Q2 2026 American Healthcare REIT Inc Earnings Call Transcript
Key Points
- Delivered double-digit same-store NOI growth for the tenth consecutive quarter, with total portfolio same-store NOI up 13.2% year-over-year in Q2 2026.
- Raised full-year 2026 NFFO per share guidance to $2.15-$2.19, representing approximately 26% growth over 2025, driven by strong operational performance and accretive acquisitions.
- Closed over $1.4 billion in acquisitions year-to-date, with an additional $800 million in the pipeline, all expected to close by year-end and not yet reflected in guidance.
- Strengthened the balance sheet, reducing net debt to EBITDA to 2.5x, down from 3.0x in Q1 2026, while maintaining full availability on its $800 million revolving credit facility.
- Trilogy and SHOP segments delivered exceptional results, with Trilogy same-store NOI up 16.1% and SHOP up 20.5% year-over-year, driven by margin expansion and occupancy growth.
- Trilogy same-store occupancy stepped down about 50 basis points sequentially in Q2, reflecting typical seasonality, which could temper growth in the near term.
- Skilled nursing occupancy within Trilogy declined 70 basis points sequentially, partially offset by strength in senior housing but indicating some softness in that segment.
- The company faces potential expense pressures from seasonal utility costs in the Midwest, which could impact margins in Q3.
- G&A expenses are expected to increase due to stock compensation tied to the higher stock price and investments in platform talent, which could pressure earnings growth.
- The company's aggressive acquisition pace may raise integration risks, as it onboards new operators and expands into new regions like the Northeast, requiring careful execution to maintain performance standards.
Hello, everyone. Thank you for joining us, and welcome to the American Healthcare REIT's second quarter 2026 earnings conference call. (Operator Instructions)
I will now hand the conference over to Alan Peterson, Vice President of Investor Relations and Finance. Alan, please go ahead.
Good morning. Thank you for joining us for American Healthcare REIT's second quarter 2026 earnings conference call. With me today are Chairman and Chief Executive Officer, Jeff Hanson; President and Chief Operating Officer, Gabe Willhite; Chief Investment Officer, Stefan Oh; and Chief Financial Officer, Brian Peay. We are also joined this morning by Danny Prosky, a member of our Board of Directors and the company's former President and Chief Executive Officer, who will share some personal reflections later in this call.
On today's call, Jeff, Gabe, Stefan and Brian will provide high-level commentary discussing our operational results, financial position, our
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