American Healthcare REIT's Q4 Earnings: What to Expect From the Sector Leader

IRVINE, Calif. – January 06, 2026 – American Healthcare REIT, Inc. (NYSE: AHR) has scheduled its much-anticipated fourth quarter and full-year 2025 earnings release for after the market closes on Thursday, February 26, 2026. The announcement sets the stage for a crucial conference call the following morning, where investors and analysts will keenly dissect the company's performance and its outlook for the year ahead.

The Irvine-based real estate investment trust will host the public call on Friday, February 27, at 1:00 p.m. Eastern Time. Executives are expected to detail the financial results, discuss the impact of recent strategic moves, and provide guidance for 2026. The report comes as AHR rides a wave of powerful market tailwinds and impressive internal growth, making this release a key barometer for the health of the entire clinical healthcare real estate sector.

A Year of Robust Growth and High Expectations

Investors heading into the Q4 report have high expectations, and for good reason. American Healthcare REIT has spent 2025 delivering exceptional results, consistently outperforming its own projections. The company reported its seventh consecutive quarter of double-digit same-store Net Operating Income (NOI) growth in the third quarter of 2025, a remarkable streak underscoring its operational strength. Q3 same-store NOI surged 16.4% year-over-year, propelled by explosive growth of 25.3% in its Senior Housing Operating Properties (SHOP) and 21.7% in its Integrated Senior Health Campuses (ISHC).

This operational excellence translated directly to the bottom line. The company's Normalized Funds From Operations (NFFO), a key metric for REITs, hit $0.44 per share in Q3, a 22% increase from the prior year. This strong performance prompted management to raise its full-year 2025 guidance twice during the year. As of its last update in November, AHR projected full-year NFFO to land between $1.69 and $1.72 per share, implying over 20% growth. Similarly, its total portfolio same-store NOI growth guidance was boosted to a range of 13% to 15%.

Analysts are forecasting Q4 earnings per share of around $0.46, which would represent a significant jump from the $0.40 reported in the same quarter of 2024. The upcoming report will reveal whether AHR can meet or exceed these lofty expectations and cap off a banner year, setting a new, higher baseline for 2026.

Riding the Wave of a Resurgent Senior Housing Market

American Healthcare REIT's success is not happening in a vacuum. The company is strategically positioned to capitalize on powerful demographic and market trends, particularly within the senior housing sector. The primary driver is the undeniable demographic boom of an aging population. The 80+ age cohort, a key demographic for senior living, is projected to grow by an astounding 48% between 2025 and 2030.

This surge in demand is colliding with a period of historically low new supply. Elevated construction costs, tighter lending standards, and zoning hurdles have kept new senior housing development at a decade low. The result is a widening gap between the number of seniors needing care and the availability of modern facilities. This supply-demand imbalance has allowed owners of existing, high-quality properties like those in AHR's portfolio to push occupancy and increase rental rates.

Industry data validates this trend. National senior housing occupancy rates reached 88.1% in mid-2025, finally returning to pre-pandemic levels, with some analysts predicting rates will approach 90% by year-end. This recovery has been fueled by record-high absorption as pent-up demand from the pandemic years materializes. For AHR, this market dynamic has been a significant tailwind, directly contributing to the stellar performance of its SHOP and ISHC segments.

Strategic Acquisitions and Portfolio Positioning

Beyond favorable market conditions, AHR's proactive strategy has been a critical component of its growth story. The company has been on an acquisition spree throughout 2025, announcing in December that it had closed over $950 million in new investments for the year. This aggressive capital deployment was heavily focused on its highest-growth segments, with approximately $590 million dedicated to SHOP assets and $370 million to its ISHC portfolio.

These acquisitions, which include a 14-property portfolio of long-term care facilities, have expanded the REIT's geographic footprint and strengthened its relationships with top-tier operators. Management has stated these investments are expected to be accretive to growth in 2026 and beyond. The upcoming earnings call will provide the first real opportunity for executives to elaborate on the integration of these new assets and their initial performance.

When benchmarked against competitors like Welltower (WELL) and Ventas (VTR), AHR's performance stands out. While its larger peers have also reported strong growth in their senior housing portfolios, AHR's 22% NFFO growth in Q3 2025 was exceptionally robust, signaling highly effective operational management and a successful, targeted investment strategy that is creating significant shareholder value.

Navigating a Diversified Healthcare Landscape

While senior housing has been the star performer, the strength of AHR's diversified portfolio provides stability and multiple avenues for growth. The REIT's significant holdings in Outpatient Medical Buildings (MOBs) offer a steady, reliable income stream. This segment is benefiting from the secular shift in healthcare delivery from expensive inpatient hospital settings to more convenient and cost-effective outpatient facilities. With new MOB construction declining, owners of existing, well-located buildings are experiencing high occupancy—climbing to 92.5% in major metro areas—and are poised for historic rent growth by 2026.

The outlook for its Skilled Nursing Facilities (SNFs) is more nuanced but shows signs of improvement. The segment continues to grapple with significant workforce shortages, a challenge across the entire healthcare industry. However, operators received a boost from a 4.2% increase in Medicare payments for fiscal year 2025, providing much-needed financial support. As in other sectors, financial pressures are driving consolidation, which can create opportunities for well-capitalized and disciplined operators like AHR to acquire assets and drive efficiencies.

As investors and the market at large await the February 27th conference call, the central question will be one of sustainability. Stakeholders will be listening intently for management's 2026 outlook to understand if the powerful combination of strategic execution and favorable market dynamics can continue to drive double-digit growth and further cement American Healthcare REIT's position as a leader in the sector.