American Healthcare REIT (AHR) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and American Healthcare REIT published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Revenue is American Healthcare REIT's total revenues: resident fees and services from its ISHC and SHOP segments plus real estate revenue (rent) from its OM and Triple-Net Leased Properties segments. Segment figures are from its 10-Q, converted from thousands.
• As a REIT, American Healthcare REIT reports Normalized FFO (NFFO) per diluted share as its main earnings measure: $0.58 in Q3 2026, against $0.44.
• Q3 2025 GAAP EPS of $0.33 included a $21.1 million income tax benefit and a $14.6 million gain on re-measurement of a previously held equity interest.

Source: American Healthcare REIT Q3 2026 results, November 5, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How American Healthcare REIT splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• American Healthcare REIT's Integrated senior health campuses (ISHC) revenue was $534 million in Q3 2026, up 17% from $456 million in Q3 2025, 72% of total revenue.
• American Healthcare REIT's Senior housing operating properties (SHOP) revenue was $167 million in Q3 2026, up 118% from $76.6 million in Q3 2025, 22% of total revenue.
• American Healthcare REIT's Outpatient medical (OM) revenue was $30.7 million in Q3 2026, down 2% from $31.2 million in Q3 2025, 4% of total revenue.
• American Healthcare REIT's Triple-Net Leased Properties revenue was $10.4 million in Q3 2026, up 7% from $9.7 million in Q3 2025, 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, American Healthcare REIT said:

“Increased total portfolio Same-Store NOI growth guidance to 12.0% to 14.0% and NFFO per diluted share guidance to $2.23 to $2.26 for the year ending December 31, 2026.”

“At the midpoint of revised guidance, we now expect 31% NFFO per diluted share growth over 2025, reflecting our continued focus on driving long-term shareholder value.”

“The Company's 2026 guidance does not assume additional transaction or capital markets activity beyond the transactions or activity disclosed herein as completed.”

Source: American Healthcare REIT Q3 2026 release, Nov 5, 2026.

This is the company's own guidance as of Nov 5, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the AHR forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenues and GAAP diluted EPS attributable to controlling interest, each as first reported in that quarter's release.

We do not hold a confirmed date for American Healthcare REIT's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 5, 2026

American Healthcare REIT's total revenues were $742.1 million in Q3 2026, up from $572.9 million. Resident fees and services, earned at properties it owns and operates through a RIDEA structure, were $701.1 million; real estate revenue, mostly rent from tenants, was $41.1 million. By segment, integrated senior health campuses (ISHC) produced $534.2 million, senior housing operating properties (SHOP) $166.9 million, outpatient medical $30.7 million and triple-net leased properties $10.4 million. (American Healthcare REIT Q3 2026 release, Nov 5, 2026; American Healthcare REIT Form 10-Q, Q3 2026, Nov 6, 2026; American Healthcare REIT Form 10-K, 2025, Feb 27, 2026)

ISHC revenue rose $78.7 million. American Healthcare REIT attributed it to higher resident occupancy, a more favorable payor mix and higher billing rates, plus $35.0 million from 14 senior housing properties acquired in December 2025 and $5.1 million from nine acquired in July 2025. The quarter also included $8.8 million of Ohio Medicaid quality incentive payments under Ohio House Bill 479 that relate to rate periods before 2026. (American Healthcare REIT Form 10-Q, Q3 2026, Nov 6, 2026)

SHOP revenue more than doubled, up $90.3 million, mostly from acquisitions: 18 senior housing properties bought in Q3 2026 added $40.0 million and 10 bought in Q4 2025 added $23.9 million. SHOP grew to 126 buildings from 85 a year earlier, and American Healthcare REIT acquired 17 SHOP assets for about $1.69 billion during the quarter. (American Healthcare REIT Form 10-Q, Q3 2026, Nov 6, 2026; American Healthcare REIT Q3 2026 release, Nov 5, 2026)

In ISHC, Medicare was 20.6% of revenue and Medicaid 20.9% in Q3 2026, with skilled nursing 69.0% of revenue on 52.5% of resident days. The average daily rate across the segment rose 3.8% to $352.69; Medicare's was $726.38 and Medicaid's $326.57. (American Healthcare REIT Q3 2026 supplemental, Nov 5, 2026)

American Healthcare REIT's GAAP diluted EPS fell to $0.14 in Q3 2026 from $0.33. The year-ago quarter included a $21.1 million income tax benefit and a $14.6 million gain on re-measurement of a previously held equity interest. Depreciation and amortization rose to $90.9 million from $49.2 million as the company bought properties, and transaction, transition and restructuring costs were $5.1 million. (American Healthcare REIT Q3 2026 release, Nov 5, 2026)

Normalized FFO per diluted share, the measure American Healthcare REIT guides to, rose to $0.58 from $0.44, and NAREIT FFO per diluted share was $0.55, against $0.54. NFFO adds back real estate depreciation, transaction costs and non-cash equity compensation, which included $4.6 million of accelerated vesting tied to the CEO and CFO transitions, and excludes the $8.8 million of prior-period Ohio Medicaid payments. (American Healthcare REIT Q3 2026 release, Nov 5, 2026)

Diluted weighted average shares rose to 217.7 million from 169.8 million because of equity issuance. In Q3 2026 American Healthcare REIT issued 36,833,346 shares to settle forward sales for about $1.88 billion, and as of November 5, 2026 it had unsettled forward sale agreements for 24,598,011 shares worth about $1.32 billion. (American Healthcare REIT Q3 2026 release, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

American Healthcare REIT gives full-year guidance in its release. In Q3 2026 it raised 2026 NFFO per diluted share guidance to $2.23 to $2.26 from $2.15 to $2.19, NAREIT FFO per diluted share to $2.13 to $2.16 and GAAP net income per diluted share to $0.59 to $0.62. Total portfolio Same-Store NOI growth guidance rose to 12.0% to 14.0%, with SHOP at 23.0% to 26.0% and ISHC at 14.5% to 16.5%. (American Healthcare REIT Q3 2026 release, Nov 5, 2026)

The guidance excludes any transactions beyond those completed, including an investment pipeline of over $1.0 billion that American Healthcare REIT expects to close by the end of the first quarter of 2027. (American Healthcare REIT Q3 2026 release, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover American Healthcare REIT, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones American Healthcare REIT's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning AHR is on is AHR a buy or a sell?, what analysts expect next is on the AHR forecast, and what the company does is on the American Healthcare REIT (AHR) stock page.

Every number on this page can be traced to a document American Healthcare REIT published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.