American Healthcare REIT (AHR) BofA NY Global Real Estate Conference 2026 summary

Performance highlights

• Achieved industry-leading FFO per share growth of 26% year-over-year, outpacing peers and accompanied by significant deleveraging, reducing net debt to EBITDA from 3x to 2.5x.

• Same-store NOI metrics and margin expansion continue to lead the sector, driven by revenue growth, expanding margins, and operational efficiencies.

• Margin expansion in the SHOP portfolio was over 240 basis points year-over-year, with Trilogy contributing nearly 180 basis points.

• Trilogy's same-store NOI growth exceeded 16%, with post-pandemic margins reaching 21.1%.

• Revenue growth is outpacing expense growth, supporting ongoing margin improvement.

Acquisition and investment strategy

• Over $2 billion in acquisitions year-to-date, focusing on newer, high-quality continuum of care assets with average vintage 2019.

• Major transactions include the $873 million Kensington deal and a $700 million LCB/Berkshire portfolio, both in high barrier-to-entry markets.

• Strategy emphasizes bolt-on acquisitions with existing operators and building deep, long-term partnerships.

• All recent acquisitions are in line with targeted stabilized yields, with cap rates and pricing holding steady.

• Opportunity set for acquisitions has doubled year-over-year, with a focus on fortress markets and high RevPAR assets.

Operating platform and partnerships

• Regional operator model is prioritized, leveraging local expertise and culture for better performance and recruitment.

• Trilogy operates 150 buildings and serves as an innovation lab, with best practices rolled out across the platform.

• Financial alignment with operators is achieved through NOI-based LTIP paid in equity, incentivizing outperformance.

• Trilogy's development team manages new builds and expansions, optimizing for operational efficiency and profitability.

• Regular CapEx refresh plans and value-add investments are managed to maintain asset competitiveness and employee engagement.