AHR Stock: American Healthcare REIT Dividend, Debt and NFFO

Four segments, not two: what the 10-Q says AHR owns

Most pages describe AHR as a senior housing and medical office REIT. The 10-Q is more specific. It says the chief operating decision maker “evaluates our business and makes resource allocations based on four operating segments: ISHC, SHOP, OM and triple-net leased properties.” The two that matter most are both operated by AHR under the RIDEA structure, where AHR keeps the operating income and the operating expenses rather than collecting rent.

For ISHC and SHOP the percentage is resident occupancy of available units or beds; for OM and triple-net it is leased space. In the first quarter of 2026 two senior housing properties moved from SHOP to ISHC, and the prior periods were recast. By purchase price, ISHC is 43.9% and SHOP 30.9% of the total (our arithmetic), so SHOP is a bigger slice of the money invested than of today's income: it grew from 82 to 108 properties in a year, and 11 more were bought after June 30. The 10-K also puts the single manager of all ISHC campuses in the risk section: the Trilogy Manager “manages all of the day-to-day operations for all of our ISHC pursuant to a long-term management agreement”.

SHOP is run by regional operating partners; ISHC is Trilogy. The Q2 supplemental shows what each earns per occupied unit: SHOP revenue per occupied unit (the company's RevPOR) of $5,754 a month against expenses (ExPOR) of $4,262, and a cash NOI margin of 25.9%, up from 19.6% a year earlier. ISHC's cash NOI margin was 16.6%, up from 15.9%.

Where the NOI comes from, and how much of the growth was bought

Same-store NOI covers 261 properties (115 ISHC campuses, 64 SHOP, 65 OM, 17 triple-net) and was $112.3 million in Q2 2026 against $99.2 million. The gap between 32.9% and 13.2% is acquisitions: the 10-Q attributes $20.8 million of ISHC revenue growth in Q2 to nine properties bought in July 2025 and $35.3 million to 14 bought in December 2025, and $44.8 million of SHOP's $49.7 million revenue increase to properties bought since April 2025 (our arithmetic from the 10-Q's list). OM and triple-net NOI fell in reported terms while their building counts fell too (OM from 81 to 73, triple-net from 20 to 18). For 2026 the company guides to same-store NOI growth of 11% to 13% in total, 13% to 16% in ISHC, 18% to 21% in SHOP, 0% to 1% in OM and 2% to 3% in triple-net.

Occupancy by quarter

These are consolidated figures for all properties owned in the quarter, so they move when AHR adds buildings. Two points are easy to miss. First, consolidated ISHC and SHOP occupancy did not rise in the last two quarters, even though same-store NOI did; the same-store figures (ISHC 90.7%, up 180 basis points on Q2 2025; SHOP 88.7%, up 278 basis points) are better than the consolidated ones. Second, same-store OM ending occupancy fell from 93.5% to 92.6%, and OM tenant retention over the trailing 12 months was 65.2%. The top OM tenant, Christus Good Shepherd Health System, is 9.4% of OM annualized base rent.

In the triple-net segment, the company reports segment EBITDAR rent coverage of 1.28 times (1.62 times on EBITDARM). One hospital lease with a remaining term of 10.9 years has coverage under 0.80 times and is 1.3% of pro-rata cash NOI.

The dividend against Normalized FFO, as AHR defines it

AHR does not publish AFFO. Its supplemental lists the non-GAAP measures it uses: “EBITDA, Adjusted EBITDA, Net Debt-to-Annualized Adjusted EBITDA, NAREIT FFO, NFFO, NOI and Same-Store NOI.” Normalized FFO (NFFO) is NAREIT FFO plus adjustments, including adding back the non-cash cost of equity awards ($5.8 million in Q2 2026) and transaction costs, and subtracting capitalized interest and deferred rent. It is a company measure, which the 10-Q says may not be comparable with other REITs.

The four 2025 quarters add to $1.70, not the $1.72 the company reports for the year; per-share totals do not add exactly because the share count changes. On the other two measures: NAREIT FFO was $0.51 in Q2 2026 (dividend 49% of it, our arithmetic) and GAAP net income was $0.16 per diluted share (dividend 156% of it). The gap between FFO and net income is real estate depreciation and amortization, $72.1 million in Q2 2026, which jumped from $41.9 million a year earlier after the acquisitions. For the first six months of 2026, distributions declared were $96.8 million, against Normalized FFO of $200.0 million and operating cash flow of $199.7 million (about 48% of each, our arithmetic).

The board’s language has not changed: the quarterly distribution is one the company “expect[s] will continue to be paid in the future, though we cannot guarantee that our distributions will continue at the current value or at all”, paid “only from legally available funds” (September 18, 2026 8-K). The 10-Q adds that amounts above current and accumulated earnings and profits are a return of capital and that “some portion of a distribution to our stockholders may have been paid from borrowings”. The annual $1.00 on a stock that raised new shares at $53.75 is a yield of about 1.9% on that price (our arithmetic), which is the other reason the payout ratio is low: the price rose, the dividend did not.

Debt: low leverage and a $550 million term loan due January 19, 2027

What the 10-Q says about each piece: 84 fixed-rate mortgage loans with $890.1 million of principal and a weighted effective rate of 3.84%; a $550 million term loan with “a maturity date of January 19, 2027 that remains unchanged, and may not be extended”; and an $800 million revolver that, after the April 1, 2026 amendment, matures on April 1, 2030 (two extensions to April 1, 2031). The credit facility is $1.35 billion in all, and with the $50 million Trilogy facility the company had $1.4 billion of capacity, $550 million drawn and $850 million available. The term loan's rate is fixed through two swaps ($350 million at 3.51% and $200 million at 3.52%) that also mature on January 19, 2027, so both the loan and the hedge end the same day. The weighted average rate on credit facility borrowings was 4.97%.

Net debt was $1.26 billion, 2.5 times annualized Adjusted EBITDA (3.0 times at March 31, 2026), with an interest coverage ratio of 7.1 times and a fixed charge coverage ratio of 5.5 times. The company's own liquidity figure was about $2.6 billion at June 30, 2026, which includes expected gross proceeds from unsettled forward equity sales. The filings do not say how the term loan will be repaid; the sources of liquidity the 10-Q lists are operating cash flow, the ATM and follow-on offerings and the credit lines. The 2026 interest expense guidance is $75 million to $79 million.

Share count: 194.7 million shares, and a price that moved from $48 to $53.75

Dollars of Normalized FFO rose 53.8% year over year in Q2 2026 (our arithmetic); per share it rose 28.6%, which is the number a holder of the same shares experienced. The company funds buying with forward sales: shares are sold at a fixed price now and delivered, and paid for, within two years, so the share count lags the announced deals. On June 30, 2026, 14,774,944 shares were still unsettled under ATM forwards at an average $50.23. The 10-K lists dilution among its risks: “Future offerings of debt securities, which would be senior to our Common Stock, or equity securities, which would dilute our existing stockholders and may be senior to our Common Stock, may adversely affect our stockholders.” As of February 18, 2026, the 10-K counted about 4,815 stockholders of record, a figure that excludes shares held in street name.

What $2 billion of 2026 buying looks like in the filings

• Q1 and Q2 2026: seven SHOP properties for $162.75 million and five for $126.9 million.
• After June 30: 11 SHOP properties for $1.041 billion per the 10-Q (the August 6 release says 10 new SHOP assets for about $1.0 billion), plus a loan of about $86.2 million on seven properties with purchase options, to a tenant that already leases other AHR buildings.
• Kensington: an eight-community, 745-unit portfolio in California, Maryland, New York and Virginia for $873 million (about 93% of units in assisted living and memory care; average occupancy 90.2% on June 30, 2026, with one community in lease-up). Six communities closed on September 1, 2026 for about $572 million; the other two are due in the fourth quarter, and one of them is conditioned on reaching a certified minimum annualized NOI for three consecutive months. AHR will assume a $56.46 million loan at 6.35% on one property if the lender consents. Management said year-to-date investments now exceed $2 billion and an awarded pipeline of over $675 million remains.
• Underwriting target: going-in yields of mid-5% to mid-6% and stabilized yields above 7% (the prospectus calls these forward-looking targets).
• Development: $197.5 million of in-process projects, $72.0 million spent.

Who runs it now

Danny Prosky took a leave of absence on February 3, 2026, when Jeffrey T. Hanson became interim CEO. On July 20, 2026 Prosky notified the company of his retirement as CEO and President, effective July 21, 2026; Hanson was named CEO and remains chairman. On September 2, 2026 the company announced that Aric Chang would become CFO on October 1, 2026, after Brian S. Peay notified it of his retirement effective September 30, 2026. The 10-Q says the company is “not presently subject to any material litigation”.

From GAHR III and IV to AHR: the part that matters for today's number

Our page on what happened to Griffin-American Healthcare REIT III and IV has the per-share trail from the $10.00 offering prices. The terms in AHR's own 8-Ks are short: on October 1, 2021 each GAHR III share became 0.9266 shares of GAHR IV Class I stock, the combined company took the name American Healthcare REIT and the REIT merger was intended to qualify as a tax reorganization; on November 15, 2022 AHR effected a one-for-four reverse stock split; trading on the NYSE began on February 7, 2024; and on August 5, 2024 every Class T and Class I share converted one-for-one into listed stock. One original GAHR III share is 0.23165 AHR shares and one original GAHR IV share is 0.25 (our arithmetic: 0.9266 divided by four, and one divided by four). At the $53.75 offering price of August 10, 2026 that is $12.45 and $13.44 (our arithmetic; an offering price is not a market quote and the market price today may differ). The 10-K's performance table shows $100 invested at the February 7, 2024 listing worth $385.26 on December 31, 2025, against $113.22 for the FTSE Nareit All Equity REITs index. Our Griffin Capital page covers the sponsor side and our NorthStar Healthcare Income review covers a former co-owner of Trilogy.

Risks the filings list, and which ones show up in the numbers

What a former GAHR holder or an AHR buyer can do with this

• Read the dividend as a policy, not a promise. $1.00 a year has been paid since the first quarter of 2023, covered 46% by Normalized FFO in Q2 2026, but the filings say it is paid only from legally available funds and may at times come from borrowings. If you hold old GAHR shares for income, compare $1.00 with what your 0.23165 or 0.25 shares per original share receive: $0.23 or $0.25 a year per original $10.00 share (our arithmetic).
• Check which risk you are actually taking. About 78.5% of annualized rent or NOI (our arithmetic: 57.1% plus 21.4%) comes from operating businesses, ISHC and SHOP, whose income moves with occupancy and labor cost. That is different from the triple-net and medical-office rent that a conventional healthcare REIT collects.
• Note the dates. The Q3 2026 distribution is payable on or about October 16, 2026; the two remaining Kensington closings are expected in the fourth quarter; the term loan and swaps end January 19, 2027. The Q3 2026 10-Q has not been filed as of October 14, 2026; last year's Q3 10-Q was filed on November 7, 2025.
• Questions for the Q3 10-Q: Normalized FFO per share against the $2.15 to $2.19 guidance, consolidated ISHC and SHOP occupancy, the plan for the 2027 term loan, and whether the share count follows the forward sales as described.

This is analysis of public documents, not investment, legal or tax advice. Your cost basis in old GAHR III or GAHR IV shares is a tax question for your accountant; our other page explains how the merger and the reverse split changed share counts.

FAQ

Sources, read on October 14, 2026: American Healthcare REIT, Inc. (CIK 1632970) Form 10-K for 2025 (accession 0001193125-26-082692); Form 10-Q for the quarter ended June 30, 2026 (0001193125-26-340269, filed August 7, 2026); earnings releases and supplementals furnished on Form 8-K for Q3 2025 (0001193125-25-270069), Q4 2025 (0001193125-26-076786), Q1 2026 (0001193125-26-212023) and Q2 2026 (0001193125-26-338076); prospectus supplement of August 11, 2026 (0001193125-26-344696); Forms 8-K of August 10 (0001193125-26-342358), August 24 (0001193125-26-363616), September 1 (0001193125-26-378483) and September 18, 2026 (0001193125-26-395604), of February 4 (0001193125-26-037696), July 22 (0001193125-26-312419) and September 2, 2026 (0001193125-26-380473), of October 1, 2021 (0001632970-21-000095) and of November 16, 2022 (0001632970-22-000088). Percentages of change, payout ratios, sums, share-count growth, per-share conversions and the yield on the offering price are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.