American Healthcare REIT, Inc. · NYSE:AHR
American Healthcare REIT — Q3 2026 Earnings Presentation
56 slides from American Healthcare REIT's earnings presentation, Nov 6, 2026
Slide 1: Investor Presentation November 2026
INVESTOR PRESENTATION NOVEMBER 2026
Slide 2: Disclaimers
DISCLAIMERS Forward Looking Statements non - GAAP financial measures : EBITDA, Adjusted EBITDA, Net to make distributions to our stockholders . Certain statements contained in this presentation, including Debt - to- Annualized Adjusted EBITDA, NAREIT FFO, NFFO, NOI, The method utilized to evaluate t
Slide 3: Management Participants
MANAGEMENT PARTICIPANTS Jeff Hanson Gabe Willhite Aric Chang Alan Peterson Chairman & CEO President & COO CFO VP, Investor Relations & Finance 3
Slide 4: Table of Contents
TABLE OF CONTENTS 05 Recent Highlights 35 AHR Overview AHR’s Strategic Focus 41 Senior Housing & Care Trends 13 23 Capital Allocation Strategy 44 Appendix 33 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 1 NFFO PER SHARE FY 2025A vs FY 2026 1 WHAT IS DRIVING THE RAISE FROM FY25A TO CURRENT FY 2026 GUIDANCE? $2.26 $2.19 Strong performance in our SHOP+ 2 portfolio $2.09 $2.23 (SHOP 28.2% & Trilogy 15.7% SS NOI growth ) $2.05 $2.15 driven by reven
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 On Strong Foundation FFO Growth 1 • Jeff Hanson, Chairman, appointed CEO Total ISH
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 30% +13.8% +28.2% +15.7% NFFO per share growth Total Portfolio SHOP SS NOI Growth TRILOGY 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, Q3 2026 vs. Q3 2025 MARGIN EXPANSION | SHOP+ SEGMENTS 1 Revenue side Expense side 9.0% SHOP ISHC 5.4% +352 bps +199 b
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 BELIEVE THAT WE ARE RAPIDLY CURATING THE HIGHEST - QUALITY PORTFOLIO IN SENIOR HOUSING Focus is on newer and larger SHOP assets with a continuum of care $2.1 Billion Acquisitions and
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 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 N
Slide 13: AHR's Strategic Focus
AHR’S STRATEGIC FOCUS
Slide 14: 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 • Multi
Slide 15: AHR Solving the Most Difficult Problem
STRATEGIC FOCUS | AHR 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 operat
Slide 16: AHR's Differentiated Strategy for Compounding Growth
STRATEGIC FOCUS | AHR’s DIFFERENTIATED STRATEGY FOR COMPOUNDING GROWTH HOW DOES AHR UNLOCK COMPOUNDING EARNINGS GROWTH? BETTER assets attract better operators | BETTER operators produce better results BETTER results unlock cheaper capital, which buys better assets. Unlock access to capital Identify
Slide 17: AHR's Strategy Delivering Strong Results
STRATEGIC FOCUS | AHR ’s STRATEGY DELIVERING STRONG RESULTS 01 | STRONG TRACK RECORD FOR NFFO/SHARE GROWTH 02 | GENERATIONAL SUPPLY / DEMAND SETUP $0.58 ▪ Over - 80 population in the U.S. is growing by an average of over 800,000 every year for the next 10 years 1 +93% since 1Q24 | ~30% CAGR ▪ From 2
Slide 18: 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 19: 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 20: 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 21: 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 22: AHR Phase: Building on a Foundation of Success
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 — 11 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 Senior Housing
CAPITAL ALLOCATION STRATEGY | HOW WE ALLOCATE WITHIN SENIOR 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 Multifami
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 por
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 Have Accomplished in 2026
CAPITAL ALLOCATION | WHAT WE HAVE 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 $2.1 Billion • $696M acquisition of 8 Class A com
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 / 7
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 (as of 9/30/2026)
BALANCE SHEET HIGHLIGHTS (AS OF 9/30/2026) STRONG AND IMPROVING BALANCE SHEET OFFERS AHR THE FLEXIBILITY NEEDED TO OPTIMIZE EXTERNAL GROWTH OPPORTUNITIES KEY DEBT METRICS 1 Liquidity Position 2 Net Debt - to - Annualized Adjusted EBITDA 6.4x 5.9x Undrawn revolver $850M 5.1x 4.3x 4.5x Unsettled forwa
Slide 35: AHR Overview
“te AHR OVERVIEW
Slide 36: Company Snapshot
COMPANY SNAPSHOT (AS OF OR FOR THE THREE MONTHS ENDED 9/30/2026, AS APPLICABLE) Healthcare Portfolio With RIDEA Focus 83.2% of total Pro - Rata Cash NOI came from SHOP+ segments AHR $13.1B 345 Integrated Senior Total Campuses / Enterprise Value Health Campuses Properties (ISHC) 56.5% SHOP+ SHOP+ 149
Slide 37: SHOP Overview
SHOP | OVERVIEW SENIOR HOUSING OPERATING PROPERTIES · AS OF 9/30/2026 KEY HIGHLIGHTS • Larger focus on needs - based care 109 Properties 26States 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 9/30/2026 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 149 14.1 • Purpose - built faci
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: The Trilogy Moat
TRILOGY KEYS TO COMPETITIVE ADVANTAGE TRILOGY The Trilogy Moat COMPETITORS 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
i r Pa : o és ee a ‘ 4 * < - AT + of tie 2 t + _ |) ot ; i 1B "3 Be dene fee a # = ans iP lal a — a ENIOR HOUSING & CARE TRENDS
Slide 42: Senior Housing Supply / Demand Fundamentals
SENIOR HOUSING SUPPLY / DEMAND FUNDAMENTALS 80+ YEAR OLD POPULATION IN THE 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 re
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 • 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 amort
Slide 47: Defined Terms, Continued
DEFINED TERMS, CONTINUED • 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 a
Slide 48: Non-GAAP Reconciliations
NON - GAAP RECONCILIATIONS (1) The following is a reconciliation of Net Income to Normalized Funds From Operations: Q3 2026 Q3 2025 YTD 9/30/26 YTD 9/30/25 Net income $ 31,515 $ 56,639 $ 86,506 $ 59,878 Depreciation and amortization related to real estate — consolidated properties 90,800 49,115 229,
Slide 49: Non-GAAP Reconciliations
NON - GAAP RECONCILIATIONS The following is a reconciliation of Net income to Cash NOI for the periods shown below: Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 YTD 9/30/26 YTD 9/30/25 Net income $ 31,515 $ 30,980 $ 24,011 $ 10,940 $ 56,639 $ 86,506 $ 59,878 General and administrative 21,582 19,891 17,60
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: Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 YTD 9/30/26 YTD 9/30/25 Integrated Senior Health Campuses GAAP Revenue $ 53
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: Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 YTD 9/30/26 YTD 9/30/25 Triple - Net Leased Properties GAAP Revenue $ 10,39
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: Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 YTD 9/30/26 YTD 9/30/25 Integrated Senior Health Campuses NOI $ 90,047 $ 78,159 $ 71,759 $
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: Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 YTD 9/30/26 YTD 9/30/25 Triple - Net Leased Properties NOI $ 9,966 $ 9,066 $ 9,189 $ 9,169
Slide 54: Non-GAAP Reconciliations
NON - GAAP RECONCILIATIONS The following is a reconciliation of Net Income to Adjusted EBITDA for the three months ended September 30, 2026: Q3 2026 Net income $ 31,515 Interest expense, net (including amortization of deferred financing costs and amortization of debt discount/premium) 17,773 Income
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 September 30, 2026: Q3 2026 Interest Coverage Ratios (1) Interest expense $ 17,773 Capitalized interest 834 (2) Non - cash interest expense (1,553) Total Interest $ 17,054
Slide 56: Full Year 2026 Guidance Reconciliation
FULL YEAR 2026 GUIDANCE RECONCILIATION The following is a reconciliation of Net Income to Normalized Funds From Operations for the Full Year 2026 Guidance: ($ in millions, except per share data) (1) Full Year 2026 Guidance Low High Net income attributable to common stockholders $ 123.2 $ 129.2 (2) D
American Healthcare REIT — Q3 2026 Earnings Presentation on 6ix