Ishc was American Healthcare REIT’s largest segment in fiscal 2025, bringing in $1.37B of $1.97B (69%).
| Segment | FY 2018 | FY 2019 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|
| Ishc | — | $1.00B | $1.01B | $1.37B | |||
| Integrated Senior Health Campuses | $582.45M | — | — | — | |||
| Shop | $235.47M | $378.68M | $556.68M | $603.03M | |||
| Medical Office Building | — | — | — | — | |||
| Senior Housing-Ridea | — | — | — | — | |||
| Skilled Nursing Facilities | — | — | — | — | |||
| Senior Housing | — | — | — | — | |||
| Total | $817.92M | $1.38B | $1.57B | $1.97B |
American Healthcare REIT brought in $1.97B from its two segments in fiscal 2025, the year ended December 31, 2025. That is less than the $2.26B it reports by geography, so these segments do not cover all of its revenue. Ishc was the largest at $1.37B (69.4%), ahead of Shop at $603.03M (30.6%).
Compared with fiscal 2024, Ishc grew 35.0% to $1.37B and Shop grew 8.3% to $603.03M.
American Healthcare REIT began breaking out Ishc in fiscal 2023, when it brought in $1.00B. American Healthcare REIT stopped reporting Integrated Senior Health Campuses as a separate segment after fiscal 2022, when it brought in $582.45M.
Medicare was American Healthcare REIT’s largest revenue line in fiscal 2025, bringing in $708.35M of $1.81B (39%).
| Customer | FY 2018 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|
| Medicare | $1.01B | $477.34M | $605.09M | $708.35M | ||
| Private & Other Payors | $243.09M | $870.59M | $859.02M | $667.77M | ||
| Medicaid | $429.13M | $308.40M | $378.08M | $436.57M | ||
| Total | $1.68B | $1.66B | $1.84B | $1.81B |
American Healthcare REIT brought in $1.81B from its three revenue lines in fiscal 2025, the year ended December 31, 2025. That is less than the $2.26B it reports by geography, so these revenue lines do not cover all of its revenue. Medicare was the largest at $708.35M (39.1%), ahead of Private & Other Payors at $667.77M (36.8%) and Medicaid at $436.57M (24.1%).
Compared with fiscal 2024, Medicare grew fastest, up 17.1% to $708.35M, while Private & Other Payors fell the most, down 22.3% to $667.77M.
United States was American Healthcare REIT’s largest region in fiscal 2025, bringing in $2.25B of $2.26B (100%).
| Geography | FY 2025 |
|---|---|
| United States | $2.25B |
| International | $6.51M |
| Total | $2.26B |
American Healthcare REIT brought in $2.26B from its two regions in fiscal 2025, the year ended December 31, 2025. United States was the largest at $2.25B (99.7%), ahead of International at $6.51M (0.3%).
American Healthcare REIT (AHR) reports its revenue by segment, by customer and by geography. In fiscal 2025, Ishc was its largest segment, bringing in $1.37B (69.4% of the total), followed by Shop at $603.03M (30.6%).
Ishc was American Healthcare REIT's largest segment in fiscal 2025, bringing in $1.37B, or 69.4% of the $1.97B total across its two segments.
Medicare was American Healthcare REIT's largest revenue line in fiscal 2025, bringing in $708.35M, or 39.1% of the $1.81B total across its three revenue lines.
United States was American Healthcare REIT's largest region in fiscal 2025, bringing in $2.25B, or 99.7% of the $2.26B total across its two regions.
Ishc grew faster than Shop in fiscal 2025, up 35.0% from $1.01B to $1.37B. Shop grew 8.3% to $603.03M.
Every figure comes from American Healthcare REIT's annual financial filings, as reported. Each line keeps the name American Healthcare REIT gives it, and years follow its fiscal calendar.
American Healthcare REIT's revenue by segment goes back to fiscal 2018, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.