American Healthcare REIT (AHR) Q2 2026 earnings summary

Executive summary

• Achieved GAAP net income attributable to controlling interest of $30.6 million ($0.16 per diluted share) for Q2 2026, up from $9.9 million ($0.06 per share) in Q2 2025.

• Normalized FFO per diluted share was $0.54 for Q2 2026, up from $0.42 in Q2 2025.

• Total portfolio Same-Store NOI grew 13.2% year-over-year for Q2 2026, marking the tenth consecutive quarter of double-digit growth.

• Over $1.4 billion in new investments completed year-to-date, with $126.9 million in SHOP segment acquisitions in Q2.

Financial highlights

• Q2 2026 revenues were $674.3 million, up from $542.5 million in Q2 2025.

• Net income for Q2 2026 was $30.6 million, compared to $9.9 million in Q2 2025.

• Adjusted EBITDA for Q2 2026 was $125.0 million.

• Cash NOI for Q2 2026 was $143.0 million, up from $109.2 million in Q2 2025.

• NAREIT FFO per diluted share was $0.51 for Q2 2026, up from $0.41 in Q2 2025.

Outlook and guidance

• Raised full-year 2026 guidance: NFFO per diluted share now $2.15–$2.19 (midpoint $2.17), up from prior $2.03–$2.09.

• Total portfolio Same-Store NOI growth guidance increased to 11.0%–13.0% (midpoint 12.0%), up from 9.0%–12.0%.

• Segment-level Same-Store NOI growth guidance: SHOP 18.0%–21.0%, ISHC 13.0%–16.0%.

• Guidance does not include additional pipeline transactions beyond those completed.