American Healthcare REIT, Inc.

Overview

American Healthcare REIT, Inc. is a self-managed healthcare real estate investment trust that acquires, owns and operates properties serving the healthcare and senior-living sectors. Its portfolio includes integrated senior health campuses, senior-housing operating properties, outpatient medical buildings and triple-net-leased properties; services at some campuses range from independent and assisted living to skilled nursing and memory care.[1][2]

The company operates in the United States, the United Kingdom and the Isle of Man. At December 31, 2025, it reported 337 buildings and campuses and approximately 121 employees. FY2025 total revenues and grant income were $2.260 billion.[3]+2 The company’s stated investment approach generally seeks investments that produce current income.[1] [1]+4

Products & services

American Healthcare REIT’s principal care-focused offering is its Integrated Senior Health Campuses (ISHCs), which combine independent living, assisted living, memory care, skilled nursing, and certain ancillary services in an age-in-place continuum. These campuses generally charge market rents rather than continuing-care entry fees and predominantly operate under RIDEA. The company reported 147 ISHCs at year-end 2025.[2]

Its other senior-care properties include Senior Housing Operating Properties (SHOP), which provide assisted living, independent living, memory care, or skilled-nursing services and also operate under RIDEA; the company reported 97 SHOP properties.[6] The outpatient medical (OM) portfolio comprises multi-tenant medical office buildings, with property management and operating expenses handled by the company; many expenses can be passed through to tenants. AHR reported 74 OM buildings.[6] The triple-net leased portfolio includes senior-housing facilities, skilled-nursing facilities, and hospitals. These are generally single-tenant or master-lease arrangements under which tenants bear property costs such as maintenance, repairs, taxes, insurance, and capital expenditures.[7]

In FY2025, ISHC generated $1.764 billion in revenue (78.0% of total) and $237.0 million in segment NOI (57.1%); SHOP generated $330.6 million (14.6%) in revenue and $64.0 million (15.4%) in NOI.[8] OM generated $126.1 million (5.6%) in revenue and $77.4 million (18.6%) in NOI, while triple-net leased properties generated $39.5 million (1.7%) in revenue and $36.8 million (8.9%) in NOI.[8] Percentage shares are calculated from the reported segment and total figures. The annual report describes care offerings and lease structures but does not specify clinical equipment or building-technology capabilities.[2]+2 [2]+18

Geographic presence

American Healthcare REIT, Inc. operates healthcare properties in the United States, the United Kingdom and the Isle of Man. Its FY2025 portfolio schedule listed 331 U.S. buildings or campuses and 6 in the UK and Isle of Man combined.[9] The largest U.S. concentrations at year-end 2025 were Indiana, with 78 buildings or campuses, and Ohio, with 40.[9] As of June 30, 2026, Indiana and Ohio represented 33.4% and 13.8%, respectively, of annualized base rent/NOI.[10] The UK and Isle of Man together represented 1.2% in the FY2025 schedule.[9] These figures describe property footprint and annualized base rent/NOI, not revenue by geography; the reported filings reviewed provide U.S. and international property carrying values but not operating revenue by country.[11]

The company’s principal executive offices are at 18191 Von Karman Avenue, Suite 300, Irvine, California 92612. It reported approximately 121 employees as of December 31, 2025, without a geographic breakdown of staff.[12][4] [9]+8

Business segments

American Healthcare REIT reports four business segments: Integrated Senior Health Campuses (ISHC), Senior Housing Operating Portfolio (SHOP), Outpatient Medical (OM), and triple-net leased properties. ISHC provides integrated senior-living campuses spanning independent living, assisted living, memory care, skilled nursing, and ancillary services; SHOP comprises senior-housing properties operated under a RIDEA structure.[13]+2 OM properties are generally multi-tenant medical buildings that require active management, while triple-net leased properties are typically single-tenant senior-housing, skilled-nursing, or hospital properties leased under arrangements that transfer operating costs to tenants.[6]

For the six months ended June 30, 2026, ISHC generated $1,015.6 million, or approximately 76.6%, of segment revenue; SHOP generated $228.7 million (17.3%); OM generated $60.8 million (4.6%); and triple-net leased properties generated $19.9 million (1.5%).[14] In Q1 2026, two senior-housing properties were reclassified from SHOP to ISHC to align with the company’s management structure; prior-period segment results were recast.[13] [13]+7

Company history

Griffin-American Healthcare REIT III, one of the predecessors to American Healthcare REIT, began in 2013 and acquired its first property in 2014. Griffin-American Healthcare REIT IV was incorporated in 2015.[15][16] The broader advisory platform later associated with American Healthcare REIT traces to American Healthcare Investors, formed in 2011.[17]

In June 2021, Griffin-American Healthcare REIT III and IV announced a merger and the planned acquisition of American Healthcare Investors. The transactions closed on October 1, 2021, forming American Healthcare REIT; Danny Prosky became its president and CEO.[18][19]

The company’s REIT tax election took effect for 2016.[20] Its shares began trading on the New York Stock Exchange in February 2024, alongside its public offering.[21] In September 2024, it acquired its partner’s remaining 24% interest in Trilogy REIT Holdings, becoming Trilogy’s sole owner.[22] [20]+7

Sources

• American Healthcare REIT, Inc. — Full financial report (2025 Y)
  11 citations

  [1][2][3][4][5][6][7][8][9][12][20]
• American Healthcare REIT, Inc. — Full financial report (2026 Q 2)
  4 citations

  [10][11][13][14]
• www.griffincapital.com[15]
• www.sec.gov[16]
• americanhealthcarereit.com[17]
• americanhealthcarereit.com[18]
• americanhealthcarereit.com[19]
• ir.americanhealthcarereit.com[21]
• ir.americanhealthcarereit.com[22]