American Healthcare REIT (AHR) was forged through a significant strategic consolidation, combining Griffin-American Healthcare REIT III and Griffin-American Healthcare REIT IV, along ...
American Healthcare REIT, Inc. (NYSE: AHR) is a leading global real estate investment trust (REIT) focused on healthcare properties. The company was formed through a significant strategic consolidation, merging Griffin-American Healthcare REIT III and IV, and integrating the business of American Healthcare Investors. This merger established AHR as a major ...American Healthcare REIT, Inc. (NYSE: AHR) is a leading global real estate investment trust (REIT) focused on healthcare properties. The company was formed through a significant strategic consolidation, merging Griffin-American Healthcare REIT III and IV, and integrating the business of American Healthcare Investors. This merger established AHR as a major player in the healthcare real estate sector, with a gross investment value of approximately $4.2 billion. The company's portfolio comprises 312 properties totaling 19 million square feet, including medical office buildings, senior housing communities, skilled nursing facilities, and integrated senior health campuses. These assets are strategically diversified across 36 U.S. states and the United Kingdom, catering to the growing demand driven by demographic trends.
AHR operates a fully integrated management platform staffed by over 100 experienced professionals who have collaborated since 2006, providing deep expertise in healthcare real estate across market cycles. The company is led by Chairman and CEO Jeffrey T. Hanson, who co-founded the organization and has been instrumental in its growth. As a publicly traded REIT since February 2024, AHR aims to enhance access to capital for expansion, diversify its investor base, and provide liquidity to stockholders.
Financially, AHR has a market capitalization of over $11.7 billion, with a price-to-earnings ratio of 83.36 and a dividend yield of about 1.8%. The company generates revenue primarily through leasing and managing healthcare properties, with a strong gross profit margin of 98%. However, its profitability metrics show a net profit margin near zero due to high depreciation and interest costs, typical for REITs. The company maintains a debt-to-equity ratio of 0.424, indicating a balanced leverage approach. With a focus on clinical healthcare real estate, AHR is well-positioned to capitalize on the aging population and increasing healthcare needs, making it a key player in the healthcare infrastructure sector.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$2.3B
+9.1%
+3.6%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$69.8M
+284.6%
+29.1%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+20.6%
+2.6%
-104.9%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+7.5%
+13.1%
+7.7%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+3.1%
+269.1%
+24.6%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$165.9M
+97.1%
+42.6%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+7.3%
+80.6%
+37.6%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
50.8%
-38.6%
-4.6%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
0.37x
-1.8%
-93.8%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Hello, everyone. Thank you for joining us, and welcome to the American Healthcare REIT's Second Quarter 2026 Earnings Conference Call. I will now hand the conference over to Alan Peterson, Vice President of Investor Relations and Finance. Alan, please go ahead. Alan Peterson Good morning. Thank you for joining us for American Healthcare REIT's Second Quarter 2026 Earnings Conference Call. With me today are Chairman and Chief Executive Officer, Jeff Hanson; President and Chief Operating Officer, Gabe Willhite; Chief Investment Officer, Stefan Oh; and Chief Financial Officer, Brian Peay. We are also joined this morning by Danny Prosky, a member of our Board of Directors and the company's former President and Chief Executive Officer, who will share some personal reflections later in this call. On today's call, Jeff, Gabe, Stefan and Brian will provide high-level commentary discussing our operational results, financial position, our increased 2026 guidance and other recent news relating to American Healthcare REIT. Following these remarks and Danny's contributions, we will conduct a question-and-answer session. Please be advised that this call will include forward-looking statements. All statements made during this call other than statements of historical fact are forward-looking statements that are subject to numerous risks and uncertainties that could cause actual results to differ materially from those projected in these statements. Therefore, you should exercise caution in interpreting and relying on them. I refer you to our SEC filings for a more detailed discussion of the risks that could impact our future operating results, financial condition and prospects. All forward-looking statements speak only as of today, August 7, 2026 or such other dates as may otherwise be specified. We assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. During the call, we will discuss certain non-GAAP financial measures, which we believe can be useful in evaluating the company's operating performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. Reconciliations of non-GAAP financial measures discussed on this call to the most directly comparable measures calculated in accordance with GAAP are included in our earnings release, supplemental information package and our filings with the SEC. You can find these documents as well as an audio webcast replay of this conference call on the Investor Relations section of our website at www.americanhealthcarereit.com. With that, I'll turn the call over to AHR's Chairman and Chief Executive Officer, Jeff Hanson.
Jeffrey Hanson: Thanks, Alan, and good morning, everyone. As most of you know, 2 weeks ago, we announced that Danny Prosky elected to retire after a medical leave of absence that began in early February. …
