American Healthcare REIT

What American Healthcare REIT does

American Healthcare REIT, Inc. (NYSE: AHR) is a publicly traded real estate investment trust that acquires, owns, and operates a diversified portfolio of clinical healthcare real estate across the United States, the United Kingdom, and the Isle of Man. As of March 31, 2026, the portfolio comprises 191 healthcare properties totaling 13.28 million square feet and 14,511 senior housing and skilled nursing beds/units, with a gross investment value of approximately $4.2 billion. The company is organized around four integrated asset categories: Senior Housing Operating Properties (SHOP) operated under the RIDEA structure; Integrated Senior Health Campuses (ISHC) anchored by the November 2024 Trilogy Health Services acquisition; Skilled Nursing Facilities housed within the ISHC/Trilogy platform; and Outpatient Medical Buildings leased to healthcare providers.

AHR generates revenue through a mix of recurring triple-net rental income on outpatient medical and skilled nursing assets, operating-participation economics on the SHOP/RIDEA portfolio, and value creation through healthcare property acquisitions. Capital is raised via SEC-registered public offerings and a $1.75 billion ATM equity program; the company also maintains an $800 million revolving credit facility (with $1.85 billion accordion potential) led by Bank of America. The Q1 2026 NFFO of $0.50 per diluted share represented ~32% year-over-year growth, with full-year 2026 NFFO guidance raised to $2.03-$2.09 and total portfolio same-store NOI growth of 12.1% (SHOP +19.7%, ISHC +14.5%). The customer base spans senior housing operators (RIDEA partners), skilled nursing facility operators, outpatient medical tenants, and public equity shareholders; institutional investors including Vanguard, State Street, Geode Capital Management, AllianceBernstein, and American Century Companies collectively hold approximately 16.68% of the stock.

The company was formed in October 2021 through the merger of Griffin-American Healthcare REIT III and Griffin-American Healthcare REIT IV together with the acquisition of American Healthcare Investors (the largest privately held healthcare real estate investment firm globally at the time), and completed its NYSE IPO in February 2024. Management comprises more than 100 professionals, many with continuity since 2006, including Chairman and Interim CEO Jeff Hanson (following CEO Danny Prosky's February 2026 medical leave), CFO Brian Peay (leading ~70 accounting professionals), CIO Stefan Oh, and COO Gabe Willhite. Sell-side coverage from Citizens ($60 price target), Scotiabank ($59), Jefferies, and Bank of America reflects strong institutional endorsement, and the stock has appreciated 54-80% over the prior year.

Name

American Healthcare REIT

Legal name

American Healthcare REIT, Inc.

Website

https://americanhealthcarereit.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

101–250 employees

Short description

American Healthcare REIT, Inc. (NYSE: AHR) is a publicly traded healthcare REIT that acquires, owns, and operates a diversified portfolio of senior housing, skilled nursing, and outpatient medical properties across the US, UK, and Isle of Man, generating rental income and operating-participation economics for institutional and retail shareholders.

Ownership category

akta.pro rank

Product category

Healthcare Real Estate Investment Trust (REIT)

NAICS

Trusts, Estates, and Agency Accounts (52592), Nursing Care Facilities (Skilled Nursing Facilities) (623110), Continuing Care Retirement Communities and Assisted Living Facilities for the Elderly (6233)

SIC

Real Estate Investment Trusts (6798), Services-Skilled Nursing Care Facilities (8051)

akta.pro primary industry

Healthcare & Senior Housing Real Estate Asset Management (BPAJAMAH)

Keywords

• Healthcare real estate
• Senior housing properties
• Skilled nursing facilities
• Medical office buildings
• REIT investment trust

Headquarters

HQ city

Irvine

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Triple-net lease rental income: Recurring rental revenue from outpatient medical buildings and skilled nursing facilities leased under net lease structures, where tenants bear operating expenses. Reported full-year 2025 GAAP net income of $69.8 million ($0.42 per diluted share) and Q4 2025 revenue of $604.08 million, with 11.30% year-over-year revenue growth.
2. SHOP operating income (RIDEA structure): Revenue and operating income from senior housing operating properties under the RIDEA structure, allowing participation in operating economics of senior housing communities. Q1 2026 SHOP segment posted 19.7% same-store NOI growth and FY2025 SHOP posted 24.6% same-store NOI growth in Q4.
3. Real estate investment / property acquisition appreciation: Value creation through acquiring healthcare properties — closed over $950 million in new investments in 2025 (within ISHC and SHOP segments), including a 14-property portfolio with over 1,400 beds/units and addition of over 1,700 units across 14 properties; approximately $250 million of acquisitions YTD Q1 2026 with a $650 million pipeline.
4. Equity capital raises (ATM and follow-on offerings): Capital raising through public common stock offerings (e.g., $705.6M underwritten offering of 14M shares May 2026; $388.8M offering of 8.1M shares November 2025; $1.75B ATM program; approximately $1.1B raised in 2025 gross proceeds). Proceeds fund acquisitions and debt repayment.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

American Healthcare REIT is a publicly traded real estate investment trust that acquires, owns and operates a diversified portfolio of clinical healthcare real estate. Its core offering comprises senior housing communities operated under the RIDEA structure, integrated senior health campuses (via Trilogy Health Services), skilled nursing facilities, and outpatient medical office buildings leased to healthcare providers across the United States, the United Kingdom, and the Isle of Man.

Product overview

American Healthcare REIT, Inc. (NYSE: AHR) operates as a single unified healthcare real estate investment trust (REIT) rather than a platform-plus-modules product architecture. Its offering is a diversified portfolio of clinical healthcare real estate organized around four core asset categories that function as integrated segments: (1) Senior Housing Operating Properties (SHOP) operated under RIDEA, (2) Integrated Senior Health Campuses (ISHC) anchored by the Trilogy Health Services platform acquired in November 2024, (3) Skilled Nursing Facilities embedded within the ISHC/Trilogy operating platform, and (4) Outpatient Medical Buildings. As of 3/31/2026 the portfolio comprised 191 healthcare properties, 14,511 senior housing and skilled nursing beds, and 13.28 million square feet under management across the United States, the United Kingdom, and the Isle of Man.

Differentiator

Problem solved

Functional benefit

Products and services

• Senior Housing Operating Properties (SHOP) Diversified portfolio of senior housing communities operated under the RIDEA structure, representing the largest growth segment and primary driver of same-store NOI and NFFO growth, with over 70% of company exposure tied to SHOP/RIDEA. Includes independent living, assisted living and memory care communities leased/operated in partnership with senior housing operators.
• Integrated Senior Health Campuses (ISHC) - Trilogy Health Services Platform Integrated senior health campuses combining skilled nursing, assisted living, memory care and independent living on single campuses, built around the Trilogy Health Services operating platform; ISHC delivered 14.5% same-store NOI growth in Q1 2026 and benefits from Medicare/Medicare Advantage rate momentum, occupancy gains and acuity mix optimization.
• Outpatient Medical Buildings (Medical Office Buildings) Portfolio of outpatient medical office buildings leased to healthcare providers and physician groups across the United States, managed by the asset management team (EVP Wendie Newman) overseeing the strategic and asset management function of the nationwide MOB portfolio.
• Skilled Nursing Facilities (SNF) Portfolio Skilled nursing facilities held within the ISHC/Trilogy operating platform, generating growth from Medicare and Medicare Advantage rate momentum, occupancy gains, acuity mix optimization, and contract negotiation. Operated under the Trilogy Health Services platform.

Quantifiable outcome

• Q1 2026 normalized FFO of $0.50/diluted share — over 30% YoY growth
• +9 more outcomes

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Five partnerships are on record, tiered core and flagship.

• NareitcoreOthers · 2 June 2026Industry trade association of which AHR is a participating member. AHR presented at Nareit's REITweek 2026 Investor Conference on June 2, 2026 with Chairman & Interim CEO Jeff Hanson, CFO Brian Peay, COO Gabe Willhite, and VP of Investor Relations Alan Peterson.
• Citi (Citigroup)coreGTM or Marketing Partner · 4 March 2026AHR executives participated in the Citi 2026 Global Property CEO Conference on March 4, 2026 and Citi's Miami Global Property CEO Conference 2026 (CFO Brian Peay and COO Gabriel Willhite presenting). Used as a forum to communicate investment thesis and guidance to institutional investors.
• Trilogy Health Services / Trilogy Holdings LLCflagshipStrategic or Co-development PartnerAmerican Healthcare REIT acquired Trilogy Health Services for $258 million (announced November 2024), integrating the ISHC operating platform. Proceeds of AHR's September 2024 public offering (17.4M shares at $23.55) were used to exercise the option to purchase a minority interest in Trilogy Holdings LLC and to repay debt. Trilogy gains cited as key driver of Q4/FY 2025 performance.
• Griffin-American Healthcare REIT III and Griffin-American Healthcare REIT IV (predecessors)coreStrategic or Co-development PartnerAmerican Healthcare REIT was formed in October 2021 by the merger of Griffin-American Healthcare REIT III and Griffin-American Healthcare REIT IV, along with the acquisition of the business and operations of American Healthcare Investors (which had been the largest privately held healthcare real estate investment firm globally). All three predecessor REITs shared overlapping leadership (Hanson, Prosky, Willhite, Peay, Oh, Lin, Newman, Lo, Diapo).
• American Healthcare Investors (AHI)flagshipStrategic or Co-development PartnerAcquired in October 2021 as part of AHR's formation. AHI had been the largest privately held healthcare real estate investment firm globally and was the sponsor/advisor for Griffin-American Healthcare REITs II, III, and IV. Jeff Hanson was co-founder of AHI; Danny Prosky, Gabe Willhite, Brian Peay, Stefan Oh, Kenny Lin, Wendie Newman, Cora Lo, and Charlynn Diapo all served in leadership roles at AHI.

Scale indicators22 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Welltower: Largest US healthcare REIT and the most direct comparable to AHR, with material exposure to senior housing operating (SHOP/RIDEA), post-acute care, and outpatient medical. Operates the same asset categories as AHR and competes for the same senior housing acquisition pipeline.
• Ventas: Major US healthcare REIT with senior housing operating (RIDEA), medical office, and life-science exposure. Closely comparable to AHR on SHOP/RIDEA operating model, MOB portfolio, and senior housing operator relationships, and routinely named alongside AHR as a top-tier senior housing REIT.
• Healthpeak Properties: Diversified healthcare REIT with outpatient medical and lab/life-science exposure, formerly HCP. Directly overlaps with AHR's outpatient medical building segment and shares the post-IPO transformation trajectory (Healthpeak rebranded and refocused portfolio after 2024).
• Omega Healthcare Investors: Skilled nursing and senior housing REIT with a triple-net lease model. Highly comparable to AHR's ISHC/Trilogy skilled nursing exposure and to its net-lease skilled nursing portfolio.
• CareTrust REIT: Pure-play skilled nursing and seniors housing triple-net REIT. Comparable to AHR on SNF/ISHC asset class and net-lease structure, and competes for the same operator counterparties.
• Sabra Health Care REIT: Skilled nursing, senior housing, and behavioral health REIT. Directly comparable to AHR's SNF/ISHC segment and to its senior housing portfolio, with similar triple-net lease economics.
• National Health Investors: Senior housing and skilled nursing triple-net REIT. Comparable to AHR on senior housing/SNF asset mix and lease/operator counterparty dynamics.
• LTC Properties: Skilled nursing and assisted living triple-net REIT with senior housing exposure. Comparable to AHR's smaller-scale SNF/assisted living segment and net-lease structure.

Broad incumbents

• Diversified Healthcare Trust: Diversified healthcare REIT with medical office buildings, senior housing, and skilled nursing. Operates in overlapping asset classes with AHR but with a broader, less focused portfolio and a different capital structure profile.

Emerging players

• Brookdale Senior Living: Largest US senior housing operator and a long-standing operator counterparty for healthcare REITs including AHR (Ray Oborn's prior role was SVP Operations at Brookdale). Comparable as the operating partner layer beneath AHR's SHOP/RIDEA economics rather than as a real-estate competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/american-healthcare-investors

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries1 record

Funding overview

Funding rounds5 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about American Healthcare REIT