American Healthcare REIT, Inc. Q3 2026 Earnings Recap

American Healthcare REIT shares rose 3.3% after the company reported 13.8% same-store NOI growth and raised 2026 guidance. The update also highlighted substantial investment activity and a low 1.9x net debt-to-EBITDA ratio.

Key Takeaways

• Same-store NOI grew 13.8%, marking the 11th consecutive quarter of double-digit growth; management cited margin expansion in SHOP and Trilogy.
• The company increased full-year 2026 guidance; at the midpoint, it implies NFFO per diluted share growth of more than 30% versus last year.
• AHR reported $2.1 billion of completed investments year-to-date and an awarded pipeline exceeding $1 billion; management said the pipeline is not included in revised guidance.
• Net debt to EBITDA was 1.9x at quarter-end, as the company said it continued to deleverage while growing.
• Management described more than $3 billion of closed and pipeline investments, with an average asset vintage of 2019, aimed at improving portfolio quality and supporting future growth.