NYSE : AHR
American Healthcare REIT, Inc. — Financial statements
Real Estate · REIT - Healthcare Facilities · United States
Last price 52.94 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 12.34B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 161.71M | 165.62M | 186.87M | 190.40M | 205.34M | 141.37M |
| Other Revenue | 2.34B | 2.09B | 1.88B | 1.67B | 1.41B | 1.12B |
| Total Revenue | 2.50B | 2.26B | 2.06B | 1.86B | 1.62B | 1.26B |
| Property Expenses | 2.02B | 1.84B | 1.71B | 1.56B | 1.34B | 1.08B |
| Selling, General & Administrative | 68.13M | 58.73M | 47.56M | 47.51M | 43.42M | 43.20M |
| Depreciation & Amortization | 243.69M | 187.56M | 179.19M | 182.60M | 167.96M | 133.19M |
| Total Operating Expenses | 2.33B | 2.09B | 1.93B | 1.79B | 1.56B | 1.26B |
| Operating Income | 171.12M | 166.90M | 129.92M | 75.00M | 62.87M | 5.62M |
| Interest Expense | -77.62M | -85.78M | -127.73M | -163.19M | -105.96M | -80.94M |
| Currency Exchange Gain (Loss) | -1.73M | 3.17M | -774.00K | 2.31M | -5.21M | -564.00K |
| Other Non-Operating Income | 7.17M | 2.67M | 10.78M | 880.00K | 3.56M | 10.05M |
| EBT Excluding Unusual Items | 98.94M | 86.97M | 12.20M | -85.00M | -44.73M | -65.83M |
| Merger & Restructuring Charges | -5.54M | -938.00K | ||||
| Impairment of Goodwill | -23.28M | |||||
| Gain (Loss) on Sale of Investments | 14.58M | 14.58M | 726.00K | 19.57M | ||
| Gain (Loss) on Sale of Assets | 5.72M | -2.96M | 5.21M | 32.47M | 5.48M | -100.00K |
| Asset Writedown | -17.71M | -49.94M | -45.76M | -24.42M | -54.58M | -3.33M |
| Other Unusual Items | -3.00M | 25.68M | 16.95M | |||
| Pretax Income | 98.53M | 48.65M | -33.89M | -76.22M | -72.80M | -52.31M |
| Income Tax Expense | -24.04M | -22.17M | 1.71M | 663.00K | 586.00K | 956.00K |
| Earnings From Continuing Operations | 122.57M | 70.82M | -35.60M | -76.89M | -73.38M | -53.27M |
| Minority Interest in Earnings | -1.55M | -1.01M | -2.21M | 5.42M | -7.92M | 5.47M |
| Net Income | 121.02M | 69.81M | -37.81M | -71.47M | -81.30M | -47.79M |
| Net Income to Common | 121.02M | 69.81M | -37.81M | -71.47M | -81.30M | -47.79M |
| Basic Shares Outstanding | 181.71M | 166.06M | 130.64M | 66.05M | 65.81M | 50.08M |
| Diluted Shares Outstanding | 182.54M | 166.85M | 130.64M | 66.05M | 65.81M | 50.08M |
| EPS (Basic) | 0.67 | 0.42 | -0.29 | -1.08 | -1.24 | -0.95 |
| EPS (Diluted) | 0.66 | 0.42 | -0.29 | -1.08 | -1.24 | -0.95 |
| Dividend Per Share | 1.00 | 1.00 | 1.00 | 1.00 | 1.60 | 0.10 |
| Operating Margin | 6.83% | 7.39% | 6.30% | 4.02% | 3.88% | 0.44% |
| Profit Margin | 4.83% | 3.09% | -1.83% | -3.83% | -5.02% | -3.78% |
| EBITDA | 447.40M | 387.24M | 345.09M | 315.88M | 266.81M | 159.43M |
| EBITDA Margin | 17.86% | 17.15% | 16.72% | 16.94% | 16.48% | 12.61% |
| D&A For Ebitda | 276.29M | 220.34M | 215.18M | 240.88M | 203.93M | 153.81M |
| EBIT | 171.12M | 166.90M | 129.92M | 75.00M | 62.87M | 5.62M |
| EBIT Margin | 6.83% | 7.39% | 6.30% | 4.02% | 3.88% | 0.44% |
| Funds From Operations (FFO) | 358.99M | 293.33M | 165.10M | 65.57M | 94.58M | 69.68M |
| FFO Per Share | 1.97 | 1.76 | 1.26 | |||
| Adjusted Funds From Operations (AFFO) | 293.33M | 165.10M | 65.57M | 94.58M | 69.68M | |
| AFFO Per Share | 1.76 | 1.26 | ||||
| FFO Payout Ratio | 49.73% | 55.75% | 73.22% | 116.35% | 54.05% | 32.70% |
| Revenue as Reported | 2.50B | 2.26B | 2.07B | 1.87B | 1.64B | 1.28B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 4.54B | 4.32B | 3.53B | 3.65B | 3.86B | 3.67B |
| Cash & Equivalents | 156.90M | 114.84M | 76.70M | 43.45M | 65.05M | 81.60M |
| Accounts Receivable | 279.83M | 253.47M | 258.62M | 232.92M | 184.37M | 163.84M |
| Investment In Debt and Equity Securities | 97.83M | 95.75M | 105.19M | 107.55M | 92.58M | 94.93M |
| Goodwill | 234.94M | 234.94M | 234.94M | 234.94M | 231.61M | 209.90M |
| Other Intangible Assets | 237.24M | 253.24M | 161.47M | 180.47M | 236.28M | 248.87M |
| Restricted Cash | 34.73M | 36.92M | 46.60M | 47.34M | 46.85M | 43.89M |
| Other Current Assets | 69.41M | 74.23M | 49.34M | 52.68M | 45.64M | 41.41M |
| Trading Asset Securities | 955.00K | 1.01M | 1.46M | |||
| Deferred Long-Term Tax Assets | 23.89M | 22.94M | ||||
| Deferred Long-Term Charges | 25.32M | 21.09M | 23.55M | 23.85M | 26.36M | 23.06M |
| Total Assets | 5.70B | 5.43B | 4.49B | 4.58B | 4.79B | 4.58B |
| Current Portion of Long-Term Debt | 64.19M | 160.62M | 941.00K | 312.21M | 316.73M | 921.90M |
| Current Portion of Leases | 15.81M | 32.27M | ||||
| Long-Term Debt | 1.36B | 1.36B | 1.71B | 2.26B | 2.24B | 1.43B |
| Long-Term Leases | 128.37M | 137.23M | 165.24M | 225.50M | 273.07M | 145.49M |
| Accounts Payable | 96.78M | 101.43M | 78.75M | 89.64M | 83.69M | 64.41M |
| Accrued Expenses | 156.14M | 131.40M | 116.56M | 110.80M | 103.44M | 92.09M |
| Other Current Liabilities | 79.49M | 85.43M | 63.02M | 42.47M | 56.70M | 31.62M |
| Long-Term Unearned Revenue | 35.23M | 34.46M | 24.73M | 23.37M | 17.90M | 14.67M |
| Long-Term Deferred Tax Liabilities | 17.88M | 14.63M | 15.50M | 16.30M | 21.16M | |
| Other Long-Term Liabilities | 26.98M | 7.88M | 14.59M | 40.97M | 26.18M | 24.95M |
| Total Liabilities | 1.96B | 2.07B | 2.18B | 3.12B | 3.14B | 2.75B |
| Common Stock | 1.94M | 1.85M | 1.56M | 661.00K | 661.00K | 658.00K |
| Additional Paid-In Capital | 5.30B | 4.88B | 3.72B | 2.55B | 2.54B | 2.53B |
| Retained Earnings | -1.60B | -1.56B | -1.46B | -1.28B | -1.14B | -951.30M |
| Comprehensive Income & Other | -2.21M | -2.10M | -2.51M | -2.42M | -2.69M | -1.97M |
| Total Common Equity | 3.69B | 3.32B | 2.26B | 1.27B | 1.40B | 1.58B |
| Minority Interest | 47.34M | 39.98M | 42.93M | 188.86M | 249.27M | 248.28M |
| Shareholders' Equity | 3.74B | 3.36B | 2.30B | 1.46B | 1.65B | 1.83B |
| Total Liabilities & Equity | 5.70B | 5.43B | 4.49B | 4.58B | 4.79B | 4.58B |
| Total Debt | 1.57B | 1.69B | 1.87B | 2.80B | 2.83B | 2.50B |
| Net Cash (Debt) | -1.41B | -1.57B | -1.79B | -2.75B | -2.77B | -2.42B |
| Net Cash Per Share | -7.72 | -9.42 | -13.73 | -41.65 | -42.06 | -48.33 |
| Filing Date Shares Outstanding | 218.00M | 188.03M | 157.57M | 131.60M | 66.21M | 65.95M |
| Total Common Shares Outstanding | 194.69M | 185.91M | 157.45M | 66.23M | 66.21M | 65.76M |
| Book Value Per Share | 18.98 | 17.86 | 14.36 | 19.18 | 21.15 | 24.05 |
| Tangible Book Value | 3.22B | 2.83B | 1.86B | 854.91M | 932.20M | 1.12B |
| Tangible Book Value Per Share | 16.55 | 15.24 | 11.84 | 12.91 | 14.08 | 17.07 |
| Land | 453.64M | 420.05M | 353.32M | 335.95M | 344.36M | 334.56M |
| Buildings | 4.67B | 4.42B | 3.62B | 3.60B | 3.67B | 3.51B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 121.02M | 69.81M | -37.81M | -71.47M | -81.30M | -47.79M |
| Depreciation & Amortization | 276.29M | 220.34M | 215.18M | 240.88M | 203.93M | 153.81M |
| Other Amortization | 4.47M | 5.81M | 11.11M | 629.00K | 588.00K | 7.24M |
| Gain (Loss) on Sale of Assets | -5.72M | 2.96M | -5.21M | -32.47M | -5.48M | 100.00K |
| Gain (Loss) on Sale of Investments | -15.27M | -15.52M | -4.65M | -4.94M | -23.49M | -3.67M |
| Asset Writedown | 17.71M | 49.94M | 45.76M | 24.42M | 77.86M | 3.33M |
| Stock-Based Compensation | 19.50M | 14.62M | 9.87M | 5.47M | 3.91M | 9.66M |
| Income (Loss) on Equity Investments | -2.59M | 2.18M | 6.87M | 1.72M | -1.41M | 1.35M |
| Change in Accounts Receivable | -25.41M | -13.05M | -23.75M | -34.72M | -4.46M | 3.69M |
| Change in Accounts Payable | 30.43M | 29.01M | -653.00K | 15.43M | 13.88M | -39.71M |
| Change in Other Net Operating Assets | -32.93M | -46.28M | -44.28M | -36.49M | -47.22M | -57.45M |
| Other Operating Activities | -25.48M | -25.36M | 3.66M | -9.91M | 10.96M | -12.65M |
| Operating Cash Flow | 362.04M | 294.44M | 176.09M | 98.53M | 147.77M | 17.91M |
| Acquisition of Real Estate Assets | -1.27B | -1.02B | -152.29M | -147.33M | -145.30M | -160.35M |
| Sale of Real Estate Assets | 21.09M | 50.21M | 141.78M | 184.53M | 48.30M | 4.50M |
| Net Sale / Acq. of Real Estate Assets | -1.25B | -969.38M | -10.51M | 37.20M | -97.01M | -155.85M |
| Cash Acquisition | 17.85M | |||||
| Investment in Marketable & Equity Securities | -118.55M | -118.84M | -109.00K | -12.93M | -18.57M | -650.00K |
| Other Investing Activities | 5.51M | 4.93M | 1.89M | -14.88M | -3.00M | |
| Investing Cash Flow | -1.36B | -1.08B | -8.73M | 9.40M | -118.58M | -138.65M |
| Long-Term Debt Issued | 278.50M | 954.32M | 578.17M | 1.31B | 349.62M | |
| Long-Term Debt Repaid | -438.44M | -1.95B | -595.76M | -1.24B | -203.30M | |
| Net Debt Issued (Repaid) | -115.32M | -159.94M | -995.45M | -17.59M | 62.83M | 146.31M |
| Issuance of Common Stock | 1.34B | 1.16B | 1.36B | |||
| Repurchase of Common Stock | -11.02M | -2.40M | -653.00K | -541.00K | -20.70M | -382.00K |
| Common Dividends Paid | -178.53M | -163.52M | -120.89M | -76.28M | -51.12M | -22.79M |
| Other Financing Activities | -11.70M | -13.40M | -382.00M | -34.65M | -33.93M | -29.04M |
| Foreign Exchange Rate Adjustments | -89.00K | 62.00K | -91.00K | 7.00K | 154.00K | -74.00K |
| Net Cash Flow | 21.63M | 28.45M | 32.52M | -21.12M | -13.58M | -26.70M |
| Levered Free Cash Flow | 396.68M | 341.35M | 231.32M | 134.86M | 209.49M | 111.67M |
| Unlevered Free Cash Flow | 441.07M | 389.50M | 300.39M | 236.58M | 275.48M | 155.37M |
| Cash Interest Paid | 74.63M | 80.11M | 116.28M | 152.67M | 88.68M | 70.21M |
| Cash Income Tax Paid | 1.33M | 1.80M | 1.32M | 1.30M | 1.13M | 1.24M |
| Change in Working Capital | -27.91M | -30.32M | -68.68M | -55.79M | -37.80M | -93.47M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 12.45B | 8.38B | 4.35B | |||
| Enterprise Value | 13.86B | 9.98B | 6.43B | |||
| Last Close Price | 53.52 | 46.36 | 27.27 | |||
| Price/FFO Ratio | 26.39 | 26.34 | 21.64 | |||
| Price/AFFO Ratio | 26.37 | 21.67 | ||||
| PE Ratio | 80.56 | 120.11 | ||||
| PS Ratio | 4.98 | 3.71 | 2.11 | |||
| PB Ratio | 2.82 | 2.50 | 1.89 | |||
| P/OCF Ratio | 34.47 | 28.48 | 24.70 | |||
| EV/Sales Ratio | 5.55 | 4.42 | 3.11 | |||
| EV/EBITDA Ratio | 31.04 | 25.76 | 18.62 | |||
| EV/EBIT Ratio | 81.17 | 59.77 | 49.47 | |||
| Debt / Equity Ratio | 0.42 | 0.50 | 0.81 | 1.92 | 1.72 | 1.37 |
| Debt / EBITDA Ratio | 3.27 | 4.00 | 4.89 | 7.78 | 9.55 | 13.67 |
| Net Debt / Equity Ratio | 0.38 | 0.47 | 0.78 | 1.89 | 1.68 | 1.32 |
| Net Debt / EBITDA Ratio | 3.15 | 4.06 | 5.20 | 8.71 | 10.38 | 15.18 |
| Asset Turnover | 0.49 | 0.46 | 0.46 | 0.40 | 0.35 | 0.32 |
| Inventory Turnover | 101.25 | 96.31 | 87.66 | 79.49 | 69.48 | 49.63 |
| Quick Ratio | 1.06 | 0.72 | 1.30 | 0.50 | 0.45 | 0.22 |
| Current Ratio | 1.31 | 0.94 | 1.67 | 0.68 | 0.61 | 0.30 |
| Return on Equity (ROE) | 3.95% | 2.50% | -1.89% | -4.95% | -4.22% | -3.67% |
| Return on Assets (ROA) | 2.10% | 2.10% | 1.79% | 1.00% | 0.84% | 0.09% |
| Return on Invested Capital (ROIC) | 3.26% | 3.62% | 3.08% | 1.72% | 1.43% | 0.15% |
| Earnings Yield | 1.24% | 0.83% | -0.87% | |||
| Dividend Yield | 1.88% | 2.22% | 3.62% | |||
| Payout Ratio | 150.84% | 234.25% | ||||
| Buyback Yield / Dilution | -20.66% | -27.72% | -97.79% | -0.36% | -31.40% | -11.34% |
| Total Shareholder Return | -18.79% | -25.50% | -94.17% | -0.36% | -31.40% | -11.34% |