American Healthcare REIT

AHR is realizing and guiding to strong price capture: Q2 2026 same‑store NOI growth was 13.2% overall, led by 20.5% in SHOP and 16.1% in ISHC, with full‑year 2026 same‑store NOI growth guided to 11–13%. Industry occupancy has pushed to about 90% as construction sinks to post‑GFC lows, supporting continued annual rate lifts.

Outpatient medical pricing is steadier and lower‑beta but currently shows modest same‑store growth. Risks: wage inflation and payer mix in skilled nursing can compress margins in tough periods, and outpatient medical rent bumps are typically CPI‑tethered and mid‑single‑digit.

On balance, latent pricing remains favorable given demand‑supply dynamics and AHR’s operator control in ISHC/SHOP.