American Healthcare REIT, Inc. (AHR)
NYSE:AHR
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American Healthcare REIT, Inc.
(NYSE:AHR)
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Rating:69Neutral
Price Target:
$54.00
▲(8.89% Upside)
Action:ReiteratedDate:05/08/26
The score is driven primarily by improving financial momentum and upbeat, raised 2026 guidance (strong same-store NOI and NFFO growth with better leverage). Valuation also screens favorably on the provided P/E and dividend yield. The main constraints are historical profitability volatility and the flagged 2025 financial data inconsistencies, while technicals appear broadly neutral rather than strongly supportive.
Positive Factors
Same-store NOI Momentum
Sustained double-digit same-store NOI growth over multiple quarters indicates durable operating leverage across the portfolio. Consistent NOI expansion supports cash flow stability, underpins NFFO growth and distributions, and validates operator execution and demand for senior housing over the next 2–6 months.
Negative Factors
Profitability Volatility & Data Flags
Historic multi-year net losses and noted inconsistencies in 2025 margin and debt reporting undermine confidence in earnings quality. Erratic profitability reduces predictability of distributable cash and complicates trend analysis, increasing model risk for projections over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Same-store NOI Momentum
Sustained double-digit same-store NOI growth over multiple quarters indicates durable operating leverage across the portfolio. Consistent NOI expansion supports cash flow stability, underpins NFFO growth and distributions, and validates operator execution and demand for senior housing over the next 2–6 months.
Read all positive factors
American Healthcare REIT, Inc. (AHR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.62B
Dividend Yield2.1%
Average Volume (3M)2.53M
Price to Earnings (P/E)<0.1
Beta (1Y)0.55
Revenue Growth9.15%
EPS GrowthN/A
CountryUS
Employees114
SectorReal Estate
Sector Strength53
IndustryREIT - Healthcare Facilities
Share Statistics
EPS (TTM)0.41
Shares Outstanding191,870,180
10 Day Avg. Volume2,388,794
30 Day Avg. Volume2,533,942
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-11.38
Enterprise Value/Revenue-48.43
Enterprise Value/Gross Profit-318.52
Enterprise Value/Ebitda-341.20
Forecast
1Y Price Target
$57.57Price Target Upside16.09% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)0.75
Revenue Forecast (FY)$2.71B
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:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call emphasized strong operating and financial momentum driven by double-digit same-store NOI growth, robust acquisition activity, an awarded pipeline, improved leverage and liquidity, and raised guidance—balanced with noted conservatism around SHOP pacing, slower growth in outpatient/triple-net segments, regulatory reimbursement headwinds (CMS), modest cap-rate tightening, and higher G&A from stock-based comp. Overall, the company conveyed confidence in durable demand, operator execution, and accretive capital deployment while acknowledging near-term operational and market execution risks.Positive Updates
Sustained Same-Store NOI Growth
Total portfolio same-store NOI grew 12.1% in Q1 2026, marking the ninth consecutive quarter of double-digit same-store NOI growth.
Negative Updates
Conservative/Unchanged SHOP Guidance
Despite SHOP outperforming in Q1 (same-store NOI +19.7%), management left SHOP full-year guidance unchanged, indicating caution on pacing and seasonality risk even after a strong quarter.
Read all updates
Q1-2026 Updates
Positive
Negative
Sustained Same-Store NOI Growth
Total portfolio same-store NOI grew 12.1% in Q1 2026, marking the ninth consecutive quarter of double-digit same-store NOI growth.
Read all positive updates
Company Guidance
The company raised full-year 2026 guidance, boosting same-store NOI growth to 9%–12% and raising NFFO per share guidance to about $2.09–$2.30 (roughly 20% growth versus 2025); segment-level 2026 same-store NOI guidance was set at 11%–15% for Trilogy (Q1 Trilogy same-store NOI was 14.5% with 91.2% occupancy), 15%–19% for SHOP (Q1 SHOP same-store NOI was 19.7% with 88.6% occupancy), 0%–2% for outpatient medical, and 2%–3% for triple-net leases. Supporting quarter-to-date metrics include Q1 NFFO of $0.50 per diluted share (up 31.6% YoY from $0.38), total-portfolio Q1 same-store NOI of 12.1%, net debt/annualized EBITDA improved to 3.0x from 3.4x, YTD closed acquisitions of $249.2M (including $162.8M in Q1) with ~$650M+ of awarded pipeline expected to close in 2026, in-process development cost of ~$173.9M ( ~$52.4M funded), $950M of 2025 acquisitions now accreting to earnings, ATM forward sale arrangements totaling ~$412.7M (with ~$527.4M unsettled forwards and >$1B capacity available), and an expanded $800M revolver (up from $600M, maturing April 2030) with zero borrowings outstanding.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
49.59
Price Trends
50.24
Negative
48.92
Positive
45.11
Positive
Market Momentum
-0.13
Negative
52.54
Neutral
80.13
Negative
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 49.59 is above the 20-day moving average (MA) of 48.15, below the 50-day MA of 50.24, and above the 200-day MA of 45.11, indicating a neutral trend. The MACD of -0.13 indicates Negative momentum. The RSI at 52.54 is Neutral, neither overbought nor oversold. The STOCH value of 80.13 is Negative, 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 | $8.82B | 25.48 | 8.99% | 3.56% | 60.84% | 98.53% | |
76 Outperform | $13.74B | 21.54 | 12.40% | 6.11% | 13.95% | 27.68% | |
70 Outperform | $5.19B | 29.65 | 5.61% | 6.47% | 13.50% | 7.25% | |
69 Neutral | $9.62B | 0.09 | 2.73% | 2.10% | 9.15% | ― | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
60 Neutral | $3.64B | 24.36 | 9.87% | 4.73% | 16.91% | -1.91% | |
60 Neutral | $6.93B | 70,273.67 | -5.13% | 6.56% | -6.92% | 60.09% |
* Real Estate Sector Average
AHR
American Healthcare REIT, Inc.
49.60
15.48
45.38%
NHI
National Health Investors
75.07
1.88
2.57%
OHI
Omega Healthcare
46.13
12.44
36.90%
SBRA
Sabra Healthcare REIT
20.58
3.53
20.69%
HR
Healthcare Realty Trust
19.99
5.55
38.46%
CTRE
CareTrust REIT
39.50
11.51
41.13%
American Healthcare REIT, Inc. Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
American Healthcare REIT Raises 2026 Outlook After Strong Quarter
Positive
May 7, 2026
On May 7, 2026, American Healthcare REIT reported first-quarter 2026 GAAP net income attributable to controlling interest of $23.7 million, or $0.13 per diluted share, and Normalized FFO of $0.50 per diluted share, more than 30% higher than a year...
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...
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.