Ten senior-housing properties acquired in the fourth quarter of 2025 added $23.0 million to American Healthcare REIT’s SHOP revenue in the latest three months. That is the clearest clue to the business’s current shape: AHR is getting bigger, and acquisitions are contributing to the lift.
Revenue rose 24.3% year over year to $674.2 million for the three months ended June 30, 2026. Operating income grew faster, up 32.9% to $137.2 million, while net income climbed from $9.9 million to $30.6 million.
The per-share arithmetic is less dramatic than the net-income headline suggests. Diluted shares rose 20.0% to 193.3 million, alongside equity offerings used in part to pay down debt. Diluted EPS still rose from $0.06 to $0.16, but the share count is growing nearly as quickly as revenue.
AHR’s own breakdown puts the acquisition contribution in black and white:
"For our SHOP segment, resident fees and services revenue increased by $49,706,000 ... primarily due to: ... the acquisition of 10 senior housing properties in California, Minnesota, Pennsylvania, Utah and Wisconsin in the fourth quarter of 2025;"
American Healthcare REIT, 10-Q, Aug. 7, 2026
That $49.7 million increase for SHOP during the three months was not all acquisition-driven. Management also points to occupancy, billing rates, and expense management at properties operated under its RIDEA structure, a setup in which the REIT participates more directly in property operations.
Those operating gains came with a larger expense base. SHOP property operating expenses increased by $32.25 million, while depreciation and amortization rose by $30.18 million, the latter primarily because acquisitions increased the amortization of in-place leases. The operating margin nevertheless widened to 20.4% from 19.0%.
Management’s explanation for cash generation combines operating improvement with balance-sheet activity:
"In general, cash flows from operating activities are affected by the timing of cash receipts and payments, and have increased since 2025 primarily due to improved resident occupancy, an increase in billing rates and expense management at our properties operated under a RIDEA structure, the increase in the size of our real estate investments portfolio since 2025 thereby increasing our net operating income, as well as a decrease in interest paid on our outstanding indebtedness as a result of mortgage loan payoffs and paydowns on our lines of credit using net proceeds from our equity offerings in 2025."
American Healthcare REIT, 10-Q, Aug. 7, 2026
In plain English, AHR is collecting more from a bigger property base, while lower interest expense also helps. Cash rose 17.5% to $156.9 million, but the six-month investing section shows $209.863 million more cash paid for real estate investments, plus $37.929 million more for development and capital expenditures.
That leaves the central trade-off intact. The latest three months show faster revenue growth, wider operating margins, and a much larger bottom line. They also show a company expanding through acquisitions, issuing new shares, and carrying more acquisition-related amortization into the income statement.
At the latest close of $54.75, AHR carried a trailing P/E of 130.9x. That puts more attention on how much of future earnings growth comes from occupancy and billing rates inside the existing portfolio, rather than simply adding properties. AHR’s next quarterly report should provide the next comparable read on those operating measures and on acquisition-driven revenue.
More properties, more revenue, more shares. Real estate scale has brought company-sized arithmetic.
Source: American Healthcare REIT’s 2026 second-quarter Form 10-Q.