American Healthcare REIT, Inc. (AHR)
NYSE:AHR
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American Healthcare REIT, Inc.
(NYSE:AHR)
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Rating:64Neutral
Price Target:
$54.00
▲(8.89% Upside)
Action:Reiterated
Date:05/29/26
The score is driven primarily by improving fundamentals (better leverage, positive recent cash generation, and a return to profitability) and a strong, guidance-raising earnings call signaling operating momentum and accretive growth potential. These positives are moderated by demanding valuation (high P/E), only neutral technical momentum, and some execution/regulatory risks highlighted by management.
Positive Factors
Balance sheet strength
Material de-leveraging and a stronger capital base reduce financial risk and increase strategic flexibility. Lower leverage (debt-to-equity under 0.5 in 2025 and net debt/EBITDA improving) and expanded undrawn revolver capacity position the company to fund accretive acquisitions and weather cyclical shocks over the medium term.
Negative Factors
Equity issuance/dilution risk
Large forward equity offerings and ATM/forward arrangements increase potential share count and can dilute per-share metrics. Reliance on equity capital to fund growth creates sensitivity to capital markets and can weigh on long-term EPS/NFFO accretion if issuance pace remains high relative to internal cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Material de-leveraging and a stronger capital base reduce financial risk and increase strategic flexibility. Lower leverage (debt-to-equity under 0.5 in 2025 and net debt/EBITDA improving) and expanded undrawn revolver capacity position the company to fund accretive acquisitions and weather cyclical shocks over the medium term.
Read all positive factors
American Healthcare REIT, Inc. (AHR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.32B
Dividend Yield2.1%
Average Volume (3M)2.45M
Price to Earnings (P/E)91.3
Beta (1Y)0.54
Revenue Growth12.22%
EPS GrowthN/A
CountryUS
Employees114
SectorReal Estate
Sector Strength53
IndustryREIT - Healthcare Facilities
Share Statistics
EPS (TTM)0.58
Shares Outstanding206,722,300
10 Day Avg. Volume3,009,802
30 Day Avg. Volume2,448,929
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 Cap-10.49
Enterprise Value/Revenue-45.69
Enterprise Value/Gross Profit-477.41
Enterprise Value/Ebitda-298.75
Forecast
1Y Price Target
$55.26Price Target Upside11.44% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)0.56
Revenue Forecast (FY)$2.64B
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
58
Neutral
Balance Sheet
66
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.37B | 2.26B | 2.07B | 1.86B | 1.62B | 1.26B |
| Gross Profit | 226.85M | 39.69M | 416.77M | 356.83M | 335.97M | 182.01M |
| EBITDA | 362.51M | 321.98M | 315.48M | 324.26M | 233.76M | 159.43M |
| Net Income | 100.32M | 69.81M | -37.81M | -71.47M | -81.30M | -47.79M |
Balance Sheet | ||||||
| Total Assets | 5.60T | 5.43B | 4.49B | 4.58B | 4.79B | 4.58B |
| Cash, Cash Equivalents and Short-Term Investments | 119.38B | 114.84M | 76.70M | 43.45M | 65.05M | 81.60M |
| Total Debt | 1.55B | 1.59B | 1.87B | 3.02B | 2.83B | 2.50B |
| Total Liabilities | 2.08T | 2.07B | 2.18B | 3.12B | 3.14B | 2.75B |
| Stockholders Equity | 3.48T | 3.32B | 2.26B | 1.27B | 1.40B | 1.58B |
Cash Flow | ||||||
| Free Cash Flow | 235.49M | 165.88M | 84.15M | -1.26M | 76.25M | -61.78M |
| Operating Cash Flow | 321.88M | 294.44M | 176.09M | 98.53M | 147.77M | 17.91M |
| Investing Cash Flow | -1.25B | -1.08B | -8.73M | 9.40M | -118.58M | -138.65M |
| Financing Cash Flow | 969.26M | 817.50M | -134.74M | -129.06M | -42.92M | 94.11M |
American Healthcare REIT, Inc. Technical Analysis
Negative
49.59
Price Trends
49.50
Negative
49.54
Negative
46.94
Positive
Market Momentum
0.13
Positive
46.09
Neutral
40.06
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AHR, the sentiment is Negative. The current price of 49.59 is below the 20-day moving average (MA) of 50.49, above the 50-day MA of 49.50, and above the 200-day MA of 46.94, indicating a neutral trend. The MACD of 0.13 indicates Positive momentum. The RSI at 46.09 is Neutral, neither overbought nor oversold. The STOCH value of 40.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | $9.74B | 27.18 | 8.67% | 3.56% | 58.48% | 70.32% | |
74 Outperform | $14.01B | 21.97 | 12.40% | 6.11% | 13.95% | 27.68% | |
68 Neutral | $5.11B | 32.11 | 5.61% | 6.47% | 13.50% | 7.25% | |
66 Neutral | $6.97B | -34.39 | -4.34% | 6.56% | -6.44% | 46.41% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $10.32B | 91.29 | 0.01% | 2.10% | 12.22% | ― | |
64 Neutral | $3.65B | 23.91 | 9.88% | 4.73% | 16.91% | -1.91% |
* Real Estate Sector Average
AHR
American Healthcare REIT, Inc.
48.89
14.76
43.26%
NHI
National Health Investors
73.29
4.16
6.02%
OHI
Omega Healthcare
46.76
11.99
34.50%
SBRA
Sabra Healthcare REIT
19.89
3.46
21.04%
HR
Healthcare Realty Trust
19.92
6.17
44.84%
CTRE
CareTrust REIT
40.82
13.21
47.82%
American Healthcare REIT, Inc. Corporate Events
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...
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...
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.