American Healthcare REIT shares rise 3.3% after forecast raise
Shares rose 3.3%. Third-quarter revenue of $742.15 million was above the $734.45 million consensus estimate, and the company raised its 2026 NFFO per diluted share forecast to $2.23 to $2.26 from $2.15 to $2.19.
Key takeaways
- American Healthcare REIT (AHR) raised its 2026 normalized funds from operations per diluted share forecast to $2.23 to $2.26, from $2.15 to $2.19, and third-quarter revenue of $742.15 million was above the $734.45 million consensus estimate. Same-store NOI growth guidance rose to 12.0% to 14.0%.
American Healthcare REIT (AHR) reported third-quarter revenue of $742.15 million, above the $734.45 million consensus estimate, and raised its 2026 forecast for normalized funds from operations, or NFFO, per diluted share.
Shares rose 3.3% at 3:59 p.m. ET, from a $56.04 close.
Senior housing drove the increase, with same-store net operating income, or NOI, up 28.2% in senior housing operating properties (SHOP) and 15.7% in integrated senior health campuses (ISHC). Total portfolio same-store NOI grew 13.8% in the quarter. Revenue has risen in each of the last three quarters, from $572.9 million in the third quarter of 2025 to $674.2 million in the second quarter of 2026.
Here's how the company did:
- Revenue: $742.15 million vs. $734.45 million expected, up from $572.94 million a year earlier
- NFFO per diluted share: $0.58 vs. $0.44 a year earlier
- Net income attributable to controlling interest: $31.2 million, or 14 cents per diluted share, vs. $55.9 million a year earlier
2026 guidance
The company raised its NFFO per diluted share forecast for 2026 to $2.23 to $2.26, from the $2.15 to $2.19 it forecast on Aug. 6. Its total portfolio same-store NOI growth forecast rose to 12.0% to 14.0%, from 11.0% to 13.0%.
| Segment | Current 2026 range | Prior 2026 range |
|---|---|---|
| ISHC | 14.5% to 16.5% | 13.0% to 16.0% |
| SHOP | 23.0% to 26.0% | 18.0% to 21.0% |
| Outpatient Medical | 0.5% to 1.0% | 0.0% to 1.0% |
| Triple-net leased properties | 2.5% to 3.5% | 2.0% to 3.0% |
Chief Financial Officer Aric Chang said the company raised guidance because the team "successfully executed on organic and external growth in the third quarter."
Segment results
Outpatient Medical same-store NOI grew 0.4%, and triple-net leased properties grew 2.7%.
Investments and balance sheet
The company acquired 17 SHOP assets for about $1.69 billion during the quarter. Its pipeline totals over $1.0 billion, expected to close by the end of the first quarter of 2027.
As of Sept. 30, the company had total consolidated indebtedness of $1.38 billion and about $2.35 billion of total liquidity. Net debt to annualized adjusted EBITDA was 1.9x, down from 2.5x as of June 30.
In August, it completed a follow-on common equity offering, with forward sale agreements for 15,237,500 shares for about $819.0 million in gross proceeds.
Management changes
Jeff Hanson was named chief executive officer while continuing as chairman. Gabe Willhite was elevated to president while continuing as chief operating officer, and Aric Chang was added as chief financial officer.