American Healthcare REIT Lifts 2026 Same-Store NOI Outlook

The Tip Desk · November 5, 2026 · 4 min read

Third-quarter Same-Store NOI growth reached 13.8% and NFFO was $0.58 a share as the company raised full-year NFFO guidance to $2.23 to $2.26.

American Healthcare REIT (AHR) reported Same-Store net operating income growth of 13.8% for the three months ended September 30, 2026, compared with the same period in 2025, and raised its full-year 2026 outlook for that metric and for normalized funds from operations.

The healthcare real estate investment trust said GAAP net income attributable to the controlling interest was $31.2 million, or $0.14 a diluted share. Normalized FFO attributable to the controlling interest was $0.58 a diluted share.

Same-Store NOI growth had been 13.2% in the second quarter and 12.1% in the first quarter, so the third-quarter year-over-year rate accelerated. The company attributed the third-quarter result to strong pricing power from rate growth and expense control by operating partners in its operating portfolio.

Senior housing operating properties were the main driver. SHOP Same-Store NOI growth widened to 28.2% from 20.5% in the second quarter and 19.7% in the first quarter. Integrated senior health campuses posted 15.7% growth, after 16.1% in the second quarter and 14.5% in the first. Outpatient medical Same-Store NOI rose 0.4% and triple-net leased properties 2.7%.

President and Chief Operating Officer Gabe Willhite said the company executed on occupancy gains, dynamic pricing and expense control with regional operators, and that it closed the third quarter with a foundation to enter the last quarter of 2026.

The company acquired 17 SHOP assets for approximately $1.69 billion in the third quarter, lifting completed 2026 investments to about $2.07 billion. It also funded an $86.2 million loan on seven properties with purchase options. After those closings and subsequent activity, the investment pipeline was over $1.0 billion, including newly awarded deals and previously disclosed pipeline items. The company said it expects to close pipeline deals by the end of the first quarter of 2027 but cannot guarantee when or if they will close, and it is not including additional transactions in 2026 guidance.

In-process development and expansion is expected to cost about $192.9 million, of which $88.2 million had been funded as of September 30.

Capital raising accelerated. During the quarter the company issued 36,833,346 shares to settle ATM and follow-on forward sales for about $1.88 billion, versus 4,704,556 shares for about $228.7 million in the second quarter. It completed an August follow-on offering covering 15,237,500 shares for about $819.0 million and entered ATM forward sales for 14,385,140 shares for about $780.5 million. After quarter-end, the company entered into ATM forward sale agreements for 1,522,952 shares for about $77.1 million. Unsettled forward agreements totaled 24,598,011 shares, or about $1.32 billion assuming full physical settlement, as of November 5.

Total consolidated indebtedness was $1.38 billion at September 30. Liquidity of about $2.35 billion included cash, undrawn credit lines and expected proceeds from unsettled forwards. Net debt to annualized adjusted EBITDA improved 0.6 times to 1.9x from 2.5x at June 30.

The company raised full-year 2026 Same-Store NOI growth guidance to 12.0% to 14.0%, midpoint 13.0%, from 11.0% to 13.0% after the second quarter. NFFO guidance moved to $2.23 to $2.26 a share from $2.15 to $2.19. SHOP full-year Same-Store NOI guidance midpoint is 24.5% (23.0% to 26.0%) and ISHC 15.5% (14.5% to 16.5%). Net income per diluted share guidance is $0.59 to $0.62 and NAREIT FFO $2.13 to $2.16. The company said the 2026 ranges do not assume additional transactions or capital-markets activity beyond those disclosed as completed. Chief Financial Officer Aric Chang said that at the midpoint of revised guidance the company now expects 31% NFFO growth over 2025.

Jeff Hanson was named chief executive officer in addition to chairman, Willhite was elevated to president, and Chang joined as CFO. The board declared a $0.25 a share cash distribution for the quarter ended September 30, paid October 16.