Q2 FY2026
Filed Aug 6, 2026Normalized FFO per diluted share increased 28.6% to $0.54 and total Same-Store NOI increased 13.2% to $112,286 in Q2 2026.
The reported quarter showed double-digit Same-Store NOI growth across the total portfolio, ISHC and SHOP, with higher NAREIT FFO and Normalized FFO per diluted share, higher ISHC cash NOI margin, and positive same-store occupancy gains.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| NAREIT FFO per share - dilutednon-GAAP | $0.51 | – | 24.4% |
| Normalized FFO per share - dilutednon-GAAP | $0.54 | – | 28.6% |
| YTD NAREIT FFO per share - dilutednon-GAAP | $0.99 | – | 28.6% |
| YTD Normalized FFO per share - dilutednon-GAAP | $1.05 | – | 31.3% |
| Total Same-Store NOInon-GAAP | $112,286 | – | 13.2% |
| YTD Total Same-Store NOInon-GAAP | $219,320 | – | 12.7% |
| ISHC cash revenueother | $510,809 | – | – |
| ISHC operating expensesother | 426,226 | – | – |
| ISHC Cash NOInon-GAAP | $84,583 | – | – |
| ISHC Cash NOI Margin %non-GAAP | 16.6% | – | – |
| ISHC total average Occupancyother | 89.5% | – | – |
| ISHC Same-Store NOInon-GAAP | $71,350 | – | 16.1% |
| ISHC Same-Store NOI Margin %non-GAAP | 21.1% | – | 177 bps |
| ISHC Same-Store revenueother | $337,499 | – | 6.4% |
| ISHC Same-Store operating expensesother | 266,149 | – | 4.1% |
| ISHC maintenance capexother | $5,606 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Integrated Senior Health Campuses (ISHC)ISHC Same-Store revenue increased 6.4% to $337,499, while Same-Store operating expenses increased 4.1% to 266,149 and Same-Store NOI increased 16.1% to $71,350. | $510,809 | – | – |
What drove it
- Total Same-Store NOI increased 13.2% to $112,286, led by ISHC growth of 16.1% and SHOP growth of 20.5%.
- ISHC Same-Store revenue increased 6.4% to $337,499, exceeding the 4.1% increase in Same-Store operating expenses.
- ISHC Same-Store total average Occupancy increased 180 bps to 90.7%.
- ISHC Same-Store NOI margin increased 177 bps to 21.1%.
- SHOP Same-Store NOI increased 20.5% to 16,087.
Concerns
- OM Same-Store NOI increased 1.7% to 17,391, below the growth reported for ISHC and SHOP.
- ISHC total portfolio average Occupancy was 89.5%, compared with 89.9% in Q1 2026.
- ISHC campuses declined to 148 in Q2 2026 from 149 in Q1 2026, and SNF beds declined to 8,137 from 8,275.
- ISHC maintenance capex was $5,606, compared with $4,657 in Q1 2026 and $3,711 in Q2 2025.
What to watch
- Whether ISHC Same-Store occupancy and the 21.1% Same-Store NOI margin can be sustained.
- The pace of SHOP Same-Store NOI growth following the reported 20.5% increase.
- OM Same-Store NOI growth after its reported 1.7% increase.
- Portfolio occupancy, property count and beds/units following the sequential decline in ISHC campuses and SNF beds.
- Any full year 2026 guidance figures, which are referenced in the supplemental but not provided in the supplied filing text.
Balance sheet and cash flow
- Interest Coverage Ratio: 7.1X
- Fixed Charge Coverage Ratio: 5.5X
- Net Debt-to-Annualized Adjusted EBITDA: 2.5X
- Total Pro-Rata Annualized Cash NOI: $571,840
- ISHC Pro-Rata Annualized Cash NOI: $338,332
- SHOP Pro-Rata Annualized Cash NOI: 125,868
- OM Pro-Rata Annualized Cash NOI: 73,124
- Triple-Net Leased Properties Pro-Rata Annualized Cash NOI: 29,832
- Debt Security Investment Pro-Rata Annualized Cash NOI: 4,684
Analysis
American Healthcare REIT reported strong operating momentum in Q2 2026. Total Same-Store NOI increased 13.2% to $112,286, while NAREIT FFO per diluted share increased 24.4% to $0.51 and Normalized FFO per diluted share increased 28.6% to $0.54. Year-to-date growth was also positive, with NAREIT FFO per diluted share of $0.99 and Normalized FFO per diluted share of $1.05.
ISHC was the principal reported operating contributor. ISHC Same-Store NOI increased 16.1% to $71,350 as Same-Store revenue increased 6.4% to $337,499 and Same-Store operating expenses increased 4.1% to 266,149. The spread between revenue and expense growth supported a 177 bps increase in ISHC Same-Store NOI margin to 21.1%. ISHC Same-Store total average Occupancy increased 180 bps to 90.7%.
The broader same-store portfolio showed growth across each disclosed property category, although the pace varied. SHOP Same-Store NOI increased 20.5% to 16,087, ISHC increased 16.1% to $71,350, Triple-Net Leased Properties increased 2.1% to 7,458, and OM increased 1.7% to 17,391. The relatively modest OM result is the key contrast with the stronger senior-housing-related growth.
At the total ISHC portfolio level, cash revenue was $510,809 and Cash NOI was $84,583, with a Cash NOI Margin of 16.6%. Total portfolio average Occupancy of 89.5% was below the 89.9% reported for Q1 2026, while ISHC campuses fell to 148 from 149 and SNF beds fell to 8,137 from 8,275. These changes, together with maintenance capex of $5,606, warrant monitoring against the stronger same-store results.
Balance-sheet coverage metrics reported in the supplemental were an Interest Coverage Ratio of 7.1X, a Fixed Charge Coverage Ratio of 5.5X, and Net Debt-to-Annualized Adjusted EBITDA of 2.5X. The supplied filing text contains no quantified forward guidance, cash balance, debt balance, dividend, share-repurchase activity, GAAP income statement figures, or operating cash flow figures, so the reported operating trajectory cannot be assessed against a stated numerical outlook.
Not in the filing
stated, not guessed- GAAP total revenue
- GAAP gross margin
- GAAP operating income
- GAAP net income or loss attributable to common stockholders
- GAAP earnings per diluted share
- GAAP cash flows from operating activities
- Free cash flow
- Cash and cash equivalents balance
- Total debt balance
- Dividend declaration or payment information
- Share repurchase activity
- Quantified full year 2026 guidance
- Prior-period guidance for comparison
- Revenue for SHOP, OM, Triple-Net Leased Properties and Debt Security Investment
- Segment-level GAAP revenue
- Quarter-over-quarter percentage changes for reported FFO, NOI, revenue, expenses, margins and occupancy metrics
- Year-over-year percentage changes for ISHC total portfolio cash revenue, operating expenses, Cash NOI, Cash NOI Margin and maintenance capex
- Named executive quotes
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.