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
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.
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