Jun 2026 (Q2 FY26) — Aug 7, 2026
American Healthcare REIT Q2 FY26 — Strong Performance Drives Increased Full-Year Guidance and Significant Acquisition Activity
Read the full callAmerican Healthcare REIT (AHR) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
American Healthcare REIT earnings: last reported Fri, 7 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 674 | +24.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 20.4 | +1.3 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 30.6 | +208.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
8 of 13 judged targets kept · 9 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Acquisition pipeline (awarded deals) | over $650 million | Mar 2026 | exceptionally strong acquisition execution with over $1.4 billion in closed deals year-to-date with an additional more than $800 million locked up and in the pipeline, all expected to close prior to year-end. | Revised Up |
| Triple-Net Leased Properties segment same-store NOI growth | 2% to 3% | Dec 2025 | triple net leased properties are unchanged at an increase of 2% to 3% year-over-year. | On Track |
5 of American Healthcare REIT, Inc.'s 22 targets were missed. See which ones, and which are quietly gone. The 2 above are the free sample; 20 more targets are in the full ledger.
Claimed
- Total portfolio same-store NOI grew 13.2% year-over-year for the tenth consecutive quarter.
- Normalized FFO per diluted share increased 28.6% year-over-year to $0.54 in Q2 FY26.
- Full-year NFFO per diluted share guidance was raised to a range of $2.15 to $2.19, representing ~26% growth over 2025.
- Net debt to EBITDA improved to 2.5x, a 0.5 turn better than Q1 FY26.
- Closed over $1.4 billion in new acquisitions year-to-date, with an additional $800 million in the pipeline.
Qualified
- Trilogy's skilled nursing occupancy stepped down 70 basis points sequentially in Q2 FY26.
- Senior housing occupancy experienced typical first-half seasonality, with a slight pullback of 50 basis points from Q1 FY26.
Price
$53.01 +1.13% · +$0.59
Performance +27.8% 1Y
1Y: $41.49 on 14 Oct 2025 → $53.01. High $57.72 (28 Jul 2026), low $41.49 (14 Oct 2025).
- Previous close
- $52.42
- 52-week range
- $41.49 – $57.72
- One year
- +24.06%
Overview
- Symbol
- AHR
- Sector
- Real Estate
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
8 of 13 judged targets kept · 9 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Acquisition pipeline (awarded deals) | over $650 million | Mar 2026 | exceptionally strong acquisition execution with over $1.4 billion in closed deals year-to-date with an additional more than $800 million locked up and in the pipeline, all expected to close prior to year-end. | Revised Up |
| Triple-Net Leased Properties segment same-store NOI growth | 2% to 3% | Dec 2025 | triple net leased properties are unchanged at an increase of 2% to 3% year-over-year. | On Track |
Claimed
- Total portfolio same-store NOI grew 13.2% year-over-year for the tenth consecutive quarter.
- Normalized FFO per diluted share increased 28.6% year-over-year to $0.54 in Q2 FY26.
- Full-year NFFO per diluted share guidance was raised to a range of $2.15 to $2.19, representing ~26% growth over 2025.
- Net debt to EBITDA improved to 2.5x, a 0.5 turn better than Q1 FY26.
- Closed over $1.4 billion in new acquisitions year-to-date, with an additional $800 million in the pipeline.
Qualified
- Trilogy's skilled nursing occupancy stepped down 70 basis points sequentially in Q2 FY26.
- Senior housing occupancy experienced typical first-half seasonality, with a slight pullback of 50 basis points from Q1 FY26.
The full ledger
Open American Healthcare REIT, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 22 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 8, 2026
American Healthcare REIT Q1 FY26 — Ninth Consecutive Quarter of Double-Digit Same-Store NOI Growth and Raised Full-Year Guidance
Read the full callDec 2025 (Q4 FY25) — Feb 27, 2026
American Healthcare REIT Q4 FY25 — Double-Digit NOI Growth and Strong Acquisition Activity
Read the full callEvery analysed call
American Healthcare REIT earnings calls (AHR)
Financials
What the filings say
Net profit, year on year: +209% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 524 | 543 | 541 | 543 | 573 | 604 | 651 | 674 |
| Expenses | 490 | 503 | 502 | 496 | 530 | 568 | 612 | 632 |
| Operating profit | 94 | 99 | 95 | 103 | 106 | 112 | 126 | 137 |
| Operating margin | 17.9% | 18.3% | 17.5% | 19.0% | 18.5% | 18.5% | 19.3% | 20.4% |
| Interest | 30 | 30 | 23 | 23 | 20 | 20 | 19 | 19 |
| Profit before tax | -3 | -32 | -6 | 11 | 36 | 9 | 23 | 31 |
| Tax rate | −9.3% | −1.5% | −9.7% | 6.8% | −59.3% | −28.3% | −2.2% | −0.0% |
| Net profit | -4 | -32 | -7 | 10 | 56 | 11 | 24 | 31 |
| EPS ($ per share) | -0.03 | — | -0.04 | 0.06 | 0.33 | — | 0.13 | 0.16 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Reserves | -65 | -131 | -864 | -951 | -1,138 | -1,276 | -1,458 | -1,559 |
| Total liabilities | 337 | 477 | 2,160 | 2,751 | 3,137 | 3,119 | 2,184 | 2,066 |
| Total assets | 896 | 1,068 | 3,235 | 4,580 | 4,787 | 4,578 | 4,488 | 5,426 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 15 | 117 | 219 | 18 | 148 | 99 | 176 | 294 |
| Cash from investing | -412 | -103 | -148 | -139 | -119 | 9 | -9 | -1,083 |
| Cash from financing | 404 | 3 | -9 | 94 | -43 | -129 | -135 | 817 |
| Capital expenditure | -364 | -208 | -8 | — | -8 | -45 | -60 | -884 |
| Free cash flow | -348 | -91 | 211 | — | 140 | 53 | 116 | -590 |
AHR revenue by segment
SHOP grew from 14% to 19% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Integrated Senior Health Campuses | 86% | 85% | 85% | 85% | 85% | 83% | 82% | 81% | +21.0% |
| SHOP | 14% | 15% | 15% | 15% | 15% | 17% | 18% | 19% | +57.0% |
| Outpatient Medical | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
| Triple Net Leased Properties | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
AHR operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Occupancy rate Trilogy | 91.2%Our ISHC segment, also known as Trilogy, delivered same-store NOI growth of 14.5%, with same-store occupancy averaging 91.2%, up roughly 220 basis points year-over-year.Source: earnings call transcript | 90.7%Same-store NOI grew 16.1% year-over-year and 5.4% sequentially, while same-store occupancy averaged 90.7%, up 180 basis points from a year ago.Source: earnings call transcript | -0.5 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- Non Us <1%
As AHR cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
63 filings between Nov 10, 2025 and Sep 25, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$5.49M
10 sales by 3 insiders
30% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 8
- Award — granted as compensation
- 20
- Option exercise — converted options into shares
- 25
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Hanson Jeffrey T | — | $3.64M | Dec 23, 2025 |
| PEAY BRIAN | — | $1.27M | Jun 26, 2026 |
| Foster Mark E. | — | $578.1K | Sep 25, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 25, 2026 | Foster Mark E. EVP, GC & Secretary | Sale | 1,500 | $78.1K |
| Sep 1, 2026 | Foster Mark E. EVP, GC & Secretary | Sale 10b5-1 plan | 2,000 | $110.8K |
| Jul 21, 2026 | Prosky Danny Director | Award | 2,594 | $0 |
| Jun 26, 2026 | PEAY BRIAN Chief Financial Officer | Sale | 25,000 | $1.27M |
| Jun 24, 2026 | Streiff Mathieu B. Director | Award | 2,594 | $0 |
| Jun 24, 2026 | Hurley Dianne Director | Award | 2,594 | $0 |
| Jun 24, 2026 | O'Quinn Marvin R Director | Award | 2,594 | $0 |
| Jun 24, 2026 | Richardson Valerie Director | Award | 2,594 | $0 |
| Jun 24, 2026 | ESTES SCOTT A Director | Award | 2,594 | $0 |
| Jun 24, 2026 | Foster Mark E. EVP, GC & Secretary | Sale | 2,500 | $121.5K |
| Jun 24, 2026 | Flornes Brian J. Director | Award | 2,594 | $0 |
| Jun 24, 2026 | Smith Wilbur H III Director | Award | 2,594 | $0 |
| Jun 1, 2026 | Foster Mark E. EVP, GC & Secretary | Sale 10b5-1 plan | 2,000 | $96.6K |
| Apr 6, 2026 | PEAY BRIAN Chief Financial Officer | Tax withheld | 3,654 | $175.7K |
| Apr 6, 2026 | Foster Mark E. EVP, GC & Secretary | Option exercise | 2,986 | — |
| Apr 6, 2026 | PEAY BRIAN Chief Financial Officer | Option exercise | 6,768 | — |
| Apr 6, 2026 | Willhite Gabriel M Chief Operating Officer | Option exercise | 6,768 | — |
| Apr 6, 2026 | Oh Stefan K.L. Chief Investment Officer | Tax withheld | 1,621 | $78.0K |
| Apr 6, 2026 | Prosky Danny Director | Option exercise | 15,924 | — |
| Apr 6, 2026 | Foster Mark E. EVP, GC & Secretary | Tax withheld | 1,612 | $77.5K |
| Apr 6, 2026 | Oh Stefan K.L. Chief Investment Officer | Option exercise | 3,185 | — |
| Apr 6, 2026 | Prosky Danny Director | Tax withheld | 8,596 | $413.4K |
| Apr 6, 2026 | Willhite Gabriel M Chief Operating Officer | Tax withheld | 3,654 | $175.7K |
| Mar 25, 2026 | Willhite Gabriel M Chief Operating Officer | Option exercise | 9,723 | — |
| Mar 25, 2026 | PEAY BRIAN Chief Financial Officer | Tax withheld | 4,170 | $201.2K |
| Mar 25, 2026 | PEAY BRIAN Chief Financial Officer | Option exercise | 8,195 | — |
| Mar 25, 2026 | PEAY BRIAN Chief Financial Officer | Tax withheld | 6,985 | $337.0K |
| Mar 25, 2026 | PEAY BRIAN Chief Financial Officer | Option exercise | 13,727 | — |
| Mar 25, 2026 | Prosky Danny Director | Option exercise | 20,912 | — |
| Mar 25, 2026 | Willhite Gabriel M Chief Operating Officer | Tax withheld | 4,948 | $238.7K |
| Mar 25, 2026 | Prosky Danny Director | Tax withheld | 10,641 | $513.4K |
| Mar 25, 2026 | Prosky Danny Director | Option exercise | 30,885 | — |
| Mar 25, 2026 | Prosky Danny Director | Tax withheld | 15,715 | $758.2K |
| Mar 25, 2026 | Foster Mark E. EVP, GC & Secretary | Sale 10b5-1 plan | 2,000 | $97.1K |
| Mar 25, 2026 | Foster Mark E. EVP, GC & Secretary | Tax withheld 10b5-1 plan | 1,869 | $90.2K |
| Mar 25, 2026 | Foster Mark E. EVP, GC & Secretary | Option exercise 10b5-1 plan | 3,673 | — |
| Mar 25, 2026 | Foster Mark E. EVP, GC & Secretary | Tax withheld 10b5-1 plan | 3,783 | $182.5K |
| Mar 25, 2026 | Foster Mark E. EVP, GC & Secretary | Option exercise 10b5-1 plan | 7,435 | — |
| Mar 25, 2026 | Oh Stefan K.L. Chief Investment Officer | Tax withheld | 2,588 | $124.9K |
| Mar 25, 2026 | Oh Stefan K.L. Chief Investment Officer | Option exercise | 5,086 | — |
| Mar 25, 2026 | Oh Stefan K.L. Chief Investment Officer | Tax withheld | 4,657 | $224.7K |
| Mar 25, 2026 | Oh Stefan K.L. Chief Investment Officer | Option exercise | 9,151 | — |
| Mar 25, 2026 | Willhite Gabriel M Chief Operating Officer | Tax withheld | 2,790 | $134.6K |
| Mar 25, 2026 | Willhite Gabriel M Chief Operating Officer | Option exercise | 5,482 | — |
| Mar 12, 2026 | Oh Stefan K.L. Chief Investment Officer | Tax withheld | 3,437 | $181.5K |
| Mar 12, 2026 | Oh Stefan K.L. Chief Investment Officer | Option exercise | 6,370 | — |
| Mar 12, 2026 | Willhite Gabriel M Chief Operating Officer | Tax withheld | 7,302 | $385.5K |
| Mar 12, 2026 | Willhite Gabriel M Chief Operating Officer | Option exercise | 13,534 | — |
| Mar 12, 2026 | PEAY BRIAN Chief Financial Officer | Tax withheld | 7,302 | $385.5K |
| Mar 12, 2026 | PEAY BRIAN Chief Financial Officer | Option exercise | 13,534 | — |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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