American Healthcare Reit, Inc. · NYSE:AHR
American Healthcare Reit — Q1 2026 Earnings Presentation
32 slides from American Healthcare Reit's earnings presentation, May 7, 2026
Slide 1: First Quarter 2026 Supplemental
First Quarter 2026 Supplemental Exhibit 99.2
Slide 2: Disclaimers: Forward-Looking Statements
Disclaimers Forward-Looking Statements Certain statements contained in this supplemental, filed in conjunction with the First Quarter 2026 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
Overview (1) (as of 3/31/2026) (dollars in thousands, except per share) Portfolio Overview Pro-Rata (4) Campuses/ Properties Weighted Average Lease Term (years) Annualized Cash NOI Beds/Units (2) 15,222 Leased %(3) Integrated Senior Health Campuses (ISHC) Senior Housing Operating Properties (SHOP) O
Slide 5: Integrated Senior Health Campuses
Integrated Senior Health Campuses (dollars in thousands) Total Portfolio Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Campuses 127 5,640 7,410 13,050 88.4% 87.5% 89.1% 126 5,540 7,327 12,867 88.8% 89.3% 88.5% 135 6,154 149 6,890 8,275 15,165 90.1% 91.9% 88.7% 149 6,947 IL/AL/MC units SNF beds 7,601 8,275
Slide 6: ISHC Revenue per Payor and Bed Type
ISHC Revenue per Payor and Bed Type Average Daily Rate % of Resident Days % of Revenue Q1 2025 Q1 2026 Q1 2025 Q1 2026 % change Consolidated Medicare Medicare Advantage Private Managed care/insurance Medicaid Total skilled nursing Total senior housing Ancillary revenue Total $697.00 $718.76 3.1% 5.7
Slide 7: Senior Housing Operating Properties
Senior Housing Operating Properties (dollars in thousands, except RevPOR and ExPOR, and Pro-Rata) Total Portfolio Properties Consolidated total units Consolidated average Occupancy Cash revenue (1) Operating expenses Cash NOI (1) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 67 5,281 68 5,469 85.5% $71,65
Slide 8: ISHC & SHOP Partners
ISHC & SHOP Partners (as of 3/31/2026) Number of Properties/Campuses Consolidated Beds/Units Partner/Operator State Trilogy Management Services Senior Solutions Management Group Great Lakes Management Compass Senior Living Heritage Senior Living Cogir Senior Living Priority Life Care Heritage Commun
Slide 9: Outpatient Medical
Outpatient Medical (dollars and square feet in thousands, except revenue per square foot and Cash NOI per square foot) Total Portfolio Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Properties 78 3,952 73 3,825 71 3,685 71 3,685 81 Consolidated GLA (sq ft) Ending Occupancy Cash revenue (1) 4,260 87.4% 86.1
Slide 10: Outpatient Medical: Tenants and Absorption
Outpatient Medical (as of 3/31/2026) (dollars and square feet in thousands) Tenants ABR % 9.3% 3.0% 2.9% 2.6% 2.3% 79.8% S&P Credit Rating Christus Good Shepherd Health System Prime Healthcare Montefiore Medical Center Atrius Health, Inc. Cullman Regional Medical Center Remaining portfolio $7,970 2,
Slide 11: Triple-Net Leased Properties
Triple-Net Leased Properties (dollars in thousands and Pro-Rata) Total Portfolio Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Properties AL/MC beds/units SNF beds 19 538 960 19 538 960 18 538 882 18 538 882 18 538 882 Consolidated total beds/units (1) Average operator Occupancy (1) Cash revenue (2) Debt
Slide 12: 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 Q1 2026 (1) Tenant EBITDAR Coverage Weighted Tenant EBITDARM Coverage Weighted Senior Number of Leases Senior Number of Leases Average Maturity (years) Average Maturity (ye
Slide 13: Revenue and Lease Expiration
Revenue and Lease Expiration(1) (as of 3/31/2026) (dollars in thousands) Triple-Net Leased Properties OM % # of Expiring Total % % Year 2026 ABR(2) $4,309 9,134 of ABR 4.4% 9.2% Leases 56 Sq. Ft. of GLA ABR(2) $— of ABR Interest Income (3) Total $4,309 9,134 208 6.3% 0.0% 0.0% 0.0% 0.0% $— 0.0% 3.1%
Slide 14: Debt Maturities and Principal Payments
Debt Maturities and Principal Payments (as of 3/31/2026) (dollars in thousands) Noncontrolling % of Combined Pro-Rata Debt Weighted Average Interest Rate (2) (3) Lines of Credit and Term Loan Mortgage Loans Payable Interest's Share of Mortgage Combined Pro-Rata Debt Period 2026 Loans Payable $— $154
Slide 15: Year To Date 2026 Real Estate Acquisitions
Year To Date 2026 Real Estate Acquisitions (dollars in thousands) Average Cost per Bed/Unit Number of Properties Gross Purchase Price Reportable Segment/Quarter Beds/Units SHOP Q1 2026 7 501 $162,750 $325 15
Slide 16: Real Estate Development & Expansions
Real Estate Development & Expansions (dollars in thousands) Development Timing Total Expected Cost Type of Project Spent To Date Construction Expected Project Name Portage Greenfield Mooresville Scio Township Holly State MI IN IN MI MI IN IN IN KY OH OH OH IN IN WI MI Segment ISHC ISHC ISHC ISHC ISH
Slide 17: 2026 Guidance
2026 Guidance(1) (dollars in millions, except per share) NAREIT FFO and NFFO Attributable to Common Stockholders 2026 Guidance FY 2026 $97.8 $271.0 $0.4 FY 2026 - per diluted share Low High Low High Net income attributable to common stockholders Depreciation and amortization (2) Impairment of real e
Slide 18: Components of NAV
Components of NAV(1) (dollars and square feet in thousands) # of Properties/ Campuses Square Feet Total Beds/Units Q1 2026 Cash NOI(2) Q1 2026 Annualized Cash NOI(2) Segment ISHC SHOP 149 87 70 17 11,285 6,682 3,653 961 15,222 7,486 $78,520 $314,080 103,348 72,704 25,837 18,176 7,667 Outpatient Medi
Slide 19: Appendix: Non-GAAP Reconciliations and Defined Terms
First Quarter 2026 Supplemental Appendix Non-GAAP Reconciliations and Defined Terms 19
Slide 20: FFO / NFFO Reconciliation
FFO / NFFO Reconciliation(1) (in thousands, except share and per share amounts) Q1 2026 $24,011 Q1 2025 $(6,840) Net income (loss) Depreciation and amortization related to real estate — consolidated properties Depreciation and amortization related to real estate — unconsolidated entities Impairment
Slide 21: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (in thousands) Q1 2026 $24,011 Net income Interest expense, net (including amortization of deferred financing costs and debt discount/premium) Income tax benefit 18,796 (525) Depreciation and amortization (including amortization of leased assets and accretion of lease
Slide 22: Coverage Ratios and Net Debt Reconciliation
Coverage Ratios and Net Debt Reconciliation(1) (dollars in thousands) Q1 2026 Interest Coverage Ratios Interest expense(2) $18,796 Capitalized interest 644 Non-cash interest expense(3) Total Interest (1,412) $18,028 Interest Coverage Ratio(4) 6.4X Fixed Charges Coverage Ratio Total interest Secured
Slide 23: Same-Store Property Reconciliation
Same-Store Property Reconciliation For the Three Months Ended March 31, 2026 Integrated Senior Health Campuses Triple-Net Leased Properties SHOP Outpatient Medical Total properties/campuses Recent acquisition 149 (23) (2) 87 (21) (1) 71 — 18 — Non-Core Properties (6) — (1) — Expansion and developmen
Slide 24: Cash NOI Reconciliation
Cash NOI Reconciliation (in thousands) Q1 2025 $(6,840) Q2 2025 $10,079 Q3 2025 $56,639 Q4 2025 $10,940 Q1 2026 $24,011 Net (loss) income General and administrative 13,155 1,837 41,114 22,945 750 14,943 (79) 14,108 50 16,529 3,295 55,323 19,806 (179) 17,605 1,971 67,062 18,796 (1,527) — Transaction,
Slide 25: Same-Store Revenue Reconciliation (1/2)
Same-Store Revenue Reconciliation (1/2) (in thousands) Q1 2025 $428,692 Q2 2025 $429,350 Q3 2025 $455,453 Q4 2025 $472,577 Q1 2026 $502,743 Integrated Senior Health Campuses GAAP Revenue Cash revenue from dispositions Cash revenue Revenue attributable to new acquisitions/dispositions/other Revenue a
Slide 26: Same-Store Revenue Reconciliation (2/2)
Same-Store Revenue Reconciliation (2/2) (in thousands) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Triple-Net Leased Properties GAAP Revenue $10,233 $9,964 $9,698 $9,644 $10,165 Straight line rent (562) (562) 199 (487) 200 (430) 200 (422) 200 Other non-cash adjustments Cash revenue from dispositions Cas
Slide 27: Same-Store NOI Reconciliation (1/2)
Same-Store NOI Reconciliation (1/2) (in thousands) Q1 2025 Q2 2025 Q3 2025 Q4 2025 $63,930 Q1 2026 Integrated Senior Health Campuses NOI Facility rental expense Cash NOI from dispositions Cash NOI New acquisitions/dispositions/other Non-Core Properties Other normalizing adjustments Same-Store NOI $5
Slide 28: Same-Store NOI Reconciliation (2/2)
Same-Store NOI Reconciliation (2/2) (in thousands) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Triple-Net Leased Properties NOI $9,275 $9,166 $9,159 $9,169 $9,189 Straight line rent (562) 243 (562) 218 (487) 218 (430) 218 (422) 217 Other non-cash adjustments Cash NOI attributable to noncontrolling inter
Slide 29: 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 of
Slide 30: Defined Terms
Defined Terms • • • NAV: Net asset value. Net Debt: Total Debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash related to debt. NOI: Net operating income; a non-GAAP financial measure that is defined as net income (loss), computed in accordance with GAAP, g
Slide 31: Defined Terms
Defined Terms • Retention: The ratio of total renewed square feet and month-to-month leases retained to the total square feet expiring, excluding the square feet for tenant leases terminated and leases in assets expected to be sold for the trailing 12-months. • • RevPOR: Revenue per occupied room. R
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American Healthcare REIT — Q1 2026 Earnings Presentation on 6ix