American Healthcare REIT (AHR) Q3 2026 earnings summary

Executive summary

• Q3 GAAP net income attributable to controlling interest was $31.2M, or $0.14 per diluted share; NFFO was $0.58 per diluted share and total portfolio Same-Store NOI grew 13.8%.

• Full-year 2026 guidance increased for total portfolio Same-Store NOI growth to 12.0%–14.0% and NFFO per diluted share to $2.23–$2.26.

Financial highlights

• Q3 revenue was $742.1M versus $572.9M in Q3 2025; resident fees and services were $701.1M versus $532.1M.

• Q3 net income attributable to controlling interest was $31.2M versus $55.9M; diluted EPS was $0.14 versus $0.33.

• Q3 NFFO attributable to controlling interest was $126.6M, or $0.58 per diluted share, versus $75.5M, or $0.44 per share, in Q3 2025.

• Nine-month revenue was $2.07B versus $1.66B; net income attributable to controlling interest was $85.5M versus $59.0M.

Outlook and guidance

• FY 2026 NFFO per diluted share guidance rose to $2.23–$2.26 from $2.15–$2.19; at the revised midpoint, NFFO per share growth over 2025 is expected to be 31%.

• FY 2026 total portfolio Same-Store NOI growth guidance increased to 12.0%–14.0% from 11.0%–13.0%.

• Revised segment Same-Store NOI growth ranges: ISHC 14.5%–16.5%, SHOP 23.0%–26.0%, Outpatient Medical 0.5%–1.0%, and Triple-Net Leased Properties 2.5%–3.5%.

• Guidance excludes additional transaction or capital-markets activity beyond completed activity; over $1.0B of pipeline deals are expected to close by Q1 2027, but timing and completion are not assured.

• Management expects operating growth to support momentum into 2027; forward-looking results remain subject to macroeconomic, legal, fiscal and geopolitical risks.