American Healthcare REIT
Owns healthcare real estate anchored by operated Trilogy senior care campuses.
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Profile
Owns and operates senior housing, skilled nursing, outpatient medical, and net-leased healthcare properties, earning resident fees and service revenue from RIDEA structures alongside rental income. Trilogy's integrated campuses anchor a largely U.S. portfolio and expose results to occupancy, labor costs, and government reimbursement.
Acquires, owns, and operates clinical healthcare real estate across Integrated Senior Health Campuses, Senior Housing Operating Properties, Outpatient Medical, and triple-net leased properties. Trilogy campuses combine independent living, assisted living, memory care, and skilled nursing on one site, while SHOP communities serve varying senior-care needs.
Earns resident fees and service revenue from RIDEA-structured campuses and communities, and rent from outpatient medical buildings and other net-leased properties. The portfolio is largely U.S.-based, with a small presence in the United Kingdom and Isle of Man.
Results depend on occupancy, care pricing, labor and insurance costs, and third-party managers and tenants. Skilled nursing also depends on licensure and Medicare and Medicaid reimbursement, while REIT status constrains asset, income, and distribution practices.
Company facts
Key statistics
Year to date +17.6% · Average volume (30d) 2.8M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 19, 2026 | KeyBanc | Reiterate | Overweight | $58 | $68 | |
| Aug 14, 2026 | Truist Financial | Target | $57 | $61 | ||
| Aug 14, 2026 | RBC Capital | Reiterate | Outperform | $56 | $61 | |
| Jul 21, 2026 | Compass Point | Initiate | Buy | $70 | ||
| Jul 8, 2026 | UBS | Reiterate | Buy | $51 | $63 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.14 | $0.16 | +16.6% | $645.3M | $671.0M | +4.0% | +3.71% |
| May 7, 2026Q1 FY26 | $0.16 | $0.13 | −19.2% | $667.6M | $650.8M | −2.5% | +4.25% |
| Feb 26, 2026Q4 FY25 | $0.15 | $0.06 | −61.3% | $609.5M | $604.1M | −0.9% | −1.79% |
| Nov 6, 2025Q3 FY25 | $0.42 | $0.33 | −21.4% | $615.4M | $572.9M | −6.9% | +3.13% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $540.6M | $542.5M | $572.9M | $604.1M | $650.8M | $674.3M | |
| Gross profit | $108.2M | $116.2M | $118.4M | $123.8M | $138.6M | −$7.0M | |
| Operating income | $40.3M | $46.3M | $42.5M | $39.7M | $40.8M | $45.6M | |
| Net income | −$6.8M | $9.9M | $55.9M | $10.8M | $23.7M | $30.6M | |
| Diluted EPS | −$0.04 | $0.06 | $0.33 | $0.06 | $0.13 | $0.16 | |
| Gross margin | 20.0% | 21.4% | 20.7% | 20.5% | 21.3% | -1.0% | |
| Operating margin | 7.4% | 8.5% | 7.4% | 6.6% | 6.3% | 6.8% |
Fiscal years (4-quarter sums)FY22 $1.62B · FY23 $1.86B · FY24 $2.07B · FY25 $2.26B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $156.9M · Total debt $1.57B · Total assets $5.70B · Shareholders' equity $3.69B
Dividends
To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 17 | $0.25 | |
| Mar 31, 2026 | Mar 31 | Apr 17 | $0.25 | |
| Dec 31, 2025 | Dec 31 | Jan 16 | $0.25 | |
| Sep 30, 2025 | Sep 30 | Oct 17 | $0.25 | |
| Jun 30, 2025 | Jun 30 | Jul 18 | $0.25 | |
| Mar 31, 2025 | Mar 31 | Apr 17 | $0.25 | |
| Dec 31, 2024 | Dec 31 | Jan 17 | $0.25 | |
| Sep 20, 2024 | Sep 20 | Oct 18 | $0.25 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 206.72M · Float 191.30M · 92.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 25.85M | 12.50% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 16.98M | 8.21% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 9.20M | 4.45% | 13F | Aug 13, 2026 |
| State Street Corp | 9.05M | 4.38% | 13F | Aug 7, 2026 |
| Principal Financial Group Inc | 8.92M | 4.31% | 13F | Aug 4, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 26, 2026 | Brian Peay | officer: Chief Financial Officer | −25,000 | $50.70 |
| Jun 24, 2026 | Mark E. Foster | officer: EVP, GC & Secretary | −2,500 | $48.58 |
| Mar 25, 2026 | Mark E. Foster | officer: EVP, GC & Secretary | −2,000 | $48.55 |
| Dec 23, 2025 | Jeffrey T. Hanson | director | −19,208 | $48.40 |
| Dec 22, 2025 | Jeffrey T. Hanson | director | −35,570 | $48.38 |
Peers
- Welltower
Dominant senior-housing REIT with RIDEA/SHOP and outpatient medical overlap.
- Ventas
Multi-segment REIT overlapping AHR in SHOP, outpatient medical, and triple-net.
- Omega Healthcare Investors
SNF-dominant triple-net REIT; largest overlap on AHR's net-leased SNF assets.
- CareTrust REIT
Triple-net SNF and senior housing REIT; direct overlap on AHR's leased segment.
- Sabra Health Care REIT
Triple-net SNF and senior housing REIT with growing managed SHOP segment.
- Healthpeak Properties
Outpatient medical REIT with MOB overlap; secondary senior housing via CCRC.
- National Health Investors
Senior housing and SNF triple-net REIT overlapping AHR's net-leased portfolio.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| American Healthcare REIT | $55.53 | −0.04% | $11.48B | 81.6 | 79.5 | 4.6 | +23.7% |
| Welltower | $238.07 | +0.02% | $171.48B | 126.0 | 87.0 | 13.6 | +40.9% |
| Ventas | $91.58 | −0.25% | $44.63B | 170.0 | 130.6 | 6.9 | +21.7% |
| Omega Healthcare Investors | $46.34 | +0.75% | $13.76B | 16.4 | 23.9 | 10.6 | −7.0% |
| CareTrust REIT | $39.03 | 0.00% | $9.22B | 24.2 | 25.2 | 17.0 | +5.1% |
| Sabra Health Care REIT | $20.45 | −0.80% | $5.20B | 78.5 | 28.1 | 6.0 | +24.7% |
| Healthpeak Properties | $20.79 | −0.79% | $14.45B | 59.9 | 101.1 | 4.9 | +8.0% |
| National Health Investors | $72.03 | 0.00% | $3.49B | 20.8 | 18.6 | 8.1 | −21.9% |
| Median | 59.9 | 28.1 | 8.1 | +8.0% |