American Healthcare REIT, Inc. AHR
The use of the words "we," "us" or "our" refers to American Healthcare REIT, Inc. and its subsidiaries, including American Healthcare REIT Holdings, LP, except where otherwise noted.
American Healthcare REIT, Inc., a Maryland corporation, is a self-managed real estate investment trust, or REIT, that acquires, owns and operates a diversified portfolio of clinical healthcare real estate properties, focusing primarily on senior housing, skilled nursing facilities, or SNFs, outpatient medical, or OM, buildings and other healthcare-related facilities. We have built a fully-integrated management platform, with approximately 121 employees as of December 31, 2025, that operates clinical healthcare properties throughout the United States, and in the United Kingdom and the Isle of Man. We own and operate our integrated senior health campuses, or ISHC, and senior-housing operating properties, or SHOP, utilizing the structure permitted by the REIT Investment Diversification and Empowerment Act of 2007, which is commonly referred to as a "RIDEA" structure. We have also originated and acquired secured loans and may acquire other real estate-related investments in the future on an infrequent and opportunistic basis. We generally seek investments that produce current income; however, we have selectively developed, and may continue to selectively develop, healthcare real estate properties. We have elected to be taxed as a REIT for U.S. federal income tax purposes. We believe that we have been organized and operated, and we intend to continue to operate, in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986, or the Code.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by segment
- Ishc
- Shop
- Other
| Segment | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Ishc | $1.76B | $1.62B | $1.48B |
| Shop | $330.6M | $264.0M | $186.9M |
| Other | $0 | $0 | $0 |
As the company reported it, from the “Segment Reporting - Summary Information for Reportable Segments (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.09B | $1.88B | $1.67B | $1.41B | $1.12B | $1.07B | $1.10B | $36.9M | $5.6M | $0 |
| Cost of revenue | $1.79B | $1.65B | $1.50B | $1.28B | $1.03B | $993.7M | $967.9M | $30.0M | $7.3M | $898.0K |
| Gross profit | $301.0M | $229.9M | $166.4M | $130.6M | $93.7M | $75.3M | $131.2M | $6.8M | -$1.7M | -$898.0K |
| SG&A | $58.7M | $47.6M | $47.5M | $43.4M | $43.2M | $27.0M | $29.7M | $9.2M | $4.3M | $1.2M |
| Total operating expenses | $2.10B | $1.94B | $1.80B | $1.56B | $1.26B | $1.15B | $1.14B | $86.1M | $30.1M | $437.0K |
| Operating income | $415.2M | $363.5M | $306.8M | $302.0M | $213.3M | $218.3M | $221.4M | — | — | -$5.0M |
| Interest expense | $85.8M | $127.7M | $163.2M | $106.0M | $80.9M | $71.3M | $78.6M | $6.8M | $2.7M | $514.0K |
| Pre-tax income | $48.6M | -$33.9M | -$76.2M | -$72.8M | -$52.3M | $5.8M | $672.0K | -$8.6M | $508.0K | -$5.5M |
| Income tax | $22.2M | $1.7M | $663.0K | $586.0K | $956.0K | $3.1M | $1.5M | $8.0K | $0 | $0 |
| Net income | $70.8M | -$35.6M | -$76.9M | -$73.4M | -$53.3M | $2.2M | -$5.0M | -$8.4M | $541.0K | -$5.5M |
| EPS, basic | 0.42 | -0.29 | -1.08 | -1.24 | -0.95 | 0.05 | -0.03 | — | — | — |
| EPS, diluted | 0.42 | -0.29 | -1.08 | -1.24 | -0.95 | 0.05 | -0.03 | -0.15 | 0.02 | -1.75 |
| Shares, diluted (wtd. avg.) | 166.8M | 130.6M | 66.0M | 65.8M | 50.1M | 45.0M | 181.9M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $114.8M | $76.7M | $43.4M | $65.1M | $81.6M | $113.2M | $53.1M | $35.1M | $7.1M | $2.2M |
| Inventory | $18.8M | $19.5M | $19.5M | $19.8M | $18.9M | $24.7M | — | — | — | — |
| Goodwill | $234.9M | $234.9M | $3.3M | $231.6M | $209.9M | $75.3M | — | — | — | — |
| Other intangibles | $253.2M | $161.5M | $180.5M | $236.3M | $248.9M | $154.7M | $74.0M | $74.7M | $44.8M | $19.7M |
| Total assets | $5.43B | $4.49B | $4.58B | $4.79B | $4.58B | $3.23B | $1.07B | $896.4M | $480.2M | $142.8M |
| Total liabilities | $2.07B | $2.18B | $3.12B | $3.14B | $2.75B | $2.16B | $476.8M | $337.3M | $125.9M | $50.5M |
| Retained earnings | -$1.56B | -$1.46B | -$1.28B | -$1.14B | -$951.3M | -$864.3M | -$130.6M | -$64.8M | -$23.5M | -$7.4M |
| Total equity | $3.32B | $2.26B | $1.43B | $1.57B | $1.76B | $1.03B | $1.06B | $1.22B | $353.2M | $92.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $294.4M | $176.1M | $98.5M | $147.8M | $17.9M | $219.2M | $117.5M | $15.4M | $12.4M | -$3.6M |
| Depreciation and amortisation | $187.6M | $179.2M | $182.6M | $168.0M | $133.2M | $98.9M | $111.4M | $32.7M | $13.6M | $1.3M |
| Stock-based compensation | $14.6M | $9.9M | $5.5M | — | $8.8M | -$1.3M | $2.7M | $185.0K | $131.0K | $80.0K |
| Capital expenditure | — | — | — | $7.5M | — | — | $6.5M | $4.3M | $1.1M | $23.0K |
| Investing cash flow | -$1.08B | -$8.7M | $9.4M | -$118.6M | -$138.7M | -$147.9M | -$103.1M | -$411.6M | -$330.7M | -$133.3M |
| Financing cash flow | $817.2M | -$134.7M | -$129.1M | -$42.9M | $94.1M | -$8.8M | $2.7M | $403.6M | $323.1M | $139.0M |
| Dividends paid | $163.5M | $120.9M | $76.3M | $51.1M | $22.8M | $27.0M | $62.6M | $14.0M | $6.4M | $549.0K |
| Buybacks | $0 | $14.0K | $469.0K | $20.7M | $382.0K | $23.1M | $89.9M | $3.3M | $735.0K | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-149677.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $5.6M | $36.9M | $1.10B | $1.07B | $1.12B | $1.41B | $1.67B | $1.88B | $2.09B |
| Gross profit | -$898.0K | -$1.7M | $6.8M | $131.2M | $75.3M | $93.7M | $130.6M | $166.4M | $229.9M | $301.0M |
| Net income | -$5.5M | $541.0K | -$8.4M | -$5.0M | $2.2M | -$53.3M | -$73.4M | -$76.9M | -$35.6M | $70.8M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Regulation FD disclosure Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Other event Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Item 7.01
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 6798
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| O | REALTY INCOME CORP | $53.83B | 48.6x | 9.1% |