Aug 6, 2026, 4:17 PM ETReal Estate

American Healthcare REIT — Second Quarter 2026 Earnings Summary

AHRAMERICAN HEALTHCARE REIT INC

Financial Performance

Reported GAAP net income attributable to controlling interest of $30.6 million ($0.16 per diluted share) for the three months ended June 30, 2026, compared to $9.9 million ($0.06 per diluted share) in the same period of 2025.
Reported Normalized Funds From Operations (NFFO) attributable to controlling interest of $0.54 per diluted share for the three months ended June 30, 2026, compared to $0.42 per diluted share in the prior year period.
Achieved total portfolio Same-Store Net Operating Income (NOI) growth of 13.2% for the three months ended June 30, 2026, compared to the same period in 2025.
Achieved Same-Store NOI growth of 20.5% in Senior Housing Operating Properties (SHOP) and 16.1% in Integrated Senior Health Campuses (ISHC) for the three months ended June 30, 2026, compared to the same period in 2025.
Reported Net Debt-to-Annualized Adjusted EBITDA improved to 2.5x as of June 30, 2026, from 3.0x as of March 31, 2026.
Total consolidated indebtedness was $1.4 billion as of June 30, 2026.
Total liquidity was approximately $2.6 billion as of June 30, 2026, comprised of cash and cash equivalents, undrawn credit facility capacity, and expected gross proceeds from unsettled forward sale agreements.
Real estate investments, net, increased to $4.42 billion as of June 30, 2026, from $4.18 billion as of December 31, 2025.
Cash and cash equivalents were $156.9 million as of June 30, 2026, compared to $114.8 million as of December 31, 2025.

Increased full-year 2026 NFFO per diluted share guidance to a range of $2.15 to $2.19, representing a midpoint increase of over 5% versus the prior guidance.
Increased full-year 2026 Total Portfolio Same-Store NOI growth guidance to a range of 11.0% to 13.0%, compared to the prior range of 9.0% to 12.0%.
Increased full-year 2026 Net income per diluted share guidance to a range of $0.54 to $0.58, compared to the prior range of $0.51 to $0.57.
Increased full-year 2026 NAREIT FFO per diluted share guidance to a range of $2.04 to $2.08, compared to the prior range of $1.93 to $1.99.
Segment-level Same-Store NOI growth guidance for 2026: ISHC (13.0% to 16.0%), SHOP (18.0% to 21.0%), Outpatient Medical (0.0% to 1.0%), and Triple-Net Leased Properties (2.0% to 3.0%).
The company expects to close deals in its investment pipeline by the end of 2026, though it cannot guarantee timing or closings.
Guidance does not assume any additional transaction or capital markets activity beyond transactions disclosed as completed.

SHOP segment achieved 20.5% Same-Store NOI growth for the three months ended June 30, 2026.
ISHC segment achieved 16.1% Same-Store NOI growth for the three months ended June 30, 2026.
Outpatient Medical segment achieved 1.7% Same-Store NOI growth for the three months ended June 30, 2026.
Triple-Net Leased Properties segment achieved 2.1% Same-Store NOI growth for the three months ended June 30, 2026.
Acquired approximately $126.9 million in new SHOP investments during the three months ended June 30, 2026.
Completed $1.4 billion in new investments since the beginning of 2026.
Acquired four new SHOP assets for approximately $86.4 million in Georgia and South Carolina during the quarter.
Acquired one new SHOP asset for approximately $40.5 million in Minnesota during the quarter.
Sold three Non-Core Properties for approximately $22.3 million during the quarter.
Subsequent to quarter end, acquired 10 new SHOP assets for approximately $1.0 billion.
Funded a loan for seven properties for approximately $86.2 million with purchase options subsequent to quarter end.
Total in-process development and expansion pipeline is expected to cost approximately $197.5 million, with $72.0 million funded as of June 30, 2026.

Management describes the company as the "industry's partner of choice" with strengthening opportunities available to them.
The company focuses on senior housing and care, partnering with operators who deliver quality outcomes.
The company's platform capabilities are being extended to regional operating partners to facilitate growth.
The company operates a diversified portfolio of clinical healthcare real estate across the United States, United Kingdom, and Isle of Man.

The company cannot guarantee when or if deals in its investments pipeline will close.
Forward-looking statements regarding guidance and performance involve known and unknown risks, including changing macroeconomic conditions, domestic legal and fiscal policies, and geopolitical conditions.
Actual results could differ materially from forward-looking statements due to factors such as impairment on depreciated real estate assets, net gain or loss on sale of real estate assets, stock-based compensation, casualty loss, and non-Same-Store revenue and operating expenses.
The company is unable to provide guidance for the most comparable GAAP financial measures of total revenues and property operating and maintenance expenses without unreasonable effort.

Jeff Hanson, Chairman and CEO, stated that results reflect a deliberate strategy to concentrate capital in senior housing and care, noting the tenth consecutive quarter of double-digit Same-Store NOI growth.
Hanson noted that while underwriting standards have not changed, the quality and depth of opportunities have strengthened.
Gabe Willhite, President and COO, emphasized that the quarter was driven by operating execution, including occupancy gains, dynamic revenue management, and expense discipline.
Brian Peay, CFO, highlighted that the company funded acquisitions with forward equity and improved Net Debt-to-Adjusted EBITDA by half a turn during the quarter.
Management expressed conviction in the opportunity and confidence in carrying momentum through the second half of 2026.

Completed a follow-on common equity offering in May 2026, entering forward sale agreements for 16,100,000 shares for approximately $811.4 million in gross proceeds.
Entered forward sale agreements under its ATM Program during the quarter to sell 8,786,880 shares for approximately $433.2 million.
Subsequent to quarter end, entered additional ATM forward sale agreements to sell 4,706,002 shares for approximately $254.7 million.
Issued 4,704,556 shares during the quarter to settle ATM forward sale agreements for approximately $228.7 million.
Subsequent to quarter end, issued 23,334,350 shares to settle forward sale agreements from the ATM Program and May 2026 offering for approximately $1.18 billion.
As of August 6, 2026, unsettled forward sale agreements related to 12,246,596 shares with expected gross proceeds of approximately $630.5 million.
Amended credit facility in the quarter to increase the unsecured revolving credit facility from $600 million to $800 million, raising the total aggregate facility to $1.35 billion.
The revolving portion of the credit facility matures on April 1, 2030, with extension options and an incremental increase option to $1.85 billion.
Board of Directors declared a cash distribution of $0.25 per share for the quarter ended June 30, 2026, paid on July 17, 2026.