Ishc was American Healthcare REIT’s largest segment in fiscal 2025, bringing in $1.76B of $2.26B (78%).
| Segment | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Ishc | — | $1.49B | $1.62B | $1.76B | |||||
| Integrated Senior Health Campuses | $1.25B | — | — | — | |||||
| Shop | $157.49M | $186.86M | $263.99M | $330.57M | |||||
| Om | — | $146.07M | — | $126.08M | |||||
| Triple-Net Leased Properties | — | $44.33M | — | $39.54M | |||||
| Medical Office Building | — | — | — | — | |||||
| Senior Housing-Ridea | — | — | — | — | |||||
| Senior Housing | — | — | — | — | |||||
| Skilled Nursing Facilities | — | — | — | — | |||||
| Total | $1.41B | $1.87B | $1.88B | $2.26B |
American Healthcare REIT brought in $2.26B from its four segments in fiscal 2025, the year ended December 31, 2025. American Healthcare REIT regrouped these segments after fiscal 2024, so the total does not compare directly with that year's $1.88B. Ishc was the largest at $1.76B (78.0%), ahead of Shop at $330.57M (14.6%) and Om at $126.08M (5.6%). The remaining segment, Triple-Net Leased Properties, brought in $39.54M.
Compared with fiscal 2024, Shop grew 25.2% to $330.57M and Ishc grew 8.9% to $1.76B.
American Healthcare REIT began breaking out Ishc in fiscal 2023, Om in fiscal 2023 and Triple-Net Leased Properties in fiscal 2023. American Healthcare REIT stopped reporting Integrated Senior Health Campuses as a separate segment after fiscal 2022, when it brought in $1.25B.
United States was American Healthcare REIT’s largest region in fiscal 2025, bringing in $2.25B of $2.26B (100%).
| Geography | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| United States | $1.86B | $2.06B | $2.25B |
| International | $4.66M | $6.63M | $6.51M |
| Total | $1.87B | $2.07B | $2.26B |
American Healthcare REIT brought in $2.26B from its two regions in fiscal 2025, the year ended December 31, 2025. That was up 9.1% from $2.07B in fiscal 2024. United States was the largest at $2.25B (99.7%), ahead of International at $6.51M (0.3%).
From fiscal 2023 to 2025, combined revenue from these regions grew from $1.87B to $2.26B, a compound annual growth rate of 10.0%. United States' share held steady at about 99.7%.
Private & Other Payors was American Healthcare REIT’s largest revenue line in fiscal 2024, bringing in $859.02M of $1.88B (46%).
| Customer | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|---|
| Private & Other Payors | $557.50M | $727.22M | $870.59M | $859.02M | ||
| Medicare | $349.88M | $429.13M | $480.15M | $611.26M | ||
| Medicaid | $216.56M | $255.81M | $318.01M | $413.51M | ||
| Total | $1.12B | $1.41B | $1.67B | $1.88B |
American Healthcare REIT brought in $1.88B from its three revenue lines in fiscal 2024, the year ended December 31, 2024. That was up 12.9% from $1.67B in fiscal 2023. Private & Other Payors was the largest at $859.02M (45.6%), ahead of Medicare at $611.26M (32.4%) and Medicaid at $413.51M (22.0%).
Compared with fiscal 2023, Medicaid grew fastest, up 30.0% to $413.51M, while Private & Other Payors fell the most, down 1.3% to $859.02M. From fiscal 2021 to 2024, combined revenue from these revenue lines grew from $1.12B to $1.88B, a compound annual growth rate of 18.8%. Private & Other Payors' share of the total fell from 49.6% to 45.6%.
American Healthcare REIT (AHR) reports its revenue by segment, by geography and by customer. In fiscal 2025, Ishc was its largest segment, bringing in $1.76B (78.0% of the total), followed by Shop at $330.57M (14.6%).
Ishc was American Healthcare REIT's largest segment in fiscal 2025, bringing in $1.76B, or 78.0% of the $2.26B total across its four segments.
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.
Private & Other Payors was American Healthcare REIT's largest revenue line in fiscal 2024, bringing in $859.02M, or 45.6% of the $1.88B total across its three revenue lines.
Among American Healthcare REIT's revenue lines that make up at least 2% of revenue, Medicaid grew fastest in fiscal 2024, up 30.0% from $318.01M to $413.51M.
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 2017, 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.