American Healthcare Reit, Inc. · NYSE:AHR
American Healthcare Reit — Q1 2026 Earnings Presentation
36 slides from American Healthcare Reit's earnings presentation, May 8, 2026
Slide 1: Investor Presentation March 2026
INVESTOR PRESENTATION MARCH 2026
Slide 2: Disclaimers
DISCLAIMERS FORWARD-LOOKING STATEMENTS Certain statements contained in this presentation, including statements relating to American Healthcare REIT, Inc.'s (the "Company") expectations regarding its performance, portfolio growth, interest expense savings, balance sheet, net income or loss per dilute
Slide 3: Disclaimers (Cont'd)
DISCLAIMERS (CONT’D) Net Operating Income or NOI We believe that NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI are appropriate supplemental performance measures to reflect the performance of our operating assets because NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI exclude certain items
Slide 4: Management Participants
MANAGEMENT PARTICIPANTS Brian Peay Gabe Willhite Alan Peterson CFO COO VP, Investor Relations & Finance 4
Slide 5: Recent Highlights
RECENT HIGHLIGHTS
Slide 6: Recent Highlights | Q4 2025 Portfolio Performance
RECENT HIGHLIGHTS | Q4 2025 PORTFOLIO PERFORMANCE +14.0% +24.6% 92.0% 1.37x +11.8% SS OUTPATIENT TRIPLE-NET SS TOTAL SS ISHC / Trilogy SS SHOP MEDICAL LEASED EBITDAR PORTFOLIO NOI GROWTH(1) NOI GROWTH(1) OCCUPANCY(2) COVERAGE(3) NOI GROWTH(1) SAME-STORE Q4 2025 REVENUE GROWTH SAME-STORE Q4 2025 NOI
Slide 7: Q4 2025 Performance & 2026 NOI Growth Guidance
RECENT HIGHLIGHTS | Q4 2025 PERFORMANCE & 2026 NOI GROWTH GUIDANCE Q4 2025 ISHC/TRILOGY AND SHOP OPERATING HIGHLIGHTS (1) Same-Store Occupancy Q4 2025 Same-Store Growth Same-Store NOI Margin 90.6% 90.6% 24.6% 21.8% 18.1% 18.9% 19.0% 87.8% 87.7% 14.0% 8.6% 8.1% 7.4% 4.2% Q4 2024 Q4 2025 Revenue Expen
Slide 8: AHR Overview
AHR OVERVIEW
Slide 9: Company Snapshot
COMPANY SNAPSHOT (as of or for the three months ended 12/31/2025, as applicable) DIVERSIFIED HEALTHCARE PORTFOLIO WITH SENIOR HOUSING & CARE FOCUS Q4 2025 PRO-RATA CASH NOI % BY SEGMENT 76.9% OF PRO-RATA CASH NOI IN OPERATING PORTFOLIO CAME FROM MANAGED SEGMENTS (ISHC & SHOP) AHR 4 319 DIVERSIFIED T
Slide 10: Portfolio Key Stats
PORTFOLIO KEY STATS (as of 12/31/2025) INTEGRATED SENIOR SENIOR HOUSING OUTPATIENT TRIPLE-NET LEASED HEALTH CAMPUSES OPERATING PROPERTIES MEDICAL PROPERTIES 147 83 71 18 Campuses Properties Properties Properties 90.6% 90.6% 92.0% 89.1% Same-Store Occupancy (1) Same-Store Occupancy (1) Same-Store Occ
Slide 11: Senior Housing & Care Trends
SENIOR HOUSING & CARE TRENDS
Slide 12: Senior Housing Supply / Demand Fundamentals
SENIOR HOUSING SUPPLY / DEMAND FUNDAMENTALS 80+ YEAR OLD POPULATION IN UNITED STATES IS EXPECTED TO GROW BY OVER 700,000 INDIVIDUALS EVERY YEAR UNTIL 2030. (1) SENIOR HOUSING INDUSTRY HAS ADDED LESS THAN 62,000 TOTAL UNITS SINCE 2020. (2) SENIOR HOUSING IN HISTORICALLY HIGH DEMAND WHILE NEW SUPPLY R
Slide 13: Gap Between New Supply and Demand Expected to Persist
GAP BETWEEN NEW SUPPLY AND DEMAND EXPECTED TO PERSIST SENIOR HOUSING DEVELOPMENT PACE IS FALLING WELL BEHIND WHAT IS NEEDED TO MEET GROWING DEMAND Senior Housing Development Gap (1) Current Development Pace vs. Units Required for 90% Occupancy (Based on NIC MAP Penetration Rate) CHALLENGING CONSTRUC
Slide 14: Operating Portfolio
OPERATING PORTFOLIO ISHC/TRILOGY AND SHOP
Slide 15: Regional Focus and Operator Affiliations
REGIONAL FOCUS AND OPERATOR AFFILIATIONS (as of 12/31/2025) TRILOGY MANAGEMENT SERVICES 149 Properties / Campuses 15,165 Beds / Units Headquarters in Louisville, KY SENIOR SOLUTIONS MANAGEMENT GROUP 20 Properties 1,685 Units Headquarters in Atlanta, GA GREAT LAKES MANAGEMENT 7 Properties 1004 Units
Slide 16: Integrated Senior Health Campuses / Trilogy Overview
INTEGRATED SENIOR HEALTH CAMPUSES (as o f 12 / 3 1/ 2 0 2 5) / TRILOGY | OVERVIEW KEY HIGHLIGHTS 1997 6 • ABILITY TO AGE-IN-PLACE WITH FULL CONTINUUM OF CARE YEAR FOUNDED STATES o Unique mix of senior housing (AL/IL/MC) units (~45%) and skilled nursing beds (~55%) on same campus 147 12.6 • PURPOSE-B
Slide 17: The Trilogy Concept – A Unique Design for Senior Care
THE TRILOGY CONCEPT – A UNIQUE DESIGN FOR SENIOR CARE DEFINING INTEGRATED SENIOR HEALTH TRILOGY HAS ROBUST DEVELOPMENT CAMPUS CAPABILITIES • One facility that brings together various levels of senior • Historic stabilized yields have been highly attractive care (IL/AL/MC/SNF) • Multiple avenues for
Slide 18: Trilogy Keys to Competitive Advantage
TRILOGY KEYS TO COMPETITIVE ADVANTAGE TRILOGY THE TRILOGY MOAT COMPETITORS building a lasting business BUILT-IN OPERATOR OF REGIONAL HIGH PRIVATE REFERRAL PHYSICAL CHOICE SCALE PAY MIX SOURCES PLANT Newer, purpose- Proven track Ability to control Lowers reliance on Integrated campus built facilities
Slide 19: Senior Housing Operating Properties (SHOP) Overview
SENIOR HOUSING OPERATING PROPERTIES (as o f 12 / 3 1/ 2 0 2 5) (SHOP) | OVERVIEW KEY HIGHLIGHTS 83 19 • LARGER FOCUS ON NEEDS-BASED CARE VERSUS MORE DISCRETIONARY SENIOR HOUSING PROPERTIES STATES o ~82% of total SHOP units are Assisted Living and Memory Care • 9 HANDS-ON ASSET MANAGEMENT 23.4 AVERAG
Slide 20: Senior Housing Demonstrating Robust Organic Growth
SENIOR HOUSING DEMONSTRATING ROBUST ORGANIC GROWTH OPERATING AHR Operating Portfolio (ISHC/Trilogy & SHOP) has shown Peer Group- PORTFOLIO leading occupancy and Same-Store Revenue growth. (1) OPERATING PORTFOLIO (AHR SHOP/Trilogy; Healthcare REIT Peers SHOP or Senior Housing - Managed)(1) (2) (3) Sa
Slide 21: Capital Allocation
& a i i H SF | I. a a. =e PC APITABALE OC ATION =
Slide 22: Capital Allocation – Strategic Sources and Uses
CAPITAL ALLOCATION – STRATEGIC SOURCES AND USES PROVEN AND MEASURED CAPITAL ALLOCATION EXPERIENCE TO NAVIGATE AND IDENTIFY THE BEST RISK-ADJUSTED RETURNS Disciplined Sourcing Strong Capital through Allocation Opportunistic Acumen across Dispositions Healthcare Real and Capital Estate Sectors Markets
Slide 23: Capital Markets & Balance Sheet
CAPITAL MARKETS & BALANCE SHEET
Slide 24: Balance Sheet Highlights
BALANCE SHEET HIGHLIGHTS (as of 12/31/2025) KEY DEBT METRICS (1)(2) $1.53B TOTAL DEBT 4.35% WEIGHTED AVERAGE INTEREST RATE 12.3 YEARS WEIGHTED AVERAGE MATURITY DEBT MATURITY SCHEDULE Fixed Rate Secured Unsecured $700 100% Debt 64.0% Debt 36.0% MILLIONS $600 $500 $400 $300 $200 $100 $ Floating Rate 0
Slide 25: Appendix
APPENDIX
Slide 26: ISHC/Trilogy Segment Representative Properties
ISHC/TRILOGY SEGMENT REPRESENTATIVE PROPERTIES 12.6 YEARS AVERAGE AGE OF CAMPUSES/FACILITIES 26
Slide 27: 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 stock-based compensation expense, transaction, transition and restructuring costs, gain or loss on sales of real est
Slide 28: Defined Terms
DEFINED TERMS • Occupancy: With respect to OM, the percentage of total rentable square feet leased and occupied, including month-to-month leases, as of the date reported. With respect to all other property types, occupancy represents average quarterly operating occupancy based on the most recent qua
Slide 29: Defined Terms
DEFINED TERMS • Triple-net leased: A lease where the tenant is responsible for making rent payments, maintaining the leased property, and paying property taxes and other expenses. • VTR: Ventas, Inc. • WELL: Welltower, Inc. • Yield or Yield on Cost: Stabilized Annualized EBITDAR divided by developme
Slide 30: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS The following is a reconciliation of Net income (loss) to Cash NOI for the periods shown below: Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Net (loss) income $ (32,429) $ (6,840) $ 10,079 $ 56,639 $ 10,940 $ (35,600) $ 70,818 General and administrative 12,064 13,
Slide 31: 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: Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Integrated Senior Health Campuses GAAP revenue $ 423,290 $ 423,36
Slide 32: 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: Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Triple-Net Leased Properties GAAP revenue $ 12,631 $ 10,233 $ 9,9
Slide 33: 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 shown below: Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Integrated Senior Health Campuses NOI $ 53,586 $ 52,717 $ 60,068 $ 61,320 $ 62,897
Slide 34: 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 shown below: Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Triple-Net Leased Properties NOI $ 12,068 $ 9,275 $ 9,166 $ 9,159 $ 9,169 $ 49,776
Slide 35: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS The following is a reconciliation of Net Income to Adjusted EBITDA for the three months ended December 31, 2025: Q4 2025 Net income $ 10,940 Interest expense, net (including amortization of deferred financing costs, debt 19,806 discount/premium and loss on debt extinguishmen
Slide 36: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS (1) The following is a reconciliation of Interest Coverage Ratios and Net Debt for the three months ended December 31, 2025: Q4 2025 Interest Coverage Ratios Interest expense(2) $ 19,806 Capitalized interest 641 Loss on extinguishment of debt (46) Non-cash interest expense(3
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