American Healthcare REIT (AHR) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong year-over-year growth in key financial metrics, including net income of $24.0 million (reversing a prior-year loss), double-digit same-store NOI growth for the ninth consecutive quarter, and significant increases in FFO, NOI, and occupancy across most segments.

• Portfolio expanded with new acquisitions and ongoing development projects, particularly in senior housing and integrated senior health campuses, bringing the total to 343 buildings and campuses with a 90.7% leased rate.

• Leadership transition remains smooth as the CEO recovers, with the interim CEO leveraging deep experience and maintaining strategic continuity.

• The company’s mission centers on high-quality care and trusted operator partnerships, driving consistent financial results.

Financial highlights

• Normalized FFO per diluted share was $0.50, up 31.6% year-over-year from $0.38 in Q1 2025; NAREIT FFO per share (diluted) rose 37.1% to $0.48.

• Total portfolio same-store NOI growth reached 12.1%, with ISHC up 14.5%, SHOP up 19.7%, OM up 1.6%, and Triple-Net Leased up 4.6%.

• Net income for Q1 2026 was $24.0 million, up from a net loss of $6.8 million in Q1 2025.

• Adjusted EBITDA for Q1 2026 reached $114.9 million.

• Cash NOI margin improved across segments, with SHOP reaching 24.2% and ISHC at 15.6%.

Outlook and guidance

• Full-year 2026 same-store NOI growth guidance raised to 9%-12%; NFFO per share guidance increased to $2.03-$2.09, reflecting 20% growth over 2025.

• Segment guidance: Trilogy/ISHC 11%-15%, SHOP 15%-19%, outpatient medical 0%-2%, triple net lease 2%-3%.

• FY 2026 NAREIT FFO guidance: $369.2–$380.5 million ($1.93–$1.99 per diluted share); Normalized FFO: $388.2–$399.5 million ($2.03–$2.09 per diluted share).

• General and administrative expenses projected at $68–$74 million; interest expense at $82–$86 million.

• $100–$120 million planned for new and ongoing development projects in 2026.