American Healthcare REIT, Inc. (NYSE: AHR) delivered robust second quarter 2026 results this month, reporting GAAP net income of $30.6 million while raising full-year guidance across key performance metrics. The Irvine, California-based healthcare real estate investment trust has now completed $1.4 billion in new investments since the start of 2026.
The company’s total portfolio achieved Same-Store Net Operating Income (NOI) growth of 13.2% for the three months ended June 30, 2026, compared to the same period last year. This marks the tenth consecutive quarter of double-digit Same-Store NOI growth for the REIT.
Breaking down performance by segment, the Senior Housing Operating Portfolio (SHOP) led growth with 20.5% Same-Store NOI growth, followed by Integrated Senior Health Campuses (ISHC) at 16.1%. Triple-Net Leased Properties grew 2.1%, while Outpatient Medical facilities posted 1.7% growth.
“This quarter was operating execution, not just favorable conditions,” said Gabe Willhite, President and Chief Operating Officer. “Same-Store occupancy gains year-over-year, dynamic revenue management, and expense discipline turned into 20.5% same-store NOI growth in SHOP and 16.1% in ISHC.”
During the second quarter, American Healthcare REIT acquired approximately $126.9 million in new SHOP investments, including four properties in Georgia and South Carolina for $86.4 million and one property in Minnesota for $40.5 million. The company also sold three non-core properties for approximately $22.3 million.
Subsequent to quarter end, the REIT acquired 10 additional SHOP assets for approximately $1.0 billion and funded a loan for seven properties totaling $86.2 million with purchase options.
The company raised its full-year 2026 guidance for Normalized Funds From Operations (NFFO) per diluted share to a range of $2.15 to $2.19, representing more than 25% growth versus 2025. Total portfolio Same-Store NOI growth guidance was increased to 11.0% to 13.0%.
“Our results this quarter reflect a deliberate strategy: concentrate capital in senior housing and care, partner with operators who deliver quality outcomes, and support them with our platform that improves how those assets perform,” said Jeff Hanson, Chairman and Chief Executive Officer.
As of June 30, 2026, American Healthcare REIT reported total consolidated indebtedness of $1.4 billion and approximately $2.6 billion in total liquidity. The company’s Net Debt-to-Annualized Adjusted EBITDA improved by 0.5x during the quarter, declining from 3.0x to 2.5x.
The Board of Directors declared a quarterly cash distribution of $0.25 per share, paid on July 17, 2026, to stockholders of record as of June 30, 2026.
Related: Senior Housing Outperforms in Q2 2026
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