Net proceeds from the February 2026 ATM program are expected to be used, in part, for capital expenditures.

Interactive Breakdown

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Better Bets vs. American Healthcare REIT (AHR)

INDUSTRY: Health Care REITs

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for AHR: 11.8% | 52.1x)

VTR (12.3% | 45.2x)

Ventas

CTRE (27.6% | 39.9x)

CareTrust REIT

LTC (14.8% | 14.8x)

LTC Properties

Higher Rev Chg LTM (Value for AHR: 9.1%)

CTRE (61.8%)

CareTrust REIT

WELL (35.8%)

Welltower

VTR (18.5%)

Ventas

OHI (13.2%)

Omega Healthcare Investors

SBRA (10.2%)

Higher Rev Chg 3Y Avg | Lower P/S (Values for AHR: 11.8% | 3.9x)

RHP (12.7% | 2.5x)

Ryman Hospitality Properties

SAFE (13.2% | 2.9x)

Safehold

REAX (73.2% | 0.3x)

Real Brokerage

MKZR (18.3% | 0.3x)

Mackenzie Realty Capital

LRHC (53.9% | 0.0x)

La Rosa

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for AHR: 11.8% | 52.1x)

PLD (14.6% | 38.6x)

Prologis

O (20.6% | 22.0x)

Realty Income

VTR (12.3% | 45.2x)

Ventas

EXR (21.3% | 20.4x)

Extra Space Storage

VICI (16.5% | 8.3x)

VICI Properties

Higher Rev Chg LTM (Value for AHR: 9.1%)

WELL (35.8%)

Welltower

VTR (18.5%)

Ventas

CBRE (13.4%)

CBRE

DLR (10.0%)

Digital Realty Trust

O (9.3%)

Realty Income

Higher Rev Chg 3Y Avg (Value for AHR: 11.8%)

WELL (23.1%)

Welltower

EXR (21.3%)

Extra Space Storage

O (20.6%)

Realty Income

PLD (14.6%)

Prologis

VTR (12.3%)

Ventas

Higher Op Mgn LTM (Value for AHR: 7.5%)

SPG (49.9%)

Simon Property

AMT (46.3%)

American Tower

PLD (38.8%)

Prologis

EQIX (21.3%)

Equinix

DLR (15.1%)

Digital Realty Trust

Higher CFO/Rev LTM (Value for AHR: 13.0%)

PLD (57.0%)

Prologis

AMT (51.3%)

American Tower

EQIX (42.4%)

Equinix

DLR (39.5%)

Digital Realty Trust

WELL (27.0%)

Welltower

Higher FCF/Rev LTM (Value for AHR: 7.3%)

PLD (57.0%)

Prologis

SPG (50.3%)

Simon Property

DLR (39.5%)

Digital Realty Trust

AMT (35.5%)

American Tower

WELL (26.7%)

Welltower

Higher Total Yield (Value for AHR: 2.7%)

SPG (7.6%)

Simon Property

AMT (7.0%)

American Tower

O (6.8%)

Realty Income

PSA (3.3%)

Public Storage

EQIX (3.0%)

Equinix

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for AHR: 11.8% | 3.9x)

BRK-B (27.0% | 2.5x)

Berkshire Hathaway

BA (12.3% | 1.9x)

Boeing

UBER (17.7% | 3.1x)

Uber Technologies

CB (11.9% | 2.2x)

Chubb

COF (16.8% | 2.4x)

Capital One Financial

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for AHR: 11.8% | 52.1x)

NVDA (101.8% | 37.3x)

NVIDIA

GOOGL (12.5% | 31.1x)

Alphabet

MSFT (14.4% | 22.1x)

Microsoft

META (19.9% | 20.3x)

Meta Platforms

LLY (32.1% | 27.2x)

Eli Lilly

Higher Rev Chg LTM (Value for AHR: 9.1%)

NVDA (65.5%)

NVIDIA

MSFT (16.7%)

Microsoft

GOOGL (15.1%)

Alphabet

AMZN (12.4%)

Amazon.com

AAPL (10.1%)

Apple

Higher Rev Chg 3Y Avg (Value for AHR: 11.8%)

NVDA (101.8%)

NVIDIA

AVGO (26.2%)

Broadcom

META (19.9%)

Meta Platforms

MSFT (14.4%)

Microsoft

GOOGL (12.5%)

Alphabet

Higher Op Mgn LTM (Value for AHR: 7.5%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

AAPL (32.4%)

Apple

GOOGL (32.0%)

Alphabet

AMZN (11.2%)

Amazon.com

Higher CFO/Rev LTM (Value for AHR: 13.0%)

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

GOOGL (40.9%)

Alphabet

AAPL (31.1%)

Apple

AMZN (19.5%)

Amazon.com

Higher FCF/Rev LTM (Value for AHR: 7.3%)

NVDA (44.8%)

NVIDIA

AVGO (42.3%)

Broadcom

AAPL (28.3%)

Apple

MSFT (25.3%)

Microsoft

GOOGL (18.2%)

Alphabet

Higher Total Yield (Value for AHR: 2.7%)

MSFT (4.6%)

Microsoft

META (3.9%)

Meta Platforms

GOOGL (3.5%)

Alphabet

AAPL (3.4%)

Apple

AMZN (2.9%)

Amazon.com

Best Bets in Real Estate

What You Pay

P/EBIT (Value for AHR: 65.4x)

CTRE (23.2x)

CareTrust REIT

WPC (20.4x)

W.P. Carey

NNN (14.1x)

NNN REIT

OHI (16.2x)

Omega Healthcare Investors

EPRT (18.2x)

Essential Properties Realty Trust

EPR (10.7x)

EPR Properties

GLPI (10.8x)

Gaming and Leisure Properties

VICI (8.3x)

VICI Properties

EXR (17.9x)

Extra Space Storage

SPG (10.5x)

Simon Property

P/E (Value for AHR: 126.0x)

CTRE (26.7x)

CareTrust REIT

WPC (34.9x)

W.P. Carey

NNN (21.5x)

NNN REIT

OHI (23.1x)

Omega Healthcare Investors

EPRT (26.0x)

Essential Properties Realty Trust

EPR (15.7x)

EPR Properties

GLPI (16.1x)

Gaming and Leisure Properties

VICI (10.9x)

VICI Properties

EXR (31.2x)

Extra Space Storage

SPG (14.4x)

Simon Property

What You Get

Rev Chg 3Y Avg (Value for AHR: 11.8%)

CTRE (27.6%)

CareTrust REIT

WPC (5.7%)

W.P. Carey

NNN (6.2%)

NNN REIT

OHI (10.7%)

Omega Healthcare Investors

EPRT (25.1%)

Essential Properties Realty Trust

EPR (3.4%)

EPR Properties

GLPI (6.8%)

Gaming and Leisure Properties

VICI (16.5%)

VICI Properties

EXR (21.3%)

Extra Space Storage

SPG (6.4%)

Simon Property

Rev Chg LTM (Value for AHR: 9.1%)

CTRE (61.8%)

CareTrust REIT

WPC (8.4%)

W.P. Carey

NNN (6.6%)

NNN REIT

OHI (13.2%)

Omega Healthcare Investors

EPRT (24.8%)

Essential Properties Realty Trust

EPR (5.0%)

EPR Properties

GLPI (4.1%)

Gaming and Leisure Properties

VICI (4.1%)

VICI Properties

EXR (3.7%)

Extra Space Storage

SPG (6.7%)

Simon Property

Rev Chg Q (Value for AHR: 11.3%)

CTRE (72.8%)

CareTrust REIT

WPC (9.4%)

W.P. Carey

NNN (9.1%)

NNN REIT

OHI (14.3%)

Omega Healthcare Investors

EPRT (25.2%)

Essential Properties Realty Trust

EPR (5.7%)

EPR Properties

GLPI (4.5%)

Gaming and Leisure Properties

VICI (3.8%)

VICI Properties

EXR (4.3%)

Extra Space Storage

SPG (13.2%)

Simon Property

FCF/Rev 3Y Avg (Value for AHR: 3.8%)

CTRE (92.8%)

CareTrust REIT

WPC (84.0%)

W.P. Carey

NNN (73.0%)

NNN REIT

OHI (70.0%)

Omega Healthcare Investors

EPRT (69.1%)

Essential Properties Realty Trust

EPR (63.9%)

EPR Properties

GLPI (62.0%)

Gaming and Leisure Properties

VICI (61.5%)

VICI Properties

EXR (55.2%)

Extra Space Storage

SPG (52.4%)

Simon Property

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 9.6%, alpha of 3.1%, and sharpe of 0.44

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	AHR Stock Surges 13% With A 8-day Winning Spree On Citizens Upgrade To $60	02/18/2026
2	American Healthcare REIT Earnings Notes	12/28/2026
3	How Low Can American Healthcare REIT Stock Really Go?	10/17/2025
4	How Does American Healthcare REIT Stock Stack Up Against Its Peers?	08/13/2025
5	Why American Healthcare REIT Stock Moved: AHR Stock Has Gained 73% Since 2024 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)	08/08/2025
6	American Healthcare REIT (AHR) Valuation Ratios Comparison	05/15/2025
7	American Healthcare REIT (AHR) Operating Cash Flow Comparison	02/17/2025
8	American Healthcare REIT (AHR) Net Income Comparison	02/15/2025
9	ARTICLES
10	Small Cap Stocks Trading At 52-Week High	11/27/2025

	Title
0	DASHBOARDS
1	AHR Stock Surges 13% With A 8-day Winning Spree On Citizens Upgrade To $60
2	American Healthcare REIT Earnings Notes
3	How Low Can American Healthcare REIT Stock Really Go?
4	How Does American Healthcare REIT Stock Stack Up Against Its Peers?
5	Why American Healthcare REIT Stock Moved: AHR Stock Has Gained 73% Since 2024 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
6	American Healthcare REIT (AHR) Valuation Ratios Comparison
7	American Healthcare REIT (AHR) Operating Cash Flow Comparison
8	American Healthcare REIT (AHR) Net Income Comparison
9	ARTICLES
10	Small Cap Stocks Trading At 52-Week High

Trade Ideas

Select ideas related to AHR.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
SBAC_3272026_Dip_Buyer_FCFYield	03272026	SBAC	SBA Communications	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.0%	3.0%	0.0%
HIW_3132026_Dip_Buyer_ValueBuy	03132026	HIW	Highwoods Properties	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-0.2%	-0.2%	-4.1%
ARE_3062026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	03062026	ARE	Alexandria Real Estate Equities	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	-7.1%	-7.1%	-7.8%
VNO_3062026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	03062026	VNO	Vornado Realty Trust	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	-3.5%	-3.5%	-8.3%
KRC_2272026_Dip_Buyer_ValueBuy	02272026	KRC	Kilroy Realty	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-3.6%	-3.6%	-5.4%

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CAR	Avis Budget	25.1	73.5%	456.4%
MXL	MaxLinear	2.9	56.3%	93.3%
NVTS	Navitas Semiconductor	3.4	55.3%	114.7%
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BAND	Bandwidth	0.7	32.3%	53.7%

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IIIN	Insteel Industries	0.5	-34.3%	-21.9%
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BCPC	Balchem	5.6	647.6%	14.6%
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CBIO	Crescent Biopharma	0.7	125.4%	107.2%
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SATL	Satellogic	0.9	100.8%	285.6%

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REPL	Replimune	0.2	-73.4%	-80.9%
PIPR	Piper Sandler Cos	6.1	-69.0%	9.5%
VRDN	Viridian Therapeutics	1.3	-47.1%	-54.1%
MAZE	Maze Therapeutics	1.2	-46.5%	-38.0%
BUR	Burford Capital	1.0	-41.2%	-49.2%
WVE	WAVE Life Sciences	1.3	-37.6%	-56.8%
TASK	TaskUs	0.7	-30.5%	-6.2%
FRMI	Fermi	3.0	-29.7%	-36.8%
LCID	Lucid	2.3	-29.3%	-32.7%
BTU	Peabody Energy	3.3	-27.5%	-8.8%

Peer Comparisons

Peers to compare with:

Financials

	AHR	WELL	VTR	OHI	DOC	SBRA	Median
Name	American.	Welltower	Ventas	Omega He.	Healthpe.	Sabra He.
Mkt Price	49.51	202.80	82.09	45.95	16.64	20.10	47.73
Mkt Cap	8.8	139.9	38.7	13.6	11.6	5.0	12.6
Rev LTM	2,260	10,667	5,834	1,190	2,823	775	2,541
Op Inc LTM	169	355	858	744	544	264	450
FCF LTM	166	2,848	1,002	879	1,252	349	940
FCF 3Y Avg	83	2,199	735	749	1,093	320	742
CFO LTM	294	2,882	1,647	879	1,252	349	1,065
CFO 3Y Avg	190	2,247	1,365	749	1,093	320	921

Growth & Margins

	AHR	WELL	VTR	OHI	DOC	SBRA	Median
Name	American.	Welltower	Ventas	Omega He.	Healthpe.	Sabra He.
Rev Chg LTM	9.1%	35.8%	18.5%	13.2%	4.5%	10.2%	11.7%
Rev Chg 3Y Avg	11.8%	23.1%	12.3%	10.7%	11.4%	7.5%	11.6%
Rev Chg Q	11.3%	41.2%	21.7%	14.3%	3.1%	16.2%	15.2%
QoQ Delta Rev Chg LTM	2.8%	9.4%	5.0%	3.5%	0.8%	4.0%	3.7%
Op Inc Chg LTM	23.5%	-69.0%	25.9%	12.8%	15.5%	2.7%	14.1%
Op Inc Chg 3Y Avg	28.8%	-7.0%	25.2%	24.1%	15.3%	4.4%	19.7%
Op Mgn LTM	7.5%	3.3%	14.7%	62.5%	19.3%	34.1%	17.0%
Op Mgn 3Y Avg	6.1%	10.8%	12.6%	58.9%	18.9%	34.9%	15.7%
QoQ Delta Op Mgn LTM	-0.2%	-12.9%	-0.0%	0.1%	0.7%	-1.7%	-0.1%
CFO/Rev LTM	13.0%	27.0%	28.2%	73.8%	44.4%	45.0%	36.3%
CFO/Rev 3Y Avg	8.9%	26.8%	26.7%	70.0%	42.6%	45.2%	34.7%
FCF/Rev LTM	7.3%	26.7%	17.2%	73.8%	44.4%	45.0%	35.5%
FCF/Rev 3Y Avg	3.8%	26.2%	14.2%	70.0%	42.6%	45.2%	34.4%

Valuation

	AHR	WELL	VTR	OHI	DOC	SBRA	Median
Name	American.	Welltower	Ventas	Omega He.	Healthpe.	Sabra He.
Mkt Cap	8.8	139.9	38.7	13.6	11.6	5.0	12.6
P/S	3.9	13.1	6.6	11.4	4.1	6.5	6.6
P/Op Inc	52.1	393.9	45.1	18.3	21.3	19.0	33.2
P/EBIT	65.4	813.7	45.0	16.2	19.6	18.6	32.3
P/E	126.0	149.3	154.0	23.1	162.1	32.2	137.7
P/CFO	29.9	48.5	23.5	15.5	9.2	14.4	19.5
Total Yield	2.7%	0.7%	2.9%	10.1%	8.0%	8.9%	5.5%
Dividend Yield	1.9%	0.0%	2.2%	5.7%	7.4%	5.8%	4.0%
FCF Yield 3Y Avg	-	2.7%	2.7%	7.4%	9.2%	8.0%	7.4%
D/E	0.2	0.2	0.3	0.3	0.9	0.5	0.3
Net D/E	0.2	0.1	0.3	0.3	0.8	0.5	0.3

Returns

	AHR	WELL	VTR	OHI	DOC	SBRA	Median
Name	American.	Welltower	Ventas	Omega He.	Healthpe.	Sabra He.
1M Rtn	3.5%	3.5%	0.1%	2.6%	-1.8%	2.6%	2.6%
3M Rtn	5.0%	8.3%	5.7%	3.6%	-5.0%	6.2%	5.3%
6M Rtn	18.9%	16.7%	18.3%	17.5%	-7.2%	14.5%	17.1%
12M Rtn	71.4%	43.5%	26.2%	29.7%	-3.3%	20.5%	28.0%
3Y Rtn	307.7%	186.5%	100.2%	114.1%	-4.1%	126.8%	120.5%
1M Excs Rtn	-5.1%	-4.9%	-8.4%	-6.0%	-10.5%	-6.0%	-6.0%
3M Excs Rtn	1.1%	4.4%	1.7%	-0.4%	-8.9%	2.3%	1.4%
6M Excs Rtn	9.3%	10.8%	11.7%	9.4%	-13.1%	8.4%	9.4%
12M Excs Rtn	31.9%	6.9%	-9.5%	-6.4%	-38.9%	-15.5%	-8.0%
3Y Excs Rtn	237.0%	123.0%	37.3%	39.1%	-75.0%	46.9%	43.0%

Comparison Analyses

	Title
0	How Does American Healthcare REIT Stock Stack Up Against Its Peers?

FDIC Bank Data

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	2/27/2026	2/27/2026	2/28/2025	3/22/2024	3/17/2023	3/22/2024	3/17/2023
Key Financials
Total Revenue	2,260	2,260	2,071	1,859	1,618	1,265	1,189
Net Income	70	70	-38	-71	-81	-48	2
EPS	0.41	0.42	-0.29	-1.08	-1.23	-0.72	0.03
Growth Rates
Total Revenue Growth	9.1%	9.1%	11.4%	14.9%	27.8%	6.4%	-
Net Income Growth	284.6%	284.6%	47.1%	12.1%	-70.1%	-2309.6%	-
Margins
Net Income Margin	3.1%	3.1%	-1.8%	-3.8%	-5.0%	-3.8%	0.2%
Cash & Debt
Total Cash	115	115	77	43	65	82	�
Total Debt	1,686	1,686	1,871	2,794	2,833	2,501	0
Net Debt / (Cash)	1,571	1,571	1,794	2,750	2,768	2,420	�
Cash Flows
Net Cash from Operations	294	294	176	99	148	18	219
Free Cash from Operations	166	166	84	-1	76	-62	91
Returns to Shareholders
Dividends	164	164	121	76	51	23	27
Share Repurchases	-0	-0	0	0	21	0	23

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	2/27/2026	11/7/2025	8/8/2025	5/9/2025	2/28/2025	11/13/2024	8/9/2024	5/14/2024	3/22/2024	11/13/2023	8/14/2023	5/15/2023
Key Financials Quarterly
Total Revenue	604	573	543	541	543	524	505	500	483	463	461	452
Net Income	11	56	10	-7	-32	-4	2	-4	-27	-6	-12	-26
EPS	0.06	0.33	0.06	-0.04	-0.21	-0.03	0.01	-0.04	-0.41	-0.09	-0.19	-0.39
Key Financials TTM
Total Revenue TTM	2,260	2,199	2,150	2,112	2,071	2,010	1,950	1,906	1,859	1,826	1,783	1,699
Net Income TTM	70	27	-33	-41	-38	-33	-35	-49	-71	-92	-99	-104
Growth Rates Quarterly
Total Revenue Growth	11.3%	9.4%	7.5%	8.2%	12.5%	13.1%	9.4%	10.5%	7.3%	10.4%	22.2%	21.9%
Net Income Growth	133.9%	1455.5%	400.7%	-74.8%	-15.9%	31.1%	116.2%	85.0%	42.3%	55.7%	29.6%	-775.2%
Margins Quarterly
Net Income Margin	1.8%	9.8%	1.8%	-1.3%	-5.9%	-0.8%	0.4%	-0.8%	-5.7%	-1.3%	-2.6%	-5.7%
Cash & Debt
Total Cash	115	147	133	86	77	68	52	77	43	35	48	41
Total Debt	1,686	1,697	1,716	1,831	1,871	2,092	2,232	2,249	2,794	2,768	2,829	2,863
Net Debt / (Cash)	1,571	1,549	1,582	1,745	1,794	2,024	2,179	2,172	2,750	2,732	2,781	2,822
Cash Flows Quarterly
FCF from Operations	55	107	71	61	60	63	59	-6	26	29	20	24
Cash Flows TTM
FCF from Operations TTM	294	299	255	243	176	142	108	69	99	107	135	149
Returns to Shareholders Quarterly
Dividends	43	41	40	40	38	33	33	17	17	17	17	26
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	0	0	-0	0	0
Return on Invested Capital (ROIC) Quarterly
ROIC	2.5%	3.0%	3.1%	2.9%	2.9%	2.7%	1.9%	2.0%	2.2%	1.1%	1.8%	0.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	2.6%	2.9%	3.0%	2.7%	2.5%	2.2%	1.9%	1.7%	1.4%	1.3%	1.4%	1.5%

Segment Financials

Assets by Segment

$ Mil	2025	2024	2023
Integrated Senior Health Campuses (ISHC)	2,203	2,198	2,158
Senior housing operating properties (SHOP)	1,141	630	635
Outpatient Medical (OM)	729	1,232	1,380
Triple-Net Leased Properties	402	503
Other	13	15	13
Hospitals			106
Senior Housing - Leased			250
Skilled nursing facilities (SNFs)			246
Total	4,488	4,578	4,787

Price Behavior

Price Behavior

Market Price	$49.52
Market Cap ($ Bil)	8.8
First Trading Date	02/07/2024
Distance from 52W High	-6.4%
	50 Days	200 Days
DMA Price	$50.33	$45.26
DMA Trend	up	up
Distance from DMA	-1.6%	9.4%
	3M	1YR
Volatility	26.4%	23.1%
Downside Capture	-0.03	-0.13
Upside Capture	29.08	47.89
Correlation (SPY)	25.3%	19.2%

AHR Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	1.02	0.59	0.52	0.26	0.50	0.06
Up Beta	-0.38	-0.05	0.45	0.49	0.59	-0.14
Down Beta	1.69	1.10	1.04	0.30	0.64	-0.08
Up Capture	56%	71%	31%	37%	42%	26%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	9	22	32	70	144	307
Down Capture	109%	39%	29%	2%	6%	11%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	13	20	31	56	106	225

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with AHR
AHR	66.0%	23.3%	2.10	-
Sector ETF (XLRE)	11.3%	13.8%	0.54	38.1%
Equity (SPY)	23.7%	12.7%	1.52	19.4%
Gold (GLD)	41.4%	27.5%	1.25	10.5%
Commodities (DBC)	22.4%	16.2%	1.25	1.9%
Real Estate (VNQ)	14.2%	13.8%	0.72	39.0%
Bitcoin (BTCUSD)	-10.4%	42.7%	-0.14	-3.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with AHR
AHR	32.5%	26.2%	2.42	-
Sector ETF (XLRE)	4.8%	19.1%	0.16	50.8%
Equity (SPY)	10.8%	17.1%	0.49	32.2%
Gold (GLD)	21.6%	17.8%	0.99	13.8%
Commodities (DBC)	10.9%	18.8%	0.47	6.4%
Real Estate (VNQ)	4.1%	18.8%	0.12	51.1%
Bitcoin (BTCUSD)	3.8%	56.4%	0.29	15.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with AHR
AHR	15.1%	26.2%	2.42	-
Sector ETF (XLRE)	6.6%	20.4%	0.28	50.8%
Equity (SPY)	13.9%	17.9%	0.67	32.2%
Gold (GLD)	13.7%	15.9%	0.71	13.8%
Commodities (DBC)	8.2%	17.6%	0.39	6.4%
Real Estate (VNQ)	5.4%	20.7%	0.23	51.1%
Bitcoin (BTCUSD)	68.0%	66.9%	1.07	15.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	3312026
Short Interest: Shares Quantity	15.7 Mil
Short Interest: % Change Since 3152026	-28.2%
Average Daily Volume	2.8 Mil
Days-to-Cover Short Interest	5.6 days
Basic Shares Quantity	177.7 Mil
Short % of Basic Shares	8.9%

Returns Analyses

	Title
0	How Low Can American Healthcare REIT Stock Really Go?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
2/26/2026	-1.8%	-2.0%	-10.9%
11/6/2025	3.1%	0.7%	3.2%
8/7/2025	1.6%	1.3%	7.3%
5/8/2025	8.4%	8.6%	9.3%
11/12/2024	3.4%	8.5%	9.4%
8/5/2024	6.4%	9.4%	39.1%
3/21/2024	-1.8%	5.8%	-4.9%
SUMMARY STATS
# Positive	5	6	5
# Negative	2	1	2
Median Positive	3.4%	7.1%	9.3%
Median Negative	-1.8%	-2.0%	-7.9%
Max Positive	8.4%	9.4%	39.1%
Max Negative	-1.8%	-2.0%	-10.9%

	Forward Returns
2/26/2026	-1.8%	-2.0%	-10.9%
11/6/2025	3.1%	0.7%	3.2%
8/7/2025	1.6%	1.3%	7.3%
5/8/2025	8.4%	8.6%	9.3%
11/12/2024	3.4%	8.5%	9.4%
8/5/2024	6.4%	9.4%	39.1%
3/21/2024	-1.8%	5.8%	-4.9%
SUMMARY STATS
# Positive	5	6	5
# Negative	2	1	2
Median Positive	3.4%	7.1%	9.3%
Median Negative	-1.8%	-2.0%	-7.9%
Max Positive	8.4%	9.4%	39.1%
Max Negative	-1.8%	-2.0%	-10.9%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	02/27/2026	10-K
09/30/2025	11/07/2025	10-Q
06/30/2025	08/08/2025	10-Q
03/31/2025	05/09/2025	10-Q
12/31/2024	02/28/2025	10-K
09/30/2024	11/13/2024	10-Q
06/30/2024	08/09/2024	10-Q
03/31/2024	05/14/2024	10-Q
12/31/2023	03/22/2024	10-K
09/30/2023	11/13/2023	10-Q
06/30/2023	08/14/2023	10-Q
03/31/2023	05/15/2023	10-Q
12/31/2022	03/17/2023	10-K

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/26/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Net income per diluted share	0.75	0.78	0.81	60.8%		Higher New	Actual: 0.48 for 2025
2026 NAREIT FFO per diluted share	1.93	1.96	1.99	13.6%		Higher New	Actual: 1.73 for 2025
2026 NFFO per diluted share	1.99	2.02	2.05	18.5%		Higher New	Actual: 1.71 for 2025
2026 Total Portfolio SS NOI Growth	7.0%	9.0%	11.0%	-35.7%		Lower New	Actual: 14.0% for 2025
2026 ISHC SS NOI Growth	8.0%	10.0%	12.0%	-46.0%		Lower New	Actual: 18.5% for 2025
2026 SHOP SS NOI Growth	15.0%	17.0%	19.0%	-32.0%		Lower New	Actual: 25.0% for 2025
2026 Outpatient Medical SS NOI Growth	0.0%	1.0%	2.0%	-54.6%		Lower New	Actual: 2.2% for 2025
2026 Triple-Net Leased Properties SS NOI Growth	2.0%	2.5%	3.0%			Higher New	Actual: 0.0% for 2025

Prior: Q3 2025 Earnings Reported 11/6/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2025 Net income per diluted share	0.47	0.48	0.5	38.6%		Raised	Guidance: 0.35 for 2025
2025 NAREIT FFO per diluted share	1.71	1.73	1.74	8.5%		Raised	Guidance: 1.59 for 2025
2025 NFFO per diluted share	1.69	1.71	1.72	2.7%		Raised	Guidance: 1.66 for 2025
2025 Total Portfolio SS NOI Growth	13.0%	14.0%	15.0%	12.0%	1.5%	Raised	Guidance: 12.5% for 2025
2025 ISHC SS NOI Growth	17.0%	18.5%	20.0%			Higher New
2025 Outpatient Medical SS NOI Growth	2.0%	2.2%	2.4%			Higher New
2025 SHOP SS NOI Growth	24.0%	25.0%	26.0%			Higher New
2025 Triple-Net Leased Properties SS NOI Growth	-0.3%	0.0%	0.3%			Higher New

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Hanson, Jeffrey T		Hanson Family Trust dated 06/14/2005	Sell	12292025	48.38	35,570	1,720,709	929,193	Form
2	Hanson, Jeffrey T		Hanson Family Trust dated 06/14/2005	Sell	12292025	48.40	19,208			Form
3	Foster, Mark E	EVP, GC & Secretary	Direct	Sell	11122025	49.35	1,500	74,030	2,842,739	Form
4	Hanson, Jeffrey T		Direct	Sell	11102025	49.68	20,010	994,105	1,082,933	Form
5	Foster, Mark E	EVP, GC & Secretary	Direct	Sell	9052025	41.89	3,850	161,271	2,475,622	Form

AHR Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing AHR?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What AHR Makes & Who Pays

TTM figures based on

AHR Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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American Healthcare REIT (AHR)

Market Price (4/21/2026): $49.51 | Market Cap: $8.8 BilSector: Real Estate | Industry: Health Care REITs

American Healthcare REIT (AHR)

Market Price (4/21/2026): $49.51Market Cap: $8.8 BilSector: Real EstateIndustry: Health Care REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About American Healthcare REIT (AHR)

Interactive Breakdown

Better Bets vs. American Healthcare REIT (AHR)

INDUSTRY: Health Care REITs

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for AHR: 11.8% | 52.1x)

Higher Rev Chg LTM (Value for AHR: 9.1%)

Higher Rev Chg 3Y Avg (Value for AHR: 11.8%)

Higher Op Mgn LTM (Value for AHR: 7.5%)

Higher CFO/Rev LTM (Value for AHR: 13.0%)

Higher FCF/Rev LTM (Value for AHR: 7.3%)

Higher Total Yield (Value for AHR: 2.7%)

SECTOR: Real Estate

Higher Rev Chg 3Y Avg | Lower P/S (Values for AHR: 11.8% | 3.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for AHR: 11.8% | 52.1x)

Higher Rev Chg LTM (Value for AHR: 9.1%)

Higher Rev Chg 3Y Avg (Value for AHR: 11.8%)

Higher Op Mgn LTM (Value for AHR: 7.5%)

Higher CFO/Rev LTM (Value for AHR: 13.0%)

Higher FCF/Rev LTM (Value for AHR: 7.3%)

Higher Total Yield (Value for AHR: 2.7%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for AHR: 11.8% | 3.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for AHR: 11.8% | 52.1x)

Higher Rev Chg LTM (Value for AHR: 9.1%)

Higher Rev Chg 3Y Avg (Value for AHR: 11.8%)

Higher Op Mgn LTM (Value for AHR: 7.5%)

Higher CFO/Rev LTM (Value for AHR: 13.0%)

Higher FCF/Rev LTM (Value for AHR: 7.3%)

Higher Total Yield (Value for AHR: 2.7%)

Best Bets in Real Estate

P/EBIT (Value for AHR: 65.4x)

P/E (Value for AHR: 126.0x)

Rev Chg 3Y Avg (Value for AHR: 11.8%)

Rev Chg LTM (Value for AHR: 9.1%)

Rev Chg Q (Value for AHR: 11.3%)

FCF/Rev 3Y Avg (Value for AHR: 3.8%)

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Market Price (4/21/2026): $49.51 | Market Cap: $8.8 Bil
Sector: Real Estate | Industry: Health Care REITs

Market Price (4/21/2026): $49.51
Market Cap: $8.8 Bil
Sector: Real Estate
Industry: Health Care REITs