American Healthcare REIT, Inc.

Q2 2026 normalized FFO was $0.54 per diluted share, up 28.6% from $0.42 in Q2 2025. Year-to-date NFFO was $1.05 per diluted share, up 31.3% year over year. Total portfolio same-store NOI grew 13.2% year over year in Q2 and 12.7% for the first six months. Trilogy same-store NOI grew 16.1% year over year, while SHOP same-store NOI grew 20.5% year over year. Net debt to EBITDA improved to 2.5x, versus 3.0x in Q1 2026 and 3.7x in Q2 2025. Management raised full-year 2026 NFFO guidance to $2.15-$2.19 per diluted share from $2.03-$2.09, and raised same-store NOI growth guidance to 11%-13% from 9%-12%. Segment guidance was increased for integrated senior health campuses to 13%-16% and SHOP to 18%-21%; outpatient medical was guided to flat to up 1%, and triple net leased properties were guided to up 2%-3%.

Jeff Hanson framed the quarter as evidence that AHR’s strategy is compounding and that the company is positioned to scale faster. He emphasized that the recent increase in acquisition volume reflects a deeper, higher-quality opportunity set and stronger operator relationships, not looser underwriting. His tone was confident and aggressive about growth, but he repeatedly tied that ambition to discipline, selective capital deployment, and a long-term goal of making AHR the preferred capital partner for top senior housing operators.

Brian Peay said Q2 normalized FFO of $0.54 per share and year-to-date NFFO of $1.05 per share were driven by organic portfolio growth and accretion from acquisitions completed over the last four quarters, which together contributed about 31% year-over-year growth in cash NOI. He raised full-year NFFO guidance to $2.15-$2.19 per share and said midpoint growth implies roughly 26% NFFO per-share growth over 2025. He also highlighted the balance sheet, noting net debt to EBITDA of 2.5x, about $1.5 billion of equity raised in Q2 and subsequent to quarter end, and $631 million of unsettled forward sale proceeds, plus cash on hand and full availability on the $800 million revolver.

Analysts focused heavily on Trilogy’s expense management, the durability of same-store growth, the value creation potential of applying Trilogy’s operating platform to SHOP, and the pace and sourcing of acquisitions. Management said Trilogy’s controllable cost gains reflect deliberate expense focus, though there is some seasonal utility pressure ahead, and that the platform value is hard to quantify in dollars but clearly supports strong NOI growth. They also said acquisition flow is being helped by cap-rate dynamics, operator performance, and greater off-market sourcing through expanded relationships, while reiterating that underwriting standards have not changed.