AHR on NYSE
American Healthcare REIT, Inc.
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
Integrated Senior Health Campuses brought in 84% of the revenue American Healthcare REIT, Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Integrated Senior Health Campuses | $1.5B | $1.6B | $1.8B |
| SHOP | $186.9M | $264.0M | $330.6M |
Regions
United States brought in 100% of the revenue American Healthcare REIT, Inc. broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| United States | $1.9B | $2.1B | $2.3B |
| Outside the United States | $4.7M | $6.6M | $6.5M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue86¢$1.8B
- Other costs6¢$123.2M
- Interest4¢$85.8M
- Income tax1¢$22.2M
- Profit3¢$69.8M
Out of $2.1B in revenue.3
Where each dollar of operating cash went, fiscal 2025
- Dividends paid56¢$163.5M
- Kept or used elsewhere44¢$130.9M
Out of $294.4M of cash from operations.3
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Resident fees and services | $2.1B | $1.9B | $1.7B |
| Real estate revenue | $165.6M | $186.9M | $190.4M |
| Grant income | $0 | $0 | $7.5M |
| Total revenues and grant income | $2.3B | $2.1B | $1.9B |
| Property operating expenses | $1.8B | $1.7B | $1.5B |
| Rental expenses | $51.4M | $53.2M | $57.5M |
| General and administrative | $58.7M | $47.6M | $47.5M |
| Transaction, transition and restructuring costs | $5.1M | $7.1M | $5.8M |
| Depreciation and amortization | $187.6M | $179.2M | $182.6M |
| Total expenses | $2.1B | $1.9B | $1.8B |
| Interest expense, net | -$85.8M | -$127.7M | -$163.2M |
| (Loss) gain in fair value of derivative financial instruments | -$1.0M | $1.0M | -$926.0K |
| (Loss) gain on dispositions of real estate investments, net | -$3.0M | $5.2M | $32.5M |
| Impairment of real estate investments | -$49.9M | -$45.8M | -$13.9M |
| Impairment of intangible assets | $0 | $0 | -$10.5M |
| Loss from unconsolidated entities | -$2.0M | -$6.9M | -$1.7M |
| Gain on re-measurement of previously held equity interest | $14.6M | $0 | $726.0K |
| Foreign currency gain (loss) | $3.2M | -$774.0K | $2.3M |
| Other income, net | $8.8M | $11.4M | $7.6M |
| Total net other expense | -$115.1M | -$163.5M | -$147.1M |
| Income (loss) before income taxes | $48.6M | -$33.9M | -$76.2M |
| Income tax benefit (expense) | $22.2M | -$1.7M | -$663.0K |
| Net income (loss) | $70.8M | -$35.6M | -$76.9M |
| Net (income) loss attributable to noncontrolling interests | -$1.0M | -$2.2M | $5.4M |
| Net income (loss) attributable to controlling interest | $69.8M | -$37.8M | -$71.5M |
| Net income (loss) per share of Common Stock, Class T common stock and Class I common stock attributable to controlling interest - basic (in dollars per share) | $0.42 | -$0.29 | -$1.08 |
| Net income (loss) per share of Common Stock, Class T common stock and Class I common stock attributable to controlling interest - diluted (in dollars per share) | $0.42 | -$0.29 | -$1.08 |
| Weighted average number of shares of Common Stock, Class T common stock and Class I common stock outstanding basic (in shares) | 166.1M shares | 130.6M shares | 66.0M shares |
| Weighted average number of shares of Common Stock, Class T common stock and Class I common stock outstanding diluted (in shares) | 166.8M shares | 130.6M shares | 66.0M shares |
| Foreign currency translation adjustments | $408.0K | -$87.0K | $265.0K |
| Total other comprehensive income (loss) | $408.0K | -$87.0K | $265.0K |
| Comprehensive income (loss) | $71.2M | -$35.7M | -$76.6M |
| Comprehensive (income) loss attributable to noncontrolling interests | -$1.0M | -$2.2M | $5.4M |
| Comprehensive income (loss) attributable to controlling interest | $70.2M | -$37.9M | -$71.2M |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Real estate investments, net | $4.2B | $3.4B | |
| Debt security investment, net | $92.1M | $91.3M | |
| Cash and cash equivalents | $114.8M | $76.7M | $43.4M |
| Restricted cash | $36.9M | $46.6M | $47.3M |
| Accounts and other receivables, net | $204.3M | $211.1M | |
| Identified intangible assets, net | $253.2M | $161.5M | |
| Goodwill | $234.9M | $234.9M | $3.3M |
| Operating lease right-of-use assets, net | $135.4M | $164.0M | |
| Other assets, net | $171.0M | $135.3M | |
| Total assets | $5.4B | $4.5B | |
| Mortgage loans payable, net | $966.9M | $982.1M | $1.3B |
| Lines of credit and term loan, net | $549.8M | $688.5M | |
| Accounts payable and accrued liabilities | $317.7M | $258.3M | |
| Identified intangible liabilities, net | $2.1M | $3.0M | |
| Financing obligations | $33.9M | $34.9M | |
| Operating lease liabilities | $135.6M | $165.2M | |
| Security deposits, prepaid rent and other liabilities | $59.6M | $51.9M | |
| Total liabilities | $2.1B | $2.2B | |
| Redeemable noncontrolling interests | $0 | $220.0K | $33.8M |
| Preferred Stock | $0 | $0 | |
| Additional paid-in capital | $4.9B | $3.7B | |
| Accumulated deficit | -$1.6B | -$1.5B | |
| Accumulated other comprehensive loss | -$2.1M | -$2.5M | |
| Total stockholders equity | $3.3B | $2.3B | |
| Noncontrolling interests | $40.0M | $42.7M | |
| Total equity | $3.4B | $2.3B | $1.4B |
| Total liabilities, redeemable noncontrolling interests and equity | $5.4B | $4.5B | |
| Preferred stock, par value (usd per share) | $0.01 | $0.01 | |
| Preferred stock, shares issued | 0 shares | 0 shares | |
| Preferred stock, shares authorized | 200.0M shares | 200.0M shares | |
| Preferred stock, shares outstanding | 0 shares | 0 shares | |
| Common Stock, shares authorized | 1.0B shares | 1.0B shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | $70.8M | -$35.6M | -$76.9M |
| Depreciation and amortization | $187.6M | $179.2M | $182.6M |
| Other amortization | $37.6M | $42.4M | $54.7M |
| Deferred rent | -$3.1M | -$3.2M | -$3.5M |
| Stock based compensation | $14.6M | $9.9M | $5.5M |
| Loss (gain) on dispositions of real estate investments, net | $3.0M | -$5.2M | -$32.5M |
| Impairment of real estate investments | $49.9M | $45.8M | $13.9M |
| Impairment of intangible assets | $0 | $0 | $10.5M |
| Loss from unconsolidated entities | $2.0M | $6.9M | $1.7M |
| Distributions of earnings from unconsolidated entity | $211.0K | $0 | $0 |
| Deferred income taxes | -$22.9M | $0 | $0 |
| Gain on re-measurement of previously held equity interests | -$14.6M | $0 | -$726.0K |
| Foreign currency (gain) loss | -$3.2M | $780.0K | -$2.3M |
| Loss on extinguishments of debt | $1.8M | $4.9M | $345.0K |
| Change in fair value of derivative financial instruments | $1.0M | -$1.0M | $926.0K |
| Accounts and other receivables | -$13.1M | -$23.7M | -$34.7M |
| Other assets | -$20.6M | -$9.5M | -$4.2M |
| Accounts payable and accrued liabilities | $29.0M | -$653.0K | $15.4M |
| Operating lease liabilities | -$30.0M | -$33.3M | -$36.6M |
| Security deposits, prepaid rent and other liabilities | $4.4M | -$1.6M | $4.3M |
| Net cash provided by operating activities | $294.4M | $176.1M | $98.5M |
| Developments and capital expenditures | -$128.6M | -$91.9M | -$99.8M |
| Acquisitions of real estate investments | -$884.4M | -$60.4M | -$45.4M |
| Proceeds from dispositions of real estate investments | $50.2M | $141.3M | $184.5M |
| Acquisitions of previously held equity interests | -$118.4M | $0 | -$335.0K |
| Investments in unconsolidated entities | -$443.0K | -$235.0K | -$12.6M |
| Distributions in excess of earnings from unconsolidated entity | $0 | $126.0K | $0 |
| Issuances of real estate notes receivable | -$5.9M | -$28.1M | -$21.0M |
| Principal repayments on real estate notes receivable | $10.8M | $30.0M | $6.1M |
| Real estate and other deposits | -$6.6M | $510.0K | -$2.2M |
| Net cash (used in) provided by investing activities | -$1.1B | -$8.7M | $9.4M |
| Borrowings under mortgage loans payable | $30.0M | $63.0M | $160.4M |
| Payments on mortgage loans payable | -$49.2M | -$515.2M | -$101.5M |
| Borrowings under the lines of credit and term loan | $248.5M | $891.3M | $401.4M |
| Payments on the lines of credit and term loan | -$387.5M | -$1.4B | -$459.4M |
| Borrowings under financing obligations | $0 | $0 | $16.3M |
| Payments on financing and other obligations | -$1.8M | -$7.5M | -$34.9M |
| Deferred financing costs | -$513.0K | -$8.7M | -$5.3M |
| Debt extinguishment costs | -$150.0K | -$2.3M | -$269.0K |
| Proceeds from issuance of common stock in offerings | $1.2B | $1.4B | $0 |
| Proceeds from issuance of common stock pursuant to employee stock purchase plan | $238.0K | $0 | $0 |
| Payment of offering costs | -$10.1M | -$72.7M | -$1.5M |
| Distributions paid | -$163.5M | -$120.9M | -$76.3M |
| Repurchase of common stock | $0 | -$14.0K | -$469.0K |
| Payments to taxing authorities in connection with common stock directly withheld from employees | -$2.4M | -$639.0K | -$72.0K |
| Purchase of noncontrolling interests | $0 | -$258.4M | $0 |
| Distributions to noncontrolling interests | -$2.4M | -$3.6M | -$10.1M |
| Redemptions of noncontrolling interests | $0 | -$36.1M | -$17.1M |
| Security deposits, net | -$256.0K | -$127.0K | -$331.0K |
| Net cash provided by (used in) financing activities | $817.2M | -$134.7M | -$129.1M |
| NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | $28.4M | $32.6M | -$21.1M |
| EFFECT OF FOREIGN CURRENCY TRANSLATION ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH | $62.0K | -$91.0K | $7.0K |
| Cash paid for: Interest | $80.1M | $116.3M | $152.7M |
| Cash paid for: Income taxes | $1.8M | $1.3M | $1.3M |
| Accrued developments and capital expenditures | $37.1M | $22.6M | $24.9M |
| Capital expenditures from financing and other obligations | $0 | $472.0K | $5.4M |
| Tenant improvement overage | $308.0K | $4.9M | $2.4M |
| Acquisition of real estate investments with assumed mortgage loans payable, net of debt discount | $0 | $127.3M | $0 |
| Assumption of mortgage loan payable for development | $0 | $0 | $10.9M |
| Settlement of real estate notes receivable upon acquisition of unconsolidated entity | $18.0M | $0 | $0 |
| Reclassification of noncontrolling interests from mezzanine equity, net | $0 | $15.3M | $0 |
| Issuance of common stock from the redemption of operating partnership units | $1.3M | $31.3M | $0 |
| Accrued repurchase of redeemable noncontrolling interest | $0 | $0 | $25.3M |
| Accounts and other receivables | $3.0M | $654.0K | -$1.8M |
| Issuances of notes receivable | $0 | $3.9M | $0 |
| Other assets, net | -$10.2M | -$7.7M | -$3.7M |
| Accounts payable and accrued liabilities | $7.7M | -$2.7M | -$1.6M |
| Security deposits and other liabilities | $3.5M | -$391.0K | -$907.0K |
Former names
Recent filings
- Oct 2, 20263
- Sep 28, 20264
- Sep 25, 2026144
- Sep 18, 20268-K
- Sep 14, 20268-K
- Sep 2, 20268-K
- Sep 1, 20268-K
- Sep 1, 2026144
- Sep 1, 20264
- Aug 24, 20268-K
- Aug 12, 20268-K
- Aug 11, 2026424B5
- Aug 10, 20268-K
- Aug 10, 2026424B5
- Aug 7, 2026SCHEDULE 13G
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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