AHRHIGH SIGNALFINANCIAL10-K

AHR achieved a dramatic financial turnaround with net income swinging from a $37.8M loss to $69.8M profit while significantly strengthening its balance sheet and expanding operations.

The company's transformation from unprofitable to profitable, combined with substantial improvements in cash flow and equity position, indicates successful execution of its strategic plan and improved operational efficiency. The 67% increase in operating cash flow and 47% growth in stockholders' equity demonstrate strong underlying business performance that should support future growth initiatives.

Comparing 2026-02-27 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

AHR delivered exceptional financial performance with net income improving by 285% from a $38M loss to a $70M profit, driven by 14% operating income growth and a 33% reduction in interest expense. The company significantly strengthened its financial position with operating cash flow surging 67% to $294M, cash reserves increasing 50% to $115M, and stockholders' equity expanding 47% to $3.3B. The overall financial picture signals a successful operational turnaround with improved profitability, enhanced liquidity, and a stronger balance sheet that positions AHR well for future growth and investment opportunities.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+284.6%
-$37.8M→$69.8M

Net income grew 284.6% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
+67.2%
$176.1M→$294.4M

Operating cash flow surged 67.2% — exceptional cash generation, highest quality earnings signal.

Cash & Equivalents
Balance Sheet
+49.7%
$76.7M→$114.8M

Cash position surged 49.7% — strong cash generation or capital raise providing significant financial cushion.

Stockholders Equity
Balance Sheet
+46.9%
$2.3B→$3.3B

Equity base grew 46.9% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Interest Expense
P&L
-32.8%
$127.7M→$85.8M

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Total Assets
Balance Sheet
+20.9%
$4.5B→$5.4B

Asset base grew 20.9% — expansion through organic growth, acquisitions, or capital deployment.

Operating Income
P&L
+14.2%
$363.5M→$415.2M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-28
ADDED
We have built a fully-integrated management platform, with approximately 121 employees as of December 31, 2025, that operates clinical healthcare properties throughout the United States, and in the United Kingdom and the Isle of Man .
We believe that we have been organized and operated, and we intend to continue to operate, in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986, or the Code.
As of December 31, 2025 and 2024, we owned 99.0% and 98.7%, respectively, of the operating partnership units, or OP units, in our operating partnership, and the remaining 1.0% and 1.3% of the OP units, respectively, were owned by the following limited partners: (i) AHI Group Holdings, LLC, which is owned and controlled by Jeffrey T.
Hanson, our Chairman of the Board of Directors and Interim Chief Executive Officer and President, Danny Prosky, our Chief Executive Officer, President and director, who, as previously disclosed, is currently taking a leave of absence from his executive role for medical reasons, and Mathieu B.
Streiff, one of our non-executive directors; and (ii) a wholly-owned subsidiary of Griffin Capital Company, LLC.
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REMOVED
Further, while there was no established market for the registrant s Class T and Class I common stock, as of the last business day of the registrant s most recently completed second fiscal quarter the aggregate market value of shares of Class T common stock and shares of Class I common stock held by non-affiliates of the registrant was $606,540,000 and $1,458,259,000, respectively, assuming a market value as of that date of $31.40 per share, which was the last estimated per share net asset value established by the registrant s board of directors.
We have built a fully-integrated management platform, with approximately 114 employees, that operates clinical healthcare properties throughout the United States, the United Kingdom and the Isle of Man .
As of December 31, 2023, we owned 95.0% of the operating partnership units, or OP units, in our operating partnership, and the remaining 5.0% OP units were owned by the following limited partners: (i) AHI Group Holdings, LLC, which is owned and controlled by Jeffrey T.
Hanson, the non-executive Chairman of our board of directors, or our board, Danny Prosky, our Chief Executive Officer, President and director, and Mathieu B.
Streiff, one of our non-executive directors; (ii) Platform Healthcare Investor T-II, LLC; (iii) Flaherty Trust; and (iv) a wholly owned subsidiary of Griffin Capital Company, LLC, or Griffin Capital.
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