American Healthcare REIT, Inc. (AHR)

A Diversified Healthcare Real Estate Platform

American Healthcare REIT owns and operates a portfolio of clinical healthcare properties spanning senior living communities, integrated senior health campuses, skilled nursing facilities, and outpatient medical buildings. The portfolio consists of approximately 319 properties totaling roughly 22.16 million square feet across the United States, United Kingdom, and Isle of Man. The company operates as a self-managed REIT, controlling its own asset management and operational decisions rather than relying on external managers. This structure gives the company direct exposure to the operating performance of its properties, particularly in senior housing and integrated campuses where the company employs a RIDEA (Rent, Income and Depreciation Expense Agreement) operating model alongside traditional triple-net leases. This hybrid approach creates operational leverage but also exposes shareholders to labor costs, Medicare and Medicaid reimbursement fluctuations, and broader healthcare staffing challenges.

Business Mix and Growth Trajectory

The portfolio divides into four segments: integrated senior health campuses, outpatient medical offices, senior housing operating properties, and triple-net leased assets, with meaningful geographic concentration in Indiana and Ohio. American Healthcare REIT benefits from tailwinds in healthcare real estate driven by aging demographics, increased demand for senior services, and consolidation among operators, while facing headwinds from reimbursement pressure and operational complexity. The company reported normalized funds from operations (NFFO) per diluted share of $1.72 for 2025 and guided NFFO of $1.99 to $2.05 for 2026, representing continued double-digit growth. Same-store net operating income grew 14.2% for full year 2025, reflecting both property-level improvements and the company’s strategy to acquire, reposition, and divest assets. Quarterly distributions of $0.25 per share provide current income, while the company pursues accretive acquisitions and operational improvements to drive long-term shareholder returns.