American Healthcare REIT expanded both its Integrated Senior Health Campus and SHOP segments in 2025, completing $950 million of new investments across the two. The ISHC portfolio grew from 126 properties at year-end 2024 to 147 by the end of 2025, while the SHOP segment increased from 70 to 83 properties.
Same-community ISHC properties delivered 18.4% year-over-year NOI growth. Average occupancy reached 89.6% for full-year 2025, up 250 basis points from the prior year, with steady quarterly gains culminating in 90.6% in the fourth quarter, a 275-basis point year-over-year increase.
Same-community SHOP performed well, with NOI rising 25.2% year-over-year. Average occupancy was 88.3% in 2025, up 195 basis points from 2024. Like ISHC, occupancy improved each quarter each quarter, also reaching 90.6% in the fourth quarter, a 288-basis point increase year over year.
Momentum has continued into 2026. American Healthcare REIT has already acquired five SHOP assets in California and Missouri for $117.5 million and maintains more than $230 million of awarded deals in its investments pipeline, including newly awarded deals and transactions previously disclosed in its third-quarter 2025 earnings release that have yet to close. These deals are expected to close by the end of 2026.
For 2026, the REIT projects total portfolio same-community NOI growth between 7% and 11%, with ISHC expected to grow between 8% and 12% and SHOP forecasted between 15% and 19%.
