American Healthcare REIT, Inc. reported its second quarter 2026 financial results, delivering robust operating performance and raising its full year 2026 guidance across key metrics. The company reported GAAP net income attributable to controlling interest of $30.6 million, or $0.16 per diluted share, for the three months ended June 30, 2026. Normalized Funds From Operations (NFFO) attributable to controlling interest came in at $0.54 per diluted share for the same period, reflecting strong operational execution across its senior housing and healthcare property portfolio.

Second Quarter 2026 Operating Performance

The company achieved total portfolio Same-Store Net Operating Income (NOI) growth of 13.2% for the three months ended June 30, 2026, compared to the same period in 2025. Growth was led by the operating portfolio, driven by disciplined revenue management and effective expense control by regional operating partners. The following table details Same-Store NOI growth by segment for the quarter and the six-month period:

"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. We are extending our platform capabilities to our regional operating partners to facilitate growth, and we expect that work to compound through the second half."

Transactional and Development Activity

During the three months ended June 30, 2026, the company acquired approximately $126.9 million of new investments within its SHOP segment, including four properties in Georgia and South Carolina for approximately $86.4 million and one property in Minnesota for approximately $40.5 million. Three Non-Core Properties were also sold for approximately $22.3 million. Subsequent to quarter end, the company acquired 10 new SHOP assets for approximately $1.0 billion and funded a loan for seven properties for approximately $86.2 million with purchase options. Since the beginning of 2026, the company has completed $1.4 billion in new investments. The total in-process development and expansion pipeline is expected to cost approximately $197.5 million, of which $72.0 million had been funded as of June 30, 2026. The company's investments pipeline consists of over $800 million in awarded and previously disclosed deals that have yet to close.

Capital Markets and Balance Sheet

As of June 30, 2026, the company had total consolidated indebtedness of $1.4 billion and approximately $2.6 billion of total liquidity. Net Debt-to-Annualized Adjusted EBITDA improved by 0.5x during the quarter, declining from 3.0x as of March 31, 2026, to 2.5x as of June 30, 2026. The company amended its credit facility, increasing the unsecured revolving credit facility from $600 million to $800 million, bringing the total aggregate credit facility including term loan to $1.35 billion, with a maturity extended to April 1, 2030.

On the equity side, the company completed a follow-on common equity offering in May 2026, entering into forward sale agreements for 16,100,000 shares of common stock for approximately $811.4 million in gross proceeds. During the quarter, forward sale agreements were also entered into under the ATM Program to sell 8,786,880 shares for approximately $433.2 million in gross proceeds. Subsequent to quarter end, additional forward sale agreements were entered into under the ATM Program to sell 4,706,002 shares for approximately $254.7 million in gross proceeds, assuming full physical settlement. As of August 6, 2026, unsettled forward sale agreements outstanding related to 12,246,596 shares would result in approximately $630.5 million in gross proceeds assuming full physical settlement.

Full Year 2026 Guidance

The company raised its full year 2026 guidance for NFFO per diluted share and Same-Store NOI growth. The updated guidance reflects strong first-half performance and management's confidence in continued momentum. The table below summarizes the revised guidance:

"With strong results in the first half and expectation of carrying that momentum through the second half we are raising full-year guidance for both NFFO per diluted share and Same-Store NOI growth," said Chief Financial Officer Brian Peay. "NFFO per diluted share is now expected to be between $2.15 to $2.19 in 2026, which would translate to over 25% per share growth versus 2025. Additionally, we funded our acquisitions with forward equity we prudently raised and still improved Net Debt-to-Adjusted EBITDA by half a turn during the quarter."

Distributions

The Board of Directors declared a cash distribution for the quarter ended June 30, 2026, of $0.25 per share of common stock, paid on July 17, 2026, to stockholders of record as of June 30, 2026.

Chairman and CEO Jeff Hanson commented: "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. That approach produced our tenth consecutive quarter of double-digit Same-Store NOI growth. We combined that strong organic growth with over $1.4 billion in new investments year-to-date."

American Healthcare REIT, Inc. has named Jeff Hanson as its Chief Executive Officer, effective immediately, accelerating its focus on platform-enhancing strategies for its next phase of growth. Hanson continues to serve as Chairman of the Board, a role he has held since the company's formation. The leadership transitions build on a decade of stability while driving value creation for stockholders.

Gabe Willhite has been elevated to the role of President, in addition to his ongoing responsibilities as Chief Operating Officer. This expansion of his role is intended to bolster the company's operational leadership and focus on strategies to further scale the platform. Willhite has been with the company and its predecessors since 2016, serving most recently as Chief Operating Officer since 2022.

Danny Prosky, who served as President and Chief Executive Officer since the company's formation, has retired from his executive role. He will continue to serve as a member of the Board of Directors and will act as an advisor to the management team. Hanson had served as Interim Chief Executive Officer since February 2026, when Prosky began a medical leave of absence.

The Board of Directors has appointed Scott Estes as Lead Independent Director. Estes, an independent director since August 2022 and Chair of the Audit Committee since June 2023, is the former Chief Financial Officer of Welltower Inc. He currently serves as Chairman of the Board of Essential Properties Realty Trust and as a member of the Board of Trustees of JBG SMITH Properties.

Leadership Changes

The following appointments and transitions are effective immediately: