American Healthcare REIT

Positives: match‑funding external growth with forward equity and ATM capacity has kept leverage conservative while enabling more than 1.4 billion of YTD 2026 investments focused on higher‑return ISHC/SHOP assets. Development and expansion projects are sized to drive incremental NOI at attractive yields, and non‑core dispositions continue.

Cautions: the strategy uses significant equity issuance (ATM, follow‑on forward offerings including August 10, 2026), which is sensible only if deployment IRRs sustainably exceed the cost of new equity and if per‑share value accretes through cycle.

Dividend policy looks prudent with an annualized 1.00 distribution and a TTM NFFO payout ratio near 50%–55%.