American Healthcare REIT Q3 2026 Earnings: A 262% FFO Beat and Raised Guidance
As seen on the 24/7 Wall St. homepage on November 5, 2026.
Management lifted full-year normalized FFO guidance to $2.23 to $2.26 per share, roughly 31% growth over 2025, after senior housing same-store NOI jumped 28.2% and occupancy reached 90.0%. Against that, 43.9% of debt matures in 2027, including a $550 million term loan.
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American Healthcare REIT posted normalized FFO of $0.58 per diluted share in the third quarter of 2026, far exceeding expectations, with revenue and GAAP diluted EPS also reported for the period.
The senior housing operating portfolio drove the quarter, with same-store NOI up 28.2% on higher occupancy and contained expense growth. The Integrated Senior Health Campuses segment added further same-store NOI growth.
Management lifted full-year 2026 normalized FFO guidance to $2.23 to $2.26 per diluted share, implying roughly 31% growth over 2025. The SHOP and total portfolio same-store NOI growth outlooks were raised as well.
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The normalized FFO figure excluded Ohio Medicaid quality incentive payments and accelerated equity vesting tied to CEO and CFO transitions. CEO Jeff Hanson noted that the company added nearly $2.1 billion of new investments in 2026 and brought new operating partners onto its platform, describing the growth as ambitious but disciplined.
Keep an eye on the debt maturity profile: 43.9% of debt matures in 2027, including a term loan whose interest rate swaps also mature in January 2027, leaving the company exposed to refinancing and rate conditions. Net Debt-to-Annualized Adjusted EBITDA did improve, reflecting equity raised through a follow-on offering and the ATM program during the quarter.
Mentioned: AHR