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# American Healthcare REIT Lifts Adjusted Earnings Outlook To $2.23–$2.26 Per Share
- URL: https://www.bullished.co/american-healthcare-reit-lifts-adjusted-earnings-outlook-to-2-23-2-26-per-share-c0fbb351/
- Published: 2026-11-06T13:52:11.000Z
- Updated: 2026-11-06T13:52:11.000Z
- Description: Senior housing led comparable-property income growth of 13.8%, while third-quarter reported earnings per share fell.
- Author: Matteo Parrino
- Tags: Earnings, AHR, Industry: Real Estate

American Healthcare REIT, which owns and operates healthcare properties, raised its 2026 adjusted real-estate earnings forecast Thursday to [$2.23–$2.26](https://www.sec.gov/Archives/edgar/data/0001632970/000119312526449893/ahr-20261105.htm?ref=bullished.co) per diluted share, from $2.15–$2.19, according to its SEC filing. Higher resident rates and expense controls helped lift third-quarter operating income at comparable properties by 13.8% from a year earlier.

## Senior Housing Leads The Raise

The revised forecast covers normalized funds from operations, an adjusted earnings measure that removes real-estate depreciation and other items. Third-quarter normalized funds from operations were $0.58 per diluted share, versus $0.44 a year earlier, in the company's unaudited results.

Aric Chang, American Healthcare REIT's chief financial officer, said that at the revised forecast's midpoint, "we now expect [31% NFFO](https://www.sec.gov/Archives/edgar/data/0001632970/000119312526449893/ahr-ex99%5F1.htm?ref=bullished.co) per diluted share growth over 2025."

Senior-housing operating properties delivered 28.2% growth in comparable-property net operating income; integrated senior health campuses posted 15.7%. Outpatient medical buildings grew 0.4%, and properties leased to tenants responsible for property expenses grew 2.7%. Across the portfolio, growth for the first nine months was 13.1%.

The company now expects full-year comparable-property income growth of 12.0%–14.0%, versus 11.0%–13.0% previously. Its senior-housing forecast rose to 23.0%–26.0% from 18.0%–21.0%.

Gabe Willhite, the company's president and chief operating officer, said, "[Supply and demand](https://www.sec.gov/Archives/edgar/data/0001632970/000119312526449893/ahr-ex99%5F1.htm?ref=bullished.co) dynamics alone do not guarantee success in this business." He credited occupancy improvements, pricing management and expense control. Comparable senior-housing occupancy averaged 90.0% for the quarter, versus 87.6% a year earlier, according to the company's [supplemental results](https://www.sec.gov/Archives/edgar/data/0001632970/000119312526449893/ahr-ex99%5F2.htm?ref=bullished.co).

## Reported Earnings Go The Other Way

Reported diluted earnings fell to $0.14 per share from $0.33 a year earlier. Net income attributable to controlling shareholders was $31.2 million, versus $55.9 million.

The accounting comparison includes a $21.1 million tax benefit in the year-earlier quarter, versus a $740,000 tax expense this quarter. Depreciation and amortization also increased to $90.9 million from $49.2 million. Full-year reported earnings guidance nevertheless rose to $0.59–$0.62 per diluted share from $0.54–$0.58.

American Healthcare REIT earns money through property leases and senior-care operations run by third-party operators. Its holdings span senior housing, skilled nursing and outpatient medical buildings in the United States, United Kingdom and Isle of Man; integrated campuses offer care ranging from independent living to skilled nursing.

## Expansion And More Shares

The company bought 17 senior-housing properties during the third quarter for approximately $1.69 billion, bringing completed investments since the start of 2026 to approximately $2.07 billion. New and existing regional operators will manage the properties. A separate loan of approximately $86.2 million covered seven properties with options to purchase them.

Share issuance supplied substantial capital. During the quarter, the company delivered 36,833,346 shares to settle forward-sale agreements for approximately $1.88 billion in gross proceeds. After quarter-end, another 589,179 shares were delivered for approximately $31.2 million.

As of Thursday, outstanding forward-sale agreements covered 24,598,011 shares. Full settlement through share delivery would bring approximately $1.32 billion in gross proceeds and add those shares to the outstanding count.

At September 30, debt totaled $1.38 billion. Net debt was 1.9 times annualized adjusted earnings before interest, taxes, depreciation and amortization, down from 2.5 times at June 30\. The company put liquidity at approximately $2.35 billion, including cash, unused credit capacity and expected proceeds from unsettled share sales—not solely cash already available.

Pending investments exceed $1.0 billion, with management expecting closings by the end of the first quarter of 2027 but warning that completion is not guaranteed. Those deals are excluded from the raised 2026 forecast.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — American Healthcare REIT, Inc. (AHR)](https://www.sec.gov/Archives/edgar/data/0001632970/000119312526449893/ahr-20261105.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit ahr-ex99\_1.htm — American Healthcare REIT, Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001632970/000119312526449893/ahr-ex99%5F1.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit ahr-ex99\_2.htm — American Healthcare REIT, Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001632970/000119312526449893/ahr-ex99%5F2.htm?ref=bullished.co) — SEC EDGAR
- [American Healthcare REIT Announces Third Quarter 2026 Results; Increases Full Year 2026 Guidance](https://www.businesswire.com/news/home/20261105111271/en/American-Healthcare-REIT-Announces-Third-Quarter-2026-Results-Increases-Full-Year-2026-Guidance?ref=bullished.co) — businesswire.com