American Healthcare Reit, Inc. · NYSE:AHR
American Healthcare Reit — Q4 2025 Earnings Presentation
33 slides from American Healthcare Reit's earnings presentation, Feb 26, 2026
Slide 1: Fourth Quarter 2025 Supplemental
Fourth Quarter 2025 Supplemental
Slide 2: Disclaimers: Forward-Looking Statements
Disclaimers Forward-Looking Statements Certain statements contained in this supplemental, filed in conjunction with the Fourth Quarter 2025 Earnings Press Release, including statements relating to American Healthcare REIT, Inc.’s (the “Company”) expectations regarding its performance, interest expen
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
Overview & Financial Highlights (as of 12/31/2025) (dollars in thousands, except per share) Portfolio Overview Pro-Rata (3)_(4) Consolidated (4) Weighted Average Campuses/ Lease Term Annualized Annualized Properties Beds/Units (1) Leased % (2) (years) Cash NOI Cash NOI Integrated Senior Health Campu
Slide 5: Integrated Senior Health Campuses
Integrated Senior Health Campuses (dollars in thousands) Total Portfolio (1) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Campuses 126 125 124 133 147 — —IL/AL/MC units 5,565 5,530 5,431 6,045 6,781 5,565 6,781 SNF beds 7,355 7,310 7,226 7,500 8,174 7,355 8,174 Consolidated total beds/uni
Slide 6: ISHC Revenue per Payor and Bed Type
ISHC Revenue per Payor and Bed Type Average Daily Rate % of Resident Days % of Revenue Q4 2024 Q4 2025 % change Q4 2024 Q4 2025 Q4 2024 Q4 2025 Private $386.33 $407.53 5.5% 11.8% 11.1% 13.5% 13.0% Managed care/insurance $431.37 $421.65 (2.3%) 0.3% 0.3% 0.4% 0.4% Medicaid $314.95 $320.83 1.9% 23.1% 2
Slide 7: Outpatient Medical
Outpatient Medical (dollars and square feet in thousands, except revenue per square foot and NOI per square foot) Total Portfolio Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Properties 81 81 78 73 71 — —Consolidated GLA (sq ft) 4,262 4,260 3,952 3,825 3,685 4,262 3,685 Ending occupancy 8
Slide 8: Outpatient Medical: Tenants and Absorption
Outpatient Medical (as of 12/31/2025) (dollars and square feet in thousands) Tenants ABR % S&P Credit Rating Christus Good Shepherd Health System $7,876 9.2% A Prime Healthcare 2,575 3.0% B-Montefiore Medical Center 2,470 2.9% BBB-Atrius Health, Inc. 2,294 2.6% BBB Cullman Regional Medical Center 1,
Slide 9: Outpatient Medical: Expiring Leases
Outpatient Medical (as of 12/31/2025) (dollars and square feet in thousands, except average rent per square foot) Expiring Leases (1) # of Expiring Average Rent per Year Total Sq. Ft. % of GLA ABR (2) % of Total ABR Leases Sq. Ft. 2026 70 282 8.6% $5,968 6.0% $21.16 2027 57 375 11.4% 10,671 10.8% 28
Slide 10: Senior Housing Operating Properties
Senior Housing Operating Properties (dollars in thousands, except RevPOR, and Pro-Rata) Total Portfolio Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Properties 70 69 70 73 83 — —IL/AL/MC units 5,465 5,391 5,578 5,833 7,087 5,465 7,087 SNF beds 100 100 101 101 101 100 101 Consolidated tota
Slide 11: ISHC & SHOP Partners
ISHC & SHOP Partners (as of 12/31/2025) Number of Pro-Rata Share Consolidated Partner/Operator State Properties/Campuses Beds/Units Beds/Units Trilogy Management Services IN,OH,KY,MI,WI,NM,NC 149 15,165 15,165 Senior Solutions Management Group TX,LA,MS,GA,AR,MO 20 1,655 1,685 Great Lakes Management
Slide 12: Triple-Net Leased Properties
Triple-Net Leased Properties (dollars in thousands and Pro-Rata) Total Portfolio Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Properties 19 19 19 18 18 — —AL/MC beds/units 538 538 538 538 538 538 538 SNF beds 956 960 960 882 882 956 882 Consolidated total beds/units 1,494 1,498 1,498 1,42
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 Q4 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
Revenue and Lease Expiration(1) (as of 12/31/2025) (dollars in thousands) ABR of Expiring Leases (2) as % of Total ABR Triple-Net Leased Year OM Properties Interest Income (3) Total 2026 $5,968 6.0% $— 0.0% $— 0.0% $5,968 4.3% 2027 10,671 10.8% — 0.0% — 0.0% 10,671 7.6% 2028 14,771 15.0% — 0.0% 4,01
Slide 15: Debt Maturities and Principal Payments
Debt Maturities and Principal Payments (as of 12/31/2025) (dollars in thousands) Noncontrolling % of Weighted Line of Credit Mortgage Interest’s Share Combined Average and Term Loans of Mortgage Combined Pro-Rata Interest (2) (3) Period Loan Payable Loans Payable Pro-Rata Debt Debt Rate _ 2026 $— $1
Slide 16: Full Year 2025 Real Estate Acquisitions and Dispositions
Full Year 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 (1) 2 253 $35,660 $141 Integrated S
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 $18,425 $22,854 Q3 2024 Q2 2026 Sylvania OH ISHC IL Villas 26 8
Slide 18: 2026 Guidance
2026 Guidance(1) (dollars in millions, except per share) NAREIT FFO and NFFO Attributable to Common Stockholders 2026 Guidance FY 2026 FY 2026—per diluted share Low High Low High Net income attributable to common stockholders $142.40 $153.49 $0.75 $0.81 Depreciation and amortization (2) 225.90 225.9
Slide 19: Components of NAV
Components of NAV(1) (dollars and square feet in thousands) # of Properties/ Square Total Q4 2025 Q4 2025 Annualized Segment Campuses Feet Beds/Units Cash NOI (2) Cash NOI (2) ISHC 147 10,916 14,955 $69,746 $278,984 Outpatient Medical 70 3,653 18,645 74,580 SHOP 83 6,562 7,188 20,801 83,204 Triple-N
Slide 20: Components of NAV
Components of NAV(1) (dollars and square feet in thousands) # of Properties/ Square Total Q4 2025 Q4 2025 Annualized Segment Campuses Feet Beds/Units Cash NOI (2) Cash NOI (2) ISHC 147 10,916 14,955 $69,746 $278,984 Outpatient Medical 70 3,653 18,645 74,580 SHOP 83 6,562 7,188 20,801 83,204 Triple-N
Slide 21: FFO / NFFO Reconciliation
FFO / NFFO Reconciliation(1) (in thousands, except share and per share amounts) Q4 2025 Q4 2024 FY 2025 FY 2024 Net income (loss) $10,940 $(32,429) $70,818 $(35,600) Depreciation and amortization related to real estate — consolidated properties 55,257 46,877 187,237 179,040 Depreciation and amortiza
Slide 22: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (in thousands) Net income $10,940 Interest expense, net (including amortization of deferred financing costs, debt 19,806 discount/premium and loss on debt extinguishments) Income tax benefit (2,415) Depreciation and amortization (including amortization of leased assets
Slide 23: Coverage Ratios and Net Debt Reconciliation
Coverage Ratios and Net Debt Reconciliation(1) (dollars in thousands) Q4 2025 Interest Coverage Ratios Interest expense(2) $19,806 Capitalized interest 641 Loss on extinguishment of debt (46) Non-cash interest expense(3) (1,410) Total Interest $18,991 Interest Coverage Ratio(4) 5.4X Fixed Charges Co
Slide 24: Same-Store Property Reconciliation
Same-Store Property Reconciliation For the Twelve Months Ended December 31, 2025 Integrated Senior Triple-Net Leased Health Campuses Outpatient Medical SHOP Properties Total properties/campuses 147 71 83 18 Recent acquisition (23) — (34) —Non-Core Properties — (4) (2) (1) Expansion and development (
Slide 25: Cash NOI Reconciliation
Cash NOI Reconciliation (in thousands) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Net (loss) income $(32,429) $(6,840) $10,079 $56,639 $10,940 $(35,600) $70,818 General and administrative 12,064 13,155 14,943 14,108 16,529 47,559 58,735 Transaction, transition and restructuring costs 80
Slide 26: Same-Store Revenue Reconciliation (1/2)
Same-Store Revenue Reconciliation (1/2) (in thousands) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Integrated Senior Health Campuses GAAP revenue $423,290 $423,364 $423,825 $449,719 $467,027 $1,619,812 $1,763,935 Cash revenue from dispositions (1,774) (1,480) (1,201) — — (1,774) (2,681)
Slide 27: Same-Store Revenue Reconciliation (2/2)
Same-Store Revenue Reconciliation (2/2) (in thousands) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Triple-Net Leased Properties GAAP revenue $12,631 $10,233 $9,964 $9,698 $9,644 $52,130 $39,539 Straight line rent (538) (562) (562) (487) (430) (2,666) (2,041) Other non-cash adjustments 22
Slide 28: Same-Store NOI Reconciliation (1/2)
Same-Store NOI Reconciliation (1/2) (in thousands) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Integrated Senior Health Campuses NOI $53,586 $52,717 $60,068 $61,320 $62,897 $189,273 $237,002 Facility rental expense 7,642 7,499 7,278 7,030 6,849 31,989 28,656 Cash NOI from dispositions (3
Slide 29: Same-Store NOI Reconciliation (2/2)
Same-Store NOI Reconciliation (2/2) (in thousands) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Triple-Net Leased Properties NOI $12,068 $9,275 $9,166 $9,159 $9,169 $49,776 $36,769 Straight line rent (538) (562) (562) (487) (430) (2,666) (2,041) Other non-cash adjustments 239 243 218 218
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
Slide 33: to ot
to ot
American Healthcare REIT — Q4 2025 Earnings Presentation on 6ix