American Healthcare Reit, Inc. · NYSE:AHR
American Healthcare Reit — Q2 2026 Earnings Presentation
38 slides from American Healthcare Reit's earnings presentation, Aug 7, 2026
Slide 1: Investor Presentation June 2026
INVESTOR PRESENTATION JUNE 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, investment pipeline, balance sheet, net income or loss per diluted sha
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 Jeff Hanson Brian Peay Gabe Willhite Alan Peterson Chairman, Interim CEO CFO COO VP, Investor Relations & President & Finance 4
Slide 5: Recent Highlights
RECENT HIGHLIGHTS
Slide 6: Recent Highlights | External Growth & Pipeline
RECENT HIGHLIGHTS | EXTERNAL GROWTH & PIPELINE (as of 5/29/2026) RECENT ACQUISITION DETAILS (FY25 + YTD THROUGH MAY 29, 2026) Since the beginning of 2025 through May 15, 2026, the Company has SHOP ACQUISITIONS SNAPSHOT closed on approximately $1.25 billion of new real estate acquisitions, with SHOP
Slide 7: Recent Highlights | Recently Acquired SHOP Properties
RECENT HIGHLIGHTS | RECENTLY ACQUIRED SHOP PROPERTIES 21 BUILDINGS ADDED THROUGH SHOP ACQUISITIONS SINCE 2025 2015 AVERAGE YEAR OF CONSTRUCTION FOR SHOP ACQUISITIONS SINCE 2025 7
Slide 8: Recent Highlights | Q1 2026 Portfolio Performance
RECENT HIGHLIGHTS | Q1 2026 PORTFOLIO PERFORMANCE +14.5% +19.7% 93.0% 1.33x +12.1% 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 2026 REVENUE GROWTH 6.7% SAME-STORE Q1 2026
Slide 9: Q1 2026 Performance & 2026 NOI Growth Guidance
RECENT HIGHLIGHTS | Q1 2026 PERFORMANCE & 2026 NOI GROWTH GUIDANCE Q1 2026 ISHC/TRILOGY AND SHOP OPERATING HIGHLIGHTS (1) Same-Store Occupancy Q1 2026 Same-Store Growth Same-Store NOI Margin 91.2% 19.7% 20.6% 89.0% 20.1% 88.6% 18.8% 18.4% 14.5% 86.0% 6.9% 7.2% 5.1% 4.4% Q1 2025 Q1 2026 Revenue Expen
Slide 10: AHR Overview
AHR OVERVIEW
Slide 11: Company Snapshot
COMPANY SNAPSHOT (as of or for the three months ended 3/31/2026, as applicable) DIVERSIFIED HEALTHCARE PORTFOLIO WITH SENIOR HOUSING & CARE FOCUS Q1 2026 PRO-RATA CASH NOI % BY SEGMENT 79.4% OF PRO-RATA CASH NOI IN OPERATING PORTFOLIO CAME FROM MANAGED SEGMENTS (ISHC & SHOP) AHR 4 325 DIVERSIFIED TO
Slide 12: Portfolio Key Stats
PORTFOLIO KEY STATS (as of 3/31/2026) INTEGRATED SENIOR SENIOR HOUSING OUTPATIENT TRIPLE-NET LEASED HEALTH CAMPUSES OPERATING PROPERTIES MEDICAL PROPERTIES 149 87 71 18 Campuses Properties Properties Properties 91.2% 88.6% 93.0% 90.6% Same-Store Occupancy (1) Same-Store Occupancy (1) Same-Store Occu
Slide 13: Senior Housing & Care Trends
SENIOR HOUSING & CARE TRENDS
Slide 14: 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 15: 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 16: Operating Portfolio
OPERATING PORTFOLIO ISHC/TRILOGY AND SHOP
Slide 17: Regional Focus and Operator Affiliations
REGIONAL FOCUS AND OPERATOR AFFILIATIONS (as of 3/31/2026) TRILOGY MANAGEMENT SERVICES 149 Properties / Campuses 15,222 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 H
Slide 18: Integrated Senior Health Campuses / Trilogy Overview
INTEGRATED SENIOR HEALTH CAMPUSES (as o f 3 / 3 1/ 2 0 2 6) / TRILOGY | OVERVIEW KEY HIGHLIGHTS 1997 7 • ABILITY TO AGE-IN-PLACE WITH FULL CONTINUUM OF CARE YEAR FOUNDED STATES o Unique mix of senior housing (AL/IL/MC) units (~46%) and skilled nursing beds (~54%) on same campus 149 12.2 • PURPOSE-BU
Slide 19: 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 20: 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 21: Senior Housing Operating Properties (SHOP) Overview
SENIOR HOUSING OPERATING PROPERTIES (as o f 3 / 3 1/ 2 0 2 6) (SHOP) | OVERVIEW KEY HIGHLIGHTS 87 20 • LARGER FOCUS ON NEEDS-BASED CARE VERSUS MORE DISCRETIONARY SENIOR HOUSING PROPERTIES STATES o ~84% of total SHOP units are Assisted Living and Memory Care • 8 HANDS-ON ASSET MANAGEMENT 22.4 AVERAGE
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 3/31/2026) KEY DEBT METRICS (1)(2) $1.52B TOTAL DEBT 4.15% WEIGHTED AVERAGE INTEREST RATE 12.0 YEARS WEIGHTED AVERAGE MATURITY DEBT MATURITY SCHEDULE Fixed Rate Secured Unsecured $700 100% Debt 63.9% Debt 36.1% MILLIONS $600 $500 $400 $300 $200 $100 $ Floating Rate 0.
Slide 26: Appendix
APPENDIX
Slide 27: ISHC/Trilogy Segment Representative Properties
ISHC/TRILOGY SEGMENT REPRESENTATIVE PROPERTIES 12.2 YEARS AVERAGE AGE OF CAMPUSES/FACILITIES 27
Slide 28: 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 r
Slide 29: 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 30: 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. • Yield or Yield on Cost: Stabilized Annualized EBITDAR divided by development cost. 30
Slide 31: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS The following is a reconciliation of net income to SHOP NOI for the three months ended March 31, 2026 (in thousands): Net income $ 24,011 General and administrative 17,605 Transaction, transition and restructuring costs 1,971 Depreciation and amortization 67,062 Interest exp
Slide 32: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS The following is a reconciliation of Net (loss) income to Cash NOI for the periods shown below: Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Net (loss) income $ (6,840) $ 10,079 $ 56,639 $ 10,940 $ 24,011 General and administrative 13,155 14,943 14,108 16,529 17,605 Transaction,
Slide 33: 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: Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Integrated Senior Health Campuses GAAP Revenue $ 428,692 $ 429,350 $ 455,453 $ 47
Slide 34: 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: Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Triple-Net Leased Properties GAAP revenue $ 10,233 $ 9,964 $ 9,698 $ 9,644 $ 10,1
Slide 35: 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: Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Integrated Senior Health Campuses NOI $ 52,991 $ 60,933 $ 62,169 $ 63,930 $ 71,759 Facility rental
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 periods shown below: 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)
Slide 37: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS The following is a reconciliation of Net Income to Adjusted EBITDA for the three months ended March 31, 2026: Q1 2026 Net income $ 24,011 Interest expense, net (including amortization of deferred financing costs and debt 18,796 discount/premium) Income tax benefit (525) Depr
Slide 38: 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, 2026: Q1 2026 Interest Coverage Ratios Interest expense(2) $ 18,796 Capitalized interest 644 Non-cash interest expense(3) (1,412) Total Interest $ 18,028 Inter
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