Revenue growth reached 20.4% in 2026Q1, yet NOI margins experienced a sharp contraction to -1.3%, highlighting the sensitivity of the company's operating-heavy business model to facility-level cost spikes.
| Revenue | 2.37B | 2.26B | 2.07B | 1.86B | 1.62B | 1.26B | 1.18B | 1.22B | 1.13B | 1.05B | 980.29M |
| Revenue Growth % | 12.24% | 9.15% | 11.38% | 14.94% | 27.97% | 6.7% | -2.98% | 7.92% | 7.83% | 7.03% | - |
| Property Operating Expenses | 2.14B | 2.22B | 1.65B | 1.5B | 1.28B | 1.08B | 1.03B | 1B | 923.82M | 837.64M | 800.1M |
| Net Operating Income (NOI) | 226.85M | 39.69M | 416.77M | 356.83M | 335.97M | 182.01M | 158.58M | 219.3M | 207.56M | 211.6M | 180.19M |
| NOI Margin % | 9.57% | 1.76% | 20.13% | 19.19% | 20.77% | 14.4% | 13.39% | 17.96% | 18.35% | 20.17% | 18.38% |
| Operating Expenses | 55.76M | -128.14M | 279.99M | 280.11M | 245.38M | 43.2M | 27.01M | 29.75M | 28.42M | 32.17M | 28.68M |
| G&A Expenses | 42.04M | 0 | 100.8M | 104.98M | 103.1M | 43.2M | 27.01M | 29.75M | 28.42M | 32.17M | 28.68M |
| EBITDA | 393.99M | 355.39M | 358.42M | 314.01M | 291.19M | 292.62M | 264M | 329.68M | 275.41M | 293.05M | 423.73M |
| EBITDA Margin % | 16.62% | 15.72% | 17.31% | 16.89% | 18% | 23.15% | 22.29% | 27% | 24.34% | 27.93% | 43.22% |
| Depreciation & Amortization | 222.9M | 187.56M | 221.64M | 237.3M | 200.6M | 153.81M | 132.43M | 140.12M | 96.27M | 113.63M | 272.21M |
| D&A / Revenue % | 9.4% | 8.3% | 10.7% | 12.76% | 12.4% | 12.17% | 11.18% | 11.48% | 8.51% | 10.83% | 27.77% |
| Operating Income | 171.09M | 167.83M | 136.78M | 76.72M | 90.59M | 138.81M | 131.57M | 189.55M | 179.14M | 179.43M | 151.51M |
| Operating Margin % | 7.22% | 7.43% | 6.61% | 4.13% | 5.6% | 10.98% | 11.11% | 15.52% | 15.83% | 17.1% | 15.46% |
| Interest Expense | 4M | 85.78M | 127.73M | 163.19M | 105.96M | 80.94M | 71.28M | 78.55M | 66.28M | 60.87M | 45.66M |
| Interest Coverage | - | 1.57x | 0.73x | 0.53x | 0.31x | 0.07x | 0.46x | 0.99x | 1.25x | 1.08x | -2.63x |
| Non-Operating Income | 31.49M | 33.41M | 42.94M | -10.25M | 57.43M | 133.19M | 98.86M | 111.41M | 96.03M | 113.64M | 271.58M |
| Pretax Income | 78.37M | 48.65M | -33.89M | -76.22M | -72.8M | -52.31M | 5.79M | -860K | 13.74M | 2.12M | -203.55M |
| Pretax Margin % | 3.31% | 2.15% | -1.64% | -4.1% | -4.5% | -4.14% | 0.49% | -0.07% | 1.21% | 0.2% | -20.76% |
| Income Tax | -23.3M | -22.17M | 1.71M | 663K | 586K | 956K | -3.08M | -8K | 8K | 0 | 0 |
| Effective Tax Rate % | -29.73% | -45.58% | -5.06% | -0.87% | -0.8% | -1.83% | -53.21% | 0.93% | 0.06% | 0% | 0% |
| Net Income | 100.32M | 69.81M | -37.81M | -71.47M | -81.3M | -47.79M | 2.16M | -4.96M | 13.3M | 11.22M | -146.03M |
| Net Margin % | 4.23% | 3.09% | -1.83% | -3.84% | -5.03% | -3.78% | 0.18% | -0.41% | 1.18% | 1.07% | -14.9% |
| Net Income Growth % | 346.35% | 284.61% | 47.09% | 12.09% | -70.11% | -2309.62% | 143.56% | -137.34% | 18.49% | 107.68% | - |
| Funds From Operations (FFO) | 323.23M | 257.37M | 183.82M | 165.83M | 119.3M | 106.01M | 134.59M | 135.16M | 109.57M | 124.85M | 126.18M |
| FFO Margin % | 13.64% | 11.39% | 8.88% | 8.92% | 7.38% | 8.39% | 11.36% | 11.07% | 9.68% | 11.9% | 12.87% |
| FFO Growth % | 383.7% | 40.01% | 10.85% | 39% | 12.53% | -21.23% | -0.42% | 23.36% | -12.24% | -1.06% | - |
| FFO per Share | 1.72 | 1.54 | 1.41 | 2.51 | 1.80 | 1.60 | 2.04 | 2.97 | 2.19 | 2.52 | 2.60 |
| FFO Payout Ratio % | 52.84% | 63.54% | 65.77% | 46% | 42.85% | 21.5% | 20.06% | 46.32% | 54.74% | 44.68% | 40.96% |
| EPS (Diluted) | 0.53 | 0.42 | -0.29 | -1.08 | -1.23 | -0.72 | 0.03 | -0.11 | 0.27 | 0.23 | -3.01 |
| EPS Growth % | 316.16% | 244.83% | 73.15% | 12.2% | -70.83% | -2301.83% | 129.73% | -140.74% | 17.39% | 107.64% | - |
| EPS (Basic) | - | 0.42 | -0.29 | -1.08 | -1.23 | -0.72 | 0.03 | -0.11 | 0.27 | 0.23 | -3.01 |
| Diluted Shares Outstanding | 187.97M | 166.85M | 130.64M | 66.05M | 66.21M | 66.21M | 66.05M | 45.48M | 49.99M | 49.56M | 48.55M |
Healthcare labor cost inflation
As reported in recent financial filings, AHR achieved a 20.4% year-over-year revenue increase in 2026Q1, yet the company's trajectory remains heavily dependent on the successful integration of its senior health campus model rather than traditional, passive rental income growth typical of the broader REIT sector.
The consistent top-line expansion suggests that the integrated campus model is effectively capturing market share in the senior housing space. However, investors should monitor whether this growth is sustainable or if it is being driven by aggressive acquisition activity that may mask underlying organic performance challenges.
Based on the provided quarterly data, AHR experienced a sharp contraction in NOI margin to -1.3% in 2026Q1, a significant deviation from the 20% range maintained throughout 2025, suggesting that the company's operating-heavy business model is highly susceptible to sudden spikes in facility-level expenses.
The extreme volatility in NOI margins indicates that AHR is not a traditional landlord but rather an operator of healthcare businesses. This structure implies that any inflationary pressure on labor or medical supplies flows directly through to the bottom line, creating a high-risk profile for cash flow stability.
According to the company's reported figures, FFO per share reached $0.48 in 2026Q1, representing a 105.7% growth rate, yet the wide disparity between FFO and AFFO suggests that recurring maintenance capital expenditures are significantly eroding the cash available for distribution to shareholders.
The divergence between FFO and AFFO warrants further investigation into the actual cash-generating capacity of the portfolio. Investors should be cautious of relying on FFO as a proxy for dividend safety, as the high capital intensity of senior housing facilities often necessitates substantial reinvestment.
As indicated by the financial statements, the company's reliance on a RIDEA-style operating structure creates a precarious margin profile, where the 2026Q1 net income of $23.7M appears fragile when compared to the significant quarterly fluctuations in operating expenses and property-level costs observed over the last ten periods.
The consolidation of operating businesses within the REIT structure may be inflating revenue while simultaneously suppressing net margins compared to triple-net peers. This suggests that AHR's profitability is more sensitive to operational execution than to the underlying real estate value, which may not be fully captured by standard REIT valuation metrics.
Quick answers to the most common questions about buying AHR stock.
For fiscal year 2025, American Healthcare REIT, Inc. (AHR) reported total revenue of $2.26B. This represents a 130.6% increase compared to $980.3M in 2016.
American Healthcare REIT, Inc. (AHR) is profitable, generating $69.8M in net income for the fiscal year ending 2025 with a net profit margin of 3.1%.
American Healthcare REIT, Inc. (AHR) reported an operating income of $167.8M, resulting in an operating profit margin of 7.4%. This margin reflects the operational efficiency of the business before interest and taxes.
American Healthcare REIT, Inc. (AHR) generated $39.7M in gross profit for the year, representing a gross profit margin of 1.8%. This demonstrates the company's core pricing power and production efficiency.