AMERICAN HEALTHCARE REIT, INC., 10-Q filed on 5/8/2026
Quarterly Report
v3.26.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2026
May 04, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-41951  
Entity Registrant Name AMERICAN HEALTHCARE REIT, INC.  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 47-2887436  
Entity Address, Address Line One 18191 Von Karman Avenue  
Entity Address, Address Line Two Suite 300  
Entity Address, City or Town Irvine  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 92612  
City Area Code 949  
Local Phone Number 270-9200  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   192,722,308
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001632970  
Current Fiscal Year End Date --12-31  
Title of 12(b) Security Common Stock, $0.01 par value per share  
Trading Symbol AHR  
Security Exchange Name NYSE  
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Real estate investments, net $ 4,319,911,000 $ 4,183,419,000
Debt security investment, net 92,304,000 92,136,000
Cash and cash equivalents 119,380,000 114,836,000
Restricted cash 37,504,000 36,917,000
Accounts and other receivables, net 241,594,000 204,313,000
Identified intangible assets, net 250,424,000 253,236,000
Goodwill 234,942,000 234,942,000
Operating lease right-of-use assets, net 130,405,000 135,399,000
Other assets, net 172,194,000 171,028,000
Total assets 5,598,658,000 5,426,226,000
Liabilities:    
Mortgage loans payable, net [1] 962,375,000 966,925,000
Lines of credit and term loan, net [1] 549,818,000 549,761,000
Accounts payable and accrued liabilities [1] 340,265,000 317,742,000
Identified intangible liabilities, net 1,978,000 2,110,000
Financing obligations [1] 33,675,000 33,902,000
Operating lease liabilities [1] 130,806,000 135,603,000
Security deposits, prepaid rent and other liabilities [1] 58,386,000 59,568,000
Total liabilities 2,077,303,000 2,065,611,000
Commitments and contingencies
Stockholders’ equity:    
Preferred Stock 0 0
Additional paid-in capital 5,065,446,000 4,880,169,000
Accumulated deficit (1,583,441,000) (1,559,279,000)
Accumulated other comprehensive loss (2,224,000) (2,104,000)
Total stockholders’ equity 3,481,675,000 3,320,638,000
Noncontrolling interests 39,680,000 39,977,000
Total equity 3,521,355,000 3,360,615,000
Total liabilities and equity 5,598,658,000 5,426,226,000
Common Stock    
Stockholders’ equity:    
Common stock $ 1,894,000 $ 1,852,000
[1] Such liabilities of American Healthcare REIT, Inc. represented liabilities of American Healthcare REIT Holdings, LP or its consolidated subsidiaries as of March 31, 2026 and December 31, 2025. American Healthcare REIT Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of American Healthcare REIT, Inc. The creditors of American Healthcare REIT Holdings, LP or its consolidated subsidiaries do not have recourse against American Healthcare REIT, Inc., except for the 2024 Credit Facility, as defined in Note 8, Lines of Credit and Term Loan, held by American Healthcare REIT Holdings, LP in the amount of $550,000 as of both March 31, 2026 and December 31, 2025, which was guaranteed by American Healthcare REIT, Inc.
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Preferred stock, par value (usd per share) $ 0.01 $ 0.01
Preferred stock, shares issued 0 0
Preferred stock, shares authorized 200,000,000 200,000,000
Preferred stock, shares outstanding 0 0
Common stock, par value (usd per share) $ 0.01 $ 0.01
Common Stock, shares authorized 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 189,942,357 185,911,442
Common stock, shares outstanding 189,942,357 185,911,442
Lines of credit and term loan [1] $ 549,818,000 $ 549,761,000
Common Stock    
Common stock, par value (usd per share) $ 0.01 $ 0.01
Common Stock, shares authorized 700,000,000 700,000,000
Common stock, shares issued (in shares) 189,942,357 185,911,442
Common stock, shares outstanding 189,942,357 185,911,442
2024 Credit Agreement | Line of Credit    
Lines of credit and term loan $ 550,000,000 $ 550,000,000
[1] Such liabilities of American Healthcare REIT, Inc. represented liabilities of American Healthcare REIT Holdings, LP or its consolidated subsidiaries as of March 31, 2026 and December 31, 2025. American Healthcare REIT Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of American Healthcare REIT, Inc. The creditors of American Healthcare REIT Holdings, LP or its consolidated subsidiaries do not have recourse against American Healthcare REIT, Inc., except for the 2024 Credit Facility, as defined in Note 8, Lines of Credit and Term Loan, held by American Healthcare REIT Holdings, LP in the amount of $550,000 as of both March 31, 2026 and December 31, 2025, which was guaranteed by American Healthcare REIT, Inc.
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Resident fees and services $ 609,767,000 $ 497,176,000
Real estate revenue 41,007,000 43,427,000
Total revenues 650,774,000 540,603,000
Expenses:    
Property operating expenses 512,171,000 432,423,000
Rental expenses 13,100,000 13,643,000
General and administrative 17,605,000 13,155,000
Transaction, transition and restructuring costs 1,971,000 1,837,000
Depreciation and amortization 67,062,000 41,114,000
Total expenses 611,909,000 502,172,000
Other income (expense):    
Interest expense, net (18,796,000) (22,945,000)
Gain (loss) in fair value of derivative financial instruments 1,527,000 (750,000)
Loss on dispositions of real estate investments, net 0 (359,000)
Impairment of real estate investment (418,000) (21,706,000)
Income (loss) from unconsolidated entities 792,000 (1,848,000)
Foreign currency (loss) gain (819,000) 1,416,000
Other income, net 2,335,000 1,525,000
Total net other expense (15,379,000) (44,667,000)
Income (loss) before income taxes 23,486,000 (6,236,000)
Income tax benefit (expense) 525,000 (604,000)
Net income (loss) 24,011,000 (6,840,000)
Net (income) loss attributable to noncontrolling interests (298,000) 36,000
Net income (loss) attributable to controlling interest $ 23,713,000 $ (6,804,000)
Net income (loss) per common share attributable to controlling interest - Basic $ 0.13 $ (0.04)
Net income (loss) per common share attributable to controlling interest - Diluted $ 0.13 $ (0.04)
Weighted average number of common shares outstanding - Basic 187,319,513 156,922,819
Weighted average number of common shares outstanding - Diluted 187,970,438 156,922,819
Other comprehensive (loss) income:    
Foreign currency translation adjustments $ (120,000) $ 176,000
Total other comprehensive (loss) income (120,000) 176,000
Comprehensive income (loss) 23,891,000 (6,664,000)
Comprehensive (income) loss attributable to noncontrolling interests (298,000) 36,000
Comprehensive income (loss) attributable to controlling interest $ 23,593,000 $ (6,628,000)
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Total Stockholders' Equity
Noncontrolling Interests
Beginning balance, shares at Dec. 31, 2024   157,446,697          
Beginning balance Stockholders' Equity at Dec. 31, 2024 $ 2,303,942 $ 1,564 $ 3,720,268 $ (1,458,089) $ (2,512) $ 2,261,231 $ 42,711
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of common stock in offerings (in shares)   1,577,113          
Issuance of common stock in offerings 47,666 $ 16 47,650     47,666  
Offering costs — common stock (542)   (542)     (542)  
Vested restricted common stock and stock units (in shares) [1]   41,195          
Vested restricted common stock and stock units [1] (1,889) $ 3 (1,892)     (1,889)  
Amortization related to equity compensation plans 2,551   2,551     2,551  
Distributions to noncontrolling interests (608)           (608)
Adjustment to value of redeemable noncontrolling interests (5)   (5)     (5)  
Distributions declared (39,968)     (39,968)   (39,968)  
Net (loss) income [2] (6,835)     (6,804)   (6,804) (31)
Other comprehensive income (loss) 176       176 176  
Ending balance, shares at Mar. 31, 2025   159,065,005          
Ending balance Stockholders' Equity at Mar. 31, 2025 2,304,488 $ 1,583 3,768,030 (1,504,861) (2,336) 2,262,416 42,072
Beginning balance, shares at Dec. 31, 2025   185,911,442          
Beginning balance Stockholders' Equity at Dec. 31, 2025 3,360,615 $ 1,852 4,880,169 (1,559,279) (2,104) 3,320,638 39,977
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of common stock in offerings (in shares)   3,974,731          
Issuance of common stock in offerings 191,552 $ 39 191,513     191,552  
Offering costs — common stock (1,518)   (1,518)     (1,518)  
Issuance of common stock related to equity compensation plans (in shares)   4,396          
Issuance of common stock related to equity compensation plans 135   135     135  
Vested restricted common stock and stock units (in shares) [1]   51,788          
Vested restricted common stock and stock units [1] (9,708) $ 3 (9,711)     (9,708)  
Amortization related to equity compensation plans 4,858   4,858     4,858  
Distributions to noncontrolling interests (595)           (595)
Distributions declared (47,875)     (47,875)   (47,875)  
Net (loss) income 24,011     23,713   23,713 298
Other comprehensive income (loss) (120)       (120) (120)  
Ending balance, shares at Mar. 31, 2026   189,942,357          
Ending balance Stockholders' Equity at Mar. 31, 2026 $ 3,521,355 $ 1,894 $ 5,065,446 $ (1,583,441) $ (2,224) $ 3,481,675 $ 39,680
[1] The amounts are shown net of common stock withheld to satisfy employee minimum tax withholding requirements in connection with the vesting of restricted common stock and stock units. See Note 11, Equity — Equity Compensation Plans, for further discussion.
[2] For the three months ended March 31, 2025, amount excludes $5 of net loss attributable to redeemable noncontrolling interests.
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]    
Distribution per share (in usd per share) $ 0.25 $ 0.25
Net loss attributable to redeemable noncontrolling interest   $ (5)
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 3 Months Ended
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 24,011,000 $ (6,840,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 67,062,000 41,114,000
Other amortization 8,927,000 9,816,000
Deferred rent (780,000) (735,000)
Stock based compensation 4,858,000 2,551,000
Loss on dispositions of real estate investments, net 0 359,000
Impairment of real estate investments 418,000 21,706,000
(Income) loss from unconsolidated entities (792,000) 1,848,000
Distributions of earnings from unconsolidated entities 3,000 0
Deferred income tax benefit (724,000) 0
Foreign currency gain (loss) 810,000 (1,472,000)
Loss on extinguishments of debt 0 482,000
Change in fair value of derivative financial instruments (1,527,000) 750,000
Changes in operating assets and liabilities:    
Accounts and other receivables (31,450,000) (10,037,000)
Other assets (7,176,000) (5,477,000)
Accounts payable and accrued liabilities 24,579,000 12,998,000
Operating lease liabilities (7,024,000) (7,887,000)
Security deposits, prepaid rent and other liabilities (128,000) 1,440,000
Net cash provided by operating activities 81,067,000 60,616,000
CASH FLOWS FROM INVESTING ACTIVITIES    
Developments and capital expenditures (38,317,000) (21,181,000)
Acquisitions of real estate investments (165,937,000) (16,442,000)
Proceeds from dispositions of real estate investments 0 9,575,000
Investments in unconsolidated entities (16,000) (2,000)
Issuances of real estate notes receivable 0 (4,405,000)
Principal repayments on real estate notes receivable 0 2,975,000
Real estate and other deposits (164,000) (3,296,000)
Proceeds from insurance recoveries 1,343,000 0
Net cash used in investing activities (203,091,000) (32,776,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings under mortgage loans payable 0 30,000,000
Payments on mortgage loans payable (5,520,000) (11,484,000)
Borrowings under the lines of credit and term loan 0 34,000,000
Payments on the lines of credit and term loan 0 (80,032,000)
Payments on financing and other obligations (351,000) (690,000)
Deferred financing costs (6,000) (259,000)
Debt extinguishment costs 0 (26,000)
Proceeds from issuance of common stock in offerings 191,552,000 47,666,000
Proceeds from issuance of common stock pursuant to employee stock purchase plan 135,000 0
Payment of offering costs (1,347,000) (591,000)
Distributions paid (46,822,000) (39,548,000)
Payments to taxing authorities in connection with common stock directly withheld from employees (9,708,000) (1,889,000)
Distributions to noncontrolling interests (591,000) (604,000)
Security deposits, net (146,000) (319,000)
Net cash provided by (used in) financing activities 127,196,000 (23,776,000)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 5,172,000 4,064,000
EFFECT OF FOREIGN CURRENCY TRANSLATION ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH (41,000) 88,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period 151,753,000 123,301,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period 156,884,000 127,453,000
Cash and cash equivalents at beginning of period 114,836,000 76,702,000
Cash and cash equivalents at end of period 119,380,000 86,064,000
Restricted cash at beginning of period 36,917,000 46,599,000
Restricted cash at end of period 37,504,000 41,389,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for: Interest 18,258,000 20,715,000
Cash paid for: Income taxes 1,000 231,000
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES    
Accrued developments and capital expenditures 32,961,000 22,447,000
Distributions declared but not paid 48,885,000 40,795,000
Accrued offering costs 0 94,000
The following represents the net increase (decrease) in certain assets and liabilities in connection with our acquisitions and dispositions of investments:    
Accounts and other receivables 0 15,000
Other assets, net $ (1,109,000) $ (248,000)
v3.26.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Pay vs Performance Disclosure [Line Items]    
Net Income (Loss) $ 23,713 $ (6,804)
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Insider Trading Arrangements [Line Items]  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Organization and Description of Business
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Description of Business

1. Organization and Description of Business

Overview and Background

American Healthcare REIT, Inc., a Maryland corporation, 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. We have built a fully-integrated management platform that operates clinical healthcare properties throughout the United States, and in the United Kingdom and the Isle of Man. We own and operate our integrated senior health campuses, or ISHC, and senior housing operating properties, or SHOP, utilizing the structure permitted by the REIT Investment Diversification and Empowerment Act of 2007, which is commonly referred to as a “RIDEA” structure. We have also originated and acquired secured loans and may acquire other real estate-related investments in the future on an infrequent and opportunistic basis. We generally seek investments that produce current income; however, we have selectively developed, and may continue to selectively develop, healthcare real estate properties. We have elected to be taxed as a REIT for U.S. federal income tax purposes. We believe that we have been organized and operated, and we intend to continue to operate, in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986, or the Code.

Operating Partnership

We conduct substantially all of our operations through American Healthcare REIT Holdings, LP, or our operating partnership, and we are the sole general partner of our operating partnership. As of both March 31, 2026 and December 31, 2025, we owned 99.0% of the operating partnership units, or OP units, in our operating partnership, and the remaining 1.0% of the OP units were owned by the following limited partners: (i) AHI Group Holdings, LLC, which is owned and controlled by Jeffrey T. Hanson, our Chairman of the Board of Directors and Interim Chief Executive Officer and President, Danny Prosky, our Chief Executive Officer, President and director, who is currently taking a leave of absence from his executive role for medical reasons, and Mathieu B. Streiff, one of our independent directors; and (ii) a wholly-owned subsidiary of Griffin Capital Company, LLC. Such limited partnership units are accounted for as noncontrolling interests in total equity in our accompanying condensed consolidated balance sheets.

Real Estate Investments Portfolio

We currently operate through four reportable business segments: ISHC, OM, SHOP and triple-net leased properties. As of March 31, 2026, we owned and/or operated 343 buildings and ISHC, which represent in total approximately 22,651,000 square feet of gross leasable area, or GLA, for an aggregate contract purchase price of $5,607,085,000. In addition, as of March 31, 2026, we also owned a real estate-related debt investment purchased for $60,429,000.
v3.26.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Significant Accounting Policies

2. Summary of Significant Accounting Policies

The summary of significant accounting policies presented below is designed to assist in understanding our accompanying condensed consolidated financial statements. Such condensed consolidated financial statements and the accompanying notes thereto are the representations of our management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America, or GAAP, in all material respects, and have been consistently applied in preparing our accompanying condensed consolidated financial statements.

Basis of Presentation

Our accompanying condensed consolidated financial statements include our accounts and those of our operating partnership, the wholly-owned subsidiaries of our operating partnership and all non-wholly owned subsidiaries in which we have control, as well as any VIEs in which we are the primary beneficiary. The portion of equity in any subsidiary that is not wholly owned by us is presented in our accompanying condensed consolidated financial statements as a noncontrolling interest. We evaluate our ability to control an entity, and whether the entity is a VIE and we are the primary beneficiary, by considering substantive terms of the arrangement and identifying which enterprise has the power to direct the activities of the entity that most significantly impacts the entity’s economic performance.

We operate and intend to continue to operate in an umbrella partnership REIT structure in which our operating partnership, wholly-owned subsidiaries of our operating partnership and all non-wholly owned subsidiaries of which we have control will own substantially all of the interests in properties acquired on our behalf. We are the sole general partner of our operating partnership and as of both March 31, 2026 and December 31, 2025, we owned a 99.0% general partnership interest therein, and the remaining 1.0% partnership interest was owned by the limited partners.

The accounts of our operating partnership are consolidated in our accompanying condensed consolidated financial statements because we are the sole general partner of our operating partnership and have unilateral control over its management and major operating decisions (even if additional limited partners are admitted to our operating partnership). All intercompany accounts and transactions are eliminated in consolidation.

Interim Unaudited Financial Data

Our accompanying condensed consolidated financial statements have been prepared by us in accordance with GAAP in conjunction with the rules and regulations of the U.S. Securities and Exchange Commission, or SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to the SEC’s rules and regulations. Accordingly, our accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. Our accompanying condensed consolidated financial statements reflect all adjustments which are, in our view, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim period. Interim results of operations are not necessarily indicative of the results to be expected for the full year; such full-year results may be less favorable.

In preparing our accompanying condensed consolidated financial statements, management has evaluated subsequent events through the financial statement issuance date. We believe that although the disclosures contained herein are adequate to prevent the information presented from being misleading, our accompanying condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in our 2025 Annual Report on Form 10-K, as filed with the SEC on February 27, 2026.

Use of Estimates

The preparation of our accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities, at the date of our condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include, but are not limited to, the initial and recurring valuation of certain assets acquired and liabilities assumed through property acquisitions including through business combinations, goodwill and its impairment, revenues, allowance for credit losses, impairment of long-lived and intangible assets and contingencies. These estimates are made and evaluated on an on-going basis using information that is currently available, as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates, perhaps in material adverse ways, and those estimates could be different under different assumptions or conditions.

Revenue Recognition — Resident Fees and Services Revenue

Disaggregation of Resident Fees and Services Revenue

The following tables disaggregate our resident fees and services revenue by line of business, according to whether such revenue is recognized at a point in time or over time, for the periods presented below (in thousands):

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

 

ISHC

 

 

SHOP(1)

 

 

Total

 

 

ISHC

 

 

SHOP(1)

 

 

Total

 

Over time

 

$

439,898

 

 

$

103,739

 

 

$

543,637

 

 

$

358,396

 

 

$

66,499

 

 

$

424,895

 

Point in time

 

 

62,845

 

 

 

3,285

 

 

 

66,130

 

 

 

70,296

 

 

 

1,985

 

 

 

72,281

 

Total resident fees and services

 

$

502,743

 

 

$

107,024

 

 

$

609,767

 

 

$

428,692

 

 

$

68,484

 

 

$

497,176

 

 

The following tables disaggregate our resident fees and services revenue by payor class for the periods presented below (in thousands):

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

 

ISHC

 

 

SHOP(1)

 

 

Total

 

 

ISHC

 

 

SHOP(1)

 

 

Total

 

Private and other payors

 

$

194,053

 

 

$

97,297

 

 

$

291,350

 

 

$

164,562

 

 

$

59,183

 

 

$

223,745

 

Medicare

 

 

142,750

 

 

 

—

 

 

 

142,750

 

 

 

130,628

 

 

 

—

 

 

 

130,628

 

Medicaid

 

 

105,331

 

 

 

9,727

 

 

 

115,058

 

 

 

95,156

 

 

 

9,301

 

 

 

104,457

 

Medicare Advantage

 

 

60,609

 

 

 

—

 

 

 

60,609

 

 

 

38,346

 

 

 

—

 

 

 

38,346

 

Total resident fees and services

 

$

502,743

 

 

$

107,024

 

 

$

609,767

 

 

$

428,692

 

 

$

68,484

 

 

$

497,176

 

___________

(1)
Includes fees for basic housing, as well as fees for assisted living or skilled nursing care. We record revenue when services are rendered at amounts billable to individual residents. Residency agreements are generally for a term of 30 days, with resident fees billed monthly in advance. For residents under reimbursement arrangements with third-party payors, including Medicaid, Medicare, Medicare Advantage and private insurers, revenue is recorded based on contractually agreed-upon amounts or rates on a daily, per resident basis or as services are performed.

Accounts Receivable, Net — Resident Fees and Services Revenue

The beginning and ending balances of accounts receivable, net — resident fees and services are as follows (in thousands):

 

 

Medicare

 

 

Private
and
Other
Payors

 

 

Medicaid

 

 

Medicare
Advantage

 

 

Total

 

Beginning balance — January 1, 2026

 

$

28,300

 

 

$

59,630

 

 

$

44,888

 

 

$

47,724

 

 

$

180,542

 

Ending balance — March 31, 2026

 

 

42,562

 

 

 

62,712

 

 

 

58,796

 

 

 

47,363

 

 

 

211,433

 

Increase (decrease)

 

$

14,262

 

 

$

3,082

 

 

$

13,908

 

 

$

(361

)

 

$

30,891

 

 

Deferred Revenue — Resident Fees and Services Revenue

Deferred revenue is included in security deposits, prepaid rent and other liabilities in our accompanying condensed consolidated balance sheets. The beginning and ending balances of deferred revenue — resident fees and services, almost all of which relates to private and other payors, are as follows (in thousands):

 

 

Total

 

Beginning balance — January 1, 2026

 

$

34,464

 

Ending balance — March 31, 2026

 

 

35,084

 

Increase

 

$

620

 

 

Resident and Tenant Receivables and Allowances

Resident receivables, which are related to resident fees and services revenue, are carried net of an allowance for credit losses. An allowance is maintained for estimated losses resulting from the inability of residents and payors to meet the contractual obligations under their lease or service agreements. Substantially all of such allowances are recorded as direct reductions of resident fees and services revenue as contractual adjustments provided to third-party payors or implicit price concessions in our accompanying condensed consolidated statements of operations and comprehensive income (loss). Our determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the residents’ financial condition, security deposits, cash collection patterns by payor and by state, current economic conditions, future expectations in estimating credit losses and other relevant factors. Tenant receivables, which are related to real estate revenue, and unbilled deferred rent receivables are reduced for amounts where collectability is not probable, which are recognized as direct reductions of real estate revenue in our accompanying condensed consolidated statements of operations and comprehensive income (loss).

The following is a summary of our adjustments to allowances for the periods presented below (in thousands):

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Beginning balance

 

$

25,336

 

 

$

22,582

 

Additional allowances

 

 

10,850

 

 

 

9,573

 

Write-offs

 

 

(4,884

)

 

 

(2,834

)

Recoveries collected or adjustments

 

 

(4,880

)

 

 

(2,054

)

Ending balance

 

$

26,422

 

 

$

27,267

 

 

Accounts Payable and Accrued Liabilities

As of March 31, 2026 and December 31, 2025, accounts payable and accrued liabilities primarily include reimbursement of payroll-related costs to the managers of our ISHC and SHOP of $77,315,000 and $55,321,000, respectively, insurance reserves of $50,760,000 and $51,042,000, respectively, accrued distributions of $48,885,000 and $47,832,000, respectively, accrued developments and capital expenditures of $32,961,000 and $37,076,000, respectively, and accrued property taxes of $27,810,000 and $25,041,000, respectively.

Recently Issued Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, or ASU 2024-03. Further, in January 2025, the FASB issued ASU 2025-01, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, or ASU 2025-01. ASU 2024-03 requires new financial statement disclosure to be provided in the notes to the financial statements in a tabular presentation related to the disaggregation of certain expense captions presented on the face of the income statement within continuing operations that include expense categories such as: (i) purchases of inventory; (ii) employee compensation; (iii) depreciation; and (iv) intangible asset amortization. ASU 2024-03 and ASU 2025-01 are effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted and may be applied retrospectively or prospectively. We are currently evaluating this guidance to determine the impact on our consolidated financial statement disclosures beginning with our 2027 Annual Report on Form 10-K.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, or ASU 2025-03. ASU 2025-03 amends the guidance Topic 805 and Topic 810, to improve the determination of the accounting acquirer in business combinations involving VIEs. Under the new guidance, entities are required to apply the general principles in Topic 805 to identify the accounting acquirer when the legal acquiree is a VIE that meets the definition of a business, and the transaction is primarily effected by exchanging equity interests. ASU 2025-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted and should be applied prospectively to any acquisition transaction that occurs after the adoption date. We are currently evaluating this guidance to determine the impact on our consolidated financial statement and disclosures beginning with our Quarterly Report on Form 10-Q for the quarterly period ending March 31, 2027.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow Scope Improvements, or ASU 2025-11, to update the guidance in ASC Topic 270, Interim Reporting, by improving navigability of the required interim disclosures, clarifying when that guidance is applicable and adding a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting periods beginning after December 15, 2027. Early adoption is permitted and may be applied retrospectively or prospectively. We are currently evaluating this guidance to determine the impact on our consolidated financial statement disclosures beginning with our Quarterly Report on Form 10-Q for the quarterly period ending March 31, 2028.
v3.26.1
Real Estate Investments
 3 Months Ended
Mar. 31, 2026
Real Estate [Abstract]  
Real Estate Investments

3. Real Estate Investments

Our real estate investments, net consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):

 

 

March 31,
2026

 

 

December 31,
2025

 

Building, improvements and construction in process

 

$

4,563,994

 

 

$

4,420,601

 

Land and improvements

 

 

440,040

 

 

 

420,046

 

Furniture, fixtures and equipment

 

 

319,131

 

 

 

305,491

 

 

 

5,323,165

 

 

 

5,146,138

 

Less: accumulated depreciation

 

 

(1,003,254

)

 

 

(962,719

)

Total

 

$

4,319,911

 

 

$

4,183,419

 

 

Depreciation expense for the three months ended March 31, 2026 and 2025 was $44,756,000 and $36,577,000, respectively.

The following is a summary of our capital expenditures by reportable segment for the period presented below (in thousands):

 

 

Three Months Ended
March 31, 2026

 

ISHC

 

$

26,510

 

SHOP

 

 

4,349

 

OM

 

 

3,063

 

Triple-net leased properties

 

 

248

 

Total

 

$

34,170

 

 

Acquisitions of Real Estate Investments

For the three months ended March 31, 2026, we acquired three land parcels in Kentucky and Ohio for an aggregate contract purchase price of $4,066,000, plus closing costs, for the future development of ISHC. For the three months ended March 31, 2026, we also acquired seven senior housing properties using cash. The following is a summary of such acquisitions (dollars in thousands):

 

Location

 

Number of
Buildings

 

Type

 

Date
Acquired

 

Contract
Purchase
Price

 

Blue Springs, Kansas City and Raymore, MO

 

4

 

SHOP

 

02/09/26

 

$

62,500

 

San Rafael, CA

 

1

 

SHOP

 

02/25/26

 

 

55,000

 

Lenexa and Olathe, KS

 

2

 

SHOP

 

03/18/26

 

 

45,250

 

Total

 

7

 

 

 

 

 

$

162,750

 

 

We accounted for such acquisitions of land and real estate investments completed during the three months ended March 31, 2026 as asset acquisitions. The following table summarizes the purchase price of such assets acquired at the time of acquisition based on their relative fair values (in thousands):

 

 

2026
Acquisitions

 

Building and improvements

 

$

129,008

 

Land

 

 

17,490

 

In-place leases

 

 

19,031

 

Furniture, fixtures and equipment

 

 

1,807

 

Certificates of need

 

 

185

 

Total assets acquired

 

$

167,521

 

 

Impairment of Real Estate Investments

As we continue to evaluate our properties based on their historical operating performance and our expected holding period, for the three months ended March 31, 2026, we recognized an impairment charge of $418,000 for one OM building. The fair value of such impaired OM building was determined by the sales price of the executed purchase and sale agreement with a third-party buyer, which was considered a Level 2 measurement within the fair value hierarchy. For the three months ended March 31, 2025, we recognized an impairment charge of $21,706,000 for one OM building. The fair value of such OM building was determined by the sales price of the executed purchase and sale agreement with a third-party buyer, which was considered a Level 2 measurement within the fair value hierarchy.

v3.26.1
Debt Security Investment
 3 Months Ended
Mar. 31, 2026
Debt Security Investment [Abstract]  
Debt Security Investment

4. Debt Security Investment

Our investment in a commercial mortgage-backed debt security, or debt security, bears an interest rate on the stated principal amount thereof equal to 4.24% per annum, the terms of which security provide for monthly interest-only payments. The debt security was issued by an unaffiliated mortgage trust and represented an approximate 10% beneficial ownership interest in such mortgage trust. The debt security is subordinate to all other interests in the mortgage trust and is not guaranteed by a government-sponsored entity. The debt security matures on January 1, 2028, at an aggregate stated amount of $93,433,000.

As of March 31, 2026 and December 31, 2025, the carrying amount of the debt security investment was $92,304,000 and $92,136,000, respectively, net of unamortized closing costs of $82,000 and $93,000, respectively. Accretion on the debt security for the three months ended March 31, 2026 and 2025 was $180,000 and $471,000, respectively, which is recorded as an increase to real estate revenue in our accompanying condensed consolidated statements of operations and comprehensive income (loss). Amortization expense of closing costs for the three months ended March 31, 2026 and 2025 was $12,000 and $37,000, respectively, which is recorded as a decrease to real estate revenue in our accompanying condensed consolidated statements of operations and comprehensive income (loss). We evaluated credit quality indicators such as the agency ratings and the underlying collateral of such investment in order to determine expected future credit loss. No credit loss was recorded for the three months ended March 31, 2026 and 2025.
v3.26.1
Identified Intangible Assets and Liabilities
 3 Months Ended
Mar. 31, 2026
Intangible Assets and Liabilities [Abstract]  
Identified Intangible Assets and Liabilities

5. Identified Intangible Assets and Liabilities

Identified intangible assets, net and identified intangible liabilities, net consisted of the following as of March 31, 2026 and December 31, 2025 (dollars in thousands):

 

 

March 31,
2026

 

 

December 31,
2025

 

Amortized intangible assets:

 

 

 

 

 

 

In-place leases, net of accumulated amortization of $65,047 and $44,498 as of
   March 31, 2026 and December 31, 2025, respectively (with a weighted average
   remaining life of 2.1 years and 2.3 years as of March 31, 2026 and
   December 31, 2025, respectively)

 

$

115,506

 

 

$

118,080

 

Above-market leases, net of accumulated amortization of $8,311 and $7,859 as of
   March 31, 2026 and December 31, 2025, respectively (with a weighted average
   remaining life of 6.1 years and 6.3 years as of March 31, 2026 and
   December 31, 2025, respectively)

 

 

9,503

 

 

 

9,965

 

Unamortized intangible assets:

 

 

 

 

 

 

Certificates of need

 

 

105,148

 

 

 

104,924

 

Trade names

 

 

20,267

 

 

 

20,267

 

   Total identified intangible assets, net

 

$

250,424

 

 

$

253,236

 

 

 

 

 

 

 

 

Amortized intangible liabilities:

 

 

 

 

 

 

Below-market leases, net of accumulated amortization of $2,354 and $2,336 as of
   March 31, 2026 and December 31, 2025, respectively (with a weighted average
   remaining life of 4.2 years and 4.4 years as of March 31, 2026 and
   December 31, 2025, respectively)

 

$

1,978

 

 

$

2,110

 

   Total identified intangible liabilities, net

 

$

1,978

 

 

$

2,110

 

 

Amortization expense on identified intangible assets for the three months ended March 31, 2026 and 2025 was $22,030,000 and $4,427,000, respectively, which included $462,000 and $604,000, respectively, of amortization recorded as a decrease to real estate revenue for above-market leases in our accompanying condensed consolidated statements of operations and comprehensive income (loss).

Amortization expense on below-market leases for the three months ended March 31, 2026 and 2025 was $132,000 and $191,000, respectively, which is recorded as an increase to real estate revenue in our accompanying condensed consolidated statements of operations and comprehensive income (loss).

The aggregate weighted average remaining life of the identified intangible assets was 2.4 years and 2.6 years as of March 31, 2026 and December 31, 2025, respectively. The aggregate weighted average remaining life of the identified intangible liabilities was 4.2 years and 4.4 years as of March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026, estimated amortization expense on the identified intangible assets and liabilities for the remaining nine months ending December 31, 2026 and for each of the next four years ending December 31, and thereafter was as follows (in thousands):

 

 

Amortization Expense

 

Year

 

Intangible
Assets

 

 

Intangible
Liabilities

 

2026

 

$

65,471

 

 

$

(392

)

2027

 

 

42,673

 

 

 

(514

)

2028

 

 

4,479

 

 

 

(478

)

2029

 

 

3,829

 

 

 

(338

)

2030

 

 

3,222

 

 

 

(121

)

Thereafter

 

 

5,335

 

 

 

(135

)

Total

 

$

125,009

 

 

$

(1,978

)
v3.26.1
Other Assets
 3 Months Ended
Mar. 31, 2026
Other Assets [Abstract]  
Other Assets

6. Other Assets

Other assets, net consisted of the following as of March 31, 2026 and December 31, 2025 (dollars in thousands):

 

 

March 31,
2026

 

 

December 31,
2025

 

Deferred rent receivables

 

$

49,820

 

 

$

49,158

 

Prepaid expenses and other assets

 

 

48,138

 

 

 

49,338

 

Deferred tax assets, net

 

 

23,664

 

 

 

22,939

 

Inventory — finished goods

 

 

20,441

 

 

 

18,838

 

Lease commissions, net of accumulated amortization of $10,152 and $9,569 as of
   March 31, 2026 and December 31, 2025, respectively

 

 

17,137

 

 

 

17,081

 

Investments in unconsolidated entities

 

 

4,419

 

 

 

3,616

 

Real estate deposits

 

 

4,315

 

 

 

6,053

 

Deferred financing costs, net of accumulated amortization of $2,116 and $1,854 as of
   March 31, 2026 and December 31, 2025, respectively

 

 

1,995

 

 

 

2,251

 

Lease inducement, net of accumulated amortization of $3,333 and $3,246 as of
   March 31, 2026 and December 31, 2025, respectively (with a weighted average
   remaining life of 4.8 years and 5.0 years as of March 31, 2026 and
   December 31, 2025, respectively)

 

 

1,667

 

 

 

1,754

 

Derivative financial instruments

 

 

598

 

 

 

—

 

   Total

 

$

172,194

 

 

$

171,028

 

 

Deferred financing costs included in other assets were related to the 2025 Trilogy Credit Facility, as defined in Note 8, Lines of Credit and Term Loan, as well as the senior unsecured revolving credit facility portions of the 2024 Credit Facility, as defined in Note 8, Lines of Credit and Term Loan. For the three months ended March 31, 2026, we did not incur any loss on extinguishment of debt related to our credit facilities. In March 2025, in connection with the termination of our previous credit facility, we incurred a loss on extinguishment of $508,000 primarily consisting of the write-off of unamortized deferred financing costs associated with such facility. Loss on extinguishment of debt is recorded as an increase to interest expense in our accompanying condensed consolidated statements

of operations and comprehensive income (loss). See Note 8, Lines of Credit and Term Loan, for further discussion of our lines of credit. Amortization expense on lease inducement for both the three months ended March 31, 2026 and 2025 was $87,000, and is recorded as a decrease to real estate revenue in our accompanying condensed consolidated statements of operations and comprehensive income (loss).
v3.26.1
Mortgage Loans Payable
 3 Months Ended
Mar. 31, 2026
Mortgage Loans Payable [Abstract]  
Mortgage Loans Payable

7. Mortgage Loans Payable

Mortgage loans payable, net consisted of the following as of March 31, 2026 and December 31, 2025 (dollars in thousands):

 

 

March 31,
2026

 

 

December 31,
2025

 

Fixed-rate debt (85 loans as of both March 31, 2026 and December 31, 2025)

 

$

980,045

 

 

$

985,565

 

Less: deferred financing costs, net

 

 

(8,745

)

 

 

(9,214

)

Less: discount

 

 

(8,925

)

 

 

(9,426

)

Mortgage loans payable, net

 

$

962,375

 

 

$

966,925

 

 

Based on interest rates in effect as of both March 31, 2026 and December 31, 2025, effective interest rates on mortgage loans payable ranged from 2.21% to 5.99% per annum, with a weighted average effective interest rate of 3.73%. We are required by the terms of certain loan documents to meet certain reporting requirements and covenants, such as net worth ratios, fixed charge coverage ratios and leverage ratios.

The following table reflects the changes in the carrying amount of mortgage loans payable, net for the periods presented below (in thousands):

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Beginning balance

 

$

966,925

 

 

$

982,071

 

Additions:

 

 

 

 

 

 

Borrowings under mortgage loan payable

 

 

—

 

 

 

30,000

 

Amortization of deferred financing costs

 

 

469

 

 

 

400

 

Amortization of discount/premium on mortgage loans payable, net

 

 

501

 

 

 

517

 

Deductions:

 

 

 

 

 

 

Scheduled principal payments on mortgage loans payable

 

 

(5,520

)

 

 

(4,880

)

Payoff of mortgage loans payable due to dispositions of real estate investments

 

 

—

 

 

 

(6,604

)

Deferred financing costs

 

 

—

 

 

 

(1,015

)

Ending balance

 

$

962,375

 

 

$

1,000,489

 

 

Amortization of deferred financing costs and amortization of discount/premium on mortgage loans payable is included in interest expense in our accompanying condensed consolidated statements of operations and comprehensive income (loss).

As of March 31, 2026, the principal payments due on our mortgage loans payable for the remaining nine months ending December 31, 2026 and for each of the next four years ending December 31, and thereafter were as follows (in thousands):

 

Year

 

Amount

 

2026

 

$

154,167

 

2027

 

 

56,182

 

2028

 

 

139,740

 

2029

 

 

16,963

 

2030

 

 

44,732

 

Thereafter

 

 

568,261

 

Total

 

$

980,045

 

 
v3.26.1
Lines of Credit and Term Loan
 3 Months Ended
Mar. 31, 2026
Line of Credit Facility [Abstract]  
Lines Of Credit and Term Loan

8. Lines of Credit and Term Loan

2024 Credit Facility

We, through our operating partnership, as borrower, and certain of our subsidiaries, or the subsidiary guarantors, collectively, with us, as guarantors, were party to an amended loan agreement, or the 2024 Credit Agreement, with Bank of America, N.A., or Bank of America, KeyBank National Association, or KeyBank, Citizens Bank, National Association, or Citizens Bank, and a syndicate of other banks, as lenders, for a credit facility with an aggregate maximum principal amount up to $1,150,000,000, or the 2024 Credit Facility. The 2024 Credit Facility consisted of a senior unsecured revolving credit facility in the initial aggregate amount of $600,000,000 and a senior unsecured term loan facility in the initial aggregate amount of $550,000,000. The proceeds of loans made under the 2024 Credit Facility could have been used for general corporate purposes including for working capital, capital expenditures, refinancing existing indebtedness and other corporate purposes not inconsistent with obligations under the 2024 Credit Agreement. We could have also obtained up to $25,000,000 in the form of standby letters of credit pursuant to the 2024 Credit Facility. Unless defined herein, all capitalized terms under this “2024 Credit Facility” subsection are defined in the 2024 Credit Agreement.

Under the terms of the 2024 Credit Agreement, the Revolving Loans would have matured on February 14, 2028, and could have been extended for one 12-month period, subject to the satisfaction of certain conditions, including payment of an extension fee. The Term Loan matures on January 19, 2027, and may not be extended. The maximum principal amount of the 2024 Credit Facility could have been increased by an aggregate incremental amount of $600,000,000, subject to: (i) the terms of the 2024 Credit Agreement and (ii) at least five business days’ prior written notice to Bank of America.

At our option, the 2024 Credit Facility bore interest at varying rates based upon (i) Daily Simple SOFR, plus the Applicable Rate for Daily SOFR Rate Loans or (ii) Term SOFR, plus the Applicable Rate for Term SOFR Rate Loans. If, under the terms of the 2024 Credit Agreement, there was an inability to determine the Daily SOFR or the Term SOFR, then the 2024 Credit Facility would have borne interest at a rate per annum equal to the Base Rate plus the Applicable Rate for Base Rate Loans. The loans could have been repaid in whole or in part without prepayment premium or penalty, subject to certain conditions.

We were required to pay a fee on the unused portion of the lenders’ commitments under the 2024 Credit Agreement computed at (a) 0.25% per annum if the actual daily Commitment Utilization Percentage for such quarter was less than or equal to 50% and (b) 0.20% per annum if the actual daily Commitment Utilization Percentage for such quarter was greater than 50%, which fee was computed on the actual daily amount of the Available Commitments during the period for which payment was made and payable in arrears on a quarterly basis.

The 2024 Credit Agreement required us to add additional subsidiaries as guarantors in the event the value of the assets owned by the subsidiary guarantors fell below a certain threshold as set forth in the 2024 Credit Agreement. In the event of default, Bank of America had the right to terminate the commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions under the 2024 Credit Agreement and to accelerate the payment on any unpaid principal amount of all outstanding loans and all interest accrued and unpaid thereon.

As of both March 31, 2026 and December 31, 2025, our aggregate borrowing capacity under the 2024 Credit Facility was $1,150,000,000, excluding the $25,000,000 standby letters of credit described above. As of March 31, 2026 and December 31, 2025, borrowings outstanding under the 2024 Credit Facility totaled $550,000,000 ($549,818,000, net of deferred financing costs related to the senior unsecured term loan facility portion of the 2024 Credit Facility), and $550,000,000 ($549,761,000, net of deferred financing costs related to the senior unsecured term loan facility portion of the 2024 Credit Facility), respectively, and the weighted average interest rate on such borrowings outstanding was 4.98% and 5.01% per annum, respectively.

On April 1, 2026, we entered into an agreement, or the Second Amendment, to further amend the 2024 Credit Agreement. See Note 18, Subsequent Event, — 2026 Credit Facility, for a further discussion.

2025 Trilogy Credit Facility

On October 31, 2025, we, through Trilogy RER, LLC, entered into a loan agreement, or the 2025 Trilogy Credit Agreement, with KeyBank, as lender named therein, with respect to a senior secured revolving credit facility that had an aggregate maximum principal amount of $50,000,000, or the 2025 Trilogy Credit Facility. The proceeds of the 2025 Trilogy Credit Facility may be used for acquisitions, debt repayment and general corporate and working capital purposes. Unless defined herein, all capitalized terms under this “2025 Trilogy Credit Facility” subsection are defined in the 2025 Trilogy Credit Agreement.

The 2025 Trilogy Credit Facility matures on October 31, 2028. At our option, the 2025 Trilogy Credit Facility bears interest at per annum rates equal to (a) Daily Simple SOFR, plus the Applicable Margin for SOFR Rate Loans and (b) for Base Rate Loans, the

Applicable Margin plus a fluctuating rate per annum equal to the highest of: (i) Federal Funds Effective Rate in effect on such day plus 0.50%, (ii) the rate of interest in effect for such day as established from time to time by KeyBank as its prime rate and (iii) one-month Term SOFR plus 1.00%.

As of both March 31, 2026 and December 31, 2025, our aggregate borrowing capacity under the 2025 Trilogy Credit Facility was $50,000,000, and there were no borrowings outstanding.
v3.26.1
Derivative Financial Instruments
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments

9. Derivative Financial Instruments

We use derivative financial instruments to manage interest rate risk associated with variable-rate debt. We recorded such derivative financial instruments in our accompanying condensed consolidated balance sheets as either an asset or a liability, as applicable, measured at fair value. The following table lists the derivative financial instruments held by us as of March 31, 2026 and December 31, 2025, which were included in other assets and other liabilities in our accompanying condensed consolidated balance sheets (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value

 

Instrument

 

Notional
Amount

 

 

Index

 

Interest Rate

 

Effective Date

 

Maturity Date

 

March 31,
2026

 

 

December 31,
2025

 

Swap

 

$

275,000

 

 

Daily SOFR

 

3.74%

 

2/1/2023

 

1/19/2026

 

$

—

 

 

$

(6

)

Swap

 

$

275,000

 

 

Daily SOFR

 

4.41%

 

8/8/2023

 

1/19/2026

 

 

—

 

 

 

(99

)

Swap

 

$

350,000

 

 

Daily SOFR

 

3.51%

 

1/20/2026

 

1/19/2027

 

 

386

 

 

 

(518

)

Swap

 

$

200,000

 

 

Daily SOFR

 

3.52%

 

1/20/2026

 

1/19/2027

 

 

212

 

 

 

(306

)

 

 

 

 

 

 

 

 

$

598

 

 

$

(929

)

 

As of both March 31, 2026 and December 31, 2025, none of our derivative financial instruments were designated as hedges. Derivative financial instruments not designated as hedges are not speculative and are used to manage our exposure to interest rate movements, but do not meet the strict hedge accounting requirements. For the three months ended March 31, 2026 and 2025, we recorded a net gain (loss) in the fair value of derivative financial instruments of $1,527,000 and $(750,000), respectively, as a decrease (increase) to total interest expense in our accompanying condensed consolidated statements of operations and comprehensive income (loss) related to the change in the fair value of our derivative financial instruments.

See Note 12, Fair Value Measurements, for a further discussion of the fair value of our derivative financial instruments.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

10. Commitments and Contingencies

Litigation

We are not presently subject to any material litigation nor, to our knowledge, is any material litigation threatened against us, which, if determined unfavorably to us, would have a material adverse effect on our consolidated financial position, results of operations or cash flows.

Environmental Matters

We follow a policy of monitoring our properties for the presence of hazardous or toxic substances. While there can be no assurance that a material environmental liability does not exist at our properties, we are not currently aware of any environmental liability with respect to our properties that would have a material adverse effect on our consolidated financial position, results of operations or cash flows. Further, we are not aware of any material environmental liability or any unasserted claim or assessment with respect to an environmental liability that we believe would require additional disclosure or the recording of a loss contingency.

Other

Our other commitments and contingencies include the usual obligations of real estate owners and operators in the normal course of business, which include calls/puts to sell/acquire properties. In our view, these matters are not expected to have a material adverse effect on our consolidated financial position, results of operations or cash flows.
v3.26.1
Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Equity

11. Equity

Preferred Stock

Pursuant to our charter, we are authorized to issue 200,000,000 shares of our preferred stock, $0.01 par value per share. As of both March 31, 2026 and December 31, 2025, no shares of preferred stock were issued and outstanding.

Common Stock

Pursuant to our charter, as amended, we are authorized to issue 1,000,000,000 shares of our common stock, $0.01 par value per share. As of March 31, 2026 and December 31, 2025, we had 189,942,357 and 185,911,442 shares of our common stock issued and outstanding, respectively.

ATM Offerings

On August 8, 2025, we established an at-the market, or ATM, equity offering program, or the 2025 ATM Offering, pursuant to which we offered to sell shares of our common stock for a maximum gross sales price of up to $1,000,000,000. On February 27, 2026, we terminated the 2025 ATM Offering, at which time, $230,140,000 in shares of our common stock remained unsold under such program. On February 27, 2026, concurrent with the termination of the 2025 ATM Offering, we entered into a new ATM equity offering program, or the 2026 ATM Offering, pursuant to which we may, from time to time, offer and sell shares of our common stock for a maximum gross sales price of up to $1,750,000,000. Shares sold through our 2025 ATM Offering and 2026 ATM Offering, or our ATM offering programs, were and are offered and sold in amounts determined by us from time to time, and are sold in negotiated transactions at market prices prevailing at the time of sale in accordance with Rule 415 under the Securities Act of 1933, as amended, or the Securities Act.

Our ATM offering programs allow us to enter into forward sale agreements which give us the ability to lock in a share price on the sale of common stock at or shortly after the time the forward sale agreement becomes effective, while postponing the receipt of proceeds from the sale of shares until a future date. We evaluated our forward sale agreements in accordance with Accounting Standards Codification, or ASC, Topic 815-40 and concluded that they meet the conditions to be classified within equity as of March 31, 2026. Shares issuable under a forward sale agreement are reflected in the diluted earnings per share calculations for the applicable periods using the treasury stock method.

Through March 31, 2026, we have entered into forward sale agreements pursuant to our ATM offering programs with maturities extending through April 10, 2027. For the three months ended March 31, 2026, we settled a total of 639,345 shares of common stock under forward sale agreements for our ATM offering programs for gross proceeds of $31,074,000, at an average gross price of $48.60 per share, before commissions, fees and other adjustments. As of March 31, 2026, a total of 10,692,620 shares of common stock remain unsettled under these agreements, representing approximately $537,628,000 in gross proceeds at an average gross price of $50.28 per share. Subsequent to March 31, 2026, we settled an additional 2,755,996 shares of common stock under forward sale agreements for our ATM offering programs for gross proceeds of $133,954,000, at an average gross price of $48.60 per share, before commissions, fees and other adjustments.

Follow-on Public Offering

On November 24, 2025, we closed a follow-on public offering, or the November 2025 Offering, for the sale of 9,315,000 shares of our common stock for gross proceeds of $447,120,000 at an average gross price of $48.00 per share, including the exercise in full of the underwriter’s option to purchase up to an additional 1,215,000 shares of common stock. In connection with the November 2025 Offering, we entered into forward sale agreements to postpone the delivery and settlement of such shares until a future date no later than May 20, 2027. For the three months ended March 31, 2026, we settled and issued all of the remaining 3,335,386 shares of common stock outstanding pursuant to such forward sale agreements for gross proceeds of $160,099,000 at a gross price of $48.00 per share, before commissions, fees and other adjustments.

Equity Compensation Plans

AHR Incentive Plan

Pursuant to our Second Amended and Restated 2015 Incentive Plan, or the AHR Incentive Plan, our board of directors (with respect to options and restricted shares of common stock granted to independent directors) or our compensation committee (with respect to any other award) may grant options, restricted shares of common stock, stock purchase rights, stock appreciation rights or other awards to our independent directors, officers, employees and consultants. The AHR Incentive Plan terminates on June 15, 2033, and the maximum number of shares of our common stock that may be issued pursuant to such plan is 4,000,000 shares.

Restricted common stock

Pursuant to the AHR Incentive Plan, we may grant shares of our restricted common stock, or RSAs, as defined in the AHR Incentive Plan, to our independent directors in connection with their initial election or re-election to our board or in consideration of their past services rendered, as well as to certain executive officers and key employees. Our RSAs generally have a vesting period between one to four years and are subject to continuous service through the vesting dates.

Restricted stock units

Pursuant to the AHR Incentive Plan, we may grant to our executive officers and certain employees performance-based restricted stock units, or PBUs, and/or time-based restricted stock units, or TBUs, which represent the right to receive shares of our common stock upon vesting. PBUs and TBUs are collectively referred to as RSUs. RSUs granted to executive officers and employees generally have a vesting period of up to three years and are subject to continuous service through the vesting dates and performance conditions, as applicable.

The total fair value of the RSAs and RSUs granted pursuant to the AHR Incentive Plan during the three months ended March 31, 2026 and 2025 was $13,081,515 and $11,191,444, respectively. For the three months ended March 31, 2026 and 2025, we recognized stock compensation expense related to such awards of $3,419,000 and $2,529,000, respectively. Stock compensation expense is recognized over the requisite service or performance period and is included in general and administrative expenses in our accompanying condensed consolidated statements of operations and comprehensive income (loss). As of March 31, 2026, we had $29,164,000 of total unrecognized stock compensation expense related to nonvested RSAs and RSUs, which we expect to recognize over a weighted average period of 2.1 years. A summary of the status of our nonvested RSAs and RSUs pursuant to the AHR Incentive Plan as of March 31, 2026 and December 31, 2025, and the changes for the three months ended March 31, 2026 is presented below:

 

 

Number of
Nonvested
RSAs

 

 

 

Weighted
Average
Grant Date
Fair Value -
RSAs

 

 

Number of
Nonvested
RSUs

 

 

 

Weighted
Average
Grant Date
Fair Value -
RSUs

 

Balance — December 31, 2025

 

 

753,522

 

 

 

$

13.86

 

 

 

815,953

 

 

 

$

26.41

 

Granted

 

 

—

 

 

 

$

—

 

 

 

294,752

 

 

 

$

51.63

 

Vested

 

 

(243,066

)

(1)

 

$

13.12

 

 

 

(223,492

)

(1)

 

$

25.14

 

Forfeited/cancelled

 

 

(1,111

)

 

 

$

13.12

 

 

 

(157

)

 

 

$

31.40

 

Balance — March 31, 2026

 

 

509,345

 

 

 

$

14.22

 

 

 

887,056

 

 

 

$

34.17

 

 

(1)
Amount includes 196,282 shares of common stock that were withheld to satisfy employee tax minimum withholding requirements associated with the vesting of RSAs and RSUs during the three months ended March 31, 2026.

 

Employee Stock Purchase Plan

Pursuant to our 2024 Employee Stock Purchase Plan, or the ESPP, eligible employees may purchase shares of our common stock at a purchase price equal to the lesser of 85.0% of the fair market value of a share on the applicable enrollment date for such offering period or on the applicable exercise date. The maximum number of shares of our common stock that may be issued pursuant to the ESPP is 1,000,000 shares. For the three months ended March 31, 2026, employees purchased and we issued 4,396 shares under the ESPP and 985,525 shares remained available for future issuance. As of December 31, 2025, 10,079 shares were purchased and issued under the ESPP.

Manager Equity Plan

We adopted the 2025 Manager Equity Plan, or the Manager Plan, to align the incentives of our external third-party RIDEA managers with the overall success of our business by issuing equity-based incentives to such RIDEA managers. Pursuant to the Manager Plan, we may issue shares of our common stock to the RIDEA managers, which they may in turn issue to their directors, officers, employees, advisors or consultants. The maximum number of shares of our common stock that may be issued pursuant to the Manager Plan is 1,000,000 shares. The Manager Plan allows for the grant of stock options, stock appreciation rights, restricted stock, RSUs and other equity-based awards. We have granted TBUs and PBUs to one of our RIDEA managers pursuant to the Manager Plan. Such RSUs have a vesting period of up to three years and are subject to continuous service through the vesting dates and any performance conditions, as applicable.

We did not grant any equity-based awards pursuant to the Manager Plan during the three months ended March 31, 2025. The total fair value of the RSUs granted pursuant to the Manager Plan during the three months ended March 31, 2026 was $4,270,000. Stock compensation expense related to such awards for the three months ended March 31, 2026 was $1,407,000. As of March 31, 2026, we had $11,239,000 of total unrecognized stock compensation expense related to nonvested RSUs, which we expect to recognize over a weighted average period of 2.2 years. Stock compensation expense is recognized over the requisite service or performance period and is included in general and administrative expenses in our accompanying condensed consolidated statements of operations and comprehensive income (loss). A summary of the status of our nonvested RSUs pursuant to the Manager Plan as of March 31, 2026 and December 31, 2025, and the changes for the three months ended March 31, 2026 is presented below:

 

 

 

Number of
Nonvested
RSUs

 

 

Weighted
Average
Grant Date
Fair Value -
RSUs

 

Balance — December 31, 2025

 

 

147,468

 

 

$

49.34

 

Granted

 

 

90,534

 

 

$

47.16

 

Vested

 

 

(24,578

)

 

$

49.34

 

Balance — March 31, 2026

 

 

213,424

 

 

$

48.42

 
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

12. Fair Value Measurements

Assets and Liabilities Reported at Fair Value

The table below presents our assets and liabilities measured at fair value on a recurring basis as of March 31, 2026, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):

 

 

Quoted Prices in
Active Markets for
Identical Assets
and Liabilities
(Level 1)

 

 

Significant Other
Observable Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

$

—

 

 

$

598

 

 

$

—

 

 

$

598

 

Total assets at fair value

 

$

—

 

 

$

598

 

 

$

—

 

 

$

598

 

 

The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2025, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):

 

 

Quoted Prices in
Active Markets for
Identical Assets
and Liabilities
(Level 1)

 

 

Significant Other
Observable Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

Total

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

$

—

 

 

$

(929

)

 

$

—

 

 

$

(929

)

Total liabilities at fair value

 

$

—

 

 

$

(929

)

 

$

—

 

 

$

(929

)

 

There were no transfers into and out of fair value measurement levels during the three months ended March 31, 2026 and 2025.

Derivative Financial Instruments

We entered into interest rate swaps to manage interest rate risk associated with variable-rate debt. The valuation of these instruments was determined using widely accepted valuation techniques including a discounted cash flow analysis on the expected cash flows of each derivative. Such valuation reflected the contractual terms of the derivatives, including the period to maturity, and used observable market-based inputs, including interest rate curves, as well as option volatility. The fair values of our interest rate swaps were determined by netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts were based on an expectation of future interest rates derived from observable market interest rate curves.

We incorporated credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees.

Although we determined that the majority of the inputs used to value our derivative financial instruments fell within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with this instrument utilized Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by us and our counterparty. However, as of March 31, 2026, we assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of our derivatives. As a result, we determined that our derivative valuations in their entirety were classified in Level 2 of the fair value hierarchy.

Financial Instruments Disclosed at Fair Value

Our accompanying condensed consolidated balance sheets include the following financial instruments: debt security investment, cash and cash equivalents, restricted cash, accounts and other receivables, accounts payable and accrued liabilities, mortgage loans payable and borrowings under our lines of credit and term loan.

We consider the carrying values of cash and cash equivalents, restricted cash, accounts and other receivables and accounts payable and accrued liabilities to approximate the fair value for these financial instruments based upon an evaluation of the underlying characteristics and market data, in light of the short period of time between origination of the instruments and their expected realization. The fair values of such financial instruments are classified in Level 2 of the fair value hierarchy.

The fair value of our debt security investment is estimated using a discounted cash flow analysis using interest rates available to us for investments with similar terms and maturities. The fair values of our mortgage loans payable and our lines of credit and term loan are estimated using discounted cash flow analyses using borrowing rates available to us for debt instruments with similar terms and maturities. We have determined that the valuations of our debt security investment, mortgage loans payable and lines of credit and term loan are classified in Level 2 within the fair value hierarchy. The carrying amounts and estimated fair values of such financial instruments as of March 31, 2026 and December 31, 2025 were as follows (in thousands):

 

 

March 31,
2026

 

 

December 31,
2025

 

 

Carrying
Amount(1)

 

 

Fair
Value

 

 

Carrying
Amount(1)

 

 

Fair
Value

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Debt security investment

 

$

92,304

 

 

$

93,143

 

 

$

92,136

 

 

$

93,107

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage loans payable

 

$

962,375

 

 

$

892,097

 

 

$

966,925

 

 

$

898,892

 

Lines of credit and term loan

 

$

547,823

 

 

$

549,914

 

 

$

547,510

 

 

$

549,946

 

 

(1)
Carrying amount is net of any discount/premium and unamortized deferred financing costs.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes

13. Income Taxes

As a REIT, we generally will not be subject to U.S. federal income tax on taxable income that we distribute to our stockholders. We have elected to treat certain of our consolidated subsidiaries as taxable REIT subsidiaries, or TRS, pursuant to the Code. TRS may participate in services that would otherwise be considered impermissible for REITs and are subject to federal and state income tax at regular corporate tax rates.

Current Income Tax

Federal and state income taxes are generally a function of the level of income recognized by our TRS. Foreign income taxes are generally a function of our income on our real estate located in the United Kingdom, or UK, and Isle of Man.

Deferred Taxes

Deferred income tax is generally a function of the period’s temporary differences (primarily basis differences between tax and financial reporting for real estate assets and equity investments) and generation of tax net operating loss that may be realized in future periods depending on sufficient taxable income.

We recognize the effects of an uncertain tax position on the financial statements, when it is more likely than not, based on the technical merits of the tax position, that such a position will be sustained upon examination by the relevant tax authorities. If the tax benefit meets the “more likely than not” threshold, the measurement of the tax benefit will be based on our estimate of the ultimate tax benefit to be sustained if audited by the taxing authority. As of both March 31, 2026 and December 31, 2025, we did not have any tax benefits or liabilities for uncertain tax positions that we believe should be recognized in our accompanying condensed consolidated financial statements.

We assess the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. A valuation allowance is established if we believe it is more likely than not that all or a portion of the deferred tax assets are not realizable. As of both March 31, 2026 and December 31, 2025, our valuation allowance partially reserved our net deferred tax assets, due to historical losses and inherent uncertainty of future income. We will continue to monitor industry and economic conditions, and our ability to generate taxable income based on our business plan and available tax planning strategies, which would allow us to utilize the tax benefits of the net deferred tax assets and thereby allow us to reverse all, or a portion of, our valuation allowance in the future.
v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Lessee, Finance Leases

14. Leases

Lessor

We have operating leases with tenants that expire at various dates through 2050. For the three months ended March 31, 2026 and 2025, we recognized $40,310,000 and $42,508,000, respectively, of revenues related to operating lease payments, of which $9,748,000 and $9,741,000, respectively, was for variable lease payments. As of March 31, 2026, the following table sets forth the undiscounted cash flows for future minimum base rents due under operating leases for the remaining nine months ending December 31, 2026 and for each of the next four years ending December 31 and thereafter for properties that we wholly own (in thousands):

 

Year

 

Amount

 

2026

 

$

88,027

 

2027

 

 

113,863

 

2028

 

 

104,281

 

2029

 

 

92,903

 

2030

 

 

81,234

 

Thereafter

 

 

437,709

 

Total

 

$

918,017

 

 

Lessee

We lease certain land, buildings, campuses, office equipment and automobiles. We have lease agreements with lease and non-lease components, which are generally accounted for separately. Most leases include one or more options to renew, with renewal terms that generally can extend at various dates through 2107, excluding extension options. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property.

The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Certain of our lease agreements include rental payments that are adjusted periodically based on the United States Bureau of Labor Statistics’ Consumer Price Index and may also include other variable lease costs (i.e., common area maintenance, property taxes and insurance). Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The components of lease costs were as follows (in thousands):

 

 

 

 

Three Months Ended March 31,

 

Lease Cost

 

Classification

 

2026

 

 

2025

 

Operating lease cost(1)

 

Property operating expenses, rental expenses or general and administrative expenses

 

$

8,197

 

 

$

8,941

 

Finance lease cost:

 

 

 

 

 

 

 

 

Amortization of leased assets

 

Depreciation and amortization

 

 

6

 

 

 

17

 

Interest on lease liabilities

 

Interest expense

 

 

2

 

 

 

4

 

Sublease income

 

Resident fees and services revenue or other income

 

 

(53

)

 

 

(141

)

Total lease cost

 

 

 

$

8,152

 

 

$

8,821

 

 

(1)
Includes short-term leases and variable lease costs, which are immaterial.

Additional information related to our leases for the periods presented below was as follows (dollars in thousands):

 

Lease Term and Discount Rate

 

March 31,
2026

 

 

December 31,
2025

 

Weighted average remaining lease term (in years):

 

 

 

 

 

 

Operating leases

 

 

11.4

 

 

 

11.4

 

Finance leases

 

 

3.3

 

 

 

3.6

 

Weighted average discount rate:

 

 

 

 

 

 

Operating leases

 

 

5.85

%

 

 

5.85

%

Finance leases

 

 

11.25

%

 

 

11.25

%

 

 

Three Months Ended March 31,

 

Supplemental Disclosure of Cash Flows Information

 

2026

 

 

2025

 

Operating cash outflows related to finance leases

 

$

2

 

 

$

4

 

Financing cash outflows related to finance leases

 

$

7

 

 

$

14

 

Right-of-use assets obtained in exchange for operating lease liabilities

 

$

185

 

 

$

1,281

 

 

Operating Leases

As of March 31, 2026, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for the remaining nine months ending December 31, 2026 and for each of the next four years ending December 31 and thereafter, as well as the reconciliation of those cash flows to operating lease liabilities on our accompanying condensed consolidated balance sheet (in thousands):

 

Year

 

Amount

 

2026

 

$

21,326

 

2027

 

 

29,138

 

2028

 

 

29,467

 

2029

 

 

28,563

 

2030

 

 

26,673

 

Thereafter

 

 

68,862

 

Total undiscounted operating lease payments

 

 

204,029

 

Less: interest

 

 

(73,223

)

Present value of operating lease liabilities

 

$

130,806

 

 

 

Finance Leases and Financing Obligations

As of March 31, 2026, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for the remaining nine months ending December 31, 2026 and for each of the next four years ending December 31 and thereafter, as well as a reconciliation of those cash flows to finance lease liabilities and financing obligations (in thousands):

 

Year

 

Amount

 

2026

 

$

3,111

 

2027

 

 

3,905

 

2028

 

 

3,556

 

2029

 

 

32,458

 

2030

 

 

92

 

Thereafter

 

 

—

 

Total undiscounted payments

 

 

43,122

 

Less: interest

 

 

(9,447

)

Present value of finance lease liabilities and financing obligations

 

$

33,675

 
Lessor, Operating Leases

14. Leases

Lessor

We have operating leases with tenants that expire at various dates through 2050. For the three months ended March 31, 2026 and 2025, we recognized $40,310,000 and $42,508,000, respectively, of revenues related to operating lease payments, of which $9,748,000 and $9,741,000, respectively, was for variable lease payments. As of March 31, 2026, the following table sets forth the undiscounted cash flows for future minimum base rents due under operating leases for the remaining nine months ending December 31, 2026 and for each of the next four years ending December 31 and thereafter for properties that we wholly own (in thousands):

 

Year

 

Amount

 

2026

 

$

88,027

 

2027

 

 

113,863

 

2028

 

 

104,281

 

2029

 

 

92,903

 

2030

 

 

81,234

 

Thereafter

 

 

437,709

 

Total

 

$

918,017

 

 

Lessee

We lease certain land, buildings, campuses, office equipment and automobiles. We have lease agreements with lease and non-lease components, which are generally accounted for separately. Most leases include one or more options to renew, with renewal terms that generally can extend at various dates through 2107, excluding extension options. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property.

The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Certain of our lease agreements include rental payments that are adjusted periodically based on the United States Bureau of Labor Statistics’ Consumer Price Index and may also include other variable lease costs (i.e., common area maintenance, property taxes and insurance). Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The components of lease costs were as follows (in thousands):

 

 

 

 

Three Months Ended March 31,

 

Lease Cost

 

Classification

 

2026

 

 

2025

 

Operating lease cost(1)

 

Property operating expenses, rental expenses or general and administrative expenses

 

$

8,197

 

 

$

8,941

 

Finance lease cost:

 

 

 

 

 

 

 

 

Amortization of leased assets

 

Depreciation and amortization

 

 

6

 

 

 

17

 

Interest on lease liabilities

 

Interest expense

 

 

2

 

 

 

4

 

Sublease income

 

Resident fees and services revenue or other income

 

 

(53

)

 

 

(141

)

Total lease cost

 

 

 

$

8,152

 

 

$

8,821

 

 

(1)
Includes short-term leases and variable lease costs, which are immaterial.

Additional information related to our leases for the periods presented below was as follows (dollars in thousands):

 

Lease Term and Discount Rate

 

March 31,
2026

 

 

December 31,
2025

 

Weighted average remaining lease term (in years):

 

 

 

 

 

 

Operating leases

 

 

11.4

 

 

 

11.4

 

Finance leases

 

 

3.3

 

 

 

3.6

 

Weighted average discount rate:

 

 

 

 

 

 

Operating leases

 

 

5.85

%

 

 

5.85

%

Finance leases

 

 

11.25

%

 

 

11.25

%

 

 

Three Months Ended March 31,

 

Supplemental Disclosure of Cash Flows Information

 

2026

 

 

2025

 

Operating cash outflows related to finance leases

 

$

2

 

 

$

4

 

Financing cash outflows related to finance leases

 

$

7

 

 

$

14

 

Right-of-use assets obtained in exchange for operating lease liabilities

 

$

185

 

 

$

1,281

 

 

Operating Leases

As of March 31, 2026, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for the remaining nine months ending December 31, 2026 and for each of the next four years ending December 31 and thereafter, as well as the reconciliation of those cash flows to operating lease liabilities on our accompanying condensed consolidated balance sheet (in thousands):

 

Year

 

Amount

 

2026

 

$

21,326

 

2027

 

 

29,138

 

2028

 

 

29,467

 

2029

 

 

28,563

 

2030

 

 

26,673

 

Thereafter

 

 

68,862

 

Total undiscounted operating lease payments

 

 

204,029

 

Less: interest

 

 

(73,223

)

Present value of operating lease liabilities

 

$

130,806

 

 

 

Finance Leases and Financing Obligations

As of March 31, 2026, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for the remaining nine months ending December 31, 2026 and for each of the next four years ending December 31 and thereafter, as well as a reconciliation of those cash flows to finance lease liabilities and financing obligations (in thousands):

 

Year

 

Amount

 

2026

 

$

3,111

 

2027

 

 

3,905

 

2028

 

 

3,556

 

2029

 

 

32,458

 

2030

 

 

92

 

Thereafter

 

 

—

 

Total undiscounted payments

 

 

43,122

 

Less: interest

 

 

(9,447

)

Present value of finance lease liabilities and financing obligations

 

$

33,675

 
Lessee, Operating Leases

14. Leases

Lessor

We have operating leases with tenants that expire at various dates through 2050. For the three months ended March 31, 2026 and 2025, we recognized $40,310,000 and $42,508,000, respectively, of revenues related to operating lease payments, of which $9,748,000 and $9,741,000, respectively, was for variable lease payments. As of March 31, 2026, the following table sets forth the undiscounted cash flows for future minimum base rents due under operating leases for the remaining nine months ending December 31, 2026 and for each of the next four years ending December 31 and thereafter for properties that we wholly own (in thousands):

 

Year

 

Amount

 

2026

 

$

88,027

 

2027

 

 

113,863

 

2028

 

 

104,281

 

2029

 

 

92,903

 

2030

 

 

81,234

 

Thereafter

 

 

437,709

 

Total

 

$

918,017

 

 

Lessee

We lease certain land, buildings, campuses, office equipment and automobiles. We have lease agreements with lease and non-lease components, which are generally accounted for separately. Most leases include one or more options to renew, with renewal terms that generally can extend at various dates through 2107, excluding extension options. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property.

The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Certain of our lease agreements include rental payments that are adjusted periodically based on the United States Bureau of Labor Statistics’ Consumer Price Index and may also include other variable lease costs (i.e., common area maintenance, property taxes and insurance). Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The components of lease costs were as follows (in thousands):

 

 

 

 

Three Months Ended March 31,

 

Lease Cost

 

Classification

 

2026

 

 

2025

 

Operating lease cost(1)

 

Property operating expenses, rental expenses or general and administrative expenses

 

$

8,197

 

 

$

8,941

 

Finance lease cost:

 

 

 

 

 

 

 

 

Amortization of leased assets

 

Depreciation and amortization

 

 

6

 

 

 

17

 

Interest on lease liabilities

 

Interest expense

 

 

2

 

 

 

4

 

Sublease income

 

Resident fees and services revenue or other income

 

 

(53

)

 

 

(141

)

Total lease cost

 

 

 

$

8,152

 

 

$

8,821

 

 

(1)
Includes short-term leases and variable lease costs, which are immaterial.

Additional information related to our leases for the periods presented below was as follows (dollars in thousands):

 

Lease Term and Discount Rate

 

March 31,
2026

 

 

December 31,
2025

 

Weighted average remaining lease term (in years):

 

 

 

 

 

 

Operating leases

 

 

11.4

 

 

 

11.4

 

Finance leases

 

 

3.3

 

 

 

3.6

 

Weighted average discount rate:

 

 

 

 

 

 

Operating leases

 

 

5.85

%

 

 

5.85

%

Finance leases

 

 

11.25

%

 

 

11.25

%

 

 

Three Months Ended March 31,

 

Supplemental Disclosure of Cash Flows Information

 

2026

 

 

2025

 

Operating cash outflows related to finance leases

 

$

2

 

 

$

4

 

Financing cash outflows related to finance leases

 

$

7

 

 

$

14

 

Right-of-use assets obtained in exchange for operating lease liabilities

 

$

185

 

 

$

1,281

 

 

Operating Leases

As of March 31, 2026, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for the remaining nine months ending December 31, 2026 and for each of the next four years ending December 31 and thereafter, as well as the reconciliation of those cash flows to operating lease liabilities on our accompanying condensed consolidated balance sheet (in thousands):

 

Year

 

Amount

 

2026

 

$

21,326

 

2027

 

 

29,138

 

2028

 

 

29,467

 

2029

 

 

28,563

 

2030

 

 

26,673

 

Thereafter

 

 

68,862

 

Total undiscounted operating lease payments

 

 

204,029

 

Less: interest

 

 

(73,223

)

Present value of operating lease liabilities

 

$

130,806

 

 

 

Finance Leases and Financing Obligations

As of March 31, 2026, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for the remaining nine months ending December 31, 2026 and for each of the next four years ending December 31 and thereafter, as well as a reconciliation of those cash flows to finance lease liabilities and financing obligations (in thousands):

 

Year

 

Amount

 

2026

 

$

3,111

 

2027

 

 

3,905

 

2028

 

 

3,556

 

2029

 

 

32,458

 

2030

 

 

92

 

Thereafter

 

 

—

 

Total undiscounted payments

 

 

43,122

 

Less: interest

 

 

(9,447

)

Present value of finance lease liabilities and financing obligations

 

$

33,675

 
v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting

15. Segment Reporting

Our chief operating decision maker, or CODM, who is our Interim Chief Executive Officer and President, evaluates our business and makes resource allocations based on four operating segments: ISHC, OM, SHOP and triple-net leased properties. These operating segments are also our reportable segments.

Our ISHC each provide a range of independent living, assisted living, memory care, skilled nursing services and certain ancillary businesses that are owned and operated utilizing a RIDEA structure. Our OM buildings are typically leased to multiple tenants under separate leases, thus requiring active management and responsibility for many of the associated operating expenses (much of which are, or can effectively be, passed through to the tenants). Our SHOP segment includes senior housing, which may provide assisted living care, independent living, memory care or skilled nursing services, that are owned and operated utilizing a RIDEA structure. Our triple-net leased properties segment includes senior housing, skilled nursing facilities and hospital investments, which are single-tenant properties for which we lease the properties to unaffiliated tenants under triple-net and generally master leases that transfer the obligation for all property operating costs (including maintenance, repairs, taxes, insurance and capital expenditures) to the tenant. In addition, our triple-net leased properties segment includes our debt security investment. During the three months ended March 31, 2026, we reclassified two senior housing properties from our SHOP reportable segment to our ISHC reportable segment to align the properties that are operated by Trilogy Management Services, LLC within ISHC. Our reportable segments and the measure of segment profit or loss reviewed by our CODM were unchanged. As of and for the three months ended March 31, 2025, prior-period segment information presented in this Quarterly Report on Form 10-Q has been recast to conform to the current-period presentation. The reclassification had no impact on previously reported consolidated amounts.

Our CODM evaluates the performance of our combined properties in each reportable segment and determines how to allocate resources to those segments, primarily based on net operating income, or NOI, for each segment. NOI excludes certain items that are not associated with the operations of our properties. Our CODM also primarily uses NOI for each segment in the annual budget and forecasting process. Further, our CODM considers budget-to-actual variances in NOI on a quarterly basis when making decisions about the allocation of operating and capital resources to each segment. We define segment NOI as total revenues, less property operating expenses and rental expenses, which excludes depreciation and amortization, general and administrative expenses, transaction, transition and restructuring costs, net interest expense, gain or loss in fair value of derivative financial instruments, gain or loss on dispositions of real estate investments, impairment of real estate investments, impairment of intangible assets and goodwill, income or loss from unconsolidated entities, gain on re-measurement of previously held equity interests, foreign currency gain or loss, other income or expense and income tax benefit or expense for each segment. We believe that segment NOI serves as an appropriate supplemental performance measure to net income (loss) because it allows investors and our management to measure unlevered property-level operating results and to compare our operating results to the operating results of other real estate companies and between periods on a consistent basis. We also believe that NOI is a widely accepted measure of comparative operating performance in the real estate community. However, our use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing this performance measure.

Interest expense, depreciation and amortization and other expenses not attributable to individual properties are not allocated to individual segments for purposes of assessing segment performance. Non-segment assets primarily consist of corporate assets,

including cash and cash equivalents, deferred financing costs, operating lease right-of-use asset and other assets not attributable to individual properties.

Summary information for our reportable segments, including a summary of segment operating expenses, during the three months ended March 31, 2026 and 2025 was as follows (in thousands):

 

 

ISHC

 

 

SHOP

 

 

OM

 

 

Triple-Net
Leased
Properties

 

 

Three Months Ended
March 31, 2026

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Resident fees and services

 

$

502,743

 

 

$

107,024

 

 

$

—

 

 

$

—

 

 

$

609,767

 

Real estate revenue

 

 

—

 

 

 

—

 

 

 

30,842

 

 

 

10,165

 

 

 

41,007

 

Total revenues

 

 

502,743

 

 

 

107,024

 

 

 

30,842

 

 

 

10,165

 

 

 

650,774

 

Less(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation expense

 

 

257,373

 

 

 

47,653

 

 

 

—

 

 

 

—

 

 

 

 

Controllable expenses(2)

 

 

154,273

 

 

 

28,510

 

 

 

—

 

 

 

—

 

 

 

 

Non-controllable expenses(3)

 

 

12,577

 

 

 

5,024

 

 

 

—

 

 

 

—

 

 

 

 

Facility rental expense(4)

 

 

6,761

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

Other segment items(5)

 

 

—

 

 

 

—

 

 

 

12,124

 

 

 

976

 

 

 

 

Segment net operating income

 

$

71,759

 

 

$

25,837

 

 

$

18,718

 

 

$

9,189

 

 

$

125,503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

 

 

 

 

 

 

 

 

 

 

 

$

17,605

 

Transaction, transition and restructuring costs

 

 

 

 

 

 

 

 

 

 

 

 

1,971

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

67,062

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,796

)

Gain in fair value of derivative financial instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,527

 

Impairment of real estate investment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(418

)

Income from unconsolidated entities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

792

 

Foreign currency loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(819

)

Other income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,335

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23,486

 

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

525

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

24,011

 

 

 

 

ISHC

 

 

SHOP

 

 

OM

 

 

Triple-Net
Leased
Properties

 

 

Three Months Ended
March 31, 2025

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Resident fees and services

 

$

428,692

 

 

$

68,484

 

 

$

—

 

 

$

—

 

 

$

497,176

 

Real estate revenue

 

 

—

 

 

 

—

 

 

 

33,194

 

 

 

10,233

 

 

 

43,427

 

Total revenues

 

 

428,692

 

 

 

68,484

 

 

 

33,194

 

 

 

10,233

 

 

 

540,603

 

Less(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation expense

 

 

218,779

 

 

 

34,006

 

 

 

—

 

 

 

—

 

 

 

 

Controllable expenses(2)

 

 

137,160

 

 

 

19,191

 

 

 

—

 

 

 

—

 

 

 

 

Non-controllable expenses(3)

 

 

12,263

 

 

 

3,525

 

 

 

—

 

 

 

—

 

 

 

 

Facility rental expense(4)

 

 

7,499

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

Other segment items(5)

 

 

—

 

 

 

—

 

 

 

12,685

 

 

 

958

 

 

 

 

Segment net operating income

 

$

52,991

 

 

$

11,762

 

 

$

20,509

 

 

$

9,275

 

 

$

94,537

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

 

 

 

 

 

 

 

 

 

 

 

$

13,155

 

Transaction, transition and restructuring costs

 

 

 

 

 

 

 

 

 

 

 

 

1,837

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41,114

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(22,945

)

Loss in fair value of derivative financial instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(750

)

Loss on dispositions of real estate investments

 

 

 

 

 

 

 

 

 

 

 

 

(359

)

Impairment of real estate investment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(21,706

)

Loss from unconsolidated entities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,848

)

Foreign currency gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,416

 

Other income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,525

 

Loss before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,236

)

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(604

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(6,840

)

 

(1)
The significant expense categories and amounts below align with the segment-level information that is regularly provided to our CODM.
(2)
Controllable expenses include utilities, food, repairs and maintenance, and other operating expenses.
(3)
Non-controllable expenses include property taxes and insurance.
(4)
Facility rental expense relates to properties operated, but not owned.
(5)
Other segment items for the following reportable segments primarily include:
•
OM — property taxes, insurance, utilities, management fees and certain overhead expenses.
•
Triple-Net Leased Properties — property taxes and insurance.

Total assets by reportable segment as of March 31, 2026 and December 31, 2025 were as follows (in thousands):

 

 

March 31,
2026

 

 

December 31,
2025

 

ISHC

 

$

2,718,571

 

 

$

2,686,143

 

SHOP

 

 

1,426,363

 

 

 

1,273,714

 

OM

 

 

1,041,285

 

 

 

1,048,810

 

Triple-net leased properties

 

 

393,010

 

 

 

393,952

 

Other

 

 

19,429

 

 

 

23,607

 

Total assets

 

$

5,598,658

 

 

$

5,426,226

 

 

As of both March 31, 2026 and December 31, 2025, goodwill of $168,177,000, $47,812,000 and $18,953,000 was allocated to our ISHC, OM and triple-net leased properties segments, respectively.

Our portfolio of properties and other investments are located in the United States, the UK and Isle of Man. Revenues and assets are attributed to the country in which the property is physically located. The following is a summary of geographic information for our operations for the periods presented below (in thousands):

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Revenues:

 

 

 

 

 

 

United States

 

$

649,107

 

 

$

539,049

 

International

 

 

1,667

 

 

 

1,554

 

Total

 

$

650,774

 

 

$

540,603

 

 

The following is a summary of real estate investments, net by geographic regions as of March 31, 2026 and December 31, 2025 (in thousands):

 

 

 

March 31,
2026

 

 

December 31,
2025

 

Real estate investments, net:

 

 

 

 

 

 

United States

 

$

4,277,832

 

 

$

4,140,169

 

International

 

 

42,079

 

 

 

43,250

 

Total

 

$

4,319,911

 

 

$

4,183,419

 
v3.26.1
Concentration of Credit Risk
 3 Months Ended
Mar. 31, 2026
Concentration of Credit Risk [Abstract]  
Concentration of Credit Risk

16. Concentration of Credit Risk

Financial instruments that potentially subject us to a concentration of credit risk are primarily our debt security investment, cash and cash equivalents, restricted cash and accounts and other receivables. We are exposed to credit risk with respect to our debt security investment, but we believe collection of the outstanding amount is probable. Cash and cash equivalents are generally invested in investment-grade, short-term instruments with a maturity of three months or less when purchased. We have cash and cash equivalents in financial institutions that are insured by the Federal Deposit Insurance Corporation, or FDIC. As of March 31, 2026 and December 31, 2025, we had cash and cash equivalents in excess of FDIC insured limits. We believe this risk is not significant. Concentration of credit risk with respect to accounts receivable from tenants and residents is limited. We perform credit evaluations of prospective tenants and security deposits are obtained at the time of property acquisition and upon lease execution.

Based on leases as of March 31, 2026, properties in two states in the United States accounted for 10% or more of our total consolidated property portfolio’s annualized base rent or annualized NOI, which is based on contractual base rent from leases in effect for our non-RIDEA properties and annualized NOI for our ISHC and SHOP as of March 31, 2026. Properties located in Indiana and Ohio accounted for 35.6% and 13.7%, respectively, of our total consolidated property portfolio’s annualized base rent or annualized NOI. Accordingly, there is a geographic concentration of risk subject to fluctuations in each state’s economy.

Based on leases in effect as of March 31, 2026, our ISHC, SHOP, OM and triple-net leased properties accounted for 58.3%, 19.2%, 16.5% and 6.0%, respectively, of our total consolidated property portfolio’s annualized base rent or annualized NOI. As of March 31, 2026, none of our tenants at our properties accounted for 10% or more of our total consolidated property portfolio’s annualized base rent or annualized NOI.

v3.26.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share

17. Earnings Per Share

The following table presents the amounts used in computing our basic and diluted earnings per share (in thousands, except share and per share amounts):

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Numerator:

 

 

 

 

 

 

Net income (loss) attributable to controlling interest — basic

 

$

23,713

 

 

$

(6,804

)

Adjustment for net loss allocated to participating securities

 

 

(1

)

 

 

—

 

Net income (loss) attributable to controlling interest — diluted

 

$

23,712

 

 

$

(6,804

)

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

Denominator for basic earnings per share — weighted average shares

 

 

187,319,513

 

 

 

156,922,819

 

Effect of dilutive securities:

 

 

 

 

 

 

   Nonvested restricted common stock and stock units

 

 

550,804

 

 

 

—

 

   ESPP

 

 

273

 

 

 

—

 

   Forward equity sale agreements

 

 

99,848

 

 

 

—

 

Denominator for diluted earnings per share — adjusted weighted average shares

 

 

187,970,438

 

 

 

156,922,819

 

 

 

 

 

 

 

Basic earnings per share:

 

 

 

 

 

 

Net income (loss) attributable to controlling interest

 

$

0.13

 

 

$

(0.04

)

Diluted earnings per share:

 

 

 

 

 

 

Net income (loss) attributable to controlling interest

 

$

0.13

 

 

$

(0.04

)

 

Basic earnings (loss) per share for all periods presented are computed by dividing net income (loss) applicable to common stock by the weighted average number of shares of our common stock outstanding during the period. Diluted earnings (loss) per share are computed based on the weighted average number of shares of our common stock and all dilutive securities, if any. TBUs, RSAs, limited OP units, as well as common stock issued pursuant to the ESPP, the Manager Plan and forward sale agreements, give rise to potentially dilutive shares of our common stock.

The following securities were excluded from the computation of diluted earnings (loss) per share because such securities were anti-dilutive during the periods presented below:

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Nonvested TBUs

 

 

—

 

 

 

443,835

 

Nonvested RSAs

 

 

—

 

 

 

758,066

 

Limited OP units

 

 

1,936,425

 

 

 

2,004,216

 

Forward sale agreements

 

 

5,577,147

 

 

 

—

 

 

For the three months ended March 31, 2026 and 2025, 604,294 and 424,788 nonvested PBUs, respectively, were treated as contingently issuable shares pursuant to ASC Topic 718, Compensation — Stock Compensation. Such contingently issuable shares were excluded from the computation of diluted earnings (loss) per share because they were anti-dilutive during the period.
v3.26.1
Subsequent Event
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Event

18. Subsequent Event

2026 Credit Facility

On April 1, 2026, we, through our operating partnership, as borrower, and certain of our subsidiaries, or the subsidiary guarantors, and our company, collectively as guarantors, entered into the Second Amendment to the 2024 Credit Agreement with Bank of America, as administrative agent and letters of credit issuer; Citizens Bank, Fifth Third Bank, National Association, and KeyBank as syndication agents for the revolving facility and the term loan facility and letters of credit issuers; and a syndicate of other

banks, as lenders, to amend certain terms of the 2024 Credit Facility. Unless defined herein, all capitalized terms are as defined in the 2024 Credit Agreement as conformed through the Second Amendment, or the 2026 Credit Agreement.

The 2026 Credit Agreement provides for an amended revolving facility and term loan facility, or the 2026 Credit Facility, with: (i) Revolving Loans that mature on April 1, 2030, with two extension options to extend the maturity, first, until October 1, 2030, and, second, until April 1, 2031, in each case, subject to the satisfaction of certain conditions, including payment of an extension fee; and (ii) a Term Loan with a maturity date of January 19, 2027 that remains unchanged, and may not be extended. The principal amount of the Term Loan under the 2026 Credit Facility remains unchanged at $550,000,000, and the principal amount of the available Revolving Loans under the 2026 Credit Facility is increased to $800,000,000. The aggregate borrowing capacity under the 2026 Credit Facility is $1,350,000,000, which may be increased by an aggregate incremental amount such that after giving effect thereto, the maximum aggregate amount of Term Loans and available Revolving Loans does not exceed $1,850,000,000, subject to: (i) the terms of the 2026 Credit Agreement; and (ii) at least five business days’ prior written notice to Bank of America.

The 2026 Credit Facility bears interest at varying rates based upon, at our option, (i) the Daily Simple SOFR, plus the Applicable Rate for Daily SOFR Rate Loans or (ii) the Term Secured Overnight Financing Rate, or the Term SOFR, plus the Applicable Rate for Term SOFR Rate Loans. If, under the terms of the 2026 Credit Agreement, there is an inability to determine the Daily SOFR or the Term SOFR, then the 2026 Credit Facility will bear interest at a rate per annum equal to the Base Rate plus the Applicable Rate for Base Rate Loans. The loans may be repaid in whole or in part without prepayment premium or penalty, subject to certain conditions.

Under the 2026 Credit Agreement, we are required to pay a facility fee as determined in the Consolidated Leverage Ratio Based Pricing Grid or the Debt Ratings Based Pricing Grid, as applicable depending on how the Applicable Rate is then determined, multiplied by the actual daily amount of the Aggregate Revolving Commitments, or, if the Aggregate Revolving Commitments have terminated, the Outstanding Amount of all Revolving Loans and L/C Obligations, regardless of usage.

The 2026 Credit Agreement requires us to add additional subsidiaries as guarantors in the event the value of the assets owned by the subsidiary guarantors falls below a certain threshold as set forth in the 2026 Credit Agreement. In the event of default, Bank of America has the right to terminate the commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions under the 2026 Credit Agreement, and to accelerate the payment on any unpaid principal amount of all outstanding loans and all interest accrued and unpaid thereon.
v3.26.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

Our accompanying condensed consolidated financial statements include our accounts and those of our operating partnership, the wholly-owned subsidiaries of our operating partnership and all non-wholly owned subsidiaries in which we have control, as well as any VIEs in which we are the primary beneficiary. The portion of equity in any subsidiary that is not wholly owned by us is presented in our accompanying condensed consolidated financial statements as a noncontrolling interest. We evaluate our ability to control an entity, and whether the entity is a VIE and we are the primary beneficiary, by considering substantive terms of the arrangement and identifying which enterprise has the power to direct the activities of the entity that most significantly impacts the entity’s economic performance.

We operate and intend to continue to operate in an umbrella partnership REIT structure in which our operating partnership, wholly-owned subsidiaries of our operating partnership and all non-wholly owned subsidiaries of which we have control will own substantially all of the interests in properties acquired on our behalf. We are the sole general partner of our operating partnership and as of both March 31, 2026 and December 31, 2025, we owned a 99.0% general partnership interest therein, and the remaining 1.0% partnership interest was owned by the limited partners.

The accounts of our operating partnership are consolidated in our accompanying condensed consolidated financial statements because we are the sole general partner of our operating partnership and have unilateral control over its management and major operating decisions (even if additional limited partners are admitted to our operating partnership). All intercompany accounts and transactions are eliminated in consolidation.

Interim Unaudited Financial Data

Interim Unaudited Financial Data

Our accompanying condensed consolidated financial statements have been prepared by us in accordance with GAAP in conjunction with the rules and regulations of the U.S. Securities and Exchange Commission, or SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to the SEC’s rules and regulations. Accordingly, our accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. Our accompanying condensed consolidated financial statements reflect all adjustments which are, in our view, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim period. Interim results of operations are not necessarily indicative of the results to be expected for the full year; such full-year results may be less favorable.

In preparing our accompanying condensed consolidated financial statements, management has evaluated subsequent events through the financial statement issuance date. We believe that although the disclosures contained herein are adequate to prevent the information presented from being misleading, our accompanying condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in our 2025 Annual Report on Form 10-K, as filed with the SEC on February 27, 2026.

Use of Estimates

Use of Estimates

The preparation of our accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities, at the date of our condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include, but are not limited to, the initial and recurring valuation of certain assets acquired and liabilities assumed through property acquisitions including through business combinations, goodwill and its impairment, revenues, allowance for credit losses, impairment of long-lived and intangible assets and contingencies. These estimates are made and evaluated on an on-going basis using information that is currently available, as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates, perhaps in material adverse ways, and those estimates could be different under different assumptions or conditions.
Resident and Tenant Receivables and Allowances

Resident and Tenant Receivables and Allowances

Resident receivables, which are related to resident fees and services revenue, are carried net of an allowance for credit losses. An allowance is maintained for estimated losses resulting from the inability of residents and payors to meet the contractual obligations under their lease or service agreements. Substantially all of such allowances are recorded as direct reductions of resident fees and services revenue as contractual adjustments provided to third-party payors or implicit price concessions in our accompanying condensed consolidated statements of operations and comprehensive income (loss). Our determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the residents’ financial condition, security deposits, cash collection patterns by payor and by state, current economic conditions, future expectations in estimating credit losses and other relevant factors. Tenant receivables, which are related to real estate revenue, and unbilled deferred rent receivables are reduced for amounts where collectability is not probable, which are recognized as direct reductions of real estate revenue in our accompanying condensed consolidated statements of operations and comprehensive income (loss).
Accounts Payable and Accrued Liabilities

Accounts Payable and Accrued Liabilities

As of March 31, 2026 and December 31, 2025, accounts payable and accrued liabilities primarily include reimbursement of payroll-related costs to the managers of our ISHC and SHOP of $77,315,000 and $55,321,000, respectively, insurance reserves of $50,760,000 and $51,042,000, respectively, accrued distributions of $48,885,000 and $47,832,000, respectively, accrued developments and capital expenditures of $32,961,000 and $37,076,000, respectively, and accrued property taxes of $27,810,000 and $25,041,000, respectively.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, or ASU 2024-03. Further, in January 2025, the FASB issued ASU 2025-01, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, or ASU 2025-01. ASU 2024-03 requires new financial statement disclosure to be provided in the notes to the financial statements in a tabular presentation related to the disaggregation of certain expense captions presented on the face of the income statement within continuing operations that include expense categories such as: (i) purchases of inventory; (ii) employee compensation; (iii) depreciation; and (iv) intangible asset amortization. ASU 2024-03 and ASU 2025-01 are effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted and may be applied retrospectively or prospectively. We are currently evaluating this guidance to determine the impact on our consolidated financial statement disclosures beginning with our 2027 Annual Report on Form 10-K.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, or ASU 2025-03. ASU 2025-03 amends the guidance Topic 805 and Topic 810, to improve the determination of the accounting acquirer in business combinations involving VIEs. Under the new guidance, entities are required to apply the general principles in Topic 805 to identify the accounting acquirer when the legal acquiree is a VIE that meets the definition of a business, and the transaction is primarily effected by exchanging equity interests. ASU 2025-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted and should be applied prospectively to any acquisition transaction that occurs after the adoption date. We are currently evaluating this guidance to determine the impact on our consolidated financial statement and disclosures beginning with our Quarterly Report on Form 10-Q for the quarterly period ending March 31, 2027.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow Scope Improvements, or ASU 2025-11, to update the guidance in ASC Topic 270, Interim Reporting, by improving navigability of the required interim disclosures, clarifying when that guidance is applicable and adding a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting periods beginning after December 15, 2027. Early adoption is permitted and may be applied retrospectively or prospectively. We are currently evaluating this guidance to determine the impact on our consolidated financial statement disclosures beginning with our Quarterly Report on Form 10-Q for the quarterly period ending March 31, 2028.
v3.26.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Disaggregation of Revenue

The following tables disaggregate our resident fees and services revenue by line of business, according to whether such revenue is recognized at a point in time or over time, for the periods presented below (in thousands):

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

 

ISHC

 

 

SHOP(1)

 

 

Total

 

 

ISHC

 

 

SHOP(1)

 

 

Total

 

Over time

 

$

439,898

 

 

$

103,739

 

 

$

543,637

 

 

$

358,396

 

 

$

66,499

 

 

$

424,895

 

Point in time

 

 

62,845

 

 

 

3,285

 

 

 

66,130

 

 

 

70,296

 

 

 

1,985

 

 

 

72,281

 

Total resident fees and services

 

$

502,743

 

 

$

107,024

 

 

$

609,767

 

 

$

428,692

 

 

$

68,484

 

 

$

497,176

 

 

The following tables disaggregate our resident fees and services revenue by payor class for the periods presented below (in thousands):

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

 

ISHC

 

 

SHOP(1)

 

 

Total

 

 

ISHC

 

 

SHOP(1)

 

 

Total

 

Private and other payors

 

$

194,053

 

 

$

97,297

 

 

$

291,350

 

 

$

164,562

 

 

$

59,183

 

 

$

223,745

 

Medicare

 

 

142,750

 

 

 

—

 

 

 

142,750

 

 

 

130,628

 

 

 

—

 

 

 

130,628

 

Medicaid

 

 

105,331

 

 

 

9,727

 

 

 

115,058

 

 

 

95,156

 

 

 

9,301

 

 

 

104,457

 

Medicare Advantage

 

 

60,609

 

 

 

—

 

 

 

60,609

 

 

 

38,346

 

 

 

—

 

 

 

38,346

 

Total resident fees and services

 

$

502,743

 

 

$

107,024

 

 

$

609,767

 

 

$

428,692

 

 

$

68,484

 

 

$

497,176

 

___________

(1)
Includes fees for basic housing, as well as fees for assisted living or skilled nursing care. We record revenue when services are rendered at amounts billable to individual residents. Residency agreements are generally for a term of 30 days, with resident fees billed monthly in advance. For residents under reimbursement arrangements with third-party payors, including Medicaid, Medicare, Medicare Advantage and private insurers, revenue is recorded based on contractually agreed-upon amounts or rates on a daily, per resident basis or as services are performed.
Receivables and Deferred Revenue - Resident Fees and Services

The beginning and ending balances of accounts receivable, net — resident fees and services are as follows (in thousands):

 

 

Medicare

 

 

Private
and
Other
Payors

 

 

Medicaid

 

 

Medicare
Advantage

 

 

Total

 

Beginning balance — January 1, 2026

 

$

28,300

 

 

$

59,630

 

 

$

44,888

 

 

$

47,724

 

 

$

180,542

 

Ending balance — March 31, 2026

 

 

42,562

 

 

 

62,712

 

 

 

58,796

 

 

 

47,363

 

 

 

211,433

 

Increase (decrease)

 

$

14,262

 

 

$

3,082

 

 

$

13,908

 

 

$

(361

)

 

$

30,891

 
The beginning and ending balances of deferred revenue — resident fees and services, almost all of which relates to private and other payors, are as follows (in thousands):

 

 

Total

 

Beginning balance — January 1, 2026

 

$

34,464

 

Ending balance — March 31, 2026

 

 

35,084

 

Increase

 

$

620

 

 
Summary of Adjustments to Allowance for Credit Loss

The following is a summary of our adjustments to allowances for the periods presented below (in thousands):

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Beginning balance

 

$

25,336

 

 

$

22,582

 

Additional allowances

 

 

10,850

 

 

 

9,573

 

Write-offs

 

 

(4,884

)

 

 

(2,834

)

Recoveries collected or adjustments

 

 

(4,880

)

 

 

(2,054

)

Ending balance

 

$

26,422

 

 

$

27,267

 

 
v3.26.1
Real Estate Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Real Estate [Abstract]  
Real Estate Investments, Net

Our real estate investments, net consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):

 

 

March 31,
2026

 

 

December 31,
2025

 

Building, improvements and construction in process

 

$

4,563,994

 

 

$

4,420,601

 

Land and improvements

 

 

440,040

 

 

 

420,046

 

Furniture, fixtures and equipment

 

 

319,131

 

 

 

305,491

 

 

 

5,323,165

 

 

 

5,146,138

 

Less: accumulated depreciation

 

 

(1,003,254

)

 

 

(962,719

)

Total

 

$

4,319,911

 

 

$

4,183,419

 
Schedule of Capital Expenditures Incurred

The following is a summary of our capital expenditures by reportable segment for the period presented below (in thousands):

 

 

Three Months Ended
March 31, 2026

 

ISHC

 

$

26,510

 

SHOP

 

 

4,349

 

OM

 

 

3,063

 

Triple-net leased properties

 

 

248

 

Total

 

$

34,170

 
Summary of Acquisitions of Real Estate Investments The following is a summary of such acquisitions (dollars in thousands):

 

Location

 

Number of
Buildings

 

Type

 

Date
Acquired

 

Contract
Purchase
Price

 

Blue Springs, Kansas City and Raymore, MO

 

4

 

SHOP

 

02/09/26

 

$

62,500

 

San Rafael, CA

 

1

 

SHOP

 

02/25/26

 

 

55,000

 

Lenexa and Olathe, KS

 

2

 

SHOP

 

03/18/26

 

 

45,250

 

Total

 

7

 

 

 

 

 

$

162,750

 

 
Schedule of Asset Acquisitions The following table summarizes the purchase price of such assets acquired at the time of acquisition based on their relative fair values (in thousands):

 

 

2026
Acquisitions

 

Building and improvements

 

$

129,008

 

Land

 

 

17,490

 

In-place leases

 

 

19,031

 

Furniture, fixtures and equipment

 

 

1,807

 

Certificates of need

 

 

185

 

Total assets acquired

 

$

167,521

 

 
v3.26.1
Identified Intangible Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2026
Intangible Assets and Liabilities [Abstract]  
Schedule of Intangible Assets and Liabilities

Identified intangible assets, net and identified intangible liabilities, net consisted of the following as of March 31, 2026 and December 31, 2025 (dollars in thousands):

 

 

March 31,
2026

 

 

December 31,
2025

 

Amortized intangible assets:

 

 

 

 

 

 

In-place leases, net of accumulated amortization of $65,047 and $44,498 as of
   March 31, 2026 and December 31, 2025, respectively (with a weighted average
   remaining life of 2.1 years and 2.3 years as of March 31, 2026 and
   December 31, 2025, respectively)

 

$

115,506

 

 

$

118,080

 

Above-market leases, net of accumulated amortization of $8,311 and $7,859 as of
   March 31, 2026 and December 31, 2025, respectively (with a weighted average
   remaining life of 6.1 years and 6.3 years as of March 31, 2026 and
   December 31, 2025, respectively)

 

 

9,503

 

 

 

9,965

 

Unamortized intangible assets:

 

 

 

 

 

 

Certificates of need

 

 

105,148

 

 

 

104,924

 

Trade names

 

 

20,267

 

 

 

20,267

 

   Total identified intangible assets, net

 

$

250,424

 

 

$

253,236

 

 

 

 

 

 

 

 

Amortized intangible liabilities:

 

 

 

 

 

 

Below-market leases, net of accumulated amortization of $2,354 and $2,336 as of
   March 31, 2026 and December 31, 2025, respectively (with a weighted average
   remaining life of 4.2 years and 4.4 years as of March 31, 2026 and
   December 31, 2025, respectively)

 

$

1,978

 

 

$

2,110

 

   Total identified intangible liabilities, net

 

$

1,978

 

 

$

2,110

 

 
Amortization Expense on Identified Intangible Assets and Liabilities As of March 31, 2026, estimated amortization expense on the identified intangible assets and liabilities for the remaining nine months ending December 31, 2026 and for each of the next four years ending December 31, and thereafter was as follows (in thousands):

 

 

Amortization Expense

 

Year

 

Intangible
Assets

 

 

Intangible
Liabilities

 

2026

 

$

65,471

 

 

$

(392

)

2027

 

 

42,673

 

 

 

(514

)

2028

 

 

4,479

 

 

 

(478

)

2029

 

 

3,829

 

 

 

(338

)

2030

 

 

3,222

 

 

 

(121

)

Thereafter

 

 

5,335

 

 

 

(135

)

Total

 

$

125,009

 

 

$

(1,978

)
v3.26.1
Other Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Other Assets [Abstract]  
Other Assets

Other assets, net consisted of the following as of March 31, 2026 and December 31, 2025 (dollars in thousands):

 

 

March 31,
2026

 

 

December 31,
2025

 

Deferred rent receivables

 

$

49,820

 

 

$

49,158

 

Prepaid expenses and other assets

 

 

48,138

 

 

 

49,338

 

Deferred tax assets, net

 

 

23,664

 

 

 

22,939

 

Inventory — finished goods

 

 

20,441

 

 

 

18,838

 

Lease commissions, net of accumulated amortization of $10,152 and $9,569 as of
   March 31, 2026 and December 31, 2025, respectively

 

 

17,137

 

 

 

17,081

 

Investments in unconsolidated entities

 

 

4,419

 

 

 

3,616

 

Real estate deposits

 

 

4,315

 

 

 

6,053

 

Deferred financing costs, net of accumulated amortization of $2,116 and $1,854 as of
   March 31, 2026 and December 31, 2025, respectively

 

 

1,995

 

 

 

2,251

 

Lease inducement, net of accumulated amortization of $3,333 and $3,246 as of
   March 31, 2026 and December 31, 2025, respectively (with a weighted average
   remaining life of 4.8 years and 5.0 years as of March 31, 2026 and
   December 31, 2025, respectively)

 

 

1,667

 

 

 

1,754

 

Derivative financial instruments

 

 

598

 

 

 

—

 

   Total

 

$

172,194

 

 

$

171,028

 
v3.26.1
Mortgage Loans Payable (Tables)
 3 Months Ended
Mar. 31, 2026
Mortgage Loans Payable [Abstract]  
Mortgage Loans Payable, Net

Mortgage loans payable, net consisted of the following as of March 31, 2026 and December 31, 2025 (dollars in thousands):

 

 

March 31,
2026

 

 

December 31,
2025

 

Fixed-rate debt (85 loans as of both March 31, 2026 and December 31, 2025)

 

$

980,045

 

 

$

985,565

 

Less: deferred financing costs, net

 

 

(8,745

)

 

 

(9,214

)

Less: discount

 

 

(8,925

)

 

 

(9,426

)

Mortgage loans payable, net

 

$

962,375

 

 

$

966,925

 
Schedule of Activity Related to Mortgage Loans Payable

The following table reflects the changes in the carrying amount of mortgage loans payable, net for the periods presented below (in thousands):

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Beginning balance

 

$

966,925

 

 

$

982,071

 

Additions:

 

 

 

 

 

 

Borrowings under mortgage loan payable

 

 

—

 

 

 

30,000

 

Amortization of deferred financing costs

 

 

469

 

 

 

400

 

Amortization of discount/premium on mortgage loans payable, net

 

 

501

 

 

 

517

 

Deductions:

 

 

 

 

 

 

Scheduled principal payments on mortgage loans payable

 

 

(5,520

)

 

 

(4,880

)

Payoff of mortgage loans payable due to dispositions of real estate investments

 

 

—

 

 

 

(6,604

)

Deferred financing costs

 

 

—

 

 

 

(1,015

)

Ending balance

 

$

962,375

 

 

$

1,000,489

 
Principal Payments Due on Mortgage Loans Payable

As of March 31, 2026, the principal payments due on our mortgage loans payable for the remaining nine months ending December 31, 2026 and for each of the next four years ending December 31, and thereafter were as follows (in thousands):

 

Year

 

Amount

 

2026

 

$

154,167

 

2027

 

 

56,182

 

2028

 

 

139,740

 

2029

 

 

16,963

 

2030

 

 

44,732

 

Thereafter

 

 

568,261

 

Total

 

$

980,045

 

 
v3.26.1
Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Financial Instruments The following table lists the derivative financial instruments held by us as of March 31, 2026 and December 31, 2025, which were included in other assets and other liabilities in our accompanying condensed consolidated balance sheets (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value

 

Instrument

 

Notional
Amount

 

 

Index

 

Interest Rate

 

Effective Date

 

Maturity Date

 

March 31,
2026

 

 

December 31,
2025

 

Swap

 

$

275,000

 

 

Daily SOFR

 

3.74%

 

2/1/2023

 

1/19/2026

 

$

—

 

 

$

(6

)

Swap

 

$

275,000

 

 

Daily SOFR

 

4.41%

 

8/8/2023

 

1/19/2026

 

 

—

 

 

 

(99

)

Swap

 

$

350,000

 

 

Daily SOFR

 

3.51%

 

1/20/2026

 

1/19/2027

 

 

386

 

 

 

(518

)

Swap

 

$

200,000

 

 

Daily SOFR

 

3.52%

 

1/20/2026

 

1/19/2027

 

 

212

 

 

 

(306

)

 

 

 

 

 

 

 

 

$

598

 

 

$

(929

)

 
v3.26.1
Equity (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of Nonvested RSAs and RSUs Pursuant to the AHR Incentive Plan A summary of the status of our nonvested RSAs and RSUs pursuant to the AHR Incentive Plan as of March 31, 2026 and December 31, 2025, and the changes for the three months ended March 31, 2026 is presented below:

 

 

Number of
Nonvested
RSAs

 

 

 

Weighted
Average
Grant Date
Fair Value -
RSAs

 

 

Number of
Nonvested
RSUs

 

 

 

Weighted
Average
Grant Date
Fair Value -
RSUs

 

Balance — December 31, 2025

 

 

753,522

 

 

 

$

13.86

 

 

 

815,953

 

 

 

$

26.41

 

Granted

 

 

—

 

 

 

$

—

 

 

 

294,752

 

 

 

$

51.63

 

Vested

 

 

(243,066

)

(1)

 

$

13.12

 

 

 

(223,492

)

(1)

 

$

25.14

 

Forfeited/cancelled

 

 

(1,111

)

 

 

$

13.12

 

 

 

(157

)

 

 

$

31.40

 

Balance — March 31, 2026

 

 

509,345

 

 

 

$

14.22

 

 

 

887,056

 

 

 

$

34.17

 

 

(1)
Amount includes 196,282 shares of common stock that were withheld to satisfy employee tax minimum withholding requirements associated with the vesting of RSAs and RSUs during the three months ended March 31, 2026.
Schedule of Nonvested RSUs A summary of the status of our nonvested RSUs pursuant to the Manager Plan as of March 31, 2026 and December 31, 2025, and the changes for the three months ended March 31, 2026 is presented below:

 

 

 

Number of
Nonvested
RSUs

 

 

Weighted
Average
Grant Date
Fair Value -
RSUs

 

Balance — December 31, 2025

 

 

147,468

 

 

$

49.34

 

Granted

 

 

90,534

 

 

$

47.16

 

Vested

 

 

(24,578

)

 

$

49.34

 

Balance — March 31, 2026

 

 

213,424

 

 

$

48.42

 
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis

The table below presents our assets and liabilities measured at fair value on a recurring basis as of March 31, 2026, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):

 

 

Quoted Prices in
Active Markets for
Identical Assets
and Liabilities
(Level 1)

 

 

Significant Other
Observable Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

$

—

 

 

$

598

 

 

$

—

 

 

$

598

 

Total assets at fair value

 

$

—

 

 

$

598

 

 

$

—

 

 

$

598

 

 

The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2025, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):

 

 

Quoted Prices in
Active Markets for
Identical Assets
and Liabilities
(Level 1)

 

 

Significant Other
Observable Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

Total

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

$

—

 

 

$

(929

)

 

$

—

 

 

$

(929

)

Total liabilities at fair value

 

$

—

 

 

$

(929

)

 

$

—

 

 

$

(929

)

 
Fair Value, by Balance Sheet Grouping The carrying amounts and estimated fair values of such financial instruments as of March 31, 2026 and December 31, 2025 were as follows (in thousands):

 

 

March 31,
2026

 

 

December 31,
2025

 

 

Carrying
Amount(1)

 

 

Fair
Value

 

 

Carrying
Amount(1)

 

 

Fair
Value

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Debt security investment

 

$

92,304

 

 

$

93,143

 

 

$

92,136

 

 

$

93,107

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage loans payable

 

$

962,375

 

 

$

892,097

 

 

$

966,925

 

 

$

898,892

 

Lines of credit and term loan

 

$

547,823

 

 

$

549,914

 

 

$

547,510

 

 

$

549,946

 

 

(1)
Carrying amount is net of any discount/premium and unamortized deferred financing costs.
v3.26.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Lease Payments to be Received As of March 31, 2026, the following table sets forth the undiscounted cash flows for future minimum base rents due under operating leases for the remaining nine months ending December 31, 2026 and for each of the next four years ending December 31 and thereafter for properties that we wholly own (in thousands):

 

Year

 

Amount

 

2026

 

$

88,027

 

2027

 

 

113,863

 

2028

 

 

104,281

 

2029

 

 

92,903

 

2030

 

 

81,234

 

Thereafter

 

 

437,709

 

Total

 

$

918,017

 
Schedule of Lease Costs

The components of lease costs were as follows (in thousands):

 

 

 

 

Three Months Ended March 31,

 

Lease Cost

 

Classification

 

2026

 

 

2025

 

Operating lease cost(1)

 

Property operating expenses, rental expenses or general and administrative expenses

 

$

8,197

 

 

$

8,941

 

Finance lease cost:

 

 

 

 

 

 

 

 

Amortization of leased assets

 

Depreciation and amortization

 

 

6

 

 

 

17

 

Interest on lease liabilities

 

Interest expense

 

 

2

 

 

 

4

 

Sublease income

 

Resident fees and services revenue or other income

 

 

(53

)

 

 

(141

)

Total lease cost

 

 

 

$

8,152

 

 

$

8,821

 

 

(1)
Includes short-term leases and variable lease costs, which are immaterial.

Additional information related to our leases for the periods presented below was as follows (dollars in thousands):

 

Lease Term and Discount Rate

 

March 31,
2026

 

 

December 31,
2025

 

Weighted average remaining lease term (in years):

 

 

 

 

 

 

Operating leases

 

 

11.4

 

 

 

11.4

 

Finance leases

 

 

3.3

 

 

 

3.6

 

Weighted average discount rate:

 

 

 

 

 

 

Operating leases

 

 

5.85

%

 

 

5.85

%

Finance leases

 

 

11.25

%

 

 

11.25

%

 

 

Three Months Ended March 31,

 

Supplemental Disclosure of Cash Flows Information

 

2026

 

 

2025

 

Operating cash outflows related to finance leases

 

$

2

 

 

$

4

 

Financing cash outflows related to finance leases

 

$

7

 

 

$

14

 

Right-of-use assets obtained in exchange for operating lease liabilities

 

$

185

 

 

$

1,281

 
Schedule of Operating Lease Liabilities

As of March 31, 2026, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for the remaining nine months ending December 31, 2026 and for each of the next four years ending December 31 and thereafter, as well as the reconciliation of those cash flows to operating lease liabilities on our accompanying condensed consolidated balance sheet (in thousands):

 

Year

 

Amount

 

2026

 

$

21,326

 

2027

 

 

29,138

 

2028

 

 

29,467

 

2029

 

 

28,563

 

2030

 

 

26,673

 

Thereafter

 

 

68,862

 

Total undiscounted operating lease payments

 

 

204,029

 

Less: interest

 

 

(73,223

)

Present value of operating lease liabilities

 

$

130,806

 

 

 
Schedule of Finance Lease Liabilities and Financing Obligations

As of March 31, 2026, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for the remaining nine months ending December 31, 2026 and for each of the next four years ending December 31 and thereafter, as well as a reconciliation of those cash flows to finance lease liabilities and financing obligations (in thousands):

 

Year

 

Amount

 

2026

 

$

3,111

 

2027

 

 

3,905

 

2028

 

 

3,556

 

2029

 

 

32,458

 

2030

 

 

92

 

Thereafter

 

 

—

 

Total undiscounted payments

 

 

43,122

 

Less: interest

 

 

(9,447

)

Present value of finance lease liabilities and financing obligations

 

$

33,675

 
v3.26.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Summary Information by Reportable Segment

Summary information for our reportable segments, including a summary of segment operating expenses, during the three months ended March 31, 2026 and 2025 was as follows (in thousands):

 

 

ISHC

 

 

SHOP

 

 

OM

 

 

Triple-Net
Leased
Properties

 

 

Three Months Ended
March 31, 2026

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Resident fees and services

 

$

502,743

 

 

$

107,024

 

 

$

—

 

 

$

—

 

 

$

609,767

 

Real estate revenue

 

 

—

 

 

 

—

 

 

 

30,842

 

 

 

10,165

 

 

 

41,007

 

Total revenues

 

 

502,743

 

 

 

107,024

 

 

 

30,842

 

 

 

10,165

 

 

 

650,774

 

Less(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation expense

 

 

257,373

 

 

 

47,653

 

 

 

—

 

 

 

—

 

 

 

 

Controllable expenses(2)

 

 

154,273

 

 

 

28,510

 

 

 

—

 

 

 

—

 

 

 

 

Non-controllable expenses(3)

 

 

12,577

 

 

 

5,024

 

 

 

—

 

 

 

—

 

 

 

 

Facility rental expense(4)

 

 

6,761

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

Other segment items(5)

 

 

—

 

 

 

—

 

 

 

12,124

 

 

 

976

 

 

 

 

Segment net operating income

 

$

71,759

 

 

$

25,837

 

 

$

18,718

 

 

$

9,189

 

 

$

125,503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

 

 

 

 

 

 

 

 

 

 

 

$

17,605

 

Transaction, transition and restructuring costs

 

 

 

 

 

 

 

 

 

 

 

 

1,971

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

67,062

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,796

)

Gain in fair value of derivative financial instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,527

 

Impairment of real estate investment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(418

)

Income from unconsolidated entities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

792

 

Foreign currency loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(819

)

Other income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,335

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23,486

 

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

525

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

24,011

 

 

 

 

ISHC

 

 

SHOP

 

 

OM

 

 

Triple-Net
Leased
Properties

 

 

Three Months Ended
March 31, 2025

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Resident fees and services

 

$

428,692

 

 

$

68,484

 

 

$

—

 

 

$

—

 

 

$

497,176

 

Real estate revenue

 

 

—

 

 

 

—

 

 

 

33,194

 

 

 

10,233

 

 

 

43,427

 

Total revenues

 

 

428,692

 

 

 

68,484

 

 

 

33,194

 

 

 

10,233

 

 

 

540,603

 

Less(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation expense

 

 

218,779

 

 

 

34,006

 

 

 

—

 

 

 

—

 

 

 

 

Controllable expenses(2)

 

 

137,160

 

 

 

19,191

 

 

 

—

 

 

 

—

 

 

 

 

Non-controllable expenses(3)

 

 

12,263

 

 

 

3,525

 

 

 

—

 

 

 

—

 

 

 

 

Facility rental expense(4)

 

 

7,499

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

Other segment items(5)

 

 

—

 

 

 

—

 

 

 

12,685

 

 

 

958

 

 

 

 

Segment net operating income

 

$

52,991

 

 

$

11,762

 

 

$

20,509

 

 

$

9,275

 

 

$

94,537

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

 

 

 

 

 

 

 

 

 

 

 

$

13,155

 

Transaction, transition and restructuring costs

 

 

 

 

 

 

 

 

 

 

 

 

1,837

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41,114

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(22,945

)

Loss in fair value of derivative financial instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(750

)

Loss on dispositions of real estate investments

 

 

 

 

 

 

 

 

 

 

 

 

(359

)

Impairment of real estate investment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(21,706

)

Loss from unconsolidated entities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,848

)

Foreign currency gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,416

 

Other income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,525

 

Loss before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,236

)

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(604

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(6,840

)

 

(1)
The significant expense categories and amounts below align with the segment-level information that is regularly provided to our CODM.
(2)
Controllable expenses include utilities, food, repairs and maintenance, and other operating expenses.
(3)
Non-controllable expenses include property taxes and insurance.
(4)
Facility rental expense relates to properties operated, but not owned.
(5)
Other segment items for the following reportable segments primarily include:
•
OM — property taxes, insurance, utilities, management fees and certain overhead expenses.
•
Triple-Net Leased Properties — property taxes and insurance.
Assets by Reportable Segment

Total assets by reportable segment as of March 31, 2026 and December 31, 2025 were as follows (in thousands):

 

 

March 31,
2026

 

 

December 31,
2025

 

ISHC

 

$

2,718,571

 

 

$

2,686,143

 

SHOP

 

 

1,426,363

 

 

 

1,273,714

 

OM

 

 

1,041,285

 

 

 

1,048,810

 

Triple-net leased properties

 

 

393,010

 

 

 

393,952

 

Other

 

 

19,429

 

 

 

23,607

 

Total assets

 

$

5,598,658

 

 

$

5,426,226

 

 
Revenues and Real Estate Investments by Geographical Areas The following is a summary of geographic information for our operations for the periods presented below (in thousands):

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Revenues:

 

 

 

 

 

 

United States

 

$

649,107

 

 

$

539,049

 

International

 

 

1,667

 

 

 

1,554

 

Total

 

$

650,774

 

 

$

540,603

 

 

The following is a summary of real estate investments, net by geographic regions as of March 31, 2026 and December 31, 2025 (in thousands):

 

 

 

March 31,
2026

 

 

December 31,
2025

 

Real estate investments, net:

 

 

 

 

 

 

United States

 

$

4,277,832

 

 

$

4,140,169

 

International

 

 

42,079

 

 

 

43,250

 

Total

 

$

4,319,911

 

 

$

4,183,419

 
v3.26.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share

The following table presents the amounts used in computing our basic and diluted earnings per share (in thousands, except share and per share amounts):

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Numerator:

 

 

 

 

 

 

Net income (loss) attributable to controlling interest — basic

 

$

23,713

 

 

$

(6,804

)

Adjustment for net loss allocated to participating securities

 

 

(1

)

 

 

—

 

Net income (loss) attributable to controlling interest — diluted

 

$

23,712

 

 

$

(6,804

)

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

Denominator for basic earnings per share — weighted average shares

 

 

187,319,513

 

 

 

156,922,819

 

Effect of dilutive securities:

 

 

 

 

 

 

   Nonvested restricted common stock and stock units

 

 

550,804

 

 

 

—

 

   ESPP

 

 

273

 

 

 

—

 

   Forward equity sale agreements

 

 

99,848

 

 

 

—

 

Denominator for diluted earnings per share — adjusted weighted average shares

 

 

187,970,438

 

 

 

156,922,819

 

 

 

 

 

 

 

Basic earnings per share:

 

 

 

 

 

 

Net income (loss) attributable to controlling interest

 

$

0.13

 

 

$

(0.04

)

Diluted earnings per share:

 

 

 

 

 

 

Net income (loss) attributable to controlling interest

 

$

0.13

 

 

$

(0.04

)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following securities were excluded from the computation of diluted earnings (loss) per share because such securities were anti-dilutive during the periods presented below:

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Nonvested TBUs

 

 

—

 

 

 

443,835

 

Nonvested RSAs

 

 

—

 

 

 

758,066

 

Limited OP units

 

 

1,936,425

 

 

 

2,004,216

 

Forward sale agreements

 

 

5,577,147

 

 

 

—

 

 
v3.26.1
Organization and Description of Business (Details)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
ft²
Campus
Dec. 31, 2025
Mar. 31, 2026
USD ($)
ft²
Segment
Campus
Dec. 31, 2025
Schedule of Capitalization, Equity [Line Items]        
Number of reportable segments | Segment     4  
Number Of Buildings And Integrated Senior Health Campuses Owned And/Or Operated | Campus 343   343  
GLA (Sq Ft) | ft² 22,651,000   22,651,000  
Acquisition aggregate cost of acquired properties purchase price, net of dispositions     $ 5,607,085,000  
Acquisition aggregated cost of acquired real estate related investment purchase price     $ 60,429,000  
General Partnership        
Schedule of Capitalization, Equity [Line Items]        
Percentage of ownership in operating partnership 99.00%   99.00% 99.00%
NewCo Sellers        
Schedule of Capitalization, Equity [Line Items]        
Percentage of limited partnership interest   1.00% 1.00% 1.00%
v3.26.1
Summary of Significant Accounting Policies (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Accounting Policies [Line Items]          
Payroll related costs to the managers of our SHOP and integrated senior health campuses $ 77,315,000 $ 55,321,000 $ 77,315,000 $ 55,321,000  
Insurance reserves 50,760,000 51,042,000 50,760,000 51,042,000  
Accrued property taxes 27,810,000 25,041,000 27,810,000 25,041,000  
Distributions declared but not paid 48,885,000 47,832,000 48,885,000 47,832,000 $ 40,795,000
Accrued developments and capital expenditures $ 32,961,000 $ 37,076,000 $ 32,961,000 $ 37,076,000  
General Partnership          
Accounting Policies [Line Items]          
Percentage of ownership in operating partnership 99.00%   99.00% 99.00%  
NewCo Sellers          
Accounting Policies [Line Items]          
Percentage of limited partnership interest   1.00% 1.00% 1.00%  
v3.26.1
Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Resident fees and services $ 609,767 $ 497,176
SHOP    
Disaggregation of Revenue [Line Items]    
Resident fees and services 107,024 68,484
ISHC    
Disaggregation of Revenue [Line Items]    
Resident fees and services 502,743 428,692
Resident Fees and Services [Member]    
Disaggregation of Revenue [Line Items]    
Resident fees and services 609,767 497,176
Resident Fees and Services [Member] | Over Time [Member]    
Disaggregation of Revenue [Line Items]    
Resident fees and services 543,637 424,895
Resident Fees and Services [Member] | Point in Time [Member]    
Disaggregation of Revenue [Line Items]    
Resident fees and services 66,130 72,281
Resident Fees and Services [Member] | Private and Other Payors [Member]    
Disaggregation of Revenue [Line Items]    
Resident fees and services 291,350 223,745
Resident Fees and Services [Member] | Medicare [Member]    
Disaggregation of Revenue [Line Items]    
Resident fees and services 142,750 130,628
Resident Fees and Services [Member] | Medicaid [Member]    
Disaggregation of Revenue [Line Items]    
Resident fees and services 115,058 104,457
Resident Fees and Services [Member] | Medicare Advantage [Member]    
Disaggregation of Revenue [Line Items]    
Resident fees and services 60,609 38,346
Resident Fees and Services [Member] | SHOP    
Disaggregation of Revenue [Line Items]    
Resident fees and services 107,024 68,484
Resident Fees and Services [Member] | SHOP | Over Time [Member]    
Disaggregation of Revenue [Line Items]    
Resident fees and services 103,739 66,499
Resident Fees and Services [Member] | SHOP | Point in Time [Member]    
Disaggregation of Revenue [Line Items]    
Resident fees and services 3,285 1,985
Resident Fees and Services [Member] | SHOP | Private and Other Payors [Member]    
Disaggregation of Revenue [Line Items]    
Resident fees and services 97,297 59,183
Resident Fees and Services [Member] | SHOP | Medicare [Member]    
Disaggregation of Revenue [Line Items]    
Resident fees and services 0 0
Resident Fees and Services [Member] | SHOP | Medicaid [Member]    
Disaggregation of Revenue [Line Items]    
Resident fees and services 9,727 9,301
Resident Fees and Services [Member] | SHOP | Medicare Advantage [Member]    
Disaggregation of Revenue [Line Items]    
Resident fees and services 0 0
Resident Fees and Services [Member] | ISHC    
Disaggregation of Revenue [Line Items]    
Resident fees and services 502,743 428,692
Resident Fees and Services [Member] | ISHC | Over Time [Member]    
Disaggregation of Revenue [Line Items]    
Resident fees and services 439,898 358,396
Resident Fees and Services [Member] | ISHC | Point in Time [Member]    
Disaggregation of Revenue [Line Items]    
Resident fees and services 62,845 70,296
Resident Fees and Services [Member] | ISHC | Private and Other Payors [Member]    
Disaggregation of Revenue [Line Items]    
Resident fees and services 194,053 164,562
Resident Fees and Services [Member] | ISHC | Medicare [Member]    
Disaggregation of Revenue [Line Items]    
Resident fees and services 142,750 130,628
Resident Fees and Services [Member] | ISHC | Medicaid [Member]    
Disaggregation of Revenue [Line Items]    
Resident fees and services 105,331 95,156
Resident Fees and Services [Member] | ISHC | Medicare Advantage [Member]    
Disaggregation of Revenue [Line Items]    
Resident fees and services $ 60,609 $ 38,346
v3.26.1
Summary of Significant Accounting Policies - Accounts Receivable and Deferred Revenue (Details) - Resident Fees and Services [Member] - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Accounts Receivable, Net - Resident Fees and Services    
Accounts Receivable, Net - Resident Fees and Services $ 211,433 $ 180,542
Increase (decrease) 30,891  
Deferred Revenue - Resident fees and Services    
Deferred Revenue 35,084 34,464
Increase 620  
Private and Other Payors [Member]    
Accounts Receivable, Net - Resident Fees and Services    
Accounts Receivable, Net - Resident Fees and Services 62,712 59,630
Increase (decrease) 3,082  
Medicare [Member]    
Accounts Receivable, Net - Resident Fees and Services    
Accounts Receivable, Net - Resident Fees and Services 42,562 28,300
Increase (decrease) 14,262  
Medicaid [Member]    
Accounts Receivable, Net - Resident Fees and Services    
Accounts Receivable, Net - Resident Fees and Services 58,796 44,888
Increase (decrease) 13,908  
Medicare Advantage [Member]    
Accounts Receivable, Net - Resident Fees and Services    
Accounts Receivable, Net - Resident Fees and Services 47,363 $ 47,724
Increase (decrease) $ (361)  
v3.26.1
Summary of Significant Accounting Policies - Allowance for Credit Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Beginning balance $ 25,336 $ 22,582
Additional allowances 10,850 9,573
Write-offs (4,884) (2,834)
Recoveries collected or adjustments (4,880) (2,054)
Ending balance $ 26,422 $ 27,267
v3.26.1
Real Estate Investments - Investments in Consolidated Properties (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Real Estate Properties [Line Items]    
Real estate investment, at cost $ 5,323,165 $ 5,146,138
Less: accumulated depreciation (1,003,254) (962,719)
Real estate investments, net 4,319,911 4,183,419
Building, improvements and construction in process    
Real Estate Properties [Line Items]    
Real estate investment, at cost 4,563,994 4,420,601
Land and Land Improvements    
Real Estate Properties [Line Items]    
Real estate investment, at cost 440,040 420,046
Furniture, fixtures and equipment    
Real Estate Properties [Line Items]    
Real estate investment, at cost $ 319,131 $ 305,491
v3.26.1
Real Estate Investments - Additional Information (Details)
 3 Months Ended
Mar. 31, 2026
USD ($)
Parcel
Facilities
Mar. 31, 2025
USD ($)
Facilities
Real Estate Properties [Line Items]    
Depreciation $ 44,756,000 $ 36,577,000
Impairment of real estate investments $ 418,000 $ 21,706,000
Number Of OM Impaired | Facilities 1 1
2026 Acquisitions    
Real Estate Properties [Line Items]    
Number of land parcels acquired | Parcel 3  
Acquisition contract purchase price of land acquired $ 4,066,000  
v3.26.1
Real Estate Investments - Summary of Capital Expenditures (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Real Estate Properties [Line Items]  
Capital expenditures incurred $ 34,170
ISHC  
Real Estate Properties [Line Items]  
Capital expenditures incurred 26,510
OM  
Real Estate Properties [Line Items]  
Capital expenditures incurred 3,063
SHOP  
Real Estate Properties [Line Items]  
Capital expenditures incurred 4,349
Triple-net leased properties  
Real Estate Properties [Line Items]  
Capital expenditures incurred $ 248
v3.26.1
Real Estate Investments - Acquisitions of Real Estate Investments and Previously Leased Real Estate Investments (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Facility
Dec. 31, 2025
USD ($)
Real Estate Properties [Line Items]    
Number of Buildings/Campuses | Facility 7  
Contract Purchase Price $ 162,750  
Operating lease right-of-use assets, net 130,405 $ 135,399
Operating lease liabilities [1] 130,806 $ 135,603
2026 Acquisitions    
Real Estate Properties [Line Items]    
Building and improvements 129,008  
Land 17,490  
In-place leases 19,031  
Furniture, fixtures and equipment 1,807  
Certificates of need 185  
Total assets acquired $ 167,521  
2026 Acquisitions | Blue Springs, Kansas City and Raymore, MO [Member]    
Real Estate Properties [Line Items]    
Number of Buildings/Campuses | Facility 4  
Contract Purchase Price $ 62,500  
2026 Acquisitions | San Rafael, CA [Member]    
Real Estate Properties [Line Items]    
Number of Buildings/Campuses | Facility 1  
Contract Purchase Price $ 55,000  
2026 Acquisitions | Lenexa and Olathe, KS [Member]    
Real Estate Properties [Line Items]    
Number of Buildings/Campuses | Facility 2  
Contract Purchase Price $ 45,250  
[1] Such liabilities of American Healthcare REIT, Inc. represented liabilities of American Healthcare REIT Holdings, LP or its consolidated subsidiaries as of March 31, 2026 and December 31, 2025. American Healthcare REIT Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of American Healthcare REIT, Inc. The creditors of American Healthcare REIT Holdings, LP or its consolidated subsidiaries do not have recourse against American Healthcare REIT, Inc., except for the 2024 Credit Facility, as defined in Note 8, Lines of Credit and Term Loan, held by American Healthcare REIT Holdings, LP in the amount of $550,000 as of both March 31, 2026 and December 31, 2025, which was guaranteed by American Healthcare REIT, Inc.
v3.26.1
Debt Security Investment - Additional Information (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Oct. 15, 2015
Debt Security Investment, Net          
Debt security investment, net $ 92,304,000 $ 92,136,000 $ 92,304,000    
Held-to-Maturity, debt securities, unamortized closing costs $ 82,000 $ 93,000      
Accretion on debt security     180,000 $ 471,000  
Amortization of closing costs     $ 12,000 $ 37,000  
Debt security investment [Member]          
Debt Security Investment, Net          
Stated interest rate         4.24%
Stated amount after maturity         $ 93,433,000
Beneficial ownership interest in mortgage trust         10.00%
v3.26.1
Intangibles - Intangible Assets and Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]    
Identified intangible assets, net $ 250,424 $ 253,236
Finite-Lived Intangible Assets, Net    
Amortized intangible assets $ 125,009  
Weighted average remaining life 2 years 4 months 24 days 2 years 7 months 6 days
Finite-Lived Intangible Liabilities, Net    
Identified intangible liabilities, net $ 1,978 $ 2,110
Below-Market Lease [Member]    
Finite-Lived Intangible Liabilities, Net    
Identified intangible liabilities, net 1,978 2,110
Intangible liabilities accumulated amortization $ 2,354 $ 2,336
Weighted average remaining life 4 years 2 months 12 days 4 years 4 months 24 days
Certificates Of Need [Member]    
Unamortized intangible assets    
Unamortized intangible assets $ 105,148 $ 104,924
Trade Names [Member]    
Unamortized intangible assets    
Unamortized intangible assets 20,267 20,267
In-Place Leases [Member]    
Finite-Lived Intangible Assets, Net    
Amortized intangible assets 115,506 118,080
Intangible assets accumulated amortization $ 65,047 $ 44,498
Weighted average remaining life 2 years 1 month 6 days 2 years 3 months 18 days
Above-Market Leases [Member]    
Finite-Lived Intangible Assets, Net    
Amortized intangible assets $ 9,503 $ 9,965
Intangible assets accumulated amortization $ 8,311 $ 7,859
Weighted average remaining life 6 years 1 month 6 days 6 years 3 months 18 days
v3.26.1
Identified Intangible Assets and Liabilities - Additional Information (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Finite-Lived Intangible Assets [Line Items]    
Amortization expense $ 22,030,000 $ 4,427,000
Above-Market Leases [Member]    
Finite-Lived Intangible Assets [Line Items]    
Amortization expense 462,000 604,000
Below-Market Lease [Member]    
Finite-Lived Intangible Assets [Line Items]    
Amortization expense $ 132,000 $ 191,000
v3.26.1
Intangibles - Summary of Amortization Expense on Identified Intangible Assets and Liabilities, Net (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Finite-Lived Intangible Assets, Net  
2026 $ 65,471
2027 42,673
2028 4,479
2029 3,829
2030 3,222
Thereafter 5,335
Finite-lived intangible assets, net 125,009
Finite-Lived Intangible Liabilities, Net  
2026 (392)
2027 (514)
2028 (478)
2029 (338)
2030 (121)
Thereafter (135)
Finite-lived intangible liabilities, net $ (1,978)
v3.26.1
Other Assets - Other Assets, Net (Details) - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Mar. 31, 2026
Other Assets [Abstract]    
Deferred rent receivables $ 49,158 $ 49,820
Prepaid expenses and other assets 49,338 48,138
Deferred tax assets, net 22,939 23,664
Inventory — finished goods 18,838 20,441
Lease commissions, net of accumulated amortization of $10,152 and $9,569 as of March 31, 2026 and December 31, 2025, respectively 17,081 17,137
Investments in unconsolidated entities 3,616 4,419
Real estate deposits 6,053 4,315
Deferred financing costs, net of accumulated amortization of $2,116 and $1,854 as of March 31, 2026 and December 31, 2025, respectively 2,251 1,995
Lease inducement, net of accumulated amortization of $3,333 and $3,246 as of March 31, 2026 and December 31,2025, (with a weighted average respectively remaining life of 4.8 years and 5.0 years as of March 31,2026 and December 31,2025,respectively) 1,754 1,667
Derivative financial instruments 0 598
Other assets, net 171,028 172,194
Accumulated amortization of lease commissions 9,569 10,152
Accumulated amortization of deferred financing costs 1,854 2,116
Accumulated amortization of lease inducement $ 3,246 $ 3,333
Lease inducement, weighted average remaining life 5 years 4 years 9 months 18 days
v3.26.1
Other Assets - Additional Information (Details) - USD ($)
 1 Months Ended 3 Months Ended
Mar. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Debt Instrument:      
Amortization of deferred lease inducement   $ 87,000 $ 87,000
Loss on extinguishments of debt $ 508,000 $ 0 $ 482,000
v3.26.1
Mortgage Loans Payable - Mortgage Loans Payable (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Mortgageloan
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Mortgageloan
Debt Instrument:      
Total debt $ 980,045   $ 985,565
Less: deferred financing costs, net (8,745)   (9,214)
Less: discount (8,925)   (9,426)
Mortgage loans payable, net $ 962,375 [1] $ 1,000,489 $ 966,925 [1]
Number of fixed-rate mortgage loans payable | Mortgageloan 85   85
Change in Carrying Amount of Mortgage Loans Payable [Roll Forward]      
Beginning balance $ 966,925 [1] 982,071  
Additions:      
Borrowings under mortgage loans payable 0 30,000  
Amortization of deferred financing costs 469 400  
Amortization of discount/premium on mortgage loans payable, net 501 517  
Deductions:      
Scheduled principal payments on mortgage loans payable (5,520) (4,880)  
Payoff of mortgage loans payable due to dispositions of real estate investments 0 (6,604)  
Deferred financing costs 0 (1,015)  
Ending balance $ 962,375 [1] $ 1,000,489  
[1] Such liabilities of American Healthcare REIT, Inc. represented liabilities of American Healthcare REIT Holdings, LP or its consolidated subsidiaries as of March 31, 2026 and December 31, 2025. American Healthcare REIT Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of American Healthcare REIT, Inc. The creditors of American Healthcare REIT Holdings, LP or its consolidated subsidiaries do not have recourse against American Healthcare REIT, Inc., except for the 2024 Credit Facility, as defined in Note 8, Lines of Credit and Term Loan, held by American Healthcare REIT Holdings, LP in the amount of $550,000 as of both March 31, 2026 and December 31, 2025, which was guaranteed by American Healthcare REIT, Inc.
v3.26.1
Mortgage Loans Payable - Additional Information (Details)
Mar. 31, 2026
Dec. 31, 2025
Mortgage Loans Payable, Net    
Mortgage Loans Payable, Net [Line Items]    
Debt, weighted average interest rate 3.73% 3.73%
Minimum    
Mortgage Loans Payable, Net [Line Items]    
Debt, effective interest rate 2.21% 2.21%
Maximum    
Mortgage Loans Payable, Net [Line Items]    
Debt, effective interest rate 5.99% 5.99%
v3.26.1
Mortgage Loans Payable - Principal Payments Due on Mortgage Loans Payable (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mortgage Loans Payable [Abstract]    
2026 $ 154,167  
2027 56,182  
2028 139,740  
2029 16,963  
2030 44,732  
Thereafter 568,261  
Total debt $ 980,045 $ 985,565
v3.26.1
Lines of Credit and Term Loan (Details)
Oct. 31, 2025
Feb. 14, 2024
USD ($)
Extension
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Mar. 02, 2025
USD ($)
Dec. 31, 2024
USD ($)
Line of Credit Facility [Line Items]            
Lines of credit and term loan [1]     $ 549,818,000 $ 549,761,000    
Minimum | Commitment Utilization Scenario 1            
Line of Credit Facility [Line Items]            
Commitment Utilization Percentage   0.25%        
Minimum | Commitment Utilization Scenario 2            
Line of Credit Facility [Line Items]            
Commitment Utilization Percentage   0.20%        
Maximum | Commitment Utilization Scenario 1            
Line of Credit Facility [Line Items]            
Commitment Utilization Percentage   50.00%        
Maximum | Commitment Utilization Scenario 2            
Line of Credit Facility [Line Items]            
Commitment Utilization Percentage   50.00%        
2024 Credit Agreement            
Line of Credit Facility [Line Items]            
Line of Credit Facility, Number of Business Days   5 days        
2024 Credit Agreement | Line of Credit            
Line of Credit Facility [Line Items]            
Line of credit facility, maximum borrowing capacity   $ 1,150,000,000 1,150,000,000 1,150,000,000    
Increase to maximum borrowing capacity   600,000,000        
Lines of credit and term loan     $ 550,000,000 $ 550,000,000    
2024 Credit Agreement | Revolving Credit Facility            
Line of Credit Facility [Line Items]            
Debt, weighted average interest rate     4.98% 5.01%    
2024 Credit Agreement | Standby Letters of Credit [Member]            
Line of Credit Facility [Line Items]            
Line of credit facility, maximum borrowing capacity     $ 25,000,000 $ 25,000,000   $ 25,000,000
2024 Credit Agreement | Senior Unsecured Term Loan Facility            
Line of Credit Facility [Line Items]            
Line of credit facility, maximum borrowing capacity   $ 550,000,000        
Long-term Debt     549,818,000 549,761,000    
Line Of Credit Facility, Number Of Potential Extensions | Extension   0        
Line Of Credit Facility, Potential Extension Term   0 months        
2024 Credit Agreement | Senior Unsecured Revolving Credit Facility            
Line of Credit Facility [Line Items]            
Line of credit facility, maximum borrowing capacity   $ 600,000,000        
Line Of Credit Facility, Number Of Potential Extensions | Extension   1        
Line Of Credit Facility, Potential Extension Term   12 months        
2025 Trilogy Credit Facility | Line of Credit | Federal Funds Effective Rate            
Line of Credit Facility [Line Items]            
Variable interest rate (as a percent) 0.50%          
2025 Trilogy Credit Facility | Line of Credit | One-month Term SOFR            
Line of Credit Facility [Line Items]            
Variable interest rate (as a percent) 1.00%          
2025 Trilogy Credit Facility | Revolving Credit Facility            
Line of Credit Facility [Line Items]            
Line of credit facility, maximum borrowing capacity     50,000,000 50,000,000 $ 50,000,000  
Lines of credit and term loan     $ 0 $ 0    
[1] Such liabilities of American Healthcare REIT, Inc. represented liabilities of American Healthcare REIT Holdings, LP or its consolidated subsidiaries as of March 31, 2026 and December 31, 2025. American Healthcare REIT Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of American Healthcare REIT, Inc. The creditors of American Healthcare REIT Holdings, LP or its consolidated subsidiaries do not have recourse against American Healthcare REIT, Inc., except for the 2024 Credit Facility, as defined in Note 8, Lines of Credit and Term Loan, held by American Healthcare REIT Holdings, LP in the amount of $550,000 as of both March 31, 2026 and December 31, 2025, which was guaranteed by American Healthcare REIT, Inc.
v3.26.1
Derivative Financial Instruments (Details) - Not Designated as Hedging Instrument - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Derivative [Line Items]    
Fair Value $ 598 $ (929)
Swap, 3.74% Interest Rate    
Derivative [Line Items]    
Notional  Amount $ 275,000  
Interest Rate 3.74%  
Fair Value $ 0 (6)
Swap 4.41% Interest Rate    
Derivative [Line Items]    
Notional  Amount $ 275,000  
Interest Rate 4.41%  
Fair Value $ 0 (99)
Swap 3.51% Interest Rate    
Derivative [Line Items]    
Notional  Amount $ 350,000  
Interest Rate 3.51%  
Fair Value $ 386 (518)
Swap 3.52% Interest Rate    
Derivative [Line Items]    
Notional  Amount $ 200,000  
Interest Rate 3.52%  
Fair Value $ 212 $ (306)
v3.26.1
Derivative Financial Instruments - Additional Information (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivative [Line Items]    
Decrease (Increase) to interest expense $ 1,527,000 $ (750,000)
v3.26.1
Redeemable Noncontrolling Interests (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Changes in the carrying amount of redeemable noncontrolling interests [Roll Forward]          
Net loss attributable to redeemable noncontrolling interest       $ (5)  
General Partnership          
Redeemable Noncontrolling Interests [Line Items]          
Percentage of ownership in operating partnership 99.00%   99.00%   99.00%
NewCo Sellers          
Redeemable Noncontrolling Interests [Line Items]          
Percentage of limited partnership interest   1.00% 1.00%   1.00%
v3.26.1
Equity - Preferred, Common Stock and Offerings (Details) - USD ($)
 3 Months Ended
Apr. 01, 2026
Mar. 31, 2026
Feb. 27, 2026
Nov. 24, 2025
Aug. 08, 2025
Mar. 31, 2026
Dec. 31, 2025
Class of Stock [Line Items]              
Number of shares of preferred stock, authorized to be issued   200,000,000       200,000,000 200,000,000
Par value of preferred stock, authorized to be issued (in dollars per share)   $ 0.01       $ 0.01 $ 0.01
Preferred stock, shares outstanding   0       0 0
Preferred stock, shares issued   0       0 0
Common Stock, shares authorized   1,000,000,000       1,000,000,000 1,000,000,000
Common stock, par value (usd per share)   $ 0.01       $ 0.01 $ 0.01
Common stock, shares issued (in shares)   189,942,357       189,942,357 185,911,442
Common stock, shares outstanding   189,942,357       189,942,357 185,911,442
ATM Offering              
Class of Stock [Line Items]              
Gross offering proceeds, unsettled   $ 537,628,000          
Issuance of common stock in offerings, unsettled   10,692,620          
Sale of stock, gross price per share, unsettled   $ 50.28       $ 50.28  
ATM Offering | Subsequent Event              
Class of Stock [Line Items]              
Gross offering proceeds $ 133,954,000            
Issuance of common stock in offerings (in shares) 2,755,996            
Sale of stock, gross price per share (in dollars per share) $ 48.6            
2025 ATM Offering              
Class of Stock [Line Items]              
Maximum aggregate consideration to be received on transaction         $ 1,000,000,000    
Remaining equity proceeds available to issue     $ 230,140,000        
2026 ATM Offering              
Class of Stock [Line Items]              
Maximum aggregate consideration to be received on transaction     $ 1,750,000,000        
ATM Offering, Forward Sales Agreement              
Class of Stock [Line Items]              
Gross offering proceeds           $ 31,074,000  
Issuance of common stock in offerings (in shares)           639,345  
Sale of stock, gross price per share (in dollars per share)   48.6       $ 48.6  
November 2025 Offering, Forward Sale Agreements              
Class of Stock [Line Items]              
Common stock, shares issued (in shares)       9,315,000      
Gross offering proceeds       $ 447,120,000   $ 160,099,000  
Underwriter's option to purchase (in shares)       1,215,000      
Issuance of common stock in offerings (in shares)           3,335,386  
Sale of stock, gross price per share (in dollars per share)   $ 48   $ 48   $ 48  
v3.26.1
Equity - RSAs and RSUs (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Jun. 15, 2023
Two Thousand Fifteen Incentive Plan | Common Stock          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based compensation arrangement by share-based payment award, number of shares authorized         4,000,000
2025 Manager Equity Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based compensation arrangement by share-based payment award, number of shares authorized     1,000,000    
Restricted Common Stock          
Equity - Status and Changes of Nonvested Shares of Restricted Common Stock [Roll Forward]          
Number of Nonvested Units, beginning balance (in shares) 753,522        
Vested (in shares) (243,066)        
Forfeited (in shares) (1,111)        
Number of Nonvested Units, ending balance (in shares) 509,345   753,522    
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]          
Nonvested, Weighted Average Grant Date Fair Value, beginning balance (in usd per share) $ 13.86        
Vested (in usd per share) 13.12        
Forfeited (in usd per share) 13.12        
Nonvested, Weighted Average Grant Date Fair Value, ending balance (in usd per share) $ 14.22   $ 13.86    
Restricted Common Stock | Two Thousand Fifteen Incentive Plan | Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period 1 year        
Restricted Common Stock | Two Thousand Fifteen Incentive Plan | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period 4 years        
Restricted Stock Units (RSUs)          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Shares withheld from issuance to satisfy employee minimum tax withholding requirements (in shares) 196,282        
Equity - Status and Changes of Nonvested Shares of Restricted Common Stock [Roll Forward]          
Number of Nonvested Units, beginning balance (in shares) 815,953        
Granted (in shares) 294,752        
Vested (in shares) (223,492)        
Forfeited (in shares) (157)        
Number of Nonvested Units, ending balance (in shares) 887,056   815,953    
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]          
Nonvested, Weighted Average Grant Date Fair Value, beginning balance (in usd per share) $ 26.41        
Granted (in usd per share) 51.63        
Vested (in usd per share) 25.14        
Forfeited (in usd per share) 31.4        
Nonvested, Weighted Average Grant Date Fair Value, ending balance (in usd per share) $ 34.17   $ 26.41    
Restricted Stock Units (RSUs) | Two Thousand Fifteen Incentive Plan          
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]          
Fair value of the RSAs and RSUs granted pursuant to the AHR Incentive Plan $ 13,081,515 $ 11,191,444      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]          
Stock based compensation 3,419,000 2,529,000      
Unrecognized stock compensation expense related to nonvested RSAs and RSUs $ 29,164,000        
Weighted average period of recognition 2 years 1 month 6 days        
Restricted Stock Units (RSUs) | Two Thousand Fifteen Incentive Plan | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period 3 years        
Restricted Stock Units (RSUs) | 2025 Manager Equity Plan          
Equity - Status and Changes of Nonvested Shares of Restricted Common Stock [Roll Forward]          
Number of Nonvested Units, beginning balance (in shares) 147,468        
Granted (in shares) 90,534        
Vested (in shares) (24,578)        
Number of Nonvested Units, ending balance (in shares) 213,424   147,468    
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]          
Fair value of the RSAs and RSUs granted pursuant to the AHR Incentive Plan $ 4,270,000 $ 0      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]          
Nonvested, Weighted Average Grant Date Fair Value, beginning balance (in usd per share) $ 49.34        
Granted (in usd per share) 47.16        
Vested (in usd per share) 49.34        
Nonvested, Weighted Average Grant Date Fair Value, ending balance (in usd per share) $ 48.42   $ 49.34    
Stock based compensation $ 1,407,000        
Unrecognized stock compensation expense related to nonvested RSAs and RSUs $ 11,239,000        
Weighted average period of recognition 2 years 2 months 12 days        
Employee Stock | 2024 Stock Purchase Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share-based compensation arrangement by share-based payment award, number of shares authorized       1,000,000  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]          
Employee stock purchase price of common stock (as a percent)       85.00%  
Shares purchased or issued under ESPP (in shares) 4,396   10,079    
Shares remained available for future issuance 985,525        
v3.26.1
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets:    
Derivative financial instruments $ 598  
Total assets at fair value 598  
Liabilities:    
Derivative financial instruments   $ (929)
Total liabilities at fair value   (929)
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member]    
Assets:    
Derivative financial instruments 0  
Total assets at fair value 0  
Liabilities:    
Derivative financial instruments   0
Total liabilities at fair value   0
Significant Other Observable Inputs (Level 2) [Member]    
Assets:    
Derivative financial instruments 598  
Total assets at fair value 598  
Liabilities:    
Derivative financial instruments   (929)
Total liabilities at fair value   (929)
Significant Unobservable Inputs (Level 3) [Member]    
Assets:    
Derivative financial instruments 0  
Total assets at fair value $ 0  
Liabilities:    
Derivative financial instruments   0
Total liabilities at fair value   $ 0
v3.26.1
Fair Value Measurements Fair Value by Balance Sheet Grouping (Details) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Financial Assets:        
Debt security investment, net $ 92,304,000 $ 92,136,000    
Debt security investment, fair value 93,143,000 93,107,000    
Financial Liabilities:        
Mortgage loans payable, net 962,375,000 [1] 966,925,000 [1] $ 1,000,489,000 $ 982,071,000
Mortgage loans payable, net fair value 892,097,000 898,892,000    
Lines of credit and term loan, net 547,823,000 547,510,000    
Lines of credit and term loan, net fair value $ 549,914,000 $ 549,946,000    
[1] Such liabilities of American Healthcare REIT, Inc. represented liabilities of American Healthcare REIT Holdings, LP or its consolidated subsidiaries as of March 31, 2026 and December 31, 2025. American Healthcare REIT Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of American Healthcare REIT, Inc. The creditors of American Healthcare REIT Holdings, LP or its consolidated subsidiaries do not have recourse against American Healthcare REIT, Inc., except for the 2024 Credit Facility, as defined in Note 8, Lines of Credit and Term Loan, held by American Healthcare REIT Holdings, LP in the amount of $550,000 as of both March 31, 2026 and December 31, 2025, which was guaranteed by American Healthcare REIT, Inc.
v3.26.1
Leases - Additional Information (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Lessee, Lease, Description [Line Items]    
Operating lease revenue $ 40,310,000 $ 42,508,000
Variable lease payments $ 9,748,000 $ 9,741,000
v3.26.1
Leases - Lessor, Future Minimum Rents Due (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Future Minimum Rent [Abstract]  
2026 $ 88,027
2027 113,863
2028 104,281
2029 92,903
2030 81,234
Thereafter 437,709
Total $ 918,017
v3.26.1
Leases - Components of Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Operating lease cost $ 8,197 $ 8,941
Amortization of leased assets 6 17
Interest on lease liabilities 2 4
Sublease income (53) (141)
Total lease cost $ 8,152 $ 8,821
v3.26.1
Leases - Lease Term and Discount Rate (Details)
Mar. 31, 2026
Dec. 31, 2025
Leases [Abstract]    
Operating leases, weighted average remaining lease term 11 years 4 months 24 days 11 years 4 months 24 days
Finance leases, weighted average remaining lease term 3 years 3 months 18 days 3 years 7 months 6 days
Operating leases, weighted average discount rate 5.85% 5.85%
Finance leases, weighted average discount rate 11.25% 11.25%
v3.26.1
Leases - Supplemental Disclosure of Cash Flows Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Operating cash outflows related to finance leases $ 2 $ 4
Financing cash outflows related to finance leases 7 14
Right-of-use assets obtained in exchange for operating lease liabilities $ 185 $ 1,281
v3.26.1
Leases - Future Minimum Rent Payments, Operating Leases (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Lessee, Operating Lease, Description [Abstract]    
2026 $ 21,326  
2027 29,138  
2028 29,467  
2029 28,563  
2030 26,673  
Thereafter 68,862  
Total undiscounted operating lease payments 204,029  
Less: interest (73,223)  
Present value of operating lease liabilities [1] $ 130,806 $ 135,603
[1] Such liabilities of American Healthcare REIT, Inc. represented liabilities of American Healthcare REIT Holdings, LP or its consolidated subsidiaries as of March 31, 2026 and December 31, 2025. American Healthcare REIT Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of American Healthcare REIT, Inc. The creditors of American Healthcare REIT Holdings, LP or its consolidated subsidiaries do not have recourse against American Healthcare REIT, Inc., except for the 2024 Credit Facility, as defined in Note 8, Lines of Credit and Term Loan, held by American Healthcare REIT Holdings, LP in the amount of $550,000 as of both March 31, 2026 and December 31, 2025, which was guaranteed by American Healthcare REIT, Inc.
v3.26.1
Leases - Future Minimum Rent Payments, Finance Leases and Financing Obligations (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Lessee, Finance Lease, Description [Abstract]  
2026 $ 3,111
2027 3,905
2028 3,556
2029 32,458
2030 92
Thereafter 0
Total undiscounted payments 43,122
Less: interest (9,447)
Present value of finance lease liabilities and financing obligations $ 33,675
v3.26.1
Segment Reporting - Summary Information for Reportable Segments (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Revenues:      
Resident fees and services $ 609,767,000 $ 497,176,000  
Real estate revenue 41,007,000 43,427,000  
Total revenues 650,774,000 540,603,000  
Expenses:      
Facility rental expense 13,100,000 13,643,000  
Segment net operating income (loss) 125,503,000 94,537,000  
Operating Expenses      
General and administrative 17,605,000 13,155,000  
Transaction, transition and restructuring costs 1,971,000 1,837,000  
Depreciation and amortization 67,062,000 41,114,000  
Other income (expense):      
Interest expense, net (18,796,000) (22,945,000)  
Gain (loss) in fair value of derivative financial instruments 1,527,000 (750,000)  
Loss on dispositions of real estate investments, net 0 (359,000)  
Impairment of real estate investment (418,000) (21,706,000)  
Income (loss) from unconsolidated entities 792,000 (1,848,000)  
Foreign currency (loss) gain (819,000) 1,416,000  
Other income, net 2,335,000 1,525,000  
Income (loss) before income taxes 23,486,000 (6,236,000)  
Income tax benefit (expense) 525,000 (604,000)  
Net income (loss) 24,011,000 (6,840,000)  
Assets by Reportable Segment      
Total assets 5,598,658,000   $ 5,426,226,000
Segments, Geographical Areas      
Total revenues 650,774,000 540,603,000  
Real estate investments, net 4,319,911,000   4,183,419,000
United States      
Revenues:      
Total revenues 649,107,000 539,049,000  
Segments, Geographical Areas      
Total revenues 649,107,000 539,049,000  
Real estate investments, net 4,277,832,000   4,140,169,000
International      
Revenues:      
Total revenues 1,667,000 1,554,000  
Segments, Geographical Areas      
Total revenues 1,667,000 1,554,000  
Real estate investments, net 42,079,000   43,250,000
ISHC      
Revenues:      
Resident fees and services 502,743,000 428,692,000  
Real estate revenue 0 0  
Total revenues 502,743,000 428,692,000  
Expenses:      
Compensation expense 257,373,000 218,779,000  
Controllable expenses 154,273,000 137,160,000  
Non-controllable expenses 12,577,000 12,263,000  
Facility rental expense 6,761,000 7,499,000  
Other segment items 0 0  
Segment net operating income (loss) 71,759,000 52,991,000  
Assets by Reportable Segment      
Total assets 2,718,571,000   2,686,143,000
Segments, Geographical Areas      
Total revenues 502,743,000 428,692,000  
SHOP      
Revenues:      
Resident fees and services 107,024,000 68,484,000  
Real estate revenue 0 0  
Total revenues 107,024,000 68,484,000  
Expenses:      
Compensation expense 47,653,000 34,006,000  
Controllable expenses 28,510,000 19,191,000  
Non-controllable expenses 5,024,000 3,525,000  
Facility rental expense 0 0  
Other segment items 0 0  
Segment net operating income (loss) 25,837,000 11,762,000  
Assets by Reportable Segment      
Total assets 1,426,363,000   1,273,714,000
Segments, Geographical Areas      
Total revenues 107,024,000 68,484,000  
OM      
Revenues:      
Resident fees and services 0 0  
Real estate revenue 30,842,000 33,194,000  
Total revenues 30,842,000 33,194,000  
Expenses:      
Compensation expense 0 0  
Controllable expenses 0 0  
Non-controllable expenses 0 0  
Facility rental expense 0 0  
Other segment items 12,124,000 12,685,000  
Segment net operating income (loss) 18,718,000 20,509,000  
Assets by Reportable Segment      
Total assets 1,041,285,000   1,048,810,000
Segments, Geographical Areas      
Total revenues 30,842,000 33,194,000  
Triple-net leased properties      
Revenues:      
Resident fees and services 0 0  
Real estate revenue 10,165,000 10,233,000  
Total revenues 10,165,000 10,233,000  
Expenses:      
Compensation expense 0 0  
Controllable expenses 0 0  
Non-controllable expenses 0 0  
Facility rental expense 0 0  
Other segment items 976,000 958,000  
Segment net operating income (loss) 9,189,000 9,275,000  
Assets by Reportable Segment      
Total assets 393,010,000   393,952,000
Segments, Geographical Areas      
Total revenues 10,165,000 $ 10,233,000  
Other      
Assets by Reportable Segment      
Total assets $ 19,429,000   $ 23,607,000
v3.26.1
Segment Reporting - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
USD ($)
Segment
Dec. 31, 2025
USD ($)
Segment Reporting [Abstract]    
Number of reportable segments | Segment 4  
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] Chief Executive Officer and President [Member]  
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description Our CODM evaluates the performance of our combined properties in each reportable segment and determines how to allocate resources to those segments, primarily based on net operating income, or NOI, for each segment. NOI excludes certain items that are not associated with the operations of our properties. Our CODM also primarily uses NOI for each segment in the annual budget and forecasting process. Further, our CODM considers budget-to-actual variances in NOI on a quarterly basis when making decisions about the allocation of operating and capital resources to each segment.  
Goodwill [Line Items]    
Goodwill $ 234,942,000 $ 234,942,000
Triple-net leased properties    
Goodwill [Line Items]    
Goodwill 18,953,000 18,953,000
ISHC    
Goodwill [Line Items]    
Goodwill 168,177,000 168,177,000
OM    
Goodwill [Line Items]    
Goodwill $ 47,812,000 $ 47,812,000
v3.26.1
Concentration of Credit Risk - Additional Information (Details)
Mar. 31, 2026
State
Tenant
Concentration of Credit Risk  
Number of states that generated at least 10% of annualized base rent | State 2
Minimum percent share of each state annualized base rent that company owned 10.00%
Number Of Tenants With More Than Ten Percent Of Annual Base Rent | Tenant 0
Minimum percent share of annualized base rent accounted by tenants 10.00%
ISHC  
Concentration of Credit Risk  
Percentage of annual base rent 58.30%
SHOP  
Concentration of Credit Risk  
Percentage of annual base rent 19.20%
OM  
Concentration of Credit Risk  
Percentage of annual base rent 16.50%
Triple-net leased properties  
Concentration of Credit Risk  
Percentage of annual base rent 6.00%
Indiana  
Concentration of Credit Risk  
Percentage of annual base rent 35.60%
Ohio  
Concentration of Credit Risk  
Percentage of annual base rent 13.70%
v3.26.1
Earnings Per Share - Reconciliation of Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Numerator:    
Net income (loss) attributable to controlling interest - basic $ 23,713 $ (6,804)
Adjustment for net loss allocated to participating securities (1) 0
Net income (loss) attributable to controlling interest — diluted $ 23,712 $ (6,804)
Denominator:    
Denominator for basic earnings per share - Weighted average shares (in shares) 187,319,513 156,922,819
Effect of dilutive securities:    
Nonvested restricted common stock and stock units 550,804 0
ESPP 273 0
Forward equity sale agreements 99,848 0
Denominator for diluted earnings per share - adjusted weighted average shares (in shares) 187,970,438 156,922,819
Basic earnings per share:    
Net income (loss) attributable to controlling interest $ 0.13 $ (0.04)
Diluted earnings per share:    
Net income (loss) attributable to controlling interest $ 0.13 $ (0.04)
v3.26.1
Earnings Per Share - Additional Information (Details) - shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Restricted Stock Units | Time Based Unit    
Anti-dilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from computation of earnings per share (in shares) 0 443,835
Restricted Stock Units | Performance Based Unit    
Anti-dilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from computation of earnings per share (in shares) 604,294 424,788
Restricted Common Stock | Restricted Stock Award    
Anti-dilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from computation of earnings per share (in shares) 0 758,066
OP units    
Anti-dilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from computation of earnings per share (in shares) 1,936,425 2,004,216
Forward sale agreements    
Anti-dilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from computation of earnings per share (in shares) 5,577,147 0
v3.26.1
Subsequent Event - Additional Information (Details) - Subsequent Event - 2026 Credit Facility
Apr. 01, 2026
USD ($)
Subsequent Event [Line Items]  
Line of credit facility, maximum borrowing capacity $ 1,350,000,000
Increase to maximum borrowing capacity $ 1,850,000,000
Line of Credit Facility, Number of Business Days 5 days
Term Loans  
Subsequent Event [Line Items]  
Line of credit facility, maximum borrowing capacity $ 550,000,000
Revolving Loans  
Subsequent Event [Line Items]  
Line of credit facility, maximum borrowing capacity $ 800,000,000