American Healthcare Reit, Inc. · NYSE:AHR
American Healthcare Reit — Q3 2025 Earnings Presentation
33 slides from American Healthcare Reit's earnings presentation, Nov 7, 2025
Slide 1: Third Quarter 2025 Supplemental
Third Quarter 2025 Supplemental
Slide 2: Disclaimers: Forward-Looking Statements
Disclaimers Forward-Looking Statements Certain statements contained in this supplemental, filed in conjunction with the Third Quarter 2025 Earnings Press Release, including statements relating to American Healthcare REIT, Inc.'s (the "Company") expectations regarding its performance, interest expens
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 9/30/2025)
Overview & Financial Highlights (as of 9/30/2025) (dollars in thousands, except per share) Portfolio Overview Pro-Rata (3) (4) Consolidated (4) Wtd Avg Campuses/ Lease Term Annualized Annualized Properties Beds/Units (1) Leased % (2) (years) Cash NOI Cash NOI Integrated Senior Health Campuses (ISHC)
Slide 5: Integrated Senior Health Campuses
Integrated Senior Health Campuses (dollars in thousands) Total Portfolio (1) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 YTD 9/30/24 YTD 9/30/25 Campuses 127 126 125 124 133 — — IL/AL/MC units 5,584 5,565 5,530 5,431 6,045 5,584 6,045 SNF beds 7,436 7,355 7,310 7,226 7,500 7,436 7,500 Consolidated total
Slide 6: ISHC Revenue per Payor and Bed Type
ISHC Revenue per Payor and Bed Type Average Daily Rate % of Resident Days % of Revenue Q3 2024 Q3 2025 % change Q3 2024 Q3 2025 Q3 2024 Q3 2025 Private $380.56 $403.90 6.1% 11.7% 10.9% 13.6% 12.8% Managed care/insurance $403.60 $409.83 1.5% 0.4% 0.3% 0.5% 0.4% Medicaid $310.94 $320.52 3.1% 23.1% 21.
Slide 7: Outpatient Medical
Outpatient Medical (dollars and square feet in thousands, except revenue per square foot and NOI per square foot) Total Portfolio Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 YTD 9/30/24 YTD 9/30/25 Properties 83 81 81 78 73 — — Consolidated GLA (sq ft) 4,400 4,262 4,260 3,952 3,825 4,400 3,825 Ending oc
Slide 8: Outpatient Medical (as of 9/30/2025)
Outpatient Medical (as of 9/30/2025) (dollars and square feet in thousands) Tenants ABR % S&P Credit Rating Christus Good Shepherd Health System $7,868 9.1% 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 1
Slide 9: Outpatient Medical (as of 9/30/2025) Expiring Leases
Outpatient Medical (as of 9/30/2025) (dollars and square feet in thousands, except average rent per square foot) Expiring Leases (1) # of Expiring % of Total Average Rent Year Total Sq. Ft. % of GLA ABR (2) Leases ABR per Sq. Ft. 2025 33 171 5.2% $3,969 4.0% $23.21 2026 48 199 6.0% 4,432 4.5% 22.27
Slide 10: Senior Housing Operating Properties
Senior Housing Operating Properties (dollars in thousands, except RevPOR, and Pro-Rata) Total Portfolio Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 YTD 9/30/24 YTD 9/30/25 Properties 69 70 69 70 73 — — IL/AL/MC units 5,353 5,465 5,391 5,578 5,833 5,353 5,833 SNF beds 95 100 100 101 101 95 101 Consolidat
Slide 11: ISHC & SHOP Partners (as of 9/30/2025)
ISHC & SHOP Partners (as of 9/30/2025) Number of Pro-Rata Share Consolidated Partner/Operator State Properties/Campuses Beds/Units Beds/Units Trilogy Management Services KY,IN,MI,OH,WI 135 13,755 13,755 Senior Solutions Management Group AR,MS,TX,LA,MO,GA 20 1,655 1,685 Compass Senior Living OR, WA,
Slide 12: Triple-Net Leased Properties
Triple-Net Leased Properties (dollars in thousands and Pro-Rata) Total Portfolio Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 YTD 9/30/24 YTD 9/30/25 Properties 27 19 19 19 18 — — AL/MC beds/units 538 538 538 538 538 538 538 SNF beds 2,061 956 960 960 882 2,061 882 Consolidated total beds/units 2,599 1,4
Slide 13: Triple-Net Leased Properties Rent Coverage Stratification
Triple-Net Leased Properties Rent Coverage Stratification Contribution to Pro-Rata Cash NOI at each Coverage Stratification for Q3 2025 (1) Tenant EBITDAR Coverage Tenant EBITDARM Coverage Weighted Weighted Senior Number Senior Number Average Average Coverage Housing- SNFs Hospital Total of Housing-
Slide 14: Revenue and Lease Expiration (as of 9/30/2025)
Revenue and Lease Expiration(1) (as of 9/30/2025) (dollars in thousands) ABR of Expiring Leases (2) as % of Total ABR Triple-Net Leased Year OM Properties Interest Income (3) Total 2025 $3,969 4.0% $— 0.0% $— 0.0% $3,969 2.8% 2026 4,432 4.5% — 0.0% — 0.0% 4,432 3.2% 2027 10,770 10.9% — 0.0% — 0.0% 1
Slide 15: Debt Maturities and Principal Payments (as of 9/30/2025)
Debt Maturities and Principal Payments (as of 9/30/2025) (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 $— $5,44
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 Reportable Segment Campuses Beds/Units Price per Bed/Unit Integrated Senior Health Campuses - Lease buyouts 2 159 $23,332 $147 Integrated
Slide 17: Real Estate Development & Expansions
Real Estate Development & Expansions (dollars in thousands) Development Timing Total Type of Spent To Expected Construction Expected Project Name State Segment Project Beds/Units Date Cost Start Completion Portage MI ISHC New Campus 108 $13,644 $22,854 Q3 2024 Q2 2026 Sylvania OH ISHC IL Villas 26 7
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 $78.00 $83.00 $0.47 $0.50 Depreciation and amortization (2) 182
Slide 19: Components of NAV
Components of NAV(1) (dollars and square feet in thousands) # of Properties/ Square Total Q3 2025 Q3 2025 Ann. Segment Campuses Feet Beds/Units Cash NOI (2) Cash NOI (2) ISHC 133 9,916 13,545 $69,394 $277,576 Outpatient Medical 73 3,825 18,673 74,692 SHOP - Grouped by avg Occupancy >80% 56 4,094 4,4
Slide 20: Appendix: Non-GAAP Reconciliations and Defined Terms
Third 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) Q3 2025 Q3 2024 YTD 9/30/2025 YTD 9/30/2024 Net income (loss) $56,639 $(3,093) $59,878 $(3,171) Depreciation and amortization related to real estate — consolidated properties 49,115 44,208 131,980 132,163 Depreciation an
Slide 22: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (in thousands) Q3 2025 Net income $56,639 Interest expense, net (including amortization of deferred financing costs, debt 20,392 discount/premium and loss on debt extinguishments) Income tax benefit (21,092) Depreciation and amortization (including amortization of leas
Slide 23: Coverage Ratios and Net Debt Reconciliation
Coverage Ratios and Net Debt Reconciliation(1) (dollars in thousands) Q3 2025 Interest Coverage Ratios Interest expense(2) $20,392 Capitalized interest 401 Gain on extinguishment of debt 22 Non-cash interest expense(3) (1,393) Total Interest $19,422 Interest Coverage Ratio(4) 5.1X Fixed Charges Cove
Slide 24: Same-Store Property Reconciliation
Same-Store Property Reconciliation For the Nine Months Ended September 30, 2025 Integrated Senior Triple-Net Leased Health Campuses Outpatient Medical SHOP Properties Total properties/campuses 133 73 73 18 Recent acquisition (9) — (24) — Non-Core Properties — (6) (2) (1) Expansion and development (8
Slide 25: Cash NOI Reconciliation
Cash NOI Reconciliation (in thousands) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 YTD 9/30/24 YTD 9/30/25 Net (loss) income $(3,093) $(32,429) $(6,840) $10,079 $56,639 $(3,171) $59,878 General and administrative 11,921 12,064 13,155 14,943 14,108 35,495 42,206 Transaction, transition and restructuring
Slide 26: Same-Store NOI Reconciliation (1/2)
Same-Store NOI Reconciliation (1/2) (in thousands) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 YTD 9/30/24 YTD 9/30/25 Integrated Senior Health Campuses NOI $48,399 $53,586 $52,717 $60,068 $61,320 $135,687 $174,105 Facility rental expense 7,619 7,642 7,499 7,278 7,030 24,347 21,807 Cash NOI from disposi
Slide 27: Same-Store NOI Reconciliation (2/2)
Same-Store NOI Reconciliation (2/2) (in thousands) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 YTD 9/30/24 YTD 9/30/25 Triple-Net Leased Properties NOI $12,764 $12,068 $9,275 $9,166 $9,159 $37,708 $27,600 Straight line rent (534) (538) (562) (562) (487) (2,129) (1,611) Other non-cash adjustments 236 239
Slide 28: Same-Store Revenue Reconciliation (1/2)
Same-Store Revenue Reconciliation (1/2) (in thousands) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 YTD 9/30/24 YTD 9/30/25 Integrated Senior Health Campuses GAAP revenue $409,626 $423,290 $423,364 $423,825 $449,719 $1,196,522 $1,296,908 Cash revenue from dispositions — (1,774) (1,480) (1,201) — — (2,681
Slide 29: Same-Store Revenue Reconciliation (2/2)
Same-Store Revenue Reconciliation (2/2) (in thousands) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 YTD 9/30/24 YTD 9/30/25 Triple-Net Leased Properties GAAP revenue $13,265 $12,631 $10,233 $9,964 $9,698 $39,499 $29,895 Straight line rent (534) (538) (562) (562) (487) (2,129) (1,611) Other non-cash adjus
Slide 30: 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 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, transaction, transition and restructuring costs, depreciation and amortization, intere
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 — Q3 2025 Earnings Presentation on 6ix