American Healthcare REIT Q1 NFFO Up 30%, Same-Store NOI +12.1%, Raises 2026 Guidance
American Healthcare REIT reported Q1 GAAP net income of $23.7 million ($0.13 EPS) and NFFO of $0.50 per share, up over 30% from Q1 2025. The company achieved 12.1% same-store NOI growth and raised 2026 guidance to 9.0%–12.0% NOI growth and $2.03–$2.09 per share NFFO.
1. First Quarter Financial Results
American Healthcare REIT reported GAAP net income attributable to controlling interest of $23.7 million, or $0.13 per diluted share, for the quarter ended March 31, 2026. Normalized Funds From Operations (NFFO) reached $0.50 per diluted share, reflecting over 30% growth versus Q1 2025.
2. Segment Performance and Same-Store NOI
Total portfolio same-store net operating income grew 12.1% year-over-year, driven by 19.7% growth in senior housing operating properties and 14.5% growth in integrated senior health campuses. Outpatient medical and triple-net leased properties contributed 1.6% and 4.6% NOI growth, respectively.
3. Capital Activities and Guidance Raise
During Q1 the company acquired approximately $162.8 million of new SHOP assets across multiple states and issued over 6.7 million new shares under forward sale agreements, generating roughly $325 million in gross proceeds. Management increased full-year 2026 guidance to 9.0%–12.0% same-store NOI growth and NFFO guidance to $2.03–$2.09 per diluted share.