American Healthcare Reit, Inc. · NYSE:AHR
American Healthcare Reit — Q1 2025 Earnings Presentation
41 slides from American Healthcare Reit's earnings presentation, May 9, 2025
Slide 1: Investor Presentation June 2025
INVESTOR PRESENTATION JUNE 2025
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, interest expense savings, balance sheet, net income or loss per diluted share, NAREIT FF
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 Danny Prosky Brian Peay Gabe Willhite Alan Peterson President & CEO CFO COO VP, Investor Relations & Finance 4
Slide 5: Recent Highlights
RECENT HIGHLIGHTS
Slide 6: Recent Highlights | Q1 2025 Portfolio Performance
RECENT HIGHLIGHTS | Q1 2025 PORTFOLIO PERFORMANCE +19.8% +30.7% 92.2% 1.47x +15.1% 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 Q1 2025 REVENUE GROWTH SAME-STORE Q1 2025 NOI
Slide 7: Q1 2025 Performance & 2025 NOI Growth Guidance
RECENT HIGHLIGHTS | Q1 2025 PERFORMANCE & 2025 NOI GROWTH GUIDANCE Q1 2025 ISHC/TRILOGY AND SHOP OPERATING HIGHLIGHTS (1) SAME-STORE OCCUPANCY Q1 2025 SAME-STORE GROWTH SAME-STORE NOI MARGIN 88.8% 30.7% 18.4% 19.0% 16.8% 15.8% 86.4% 86.6% 19.8% 84.0% 9.5% 8.8% 7.4% 4.6% Q1 2024 Q1 2025 Revenue Expen
Slide 8: External Growth & Pipeline
RECENT HIGHLIGHTS | EXTERNAL GROWTH & PIPELINE (as of 5/8/2025) RECENT SHOP ACQUISITION DETAILS Property acquired in April 2025 for a total purchase price of $65 million 187 units located in Fredericksburg, VA Heritage Senior Living, one of our existing regional operating partners with a presence in
Slide 9: AHR Overview
AHR OVERVIEW
Slide 10: Company Snapshot
COMPANY SNAPSHOT (as of or for the three months ended 3/31/2025, as applicable) DIVERSIFIED HEALTHCARE PORTFOLIO WITH SENIOR HOUSING & CARE FOCUS Q1 2025 PRO-RATA CASH NOI % BY SEGMENT 71.2% OF PRO-RATA CASH NOI IN OPERATING PORTFOLIO CAME FROM MANAGED SEGMENTS (ISHC & SHOP) AHR 4 294 Integrated Sen
Slide 11: Portfolio Key Stats
PORTFOLIO KEY STATS (as of 3/31/2025) INTEGRATED SENIOR OUTPATIENT SENIOR HOUSING TRIPLE-NET LEASED HEALTH CAMPUSES MEDICAL OPERATING PROPERTIES PROPERTIES 125 81 69 19 Campuses Properties Properties Properties 88.8% 92.2% 86.6% 89.0% Same-Store Occupancy (1) Same-Store Occupancy (2) Same-Store Occu
Slide 12: Senior Housing & Care Trends
SENIOR HOUSING & CARE TRENDS
Slide 13: 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 14: 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 15: Operating Portfolio
OPERATING PORTFOLIO ISHC/TRILOGY AND SHOP
Slide 16: Regional Focus and Operator Affiliations
REGIONAL FOCUS AND OPERATOR AFFILIATIONS (as of 5/8/2025) TRILOGY MANAGEMENT SERVICES 126 Properties / Campuses 12,872 Beds / Units Headquarters in Louisville, KY SENIOR SOLUTIONS MANAGEMENT GROUP 20 Properties 1,685 Beds / Units Headquarters in Atlanta, GA PRIORITY LIFE CARE 11 Properties 914 Beds
Slide 17: Integrated Senior Health Campuses / Trilogy Overview
INTEGRATED SENIOR HEALTH CAMPUSES (as o f 3 / 3 1/ 2 0 2 5) / TRILOGY | OVERVIEW KEY HIGHLIGHTS 1997 4 • ABILITY TO AGE-IN-PLACE WITH FULL CONTINUUM OF CARE YEAR FOUNDED STATES o Unique mix of senior housing (AL/IL/MC) units (~43%) and skilled nursing beds (~57%) on same campus 125 10.4 • PURPOSE-BU
Slide 18: 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 achieved have been highly- care (IL/AL/MC/SNF) attractive • Allows for
Slide 19: 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 20: Senior Housing Operating Properties (SHOP) Overview
SENIOR HOUSING OPERATING PROPERTIES (as o f 3 / 3 1/ 2 0 2 5) (SHOP) | OVERVIEW KEY HIGHLIGHTS 69 17 • LARGER FOCUS ON NEEDS-BASED CARE VERSUS MORE DISCRETIONARY SENIOR HOUSING PROPERTIES STATES o ~81% of total SHOP units are Assisted Living and Memory Care • 7 HANDS-ON ASSET MANAGEMENT 27.6 AVERAGE
Slide 21: 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 Same-Store NOI growth. (1) OPERATING PORTFOLIO (AHR SHOP/Trilogy; Healthcare REIT Peers SHOP or Senior Housing - Managed)(1) (2) (3) Same-Store Occupancy
Slide 22: Capital Allocation
& a i i H SF | I. a a. =e PC APITABALE OC ATION =
Slide 23: 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 24: Capital Markets & Balance Sheet
CAPITAL MARKETS & BALANCE SHEET
Slide 25: Balance Sheet Highlights
BALANCE SHEET HIGHLIGHTS (as of 3/31/2025) KEY DEBT METRICS (1)(2) $1.66B TOTAL DEBT 4.40% WEIGHTED AVERAGE INTEREST RATE 12.5 YEARS WEIGHTED AVERAGE TERM Secured DEBT MATURITY SCHEDULE Floating Debt, Unsecured $700 Debt, 38.8% 61.2% MILLIONS Rate, $600 5.6% $500 $400 $300 $200 $100 $0 2025 2026 202
Slide 26: Management & Governance
MANAGEMENT & GOVERNANCE
Slide 27: Cohesive Management Team
COHESIVE MANAGEMENT TEAM EXPERIENCE THROUGH MARKET CYCLES AND WITH LARGEST HEALTHCARE REITS 27 YEARS AVG. EXPERIENCE OF EXECUTIVE TEAM Background & Years in Industry Background & Years in Industry • Former President & COO of Griffin-American Healthcare Kenny Lin • Former EVP, Accounting & Finance of
Slide 28: Experienced Board of Directors with Strong Governance
EXPERIENCED BOARD OF DIRECTORS WITH STRONG GOVERNANCE BOARD OF DIRECTORS COMMITMENT TO Jeff Hanson (Chairman since 2013(1)) GOVERNANCE • Former CEO of prior Griffin-American Healthcare REITs • Over 28 years real estate experience BOARD GOVERNANCE Danny Prosky (Director since 2014(1)) • Former Presid
Slide 29: Corporate Responsibility Initiatives
CORPORATE RESPONSIBILITY INITIATIVES ENVIRONMENTAL SOCIAL GOVERNANCE • Completed Materiality Assessment • Commitment to providing high- • Seasoned SEC filer since 2014 with an independent consultant in quality care and health outcomes • 2/3 of Board made up of October 2022, setting corporate • Prove
Slide 30: Appendix
APPENDIX
Slide 31: ISHC/Trilogy Segment Representative Properties
ISHC/TRILOGY SEGMENT REPRESENTATIVE PROPERTIES 10.4 YEARS AVERAGE AGE OF CAMPUSES/FACILITIES 31
Slide 32: 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 33: 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 34: Defined Terms
DEFINED TERMS • Same-Store or SS: Properties owned or consolidated the full year in both comparison years and that are not otherwise excluded. Properties are excluded from Same-Store if they are: (1) sold, classified as held for sale or properties whose operations were classified as discontinued ope
Slide 35: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS The following is a reconciliation of Net (loss) income to Cash NOI for the quarterly periods shown below: Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Net (loss) income $ (3,004) $ 2,926 $ (3,093) $ (32,429) $ (6,840) General and administrative 11,828 11,746 11,921 12,064 13,155
Slide 36: 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 quarterly periods shown below: Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Integrated Senior Health Campuses NOI $ 41,980 $ 45,308 $ 48,399 $ 53,586 $ 52,717 Facil
Slide 37: 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 quarterly periods shown below: Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Triple-Net Leased Properties NOI $ 12,710 $ 12,234 $ 12,764 $ 12,068 $ 9,275 Straight li
Slide 38: 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 quarterly periods shown below: Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Integrated Senior Health Campuses GAAP revenue $ 393,122 $ 393,774 $ 40
Slide 39: 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 quarterly periods shown below: Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Triple-Net Leased Properties GAAP revenue $ 13,348 $ 12,886 $ 13,265 $
Slide 40: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS The following is a reconciliation of Net loss to Adjusted EBITDA for the three months ended March 31, 2025: Q1 2025 Net loss $ (6,840) Adjustments: Interest expense (including amortization of deferred financing costs, debt discount/premium and loss on debt extinguishments) 2
Slide 41: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS (1) The following is a reconciliation of Interest Coverage Ratios and Net Debt for the three months ended March 31, 2025: Q1 2025 Interest Coverage Ratios Interest Expense (2) $ 22,945 Capitalized Interest 97 Loss on extinguishment of debt (508) Non-Cash Interest Expense (3)
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