American Healthcare REIT, Inc.

AI-generated fair value estimate for this company.

Method: 10-year per-share NFFO (Normalized FFO, AHR's AFFO-equivalent metric) discount model: $2.17 FY2026E NFFO/share base (management's Aug-2026-raised guidance midpoint); NFFO/share growth decelerating from 12% in year 1 to 3% in year 10 as same-store NOI growth normalizes from the current ~13% pace toward a long-run mid-single-digit rate; 8.5% discount rate (REIT cost of equity); 3% terminal growth; terminal value via Gordon growth model, implying an 18.7x terminal NFFO multiple; 233M diluted shares outstanding post the May-2026 equity raise.

Reasoning: AHR is a REIT, so NFFO (its AFFO-equivalent) rather than unlevered FCF is the appropriate per-share cash-flow metric, since it already nets out maintenance capex and financing costs; discounting NFFO/share directly is the standard REIT valuation approach and avoids double-counting debt effects that an enterprise-value FCF model would require adjusting for separately. The growth path assumes AHR's current unusually fast ~26% NFFO growth (fueled by the 2026 capital raise and a senior-housing occupancy/margin recovery) decelerates toward the mid-single-digit long-run rate typical of stabilized senior-housing and healthcare REITs.