American Healthcare REIT, Inc.

Reported 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, SHOP same-store NOI grew 20.5%, and SHOP margin expanded 242 basis points to 22.3%; Trilogy margin reached 21.1%, up 100 basis points sequentially. Full-year 2026 NFFO per diluted share guidance was raised to $2.15 to $2.19 from $2.03 to $2.09, and same-store NOI growth guidance was raised to 11% to 13% from 9% to 12%. Segment guidance was also raised for integrated senior health campuses to 13% to 16% and SHOP to 18% to 21%, while outpatient medical was guided to flat to up 1% and triple-net leased properties to up 2% to 3%. Net debt to EBITDA improved to 2.5x, down from 3.0x in Q1 2026 and 1.2 turns better than Q2 2025. The company said it raised approximately $1.5 billion of equity in Q2 and subsequent to quarter end, with about $631 million in unsettled forward sale agreements available upon full settlement, plus cash and full availability on its $800 million revolver.

Jeff Hanson framed the quarter as proof that AHR’s strategy and operating platform are compounding, emphasizing double-digit same-store NOI growth, deleveraging, and a large acquisition pipeline. He said the company is moving with “measured aggression,” but stressed underwriting discipline has not changed; what has changed is the depth and quality of opportunities coming to AHR through stronger operator relationships and a stronger balance sheet. He also said his focus is on rapidly scaling the platform and building the next generation of leadership, while positioning AHR as 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 reflected both organic portfolio growth and accretion from acquisitions closed over the prior four quarters, which together drove about 31% year-over-year cash NOI growth. He raised full-year guidance to $2.15 to $2.19 per diluted share and noted the midpoint implies roughly 26% NFFO growth over 2025. On the balance sheet, he highlighted net debt-to-EBITDA of 2.5x, approximately $1.5 billion of equity raised in Q2 and subsequent to quarter end, and $631 million of unsettled forward sale proceeds that can fund the pipeline alongside cash and the $800 million revolver. He also said capital allocation will continue to include retained earnings, nonstrategic asset sales, and selective ATM issuance if it is attractively priced and accretive.

Analysts focused on Trilogy expense trends, the upside from rolling Trilogy operating capabilities into the broader SHOP portfolio, and how quickly acquisitions can scale without loosening underwriting. Management said Trilogy expense management has been strong, but some near-term seasonality could pressure costs as utilities rise into colder months; they also said the broader platform value is hard to quantify in dollars, but is clearly supporting stronger NOI outcomes. Questions also probed operator onboarding, development opportunities, outpatient medical monetization, and acquisition returns; management said new operator relationships are mostly built from prior relationships and are screened rigorously, the development runway at Trilogy is long, and the company still expects to sell more outpatient medical assets over time. On acquisition returns, Stefan Oh and Jeff Hanson said yields remain in the mid-5s to low-6s initially, stabilize at 7% or above, and that many deals are being bought below replacement cost in infill markets with strong barriers to entry.