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American Healthcare REIT (AHR) Financials

American Healthcare REIT logo
$54.79 -0.97 (-1.74%)
As of 09/4/2026 03:58 PM Eastern
Annual Income Statements for American Healthcare REIT

Annual Income Statements for American Healthcare REIT

This table shows American Healthcare REIT's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders
-48 -81 -71 -38 70
Consolidated Net Income / (Loss)
-53 -73 -77 -36 71
Net Income / (Loss) Continuing Operations
-53 -73 -77 -36 71
Total Pre-Tax Income
-52 -73 -76 -34 49
Total Operating Income
21 28 47 84 128
Total Gross Profit
252 362 364 417 467
Total Revenue
1,282 1,643 1,867 2,071 2,260
Operating Revenue
1,282 1,643 1,867 2,071 2,260
Total Cost of Revenue
1,030 1,282 1,502 1,654 1,794
Operating Cost of Revenue
1,030 1,282 1,502 1,654 1,794
Total Operating Expenses
231 334 318 333 338
Selling, General & Admin Expense
43 43 48 48 59
Depreciation Expense
133 168 183 179 188
Other Operating Expenses / (Income)
39 60 57 53 51
Impairment Charge
3.34 78 24 46 50
Restructuring Charge
13 4.39 5.80 7.14 5.10
Other Special Charges / (Income)
0.00 -20 - 0.00 -15
Total Other Income / (Expense), net
-73 -101 -123 -118 -80
Interest Expense
81 106 163 128 86
Interest & Investment Income
0.50 4.47 6.61 4.49 6.84
Other Income / (Expense), net
7.54 0.78 34 5.47 -0.82
Income Tax Expense
0.96 0.59 0.66 1.71 -22
Net Income / (Loss) Attributable to Noncontrolling Interest
-5.48 7.92 -5.42 2.21 1.01
Basic Earnings per Share
($0.95) ($1.24) ($1.08) ($0.29) $0.42
Weighted Average Basic Shares Outstanding
50.08M 65.81M 66.05M 130.64M 166.06M
Diluted Earnings per Share
($0.95) ($1.24) ($1.08) ($0.29) $0.42
Weighted Average Diluted Shares Outstanding
50.08M 65.81M 66.05M 130.64M 166.85M
Weighted Average Basic & Diluted Shares Outstanding
- - 65.37M 157.57M 188.03M
Cash Dividends to Common per Share
$0.69 $1.60 $1.00 $1.00 $1.00

Quarterly Income Statements for American Healthcare REIT

This table shows American Healthcare REIT's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders
-27 -3.89 1.98 -4.13 -32 -6.80 9.91 56 11 24 31
Consolidated Net Income / (Loss)
-31 -3.00 2.93 -3.09 -32 -6.84 10 57 11 24 31
Net Income / (Loss) Continuing Operations
-31 -3.00 2.93 -3.09 -32 -6.84 10 57 11 24 31
Total Pre-Tax Income
-31 -2.73 3.61 -2.83 -32 -6.24 11 36 8.53 23 31
Total Operating Income
14 25 32 34 -6.41 17 34 53 25 38 41
Total Gross Profit
98 96 102 107 112 108 116 118 124 139 149
Total Revenue
483 500 505 524 543 541 543 573 604 651 674
Operating Revenue
483 500 505 524 543 541 543 573 604 651 674
Total Cost of Revenue
385 404 403 417 431 432 426 455 480 512 525
Operating Cost of Revenue
385 404 403 417 431 432 426 455 480 512 525
Total Operating Expenses
84 71 70 73 119 91 82 65 99 100 109
Selling, General & Admin Expense
11 12 12 12 12 13 15 14 17 18 20
Depreciation Expense
44 43 45 44 47 41 42 49 55 67 72
Other Operating Expenses / (Income)
13 14 13 13 13 14 13 13 12 13 12
Impairment Charge
- 0.00 0.00 0.00 - 22 13 3.77 12 0.42 1.72
Restructuring Charge
3.55 2.78 0.02 3.54 0.81 1.84 -0.08 0.05 3.30 1.97 2.79
Other Special Charges / (Income)
- - - 0.00 - 0.00 0.00 -15 - 0.00 0.00
Total Other Income / (Expense), net
-45 -28 -28 -37 -26 -23 -23 -18 -16 -15 -9.74
Interest Expense
41 36 31 30 30 23 23 20 20 19 19
Interest & Investment Income
0.86 0.66 2.07 0.02 1.74 -0.32 0.24 2.77 4.15 3.13 2.81
Other Income / (Expense), net
-4.50 8.25 0.47 -6.28 3.03 0.31 -0.56 -0.12 -0.45 0.71 6.08
Income Tax Expense
-0.11 0.28 0.69 0.26 0.49 0.60 0.73 -21 -2.42 -0.53 -0.00
Net Income / (Loss) Attributable to Noncontrolling Interest
-3.53 0.89 0.95 1.03 -0.66 -0.04 0.17 0.71 0.17 0.30 0.37
Basic Earnings per Share
($0.41) ($0.04) $0.01 ($0.03) ($0.23) ($0.04) $0.06 $0.33 $0.07 $0.13 $0.16
Weighted Average Basic Shares Outstanding
66.05M 104.30M 130.53M 133.73M 130.64M 156.92M 160.50M 169.01M 166.06M 187.32M 192.71M
Diluted Earnings per Share
($0.41) ($0.04) $0.01 ($0.03) ($0.23) ($0.04) $0.06 $0.33 $0.07 $0.13 $0.16
Weighted Average Diluted Shares Outstanding
66.05M 104.30M 130.69M 133.73M 130.64M 156.92M 161.14M 169.80M 166.85M 187.97M 193.35M
Weighted Average Basic & Diluted Shares Outstanding
65.37M 131.65M 131.65M 153.06M 157.57M 159.50M 168.58M 176.91M 188.03M 192.72M 218.00M

Annual Cash Flow Statements for American Healthcare REIT

This table details how cash moves in and out of American Healthcare REIT's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents
-27 -14 -21 33 28
Net Cash From Operating Activities
18 148 99 176 294
Net Cash From Continuing Operating Activities
18 148 99 176 294
Net Income / (Loss) Continuing Operations
-53 -73 -77 -36 71
Consolidated Net Income / (Loss)
-53 -73 -77 -36 71
Depreciation Expense
133 168 183 179 188
Amortization Expense
24 33 55 42 38
Non-Cash Adjustments To Reconcile Net Income
-1.32 59 -7.01 60 51
Changes in Operating Assets and Liabilities, net
-85 -38 -55 -70 -52
Net Cash From Investing Activities
-139 -119 9.40 -8.73 -1,083
Net Cash From Continuing Investing Activities
-139 -119 9.40 -8.73 -1,083
Purchase of Property, Plant & Equipment
-80 -145 -145 -152 -1,013
Acquisitions
-1.20 -19 -13 -0.24 -119
Sale of Property, Plant & Equipment
4.50 48 185 141 50
Sale and/or Maturity of Investments
- 0.00 6.08 30 11
Other Investing Activities, net
0.00 -3.55 -23 -28 -12
Net Cash From Financing Activities
94 -43 -129 -135 817
Net Cash From Continuing Financing Activities
94 -43 -129 -135 817
Repayment of Debt
-196 -1,241 -566 -1,953 -437
Repurchase of Common Equity
-0.39 -23 -19 -109 -10
Payment of Dividends
-39 -67 -86 -125 -166
Issuance of Debt
350 1,280 562 954 279
Issuance of Common Equity
- 0.00 0.00 1,364 1,157
Other Financing Activities, net
-11 7.04 -19 -267 -4.41
Cash Interest Paid
70 89 153 116 80
Cash Income Taxes Paid
1.24 1.13 1.30 1.32 1.80

Quarterly Cash Flow Statements for American Healthcare REIT

This table details how cash moves in and out of American Healthcare REIT's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents
8.58 34 -27 19 6.73 4.06 43 14 -33 5.17 35
Net Cash From Operating Activities
26 -5.95 59 63 60 61 71 107 55 81 119
Net Cash From Continuing Operating Activities
26 -5.95 59 63 60 61 71 107 55 81 119
Net Income / (Loss) Continuing Operations
-31 -3.00 2.93 -3.09 -32 -6.84 10 57 11 24 31
Consolidated Net Income / (Loss)
-31 -3.00 2.93 -3.09 -32 -6.84 10 57 11 24 31
Depreciation Expense
44 43 45 44 47 41 42 49 55 67 72
Amortization Expense
8.12 12 11 9.65 10 9.82 9.40 9.54 8.89 8.93 9.03
Non-Cash Adjustments To Reconcile Net Income
8.73 1.46 3.46 1.54 53 25 18 -8.26 17 4.52 0.50
Changes in Operating Assets and Liabilities, net
-4.07 -59 -3.09 11 -18 -8.21 -7.46 0.08 -37 -23 5.98
Net Cash From Investing Activities
-11 -5.22 -60 -30 87 -33 -62 -278 -710 -203 -173
Net Cash From Continuing Investing Activities
-11 -5.22 -60 -30 87 -33 -62 -278 -710 -203 -173
Purchase of Property, Plant & Equipment
-25 -20 -65 -30 -38 -38 -92 -291 -592 -204 -174
Acquisitions
-0.59 0.00 - - -0.24 -0.00 -0.36 -0.08 -118 -0.02 -0.05
Sale of Property, Plant & Equipment
17 15 -0.00 0.01 127 9.58 27 10 3.63 0.00 7.31
Other Investing Activities, net
-8.06 -7.89 -6.64 -5.26 -7.82 -7.70 0.11 -0.66 -4.21 1.18 -7.10
Net Cash From Financing Activities
-5.89 45 -26 -14 -140 -24 33 186 622 127 89
Net Cash From Continuing Financing Activities
-5.89 45 -26 -14 -140 -24 33 186 622 127 89
Repayment of Debt
-160 -799 -277 -339 -538 -92 -211 -96 -39 -5.53 -95
Repurchase of Common Equity
15 -73 -1.94 -57 33 -0.59 -1.72 -2.42 -5.32 -1.35 -2.14
Payment of Dividends
-18 -18 -34 -34 -39 -40 -40 -42 -43 -47 -40
Issuance of Common Equity
- 773 - 471 120 48 189 244 677 192 229
Other Financing Activities, net
-1.54 -0.73 -37 -223 -5.14 -2.90 -1.05 -0.50 0.04 -10 -1.84
Cash Interest Paid
39 36 27 28 25 21 21 19 19 18 18
Cash Income Taxes Paid
0.28 0.16 0.58 0.16 0.43 0.23 0.61 0.28 0.69 0.00 0.37

Annual Balance Sheets for American Healthcare REIT

This table presents American Healthcare REIT's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets
4,787 4,578 4,488 5,426
Total Current Assets
203 229 288 319
Cash & Equivalents
65 43 77 115
Accounts Receivable
138 185 211 204
Plant, Property, & Equipment, net
3,582 3,425 3,367 4,183
Total Noncurrent Assets
1,003 924 834 924
Goodwill
232 235 235 235
Intangible Assets
236 180 161 253
Other Noncurrent Operating Assets
535 508 437 435
Total Liabilities & Shareholders' Equity
4,787 4,578 4,488 5,426
Total Liabilities
3,137 3,119 2,184 2,066
Total Current Liabilities
244 243 258 318
Accounts Payable
244 243 258 318
Total Noncurrent Liabilities
2,894 2,876 1,926 1,748
Long-Term Debt
2,512 2,526 1,671 1,517
Capital Lease Obligations
273 226 165 136
Noncurrent Deferred Revenue
50 76 52 60
Other Noncurrent Operating Liabilities
59 48 38 36
Commitments & Contingencies
0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest
82 34 0.22 0.00
Total Equity & Noncontrolling Interests
1,568 1,425 2,306 3,361
Total Preferred & Common Equity
1,400 1,270 2,261 3,321
Preferred Stock
0.00 0.00 0.00 0.00
Total Common Equity
1,400 1,270 2,261 3,321
Common Stock
2,541 2,549 3,722 4,882
Retained Earnings
-1,138 -1,276 -1,458 -1,559
Accumulated Other Comprehensive Income / (Loss)
-2.69 -2.43 -2.51 -2.10
Noncontrolling Interest
168 155 43 40

Quarterly Balance Sheets for American Healthcare REIT

This table presents American Healthcare REIT's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets
4,589 4,703 4,645 4,677 4,464 4,507 4,770 5,599 5,704
Total Current Assets
205 293 253 272 309 358 336 361 387
Cash & Equivalents
35 77 52 68 86 133 147 119 157
Accounts Receivable
169 216 201 204 223 224 189 242 230
Plant, Property, & Equipment, net
0.00 3,479 3,510 3,536 3,337 3,346 3,599 4,320 4,419
Total Noncurrent Assets
4,384 932 882 870 818 803 836 918 899
Goodwill
235 235 235 235 235 235 235 235 235
Intangible Assets
197 188 179 178 156 156 181 250 237
Other Noncurrent Operating Assets
3,952 509 468 457 427 412 419 432 427
Total Liabilities & Shareholders' Equity
4,589 4,703 4,645 4,677 4,464 4,507 4,770 5,599 5,704
Total Liabilities
3,055 2,561 2,541 2,420 2,159 2,044 2,050 2,077 1,962
Total Current Liabilities
234 257 254 270 272 274 298 340 332
Accounts Payable
234 257 254 270 272 274 298 340 332
Total Noncurrent Liabilities
2,821 2,303 2,287 2,150 1,887 1,770 1,752 1,737 1,630
Long-Term Debt
2,498 1,988 2,012 1,879 1,643 1,533 1,521 1,512 1,423
Capital Lease Obligations
- 220 179 174 154 148 141 131 125
Noncurrent Deferred Revenue
44 49 50 52 53 52 54 58 61
Other Noncurrent Operating Liabilities
279 47 46 45 37 37 36 36 21
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest
60 12 0.22 0.22 0.22 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
1,474 2,131 2,104 2,257 2,304 2,463 2,722 3,521 3,742
Total Preferred & Common Equity
1,314 1,961 1,933 2,207 2,262 2,421 2,678 3,482 3,695
Preferred Stock
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity
1,314 1,961 1,933 2,207 2,262 2,421 2,678 3,482 3,695
Common Stock
2,549 3,277 3,280 3,596 3,770 3,959 4,204 5,067 5,299
Retained Earnings
-1,232 -1,313 -1,344 -1,387 -1,505 -1,536 -1,523 -1,583 -1,602
Accumulated Other Comprehensive Income / (Loss)
-2.62 -2.47 -2.46 -2.15 -2.34 -1.99 -2.11 -2.22 -2.21
Noncontrolling Interest
159 170 171 49 42 42 42 40 47

Annual Metrics And Ratios for American Healthcare REIT

This table displays calculated financial ratios and metrics derived from American Healthcare REIT's official financial filings.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding
- - - - 176,908,238.00
DEI Adjusted Shares Outstanding
- - - - 176,908,238.00
DEI Earnings Per Adjusted Shares Outstanding
- - - - 0.39
Growth Metrics
- - - - -
Profitability Metrics
- - - - -
Net Operating Profit after Tax (NOPAT)
14 20 33 59 187
Return On Investment Capital (ROIC_SIMPLE)
- 0.45% 0.79% 1.42% 3.73%
Earnings before Interest and Taxes (EBIT)
28 29 81 89 128
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
186 229 318 311 353
Valuation Ratios
- - - - -
Leverage & Solvency
- - - - -
Liquidity Ratios
- - - - -
Cash Flow Metrics
- - - - -
Free Cash Flow to Firm (FCFF)
0.00 -4,349 234 163 -648
Efficiency Ratios
- - - - -
Capital & Investment Metrics
- - - - -
Invested Capital
0.00 4,369 4,168 4,063 4,898
Increase / (Decrease) in Invested Capital
0.00 4,369 -201 -104 835
Book Value per Share
$0.00 $21.28 $19.18 $14.77 $18.77
Tangible Book Value per Share
$0.00 $14.17 $12.91 $12.18 $16.01
Total Capital
0.00 4,434 4,211 4,140 5,015
Total Debt
0.00 2,785 2,752 1,836 1,652
Total Long-Term Debt
0.00 2,785 2,752 1,836 1,652
Net Debt
0.00 2,720 2,708 1,759 1,537
Capital Expenditures (CapEx)
75 96 -39 11 963
Debt-free, Cash-free Net Working Capital (DFCFNWC)
0.00 -106 -58 -47 -113
Debt-free Net Working Capital (DFNWC)
0.00 -41 -14 29 1.41
Net Working Capital (NWC)
0.00 -41 -14 29 1.41
Net Nonoperating Expense (NNE)
68 93 110 94 116
Net Nonoperating Obligations (NNO)
0.00 2,720 2,708 1,759 1,536
Total Depreciation and Amortization (D&A)
157 201 237 222 225
Earnings Adjustments
- - - - -
Adjusted Basic Earnings per Share
$0.00 $0.00 ($1.08) ($0.29) $0.42
Adjusted Weighted Average Basic Shares Outstanding
0.00 0.00 66.05M 130.64M 166.06M
Adjusted Diluted Earnings per Share
$0.00 $0.00 ($1.08) ($0.29) $0.42
Adjusted Weighted Average Diluted Shares Outstanding
0.00 0.00 66.05M 130.64M 166.85M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
0.00 0.00 65.37M 157.57M 188.03M
Normalized Net Operating Profit after Tax (NOPAT)
26 63 54 96 118
Debt Service Ratios
- - - - -
Payout Ratios
- - - - -

Quarterly Metrics And Ratios for American Healthcare REIT

This table displays calculated financial ratios and metrics derived from American Healthcare REIT's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding
- - - - - - - - 176,908,238.00 188,028,542.00 192,722,308.00
DEI Adjusted Shares Outstanding
- - - - - - - - 176,908,238.00 188,028,542.00 192,722,308.00
DEI Earnings Per Adjusted Shares Outstanding
- - - - - - - - 0.06 0.13 0.16
Growth Metrics
- - - - - - - - - - -
Revenue Growth
0.00% 10.46% 7.92% 12.83% 12.47% 8.22% 7.52% 9.38% - 20.38% 24.29%
EBITDA Growth
8.43% 16.40% 5.09% -16.71% -12.48% -22.44% -4.20% 37.37% - 69.42% 51.36%
EBIT Growth
0.00% 222.89% 19.05% -20.36% -136.54% -48.47% 3.31% 92.99% - 129.89% 40.95%
NOPAT Growth
0.00% 159.52% 59.30% 3,601.53% -146.62% -32.56% 22.70% 258.52% - 235.74% 29.37%
Net Income Growth
0.00% 89.12% 124.66% 52.02% -4.75% -127.70% 244.46% 1,931.20% - 451.04% 207.37%
EPS Growth
0.00% 89.74% 105.26% 66.67% 43.90% 0.00% 500.00% 1,200.00% - 425.00% 166.67%
Operating Cash Flow Growth
-24.93% -124.95% 200.31% 116.76% 130.93% 1,118.07% 20.32% 69.78% - 33.74% 65.96%
Free Cash Flow Firm Growth
0.00% 0.00% 0.00% 94.45% -52.71% 106.34% 106.26% 141.62% - -467.21% -509.71%
Invested Capital Growth
-4.61% 0.00% 0.00% 6.14% -2.50% -6.04% -5.48% -0.18% - 25.64% 27.99%
Revenue Q/Q Growth
3.95% 3.51% 1.01% 3.81% 3.61% -0.39% 0.35% 5.61% - 7.73% 3.61%
EBITDA Q/Q Growth
-37.28% 42.85% 0.72% -7.70% -34.10% 26.61% 24.39% 32.35% - 30.26% 11.13%
EBIT Q/Q Growth
-73.23% 256.99% -2.77% -14.27% -112.28% 603.46% 94.93% 60.14% - 61.91% 19.52%
NOPAT Q/Q Growth
1,404.92% 80.30% 47.78% -7.69% -118.95% 360.84% 168.87% 169.73% - 24.35% 3.60%
Net Income Q/Q Growth
-380.28% 90.30% 197.40% -205.71% -948.46% 78.91% 247.35% 461.95% - 119.48% 29.02%
EPS Q/Q Growth
-355.56% 90.24% 125.00% -400.00% -666.67% 82.61% 250.00% 450.00% - 85.71% 23.08%
Operating Cash Flow Q/Q Growth
-11.52% -123.11% 1,097.68% 6.28% -5.74% 1.86% 17.91% 49.96% - 46.95% 46.32%
Free Cash Flow Firm Q/Q Growth
105.28% -2,116.48% 0.90% 94.74% 144.98% 170.23% -2.10% -65.03% - -23.31% -9.24%
Invested Capital Q/Q Growth
4.27% 2.54% -0.71% -0.02% -4.22% -1.18% -0.12% 5.60% - 3.00% 1.75%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
20.22% 19.20% 20.22% 20.37% 20.67% 20.01% 21.42% 20.67% - 21.30% 22.16%
EBITDA Margin
12.71% 17.54% 17.49% 15.55% 9.89% 12.57% 15.58% 19.53% - 17.69% 18.98%
Operating Margin
2.85% 4.96% 6.28% 6.46% -1.18% 3.09% 6.22% 9.30% - 5.91% 6.04%
EBIT Margin
1.92% 6.62% 6.37% 5.26% -0.62% 3.15% 6.12% 9.28% - 6.02% 6.94%
Profit (Net Income) Margin
-6.42% -0.60% 0.58% -0.59% -5.98% -1.27% 1.86% 9.89% - 3.69% 4.59%
Tax Burden Percent
99.64% 110.20% 81.01% 109.29% 101.52% 109.69% 93.23% 159.34% - 102.24% 100.01%
Interest Burden Percent
-335.58% -8.25% 11.24% -10.27% 944.22% -36.61% 32.56% 66.86% - 59.98% 66.19%
Effective Tax Rate
0.00% 0.00% 18.99% 0.00% 0.00% 0.00% 6.77% -59.34% - -2.24% -0.01%
Return on Invested Capital (ROIC)
0.87% 3.11% 4.68% 2.21% -0.42% 1.10% 3.02% 7.69% - 3.16% 3.31%
ROIC Less NNEP Spread (ROIC-NNEP)
-0.62% 1.20% 2.55% 1.00% -1.67% 0.14% 1.86% 6.07% - 2.21% 2.64%
Return on Net Nonoperating Assets (RNNOA)
-1.09% 1.19% 2.59% 1.18% -1.98% 0.12% 1.50% 4.27% - 1.23% 1.25%
Return on Equity (ROE)
-0.22% 4.31% 7.27% 3.38% -2.39% 1.22% 4.53% 11.95% - 4.39% 4.56%
Cash Return on Invested Capital (CROIC)
5.49% -197.95% -197.65% -4.19% 3.96% 7.51% 6.96% 7.88% - -18.43% -20.28%
Operating Return on Assets (OROA)
0.76% 5.39% 5.35% 2.28% -0.28% 1.45% 2.88% 4.32% - 2.83% 3.40%
Return on Assets (ROA)
-2.56% -0.49% 0.49% -0.26% -2.73% -0.58% 0.87% 4.60% - 1.74% 2.25%
Return on Common Equity (ROCE)
-0.18% 3.94% 6.68% 3.14% -2.25% 1.16% 4.31% 11.73% - 4.33% 4.49%
Return on Equity Simple (ROE_SIMPLE)
0.00% -2.67% -1.94% -1.55% 0.00% -1.74% 0.00% 0.00% - 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)
9.63 17 26 24 -4.49 12 31 85 32 39 41
NOPAT Margin
2.00% 3.48% 5.08% 4.52% -0.83% 2.17% 5.80% 14.82% - 6.04% 6.04%
Net Nonoperating Expense Percent (NNEP)
1.50% 1.91% 2.13% 1.20% 1.25% 0.97% 1.16% 1.62% - 0.95% 0.66%
Return On Investment Capital (ROIC_SIMPLE)
0.23% - - - -0.11% 0.29% 0.76% 1.94% 0.63% 0.76% 0.77%
Cost of Revenue to Revenue
79.78% 80.80% 79.78% 79.63% 79.33% 79.99% 78.58% 79.33% - 78.70% 77.84%
SG&A Expenses to Revenue
2.35% 2.37% 2.33% 2.28% 2.22% 2.43% 2.75% 2.46% - 2.71% 2.95%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Operating Expenses to Revenue
17.37% 14.23% 13.94% 13.91% 21.85% 16.92% 15.20% 11.37% - 15.39% 16.12%
Earnings before Interest and Taxes (EBIT)
9.26 33 32 28 -3.38 17 33 53 24 39 47
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
61 88 88 81 54 68 85 112 88 115 128
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
0.00 0.48 0.99 1.56 1.92 2.11 2.42 2.64 - 2.55 2.72
Price to Tangible Book Value (P/TBV)
0.00 0.62 1.27 1.91 2.33 2.55 2.89 3.13 - 2.96 3.12
Price to Revenue (P/Rev)
0.00 0.50 0.99 1.71 2.10 2.26 2.73 3.22 - 3.74 4.02
Price to Earnings (P/E)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 259.81 - 88.39 83.05
Dividend Yield
0.00% 1.72% 3.42% 2.87% 3.52% 3.30% 2.72% 2.38% - 2.12% 1.92%
Earnings Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.38% - 1.13% 1.20%
Enterprise Value to Invested Capital (EV/IC)
0.00 0.76 1.00 1.29 1.51 1.63 1.86 2.04 - 2.07 2.24
Enterprise Value to Revenue (EV/Rev)
0.00 1.70 2.17 2.72 2.97 3.09 3.47 3.93 - 4.40 4.59
Enterprise Value to EBITDA (EV/EBITDA)
0.00 9.86 12.64 17.17 19.78 22.40 25.90 27.16 - 26.08 25.91
Enterprise Value to EBIT (EV/EBIT)
0.00 31.38 38.82 53.64 68.85 89.00 100.13 86.37 - 69.67 70.35
Enterprise Value to NOPAT (EV/NOPAT)
0.00 74.55 85.01 75.11 104.77 122.99 136.60 26.44 - 53.56 58.80
Enterprise Value to Operating Cash Flow (EV/OCF)
0.00 47.45 39.07 38.43 34.94 26.90 29.24 28.91 - 33.12 31.73
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 0.00 0.00 0.00 37.74 20.98 25.95 25.85 - 0.00 0.00
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
1.89 1.03 1.04 0.91 0.80 0.78 0.68 0.61 - 0.47 0.41
Long-Term Debt to Equity
1.89 1.03 1.04 0.91 0.80 0.78 0.68 0.61 - 0.47 0.41
Financial Leverage
1.75 0.99 1.02 1.17 1.19 0.86 0.81 0.70 - 0.56 0.47
Leverage Ratio
3.01 2.20 2.21 2.44 2.41 2.06 2.00 1.90 - 1.73 1.65
Compound Leverage Factor
-10.11 -0.18 0.25 -0.25 22.75 -0.75 0.65 1.27 - 1.04 1.09
Debt to Total Capital
65.35% 50.74% 51.01% 47.63% 44.34% 43.81% 40.57% 37.92% - 31.81% 29.26%
Short-Term Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Long-Term Debt to Total Capital
65.35% 50.74% 51.01% 47.63% 44.34% 43.81% 40.57% 37.92% - 31.81% 29.26%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00%
Noncontrolling Interests to Total Capital
4.48% 4.18% 3.98% 1.15% 1.04% 1.03% 1.01% 0.95% - 0.77% 0.90%
Common Equity to Total Capital
30.17% 45.07% 45.01% 51.22% 54.62% 55.16% 58.42% 61.09% - 67.42% 69.84%
Debt to EBITDA
8.64 6.67 6.54 6.44 5.90 6.17 5.85 5.23 - 4.11 3.49
Net Debt to EBITDA
8.51 6.44 6.39 6.23 5.66 5.87 5.38 4.76 - 3.81 3.14
Long-Term Debt to EBITDA
8.64 6.67 6.54 6.44 5.90 6.17 5.85 5.23 - 4.11 3.49
Debt to NOPAT
83.23 50.48 44.00 28.19 31.26 33.85 30.83 5.09 - 8.44 7.92
Net Debt to NOPAT
81.92 48.72 42.95 27.25 29.96 32.23 28.38 4.64 - 7.82 7.12
Long-Term Debt to NOPAT
83.23 50.48 44.00 28.19 31.26 33.85 30.83 5.09 - 8.44 7.92
Altman Z-Score
0.00 0.27 0.49 0.89 1.21 1.35 1.77 2.13 - 2.62 3.16
Noncontrolling Interest Sharing Ratio
14.09% 8.49% 8.11% 7.10% 6.16% 5.04% 4.65% 1.87% - 1.41% 1.43%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
0.94 1.14 1.00 1.01 1.11 1.13 1.31 1.13 - 1.06 1.16
Quick Ratio
0.94 1.14 1.00 1.01 1.11 1.13 1.31 1.13 - 1.06 1.16
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
211 -4,256 -4,217 -222 100 270 264 92 -803 -990 -1,082
Operating Cash Flow to CapEx
295.04% -104.16% 92.00% 213.63% 0.00% 216.12% 109.14% 38.18% - 39.69% 71.37%
Free Cash Flow to Firm to Interest Expense
5.12 -116.80 -137.84 -7.30 3.29 11.75 11.67 4.53 - -52.69 -58.08
Operating Cash Flow to Interest Expense
0.63 -0.16 1.94 2.08 1.96 2.64 3.16 5.26 - 4.31 6.37
Operating Cash Flow Less CapEx to Interest Expense
0.41 -0.32 -0.17 1.10 4.90 1.42 0.26 -8.51 - -6.55 -2.55
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
0.40 0.81 0.84 0.43 0.46 0.46 0.47 0.47 - 0.47 0.49
Accounts Receivable Turnover
11.56 0.00 0.00 10.78 10.45 9.63 10.11 11.21 - 10.21 11.03
Inventory Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Fixed Asset Turnover
0.53 0.00 0.00 0.00 0.61 0.62 0.63 0.62 - 0.62 0.64
Accounts Payable Turnover
6.17 0.00 0.00 6.39 6.60 6.36 6.47 6.14 - 6.12 6.51
Days Sales Outstanding (DSO)
31.57 0.00 0.00 33.87 34.94 37.90 36.09 32.56 - 35.74 33.09
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Days Payable Outstanding (DPO)
59.13 0.00 0.00 57.16 55.31 57.43 56.40 59.43 - 59.68 56.07
Cash Conversion Cycle (CCC)
-27.56 0.00 0.00 -23.28 -20.36 -19.54 -20.31 -26.87 - -23.93 -22.98
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
4,168 4,273 4,243 4,242 4,063 4,015 4,011 4,235 4,898 5,045 5,133
Invested Capital Turnover
0.44 0.90 0.92 0.49 0.50 0.51 0.52 0.52 - 0.52 0.55
Increase / (Decrease) in Invested Capital
-201 4,273 4,243 246 -104 -258 -233 -7.43 835 1,030 1,123
Enterprise Value (EV)
0.00 3,260 4,233 5,471 6,152 6,527 7,449 8,639 - 10,431 11,489
Market Capitalization
0.00 948 1,923 3,436 4,350 4,774 5,860 7,082 - 8,867 10,050
Book Value per Share
$19.18 $30.00 $14.69 $16.77 $14.77 $14.36 $15.18 $15.89 $18.77 $18.52 $19.17
Tangible Book Value per Share
$12.91 $23.53 $11.54 $13.63 $12.18 $11.87 $12.73 $13.42 $16.01 $15.94 $16.72
Total Capital
4,211 4,350 4,295 4,310 4,140 4,101 4,144 4,384 5,015 5,164 5,290
Total Debt
2,752 2,208 2,191 2,053 1,836 1,797 1,681 1,662 1,652 1,643 1,548
Total Long-Term Debt
2,752 2,208 2,191 2,053 1,836 1,797 1,681 1,662 1,652 1,643 1,548
Net Debt
2,708 2,130 2,139 1,985 1,759 1,711 1,548 1,515 1,537 1,524 1,391
Capital Expenditures (CapEx)
8.73 5.72 65 30 -89 28 65 281 589 204 166
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-58 -41 -53 -66 -47 -50 -50 -109 -113 -99 -103
Debt-free Net Working Capital (DFNWC)
-14 36 -0.54 1.74 29 36 84 38 1.41 21 54
Net Working Capital (NWC)
-14 36 -0.54 1.74 29 36 84 38 1.41 21 54
Net Nonoperating Expense (NNE)
41 20 23 27 28 19 21 28 21 15 9.74
Net Nonoperating Obligations (NNO)
2,708 2,130 2,139 1,985 1,759 1,711 1,548 1,513 1,536 1,524 1,391
Total Depreciation and Amortization (D&A)
52 55 56 54 57 51 51 59 64 76 81
Debt-free, Cash-free Net Working Capital to Revenue
-3.08% -2.16% -2.70% -3.29% -2.28% -2.35% -2.31% -4.98% - -4.16% -4.10%
Debt-free Net Working Capital to Revenue
-0.75% 1.86% -0.03% 0.09% 1.42% 1.73% 3.90% 1.72% - 0.87% 2.17%
Net Working Capital to Revenue
-0.75% 1.86% -0.03% 0.09% 1.42% 1.73% 3.90% 1.72% - 0.87% 2.17%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
($0.41) ($0.04) $0.01 ($0.03) ($0.23) ($0.04) $0.06 $0.33 $0.07 $0.13 $0.16
Adjusted Weighted Average Basic Shares Outstanding
66.05M 104.30M 130.53M 133.73M 130.64M 156.92M 160.50M 169.01M 166.06M 187.32M 192.71M
Adjusted Diluted Earnings per Share
($0.41) ($0.04) $0.01 ($0.03) ($0.23) ($0.04) $0.06 $0.33 $0.07 $0.13 $0.16
Adjusted Weighted Average Diluted Shares Outstanding
66.05M 104.30M 130.69M 133.73M 130.64M 156.92M 161.14M 169.80M 166.85M 187.97M 193.35M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
65.37M 131.65M 131.65M 153.06M 157.57M 159.50M 168.58M 176.91M 188.03M 192.72M 218.00M
Normalized Net Operating Profit after Tax (NOPAT)
12 19 26 26 -3.92 28 43 30 28 29 32
Normalized NOPAT Margin
2.51% 3.87% 5.09% 4.99% -0.72% 5.21% 7.96% 5.20% - 4.39% 4.70%
Pre Tax Income Margin
-6.44% -0.55% 0.72% -0.54% -5.89% -1.15% 1.99% 6.20% - 3.61% 4.59%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
0.22 0.91 1.05 0.91 -0.11 0.74 1.47 2.61 - 2.08 2.51
NOPAT to Interest Expense
0.23 0.48 0.84 0.78 -0.15 0.51 1.39 4.16 - 2.09 2.19
EBIT Less CapEx to Interest Expense
0.01 0.75 -1.06 -0.07 2.82 -0.48 -1.43 -11.16 - -8.78 -6.41
NOPAT Less CapEx to Interest Expense
0.02 0.32 -1.27 -0.19 2.78 -0.71 -1.50 -9.60 - -8.78 -6.74
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
-112.36% -140.42% -232.75% -303.75% -349.76% -372.96% -475.76% 588.25% - 170.37% 141.18%
Augmented Payout Ratio
-114.90% -234.96% -367.46% -570.25% -554.07% -374.14% -443.18% 484.30% - 181.00% 150.34%

Financials Breakdown Chart

Key Financial Trends

American Healthcare REIT’s (NYSE:AHR) latest statements show improving operating performance, stronger cash generation and lower debt, although the company continues to rely on equity capital to fund substantial property investment. The Q2 2026 figures are also affected by restated prior-year comparisons, so investors should focus on broad trends rather than any single quarter.

  • Revenue growth has accelerated. Q2 revenue increased from $467.6 million in 2023 to $504.6 million in 2024, $542.5 million in 2025 and $674.3 million in 2026. The latest year-over-year increase was approximately 24%.
  • Gross profitability is improving. Q2 gross profit rose to $149.4 million in 2026 from $116.2 million in 2025 and $102.0 million in 2024. The gross margin expanded to approximately 22.2% in Q2 2026, compared with about 21.4% in Q2 2025 and 20.2% in Q2 2024.
  • Operating income has risen steadily. Q2 operating income increased from $23.0 million in 2023 to $31.7 million in 2024, $33.8 million in 2025 and $40.7 million in 2026, suggesting that revenue growth is increasingly reaching the operating line.
  • Net income attributable to common shareholders has improved significantly. AHR reported a $12.2 million common-shareholder loss in Q2 2023, followed by income of $2.0 million in Q2 2024, $9.9 million in Q2 2025 and $30.6 million in Q2 2026. Diluted EPS improved to $0.16 from $0.06 in Q2 2025 and a loss of $0.19 in Q2 2023.
  • Operating cash flow is on a strong upward trend. Cash flow from operations increased from $19.8 million in Q2 2023 to $59.4 million in Q2 2024, $71.5 million in Q2 2025 and $118.6 million in Q2 2026. The latest operating cash flow was nearly four times Q2 2023’s level.
  • Interest expense has declined. Quarterly interest expense fell from $30.6 million in Q2 2024 to $22.6 million in Q2 2025 and $18.6 million in Q2 2026. The reduction supports pretax income and provides some relief from the company’s debt burden.
  • Debt balances have generally decreased. Long-term debt declined from $2.01 billion in Q2 2024 to $1.53 billion in Q2 2025 and $1.42 billion in Q2 2026. Including capital lease obligations, these balances declined from approximately $2.19 billion to $1.55 billion over the same period.
  • Liquidity has improved from 2024 levels. Cash and equivalents rose from $52.1 million in Q2 2024 to $133.5 million in Q2 2025 and $156.9 million in Q2 2026. Total current assets also increased to $386.5 million, compared with $357.6 million in Q2 2025.
  • Property assets and total assets continue to expand. Net property, plant and equipment increased to $4.42 billion in Q2 2026 from $3.35 billion in Q2 2024, while total assets grew to $5.70 billion from $4.65 billion. This indicates continued expansion of the company’s healthcare real estate portfolio.
  • Dividend cash coverage improved in the latest quarter. AHR paid $40.3 million in common dividends in Q2 2026 against $118.6 million of operating cash flow, providing approximately 2.9 times operating-cash-flow coverage for the quarter.
  • Capital spending remains a major part of the business strategy. Purchases of property and equipment totaled $204.3 million in Q2 2026, up from $92.3 million in Q2 2025 and $64.6 million in Q2 2024. This investment may support future growth, but its returns will depend on occupancy, rents and asset-level performance.
  • Current liquidity is adequate but not excessive. Q2 2026 current assets of $386.5 million exceeded current liabilities of $332.1 million, producing a current ratio of approximately 1.16. That is an improvement from roughly 1.00 in Q2 2024, but it leaves limited room for unexpected working-capital demands.
  • Cash balances have been supported by financing activity. AHR generated $118.6 million from operations in Q2 2026, but investing activities used $173.3 million. The resulting cash shortfall was more than offset by $89.5 million of net financing cash flow, including $229.2 million from common-equity issuance.
  • Share dilution is a continuing consideration for investors. Weighted-average basic shares increased from 130.5 million in Q2 2024 to 160.5 million in Q2 2025 and 192.7 million in Q2 2026. Although earnings improved, future per-share growth may be restrained if equity issuance continues.
  • Retained earnings remain deeply negative. Retained earnings stood at negative $1.60 billion in Q2 2026. This reflects the company’s accumulated losses and means reported net income has not yet eliminated the historical deficit.
  • The dividend exceeded GAAP net income attributable to common shareholders in Q2. Common dividends paid were $40.3 million, compared with $30.6 million of net income attributable to common shareholders. Operating cash flow covered the dividend, but the accounting payout ratio was greater than 100%.
  • Expansion is consuming more cash than operations generate. Q2 2026 capital expenditures of $204.3 million exceeded operating cash flow of $118.6 million. This produced negative free cash flow before financing and indicates that AHR remains dependent on external capital while investing heavily in its portfolio.
  • Equity financing may be necessary to sustain growth. AHR issued $229.2 million of common equity in Q2 2026 after issuing $191.7 million in Q1 2026 and $188.6 million in Q2 2025. Repeated equity issuance can strengthen liquidity and fund acquisitions, but it also increases the number of shares competing for future earnings and dividends.
  • Non-cash charges remain substantial. Q2 2026 depreciation and amortization totaled approximately $81.2 million, compared with $75.5 million in Q2 2025. These charges help explain why operating cash flow is substantially higher than GAAP net income, but they also highlight the capital-intensive nature of the real estate portfolio.

Overall, AHR’s financial trajectory is improving: revenue, margins, common-shareholder earnings, operating cash flow and liquidity have all strengthened, while interest expense and debt have declined. The main risks are the scale of capital spending, continued dependence on equity issuance, rising share count and the gap between dividend payments and GAAP earnings. Investors should monitor whether portfolio growth eventually produces sufficient recurring cash flow to fund investment and dividends without ongoing dilution.

09/06/26 06:27 AM ETAI Generated. May Contain Errors.

American Healthcare REIT Financials - Frequently Asked Questions

According to the most recent income statement we have on file, American Healthcare REIT's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

American Healthcare REIT's net income appears to be on a downward trend, with a most recent value of $70.82 million in 2025, falling from -$53.27 million in 2021. The previous period was -$35.60 million in 2024. View American Healthcare REIT's forecast to see where analysts expect American Healthcare REIT to go next.

American Healthcare REIT's total operating income in 2025 was $128.41 million, based on the following breakdown:
  • Total Gross Profit: $466.59 million
  • Total Operating Expenses: $338.18 million

Over the last 4 years, American Healthcare REIT's total revenue changed from $1.28 billion in 2021 to $2.26 billion in 2025, a change of 76.3%.

American Healthcare REIT's total liabilities were at $2.07 billion at the end of 2025, a 5.4% decrease from 2024, and a 34.2% decrease since 2022.

In the past 3 years, American Healthcare REIT's cash and equivalents has ranged from $43.45 million in 2023 to $114.84 million in 2025, and is currently $114.84 million as of their latest financial filing in 2025.

Over the last 4 years, American Healthcare REIT's book value per share changed from 0.00 in 2021 to 18.77 in 2025, a change of 1,877.0%.



Financial statements for NYSE:AHR last updated on 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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