American Healthcare REIT, Inc. (AHR)
American Healthcare REIT, Inc. (AHR) is a real estate investment trust that specializes in acquiring and owning healthcare properties, particularly medical office buildings, hospitals, and outpatient facilities. The company primarily operates through net-lease arrangements with healthcare operators and providers.
What the company does
American Healthcare REIT sources, acquires, and manages healthcare real estate assets across the United States. Its portfolio consists primarily of medical office buildings leased to physician practices and healthcare organizations, as well as hospitals and other clinical facilities. The company structures most of its investments as net leases, where tenants bear responsibility for property operating costs, taxes, insurance, and maintenance—a model common among healthcare and other specialized REITs.
The company’s acquisitions typically involve sale-leaseback transactions, where it purchases existing healthcare facilities from operators and leases them back under long-term agreements. This structure provides healthcare providers with liquidity while allowing American Healthcare REIT to secure steady lease income from creditworthy operators.
How it makes money
American Healthcare REIT generates revenue through lease payments from healthcare providers and operators. Because most leases are structured as triple-net leases, tenants pay substantially all operating expenses, and the company’s revenue consists primarily of base rent plus potential rental escalations over time.
The company may also earn income from property acquisitions, refinancings, or operational improvements that enhance tenant stability and lease payment reliability. Like other REITs, American Healthcare REIT is required to distribute at least 90% of taxable income to shareholders as dividends, using retained capital and external financing to fund acquisitions and portfolio growth.
Portfolio composition and tenant diversification
The company’s portfolio spans multiple healthcare submarkets and tenant types. Medical office properties represent a significant portion of the portfolio, serving physicians, surgical centers, and multi-specialty practices. The company also owns hospital properties and other licensed healthcare facilities. Portfolio strength depends on tenant creditworthiness, lease terms, occupancy rates, and the demographics and healthcare demand of the markets where properties are located.
How to research it
Investors can review American Healthcare REIT’s 10-K annual filings and 10-Q quarterly filings with the SEC (available at sec.gov) to understand its portfolio composition, lease terms, tenant concentration, capital structure, and financial performance. Key metrics include funds from operations (FFO), net operating income (NOI), occupancy rates, and same-property lease renewals.
The company’s investor relations website typically provides quarterly earnings presentations, property lists, and supplemental financial information useful for assessing portfolio quality and dividend sustainability. Comparing American Healthcare REIT’s leverage, coverage ratios, and lease duration to peers in the healthcare REIT space helps contextualize its financial position and distribution safety.