American Healthcare Reit, Inc. · NYSE:AHR
American Healthcare Reit — Q2 2025 Earnings Presentation
33 slides from American Healthcare Reit's earnings presentation, Aug 8, 2025
Slide 1: Second Quarter 2025 Supplemental
Second Quarter 2025 Supplemental
Slide 2: Disclaimers: Forward-Looking Statements
Disclaimers Forward-Looking Statements Certain statements contained in this supplemental, filed in conjunction with the Second Quarter 2025 Earnings Press Release, including statements relating to American Healthcare REIT, Inc.'s (the "Company") expectations regarding its performance, interest expen
Slide 3: Disclaimers: Non-GAAP Financial Measures
Disclaimers Non-GAAP Financial Measures The Company’s reported results are presented in accordance with GAAP. The Company also discloses the following non-GAAP financial measures: EBITDA, Adjusted EBITDA, Net Debt-to-Annualized Adjusted EBITDA, NAREIT FFO, NFFO, NOI and Same-Store NOI. The Company b
Slide 4: Overview & Financial Highlights (as of 6/30/2025)
Overview & Financial Highlights (as of 6/30/2025) (dollars in thousands, except per share) Portfolio Overview Pro-Rata (3)(4) Consolidated (4) Campuses / Wtd Avg Lease Properties Beds/Units (1) Leased % (2) Term (years) Annualized Cash NOI Annualized Cash NOI Integrated Senior Health Campuses (ISHC)
Slide 5: Integrated Senior Health Campuses (ISHC)
Integrated Senior Health Campuses (ISHC) (dollars in thousands) Total Portfolio (1) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 YTD 6/30/24 YTD 6/30/25 Campuses 126 127 126 125 124 — — IL/AL/MC units 5,560 5,584 5,565 5,530 5,431 5,560 5,431 SNF beds 7,431 7,436 7,355 7,310 7,226 7,431 7,226 Consolidate
Slide 6: ISHC Revenue per Payor and Bed Type
ISHC Revenue per Payor and Bed Type Average Daily Rate % of Resident Days % of Revenue Q2 2024 Q2 2025 % change Q2 2024 Q2 2025 Q2 2024 Q2 2025 Private $ 380.37 $ 404.32 6.3 % 12.0% 11.2% 14.1% 12.9% Managed Care/Insurance $ 409.33 $ 431.79 5.5 % 0.4% 0.3% 0.5% 0.4% Medicaid $ 291.68 $ 319.39 9.5 %
Slide 7: Outpatient Medical
Outpatient Medical (dollars and square feet in thousands, except revenue per square foot and NOI per square foot) Total Portfolio Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 YTD 6/30/24 YTD 6/30/25 Properties 83 83 81 81 78 — — Consolidated GLA (sq ft) 4,400 4,400 4,262 4,260 3,952 4,400 3,952 Ending oc
Slide 8: Outpatient Medical (as of 6/30/2025)
Outpatient Medical (as of 6/30/2025) (dollars and square feet in thousands) Tenants ABR % S&P Credit Rating Christus Good Shepherd Health System $ 7,793 8.8% A Prime Healthcare 3,684 4.2% B- Montefiore Medical Center 2,464 2.8% BBB- Atrius Health, Inc. 2,249 2.6% BBB Cullman Regional Medical Center
Slide 9: Outpatient Medical: Expiring Leases
Outpatient Medical (as of 6/30/2025) (dollars and square feet in thousands, except average rent per square foot) Expiring Leases (1) # of Expiring Average Rent Year Total Sq. Ft. % of GLA ABR (2) % of Total ABR Leases per Sq. Ft. 2025 55 249 7.4% $ 6,512 6.6% $ 26.15 2026 51 214 6.3% 4,930 5.0% 23.0
Slide 10: Senior Housing Operating Properties (SHOP)
Senior Housing Operating Properties (SHOP) (dollars in thousands, except RevPOR, and Pro-Rata) Total Portfolio Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 YTD 6/30/24 YTD 6/30/25 Properties 64 69 70 69 70 — — IL/AL/MC units 5,076 5,353 5,465 5,391 5,578 5,076 5,578 SNF beds 95 95 100 100 101 95 101 Cons
Slide 11: ISHC & SHOP Partners (as of 6/30/2025)
ISHC & SHOP Partners (as of 6/30/2025) Number of Pro-Rata Share Consolidated Beds/ Partner/Operator State Properties/Campuses Beds/Units Units Trilogy Management Services KY,IN,MI,OH,WI 126 12,867 12,867 Senior Solutions Management Group AR,MS,TX,LA,MO,GA 20 1,652 1,685 Priority Life Care IN, MI 11
Slide 12: Triple-Net Leased Properties
Triple-Net Leased Properties (dollars in thousands and Pro-Rata) Total Portfolio Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 YTD 6/30/24 YTD 6/30/25 Properties 27 27 19 19 19 — — AL/MC beds/units 538 538 538 538 538 538 538 SNF beds 2,061 2,061 956 960 960 2,061 960 Consolidated total beds/units 2,599 2
Slide 13: Triple-Net Leased Properties Rent Payment Coverage Stratification
Triple-Net Leased Properties Rent Payment Coverage Stratification Contribution to Pro-Rata Cash NOI at each Coverage Stratification for Q2 2025 (1) Tenant EBITDAR Coverage Tenant EBITDARM Coverage Weighted Weighted Senior Number Senior Number Average Average Coverage Housing- SNFs Hospital Total of
Slide 14: Revenue and Lease Expiration (as of 6/30/2025)
Revenue and Lease Expiration (1) (as of 6/30/2025) (dollars in thousands) ABR of Expiring Leases (2) as % of Total ABR Triple-Net Leased Year OM Properties Interest Income (3) Total 2025 $ 6,512 6.6% $ — 0.0% $ — 0.0% $ 6,512 4.6% 2026 4,930 5.0% — 0.0% — 0.0% 4,930 3.5% 2027 12,113 12.2% — 0.0% — 0
Slide 15: Debt Maturities and Principal Payments (as of 6/30/2025)
Debt Maturities and Principal Payments (as of 6/30/2025) (dollars in thousands) Noncontrolling % of Weighted Line of Credit Mortgage Interest's Share Combined Average and Term Loans of Mortgage Combined Pro-Rata Interest Period Loan Payable Loans Payable Pro-Rata Debt Debt Rate (2)(3) 2025 $ — $ 17,
Slide 16: Year-to-Date 2025 Real Estate Acquisitions and Dispositions
Year-to-Date 2025 Real Estate Acquisitions and Dispositions (dollars and square feet in thousands) Acquisitions Number of Properties/ Gross Purchase Average Cost per Reportable Segment Campuses Beds/Units Price Bed/Unit Integrated Senior Health Campuses - Lease buyout 1 131 $16,087 $123 SHOP 1 187 $
Slide 17: Real Estate Development & Expansions
Real Estate Development & Expansions (dollars in thousands) Development Timing Total Expected Construction Expected Project Name State Segment Type of Project Beds/Units Spent To Date Cost Start Completion Portage MI ISHC New Campus 108 $9,912 $22,854 Q3 2024 Q3 2026 Sylvania OH ISHC IL Villas 26 5,
Slide 18: 2025 Guidance
2025 Guidance (1) (dollars in millions, except per share) NAREIT FFO and NFFO Attributable to Common Stockholders 2025 Guidance - Revised FY 2025 FY 2025 - per diluted share Low High Low High Net income attributable to common stockholders $ 53.70 $ 60.50 $ 0.33 $ 0.37 Depreciation and amortization (
Slide 19: Components of NAV
Components of NAV (1) (dollars and square feet in thousands) # of Properties/ Square Total Beds/ Q2 2025(2)Cash Q2 2025 Ann. Segment Campuses Feet Units NOI Cash NOI (2) ISHC 124 9,142 12,657 $ 67,148 $ 268,592 Outpatient Medical 73 3,825 18,241 72,964 SHOP - Grouped by Avg Occupancy >80% 53 3,876 4
Slide 20: Appendix: Non-GAAP Reconciliations and Defined Terms
Second Quarter 2025 Supplemental Appendix Non-GAAP Reconciliations and Defined Terms 20
Slide 21: FFO / NFFO Reconciliation
FFO / NFFO Reconciliation (1) (in thousands, except share and per share amounts) Q2 2025 Q2 2024 YTD 6/30/2025 YTD 6/30/2024 Net income (loss) $ 10,079 $ 2,926 $ 3,239 $ (78) Depreciation and amortization related to real estate — consolidated properties 41,850 45,226 82,865 87,955 Depreciation and a
Slide 22: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (in thousands) Q2 2025 Net income $ 10,079 Adjustments: Interest expense, net (including amortization of deferred financing costs, debt discount/ premium and loss on debt extinguishments) 22,632 Income tax expense 732 Depreciation and amortization (including amortizati
Slide 23: Coverage Ratios and Net Debt Reconciliation
Coverage Ratios and Net Debt Reconciliation (1) (dollars in thousands) Q2 2025 Interest Coverage Ratios Interest Expense (2) $ 22,632 Capitalized Interest - current period 183 Loss on extinguishment of debt (1,298) (3) Non-Cash Interest Expense (1,402) Total Interest $ 20,115 Interest Coverage ratio
Slide 24: Same-Store Property Reconciliation
Same-Store Property Reconciliation For the Three Months Ended June 30, 2025 Integrated Senior Triple-Net Leased Health Campuses Outpatient Medical SHOP Properties Total properties/campuses 124 78 70 19 Recent acquisition/development conversions — — (22) — Non-Core Properties — (11) (1) (2) (1) Other
Slide 25: Cash NOI Reconciliation
Cash NOI Reconciliation (in thousands) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 YTD 6/30/24 YTD 6/30/25 Net income (loss) $ 2,926 $ (3,093) $ (32,429) $ (6,840) $ 10,079 $ (78) $ 3,239 General and administrative 11,746 11,921 12,064 13,155 14,943 23,574 28,098 Business acquisition expenses 15 3,537 8
Slide 26: Same-Store NOI Reconciliation (1/2)
Same-Store NOI Reconciliation (1/2) (in thousands) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 YTD 6/30/24 YTD 6/30/25 Integrated Senior Health Campuses NOI $ 45,308 $ 48,399 $ 53,586 $ 52,717 $ 60,068 $ 87,288 $ 112,785 Facility rental expense 7,888 7,619 7,642 7,499 7,278 16,728 14,777 Cash NOI from d
Slide 27: Same-Store NOI Reconciliation (2/2)
Same-Store NOI Reconciliation (2/2) (in thousands) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 YTD 6/30/24 YTD 6/30/25 Triple-Net Leased Properties NOI $ 12,234 $ 12,764 $ 12,068 $ 9,275 $ 9,166 $ 24,944 $ 18,441 Straight line rent (620) (534) (538) (562) (562) (1,594) (1,124) Other non-cash adjustments
Slide 28: Same-Store Revenue Reconciliation (1/2)
Same-Store Revenue Reconciliation (1/2) (in thousands) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 YTD 6/30/24 YTD 6/30/25 Integrated Senior Health Campuses GAAP revenue $ 393,774 $ 409,626 $ 423,290 $ 423,364 $ 423,825 $ 786,896 $ 847,189 Cash revenue from dispositions — — (1,774) (1,480) (1,201) — (2,
Slide 29: Same-Store Revenue Reconciliation (2/2)
Same-Store Revenue Reconciliation (2/2) (in thousands) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 YTD 6/30/24 YTD 6/30/25 Triple-Net Leased Properties GAAP revenue $ 12,886 $ 13,265 $ 12,631 $ 10,233 $ 9,964 $ 26,234 $ 20,197 Straight line rent (620) (534) (538) (562) (562) (1,594) (1,124) Other non-ca
Slide 30: Defined Terms
Defined Terms • Adjusted EBITDA: EBITDA excluding the impact of gain or loss from unconsolidated entities, straight line rent and amortization of above/below market leases, non-cash stock-based compensation expense, business acquisition expenses, gain or loss on sales of real estate investments, unr
Slide 31: Defined Terms
Defined Terms • NOI: Net operating income; a non-GAAP financial measure that is defined as net income (loss), computed in accordance with GAAP, generated from properties before general and administrative expenses, business acquisition expenses, depreciation and amortization, interest expense, gain o
Slide 32: Defined Terms
Defined Terms • RIDEA structure: A structure permitted by the REIT Investment Diversification and Empowerment Act of 2007, pursuant to which we lease certain healthcare real estate properties to a wholly-owned taxable REIT subsidiary (TRS), which in turn contracts with an eligible independent contra
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American Healthcare REIT — Q2 2025 Earnings Presentation on 6ix