American Healthcare REIT, Inc. (AHR)
NYSE:AHR
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American Healthcare REIT, Inc.
(NYSE:AHR)
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Rating:61Neutral
Price Target:
$50.00
▼(-1.15% Downside)
Action:ReiteratedDate:04/08/26
The score is driven primarily by improving fundamentals and a strong earnings-call outlook (NFFO and same-store NOI guidance), tempered by weak technical momentum and expensive valuation. Financial statement progress is constructive, but 2025 data-consistency concerns meaningfully limit confidence and keep the overall score in the low 60s.
Positive Factors
Same-store NOI & Occupancy Momentum
Sustained double-digit same-store NOI and meaningful occupancy gains across Trilogy and SHOP indicate durable operating leverage. Higher occupancy and improved payer mix support repeatable cash NOI, strengthening long-term rent coverage, tenant cash-flow alignment, and predictable distributable cash.
Negative Factors
Profitability Volatility & 2025 Data Concerns
A history of multi-year net losses followed by an unusually large 2025 profit swing and inconsistent margin reporting undermines confidence in sustainable earnings. This raises model risk for forecasting and suggests earnings quality may be sensitive to accounting, one‑off items or data anomalies over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Same-store NOI & Occupancy Momentum
Sustained double-digit same-store NOI and meaningful occupancy gains across Trilogy and SHOP indicate durable operating leverage. Higher occupancy and improved payer mix support repeatable cash NOI, strengthening long-term rent coverage, tenant cash-flow alignment, and predictable distributable cash.
Read all positive factors
American Healthcare REIT, Inc. (AHR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.40B
Dividend Yield2.1%
Average Volume (3M)2.55M
Price to Earnings (P/E)111.9
Beta (1Y)0.60
Revenue Growth11.81%
EPS GrowthN/A
CountryUS
Employees114
SectorReal Estate
Sector Strength53
IndustryREIT - Healthcare Facilities
Share Statistics
EPS (TTM)0.06
Shares Outstanding188,028,550
10 Day Avg. Volume2,100,665
30 Day Avg. Volume2,549,929
Financial Highlights & Ratios
PEG Ratio-0.46
Price to Book (P/B)2.35
Price to Sales (P/S)3.46
P/FCF Ratio47.11
Enterprise Value/Market Cap1.15
Enterprise Value/Revenue4.78
Enterprise Value/Gross Profit31.42
Enterprise Value/Ebitda33.66
Forecast
1Y Price Target
$56.88Price Target Upside12.46% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)0.78
Revenue Forecast (FY)$2.63B
American Healthcare REIT, Inc. Business Overview & Revenue Model
Company Description
Formed by the successful merger of Griffin-American Healthcare REIT III and Griffin-American Healthcare REIT IV, as well as the acquisition of the business and operations of American Healthcare Investors, American Healthcare REIT is one of the lar...
How the Company Makes Money
AHR primarily makes money by generating rental and lease income from its healthcare real estate portfolio. Under long-term lease structures, tenants (such as senior housing operators, skilled nursing operators, and healthcare providers) pay recurr...
American Healthcare REIT, Inc. Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational momentum and financial results: double-digit same-store NOI growth across the portfolio in 2025, significant NFFO-per-share growth (22% YoY), active accretive acquisition activity (~$950M in 2025) and constructive 2026 guidance (NFFO $1.99–$2.05). Management emphasized continuity of strategy and several durable tailwinds (occupancy gains, improved payer mix, margin expansion, limited new supply). Key risks discussed were a measured deceleration in same-store growth from 2025 highs to 2026 guidance ranges, early-stage rollout of revenue-management initiatives, increased transaction competition and certain execution/leverage caveats (unsettled forward equity). On balance, the positive operational and capital markets execution substantially outweigh the manageable risks.Positive Updates
Strong Same-Store NOI Performance
Total portfolio same-store NOI growth of 11.8% in Q4 2025 and 14.2% for full-year 2025, marking a second consecutive year of double-digit same-store NOI growth.
Negative Updates
Leadership Transition Uncertainty
Interim CEO appointment with founder Jeff Hanson stepping in full-time while CEO Danny is on medical leave. Danny is recovering and engaged, but timing for return remains uncertain — introduces short-term leadership transition risk despite management's emphasis on continuity.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Same-Store NOI Performance
Total portfolio same-store NOI growth of 11.8% in Q4 2025 and 14.2% for full-year 2025, marking a second consecutive year of double-digit same-store NOI growth.
Read all positive updates
Company Guidance
AHR's 2026 guidance calls for NFFO of $1.99–$2.05 per diluted share (implying another year of double‑digit NFFO/share growth vs. 2025 NFFO of $1.72, +22% YoY) and consolidated same‑store NOI growth of 7%–11%; segment guidance is Trilogy +8%–12%, SHOP +15%–19%, Outpatient Medical 0%–2% and Triple‑Net Leased 2%–3%. The outlook only includes the $117.5M of 2026 acquisitions closed to date (not the >$230M of awarded pipeline), and the company enters 2026 with net debt/EBITDA of 3.4x (excluding ~ $287M of unsettled forward equity); it follows a 2025 year that delivered total portfolio same‑store NOI +14.2% (Q4 +11.8%), Trilogy same‑store NOI +18.4% (Q4 +14%) and SHOP same‑store NOI +25.2% (Q4 +24.6%), with Trilogy and SHOP same‑store occupancy ~90.6% (up ~275–290 bps YoY).American Healthcare REIT, Inc. Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
63
Positive
Cash Flow
61
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.26B | 2.07B | 1.86B | 1.62B | 1.26B |
| Gross Profit | 39.69M | 416.77M | 356.83M | 335.97M | 182.01M |
| EBITDA | 321.98M | 315.48M | 324.26M | 233.76M | 159.43M |
| Net Income | 69.81M | -37.81M | -71.47M | -81.30M | -47.79M |
Balance Sheet | |||||
| Total Assets | 5.43B | 4.49B | 4.58B | 4.79B | 4.58B |
| Cash, Cash Equivalents and Short-Term Investments | 114.84M | 76.70M | 43.45M | 65.05M | 81.60M |
| Total Debt | 1.59B | 1.87B | 3.02B | 2.83B | 2.50B |
| Total Liabilities | 2.07B | 2.18B | 3.12B | 3.14B | 2.75B |
| Stockholders Equity | 3.32B | 2.26B | 1.27B | 1.40B | 1.58B |
Cash Flow | |||||
| Free Cash Flow | 165.88M | 84.15M | -1.26M | 76.25M | -61.78M |
| Operating Cash Flow | 294.44M | 176.09M | 98.53M | 147.77M | 17.91M |
| Investing Cash Flow | -1.08B | -8.73M | 9.40M | -118.58M | -138.65M |
| Financing Cash Flow | 817.50M | -134.74M | -129.06M | -42.92M | 94.11M |
American Healthcare REIT, Inc. Technical Analysis
Positive
50.58
Price Trends
50.18
Positive
48.91
Positive
45.05
Positive
Market Momentum
-0.20
Negative
58.75
Neutral
79.12
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AHR, the sentiment is Positive. The current price of 50.58 is above the 20-day moving average (MA) of 48.21, above the 50-day MA of 50.18, and above the 200-day MA of 45.05, indicating a bullish trend. The MACD of -0.20 indicates Negative momentum. The RSI at 58.75 is Neutral, neither overbought nor oversold. The STOCH value of 79.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AHR.
American Healthcare REIT, Inc. Risk Analysis
American Healthcare REIT, Inc. disclosed 66 risk factors in its most recent earnings report. American Healthcare REIT, Inc. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
American Healthcare REIT, Inc. Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $8.87B | 18.09 | 8.99% | 3.56% | 59.25% | 88.37% | |
74 Outperform | $13.78B | 22.25 | 11.83% | 6.11% | 13.50% | 31.56% | |
70 Outperform | $4.13B | 25.18 | 9.63% | 4.73% | 8.04% | 9.20% | |
70 Outperform | $5.17B | 29.37 | 5.63% | 6.47% | 8.12% | 75.95% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $6.22B | -24.09 | -5.13% | 6.56% | -6.59% | 33.35% | |
61 Neutral | $9.40B | 111.95 | 2.61% | 2.10% | 11.81% | ― |
* Real Estate Sector Average
AHR
American Healthcare REIT, Inc.
50.58
20.68
69.18%
NHI
National Health Investors
85.97
13.73
19.01%
OHI
Omega Healthcare
46.58
10.48
29.03%
SBRA
Sabra Healthcare REIT
20.66
3.66
21.49%
HR
Healthcare Realty Trust
18.31
3.26
21.68%
CTRE
CareTrust REIT
39.50
11.90
43.09%
American Healthcare REIT, Inc. Corporate Events
Business Operations and StrategyPrivate Placements and Financing
American Healthcare REIT Amends and Extends 2026 Credit Facility
Positive
Apr 7, 2026
On April 1, 2026, American Healthcare REIT, Inc., through its operating partnership, executed a second amendment to its existing 2024 credit agreement, reshaping its capital structure with a revised unsecured revolving and term loan facility. The ...
Dividends
American Healthcare REIT Declares First-Quarter 2026 Cash Distribution
Positive
Mar 18, 2026
On March 18, 2026, American Healthcare REIT, Inc. announced that its board of directors declared a quarterly cash distribution of $0.25 per share for the first quarter of 2026, covering the period from January 1 to March 31. The distribution, equi...
Business Operations and StrategyPrivate Placements and Financing
American Healthcare REIT Launches New $1.75 Billion ATM Program
Positive
Feb 27, 2026
On February 27, 2026, American Healthcare REIT, Inc. and its operating partnership entered into a new at-the-market equity offering sales agreement with a syndicate of major investment banks, enabling the company to sell up to $1.75 billion of com...
Business Operations and StrategyFinancial Disclosures
American Healthcare REIT Reports Strong Q4 and 2025 Results
Positive
Feb 26, 2026
American Healthcare REIT on February 26, 2026 reported GAAP net income attributable to controlling interest of $10.8 million, or $0.06 per diluted share, for the fourth quarter of 2025 and $69.8 million, or $0.42 per diluted share, for full-year 2...
Business Operations and StrategyExecutive/Board Changes
American Healthcare REIT Names Interim CEO During Medical Leave
Neutral
Feb 4, 2026
On February 4, 2026, American Healthcare REIT disclosed that Chief Executive Officer and President Danny Prosky took a medical leave effective February 3, 2026, with Board Chairman Jeffrey T. Hanson stepping in as interim CEO and president to main...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.