American Healthcare REIT raised its full-year guidance after posting its tenth consecutive quarter of double-digit same-store net operating income growth, the healthcare and senior housing REIT disclosed Aug. 6 in a filing with the Securities and Exchange Commission. Total portfolio same-store NOI grew 13.2% in the second quarter compared with a year earlier, extending a growth streak that has now run two and a half years.
Total revenue for the quarter came in at $674.3 million, bringing six-month revenue to $1.325 billion. GAAP net income attributable to controlling interest was $30.6 million, or 16 cents per diluted share, with six-month net income of $54.3 million. On the metric REITs typically emphasize for comparing operating performance, normalized funds from operations came in at 54 cents per diluted share, while NAREIT-defined FFO was 51 cents per share.
Senior housing segments drive the growth
The company’s growth was concentrated in its operator-dependent senior housing segments rather than its more stable net-lease properties. Its senior housing operating portfolio, where AHR bears direct exposure to occupancy and rate trends rather than collecting fixed rent, posted same-store NOI growth of 20.5%. Its integrated senior health campuses segment, which combines skilled nursing with assisted living and other care levels on single campuses, grew 16.1%. By contrast, the company’s more contractually stable segments grew far more slowly: outpatient medical same-store NOI rose 1.7%, and triple-net leased properties rose 2.1%.
“Our results this quarter reflect a deliberate strategy: concentrate capital in senior housing and care, partner with operators who deliver quality outcomes, and support them with our platform that improves how those assets perform,” said Jeff Hanson, AHR’s chairman and CEO.
Balance sheet improvement funds continued acquisitions
AHR completed $1.4 billion in new investments during the first half of 2026, including its $103 million purchase of a 200-unit San Jose, California, senior living community disclosed earlier this month. Even with that pace of acquisition, the company’s leverage improved: net debt to annualized adjusted EBITDA fell to 2.5x from 3.0x, giving AHR more capacity to keep acquiring without straining its balance sheet.
Based on the first half’s performance, AHR raised its full-year 2026 guidance for normalized FFO per diluted share to a midpoint of $2.17, in a range of $2.15 to $2.19 — roughly 5% higher at the midpoint than the company’s prior outlook. Full-year same-store NOI growth guidance for the total portfolio was raised to a 12.0% midpoint, with a range of 11.0% to 13.0%.
AHR’s results add to a strong earnings season for senior-housing-exposed REITs: Welltower recently reported 20.5% same-store senior housing NOI growth for a 15th consecutive quarter, and other healthcare landlords have similarly cited occupancy gains and constrained new supply as tailwinds this year.
What it means: AHR’s double-digit NOI growth streak and improving leverage give the company room to keep acquiring, but its heaviest growth is concentrated in operator-run segments that carry more direct exposure to labor costs and occupancy swings than its net-lease properties. Whether the sector-wide senior housing tailwind — driven by demographics and limited new construction — continues at this pace through the back half of 2026 will determine whether AHR’s raised guidance proves conservative or optimistic.
