American Healthcare REIT, Inc. (AHR) Balance Sheet
AHR balance sheet, 2025
December 31, 2025 · U.S. dollars$5.43B assets = $2.07B liabilities + $3.36B equity
Both columns are drawn to the same scale: what AHR owns equals what it owes plus shareholders’ equity. Hover a block for its value.
AHR financial health
Descriptive bands, not a rating. Fiscal 2025.
AHR balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.79B2016 | $5.43B2025 | +7.7%/yr | |
| Total liabilities | $1.34B2016 | $2.07B2025 | +4.9%/yr | |
| Shareholders’ equity | $1.26B2016 | $3.32B2025 | +11.3%/yr | |
| Cash & short-term investments | $29.1M2016 | $114.8M2025 | +16.5%/yr | |
| Total debt | $1.19B2016 | $1.69B2025 | +3.9%/yr | |
| Net cash (debt) | −$1.16B2016 | −$1.57B2025 | −$410.1M | |
| Working capital | $162.2M2016 | −$548.4M2025 | −$710.6M | |
| Book value per share | $26.012016 | $19.902025 | −2.9%/yr | |
| Current ratio | 2.512016 | 0.372025 | −2.14 | |
| Debt / equity | 0.942016 | 0.512025 | −0.43 | |
| Shares outstanding | 48.5M2016 | 166.8M2025 | +14.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AHR assets
AHR liabilities and equity
AHR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
AHR balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $114.8M | $76.7M | $43.4M | $65.1M | $81.6M | $113.2M | $53.1M | $35.1M | $33.7M | $29.1M |
| Cash & equivalents | $114.8M | $76.7M | $43.4M | $65.1M | $81.6M | $113.2M | $53.1M | $35.1M | $33.7M | $29.1M |
| Short-term investments | — | — | $1.5M | — | — | — | — | — | — | — |
| Receivables | $204.3M | $211.1M | $185.4M | $184.4M | $163.8M | $163.5M | $177.3M | $146.3M | $134.6M | $139.5M |
| Inventory | $18.8M | $19.5M | $19.5M | $19.8M | $18.9M | $24.7M | $23.9M | $21.2M | $19.3M | $17.3M |
| Other current assets | $0 | $47.6M | $48.8M | $72.7M | $66.4M | $55.6M | $77.1M | $100.8M | $87.9M | $83.7M |
| Total current assets | $319.1M | $354.9M | $297.1M | $341.9M | $330.7M | $357.0M | $331.4M | $303.3M | $275.5M | $269.5M |
| Property, plant & equipment (net) | $271.0M | $164.0M | $227.8M | $3.86B | $3.67B | $2.53B | $2.49B | $2.22B | $2.16B | $2.14B |
| Goodwill & intangible assets | $488.2M | $396.4M | $415.4M | $467.9M | $458.8M | $230.0M | $235.6M | $254.8M | $255.6M | $276.1M |
| Long-term investments | $95.8M | $105.2M | $107.5M | $92.6M | $94.9M | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $4.25B | $3.47B | $3.53B | $26.4M | $23.1M | $114.0M | $115.7M | $108.3M | $106.1M | $109.9M |
| Total assets | $5.43B | $4.49B | $4.58B | $4.79B | $4.58B | $3.23B | $3.17B | $2.89B | $2.80B | $2.79B |
| Liabilities | ||||||||||
| Accounts payable | $317.7M | $258.3M | $242.9M | $83.7M | $64.4M | $67.8M | $62.2M | $43.0M | $44.0M | $37.2M |
| Short-term debt | $549.8M | $688.5M | $1.45B | $316.7M | $921.9M | $1.65B | $8.3M | $3.3M | $95.3M | $37.6M |
| Deferred revenue | — | — | −$565.7M | −$5.37B | −$4.19B | −$3.86B | −$779.8M | — | — | — |
| Total current liabilities | $867.5M | $946.9M | $1.47B | $560.6M | $1.11B | $194.7M | $173.7M | $144.8M | $126.6M | $107.3M |
| Long-term debt | $1.55B | $1.71B | $2.57B | $2.56B | $1.13B | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $135.6M | $165.2M | $225.5M | $273.1M | $145.5M | — | — | — | — | — |
| Other long-term liabilities | $0 | $0 | $0 | $16.7M | $511.5M | $1.97B | $1.90B | $1.49B | $1.29B | $1.24B |
| Total liabilities | $2.07B | $2.18B | $3.12B | $3.14B | $2.75B | $2.16B | $2.07B | $1.63B | $1.42B | $1.34B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.9M | $1.6M | $661,000 | $661,000 | $658,000 | $1.8M | $1.9M | $2.0M | $2.0M | $2.0M |
| Retained earnings (deficit) | −$1.56B | −$1.46B | −$1.28B | −$1.14B | −$951.3M | −$864.3M | −$827.5M | −$704.7M | −$598.0M | −$490.3M |
| Accumulated other comprehensive income | −$2.1M | −$2.5M | −$2.4M | −$2.7M | −$2.0M | −$2.0M | −$2.3M | −$2.6M | −$2.0M | −$3.0M |
| Minority interest | $40.0M | $42.9M | $188.9M | $249.3M | — | — | — | — | — | — |
| Total shareholders' equity | $3.32B | $2.26B | $1.27B | $1.40B | $1.58B | $866.1M | $900.6M | $1.06B | $1.19B | $1.26B |
| Key figures | ||||||||||
| Total debt | $1.69B | $1.87B | $3.02B | $2.83B | $2.50B | $1.88B | $1.85B | $1.45B | $1.25B | $1.19B |
| Net cash (debt) | −$1.57B | −$1.79B | −$2.98B | −$2.77B | −$2.42B | −$1.76B | −$1.79B | −$1.42B | −$1.22B | −$1.16B |
| Working capital | −$548.4M | −$592.0M | −$1.17B | −$218.7M | −$779.3M | $162.3M | $157.7M | $158.5M | $148.9M | $162.2M |
| Tangible book value | $2.83B | $1.86B | $854.9M | $932.2M | $1.12B | $636.1M | $665.0M | $805.7M | $932.2M | $986.7M |
| Book value per share | $19.90 | $17.31 | $19.23 | $21.15 | $23.88 | $13.11 | $19.80 | $21.22 | $23.97 | $26.01 |
| Shares outstanding | 166.8M | 130.6M | 66.0M | 66.2M | 66.2M | 66.0M | 45.5M | 50.0M | 49.6M | 48.5M |
| Current ratio | 0.37 | 0.37 | 0.20 | 0.61 | 0.30 | 1.83 | 1.91 | 2.09 | 2.18 | 2.51 |
| Quick ratio | 0.37 | 0.30 | 0.16 | 0.44 | 0.22 | 1.42 | 1.33 | 1.25 | 1.33 | 1.57 |
| Debt / equity | 0.51 | 0.83 | 2.38 | 2.02 | 1.58 | 2.17 | 2.05 | 1.37 | 1.06 | 0.94 |
| Equity / assets | 61.2% | 50.4% | 27.7% | 29.2% | 34.5% | 26.8% | 28.4% | 36.7% | 42.4% | 45.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $156.9M | $119.4M | $114.8M | $147.4M | $133.5M | $86.1M | $76.7M | $67.8M | $52.1M | $77.0M | $43.4M | $35.2M |
| Cash & equivalents | $156.9M | $119.4M | $114.8M | $147.4M | $133.5M | $86.1M | $76.7M | $67.8M | $52.1M | $77.0M | $43.4M | $35.2M |
| Short-term investments | — | — | — | — | — | — | — | — | $5.9M | $5.5M | $1.5M | $8.2M |
| Receivables | $229.6M | $241.6M | $204.3M | $188.6M | $224.1M | $271.1M | $211.1M | $253.9M | $201.0M | $264.4M | $185.4M | $216.4M |
| Inventory | $20.5M | $20.4M | $18.8M | $20.2M | $19.4M | $19.4M | $19.5M | $20.2M | $20.0M | $20.7M | $19.5M | $22.0M |
| Other current assets | $0 | $66.9M | $0 | $37.2M | $0 | $79.5M | $47.6M | $81.9M | $51.4M | $85.7M | $48.8M | $89.0M |
| Total current assets | $156.9M | $448.3M | $319.1M | $393.4M | $357.6M | $456.0M | $354.9M | $423.8M | $324.5M | $447.9M | $297.1M | $362.6M |
| Property, plant & equipment (net) | $4.54B | $130.4M | $271.0M | $140.7M | $296.1M | $3.49B | $164.0M | $3.71B | $177.4M | $3.70B | $227.8M | $3.66B |
| Goodwill & intangible assets | $472.2M | $485.4M | $488.2M | $416.3M | $390.8M | $391.4M | $396.4M | $412.7M | $414.4M | $422.8M | $415.4M | $431.8M |
| Long-term investments | $97.8M | $96.7M | $95.8M | $95.2M | $103.0M | $103.8M | $105.2M | $106.4M | $107.4M | $107.4M | $107.5M | $106.7M |
| Other non-current assets | $434.1M | $4.44B | $4.25B | $3.72B | $3.36B | $22.6M | $3.47B | $25.1M | $3.62B | $25.0M | $3.53B | $23.2M |
| Total assets | $5.70B | $5.60B | $5.43B | $4.77B | $4.51B | $4.46B | $4.49B | $4.68B | $4.64B | $4.70B | $4.58B | $4.59B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | $317.7M | — | $79.4M | $79.1M | $258.3M | $82.9M | $79.4M | $108.4M | $242.9M | $85.7M |
| Short-term debt | $549.9M | $157.3M | $549.8M | $549.7M | $549.6M | $54.5M | $688.5M | $46.1M | $783.9M | $414.7M | $1.45B | $380.8M |
| Deferred revenue | — | — | — | — | — | — | — | — | $116.4M | −$108.4M | — | — |
| Total current liabilities | $882.0M | $157.3M | $867.5M | $847.7M | $823.3M | $327.3M | $946.9M | $316.1M | $1.04B | $672.8M | $1.47B | $618.0M |
| Long-term debt | $892.7M | $996.0M | $1.55B | $1.56B | $1.57B | $1.68B | $1.71B | $1.92B | $1.27B | $1.27B | $1.34B | $1.26B |
| Lease obligations | $124.9M | $130.8M | $135.6M | $141.3M | $148.2M | $153.6M | $165.2M | $174.2M | $178.6M | $219.8M | $225.5M | $231.1M |
| Other long-term liabilities | $187.3M | $924.0M | $0 | $0 | $0 | $154.4M | $0 | $185.6M | $233.9M | $618.3M | $307.7M | $1.18B |
| Total liabilities | $1.96B | $2.08B | $2.07B | $2.05B | $2.04B | $2.16B | $2.18B | $2.42B | $2.54B | $2.56B | $3.12B | $3.06B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.9M | $1.9M | $1.9M | $1.7M | $1.6M | $1.6M | $1.6M | $1.5M | $1.3M | $1.3M | $661,000 | $661,000 |
| Retained earnings (deficit) | −$1.60B | −$1.58B | −$1.56B | −$1.52B | −$1.54B | −$1.50B | −$1.46B | −$1.39B | −$1.34B | −$1.31B | −$1.28B | −$1.23B |
| Accumulated other comprehensive income | −$2.2M | −$2.2M | −$2.1M | −$2.1M | −$2.0M | −$2.3M | −$2.5M | −$2.2M | −$2.5M | −$2.5M | −$2.4M | −$2.6M |
| Minority interest | $47.3M | $39.7M | $40.0M | $41.8M | $41.6M | — | — | — | — | — | — | — |
| Total shareholders' equity | $3.69B | $3.48B | $3.32B | $2.68B | $2.42B | $2.26B | $2.26B | $2.21B | $1.93B | $1.96B | $1.27B | $1.31B |
| Key figures | ||||||||||||
| Total debt | $1.57B | $1.55B | $1.69B | $1.70B | $1.72B | $1.83B | $1.87B | $2.10B | $2.23B | $2.25B | $3.02B | $2.77B |
| Net cash (debt) | −$1.41B | −$1.43B | −$1.57B | −$1.55B | −$1.58B | −$1.75B | −$1.79B | −$2.03B | −$2.18B | −$2.17B | −$2.98B | −$2.73B |
| Working capital | −$725.1M | $291.0M | −$548.4M | −$454.4M | −$465.8M | $128.7M | −$592.0M | $107.7M | −$713.0M | −$224.9M | −$1.17B | −$255.5M |
| Tangible book value | $3.22B | $3.00B | $2.83B | $2.26B | $2.03B | $1.87B | $1.86B | $1.79B | $1.52B | $1.54B | $854.9M | $882.4M |
| Book value per share | $19.37 | $18.52 | $19.90 | $16.44 | $15.02 | $14.42 | $14.71 | $16.51 | $14.79 | $18.80 | $19.23 | $19.90 |
| Shares outstanding | 190.7M | 188.0M | 166.8M | 162.9M | 161.1M | 156.9M | 153.7M | 133.7M | 130.7M | 104.3M | 66.0M | 66.0M |
| Current ratio | 0.18 | 2.85 | 0.37 | 0.46 | 0.43 | 1.39 | 0.37 | 1.34 | 0.31 | 0.67 | 0.20 | 0.59 |
| Quick ratio | 0.44 | 2.30 | 0.37 | 0.40 | 0.43 | 1.09 | 0.30 | 1.02 | 0.24 | 0.51 | 0.16 | 0.41 |
| Debt / equity | 0.42 | 0.44 | 0.51 | 0.63 | 0.71 | 0.81 | 0.83 | 0.95 | 1.15 | 1.15 | 2.38 | 2.11 |
| Equity / assets | 64.8% | 62.2% | 61.2% | 56.1% | 53.7% | 50.7% | 50.4% | 47.2% | 41.6% | 41.7% | 27.7% | 28.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
AHR financial position
At the end of fiscal 2025 (December 31, 2025), American Healthcare REIT had total assets of $5.4 billion (up 20.9% from a year earlier), total liabilities of $2.1 billion and shareholders' equity of $3.3 billion. It held $114.8 million in cash and short-term investments against $1.7 billion of debt, net debt of $1.6 billion. Its current ratio was 0.37. In the latest quarter (ended June 30, 2026) total assets were $5.7 billion and equity $3.7 billion.
Related: AHR income statement, AHR cash flow statement, AHR key metrics. See the AHR stock overview for the latest quote and news.
AHR balance sheet FAQ
What are American Healthcare REIT's total assets?
American Healthcare REIT reported total assets of $5.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $4.5 billion a year earlier.
How much debt does American Healthcare REIT have?
American Healthcare REIT had $1.7 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.51.
How much cash does American Healthcare REIT have?
American Healthcare REIT held $114.8 million in cash and short-term investments at the end of fiscal 2025; with $1.7 billion of debt that is net debt of $1.6 billion.
What is American Healthcare REIT's book value?
American Healthcare REIT's shareholders' equity (book value) was $3.3 billion at the end of fiscal 2025, or $19.90 per share.
What is American Healthcare REIT's current ratio?
American Healthcare REIT had current assets of $319.1 million and current liabilities of $867.5 million, a current ratio of 0.37 (current liabilities exceed current assets).
How much goodwill does American Healthcare REIT have?
American Healthcare REIT carried $488.2 million of goodwill and intangible assets, 9.0% of total assets, at the end of fiscal 2025.