At a glance
American Healthcare REIT, Inc. is worth $11.23B, about 123 times its fiscal 2025 earnings. Revenue grew 9.1% to $2.26B in fiscal 2025, with 3.1% kept as profit; over 5 years it has grown 16.2% a year. It pays a 1.94% dividend yield, and returned $456.2M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +19.2% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
American Healthcare REIT is a real estate investment trust, or REIT: a company that owns property and must pay out most of its taxable income as dividends. It owns and runs healthcare buildings, mainly senior housing, skilled nursing facilities (nursing homes that provide medical care) and outpatient medical buildings, in the United States, the United Kingdom and the Isle of Man. It had about 121 employees as of December 31, 2025.
Unlike a typical landlord, AHR earns most of its revenue from operating care properties, not from collecting rent. It uses a RIDEA structure, a tax arrangement that lets a REIT own a care property, hire an operator to manage it, and keep the operating profit or absorb the loss. So results depend on occupancy, what residents and government programs such as Medicare and Medicaid pay, and the cost of running each building.
In fiscal 2025, which ended December 31, 2025, revenue was about $2.26 billion. Integrated senior health campuses, all managed by an operator called Trilogy, brought in 78%. Senior housing operating properties (SHOP) added 14.6%, outpatient medical buildings 5.6%, and triple-net leased properties, where tenants pay rent plus taxes, insurance and upkeep, 1.7%. AHR plans to grow through acquisitions and by building more campuses with development partners, citing low new supply and an aging population.
Price history
The interactive chart needs JavaScript.
AHR +19.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Integrated Senior Health Campuses | $1.76B | 78% |
| SHOP | $330.6M | 14.6% |
| Outpatient Medical | $126.1M | 5.6% |
| Triple Net Leased Properties | $39.5M | 1.7% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $674.3M, up 24.3% from a year earlier, and net income was $30.6M (+208.9%).
- For fiscal 2025, revenue was $2.26B (+9.1% year over year; +16.2% a year from FY2020 to FY2025) with a 3.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +16.2% good |
|---|---|
| Operating margin | 18.4% good |
| Return on equity (FY2025) | 2.1% weak |
| Return on assets (FY2025) | 1.3% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.07B | $2.2M | $210.8M |
| FY2021 | $1.12B | $-47.8M | — |
| FY2022 | $1.41B | $-81.3M | $140.2M |
| FY2023 | $1.87B | $-71.5M | — |
| FY2024 | $2.07B | $-37.8M | — |
| FY2025 | $2.26B | $69.8M | — |
Valuation snapshot
| Market value | $11.23B |
|---|---|
| P/E ratio | 122.6 |
| Dividend yield | 1.94% |
Rank among 1514 US companies
Market value at each year end
American Healthcare REIT’s market value went from $4.35B at the end of 2024 to $11.23B on Oct 28, 2026, about 2.6 times as much; since the end of 2025 it is up 35%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $11.23B | +34.9% |
| 2025 | $8.33B | +91.4% |
| 2024 | $4.35B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AHR price data to Oct 28, 2026 | +11.1% | +19.2% | — | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +11.1% |
| 2025 | +70.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 6 sales ($1.8M), 3 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 26, 2026 | Brian Peay Chief Financial Officer | sell | $1.3M |
| Jun 24, 2026 | Mark E. Foster EVP, GC & Secretary | sell | $121K |
| Sep 1, 2026 | Mark E. Foster EVP, GC & Secretary | sell (plan) | $111K |
| Mar 25, 2026 | Mark E. Foster EVP, GC & Secretary | sell (plan) | $97K |
| Jun 1, 2026 | Mark E. Foster EVP, GC & Secretary | sell (plan) | $97K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.5% | Jun 30, 2026 |
| Vanguard Portfolio Management | 8.62% | Mar 31, 2026 |
| Vanguard Capital Management | 5.14% | Mar 31, 2026 |
| STATE STREET CORPORATION | 4.3% | Jun 30, 2026 |
| Wellington Management Group LLP | 4.3% | Dec 31, 2025 |
| PRINCIPAL REAL ESTATE INVESTORS, LLC | 3.4% | Dec 31, 2025 |
| Royal Bank of Canada | 3.21% | Dec 31, 2025 |
| Millennium Management LLC | 0.8% | Dec 31, 2024 |
ETFs with the most weight in AHR
| BYRE Principal Real Estate Active Opportunities ETF | 5.37% |
| OSCV Opus Small Cap Value ETF | 1.54% |
| FSCC Federated Hermes MDT Small Cap Core ETF | 1.49% |
| FPX First Trust US Equity Opportunities ETF | 0.48% |
| FRI First Trust S&P REIT Index Fund | 0.41% |
| RWO SPDR Dow Jones Global Real Estate ETF | 0.33% |
| AFSM First Trust Active Factor Small Cap ETF | 0.32% |
| FNX First Trust Mid Cap Core AlphaDEX Fund | 0.3% |
What could go wrong
- Heavy reliance on one operator, Trilogy. Trilogy manages all of AHR's integrated senior health campuses, which produced 78% of revenue in fiscal 2025. Weakness in Trilogy's business or finances could seriously hurt AHR's income.
- Operating risk and a history of losses. Under its RIDEA structure, AHR keeps the profit or loss from running the properties that produce most of its revenue, so cost inflation hits results directly. It lost money in fiscal 2021 through 2024.
- Leadership in flux after CEO's medical leave. As of the February 27, 2026 annual report, CEO Danny Prosky was on medical leave and Chairman Jeffrey Hanson was interim CEO. AHR reported further executive or board changes in July and September 2026.
- Medicare and Medicaid rates may lag costs. If Medicare and Medicaid payments rise more slowly than inflation and the cost of care, nursing and senior care operators earn less, which can cut both tenants' rent payments and AHR's own operating profits.
- Residents must be able to afford fees. AHR's senior housing relies on fees paid by residents and their families. Anything that squeezes their budgets, such as a weak economy, could lower occupancy and revenue.
- Heavy regulation, audits and licensing. AHR and its care operators face government audits and licensing rules. Problems could bring fines, refunds of past payments or loss of Medicare and Medicaid eligibility, hurting rent and operating income.
Recent events
- Investor presentation or announcement; Other company announcement
- Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Investor presentation or announcement
- Other company announcement
- Other company announcement
- Major agreement signed
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Shareholder vote results
For income and retirement investors
AHR pays a dividend but has no streak of increases: dividends per share were $1.00 in each of fiscal 2023, 2024 and 2025. Before the shares listed on the NYSE in February 2024, payments moved up and down, including a drop from $0.43 in fiscal 2020 to $0.345 in 2021. The yield was 1.94% as of October 28, 2026. Fiscal 2025 dividends were 234% of net income; REIT earnings are cut by depreciation, a noncash charge, so payouts above earnings are common. Buybacks totaled about $22 million over fiscal 2021–2025, while shares outstanding rose about 67% from March 15, 2024 to August 3, 2026.
The stock began trading in February 2024, so it has no trading record from the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its deepest drop from a peak since then was about 14%, through October 28, 2026. Like any single stock, AHR carries more risk than a diversified fund.
Questions investors ask
How does American Healthcare REIT make money?
Mostly by operating healthcare properties rather than only renting them out. In fiscal 2025, which ended December 31, 2025, revenue was about $2.26 billion. Integrated senior health campuses managed by Trilogy produced 78%, and senior housing operating properties added 14.6%. Under its RIDEA structure, AHR keeps the operating profit or loss of these properties. The rest came from outpatient medical buildings (5.6%) and triple-net leased properties (1.7%), where tenants pay rent plus property costs.
What is AHR's dividend yield?
AHR's dividend yield was 1.94% as of October 28, 2026. The company paid $1.00 per share for fiscal 2025, the same as in fiscal 2023 and 2024. Total dividends paid in fiscal 2025 were about $164 million. As a REIT, AHR must pay out most of its taxable income, which leaves little cash to fund growth. REITs often borrow or sell new shares instead; AHR's share count rose about 67% between March 15, 2024 and August 3, 2026.
Does American Healthcare REIT raise its dividend every year?
No. AHR paid $1.00 per share in each of fiscal 2023, 2024 and 2025, so it has no streak of annual increases. Before its shares listed on the NYSE in February 2024, the payout moved up and down, including a drop from $0.43 per share in fiscal 2020 to $0.345 in 2021. Fiscal 2025 dividends equaled 234% of net income. REIT earnings are reduced by depreciation, a noncash expense, so REITs often pay out more than they report as profit.
What is Trilogy and why does it matter for American Healthcare REIT?
Trilogy is the operator behind AHR's largest business. Trilogy Management Services manages all of AHR's integrated senior health campuses, which produced 78% of revenue in fiscal 2025. As of its February 2026 annual report, AHR was also developing properties through Trilogy Investors, LLC, and planned to keep expanding these campuses with development partners. AHR warns that problems in Trilogy's business or financial strength could seriously hurt the company, so this single relationship is a key risk.
How has AHR stock performed since it listed on the NYSE?
It has risen sharply, but over a short history. AHR began trading on the NYSE on February 7, 2024. The stock gained about 70% in calendar 2025 and 19.2% in the year to October 28, 2026. Its deepest drop from a peak since listing was about 14% through that date. It has no trading record from the 2020 COVID crash or the 2022 bear market. Its price-to-earnings ratio on fiscal 2025 earnings was about 123, high partly because depreciation reduces REIT earnings.