$AHR

American Healthcare REIT, Inc.

CIK:0001632970|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Resident fees and services	$ 634,519,000	$ 501,285,000	$ 1,244,286,000	$ 998,461,000
Real estate revenue	39,731,000	41,218,000	80,738,000	84,645,000
Total revenues	674,250,000	542,503,000	1,325,024,000	1,083,106,000
Expenses:
Property operating expenses	524,838,000	426,285,000	1,037,009,000	858,708,000
Rental expenses	12,173,000	12,990,000	25,273,000	26,633,000
General and administrative	19,891,000	14,943,000	37,496,000	28,098,000
Transaction, transition and restructuring costs	2,786,000	(79,000)	4,757,000	1,758,000
Depreciation and amortization	72,125,000	41,941,000	139,187,000	83,055,000
Total expenses	631,813,000	496,080,000	1,243,722,000	998,252,000
Other income (expense):
Interest expense, net	(18,626,000)	(22,632,000)	(37,422,000)	(45,577,000)
Gain (loss) in fair value of derivative financial instruments	357,000	(629,000)	1,884,000	(1,379,000)
Gain (loss) on dispositions of real estate investments, net	5,647,000	(2,676,000)	5,647,000	(3,035,000)
Impairment of real estate investments	(1,719,000)	(12,659,000)	(2,137,000)	(34,365,000)
Income (loss) from unconsolidated entities	892,000	(1,238,000)	1,684,000	(3,086,000)
Foreign currency gain (loss)	75,000	2,742,000	(744,000)	4,158,000
Other income, net	1,914,000	1,480,000	4,249,000	3,005,000
Total net other expense	(11,460,000)	(35,612,000)	(26,839,000)	(80,279,000)
Income before income taxes	30,977,000	10,811,000	54,463,000	4,575,000
Income tax benefit (expense)	3,000	(732,000)	528,000	(1,336,000)
Net income	30,980,000	10,079,000	54,991,000	3,239,000
Net income attributable to noncontrolling interests	(374,000)	(171,000)	(672,000)	(135,000)
Net income attributable to controlling interest	$ 30,606,000	$ 9,908,000	$ 54,319,000	$ 3,104,000
Net income per common share attributable to controlling interest - Basic	$ 0.16	$ 0.06	$ 0.29	$ 0.02
Net income per common share attributable to controlling interest - Diluted	$ 0.16	$ 0.06	$ 0.28	$ 0.02
Weighted average number of common shares outstanding - Basic	192,711,623	160,499,581	190,030,463	158,721,080
Weighted average number of common shares outstanding - Diluted	193,347,757	161,143,556	190,708,621	159,318,503
Other comprehensive income (loss):
Foreign currency translation adjustments	$ 11,000	$ 343,000	$ (109,000)	$ 519,000
Total other comprehensive income (loss)	11,000	343,000	(109,000)	519,000
Comprehensive income	30,991,000	10,422,000	54,882,000	3,758,000
Comprehensive income attributable to noncontrolling interests	(374,000)	(171,000)	(672,000)	(135,000)
Comprehensive income attributable to controlling interest	$ 30,617,000	$ 10,251,000	$ 54,210,000	$ 3,623,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 54,991,000	$ 3,239,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	139,187,000	83,055,000
Other amortization	17,960,000	19,213,000
Deferred rent	(1,283,000)	(1,556,000)
Stock based compensation	10,625,000	5,741,000
(Gain) loss on dispositions of real estate investments, net	(5,647,000)	3,035,000
Impairment of real estate investments	2,137,000	34,365,000
(Income) loss from unconsolidated entities	(1,684,000)	3,086,000
Distributions of earnings from unconsolidated entities	3,000	0
Deferred income tax benefit	(947,000)	0
Foreign currency loss (gain)	719,000	(4,172,000)
Loss on extinguishments of debt	147,000	1,754,000
Change in fair value of derivative financial instruments	(1,884,000)	1,379,000
Changes in operating assets and liabilities:
Accounts and other receivables	(25,940,000)	(13,581,000)
Other assets	6,775,000	(5,006,000)
Accounts payable and accrued liabilities	18,150,000	16,735,000
Operating lease liabilities	(14,153,000)	(15,523,000)
Security deposits, prepaid rent and other liabilities	531,000	327,000
Net cash provided by operating activities	199,687,000	132,091,000
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of real estate investments	(291,749,000)	(81,886,000)
Developments and capital expenditures	(86,006,000)	(48,077,000)
Proceeds from dispositions of real estate investments	7,308,000	36,428,000
Investments in unconsolidated entities	(68,000)	(360,000)
Issuances of real estate notes receivable	0	(5,855,000)
Principal repayments on real estate notes receivable	0	6,625,000
Real estate and other deposits	(7,263,000)	(1,737,000)
Proceeds from insurance recoveries	1,343,000	0
Net cash used in investing activities	(376,435,000)	(94,862,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings under mortgage loans payable	0	30,000,000
Payments on mortgage loans payable	(95,494,000)	(30,708,000)
Borrowings under the lines of credit and term loan	0	132,500,000
Payments on the lines of credit and term loan	0	(271,532,000)
Payments on financing and other obligations	(675,000)	(1,049,000)
Deferred financing costs	(5,485,000)	(259,000)
Debt extinguishment costs	0	(52,000)
Proceeds from issuance of common stock in offerings	420,767,000	236,300,000
Proceeds from issuance of common stock pursuant to employee stock purchase plan	135,000	0
Payment of offering costs	(3,484,000)	(2,313,000)
Distributions paid	(94,431,000)	(79,425,000)
Payments to taxing authorities in connection with common stock directly withheld from employees	(11,020,000)	(2,402,000)
Contribution from noncontrolling interest	7,962,000	0
Distributions to noncontrolling interests	(1,267,000)	(1,214,000)
Security deposits, net	(353,000)	(498,000)
Net cash provided by financing activities	216,655,000	9,348,000
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	39,907,000	46,577,000
EFFECT OF FOREIGN CURRENCY TRANSLATION ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(38,000)	113,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period	151,753,000	123,301,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period	191,622,000	169,991,000
Cash and cash equivalents at beginning of period	114,836,000	76,702,000
Cash and cash equivalents at end of period	156,896,000	133,494,000
Restricted cash at beginning of period	36,917,000	46,599,000
Restricted cash at end of period	34,726,000	36,497,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for: Interest	36,232,000	41,716,000
Cash paid for: Income taxes	372,000	836,000
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued developments and capital expenditures	29,023,000	20,739,000
Distributions declared but not paid	50,209,000	42,266,000
Tenant improvement overage	1,761,000	82,000
Accrued offering costs	0	78,000
The following represents the net increase (decrease) in certain assets and liabilities in connection with our acquisitions and dispositions of investments:
Accounts and other receivables	(622,000)	(7,000)
Other assets, net	(4,662,000)	(2,191,000)
Accounts payable and accrued liabilities	0	(2,393,000)
Financing obligations	(14,150,000)	0
Security deposits and other liabilities	$ 0	$ (471,000)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)

Jun. 30, 2026

Dec. 31, 2025

ASSETS

Real estate investments, net

$ 4,418,501,000

$ 4,183,419,000

Debt security investment, net

92,463,000

92,136,000

Cash and cash equivalents

156,896,000

114,836,000

Restricted cash

34,726,000

36,917,000

Accounts and other receivables, net

229,631,000

204,313,000

Identified intangible assets, net

237,235,000

253,236,000

Goodwill

234,942,000

Operating lease right-of-use assets, net

124,383,000

135,399,000

Other assets, net

175,141,000

171,028,000

Total assets

5,703,918,000

5,426,226,000

Liabilities:

Mortgage loans payable, net

^[1]

873,352,000

966,925,000

Lines of credit and term loan, net

^[1]

549,872,000

549,761,000

Accounts payable and accrued liabilities

^[1]

332,145,000

317,742,000

Identified intangible liabilities, net

1,848,000

2,110,000

Financing obligations

^[1]

19,327,000

33,902,000

Operating lease liabilities

^[1]

124,859,000

135,603,000

Security deposits, prepaid rent and other liabilities

^[1]

60,624,000

59,568,000

Total liabilities

1,962,027,000

2,065,611,000

Commitments and contingencies

Stockholders’ equity:

Preferred Stock

Additional paid-in capital

5,296,586,000

4,880,169,000

Accumulated deficit

(1,601,768,000)

(1,559,279,000)

Accumulated other comprehensive loss

(2,213,000)

(2,104,000)

Total stockholders’ equity

3,694,547,000

3,320,638,000

Noncontrolling interests

47,344,000

39,977,000

Total equity

3,741,891,000

3,360,615,000

Total liabilities and equity

5,703,918,000

5,426,226,000

Common Stock

Stockholders’ equity:

Common stock

$ 1,942,000

$ 1,852,000

[1]

Such liabilities of American Healthcare REIT, Inc. represented liabilities of American Healthcare REIT Holdings, LP or its consolidated subsidiaries as of June 30, 2026 and December 31, 2025. American Healthcare REIT Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of American Healthcare REIT, Inc. The creditors of American Healthcare REIT Holdings, LP or its consolidated subsidiaries do not have recourse against American Healthcare REIT, Inc., except for the 2026 Credit Facility, as defined in Note 8, Lines of Credit and Term Loan, held by American Healthcare REIT Holdings, LP in the amount of $550,000 as of June 30, 2026 and the 2024 Credit Facility, as defined in Note 8, Lines of Credit and Term Loan, held by American Healthcare REIT Holdings, LP in the amount of $550,000 as of December 31, 2025, which were guaranteed by American Healthcare REIT, Inc.