American Healthcare REIT's second quarter revenue beat expectations as SHOP growth reached 20.5%

American Healthcare REIT reported second quarter 2026 revenue of $674.3 million and normalized FFO per share of $0.54, both exceeding consensus estimates. The outperformance was primarily driven by the company's tenth consecutive quarter of double-digit same-store net operating income growth, prompting management to raise full-year 2026 NFFO and SSNOI guidance.

Key Highlights

• Senior housing operating properties achieved 20.5% same-store NOI growth, significantly outpacing the total portfolio average of 13.2%.
• Management increased full-year 2026 NFFO guidance to $2.15–$2.19 per share, representing a 5% increase at the midpoint over prior guidance.
• Leverage improved significantly with Net Debt-to-Annualized Adjusted EBITDA falling to 2.5x from 3.0x in the previous quarter.
• Transactional volume remained high with $1.4 billion in new investments completed year-to-date, including $1.0 billion in SHOP acquisitions closed after quarter-end.