The company has significantly strengthened its capital structure by reducing total debt from $3.0 billion in 2023Q4 to $1.5 billion in 2026Q1, effectively eliminating its debt-to-equity ratio.
| Total Assets | 5.6T | 5.43B | 4.49B | 4.58B | 4.79B | 4.58B | 3.23B | 3.17B | 2.89B | 2.8B | 2.79B |
| Asset Growth % | 125336.46% | 20.9% | -1.96% | -4.36% | 4.51% | 41.59% | 1.97% | 9.8% | 3.16% | 0.21% | - |
| Real Estate & Other Assets | -4.41B | -4.28B | 3.47B | 3.53B | 26.36M | 23.06M | 21.68M | 22.79M | 24.51M | 23.2M | 26.66M |
| PP&E (Net) | 261.21B | 271M | 163.99M | 227.85M | 3.86B | 3.67B | 2.53B | 2.49B | 2.22B | 2.16B | 2.14B |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 360.97B | 319.15M | 354.89M | 297.1M | 341.92M | 330.74M | 356.95M | 331.44M | 303.29M | 275.51M | 269.55M |
| Cash & Equivalents | 114.84M | 114.84M | 76.7M | 43.45M | 65.05M | 81.6M | 113.21M | 53.15M | 35.13M | 33.66M | 29.12M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | 0 | 47.61M | 48.8M | 72.72M | 66.37M | 55.6M | 77.08M | 100.75M | 87.89M | 83.67M |
| Intangible Assets | 250.42B | 253.24M | 161.47M | 180.47M | 236.28M | 248.87M | 154.69M | 160.25M | 179.52M | 180.31M | 200.83M |
| Total Liabilities | 2.08T | 2.07B | 2.18B | 3.12B | 3.14B | 2.75B | 2.16B | 2.07B | 1.63B | 1.42B | 1.34B |
| Total Debt | 1.55B | 1.59B | 1.87B | 3.02B | 2.83B | 2.5B | 1.88B | 1.85B | 1.45B | 1.25B | 1.19B |
| Net Debt | 1.43B | 1.47B | 1.79B | 2.98B | 2.77B | 2.42B | 1.76B | 1.79B | 1.42B | 1.22B | 1.16B |
| Long-Term Debt | 1.48B | 1.52B | 1.02B | 1.34B | 2.24B | 1.43B | 1.68B | 1.64B | 1.45B | 1.24B | 1.15B |
| Short-Term Borrowings | 0 | 0 | 688.53M | 1.22B | 316.73M | 921.9M | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 428.73M | 69.91M | 165.24M | 451M | 273.07M | 145.49M | 193.63M | 207.37M | 4.7M | 16.19M | 45.3M |
| Total Current Liabilities | 0 | 0 | 946.86M | 1.47B | 560.57M | 1.11B | 194.68M | 173.72M | 144.79M | 126.56M | 107.33M |
| Accounts Payable | 0 | 0 | 258.32M | 242.91M | 83.69M | 64.41M | 67.83M | 62.2M | 43.03M | 43.97M | 37.18M |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 2.08T | 476.9M | 54.86M | 82.23M | 60.38M | 60.78M | 89.27M | 48.77M | 38.47M | 41.03M | 46.8M |
| Total Equity | 3.52T | 3.36B | 2.3B | 1.46B | 1.65B | 1.83B | 1.07B | 1.1B | 1.26B | 1.38B | 1.45B |
| Equity Growth % | 152773.03% | 45.85% | 57.91% | -11.53% | -9.85% | 70.22% | -2.53% | -12.26% | -8.86% | -4.9% | - |
| Shareholders Equity | 3.48T | 3.32B | 2.26B | 1.27B | 1.4B | 1.58B | 866.11M | 900.55M | 1.06B | 1.19B | 1.26B |
| Minority Interest | 39.68B | 39.98M | 42.93M | 188.86M | 249.27M | 248.28M | 208.72M | 202.21M | 196.37M | 191.16M | 187.27M |
| Common Stock | 1.89B | 1.85M | 1.56M | 661K | 661K | 658K | 1.8M | 1.94M | 1.98M | 1.99M | 1.96M |
| Additional Paid-in Capital | 5.07B | 4.88B | 3.72B | 2.55B | 2.54B | 2.53B | 1.73B | 1.73B | 1.77B | 1.79B | 1.75B |
| Retained Earnings | -1.58T | -1.56B | -1.46B | -1.28B | -1.14B | -951.3M | -864.27M | -827.55M | -704.75M | -598.04M | -490.3M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 0.01% | 1.41% | -0.83% | -1.53% | -1.74% | -1.22% | 0.07% | -0.16% | 0.47% | 0.4% | -5.23% |
| Return on Equity (ROE) | 0.01% | 2.46% | -2.01% | -4.6% | -4.67% | -3.29% | 0.2% | -0.42% | 1.01% | 0.79% | -10.07% |
| Debt / Assets | 0.03% | 29.28% | 41.68% | 65.95% | 59.19% | 54.62% | 58% | 58.22% | 50.27% | 44.77% | 42.6% |
| Debt / Equity | 0.00x | 0.47x | 0.81x | 2.07x | 1.72x | 1.37x | 1.75x | 1.67x | 1.16x | 0.91x | 0.82x |
| Net Debt / EBITDA | 3.64x | 4.15x | 5.01x | 9.48x | 9.51x | 8.27x | 6.68x | 5.44x | 5.15x | 4.16x | 2.74x |
| Book Value per Share | 18733.60 | 20.14 | 17.64 | 22.09 | 24.91 | 27.63 | 16.27 | 24.25 | 25.14 | 27.83 | 29.87 |
Operational leverage and debt
According to the latest quarterly filings, AHR has successfully reduced its debt-to-equity ratio from a peak of 2.07 in 2023Q4 to 0.00 in 2026Q1, reflecting a significant shift toward equity-funded growth and a strengthening of the corporate balance sheet structure.
The dramatic reduction in the debt-to-equity ratio suggests management is prioritizing balance sheet stability as the company transitions into a public entity. This trajectory indicates a move away from the high-leverage environment that characterized the 2023 period, potentially lowering the cost of capital for future acquisitions.
As reported in financial statements, the company's total debt has decreased from $3.0 billion in 2023Q4 to $1.5 billion in 2026Q1, signaling a deliberate effort to mitigate interest rate sensitivity and improve the overall credit profile of the REIT's property-level financing.
While the absolute debt reduction is notable, investors should monitor whether this deleveraging is sustainable or if it relies on dilutive equity issuance. The shift in debt levels warrants further investigation into the remaining maturity ladder and the proportion of fixed versus floating rate obligations.
Based on the reported figures, AHR's cash reserves have surged to $119.4 million in 2026Q1, up from $43.4 million in 2023Q4, providing the company with increased flexibility to fund operational requirements and potential capital expenditures within its integrated senior health campus portfolio.
The accumulation of cash appears to be a defensive measure against the volatility inherent in the SHOP segment. This liquidity buffer may be necessary to navigate potential labor cost spikes or unforeseen maintenance needs that could otherwise strain the company's thin operating margins.
As indicated by the quarterly data, the net property, plant, and equipment (PPE) figure has fluctuated significantly, dropping from $3.7 billion in 2024Q1 to $261.2 million in 2026Q1, which may suggest aggressive depreciation or a shift in how assets are consolidated.
This volatility in net PPE warrants further investigation, as it may obscure the true underlying value of the real estate portfolio. Analysts should consider whether this reflects a change in accounting treatment or a significant impairment, which could impact the long-term valuation of the company's core assets.
Quick answers to the most common questions about buying AHR stock.
As of 2025, American Healthcare REIT, Inc. (AHR) had total assets of $5.43B including $319.1M in current assets.
American Healthcare REIT, Inc. (AHR) carries total debt of $1.59B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
American Healthcare REIT, Inc. (AHR) has total shareholders' equity (book value) of $3.32B ($20.14 book value per share). Book value represents the net worth of the company belonging to common stock holders.