American Healthcare REIT, Inc. (AHR) Earnings Call Transcripts

American Healthcare REIT, Inc.'s Latest Earnings Call - Q1 FY2026

In Q1 2026, American Healthcare REIT, Inc. (AHR) reported strong financial performance, highlighted by a 31.6% increase in normalized funds from operations (NFFO) to $0.50 per diluted share, compared to $0.38 in Q1 2025. The company achieved a same-store NOI growth of 12.1%, marking its ninth consecutive quarter of double-digit growth. Management raised full-year guidance for same-store NOI growth to a range of 9% to 12% and increased NFFO per share guidance to $2.03 to $2.09, reflecting a 20% growth over 2025. These positive developments signal robust operational momentum and confidence in sustained growth, which could drive the stock higher.

Reported metrics

Guidance from management

Management raised full-year 2026 NFFO per share guidance to a range of $2.03 to $2.09, reflecting a 20% growth over 2025. Same-store NOI growth guidance was also raised to 9% to 12%.

What management said

So Mike, keep in mind also the state that Trilogy has the most concentration is Indiana. They may have 7,000 to 8,000 beds in Indiana. Think about the total addressable market in Indiana. There are far more customers than 7,000 to 8,000 -- potential customers that 7,000 to 8,000 in Indiana. So they can continue to grow in Indiana and all of the other states that they're in, in addition to Wisconsin.

And one thing I'd add to that, Seth, is we've been in the shop business for a long time. We've been in it through cycles. So on the supply side, the things that Stefan is targeting are areas where we think there's more runway before supply really picks up. That's why you don't see us really focused on Florida, which is, of course, a great state for senior housing, but one where we've seen become overbuilt right away....

What analysts pressed on

Analysts expressed concerns regarding the competitive landscape in the SHOP segment and the impact of the proposed 2.4% Medicare rate increase on future revenue growth. There were questions about the sustainability of current growth rates and the ability to manage expenses effectively in light of these challenges.

Main topics on the call

• Strong Same-Store NOI Growth — AHR achieved a same-store NOI growth of 12.1% in Q1 2026, marking the ninth consecutive quarter of double-digit growth. Jeff Hanson stated, "These results reflect the confluence of 3 key things: the enduring strength of ...
• Increased Full-Year Guidance — Management raised its full-year 2026 same-store NOI growth guidance to a range of 9% to 12%, with segment-specific guidance of 11% to 15% for Trilogy and 15% to 19% for SHOP. Brian Peay noted, "The strength of Q1 gives u...
• Acquisition Activity — AHR closed $249.2 million in new acquisitions year-to-date, with $162.8 million closed in Q1 2026. The acquisitions were primarily within the SHOP segment, demonstrating a strong pipeline and commitment to growth. Stefan...
• Improved Balance Sheet — The company's net debt to annualized EBITDA improved to 3.0x, down from 3.4x at the end of 2025. This improvement enhances AHR's leverage profile, allowing for more capital deployment opportunities. Brian Peay stated, "W...

Read the full American Healthcare REIT, Inc. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 16 American Healthcare REIT, Inc. earnings call transcripts on record, spanning March 4, 2024 to August 7, 2026. Based on this history, American Healthcare REIT, Inc. reports quarterly. The most recent call on file is dated August 7, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

AHR

Exchange

NYSE

Country

US

Sector

Real Estate

Industry

Health Care REITs

Calls on record

16

First call

March 4, 2024

Most recent

August 7, 2026

Reporting cadence

quarterly