American Healthcare REIT (AHR)
Market Price (2/18/2026): $52.275 | Market Cap: $8.8 BilSector: Real Estate | Industry: Health Care REITs
American Healthcare REIT (AHR)
Market Price (2/18/2026): $52.275Market 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.
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14% | Trading close to highsDist 52W High is -1.4%, Dist 3Y High is -1.4% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 85x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 30x, P/EPrice/Earnings or Price/(Net Income) is 324x |
| Low stock price volatilityVol 12M is 26% | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.2% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Sustainable & Green Buildings. Themes include Geriatric Care, and Green Building Certification. | Key risksAHR key risks include [1] substantial legacy investor losses and valuation concerns stemming from its deeply discounted IPO, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Low stock price volatilityVol 12M is 26% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Sustainable & Green Buildings. Themes include Geriatric Care, and Green Building Certification. |
| Trading close to highsDist 52W High is -1.4%, Dist 3Y High is -1.4% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 85x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 30x, P/EPrice/Earnings or Price/(Net Income) is 324x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.2% |
| Key risksAHR key risks include [1] substantial legacy investor losses and valuation concerns stemming from its deeply discounted IPO, Show more. |
Qualitative Assessment
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American Healthcare REIT (AHR) stock has gained about 15% since 10/31/2025 because of the following key factors:
1. Favorable Analyst Sentiment and Raised Price Targets.American Healthcare REIT (AHR) benefited from several equities analysts reiterating or upgrading their ratings and increasing price targets during the period. For instance, Royal Bank of Canada lifted its target price from $45.00 to $54.00 in November 2025, and Scotiabank raised its objective from $47.00 to $55.00 around the same time, both giving "outperform" or "sector outperform" ratings. More recently, in February 2026, Citizens reiterated its "Market Outperform" rating and set a $60.00 price target, while BMO Capital initiated coverage with an "Outperform" rating and a $55.00 target in January 2026. This collective positive outlook from analysts contributed to investor confidence and upward stock momentum.
2. Substantial Acquisition Activity in Late 2025.The company announced significant growth through acquisitions in the latter half of 2025. American Healthcare REIT completed over $950 million in acquisitions across its operating portfolio for the full year 2025. This included approximately $370 million within its Integrated Senior Health Campus (ISHC) segment and roughly $590 million within its Senior Housing Operating Properties (SHOP) segment. Notably, a 14-property portfolio of long-term care assets was acquired in December 2025, further expanding its holdings. This strategic expansion signaled robust growth and diversification within its core healthcare real estate sectors.
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1. Favorable Analyst Sentiment and Raised Price Targets.American Healthcare REIT (AHR) benefited from several equities analysts reiterating or upgrading their ratings and increasing price targets during the period. For instance, Royal Bank of Canada lifted its target price from $45.00 to $54.00 in November 2025, and Scotiabank raised its objective from $47.00 to $55.00 around the same time, both giving "outperform" or "sector outperform" ratings. More recently, in February 2026, Citizens reiterated its "Market Outperform" rating and set a $60.00 price target, while BMO Capital initiated coverage with an "Outperform" rating and a $55.00 target in January 2026. This collective positive outlook from analysts contributed to investor confidence and upward stock momentum.
2. Substantial Acquisition Activity in Late 2025.The company announced significant growth through acquisitions in the latter half of 2025. American Healthcare REIT completed over $950 million in acquisitions across its operating portfolio for the full year 2025. This included approximately $370 million within its Integrated Senior Health Campus (ISHC) segment and roughly $590 million within its Senior Housing Operating Properties (SHOP) segment. Notably, a 14-property portfolio of long-term care assets was acquired in December 2025, further expanding its holdings. This strategic expansion signaled robust growth and diversification within its core healthcare real estate sectors.
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Stock Movement Drivers
Fundamental Drivers
The 16.0% change in AHR stock from 10/31/2025 to 2/18/2026 was primarily driven by a 19.4% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 2182026 | Change |
|---|---|---|---|
| Stock Price ($) | 45.08 | 52.27 | 16.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,150 | 2,199 | 2.3% |
| P/S Multiple | 3.4 | 4.0 | 19.4% |
| Shares Outstanding (Mil) | 160 | 169 | -5.0% |
| Cumulative Contribution | 16.0% |
Market Drivers
10/31/2025 to 2/18/2026| Return | Correlation | |
|---|---|---|
| AHR | 15.9% | |
| Market (SPY) | 0.6% | -1.6% |
| Sector (XLRE) | 6.0% | 15.2% |
Fundamental Drivers
The 36.8% change in AHR stock from 7/31/2025 to 2/18/2026 was primarily driven by a 41.5% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 2182026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.21 | 52.27 | 36.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,112 | 2,199 | 4.1% |
| P/S Multiple | 2.8 | 4.0 | 41.5% |
| Shares Outstanding (Mil) | 157 | 169 | -7.2% |
| Cumulative Contribution | 36.8% |
Market Drivers
7/31/2025 to 2/18/2026| Return | Correlation | |
|---|---|---|
| AHR | 36.8% | |
| Market (SPY) | 8.9% | 3.5% |
| Sector (XLRE) | 5.5% | 22.7% |
Fundamental Drivers
The 89.7% change in AHR stock from 1/31/2025 to 2/18/2026 was primarily driven by a 119.3% change in the company's P/S Multiple.| (LTM values as of) | 1312025 | 2182026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.55 | 52.27 | 89.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,010 | 2,199 | 9.4% |
| P/S Multiple | 1.8 | 4.0 | 119.3% |
| Shares Outstanding (Mil) | 134 | 169 | -20.9% |
| Cumulative Contribution | 89.7% |
Market Drivers
1/31/2025 to 2/18/2026| Return | Correlation | |
|---|---|---|
| AHR | 89.7% | |
| Market (SPY) | 15.0% | 33.9% |
| Sector (XLRE) | 7.1% | 48.3% |
Fundamental Drivers
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Market Drivers
1/31/2023 to 2/18/2026| Return | Correlation | |
|---|---|---|
| AHR | ||
| Market (SPY) | 75.1% | 31.3% |
| Sector (XLRE) | 17.2% | 50.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AHR Return | - | - | - | 127% | 70% | 13% | 334% |
| Peers Return | 8% | -11% | 17% | 28% | 22% | 11% | 97% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 82% |
Monthly Win Rates [3] | |||||||
| AHR Win Rate | - | - | - | 82% | 75% | 50% | |
| Peers Win Rate | 48% | 43% | 57% | 65% | 58% | 80% | |
| 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% | -1% | |
[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 2/18/2026 (YTD)
How Low Can It Go
AHR has limited trading history. Below is the Real Estate sector ETF (XLRE) in its place.
| Event | XLRE | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -37.9% | -25.4% |
| % Gain to Breakeven | 61.0% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -39.3% | -33.9% |
| % Gain to Breakeven | 64.7% | 51.3% |
| Time to Breakeven | 393 days | 148 days |
| 2018 Correction | ||
| % Loss | -13.5% | -19.8% |
| % Gain to Breakeven | 15.7% | 24.7% |
| 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.
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About American Healthcare REIT (AHR)
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 1-2 analogies to describe American Healthcare REIT (AHR):
Public Storage for healthcare real estate.
Simon Property Group for medical offices and senior housing.
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- Medical Office Buildings: Provides specialized facilities for physicians and other healthcare professionals to deliver outpatient services.
- Senior Housing Facilities: Offers real estate for independent living, assisted living, and memory care communities for seniors.
- Hospitals: Supplies real estate for acute care, specialty, and post-acute hospital operations.
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Major Customers of American Healthcare REIT (AHR)
American Healthcare REIT (AHR) operates as a Real Estate Investment Trust (REIT) and primarily generates revenue by leasing its healthcare-related properties (such as skilled nursing facilities, medical office buildings, senior housing, and hospitals) to healthcare operating companies. Therefore, its major customers are these operator companies, not individuals.
Based on recent investor disclosures (e.g., Q3 2023 Investor Presentation), AHR's largest customers by percentage of total portfolio rents include:
- The Ensign Group, Inc. (Symbol: ENSG)
- Nexus Health Systems (Private company)
- Arbor Health (Private company)
- Regency Integrated Healthcare Services (Private company)
- Saber Healthcare Group (Private company)
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Danny Prosky, President & CEO
Danny Prosky is the President and Chief Executive Officer of American Healthcare REIT, Inc., and a member of its board of directors. He is a co-founder of American Healthcare Investors ("AHI"), which was the sponsor of Griffin-American Healthcare REIT III and Griffin-American Healthcare REIT IV. Prosky previously served as president, chief operating officer, and director of Griffin-American Healthcare REIT III and IV. He also served as president and chief operating officer of Griffin-American Healthcare REIT II, which merged in December 2014 with NorthStar Realty Finance Corp. (now DigitalBridge) in a transaction valued at approximately $4 billion. His career in healthcare real estate investment spans over 25 years, during which he has been responsible for more than $10 billion in transactions.
Brian Peay, Chief Financial Officer
Brian Peay serves as the Chief Financial Officer of American Healthcare REIT. He previously held the same role with American Healthcare Investors, LLC, Griffin-American Healthcare REIT III, and Griffin-American Healthcare REIT IV. Prior to these roles, he was the chief financial officer of Veritas Investments, Inc., a private real estate investment management company with over $2 billion of assets under management. Peay also served as executive vice president and chief financial officer for Glenborough, LLC, a formerly NYSE-listed REIT, for 15 years, where he was instrumental in the company's strategic direction, including raising approximately $450 million in common stock offerings, $300 million in convertible preferred stock, and $2.5 billion in acquisition financing. He also played a key role in the sale of Glenborough to Morgan Stanley Real Estate Fund.
Gabe Willhite, Chief Operating Officer
Gabe Willhite is the Chief Operating Officer for American Healthcare REIT, Inc. He previously served as executive vice president, general counsel with American Healthcare REIT, Inc., and American Healthcare Investors, LLC. Additionally, he acted as assistant general counsel for transactions for Griffin-American Healthcare REIT III and Griffin-American Healthcare REIT IV. The merger of these REITs and the business and operations of American Healthcare Investors formed American Healthcare REIT in October 2021.
Stefan Oh, Chief Investment Officer
Stefan Oh serves as the Chief Investment Officer for American Healthcare REIT. His prior roles include executive vice president, investments with American Healthcare REIT and American Healthcare Investors, LLC, as well as senior vice president and executive vice president of acquisitions for Griffin-American Healthcare REIT III and Griffin-American Healthcare REIT IV, respectively. Oh helped launch Griffin-American Healthcare REIT II in 2009, serving as its senior vice president-acquisitions until its $4.0 billion merger with NorthStar Realty Finance Corp. (now DigitalBridge) in December 2014. Throughout his 25-year career, he has been involved in the acquisition of over $13.5 billion of healthcare real estate.
Mark Foster, EVP, General Counsel & Secretary
Mark Foster serves as Executive Vice President, General Counsel, and Secretary of American Healthcare REIT. He brings over 23 years of experience as a corporate and transactional attorney, having represented both public and private real estate companies. Before joining American Healthcare REIT, Foster was a partner at Snell & Wilmer L.L.P., where his practice focused on complex real estate and corporate transactions related to the acquisition, financing, leasing, operation, and disposition of commercial real property assets.
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The key risks to American Healthcare REIT (AHR) include:- Disappointing IPO Performance, Legacy Investor Losses, and Valuation Concerns: American Healthcare REIT's initial public offering (IPO) in February 2024 priced shares at $12, significantly below the last estimated Net Asset Value (NAV) of $31.40 per share and the original purchase price of $40 per share for many legacy investors, leading to substantial losses for long-term shareholders. This disparity, along with a pre-IPO third-party tender offer of only $13.15 per share, signaled deep market skepticism about AHR's true valuation and exposed the inherent risks of non-traded REITs, such as illiquidity and lack of transparency.
- Liquidity Constraints and Reduced Shareholder Distributions: The company suspended its share repurchase plan in November 2022, except for limited hardship cases, effectively eliminating liquidity for many investors. Additionally, AHR reduced its quarterly distribution in March 2023, citing the need to preserve liquidity and achieve long-term strategic goals. The company's current ratio of 0.46 and quick ratio of 0.44 also suggest ongoing liquidity constraints.
- Risks Associated with Portfolio Quality, Exposure to Challenging Healthcare Segments, and Historical Underperformance: AHR's portfolio, formed from the merger of Griffin-American Healthcare REIT III and IV and the acquisition of American Healthcare Investors (AHI), includes assets that have historically underperformed industry benchmarks. Specifically, AHI's portfolio primarily consisted of lower-quality skilled nursing facilities (SNFs), a market segment facing significant challenges due to declining occupancy rates and government reimbursement cuts, which could hinder overall growth and profitability.
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Accelerated adoption of telehealth and virtual care models, which can reduce the need for traditional medical office space for many routine consultations and diagnoses.
Increased shift towards home-based care and specialized outpatient settings, such as ambulatory surgical centers, for a growing array of medical procedures and long-term care, potentially diminishing demand for traditional inpatient facilities and skilled nursing facilities.
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American Healthcare REIT (AHR) primarily invests in senior housing, skilled nursing facilities, and medical office buildings. The addressable markets for these main products or services in the U.S. are as follows:
- Senior Housing Market (U.S.): The U.S. senior living market was valued at approximately USD 111.20 billion in 2024 and is projected to reach around USD 201.03 billion by 2034, growing at a CAGR of 6.10% from 2025 to 2034. Another estimate placed the market at USD 125.44 billion in 2024, projected to reach USD 185.47 billion by 2032 with a CAGR of 5.01% from 2026 to 2032.
- Skilled Nursing Facility Market (U.S.): The U.S. skilled nursing facilities market size was estimated at USD 199.72 billion in 2024 and is expected to reach USD 290.02 billion by 2033, with a compound annual growth rate (CAGR) of 4.39% from 2025 to 2033. Another report estimates the market to be worth USD 202.4 billion in 2025, anticipated to reach USD 279.9 billion by 2035, at a CAGR of 3.3% over the forecast period.
- Medical Office Buildings Market (U.S.): The medical office buildings market in the United States generated an estimated revenue of USD 14.08 billion in 2023 and is expected to reach USD 22.04 billion by 2030, growing at a CAGR of 6.6% from 2024 to 2030. The U.S. market is estimated at $22.4 billion in 2024.
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American Healthcare REIT (AHR) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:
- Strong Same-Store Net Operating Income (NOI) Growth in Senior Housing: A significant driver of revenue growth is anticipated from the company's existing portfolio, particularly its Senior Housing Operating Properties (SHOP) and Integrated Senior Health Campuses (ISHC) segments. American Healthcare REIT has reported and guided for substantial Same-Store NOI growth in these segments, with a 17.0% increase for the total portfolio in Q3 2024 compared to the same period in 2023, highlighted by 61.8% and 22.6% Same-Store NOI growth from its SHOP and ISHC properties, respectively. This trend continued into Q3 2025, with total portfolio Same-Store NOI growth of 16.4%, including 25.3% and 21.7% from SHOP and ISHC segments. Management has also increased full-year 2025 total portfolio Same-Store NOI growth guidance, primarily due to strong operating results in these segments.
- Strategic Acquisitions and External Growth: The company is actively pursuing and executing on external growth opportunities through acquisitions. American Healthcare REIT closed on approximately $210.8 million of acquisitions during Q3 2025, contributing to over $575 million in new acquisitions year-to-date 2025. The company has also highlighted a robust pipeline of investments, with awarded deals projected to close by year-end 2025, and plans for development and redevelopment starts, which are expected to further expand its revenue-generating asset base. This strategic expansion of its portfolio directly contributes to increased rental income and resident fees.
- Increasing Occupancy and Pricing Power in Senior Housing: Improved operational performance within the senior housing segments (SHOP and ISHC) is being driven by higher occupancy rates and a return of pricing power. The benefits of increased occupancy in higher-margin assisted living and memory care settings, coupled with strong demand for senior care due to favorable demographic trends, provide a solid foundation for sustained NOI and revenue growth.
- Stable, Contractual Rent Escalators from Triple-Net Leased Properties: While less dynamic than the senior housing segments, the company's triple-net leased assets, such as Medical Office Buildings (MOBs), offer a stable and predictable component of revenue growth. These properties typically feature contractual annual rent escalators, which generally range from 2% to 3%, providing a consistent, albeit modest, increase in rental income over time.
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Share Repurchases
- American Healthcare REIT's Share Repurchase Plan (SRP) was suspended in April 2020, with exceptions only for requests due to death or qualifying disability.
- As of March 2022, repurchases were still limited to cases of death or qualifying disability.
- Following the company's listing on the NYSE in February 2024, the Share Repurchase Plan was discontinued as shares became freely tradable on the exchange.
Share Issuance
- In February 2024, American Healthcare REIT completed its Initial Public Offering (IPO), issuing 64.4 million shares at $12.00 per share, which included the full exercise of the underwriters' overallotment option, with net proceeds primarily used to repay approximately $717.6 million of outstanding debt.
- In September 2024, the company priced an upsized underwritten public offering of 17.4 million shares at $23.55 per share, granting underwriters an option to purchase an additional 2.61 million shares. The net proceeds from this offering were intended to acquire a 24% minority interest in Trilogy Holdings, LLC and to further repay debt.
- Through its At-the-Market (ATM) program, AHR issued 4.3 million shares for approximately $120.2 million in Q4 2024, 1.6 million shares for approximately $47.7 million in Q1 2025, and an additional 2.9 million shares for approximately $116.3 million in Q3 2025, alongside settling forward sales agreements for approximately $127.8 million in Q3 2025.
Inbound Investments
- The company's primary inbound investment event was its Initial Public Offering (IPO) in February 2024, which generated $672 million from the sale of 56 million shares at $12.00 per share. The net proceeds from the IPO were predominantly allocated to reducing outstanding debt.
Outbound Investments
- During 2024, American Healthcare REIT purchased over $650 million in new investments, including the acquisition of its joint venture partner's remaining 24% minority membership interest in Trilogy REIT Holdings for $258 million in Q3 2024, gaining full ownership of Trilogy.
- In Q1 2024, AHR acquired a 14-property portfolio in Oregon for approximately $94.5 million, and in Q2 2025, it acquired a new Senior Housing Operating Property (SHOP) asset for approximately $65.0 million and four long-term care assets within its Integrated Senior Health Campuses (ISHC) segment for approximately $65.3 million.
- The company actively manages its portfolio through dispositions, selling approximately $15.6 million in non-core properties in Q1 2024 and an outpatient medical building for $19.4 million, along with 10 additional properties for approximately $120.5 million in Q4 2024.
Capital Expenditures
- American Healthcare REIT has approved new Integrated Senior Health Campus (ISHC) development projects, including new campuses and expansions, with expected construction costs of approximately $136.6 million starting in 2025.
- As of September 30, 2025, the total in-process development and expansion pipeline was projected to cost approximately $176.9 million, with $51.8 million already expended.
- Accrued developments and capital expenditures amounted to $22.6 million as of December 31, 2024, and $20.7 million as of June 30, 2025.
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 49.64 |
| Mkt Cap | 12.9 |
| Rev LTM | 2,511 |
| Op Inc LTM | 450 |
| FCF LTM | 940 |
| FCF 3Y Avg | 742 |
| CFO LTM | 1,065 |
| CFO 3Y Avg | 921 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.7% |
| Rev Chg 3Y Avg | 11.4% |
| Rev Chg Q | 15.2% |
| QoQ Delta Rev Chg LTM | 3.7% |
| Op Mgn LTM | 17.0% |
| Op Mgn 3Y Avg | 15.7% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 36.3% |
| CFO/Rev 3Y Avg | 34.7% |
| FCF/Rev LTM | 35.5% |
| FCF/Rev 3Y Avg | 34.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 12.9 |
| P/S | 6.7 |
| P/EBIT | 33.6 |
| P/E | 157.1 |
| P/CFO | 20.2 |
| Total Yield | 5.2% |
| Dividend Yield | 3.9% |
| FCF Yield 3Y Avg | 7.4% |
| D/E | 0.3 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 7.7% |
| 3M Rtn | 6.4% |
| 6M Rtn | 20.7% |
| 12M Rtn | 35.6% |
| 3Y Rtn | 101.7% |
| 1M Excs Rtn | 8.6% |
| 3M Excs Rtn | 6.4% |
| 6M Excs Rtn | 17.1% |
| 12M Excs Rtn | 22.7% |
| 3Y Excs Rtn | 32.7% |
Segment Financials
Assets by Segment| $ Mil | 2024 | 2023 | 2022 |
|---|---|---|---|
| Integrated Senior Health Campuses (ISHC) | 2,198 | 2,158 | |
| Outpatient Medical (OM) | 1,232 | 1,380 | |
| Senior housing operating properties (SHOP) | 630 | 635 | |
| Triple-Net Leased Properties | 503 | ||
| Other | 15 | 13 | |
| Hospitals | 106 | ||
| Senior Housing - Leased | 250 | ||
| Skilled nursing facilities (SNFs) | 246 | ||
| Total | 4,578 | 4,787 |
Price Behavior
Price Behavior
| Market Price | $52.27 | |
| Market Cap ($ Bil) | 8.8 | |
| First Trading Date | 02/07/2024 | |
| Distance from 52W High | -1.4% | |
| 50 Days | 200 Days | |
| DMA Price | $48.09 | $42.05 |
| DMA Trend | up | indeterminate |
| Distance from DMA | 8.7% | 24.3% |
| 3M | 1YR | |
| Volatility | 23.1% | 25.6% |
| Downside Capture | -35.45 | -12.42 |
| Upside Capture | 5.18 | 55.49 |
| Correlation (SPY) | 5.9% | 35.2% |
AHR Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.31 | 0.04 | -0.01 | 0.12 | 0.48 | -0.11 |
| Up Beta | 1.36 | 1.17 | 0.50 | 0.70 | 0.63 | -0.08 |
| Down Beta | 0.97 | 0.37 | -0.01 | -0.15 | 0.61 | -0.28 |
| Up Capture | -46% | -69% | -1% | 30% | 37% | 21% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 10 | 20 | 32 | 71 | 141 | 285 |
| Down Capture | -59% | -6% | -29% | -29% | -6% | 5% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 10 | 21 | 29 | 53 | 108 | 206 |
[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 | 91.2% | 25.6% | 2.49 | - |
| Sector ETF (XLRE) | 5.5% | 16.6% | 0.15 | 49.0% |
| Equity (SPY) | 13.6% | 19.4% | 0.53 | 34.9% |
| Gold (GLD) | 73.5% | 25.5% | 2.13 | 9.9% |
| Commodities (DBC) | 7.9% | 17.0% | 0.28 | 17.2% |
| Real Estate (VNQ) | 7.1% | 16.7% | 0.24 | 49.2% |
| Bitcoin (BTCUSD) | -31.1% | 44.9% | -0.69 | 9.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AHR | |
|---|---|---|---|---|
| AHR | 33.8% | 26.4% | 2.71 | - |
| Sector ETF (XLRE) | 5.7% | 19.1% | 0.21 | 50.8% |
| Equity (SPY) | 13.5% | 17.0% | 0.63 | 31.3% |
| Gold (GLD) | 21.7% | 17.1% | 1.04 | 10.9% |
| Commodities (DBC) | 10.8% | 19.0% | 0.45 | 6.7% |
| Real Estate (VNQ) | 4.9% | 18.8% | 0.17 | 51.0% |
| Bitcoin (BTCUSD) | 8.4% | 57.2% | 0.37 | 16.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AHR | |
|---|---|---|---|---|
| AHR | 15.7% | 26.4% | 2.71 | - |
| Sector ETF (XLRE) | 8.3% | 20.5% | 0.36 | 50.8% |
| Equity (SPY) | 15.9% | 17.9% | 0.76 | 31.3% |
| Gold (GLD) | 15.0% | 15.6% | 0.80 | 10.9% |
| Commodities (DBC) | 8.6% | 17.6% | 0.40 | 6.7% |
| Real Estate (VNQ) | 6.9% | 20.7% | 0.30 | 51.0% |
| Bitcoin (BTCUSD) | 68.0% | 66.7% | 1.07 | 16.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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 | 1 | 0 | 1 |
| Median Positive | 3.4% | 7.1% | 9.3% |
| Median Negative | -1.8% | -4.9% | |
| Max Positive | 8.4% | 9.4% | 39.1% |
| Max Negative | -1.8% | -4.9% | |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
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 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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