American Healthcare Reit, Inc. · NYSE:AHR
American Healthcare Reit — Investor Presentation (September 2026)
55 slides from American Healthcare Reit's investor presentation, September 2026
Slide 1: Investor Presentation September 2026
INVESTOR PRESENTATION SEPTEMBER 2026
Slide 2: Disclaimers
DISCLAIMERS Forward Looking Statements non - GAAP financial measures : EBITDA, Adjusted EBITDA, Net The method utilized to evaluate the value and performance of Certain statements contained in this presentation, including Debt - to- Annualized Adjusted EBITDA, NAREIT FFO, NFFO, real estate under GAA
Slide 3: Management Participants
MANAGEMENT PARTICIPANTS Jeff Hanson Gabe Willhite Alan Peterson Chairman & CEO President & COO VP, Investor Relations & Finance 3
Slide 4: Table of Contents
TABLE OF CONTENTS 05 Recent Highlights 36 AHR Overview AHR’s Strategic Focus 42 Senior Housing & Care Trends 13 23 Capital Allocation Strategy 45 Appendix 34 Capital Markets & Balance Sheet 4
Slide 5: Recent Highlights
RECENT HIGHLIGHTS
Slide 6: Raised Guidance on Stronger Growth
RECENT HIGHLIGHTS | R AISED GUIDANCE ON STRONGER GROWTH IMPROVED ENTERPRISE OUTLOOK 1 1 WHAT IS DRIVING THE RAISE FROM FY25A TO CURRENT FY 2026 GUIDANCE? Full Year 2026 Guidance FY 2025A Feb. 2026 April 2026 August 2026 Strong performance in our SHOP+ 2 portfolio (SHOP 20.5% & Trilogy 16.1% SS NOI g
Slide 7: Platform Strength & Enhancements
RECENT HIGHLIGHTS | PLATFORM STRENGTH & ENHANCEMENTS SIGNIFICANT PLATFORM ENHANCEMENTS AND EXPANSION SUPPORT LONG - TERM GROWTH TRAJECTORY AND RUNWAY Leadership Transition & Key Hires Build Strong Organic Growth Fuels FFO On Strong Foundation Growth 1 (Q2 2026 compared to Q2 2025) • Jeff Hanson, Cha
Slide 8: Strong Organic & External Growth Driving Outperformance
RECENT HIGHLIGHTS | STRONG ORGANIC & EXTERNAL GROWTH DRIVING OUTPERFORMANCE DIFFERENTIATED PORTFOLIO AND OPERATOR CENTRIC STRATEGY HAS DEMONSTRATED VALUE AND IS FUELING COMPOUNDING ORGANIC GROWTH OVER 25% +13.2% +20.5% +16.1% NFFO per share growth expected in 2026 at Total SS NOI Growth SHOP SS NOI
Slide 9: Growth Is Coming From Widening Operating Margins
RECENT HIGHLIGHTS | GROWTH IS COMING FROM WIDENING OPERATING MARGINS OPERATING LEVERAGE IS OBSERVABLE IN THE NUMBERS — REVENUE IS OUTPACING EXPENSES ACROSS SHOP+ SHOP | SAME - STORE, Q2 2026 vs. Q2 2025 MARGIN EXPANSION | SHOP+ SEGMENTS 1 7.4% +242 bps SHOP SS NOI margin expansion, to 22.3% 4.1% 3.8
Slide 10: External Growth Accelerating With Increased Opportunity Set
RECENT HIGHLIGHTS | EXTERNAL GROWTH ACCELERATING WITH INCREASED OPPORTUNITY SET AHR IS NOT SIMPLY GROWING LARGER, WE ARE RAPIDLY CURATING THE HIGHEST - QUALITY PORTFOLIO IN SENIOR HOUSING Focus is on newer and larger SHOP assets with a continuum of care $2.0 Billion New investments closed YTD (throu
Slide 11: Leadership Changes + Talent Acquisition
RECENT HIGHLIGHTS | LEADERSHIP CHANGES + TALENT ACQUISITION LEADERSHIP CHANGES Jeff Hanson Gabe Willhite Scott Estes Chairman & CEO President & COO Lead Independent Director Transition · July 2026 Promotion · July 2026 Appointed · July 2026 • Co - founder and Chairman; named • Elevated to President;
Slide 12: Enhancing Corporate Responsibility Initiatives
RECENT HIGHLIGHTS | ENHANCING CORPORATE RESPONSIBILITY INITIATIVES SECOND ANNUAL CORPORATE RESPONSIBILITY REPORT 1 SETS EMISSION REDUCTION TARGETS 2nd Scope 1 & 2 97% Annual Corporate New GHG emissions Employee retention in Responsibility Report reduction target set 2025 Environmental Responsibility
Slide 13: AHR's Strategic Focus
AHR’S STRATEGIC FOCUS
Slide 14: A Generational Opportunity to Invest in Senior Housing
STRATEGIC FOCUS WE SEE A GENERATIONAL OPPORTUNITY TO INVEST IN SENIOR HOUSING. AHR HAS BUILT A PLATFORM TO MEET THE MOMENT —AND IT’S ONLY GETTING BETTER. • Proven results • Quality of care focus • Leading senior housing expertise • Strategic asset management • Disciplined capital allocation • Multip
Slide 15: The Case for Owning AHR
STRATEGIC FOCUS | THE CASE FOR OWNING AHR 01 | STRONG TRACK RECORD FOR NFFO/SHARE GROWTH 02 | GENERATIONAL SUPPLY / DEMAND SETUP ▪ Over 80 population in the U.S. is growing by an average of over 800,000 every year for the next 10 years 1 +80% since 1Q24 | ~30% CAGR $0.54 ▪ From 2025 to 2035, the ove
Slide 16: Solving the Most Difficult Problem
STRATEGIC FOCUS | SOLVING THE MOST DIFFICULT PROBLEM THE PROBLEM Senior housing provides a generational, supply/demand - driven investment opportunity —but it is an operationally intensive asset class where the range of outcomes can be disparate if you select the wrong asset or the wrong operator in
Slide 17: Attracting and Selecting the Best Regional Operators
STRATEGIC FOCUS | ATTRACTING AND SELECTING THE BEST REGIONAL OPERATORS THE PREFERRED CAPITAL PARTNER FOR THE BEST OPERATORS IN AMERICA Regional Operator Value Proposition • Local leadership and local culture produce more consistent results • Market knowledge and relationships provide a sales & marke
Slide 18: Making Good Operators Even Better
STRATEGIC FOCUS | MAKING GOOD OPERATORS EVEN BETTER THE OPERATOR VALUE PROPOSITION IS NOT THEORETICAL. OUR RESULTS PROVIDE PROOF OF CONCEPT SELECTION AND ACCESS ARE JUST THE BEGINNING, ENHANCED SUPPORT, BEYOND DATA & ANALYTICS ALONE, IS THE KEY. AHR DELIVERS A MULTIMODAL SUPPORT SYSTEM THAT CANNOT B
Slide 19: The Trilogy Platform Value
STRATEGIC FOCUS | THE TRILOGY PLATFORM VALUE UNIQUE PARTNERSHIP WITH TRILOGY PROVIDES ACCESS TO BEST - IN - CLASS OPERATOR BUT THE TRUE VALUE GOES DEEPER Unique asset type with nearly impossible to replicate competitive advantages One of the only operators in America that can develop skilled nursing
Slide 20: Partnership In Action
Partnership In Action "AHR has been a partner that understands what it takes to run our campuses like an industry leader. They are at the table with us on the decisions that shape our communities, and they bring a long - term commitment that lets our teams invest in our facilities and our people. Th
Slide 21: The Flywheel for Compounding Growth
STRATEGIC FOCUS | PUTTING IT ALL TOGETHER: THE FLYWHEEL FOR COMPOUNDING GROWTH HOW DOES AHR UNLOCK COMPOUNDING EARNINGS GROWTH FROM HERE? Better assets attract better operators; better operators produce better results; better results unlock cheaper capital, which bu ys better assets. Unlock access t
Slide 22: AHR Phase 1 and Phase 2
STRATEGIC FOCUS | AHR PHASE 2 — BUILDING ON A FOUNDATION OF SUCCESS AHR – Phase 1 AHR – Phase 2 The “Prove - It” Public Market Execution Story Leveraging a Differentiated Platform for Sustained Growth FOCUS FOCUS ▪ Demonstrating organic growth — 10 consecutive ▪ Expanding platform impact while deliv
Slide 23: Capital Allocation Strategy
CAPITAL ALLOCATION STRATEGY
Slide 24: Two Independent Growth Engines
CAPITAL ALLOCATION STRATEGY TWO INDEPENDENT GROWTH ENGINES —WORKING TOGETHER TO CREATE VALUE. ORGANIC GROWTH IS ENGINE ONE —THE POWERHOUSE. EXTERNAL GROWTH IS ENGINE TWO —SET TO INCREASE VELOCITY. • Organic growth drives opportunity • Disciplined external growth when the right opportunities arise •
Slide 25: How We Underwrite
CAPITAL ALLOCATION STRATEGY | HOW WE UNDERWRITE GROWTH IN SIZE IS NOT THE OBJECTIVE. ACQUISITION VOLUME IS NOT THE OBJECTIVE. LONG - TERM PER - SHARE VALUE CREATION IS THE OBJECTIVE. EVERY DEAL STARTS WITH REAL ESTATE THE PUBLIC REIT MODEL ADDS ADDITIONAL QUESTIONS LAYER OF ANALYSIS • What is our ba
Slide 26: How We Allocate Within Seniors Housing
CAPITAL ALLOCATION STRATEGY | HOW WE ALLOCATE WITHIN SENIORS HOUSING BUILDING THE MOST RESILIENT SHOP PORTFOLIO IN THE SPACE MEANS UNDERSTANDING THE CONTINUUM OF CARE VALUE WITHIN SENIOR LIVING 0% of AHR SHOP units 0% of AHR SHOP units 17% of AHR SHOP units 83% of AHR SHOP units Traditional Multifam
Slide 27: How We Source Opportunities
CAPITAL ALLOCATION STRATEGY | HOW WE SOURCE OPPORTUNITIES BEING THE PREFERRED CAPITAL PARTNER FOR THE BEST OPERATORS UNLOCKS OFF - MARKET AND LIMITED CHANNEL OPPORTUNITIES THAT ARE UNIQUE TO AHR Off - Market Sourcing On - Market Sourcing RELATIONSHIP - LED SELECTIVE & DISCIPLINED • Significant porti
Slide 28: Where We See Value Today
CAPITAL ALLOCATION STRATEGY | WHERE WE SEE VALUE TODAY TODAY’S SETUP OUR RESPONSE Today’s newer vintage senior housing assets have the Notable shift towards SHOP with ~$2 billion potential to be the most valuable of our lifetime SHOP acquisitions year to date that have an • Recently delivered produc
Slide 29: What We've Accomplished in 2026
CAPITAL ALLOCATION | WHAT WE’VE ACCOMPLISHED IN 2026 TRANSFORMATIVE SHOP INVESTMENTS ARE ACCRETIVE TO EARNINGS, PORTFOLIO QUALITY, NET ASSET VALUE, AND FURTHER STRENGTHEN THE BALANCE SHEET 2026 INVESTMENTS YTD EAST COAST PLATFORM – DISCIPLINE STORY $2.0 Billion • $696M acquisition of 8 Class A commu
Slide 30: High-Quality Kensington Portfolio
CAPITAL ALLOCATION | HIGH - QUALITY KENSINGTON PORTFOLIO 8 745 90.2% 4 ~$18K - $25K Class A 1 High Barrier Gateway 1 Units Occupancy Monthly RevPOR Communities Metropolitan Areas Bethesda, MD (2025) Reston, VA (2021) Redondo Beach, CA (2019) Falls Church, VA (2017) 126 Beds / 116 Units 97 Beds / 75
Slide 31: Recently Acquired Properties Demonstrate Investment Focus
CAPITAL ALLOCATION | RECENTLY ACQUIRED PROPERTIES DEMONSTRATE INVESTMENT FOCUS OPERATOR QUALITY ASSET QUALITY MARKET QUALITY Residence at Bala Cynwyd Residence at Basking Ridge Residence at Bedford Residence at Penniman Hill Bala Cynwyd, PA Basking Ridge, NJ Bedford, MA Hingham, MA Year Built: 2023
Slide 32: Case Study in Entry Into New Market
CAPITAL ALLOCATION STRATEGY | CASE STUDY IN ENTRY INTO NEW MARKET GREAT LAKES MANAGEMENT DEMONSTRATES AHR PLAYBOOK FOR NEW OPERATOR RELATIONSHIPS HIGH - QUALITY ASSETS WITH BEST - IN - CLASS REGIONAL OPERATOR, IN TIGHT GEOGRAPHIC CLUSTER • Relationship began with a single building - $28 million asse
Slide 33: Capital Markets & Balance Sheet
CAPITAL MARKETS & BALANCE SHEET
Slide 34: Balance Sheet Highlights
BALANCE SHEET HIGHLIGHTS (AS OF 6/30/2026) STRONG AND IMPROVING BALANCE SHEET OFFERS AHR THE FLEXIBILITY NEEDED TO OPTIMIZE EXTERNAL GROWTH OPPORTUNITIES KEY DEBT METRICS 1,2 Liquidity Position 3 Net Debt - to - Annualized Adjusted EBITDA 6.4x 5.9x Undrawn revolver $800M 5.1x Unsettled forward equit
Slide 35: AHR Overview
4= AHR OVERVIEW
Slide 36: Company Snapshot
COMPANY SNAPSHOT (AS OF OR FOR THE THREE MONTHS ENDED 6/30/2026, AS APPLICABLE) Healthcare Portfolio With RIDEA Focus 81.2% of total Pro - Rata Cash NOI came from SHOP+ segments Q2 2026 Pro - Rata Cash NOI % by Segment AHR $12.2B 327 Integrated Senior Total Campuses / Enterprise Value Properties Hea
Slide 37: SHOP Overview
SHOP | OVERVIEW SENIOR HOUSING OPERATING PROPERTIES · AS OF 6/30/2026 KEY HIGHLIGHTS • Larger focus on needs - based care 92 Properties 21 States versus more discretionary senior housing o ~83% Of total SHOP units are Assisted Living and Memory Care • Hands - on asset management o Asset management p
Slide 38: Trilogy Overview
TRILOGY | OVERVIEW INTEGRATED SENIOR HEALTH CAMPUSES · AS OF 6/30/2026 KEY HIGHLIGHTS 1997 7 • Ability to age - in - place with full continuum of Year Founded States care o Unique mix of senior housing (AL/IL/MC) units (~46%) and skilled nursing beds (~54%) on same campus 148 13.9 • Purpose - built
Slide 39: The Trilogy Concept: One Campus, Every Level of Care
THE TRILOGY CONCEPT | ONE CAMPUS, EVERY LEVEL OF CARE DEFINING INTEGRATED SENIOR HEALTH CAMPUS Historic stabilized yields on campus development have been highly attractive. New Campuses ~120 units on a prototype refined over three decades; proven lease - up. AL / MC / SNF Wings Higher - acuity wings
Slide 40: Trilogy Keys to Competitive Advantage
TRILOGY KEYS TO COMPETITIVE ADVANTAGE TRILOGY COMPETITORS The Trilogy Moat Building a lasting business High Private Built - In Referral Operator of Choice Regional Scale Pay Mix Sources Physical Plant Proven track Ability to control Lowers reliance Integrated Newer, purpose - record of high - cultur
Slide 41: Senior Housing & Care Trends
sie ENIOR HOUSING & CARE TRENDS =
Slide 42: Senior Housing Supply / Demand Fundamentals
SENIOR HOUSING SUPPLY / DEMAND FUNDAMENTALS 80+ YEAR OLD POPULATION IN UNITED STATES IS EXPECTED TO GROW BY OVER 800,000 INDIVIDUALS EVERY YEAR ON AVERAGE FOR THE NEXT 10 YEARS 1 Senior housing in historically high demand while new supply remains historically low 2 20,000 95% “Irrational “GFC recove
Slide 43: Gap Between New Supply and Demand Expected to Persist
GAP BETWEEN NEW SUPPLY AND DEMAND EXPECTED TO PERSIST SENIOR HOUSING DEVELOPMENT PACE IS FALLING FURTHER BEHIND WHAT IS NEEDED TO MEET GROWING DEMAND Widening Senior Housing Development Gap 1 Challenging construction conditions are creating significant shortfall of new units Current Development Pace
Slide 44: Appendix
APPENDIX
Slide 45: Defined Terms
DEFINED TERMS • Adjusted EBITDA : EBITDA excluding the impact of income or loss from unconsolidated entities, straight line rent and amortization of above/below market leases, non - cash impact of changes to equity instruments, transaction, transition and restructuring costs, gain or loss on sales o
Slide 46: Defined Terms, Continued
DEFINED TERMS, CONTINUED • Normalized FFO or NFFO : FFO further adjusted for the following items included in the determination of GAAP net income (loss) : transaction, transition and restructuring costs ; amounts relating to changes in deferred rent and amortization of above and below - market lease
Slide 47: Defined Terms, Continued
DEFINED TERMS, CONTINUED • Same - Store NOI Margin : Calculated by dividing Same - Store NOI by Same - Store revenue . • SHOP : Senior housing operating properties . • SNFs : Skilled nursing facilities . • Square Feet or Sq . Ft .: Net rentable square feet calculated utilizing building owners and ma
Slide 48: Non-GAAP Reconciliations
NON - GAAP RECONCILIATIONS 1 The following is a reconciliation of Net Income to Normalized Funds From Operations: Q2 2026 Q2 2025 YTD 6/30/26 YTD 6/30/25 Net income $ 30,980 $ 10,079 $ 54,991 $ 3,239 Depreciation and amortization related to real estate — consolidated properties 72,056 41,850 139,049
Slide 49: Non-GAAP Reconciliations
NON - GAAP RECONCILIATIONS The following is a reconciliation of Net income to Cash NOI for the periods shown below: Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 YTD 6/30/25 YTD 6/30/26 Net income $ 10,079 $ 56,639 $ 10,940 $ 24,011 $ 30,980 $ 3,239 $ 54,991 General and administrative 14,943 14,108 16,529
Slide 50: Non-GAAP Reconciliations
NON - GAAP RECONCILIATIONS The following is a reconciliation of GAAP revenue to Cash revenue and Same - Store revenue (relating to Same - Store properties) for the periods shown below: Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 YTD 6/30/25 YTD 6/30/26 Integrated Senior Health Campuses GAAP Revenue $ 42
Slide 51: Non-GAAP Reconciliations
NON - GAAP RECONCILIATIONS The following is a reconciliation of GAAP revenue to Cash revenue and Same - Store revenue (relating to Same - Store properties) for the periods shown below: Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 YTD 6/30/25 YTD 6/30/26 Triple - Net Leased Properties GAAP Revenue $ 9,964
Slide 52: Non-GAAP Reconciliations
NON - GAAP RECONCILIATIONS The following is a reconciliation of NOI to Cash NOI and Same - Store NOI (relating to Same - Store properties) for the periods show n below: Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 YTD 6/30/25 YTD 6/30/26 Integrated Senior Health Campuses NOI $ 60,934 $ 62,169 $ 63,930 $
Slide 53: Non-GAAP Reconciliations
NON - GAAP RECONCILIATIONS The following is a reconciliation of NOI to Cash NOI and Same - Store NOI (relating to Same - Store properties) for the periods show n below: Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 YTD 6/30/25 YTD 6/30/26 Triple - Net Leased Properties NOI $ 9,166 $ 9,159 $ 9,169 $ 9,189
Slide 54: Non-GAAP Reconciliations
NON - GAAP RECONCILIATIONS The following is a reconciliation of Net Income to Adjusted EBITDA for the three months ended June 30, 2026: Q2 2026 Net income $ 30,980 Interest expense, net (including amortization of deferred financing costs, amortization of debt discount/premium and loss on deb t extin
Slide 55: Non-GAAP Reconciliations
NON - GAAP RECONCILIATIONS The following is a reconciliation of Interest Coverage Ratios and Net Debt for the three months ended June 30, 2026: Q2 2026 Interest Coverage Ratios (1) Interest expense $ 18,626 Capitalized interest 711 Loss on extinguishment of debt (147) (2) Non - cash interest expense
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