Healthcare REIT Raises Same-Store Growth Target
American Healthcare REIT forecast 2026 normalized funds from operations of $2.23 to $2.26 per share after third-quarter results.
Updated on Nov. 7, 2026 in Healthcare
American Healthcare REIT reported third-quarter same-store net operating income growth of 13.8% and raised its full-year same-store NOI growth target to 12%-14%. The company also forecast 2026 normalized funds from operations of $2.23 to $2.26 per share.
Why it matters
The results mark the 11th consecutive quarter of double-digit same-store NOI growth for the company, signaling sustained operating performance in its portfolio. The raised senior housing operating portfolio (SHOP) guidance reflects gains in occupancy and pricing across its healthcare properties.
Same-store NOI grew 13.8% in the third quarter, and the SHOP segment rose 28.2% as the company raised its SHOP growth guidance to 23%-26%. Net debt stands at 1.9x EBITDA, with about $1.3 billion in unsettled forward-sale proceeds and $850 million in credit-line capacity; awarded pipeline deals remain excluded from guidance.
The players
American Healthcare REIT
American Healthcare REIT is a real estate investment trust focused on healthcare properties, including senior housing and medical facilities across the United States.
The details
The company attributed SHOP segment growth to sequential occupancy gains, pricing power and operational execution. It also put a swap in place to hedge some floating-rate exposure heading into 2027, and said awarded pipeline deals would be match-funded.
Timeline
Third quarter 2026: Same-store NOI growth of 13.8% reported.
2026: Normalized FFO forecast of $2.23 to $2.26 per share issued.
Fourth quarter 2026: SHOP outlook implies growth in the high-20% range.
2027: Swap hedges floating-rate exposure going into the year.
Market Landscape
The eleventh straight quarter of double-digit same-store growth extends a run that places American Healthcare REIT among healthcare real estate investors benefiting from senior housing demand. The raised SHOP guidance and 1.9x net debt to EBITDA position the company to keep pursuing growth in a sector where occupancy and pricing gains have become central to returns.
For investors holding healthcare REITs, the raised guidance and continued growth signal stronger near-term income expectations from senior housing assets. The company's low leverage at 1.9x net debt to EBITDA and available capital may matter for shareholders watching balance sheet strength.
The takeaway
Investors watching healthcare real estate should track whether occupancy and pricing gains in senior housing can sustain double-digit same-store growth. Monitoring a company's guidance changes alongside its leverage and hedging decisions offers a clearer view of its financial direction.
Further reading
Explore more coverage in Healthcare to see how senior housing and real estate investment trusts are shaping the sector.
