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American Healthcare REIT, Inc.
(NYSE:AHR)
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Rating:67Neutral
Price Target:
$59.00
â–²(2.72% Upside)
Action:Reiterated
Date:08/17/26
The score is driven primarily by improving financial performance (profitability turn and materially lower leverage) and a strong, guidance-raising earnings outlook. Offsetting these positives are a mixed near-term technical picture and a stretched valuation (very high P/E), which reduces overall attractiveness despite the dividend.
Positive Factors
Revenue and Profitability Recovery
The sustained revenue increase and transition to positive earnings indicate improving scale and operating performance. This creates a stronger foundation for recurring healthcare real estate income, although profitability remains early in its recovery.
Negative Factors
Modest Margins and Uneven Cash Conversion
Modest profitability leaves less cushion if property costs, operator expenses or financing costs rise. Free cash flow below net income in TTM and uneven historical conversion also indicate that reported earnings may not consistently translate into distributable cash.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Profitability Recovery
The sustained revenue increase and transition to positive earnings indicate improving scale and operating performance. This creates a stronger foundation for recurring healthcare real estate income, although profitability remains early in its recovery.
Read all positive factors
American Healthcare REIT, Inc. (AHR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.00B
Dividend Yield1.84%
Average Volume (3M)3.76M
Price to Earnings (P/E)80.3
Beta (1Y)0.48
Revenue Growth16.39%
EPS GrowthN/A
CountryUS
Employees121
SectorReal Estate
Sector Strength53
IndustryREIT - Healthcare Facilities
Share Statistics
EPS (TTM)0.68
Shares Outstanding217,605,420
10 Day Avg. Volume2,175,644
30 Day Avg. Volume3,762,894
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$63.15Price Target Upside9.95% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)0.58
Revenue Forecast (FY)$2.75B
American Healthcare REIT, Inc. Business Overview & Revenue Model
Company Description
American Healthcare REIT (AHR) was forged through a significant strategic consolidation, combining Griffin-American Healthcare REIT III and Griffin-American Healthcare REIT IV, along with integrating the business and operations of American Healthc...
How the Company Makes Money
AHR primarily makes money by acquiring and owning healthcare real estate and generating recurring income from those properties. Its core revenue streams generally include (1) contractual rent received from tenants under lease agreements (often str...
American Healthcare REIT, Inc. Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 17, 2026
Earnings Call Sentiment Positive
The call conveyed a strong, constructive outlook: robust operating performance (double-digit same-store NOI and high single- to double-digit NFFO/share growth), material and disciplined acquisition activity, improved leverage and a raised full-year guide. Management acknowledged modest seasonality (some sequential occupancy dips in skilled nursing) and modest incremental G&A investment to scale the platform, but these were portrayed as manageable versus the sizable growth and execution wins.Positive Updates
Strong Same-Store NOI Growth
Total portfolio same-store NOI grew 13.2% year-over-year (12.7% for the first 6 months) with sequential growth of 4.9% quarter-over-quarter.
Negative Updates
Sequential Occupancy Pressure in Skilled Nursing
Trilogy skilled nursing occupancy declined ~70 basis points sequentially and overall Trilogy occupancy stepped down ~50 basis points QoQ (management attributes part to typical seasonality).
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Same-Store NOI Growth
Total portfolio same-store NOI grew 13.2% year-over-year (12.7% for the first 6 months) with sequential growth of 4.9% quarter-over-quarter.
Read all positive updates
Company Guidance
Management raised 2026 guidance, increasing full-year normalized FFO per diluted share to $2.15–$2.19 (from $2.03–$2.09), which implies roughly 26% NFFO/share growth at the midpoint versus 2025; Q2 NFFO was $0.54 (up 28.6% YoY) and YTD NFFO is $1.05 (up 31.3% YoY). Total portfolio same‑store NOI guidance was raised to +11%–13% (from +9%–12%), with Integrated Senior Health Campuses now +13%–16% (from +11%–15%), SHOP +18%–21% (from +15%–19%), outpatient medical flat to +1%, and triple‑net leases +2%–3% (unchanged). Management highlighted a stronger balance sheet (net debt/EBITDA 2.5x, down from 3.0x in Q1 and ~3.7x a year ago), over $1.4 billion of acquisitions closed YTD, an >$800 million pipeline expected to close this year (not included in guidance), about $1.5 billion of equity raised recently, ~$631 million of unsettled forward sale proceeds and an $800 million revolver available.American Healthcare REIT, Inc. Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
70
Positive
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.50B | 2.26B | 2.07B | 1.86B | 1.62B | 1.26B |
| Gross Profit | 373.79M | 466.59M | 416.77M | 356.83M | 335.97M | 182.01M |
| EBITDA | 447.20M | 359.62M | 315.48M | 324.26M | 233.76M | 159.43M |
| Net Income | 121.02M | 69.81M | -37.81M | -71.47M | -81.30M | -47.79M |
Balance Sheet | ||||||
| Total Assets | 5.70B | 5.43B | 4.49B | 4.58B | 4.79B | 4.58B |
| Cash, Cash Equivalents and Short-Term Investments | 156.90M | 114.84M | 76.70M | 43.45M | 65.05M | 81.60M |
| Total Debt | 1.57B | 1.69B | 1.87B | 3.02B | 2.83B | 2.50B |
| Total Liabilities | 1.96B | 2.07B | 2.18B | 3.12B | 3.14B | 2.75B |
| Stockholders Equity | 3.69B | 3.32B | 2.26B | 1.27B | 1.40B | 1.58B |
Cash Flow | ||||||
| Free Cash Flow | 261.84M | 165.88M | 84.15M | -1.26M | 76.25M | -61.78M |
| Operating Cash Flow | 369.03M | 294.44M | 176.09M | 98.53M | 147.77M | 17.91M |
| Investing Cash Flow | -1.36B | -1.08B | -8.73M | 9.40M | -118.58M | -138.65M |
| Financing Cash Flow | 1.02B | 817.50M | -134.74M | -129.06M | -42.92M | 94.11M |
American Healthcare REIT, Inc. Technical Analysis
Positive
57.44
Price Trends
52.95
Positive
50.99
Positive
49.77
Positive
Market Momentum
0.02
Positive
49.44
Neutral
42.21
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 57.44 is above the 20-day moving average (MA) of 55.46, above the 50-day MA of 52.95, and above the 200-day MA of 49.77, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 49.44 is Neutral, neither overbought nor oversold. The STOCH value of 42.21 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $9.28B | 24.69 | 8.54% | 3.35% | 53.07% | 32.48% | |
74 Outperform | $14.11B | 16.06 | 16.51% | 5.18% | 15.18% | 72.69% | |
71 Outperform | $3.61B | 21.16 | 10.96% | 4.57% | 23.77% | 10.04% | |
67 Neutral | $12.00B | 80.33 | 3.67% | 1.74% | 16.39% | ― | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $5.19B | 76.93 | 2.34% | 5.37% | 18.43% | -65.50% | |
63 Neutral | $6.56B | -73.01 | -1.94% | 4.49% | -6.28% | 77.63% |
* Real Estate Sector Average
AHR
American Healthcare REIT, Inc.
54.42
13.57
33.23%
NHI
National Health Investors
73.24
-0.10
-0.14%
OHI
Omega Healthcare
46.44
6.99
17.72%
SBRA
Sabra Healthcare REIT
20.33
2.01
10.98%
HR
Healthcare Realty Trust
19.11
3.34
21.18%
CTRE
CareTrust REIT
39.30
6.31
19.14%
American Healthcare REIT, Inc. Corporate Events
Business Operations and StrategyPrivate Placements and Financing
American Healthcare REIT completes stock offering for expansion
Positive
Aug 12, 2026
On August 12, 2026, American Healthcare REIT closed a public offering of 13,250,000 shares of common stock, executed through a forward sale structure with Morgan Stanley, Citigroup and KeyBanc as underwriters and forward counterparties. The underw...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
American Healthcare REIT to Acquire Kensington Senior Portfolio
Positive
Aug 10, 2026
On August 10, 2026, American Healthcare REIT, Inc., through its operating partnership, agreed to acquire the Kensington Portfolio, a group of eight senior housing communities totaling 745 units in California, Maryland, New York and Virginia, for a...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
American Healthcare REIT Raises Outlook on Strong Quarter
Positive
Aug 6, 2026
On August 6, 2026, American Healthcare REIT reported second-quarter 2026 results showing GAAP net income attributable to controlling interest of $30.6 million, or $0.16 per diluted share, and normalized FFO of $0.54 per diluted share. Same-store N...
Business Operations and StrategyExecutive/Board Changes
American Healthcare REIT Announces Strategic Leadership Realignment
Positive
Jul 22, 2026
On July 22, 2026, American Healthcare REIT, Inc. announced a leadership realignment designed to support its next phase of growth and platform scaling. The board appointed co‑founder and long‑time chairman Jeff Hanson as chief executive...
Executive/Board ChangesShareholder Meetings
American Healthcare REIT Shareholders Back Board and Governance
Positive
Jun 25, 2026
American Healthcare REIT, Inc. reported that on June 24, 2026, stockholders elected nine directors to one-year terms expiring at the 2027 annual meeting, with all nominees receiving the requisite support despite varying levels of withheld votes. N...
Business Operations and StrategyDividends
American Healthcare REIT Declares Quarterly Cash Distribution
Positive
Jun 18, 2026
On June 18, 2026, American Healthcare REIT, Inc. announced that its board of directors declared a quarterly cash distribution of $0.25 per share for the quarter from April 1 to June 30, 2026. The distribution, which represents an annualized rate o...
Business Operations and StrategyPrivate Placements and Financing
American Healthcare REIT Completes Additional Forward Equity Offering
Positive
May 28, 2026
On May 22, 2026, American Healthcare REIT, Inc. closed a public offering of 14,000,000 shares of common stock, with BofA Securities, Inc. acting as underwriter and receiving a 30-day option to purchase up to 2,100,000 additional shares. Following ...
Private Placements and Financing
American Healthcare REIT Completes Forward Common Stock Offering
Positive
May 22, 2026
On May 22, 2026, American Healthcare REIT, Inc. closed a public offering of 14,000,000 shares of its common stock in a forward structure, following a May 20, 2026 underwriting agreement with BofA Securities, Inc. as underwriter, forward seller and...
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.