American Healthcare REIT’s senior living revenue set to jump 44% in 2026

American Healthcare REIT Inc.'s (NYSE: AHR) growth is increasingly being driven by senior living, as rising occupancy and revenue per occupied unit combine with portfolio expansion to push NOI sharply higher. Integrated Senior Health Campuses (ISHC) remains the company's largest business, but Senior Housing Operating Properties (SHOP) is emerging as its faster-growing source of incremental earnings.

Visible Alpha consensus points to total revenue rising 22% year-on-year to $2.8 billion in 2026, with resident fees and services accounting for most of the increase. Within that, ISHC revenue is expected to rise 18% to $2.1 billion in 2026, while revenue from SHOP resident fees is forecast to increase 44% to $476 million. Revenue from AHR's outpatient medical and triple-net portfolios, meanwhile, is expected to continue declining.

The shift is even more pronounced at the property level. Cash NOI from senior living is expected to more than double to $130 million in 2026.

The growth in SHOP reflects both an expanding portfolio and stronger performance at existing communities. SHOP units are expected to increase 12% to 8,025 in 2026, while same-store occupancy rises from 87% in 2025 to 90% in 2026 and same-store revenue per occupied room increases 3% to $5,334. Those gains are expected to lift same-store SHOP NOI by 21% to $64 million.

AHR is also using acquisitions to scale the SHOP segment. The company invested $1.4 billion across its portfolio in the first half of 2026, including $127 million in SHOP, before adding another $1 billion of SHOP assets after quarter-end. The September acquisitions of Kensington Senior Living and LCB Senior Living illustrate the strategy. AHR is targeting Class A, higher-acuity communities in affluent, supply-constrained markets while partnering with established regional operators. The Kensington portfolio comprises eight communities and 745 units, with about 93% of units dedicated to assisted living and memory care.

This article was published by Visible Alpha, part of S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.