American Healthcare REIT (AHR) Citi’s Miami Global Property CEO Conference 2026 summary

Market fundamentals and growth outlook

• Senior housing and long-term care segments show strong supply-demand fundamentals, supporting robust organic earnings growth and favorable cost of capital, enabling both internal and external expansion.

• Guidance indicates nearly 18% NFFO per share growth at the midpoint, with a safe balance sheet at 3.4x net debt to EBITDA.

• Sector benefits from demographic tailwinds, with 10,000 people turning 80 daily and limited new construction (less than 1% of stock under construction), supporting sustained growth.

• Occupancy in RIDEA segments grew by 270–280 basis points last year, with continued demand expected as baby boomers age.

Revenue mix and operational strategy

• Trilogy segment leverages a mix of private pay, Medicare Advantage, and Medicaid, optimizing revenue by partnering with high-reimbursement plans and focusing on quality ratings.

• Medicare Advantage business achieved over 8.5% rate growth by selectively partnering with top plans; trend expected to continue as occupancy rises.

• Revenue growth is further driven by shifting resident mix toward higher-reimbursement sources, with a 2% decrease in Medicaid days and more post-acute admissions.

Unique integrated care model

• Trilogy operates integrated campuses combining skilled nursing, assisted living, memory care, and independent living, creating referral synergies and operational efficiencies.

• Purpose-built facilities average 10–11 years old, offering a modern, continuum-of-care environment that enhances resident experience and competitive positioning.

• Management contract with Trilogy is heavily incentive-based, aligned with EBITDA growth, and paid in stock, fostering strong operator alignment and value creation.