Healthcare REITs: 1Q26 HC REITs Earnings Weekly Recap: AHR, CTRE, DOC, JAN & NHI

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Healthcare REITs: 1Q26 HC REITs Earnings Weekly Recap: AHR, CTRE, DOC, JAN & NHI

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Healthcare REITs

1Q26 HC REITs Earnings Weekly Recap:

AHR, CTRE, DOC, JAN & NHI

Earnings Review

Senior housing drives guidance increases for FY26 FFO/sh 11 May 2026

Week 2 results were largely constructive, with Healthcare REITs posting 4 beats & 1 in- Equity

line outcome versus Street expectations. Guidance trended positive, as DOC, AHR, & United States

CTRE raised FY26 Normalized FFO per share on stronger SHOP external growth and REITs

underlying operations, while JAN issued initial guidance above the Street, contributing to Farrell Granath

DOC’s upward revision. NHI was the outlier, lowering guidance following the announced Research Analyst

NHC disposition. SH continues to drive both internal and external growth, while Life BofAS+1 646 855 1351

Science fundamentals remain pressured despite modestly improving sentiment. farrell.granath@bofa.com

Jeffrey Spector

SHOP pipelines are expanding; some more than others ResearchBofAS Analyst

A key focus for 2026 is the SHOP investment pipeline. As previously noted, CTRE and +1 646 855 1363

jeff.spector@bofa.com

NHI began expanding their SHOP exposure exiting 2025, though activity has been more

Julieta Michelin

balanced with a mix of SHOP acquisitions, loans, and NNN structures. In contrast, larger Research Analyst

SHOP-focused platforms such as AHR and JAN deployed 100% of acquisitions into BofAS

+1 646 855 1898

SHOP. We expect this dynamic to persist, with NHI and CTRE pursuing a blended julieta.michelin@bofa.com

approach, while AHR and JAN remain fully concentrated on SHOP. We believe the scale REITs Team

of the larger platforms provides a competitive advantage in sourcing relationships and BofAS