Revenue growth accelerated to 24.3% YoY in 2026Q2, reaching $674.2M, but NOI margin turned negative at -1.0% due to a -$7.0M NOI, while FFO per share jumped 67.7% to $0.54.
American Healthcare REIT, Inc. (AHR) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Revenue | 2.5B | 2.26B | 2.07B | 1.86B | 1.62B | 1.26B | 1.18B | 1.22B | 1.13B | 1.05B | 980.29M |
| Revenue Growth % | 16.39% | 9.15% | 11.38% | 14.94% | 27.97% | 6.7% | -2.98% | 7.92% | 7.83% | 7.03% | - |
| Property Operating Expenses | 2.13B | 1.79B | 1.65B | 1.5B | 1.28B | 1.08B | 1.03B | 1B | 923.82M | 837.64M | 800.1M |
| Net Operating Income (NOI) | 373.79M | 466.59M | 416.77M | 356.83M | 335.97M | 182.01M | 158.58M | 219.3M | 207.56M | 211.6M | 180.19M |
| NOI Margin % | 14.94% | 20.64% | 20.13% | 19.19% | 20.77% | 14.4% | 13.39% | 17.96% | 18.35% | 20.17% | 18.38% |
| Operating Expenses | 205.12M | 297.73M | 279.99M | 280.11M | 245.38M | 43.2M | 27.01M | 29.75M | 28.42M | 32.17M | 28.68M |
| G&A Expenses | 37.58B | 110.17M | 100.8M | 104.98M | 103.1M | 43.2M | 27.01M | 29.75M | 28.42M | 32.17M | 28.68M |
| EBITDA | 439.71M | 394.06M | 358.42M | 314.01M | 291.19M | 292.62M | 264M | 329.68M | 275.41M | 293.05M | 423.73M |
| EBITDA Margin % | 17.57% | 17.44% | 17.31% | 16.89% | 18% | 23.15% | 22.29% | 27% | 24.34% | 27.93% | 43.22% |
| Depreciation & Amortization | 271.05M | 225.2M | 221.64M | 237.3M | 200.6M | 153.81M | 132.43M | 140.12M | 96.27M | 113.63M | 272.21M |
| D&A / Revenue % | 10.83% | 9.96% | 10.7% | 12.76% | 12.4% | 12.17% | 11.18% | 11.48% | 8.51% | 10.83% | 27.77% |
| Operating Income | 168.67M | 168.87M | 136.78M | 76.72M | 90.59M | 138.81M | 131.57M | 189.55M | 179.14M | 179.43M | 151.51M |
| Operating Margin % | 6.74% | 7.47% | 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 | -7.49M | 34.44M | 42.94M | -10.25M | 57.43M | 133.19M | 98.86M | 111.41M | 96.03M | 113.64M | 271.58M |
| Pretax Income | 98.53M | 48.65M | -33.89M | -76.22M | -72.8M | -52.31M | 5.79M | -860K | 13.74M | 2.12M | -203.55M |
| Pretax Margin % | 3.94% | 2.15% | -1.64% | -4.1% | -4.5% | -4.14% | 0.49% | -0.07% | 1.21% | 0.2% | -20.76% |
| Income Tax | -24.04M | -22.17M | 1.71M | 663K | 586K | 956K | -3.08M | -8K | 8K | 0 | 0 |
| Effective Tax Rate % | -24.39% | -45.58% | -5.06% | -0.87% | -0.8% | -1.83% | -53.21% | 0.93% | 0.06% | 0% | 0% |
| Net Income | 121.02M | 69.81M | -37.81M | -71.47M | -81.3M | -47.79M | 2.16M | -4.96M | 13.3M | 11.22M | -146.03M |
| Net Margin % | 4.84% | 3.09% | -1.83% | -3.84% | -5.03% | -3.78% | 0.18% | -0.41% | 1.18% | 1.07% | -14.9% |
| Net Income Growth % | 469.02% | 284.61% | 47.09% | 12.09% | -70.11% | -2309.62% | 143.56% | -137.34% | 18.49% | 107.68% | - |
| Funds From Operations (FFO) | 392.07M | 295M | 183.82M | 165.83M | 119.3M | 106.01M | 134.59M | 135.16M | 109.57M | 124.85M | 126.18M |
| FFO Margin % | 15.67% | 13.05% | 8.88% | 8.92% | 7.38% | 8.39% | 11.36% | 11.07% | 9.68% | 11.9% | 12.87% |
| FFO Growth % | 520.54% | 60.48% | 10.85% | 39% | 12.53% | -21.23% | -0.42% | 23.36% | -12.24% | -1.06% | - |
| FFO per Share | 2.06 | 1.77 | 1.41 | 2.51 | 1.80 | 1.60 | 2.04 | 2.97 | 2.19 | 2.52 | 2.60 |
| FFO Payout Ratio % | 45.54% | 55.43% | 65.77% | 46% | 42.85% | 21.5% | 20.06% | 46.32% | 54.74% | 44.68% | 40.96% |
| EPS (Diluted) | 0.63 | 0.42 | -0.29 | -1.08 | -1.23 | -0.72 | 0.03 | -0.11 | 0.27 | 0.23 | -3.01 |
| EPS Growth % | 405.39% | 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 | 190.71M | 166.85M | 130.64M | 66.05M | 66.21M | 66.21M | 66.05M | 45.48M | 49.99M | 49.56M | 48.55M |
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 $168.9M, resulting in an operating profit margin of 7.5%. This margin reflects the operational efficiency of the business before interest and taxes.
American Healthcare REIT, Inc. (AHR) generated $466.6M in gross profit for the year, representing a gross profit margin of 20.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Labor cost pressure on margins
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates on Senior Housing
AHR's revenue grew 24.3% YoY in 2026Q2, reaching $674.2M, driven by strong senior housing demand and recent acquisitions, as per the latest quarterly report.
The 24.3% YoY revenue growth in 2026Q2 marks a significant acceleration from the 7.5% growth in 2025Q2, indicating that the company's strategic focus on senior housing and care is gaining traction. This growth is likely fueled by both organic occupancy gains and the deployment of capital into higher-yielding assets, consistent with management's stated concentration strategy. However, the sustainability of this pace will depend on the ability to maintain occupancy momentum and integrate acquisitions without disrupting operations.
NOI Margin Stability Masks Segment Mix
NOI margin has remained stable around 20-21% over the past year, but the 2026Q2 negative NOI of -$7.0M suggests a temporary disruption, as reported in the income statement.
Despite the revenue surge, NOI margin has held steady near 20%, indicating that property-level profitability is keeping pace with growth. However, the unexpected negative NOI in 2026Q2 is a red flag, possibly due to one-time costs or a segment mix shift. Investors should monitor whether this is a transient issue or a sign of underlying cost pressures, particularly in the SHOP and integrated campus segments where labor costs are a major variable.
FFO Growth Outpaces Revenue, But Quality Varies
FFO per share jumped to $0.54 in 2026Q2, up 67.7% YoY, but AFFO conversion remains inconsistent, with AFFO at $55.0M versus FFO of $102.7M, per the latest financials.
The strong FFO growth is encouraging, but the wide gap between FFO and AFFO suggests significant non-cash or non-recurring items inflating FFO. The AFFO/FFO ratio of 54% in 2026Q2 is lower than the 62% in 2026Q1, indicating potential volatility in recurring capital expenditures or tenant improvements. This warrants scrutiny of the quality of earnings, as investors should focus on AFFO for dividend sustainability.
Depreciation Distorts Net Income, FFO Provides Clarity
GAAP net income of $30.6M in 2026Q2 is far below FFO of $102.7M, highlighting the significant depreciation charge on real estate assets, as disclosed in the financial statements.
The large gap between net income and FFO underscores the importance of using FFO as the primary earnings metric for REITs. The depreciation charge, while non-cash, reflects the economic wear and tear on properties, but it may overstate the true decline in asset values if property values are appreciating. Investors should compare depreciation to maintenance capex to assess whether the company is adequately reserving for asset upkeep.
Same-Store Performance Shows Occupancy Gains
Same-store NOI growth appears positive, with overall NOI margin stable at 20.5% in 2025Q4, suggesting organic improvements, based on the quarterly data.
While same-store metrics are not explicitly provided, the stable NOI margin and revenue growth imply that existing properties are performing well, likely driven by occupancy gains and rent increases. The consistent NOI margin around 20% across quarters indicates that the company is effectively managing property-level expenses, despite inflationary pressures. However, the negative NOI in 2026Q2 raises questions about the sustainability of this trend.
Earnings Quality Concerns Amid Rapid Growth
The 2026Q2 negative NOI and volatile AFFO conversion suggest potential earnings quality issues, with FFO growth possibly inflated by non-recurring items, as per the income statement data.
The sharp contrast between the strong FFO growth and the negative NOI in the same quarter is a red flag. This could indicate that FFO is being boosted by one-time gains or non-operating items, while the core property operations are underperforming. Additionally, the low AFFO relative to FFO suggests that the company may be capitalizing significant costs or facing high recurring capex, which could pressure future distributions. Investors should demand clarity on the composition of FFO and the drivers of the NOI shortfall.