Share count
167Mpeak FY2019
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AHR, American Healthcare REIT Inc.
Healthcare REIT, Inc. is a self-managed real estate investment trust, or REIT, that acquires, owns and operates a diversified portfolio of clinical healthcare real estate properties, focusing primarily on senior housing, skilled nursing facilities, or SNFs, outpatient medical, or OM, buildings and other healthcare-related facilities.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$2.3B
+9.1% YoY · 16% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $2.4B 5-yr avg $1.7B
Revenue $610M +22.6% vs yr-ago qtr
Operating margin 20.6% yr-ago 19.0%
Net income $24M yr-ago ($7M)
Net margin 3.9% yr-ago −1.4%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is ISHC (78%) and SHOP (15%).
- What moves the needle
- Occupancy, rents, and the cost of debt. Read on funds from operations and net asset value, because GAAP depreciation distorts the earnings, and a property downturn meets a balance sheet built on leverage. On its own account, the filing leans hardest on concentrated dependence, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Funds from operations per share do not form a clean trend in the record. The dividend takes 54% of FFO, and is covered. Debt is 17% of assets, conservative for a REIT. The quality and location of the properties, the lease terms and occupancy, and the cost of the debt are what the 10-K settles, and no single ratio captures them.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →The biggest segment, ISHC, is also where the profit is made: 78% of revenue and 57% of segment operating profit.
Revenue by reportable segment, FY2025
Operating profit same segments
- ISHC78%$1.8B57% of profit
- SHOP15%$331M15% of profit
- OM0%$019% of profit
- Triple-net leased properties0%$09% of profit
By geographyUnited States100%International0%
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2016–2025
realized figures from each filing · older years to the left| 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| $3M | $33M | $84M | $1.1B | $1.1B | $1.1B | $1.4B | $1.9B | $2.1B | $2.3B | $2.4B | RevenueRevenue |
| ($5M) | $541K | ($8M) | ($5M) | $2M | ($48M) | ($81M) | ($71M) | ($38M) | $70M | $100M | Net incomeNet inc. |
| Cash flow & returns | |||||||||||
| ($4M) | $14M | $24M | $106M | $100M | $85M | $81M | $79M | $136M | $260M | $316M | Funds from operationsFFO |
| Balance sheet | |||||||||||
| — | 45% | 58% | 59% | 27% | 27% | 63% | 97% | 89% | 63% | 54% | Dividend payout (FFO)Payout |
| $119M | $429M | $757M | $946M | $2.8B | $4.0B | $4.2B | $4.2B | $4.2B | $5.1B | $5.3B | Real estate (gross)RE gross |
| $143M | $480M | $896M | $1.1B | $3.2B | $4.6B | $4.8B | $4.6B | $4.5B | $5.4B | $5.6B | Total assetsAssets |
| 24% | — | — | 74% | 25% | 24% | 26% | — | — | 18% | 17% | Debt / assetsDebt/assets |
| $34M | $12M | $17M | $793M | $810M | $1.1B | $1.2B | $1.3B | $982M | $967M | $962M | Total debtDebt |
| $32M | $4M | ($18M) | $740M | $697M | $1.0B | $1.2B | $1.3B | $905M | $852M | $843M | Net debt / (cash)Net debt |
| -9.6× | 1.2× | -0.2× | 2.8× | 3.1× | 2.6× | 2.8× | 1.9× | 2.8× | 4.8× | 5.5× | Interest coverageInt. cov. |
| $92M | $353M | $1.2B | $590M | $866M | $1.6B | $1.4B | $1.3B | $2.3B | $3.3B | $3.5B | Shareholders’ equityEquity |
| Per share | |||||||||||
| 6.3M | 55.5M | 110M | 364M | 90.0M | 100M | 132M | 132M | 131M | 167M | 188M | Shares out (diluted)Shares |
| $-0.67 | $0.26 | $0.22 | $0.29 | $1.11 | $0.85 | $0.62 | $0.60 | $1.04 | $1.56 | $1.68 | FFO / shareFFO/sh |
| $0.09 | $0.12 | $0.13 | $0.17 | $0.30 | $0.23 | $0.39 | $0.58 | $0.93 | $0.98 | $0.91 | Dividends / shareDiv/sh |
| $14.73 | $6.36 | $11.11 | $1.62 | $9.63 | $15.79 | $10.64 | $9.62 | $17.31 | $19.90 | $18.52 | Book value / shareBVPS |
The diluted share count moved ×8.86 into 2017 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1.98 into 2018 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×3.32 into 2019 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1/4.04 into 2020 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Share counts before 2024 are restated ×2 for a stock split, so per-share figures sit on one basis.
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | +44.2%/yr | +2.7%/yr |
| Owner earnings / share | — | +39.3%/yr |
| EPS | — | +77.1%/yr |
| Dividends / share | +30.8%/yr | +26.7%/yr |
| Capital spending / share | +58.1%/yr (6-yr) | +23.2%/yr |
| Book value / share | +3.4%/yr | +15.6%/yr |
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.
Revenue
$2.3Blow FY2016
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Is it a good business?
- about $1.56 per shareNet income $70M + depreciation $188M − gains on sale ($3M)
What this means
GAAP net income with property depreciation added back, because the buildings a REIT charges against earnings usually hold or grow their value. This, not net income, is what a REIT is actually priced on. It is an approximation here: where a filing reports gains on property sales, we remove them, the way the NAREIT definition does.
- CoveredDividends $164M ÷ FFO $260MIndustry peers: median 90%
What this means
A REIT must distribute most of its taxable income, so a high payout is normal and the question is whether FFO covers it. Above 100%, the trust is funding the dividend with debt or asset sales, and a cut usually follows.
Is it sound?
- Debt / assets 18%ConservativeTotal debt $967M ÷ assets $5.4BIndustry peers: median 44%
What this means
Every REIT runs on leverage; how much is the question. Heavy debt is what turns a property downturn into a wipeout, as 2008 showed, so a conservative balance sheet is part of the moat here, not a drag on it.
- Strong(operating income + depreciation) ÷ interest $86MIndustry peers: median 3.5×
What this means
How many times the property cash earnings cover the interest bill. Comfortable coverage is what lets a REIT refinance through a tight credit market instead of being forced to sell into one.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing A competitive risk, new this year
Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.
“If our peers use AI tools to optimize operations and we fail to utilize AI tools in a comparable manner, we may be competitively disadvantaged.”
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Debt maturity
the debt note, SEC EDGAR →Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.
Bars scaled to the largest single year.
Due in the next 12 months$0the first rung: what must be repaid or rolled over within the year
Within two years$0the near wall, the part most exposed to today’s credit conditions
Biggest single year$4Min 2028the lumpiest maturity, where a refinancing, if needed, is largest
Total scheduled principal$4Mevery year plus what lies beyond, as the footnote totals it
Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the total the table states.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Net income |
|---|---|---|---|---|
| 2021 | Danny Prosky | $2.4M | $2.4M | ($48M) |
| 2022 | Danny Prosky | $1.8M | $2.3M | ($81M) |
| 2023 | Danny Prosky | $3.8M | $3.0M | ($71M) |
| 2024 | Danny Prosky | $7.7M | $15.4M | ($38M) |
| 2025 | Danny Prosky | $6.7M | $20.6M | $70M |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Net income is the whole business's, as filed, for the same fiscal years.
- Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$15M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 4% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Revenue recognition, Income taxes, Acquisitions as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Healthcare REITs
The same industry, side by side on the REIT lens. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | FFO margin | FFO / assets | Payout (FFO) | Debt / assets |
|---|---|---|---|---|---|
| DOCHealthpeak | $2.8B | 46% | 5.6% | 85% | 44% |
| AHRAmerican Healthcare REIT Inc. | $2.3B | 8% | 2.8% | 59% | 24% |
| DHCDiversified Healthcare Trust | $1.5B | 3% | 0.9% | 98% | 40% |
| OHIOmega Healthcare | $1.2B | 59% | 6.1% | 103% | 53% |
| HRHealthcare Realty Trust | $1.2B | 39% | 3.6% | 82% | 42% |
| MPTMedical Properties Trust Inc. | $972M | 52% | 3.8% | — | 53% |
| SBRASabra Health Care REIT | $775M | 43% | 5.1% | 95% | 45% |
| CTRECareTrust REIT | $476M | 61% | 6.5% | 80% | 37% |
| Group median | — | 45% | 4.5% | 85% | 43% |
The price
What a price has to assume.
What the price implies
price / FFOA REIT is priced on a multiple of its funds from operations (FFO), the cash it earns once the depreciation on its buildings is added back. Type today’s price; we show the multiple you would pay and the income and growth it implies.
$
The assumptions
FFO / share, delivered−9%/yr’20→’25
The justified multiple is 1 ÷ (required return − growth), a perpetuity on FFO. At an 8% required return and 3% growth, a REIT is worth about 20× FFO.
Enter a price above to run it.
Price / FFO—
Justified by growth—
Dividend yield—
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
FFO about $1.68 per share on 193M shares. The dials set the multiple they justify; your price sets the multiple you are paying. FFO here adds back depreciation and removes property-sale gains, the NAREIT method; it does not net out maintenance capex (AFFO), occupancy or lease terms, which the 10-K does.
Cite: Owner Scorecard, "American Healthcare REIT Inc. (AHR), the owner's record," https://ownerscorecard.com/c/AHR, data as of 2026-07-09.
Manual order: ← AHCO its page in the Manual AHRT →
Industry order: ← AGNCZ the REITs — Specialty & Diversified chapter AIV →