American Healthcare REIT (AHR) completed more than $950 million of new acquisitions in 2025, a move that expands its senior‑care footprint and reinforces its strategy of acquiring high‑quality, RIDEA‑structured assets. The purchases are split between Integrated Senior Health Campuses (ISHC) and Senior Housing Operating Properties (SHOP), with roughly $370 million invested in ISHC and $590 million in SHOP, the two segments that have driven the company’s recent growth.
The acquisitions add significant capacity to AHR’s portfolio, positioning the company to capture the growing demand for senior‑care services. By focusing on ISHC and SHOP, AHR is targeting properties that generate resident‑fee revenue and benefit from its operational platform, rather than relying on passive triple‑net leases. The RIDEA structure allows AHR to lease properties to a taxable REIT subsidiary that contracts with an operator, giving the company direct participation in the upside of operational performance.
AHR’s aggressive expansion plan has been underpinned by its 2024 IPO and subsequent equity raises, which have provided the capital needed to pursue these acquisitions. The $950 million in new assets is expected to accelerate the company’s same‑store NOI growth trajectory, support future dividend coverage, and enhance capital‑allocation flexibility. Management noted that the acquisitions “add nearly $1 billion of new assets to our portfolio in 2025” and that the company will “carry this momentum of external growth into the new year as we expand our reach into the communities we serve.”
The acquisitions are part of a broader trend of strong same‑store NOI growth in AHR’s core operating segments. In Q3 2025, same‑store NOI grew 16.4% year‑over‑year, with ISHC up 21.7% and SHOP up 25.3% versus Q3 2024. The new assets are expected to build on this momentum, further enhancing NOI growth and providing a solid foundation for dividend payments. AHR declared a Q4 2025 cash distribution of $0.25 per share, maintaining an annualized rate of $1.00 per share.
Analysts have highlighted the company’s robust same‑store NOI performance and the upward revision of its full‑year 2025 guidance in November 2025. The market reaction has been positive, reflecting confidence in AHR’s ability to generate operational upside through its RIDEA‑structured model and its continued focus on high‑growth senior‑care segments.
The acquisition strategy also positions AHR to benefit from demographic trends that are driving demand for senior‑care services. By expanding its portfolio of operationally driven assets, the company is well‑placed to capture higher margins and operational efficiencies, reinforcing its competitive position in the senior‑care real‑estate market.
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