Citizens has kept its Market Outperform rating and $60.00 price target for American Healthcare REIT, Inc. (NYSE: AHR) following the company’s announcement that CEO Danny Prosky will be on medical leave effective February 3, 2026. The research firm cited the continuity of the senior management team and the appointment of Chairman Jeffrey T. Hanson as interim CEO and President as factors supporting an unchanged view.
At the time of Citizens’ note, AHR was trading at $46.82 and carried a market capitalization of $8.44 billion. The stock has rallied strongly over the past year, posting a 63.86% return, and has delivered a 283% gain since the company completed its initial public offering in February 2024 under Prosky’s leadership.
Citizens described the operational transition as likely to be "business as usual," emphasizing that the core team remains intact and that the interim chief executive brings relevant experience to the role. The firm reiterated its conviction in AHR’s growth trajectory, highlighting both internal and external funds growth as principal drivers behind its recommendation.
InvestingPro data referenced by Citizens indicates that AHR runs with a moderate level of debt and that its liquidity position is healthy, with current assets exceeding short-term liabilities. Citizens also pointed to the company’s revenue growth rate of 9.39% and an overall "GREAT" financial health score reported by InvestingPro as supporting metrics.
In explaining its $60 price target, Citizens said the valuation equates to a multiple of 34 times AHR’s estimated 2026 funds available for distribution (FAD). The firm noted AHR’s greater than 70% exposure to SHOP/RIDEA assets and framed that positioning as advantageous amid what it characterized as "great senior housing supply/demand fundamentals." Citizens described AHR as its top idea within healthcare real estate, driven by those asset exposures and expectations for robust FFO performance.
Operationally, AHR completed more than $950 million of acquisitions during 2025. Those purchases were concentrated in the company’s Integrated Senior Health Campuses and Senior Housing Operating Properties segments. In addition, AHR has entered into a forward sale agreement covering 1.2 million shares, with the potential for either cash proceeds or settlement in shares by May 2027.
Separate from Citizens’ coverage, BMO Capital initiated coverage on American Healthcare REIT with an Outperform rating. BMO cited anticipated leading earnings growth tied to the company’s exposure to Trilogy and SHOP assets as the rationale for its stance.
Citizens expressed hope for a swift recovery for CEO Danny Prosky while maintaining its positive outlook for the business under interim leadership. The firm’s continued endorsement rests on the company’s recent transaction activity, balance sheet profile, and asset mix concentrated in senior housing and related platforms.
Sector context: The developments are principally relevant to the healthcare real estate and senior housing segments, and to REIT investors monitoring FFO/FAD growth, leverage and liquidity metrics.