AHR · American Healthcare REIT, Inc.

American Healthcare REIT delivered strong Q1 2026 results driven by robust Same-Store NOI growth of 12.1% across its total portfolio, led by 19.7% in SHOP and 14.5% in ISHC segments, reflecting effective revenue management and expense control by operating partners like Trilogy. GAAP net income was $23.7 million or $0.13 per diluted share, while core NFFO reached $0.50 per share, up over 30% year-over-year, supported by operational strength and accretive capital deployment. The company acquired $162.8 million in SHOP assets during the quarter, bolstering its senior housing portfolio now comprising 87 properties with 3,685 beds/units at 88.9% occupancy. Balance sheet improvements included reducing Net Debt-to-Annualized Adjusted EBITDA to 3.0x from 3.4x at year-end 2025, with $1.31 billion in liquidity from cash, credit lines, and unsettled forward sales. Capital markets activity was robust, with $191.2 million in gross proceeds from settling 3.97 million shares under ATM program forward agreements in Q1, and $527.4 million potential from 10.5 million unsettled shares as of May 7. Post-quarter, credit facility was expanded to $1.35 billion total capacity. Management raised FY2026 guidance, lifting NFFO per share midpoint to $2.06 from $2.02 prior, and Same-Store NOI growth midpoint to 10.5%, signaling confidence in sustained double-digit organic growth and pipeline execution exceeding $650 million, though not factored into guidance. A $0.25 per share dividend was paid April 17 to March 31 record holders. CEO Jeff Hanson highlighted nine straight quarters of double-digit NOI growth and efficient capital formation.