Form 8-K

8-K — American Healthcare REIT, Inc.

Accession: 0001193125-26-338076

Filed: 2026-08-06

Period: 2026-08-06

CIK: 0001632970

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — ahr-20260806.htm (Primary)

EX-99.1 (ahr-ex99_1.htm)

EX-99.2 (ahr-ex99_2.htm)

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8-K

8-K (Primary)

Filename: ahr-20260806.htm · Sequence: 1

8-K

0001632970false00016329702026-08-062026-08-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 06, 2026

American Healthcare REIT, Inc.

(Exact name of Registrant as Specified in Its Charter)

Maryland

001-41951

47-2887436

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

18191 Von Karman Avenue, Suite 300

Irvine, California

92612

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: 949 270-9200

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value per share

AHR

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 6, 2026, we issued an earnings release announcing our financial position as of June 30, 2026 and our results for the quarter then ended. A copy of the earnings release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

Item 7.01 Regulation FD Disclosure.

On August 6, 2026, we released certain supplemental data for the quarter ended June 30, 2026. A copy of the supplemental data is attached hereto as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference herein.

The information contained in Items 2.02 and 7.01 hereof, including Exhibits 99.1 and 99.2 incorporated by reference herein, is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by the specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

Description

99.1

American Healthcare REIT, Inc. Earnings Release, dated August 6, 2026

99.2

American Healthcare REIT, Inc. Second Quarter 2026 Supplemental

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

American Healthcare REIT, Inc.

Date:

August 6, 2026

By:

/s/ Jeffrey T. Hanson

Jeffrey T. Hanson, Chief Executive Officer

EX-99.1

Filename: ahr-ex99_1.htm · Sequence: 2

EX-99.1

EExhibit 99.1

Press Release

Irvine, CA – August 6, 2026

Contact: Alan Peterson

Email: investorrelations@ahcreit.com

American Healthcare REIT Announces Second Quarter 2026 Results;

Increases Full Year 2026 Guidance

American Healthcare REIT, Inc. (NYSE: AHR) (the “Company,” “we,” “our,” “us,” “management,” or "AHR") is announcing today its second quarter 2026 results and increasing full year 2026 guidance.

Key Highlights:

•

Reported GAAP net income attributable to controlling interest of $30.6 million, or $0.16 per diluted share, for the three months ended June 30, 2026.

•

Reported Normalized Funds From Operations attributable to controlling interest (“NFFO”) of $0.54 per diluted share for the three months ended June 30, 2026.

•

Achieved total portfolio Same-Store Net Operating Income (“NOI”) growth of 13.2% for the three months ended June 30, 2026, compared to the same period in 2025.

•

Achieved Same-Store NOI growth of 20.5% and 16.1% for the three months ended June 30, 2026, in its senior housing operating properties (“SHOP”) and integrated senior health campuses (“ISHC”) segments, respectively, compared to the same period in 2025.

•

During the three months ended June 30, 2026, the Company acquired approximately $126.9 million of new investments within its SHOP segment. Since the beginning of 2026, the Company has completed $1.4 billion in new investments.

•

The Company is increasing total portfolio Same-Store NOI growth guidance to 11.0% to 13.0% and NFFO per diluted share guidance to $2.15 to $2.19 for the year ending December 31, 2026, over a 5% increase versus the prior NFFO per diluted share guidance at the midpoint.

•

Completed a follow-on common equity offering in May 2026, entering into forward sale agreements relating to 16,100,000 shares of common stock for approximately $811.4 million in gross proceeds.

•

During the three months ended June 30, 2026, the Company entered into forward sale agreements pursuant to its at-the-market equity offering program ("ATM Program"), to sell 8,786,880 shares of common stock for approximately $433.2 million in gross proceeds. Subsequent to quarter end, the Company entered into additional forward sale agreements pursuant to its ATM Program to sell 4,706,002 shares of common stock for approximately $254.7 million in gross proceeds, assuming full physical settlement.

•

During the three months ended June 30, 2026, the Company issued 4,704,556 shares of common stock to physically settle sales under previously announced forward sale agreements pursuant to its ATM Program for gross proceeds of approximately $228.7 million. Subsequent to quarter end, the Company issued an additional 23,334,350 shares of common stock to physically settle sales under forward sale agreements from its ATM Program and its May 2026 follow-on common equity offering for gross proceeds of approximately $1.18 billion. As of August 6, 2026, pursuant to its ATM Program and its May 2026 follow-on common equity offering, the Company had unsettled forward sale agreements outstanding relating to 12,246,596 shares of common stock that would result in approximately $630.5 million in gross proceeds assuming full physical settlement.

•

Reported a 0.5x improvement in Net Debt-to-Annualized Adjusted EBITDA from 3.0x as of March 31, 2026, to 2.5x as of June 30, 2026.

"Our results this quarter reflect a deliberate strategy: concentrate capital in senior housing and care, partner with operators who deliver quality outcomes, and support them with our platform that improves how those assets perform," said Jeff Hanson, the Company's Chairman and Chief Executive Officer. "That approach produced our tenth consecutive quarter of double-digit Same-Store NOI growth. We combined that strong organic growth with over $1.4 billion in new investments year-to-date. Our conviction in this opportunity is not new. We have been building toward it for years. What has strengthened is our capacity to act on it at scale. Our underwriting standards have not changed; what has changed is the quality and depth of the opportunities available to us, which reflects our strengthening position as the industry's partner of choice.

Page | 1

Second Quarter 2026 Results

The Company’s Same-Store NOI growth results for the three and six months ended June 30, 2026 are detailed below. Same-Store NOI growth in the second quarter of 2026, compared to the same period in 2025, was led by the Company’s operating portfolio, comprised of its ISHC and SHOP segments, through disciplined revenue management and effective expense control by its regional operating partners.

Three Months Ended June 30, 2026 Relative to Three Months Ended June 30, 2025

Segment

Same-Store NOI Growth

ISHC

16.1

SHOP

20.5

Outpatient Medical

1.7

Triple-Net Leased Properties

2.1

Total Portfolio

13.2

Six Months Ended June 30, 2026 Relative to Six Months Ended June 30, 2025

Segment

Same-Store NOI Growth

ISHC

15.3

SHOP

20.1

Outpatient Medical

1.6

Triple-Net Leased Properties

3.3

Total Portfolio

12.7

"This quarter was operating execution, not just favorable conditions," said Gabe Willhite, AHR's President and Chief Operating Officer. "Same-Store occupancy gains year-over-year, dynamic revenue management, and expense discipline turned into 20.5% same-store NOI growth in SHOP and 16.1% in ISHC. We are extending our platform capabilities to our regional operating partners to facilitate growth, and we expect that work to compound through the second half.”

Transactional Activity

During the three months ended June 30, 2026, the Company:

•

Acquired four new SHOP assets for approximately $86.4 million, as previously announced. The properties are located in Georgia and South Carolina and will be managed and operated by one of the Company's existing regional operating partners.

•

Acquired one new SHOP asset for approximately $40.5 million. The property is located in Minnesota and will be managed by one of the Company's existing regional operating partners.

•

Sold three Non-Core Properties for approximately $22.3 million within various segments, of which two property sales for $8.1 million were previously announced.

Subsequent to the quarter ended June 30, 2026, the Company:

•

Acquired 10 new SHOP assets for approximately $1.0 billion. The properties are located in various states and will be managed and operated by new and existing regional operating partners.

•

Funded a loan for seven properties for approximately $86.2 million with purchase options to acquire the properties. The properties are currently operated by one of the Company's existing tenants who leases other buildings within its Triple-Net Leased Properties segments.

Following the Company's completed transaction activity during the three months ended June 30, 2026, and subsequent to quarter end, the Company's investments pipeline consists of over $800 million which includes newly awarded deals and deals in the pipeline previously disclosed in the Company's First Quarter 2026 Earnings Release that have yet to close. While the Company expects to close the deals in its investments pipeline by the end of 2026, it cannot guarantee when or if these closings will take place. Therefore, the Company is not including any additional transaction activity, including the awarded deals in its investments pipeline, in its 2026 guidance, beyond the transactions disclosed as completed.

Page | 2

Development Activity

The Company's total in-process development and expansion pipeline is expected to cost approximately $197.5 million, of which $72.0 million had been funded as of June 30, 2026.

Capital Markets and Balance Sheet Activity

As of June 30, 2026, the Company had total consolidated indebtedness of $1.4 billion and approximately $2.6 billion of total liquidity, comprised of cash and cash equivalents, undrawn capacity on its lines of credit, and expected gross proceeds from unsettled forward sale agreements, assuming full physical settlement. The Company's Net-Debt-to-Annualized Adjusted EBITDA as of June 30, 2026, was 2.5x.

During the three months ended June 30, 2026, as previously announced, the Company amended its credit facility by increasing the size of the unsecured revolving credit facility portion from $600 million to $800 million, thereby increasing the total aggregate credit facility including term loan to $1.35 billion. The revolving portion of the credit facility now matures on April 1, 2030, and may be extended for two 6-month periods, subject to certain conditions. Further, the Company may increase the aggregate incremental amount of the entire credit facility from $1.35 billion to $1.85 billion, subject to certain terms and conditions. The Company's existing unsecured term loan facility within the credit facility in the initial aggregate amount of $550 million remains unchanged.

During the three months ended June 30, 2026, the Company entered into forward sale agreements pursuant to its ATM Program, to sell 8,786,880 shares of common stock for approximately $433.2 million in gross proceeds. Subsequent to quarter end, the Company entered into additional forward sale agreements pursuant to its ATM Program to sell 4,706,002 shares of common stock for approximately $254.7 million in gross proceeds, assuming full physical settlement.

The Company also completed a follow-on common equity offering in May 2026, entering into new forward sale agreements to issue 16,100,000 shares of common stock for gross proceeds of approximately $811.4 million.

"With strong results in the first half and expectation of carrying that momentum through the second half we are raising full-year guidance for both NFFO per diluted share and Same-Store NOI growth," said Chief Financial Officer Brian Peay. "NFFO per diluted share is now expected to be between $2.15 to $2.19 in 2026, which would translate to over 25% per share growth versus 2025. Additionally, we funded our acquisitions with forward equity we prudently raised and still improved Net Debt-to-Adjusted EBITDA by half a turn during the quarter."

Full Year 2026 Guidance

The Company is increasing NFFO per diluted share and Same-Store NOI growth guidance for the year ending December 31, 2026. The Company's 2026 guidance does not assume any additional transaction or capital markets activity beyond the transactions or activity disclosed herein as completed. Guidance ranges are detailed below:

Full Year 2026 Guidance

Metric

Midpoint

Current FY 2026 Range

Prior FY 2026 Range

Net income per diluted share

$0.56

$0.54 to $0.58

$0.51 to $0.57

NAREIT FFO per diluted share

$2.06

$2.04 to $2.08

$1.93 to $1.99

NFFO per diluted share

$2.17

$2.15 to $2.19

$2.03 to $2.09

Total Portfolio SS NOI Growth

12.0%

11.0% to 13.0%

9.0% to 12.0%

Segment-Level SS NOI Growth:

ISHC

14.5%

13.0% to 16.0%

11.0% to 15.0%

SHOP

19.5%

18.0% to 21.0%

15.0% to 19.0%

Outpatient Medical

0.5%

0.0% to 1.0%

0.0% to 2.0%

Triple-Net Leased Properties

2.5%

2.0% to 3.0%

Page | 3

Certain of the assumptions underlying the Company’s 2026 guidance can be found within the Non-GAAP reconciliations in this earnings release and in the appendix of the Company’s Second Quarter 2026 Supplemental Financial Information (“Supplemental”). A reconciliation of net income (loss) calculated in accordance with GAAP to NAREIT FFO and NFFO can be found within the Non-GAAP reconciliations in this earnings release. Non-GAAP financial measures and other terms, as used in this earnings release, are also defined and further explained in the Supplemental. The Company is unable to provide, without unreasonable effort, guidance for the most comparable GAAP financial measures of total revenues and property operating and maintenance expenses. Additionally, a reconciliation of the forward-looking non-GAAP financial measures of Same-Store NOI growth to the comparable GAAP financial measures cannot be provided without unreasonable effort because the Company is unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of the Company’s ongoing operations. Such items include, but are not limited to, impairment on depreciated real estate assets, net gain or loss on sale of real estate assets, stock-based compensation, casualty loss, non-Same-Store revenue and non-Same-Store operating expenses. These items are uncertain, depend on various factors and could have a material impact on the Company’s GAAP results for the guidance period.

Distributions

As previously announced, the Company’s Board of Directors declared a cash distribution for the quarter ended June 30, 2026 of $0.25 per share of its common stock. The second quarter distribution was paid in cash on July 17, 2026, to stockholders of record as of June 30, 2026.

Supplemental Information

The Company has disclosed supplemental information regarding its portfolio, financial position and results of operations as of, and for the three and six months ended, June 30, 2026, and certain other information, which is available on the Investor Relations section of the Company's website at https://ir.americanhealthcarereit.com.

Conference Call and Webcast Information

The Company will host a webcast and conference call at 1:00 p.m. Eastern Time on August 7, 2026. During the conference call, Company executives will review second quarter 2026 results, discuss recent events and conduct a question-and-answer period.

To join via webcast, investors may use the following link: https://events.q4inc.com/attendee/449803626.

To join the live telephone conference call, please dial one of the following numbers at least five minutes prior to the start time:

North America Toll-Free: +1 833-461-5787

International Toll: +1 585-542-9983

International Dial-Ins: https://help.events.q4inc.com/eahc/international-dial-in-numbers

Meeting ID: 449 803 626

A digital replay of the call will be available on the Investor Relations section of the Company’s website at https://ir.americanhealthcarereit.com shortly after the conclusion of the call.

Forward-Looking Statements

Certain statements contained in this press release, including statements relating to the Company's expectations regarding its performance; full year 2026 guidance, including net income per diluted share, NAREIT FFO per diluted share, NFFO per diluted share, total portfolio Same-Store NOI growth, and segment-level Same-Store NOI growth and margin expansion, purchases and sales of assets, including the timing of the closing of deals in its investment pipeline; development plans; the settlement of forward sale agreements; and asset and revenue management strategy may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in those acts. Such forward-looking statements generally can be identified by the use of forward-looking terminology, such as “may,” “will,” “can,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “possible,” “initiatives,” “focus,” “seek,” “objective,” “goal,” “strategy,” “plan,” “potential,” “potentially,” “preparing,” “projected,” “future,” “long-term,” “once,” “should,” “could,” “would,” “might,” “uncertainty” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Any such forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which the Company operates, and beliefs of, and assumptions made by, the Company's management and involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied therein, including, without limitation, changing macroeconomic conditions, domestic legal and fiscal policies, geopolitical

Page | 4

conditions and other risks disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed on February 27, 2026, and subsequent periodic reports filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statements contained in this release.

Non-GAAP Financial Measures

The Company’s reported results are presented in accordance with generally accepted accounting principles in the United States ("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 believes these non-GAAP financial measures are useful supplemental measures of its operating performance and used by investors and analysts to compare the operating performance of the Company between periods and to other REITs or companies on a consistent basis without having to account for differences caused by unanticipated and/or incalculable items. Definitions of the non-GAAP financial measures used herein and reconciliations to the most directly comparable financial measure calculated in accordance with GAAP can be found at the end of this earnings release. See below and "Definitions" for further information regarding the Company's non-GAAP financial measures.

EBITDA and Adjusted EBITDA

Management uses earnings before interest, taxes, depreciation and amortization (“EBITDA”) and Adjusted EBITDA to facilitate internal and external comparisons to our historical operating results and in making operating decisions. EBITDA and Adjusted EBITDA are widely used by investors, lenders, credit and equity analysts in the valuation, comparison, and investment recommendations of companies. Additionally, EBITDA and Adjusted EBITDA are utilized by our Board of Directors to evaluate management. Neither EBITDA nor Adjusted EBITDA represents net income (loss) or cash flows provided by operating activities as determined in accordance with GAAP and should not be considered as alternative measures of profitability or liquidity. In addition, management uses Net Debt-to-Annualized Adjusted EBITDA as a measure of our ability to service our debt. Finally, the EBITDA and Adjusted EBITDA may not be comparable to similarly entitled items reported by other REITs or other companies.

NAREIT Funds from Operations (FFO) and Normalized Funds from Operations (NFFO)

We believe that the use of FFO, which excludes the impact of real estate-related depreciation and amortization and impairments, provides a further understanding of our operating performance to investors, industry analysts and our management, and when compared year over year, reflects the impact on our operations from trends in Occupancy rates, rental rates, operating costs, general and administrative expenses and interest costs, which may not be immediately apparent from net income (loss) as determined in accordance with GAAP. However, FFO and NFFO should not be construed to be (i) more relevant or accurate than the current GAAP methodology in calculating net income (loss) as an indicator of our operating performance, (ii) more relevant or accurate than GAAP cash flows from operations as an indicator of our liquidity or (iii) indicative of funds available to fund our cash needs, including our ability to make distributions to our stockholders. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP FFO and NFFO measures and the adjustments to GAAP in calculating FFO and NFFO. Presentation of this information is intended to provide useful information to investors, industry analysts and management as they compare the operating performance metrics used by the REIT industry, although it should be noted that some REITs may use different methods of calculating funds from operations and normalized funds from operations, so comparisons with such REITs may not be meaningful.

Net Operating Income (NOI)

NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI are not equivalent to our net income (loss) as determined under GAAP and may not be a useful measure in measuring operational income or cash flows. Furthermore, NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should not be considered as alternatives to net income (loss)

Page | 5

as an indication of our operating performance or as an alternative to cash flows from operations as an indication of our liquidity. NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should not be construed to be more relevant or accurate than the GAAP methodology in calculating net income (loss). NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should be reviewed in conjunction with other measurements as an indication of our performance.

About American Healthcare REIT, Inc.

American Healthcare REIT, Inc. (NYSE: AHR) is a real estate investment trust that acquires, owns and operates a diversified portfolio of clinical healthcare real estate, focusing primarily on senior housing communities, skilled nursing facilities, and outpatient medical buildings across the United States, and in the United Kingdom and the Isle of Man.

Page | 6

AMERICAN HEALTHCARE REIT, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

As of June 30, 2026 and December 31, 2025

(In thousands, except share and per share amounts) (Unaudited)

June 30,

2026

December 31,

2025

ASSETS

Real estate investments, net

4,418,501

4,183,419

Debt security investment, net

92,463

92,136

Cash and cash equivalents

156,896

114,836

Restricted cash

34,726

36,917

Accounts and other receivables, net

229,631

204,313

Identified intangible assets, net

237,235

253,236

Goodwill

234,942

Operating lease right-of-use assets, net

124,383

135,399

Other assets, net

175,141

171,028

Total assets

5,703,918

5,426,226

LIABILITIES AND EQUITY

Liabilities:

Mortgage loans payable, net

873,352

966,925

Lines of credit and term loan, net

549,872

549,761

Accounts payable and accrued liabilities

332,145

317,742

Identified intangible liabilities, net

1,848

2,110

Financing obligations

19,327

33,902

Operating lease liabilities

124,859

135,603

Security deposits, prepaid rent and other liabilities

60,624

59,568

Total liabilities

1,962,027

2,065,611

Commitments and contingencies

Equity:

Stockholders’ equity:

Preferred stock, $0.01 par value per share; 200,000,000 shares authorized;

none issued and outstanding

—

Common stock, $0.01 par value per share; 1,000,000,000 shares authorized;

194,689,026 and 185,911,442 shares issued and outstanding as of

June 30, 2026 and December 31, 2025, respectively

1,942

1,852

Additional paid-in capital

5,296,586

4,880,169

Accumulated deficit

(1,601,768

)

(1,559,279

)

Accumulated other comprehensive loss

(2,213

)

(2,104

)

Total stockholders’ equity

3,694,547

3,320,638

Noncontrolling interests

47,344

39,977

Total equity

3,741,891

3,360,615

Total liabilities and equity

5,703,918

5,426,226

Page | 7

AMERICAN HEALTHCARE REIT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

For the Three and Six Months Ended June 30, 2026 and 2025

(In thousands, except share and per share amounts) (Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Revenues:

Resident fees and services

634,519

501,285

1,244,286

998,461

Real estate revenue

39,731

41,218

80,738

84,645

Total revenues

674,250

542,503

1,325,024

1,083,106

Expenses:

Property operating expenses

524,838

426,285

1,037,009

858,708

Rental expenses

12,173

12,990

25,273

26,633

General and administrative

19,891

14,943

37,496

28,098

Transaction, transition and restructuring costs

2,786

(79

)

4,757

1,758

Depreciation and amortization

72,125

41,941

139,187

83,055

Total expenses

631,813

496,080

1,243,722

998,252

Other income (expense):

Interest expense:

Interest expense, net

(18,626

)

(22,632

)

(37,422

)

(45,577

)

Gain (loss) in fair value of derivative financial instruments

357

(629

)

1,884

(1,379

)

Gain (loss) on dispositions of real estate investments, net

5,647

(2,676

)

5,647

(3,035

)

Impairment of real estate investments

(1,719

)

(12,659

)

(2,137

)

(34,365

)

Income (loss) from unconsolidated entities

892

(1,238

)

1,684

(3,086

)

Foreign currency gain (loss)

2,742

(744

)

4,158

Other income, net

1,914

1,480

4,249

3,005

Total net other expense

(11,460

)

(35,612

)

(26,839

)

(80,279

)

Income before income taxes

30,977

10,811

54,463

4,575

Income tax benefit (expense)

(732

)

528

(1,336

)

Net income

30,980

10,079

54,991

3,239

Net income attributable to noncontrolling interests

(374

)

(171

)

(672

)

(135

)

Net income attributable to controlling interest

30,606

9,908

54,319

3,104

Net income per common share attributable to controlling

interest:

Basic

0.16

0.06

0.29

0.02

Diluted

0.16

0.06

0.28

0.02

Weighted average number of common shares outstanding:

Basic

192,711,623

160,499,581

190,030,463

158,721,080

Diluted

193,347,757

161,143,556

190,708,621

159,318,503

Net income

30,980

10,079

54,991

3,239

Other comprehensive income (loss):

Foreign currency translation adjustments

343

(109

)

519

Total other comprehensive income (loss)

343

(109

)

519

Comprehensive income

30,991

10,422

54,882

3,758

Comprehensive income attributable to noncontrolling

interests

(374

)

(171

)

(672

)

(135

)

Comprehensive income attributable to controlling interest

30,617

10,251

54,210

3,623

Page | 8

AMERICAN HEALTHCARE REIT, INC.

NAREIT FFO and Normalized FFO Reconciliation

For the Three and Six Months Ended June 30, 2026 and 2025

(In thousands, except share and per share amounts) (Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net income

30,980

10,079

54,991

3,239

Depreciation and amortization related to real estate —

consolidated properties

72,056

41,850

139,049

82,865

Depreciation and amortization related to real estate —

unconsolidated entities

506

1,003

Impairment of real estate investments —

consolidated properties

1,719

12,659

2,137

34,365

(Gain) loss on dispositions of real estate investments, net —

consolidated properties

(5,647

)

2,676

(5,647

)

3,035

Net income attributable to noncontrolling interests

(374

)

(171

)

(672

)

(135

)

Depreciation, amortization, impairments and net gain/loss on

dispositions — noncontrolling interests

(772

)

(803

)

(1,556

)

(1,695

)

NAREIT FFO attributable to controlling interest

97,976

66,796

188,330

122,677

Transaction, transition and restructuring costs

2,786

(79

)

4,757

1,758

Amortization of above- and below-market leases

300

355

630

768

Amortization of closing costs — debt security investment

Change in deferred rent

(354

)

(720

)

(936

)

(1,392

)

Non-cash impact of changes to equity instruments

5,767

3,190

10,625

5,741

Non-cash income tax benefit

(223

)

—

(947

)

—

Capitalized interest

(711

)

(345

)

(1,355

)

(442

)

Loss on debt extinguishments

147

1,298

147

1,806

(Gain) loss in fair value of derivative financial instruments

(357

)

629

(1,884

)

1,379

Foreign currency (gain) loss

(75

)

(2,742

)

744

(4,158

)

Adjustments for unconsolidated entities

—

)

Adjustments for noncontrolling interests

(79

)

(22

)

(130

)

(72

)

Normalized FFO attributable to controlling interest

105,189

68,377

200,004

128,119

NAREIT FFO and Normalized FFO weighted average common

share outstanding — diluted

193,347,757

161,143,556

190,708,621

159,318,503

NAREIT FFO per common share attributable to controlling

interest — diluted

0.51

0.41

0.99

0.77

Normalized FFO per common share attributable to controlling

interest — diluted

0.54

0.42

1.05

0.80

Page | 9

AMERICAN HEALTHCARE REIT, INC.

Adjusted EBITDA Reconciliation

For the Three Months Ended June 30, 2026

(In thousands) (Unaudited)

Net income

30,980

Interest expense, net (including amortization of deferred financing costs, amortization of debt

discount/premium and loss on debt extinguishments)

18,626

Income tax benefit

)

Depreciation and amortization (including amortization of leased assets and accretion of lease liabilities)

72,557

EBITDA

122,160

Income from unconsolidated entities

(892

)

Straight line rent and amortization of above/below market leases

(486

)

Non-cash impact of changes to equity instruments

5,767

Transaction, transition and restructuring costs

2,786

Gain on dispositions of real estate investments, net

(5,647

)

Amortization of closing costs — debt security investment

Foreign currency gain

(75

)

Gain in fair value of derivative financial instruments

(357

)

Impairment of real estate investments

1,719

Adjusted EBITDA

124,987

Page | 10

AMERICAN HEALTHCARE REIT, INC.

NOI and Cash NOI Reconciliation

For the Three and Six Months Ended June 30, 2026 and 2025

(In thousands) (Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net income

30,980

10,079

54,991

3,239

General and administrative

19,891

14,943

37,496

28,098

Transaction, transition and restructuring costs

2,786

(79

)

4,757

1,758

Depreciation and amortization

72,125

41,941

139,187

83,055

Interest expense

18,626

22,632

37,422

45,577

(Gain) loss in fair value of derivative financial instruments

(357

)

629

(1,884

)

1,379

(Gain) loss on dispositions of real estate investments, net

(5,647

)

2,676

(5,647

)

3,035

Impairment of real estate investments

1,719

12,659

2,137

34,365

(Income) loss from unconsolidated entities

(892

)

1,238

(1,684

)

3,086

Foreign currency (gain) loss

(75

)

(2,742

)

744

(4,158

)

Other income, net

(1,914

)

(1,480

)

(4,249

)

(3,005

)

Income tax (benefit) expense

)

732

(528

)

1,336

Net operating income

137,239

103,228

262,742

197,765

Straight line rent

(503

)

(821

)

(1,283

)

(1,556

)

Facility rental expense

6,752

7,278

13,513

14,777

Other non-cash adjustments

182

384

Cash NOI from dispositions

(355

)

(394

)

(345

)

(615

)

Cash NOI attributable to noncontrolling interests (1)

(250

)

(255

)

(500

)

(506

)

Cash NOI (1)

142,960

109,218

274,218

210,249

(1)

All periods are based upon current quarter's ownership percentage.

Page | 11

AMERICAN HEALTHCARE REIT, INC.

Same-Store Revenue Reconciliation

For the Three and Six Months Ended June 30, 2026 and 2025

(In thousands) (Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

ISHC

GAAP Revenue

512,878

429,350

1,015,621

858,042

Cash revenue from dispositions

(2,069

)

(1,201

)

(2,069

)

(2,681

)

Cash revenue

510,809

428,149

1,013,552

855,361

Revenue attributable to new acquisitions/dispositions/other

(169,742

)

(104,597

)

(329,823

)

(211,160

)

Revenue attributable to Non-Core Properties

(3,568

)

(6,400

)

(10,122

)

(12,603

)

Same-Store revenue

337,499

317,152

673,607

631,598

SHOP

GAAP Revenue

121,641

71,935

228,665

140,419

Cash revenue from dispositions

—

(166

)

Cash revenue attributable to noncontrolling interests (1)

(280

)

(276

)

(567

)

(546

)

Cash revenue (1)

121,361

71,659

228,098

139,707

Revenue attributable to new acquisitions/dispositions

(47,447

)

(2,996

)

(81,474

)

(3,409

)

Revenue attributable to development conversion

(1,014

)

(753

)

(1,918

)

(1,391

)

Revenue attributable to Non-Core Properties

(605

)

(580

)

(1,212

)

(1,169

)

Same-Store revenue (1)

72,295

67,330

143,494

133,738

Outpatient Medical

GAAP Revenue

29,985

31,254

60,827

64,448

Straight line rent

(100

)

(259

)

(458

)

(432

)

Other non-cash adjustments

(389

)

(350

)

(880

)

(674

)

Cash revenue from dispositions

)

(460

)

(460

)

Cash revenue

29,495

30,185

59,488

62,882

Revenue attributable to dispositions

—

(894

)

—

(3,890

)

Revenue attributable to Non-Core Properties

(1,773

)

(2,276

)

(3,647

)

(4,927

)

Same-Store revenue

27,722

27,015

55,841

54,065

Triple-Net Leased Properties

GAAP Revenue

9,746

9,964

19,911

20,197

Straight line rent

(403

)

(562

)

(825

)

(1,124

)

Other non-cash adjustments

169

199

369

424

Cash revenue from dispositions

(27

)

—

(27

)

—

Cash revenue attributable to noncontrolling interest (1)

(195

)

(191

)

(389

)

(381

)

Cash revenue (1)

9,290

9,410

19,039

19,116

Debt security investment

(1,171

)

(1,163

)

(2,329

)

(2,644

)

Revenue attributable to dispositions

—

(26

)

—

(52

)

Revenue attributable to Non-Core Properties

—

(157

)

(159

)

(313

)

Other normalizing revenue adjustments

—

(261

)

(354

)

(522

)

Same-Store revenue (1)

8,119

7,803

16,197

15,585

Page | 12

AMERICAN HEALTHCARE REIT, INC.

Same-Store Revenue Reconciliation - (Continued)

For the Three and Six Months Ended June 30, 2026 and 2025

(In thousands) (Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Total Portfolio

GAAP Revenue

674,250

542,503

1,325,024

1,083,106

Straight line rent

(503

)

(821

)

(1,283

)

(1,556

)

Other non-cash adjustments

(220

)

(151

)

(511

)

(250

)

Cash revenue from dispositions

(2,097

)

(1,661

)

(2,097

)

(3,307

)

Cash revenue attributable to noncontrolling interests (1)

(475

)

(467

)

(956

)

(927

)

Cash revenue (1)

670,955

539,403

1,320,177

1,077,066

Debt security investment

(1,171

)

(1,163

)

(2,329

)

(2,644

)

Revenue attributable to new acquisitions/dispositions/other

(217,189

)

(108,513

)

(411,297

)

(218,511

)

Revenue attributable to development conversion

(1,014

)

(753

)

(1,918

)

(1,391

)

Revenue attributable to Non-Core Properties

(5,946

)

(9,413

)

(15,140

)

(19,012

)

Other normalizing revenue adjustments

—

(261

)

(354

)

(522

)

Same-Store revenue (1)

445,635

419,300

889,139

834,986

(1)

All periods are based upon current quarter's ownership percentage.

Page | 13

AMERICAN HEALTHCARE REIT, INC.

Same-Store NOI Reconciliation

For the Three and Six Months Ended June 30, 2026 and 2025

(In thousands) (Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

ISHC

NOI

78,159

60,934

149,918

113,925

Facility rental expense

6,752

7,278

13,513

14,777

Cash NOI from dispositions

(328

)

(199

)

(328

)

(473

)

Cash NOI

84,583

68,013

163,103

128,229

New acquisitions/dispositions/other

(12,727

)

(5,589

)

(22,660

)

(5,926

)

Non-Core Properties

(506

)

(974

)

(1,418

)

(1,744

)

Same-Store NOI

71,350

61,450

139,025

120,559

SHOP

NOI

31,522

14,066

57,359

25,828

Cash NOI from dispositions

—

Cash NOI attributable to noncontrolling interests (1)

(55

)

(64

)

(112

)

(126

)

Cash NOI (1)

31,467

14,010

57,247

25,765

New acquisitions/dispositions

(15,329

)

(1,044

)

(26,737

)

(850

)

Development conversion

(19

)

277

311

637

Non-Core Properties

(32

)

(35

)

(98

)

(117

)

Other normalizing adjustments

—

147

—

147

Same-Store NOI (1)

16,087

13,355

30,723

25,582

Outpatient Medical

NOI

18,492

19,062

37,210

39,571

Straight line rent

(100

)

(259

)

(458

)

(432

)

Other non-cash adjustments

(111

)

(36

)

(314

)

(77

)

Cash NOI from dispositions

—

(203

)

(205

)

Cash NOI

18,281

18,564

36,448

38,857

Dispositions

—

(261

)

—

(1,846

)

Non-Core Properties

(890

)

(1,197

)

(1,808

)

(2,924

)

Same-Store NOI

17,391

17,106

34,640

34,087

Triple-Net Leased Properties

NOI

9,066

9,166

18,255

18,441

Straight line rent

(403

)

(562

)

(825

)

(1,124

)

Other non-cash adjustments

188

218

405

461

Cash NOI from dispositions

(27

)

—

(27

)

—

Cash NOI attributable to noncontrolling interest (1)

(195

)

(191

)

(388

)

(380

)

Cash NOI (1)

8,629

8,631

17,420

17,398

Debt security investment

(1,171

)

(1,163

)

(2,329

)

(2,644

)

Dispositions

—

)

—

Non-Core Properties

—

(152

)

(159

)

(307

)

Same-Store NOI (1)

7,458

7,307

14,932

14,450

Page | 14

AMERICAN HEALTHCARE REIT, INC.

Same-Store NOI Reconciliation - (Continued)

For the Three and Six Months Ended June 30, 2026 and 2025

(In thousands) (Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Total Portfolio

NOI

137,239

103,228

262,742

197,765

Straight line rent

(503

)

(821

)

(1,283

)

(1,556

)

Facility rental expense

6,752

7,278

13,513

14,777

Other non-cash adjustments

182

384

Cash NOI from dispositions

(355

)

(394

)

(345

)

(615

)

Cash NOI attributable to noncontrolling interests (1)

(250

)

(255

)

(500

)

(506

)

Cash NOI (1)

142,960

109,218

274,218

210,249

Debt security investment

(1,171

)

(1,163

)

(2,329

)

(2,644

)

New acquisitions/dispositions/other

(28,056

)

(6,903

)

(49,397

)

(8,619

)

Development conversion

(19

)

277

311

637

Non-Core Properties

(1,428

)

(2,358

)

(3,483

)

(5,092

)

Other normalizing adjustments

—

147

—

147

Same-Store NOI (1)

112,286

99,218

219,320

194,678

(1)

All periods are based upon current quarter's ownership percentage.

Page | 15

AMERICAN HEALTHCARE REIT, INC.

Earnings Guidance Reconciliation

For the Year Ending December 31, 2026

(Dollars and shares in millions, except per share amounts) (Unaudited)

Full Year

2026 Guidance

Prior Full Year

2026 Guidance

Low

High

Low

High

Net income attributable to common stockholders

$108.5

$116.5

$97.8

$109.1

Depreciation and amortization (1)

306.8

271.0

Impairment and gains/losses from dispositions (1)

(3.9)

0.4

NAREIT FFO attributable to common stockholders

$411.4

$419.4

$369.2

$380.5

Amortization of other intangible assets/liabilities (1)

1.3

Change in deferred rent (1)

(1.6)

(2.3)

Non-cash impact of changes to equity plan (1) (2)

21.9

20.0

Other adjustments (1) (3)

(0.2)

(0.0)

Normalized FFO attributable to common stockholders

$432.8

$440.8

$388.2

$399.5

Net income per common share — diluted

$0.54

$0.58

$0.51

$0.57

NAREIT FFO per common share — diluted

$2.04

$2.08

$1.93

$1.99

Normalized FFO per common share — diluted

$2.15

$2.19

$2.03

$2.09

NAREIT FFO and Normalized FFO weighted average

shares — diluted

201.3

191.1

Total Portfolio Same-Store NOI growth

11.0%

13.0%

9.0%

12.0%

Segment-Level Same-Store NOI growth:

ISHC

13.0%

16.0%

11.0%

15.0%

SHOP

18.0%

21.0%

15.0%

19.0%

Outpatient Medical

0.0%

1.0%

0.0%

2.0%

Triple-Net Leased Properties

2.0%

3.0%

2.0%

3.0%

(1)

Amounts presented net of noncontrolling interests' share and AHR's share of unconsolidated entities.

(2)

Amounts represent amortization of equity compensation and fair value adjustments to performance-based equity compensation.

(3)

Includes adjustments for capitalized interest, transaction, transition and restructuring costs, and additional items as noted in the Company’s definition of Normalized FFO.

Page | 16

Definitions

•

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 dispositions of real estate investments, amortization of closing costs for debt security instrument, unrealized foreign currency gain or loss, change in fair value of derivative financial instruments, impairments of real estate investments, impairments of intangible assets and goodwill, and non-recurring one-time items.

•

Annualized Adjusted EBITDA: Current period (shown as quarterly) Adjusted EBITDA multiplied by 4.

•

ATM Program: At-the-market equity offering program.

•

Cash NOI: NOI excluding the impact of, without duplication, (1) non-cash items such as straight-line rent and the amortization of lease intangibles, (2) third-party facility rent payments and (3) other items set forth in the Cash NOI reconciliation included herein. Both Cash NOI and Same-Store NOI include Pro-Rata ownership and other adjustments.

•

EBITDA: A non-GAAP financial measure that is defined as earnings before interest, taxes, depreciation and amortization.

•

GAAP Revenue: Revenue recognized in accordance with Generally Accepted Accounting Principles (“GAAP”), which includes straight line rent and other non-cash adjustments.

•

ISHC: Integrated senior health campuses include a range of senior care, including independent living, assisted living, memory care, skilled nursing services and certain ancillary businesses. Integrated senior health campuses are operated utilizing a RIDEA structure.

•

NAREIT FFO or FFO: Funds from operations attributable to controlling interest; a non-GAAP financial measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT (the “White Paper”). The White Paper defines FFO as net income (loss) computed in accordance with GAAP, excluding gains or losses from dispositions of certain real estate assets, gains or losses upon consolidation of a previously held equity interest, and impairment write-downs of certain real estate assets and investments, plus depreciation and amortization related to real estate, after adjustments for unconsolidated partnerships and joint ventures. While impairment charges are excluded from the calculation of FFO as described above, investors are cautioned that impairments are based on estimated future undiscounted cash flows. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO.

•

Net Debt: Total Debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash related to debt. For a reconciliation of Net Debt to total debt, refer to the Company’s Second Quarter 2026 Supplemental Financial Information.

•

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, interest expense, gain or loss in fair value of derivative financial instruments, gain or loss on dispositions of real estate investments, impairment of real estate investments, impairment of intangible assets and goodwill, income or loss from unconsolidated entities, gain on re-measurement of previously held equity interest, foreign currency gain or loss, other income or expense and income tax benefit or expense.

•

Non-Core Properties: Assets that have been deemed not essential to generating future economic benefit or value to our day-to-day operations and/or are projected to be sold.

•

Normalized FFO or NFFO: FFO further adjusted for the following items included in the determination of GAAP net income (loss): transaction, transition and restructuring costs; amounts relating to changes in deferred rent and amortization of above- and below-market leases (which are adjusted in order to reflect such payments from a GAAP accrual basis); the non-cash impact of changes to our equity instruments; non-cash or non-recurring income or expense; the non-cash effect of income tax benefits or expenses; capitalized interest; impairment of intangible assets and goodwill; amortization of closing costs on debt investments; mark-to-market adjustments included in net income (loss); gains or losses included in net income (loss) from the extinguishment or sale of debt, hedges, foreign exchange, derivatives or securities holdings where trading of such holdings is not a fundamental attribute of the business plan; and after adjustments for consolidated and unconsolidated partnerships and joint ventures, with such adjustments calculated to reflect Normalized FFO on the same basis.

•

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 quarter of available data. The Company uses unaudited, periodic financial information provided solely by tenants to calculate occupancy and has not independently verified the information.

•

Outpatient Medical or OM: Outpatient Medical buildings.

•

Pro-Rata: As of June 30, 2026, we owned and/or operated six buildings through entities of which we owned between 90.0% and 90.6% of the ownership interests. Because we have a controlling interest in these entities, these entities and the properties these entities own are consolidated in our financial statements in accordance with GAAP. However, while such properties are presented in our financial statements on a consolidated basis, we are only entitled to our Pro-Rata share of the net cash flows generated by such properties. As a result, we have presented certain property information herein based on our Pro-Rata ownership interest in these entities and the properties these entities own, as of the applicable date, and not on a consolidated basis. In such instances, information is noted as being presented on a “Pro-Rata share” basis.

Page | 17

•

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 contractor (“EIK”) to operate such properties for a fee. Under this structure, the EIK receives management fees, and the TRS receives revenue from the operation of the healthcare real estate properties and retains, as profit, any revenue remaining after payment of expenses (including intercompany rent paid to us and any taxes at the TRS level) necessary to operate the property. Through the RIDEA structure, in addition to receiving rental revenue from the TRS, we retain any after-tax profit from the operation of the healthcare real estate properties and benefit from any improved operational performance while bearing the risk of any decline in operating performance at the properties.

•

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 as discontinued operations in accordance with GAAP; (2) impacted by materially disruptive events, such as flood or fire for an extensive period of time; or (3) scheduled to undergo or currently undergoing major expansions/renovations or business model transitions or have transitioned business models after the start of the prior comparison period.

•

Same-Store NOI or SS NOI: Cash NOI for our Same-Store properties. Same-Store NOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. Both Cash NOI and Same-Store NOI include ownership and other adjustments.

•

SHOP: Senior housing operating properties.

•

Total Debt: The principal balances of the Company’s revolving credit facilities, term loan and secured indebtedness as reported in the Company’s consolidated financial statements.

•

Trilogy: Trilogy Investors, LLC; one of our consolidated subsidiaries, in which we indirectly own a 100% interest as of June 30, 2026.

•

Trilogy Management Services: Trilogy Management Services, LLC, an independent third-party operator that qualifies as an eligible independent contractor and manages all of the Company's integrated senior health campuses.

•

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.

Page | 18

EX-99.2

Filename: ahr-ex99_2.htm · Sequence: 3

EX-99.2

Second Quarter 2026 Supplemental

Talamore Senior Living

Sun Prairie, WI

Exhibit 99.2

Disclaimers

Forward-Looking Statements

Certain statements contained in this supplemental, filed in conjunction with the Second Quarter 2026 Earnings Press Release, including statements relating to American Healthcare REIT, Inc.'s (the "Company") expectations regarding its performance, interest expense, balance sheet, full year 2026 guidance, including net income or loss attributable to common stockholders and per diluted share, NAREIT FFO attributable to common stockholders and per diluted share, NFFO attributable to common stockholders and per diluted share, NOI growth, total portfolio Same-Store NOI growth, segment-level Same-Store NOI growth, Occupancy, revenue growth, purchases, sales, and development of assets, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in those acts. Such forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “can,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “possible,” “initiatives,” “focus,” “seek,” “objective,” “goal,” “strategy,” “plan,” “potential,” “potentially,” “preparing,” “projected,” “future,” “long-term,” “once,” “should,” “could,” “would,” “might,” “uncertainty,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this supplemental. Any such forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which the Company operates and beliefs of, and assumptions made by, the Company's management and involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied therein, including, without limitation, changing macroeconomic conditions, domestic legal and fiscal policies, geopolitical conditions and other risks disclosed in the Company’s periodic reports as filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement.

Non-GAAP Financial Measures

The Company’s reported results are presented in accordance with generally accepted accounting principles in the United States ("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 believes these non-GAAP financial measures are useful supplemental measures of its operating performance and used by investors and analysts to compare the operating performance of the Company between periods and to other real estate investment trusts ("REITs") or companies on a consistent basis without having to account for differences caused by unanticipated and/or incalculable items. Definitions of the non-GAAP financial measures used herein and reconciliations to the most directly comparable financial measure calculated in accordance with GAAP can be found at the end of this supplemental. See below and the appendix for further information regarding the Company's non-GAAP financial measures.

EBITDA and Adjusted EBITDA

Management uses earnings before interest, taxes, depreciation and amortization (“EBITDA”) and Adjusted EBITDA to facilitate internal and external comparisons to our historical operating results and in making operating decisions. EBITDA and Adjusted EBITDA are widely used by investors, lenders, credit and equity analysts in the valuation, comparison, and investment recommendations of companies. Additionally, EBITDA and Adjusted EBITDA are utilized by our Board of Directors to evaluate management. Neither EBITDA nor Adjusted EBITDA represents net income (loss) or cash flows provided by operating activities as determined in accordance with GAAP and should not be considered as alternative measures of profitability or liquidity. In addition, management uses Net Debt-to-Annualized Adjusted EBITDA as a measure of our ability to service our debt. Finally, EBITDA and Adjusted EBITDA may not be comparable to similarly entitled items reported by other REITs or other companies.

NAREIT Funds from Operations (FFO) and Normalized Funds from Operations (NFFO)

Net Operating Income (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 that are not associated with the operations of the properties. We believe that NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI are widely accepted measures of comparative operating performance in the real estate community and are useful to investors in understanding the profitability and operating performance of our property portfolio. However, our use of the terms NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing these amounts. NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI are not equivalent to our net income (loss) as determined under GAAP and may not be a useful measure in measuring operational income or cash flows. Furthermore, NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should not be considered as alternatives to net income (loss) as an indication of our operating performance or as an alternative to cash flows from operations as an indication of our liquidity. NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should not be construed to be more relevant or accurate than the GAAP methodology in calculating net income (loss). NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should be reviewed in conjunction with other measurements as an indication of our performance.

American Healthcare REIT | Q2 2026 Supplemental | Page 2

Pro-Rata Annualized Cash NOI

Overview (as of June 30, 2026)

(dollars in thousands, except per share and Pro-Rata)

Portfolio Overview

Campuses/

Properties

Beds/

Units (1)

Leased % (2)

WALT

(years)

Annualized

Cash NOI (3)

Integrated Senior Health Campuses (ISHC)

148

15,097

89.5%

—

$338,332

59.2%

Senior Housing Operating Properties (SHOP)

8,042

88.8%

—

125,868

22.0%

Outpatient Medical (OM)

3,654

88.4%

5.0

73,124

12.8%

Triple-Net Leased Properties

1,364

90.5%

12.4

29,832

5.2%

Debt Security Investment

—

4,684

0.8%

Total

327

6.7

$571,840

100.0%

Same-Store NOI Performance (3)

Campuses /

Properties

Q2 2025

Q2 2026

Change

YTD

6/30/25

YTD

6/30/26

Change

ISHC

115

$61,450

$71,350

16.1%

$120,559

$139,025

15.3%

SHOP

13,355

16,087

20.5%

25,582

30,723

20.1%

17,106

17,391

1.7%

34,087

34,640

1.6%

Triple-Net Leased Properties

7,307

7,458

2.1%

14,450

14,932

3.3%

Total

261

$99,218

$112,286

13.2%

$194,678

$219,320

12.7%

Earnings Metrics (3)

Q2 2025

Q2 2026

Change

YTD

6/30/2025

YTD

6/30/2026

Change

NAREIT FFO per share - diluted

$0.41

$0.51

24.4%

$0.77

$0.99

28.6%

Normalized FFO per share - diluted

$0.42

$0.54

28.6%

$0.80

$1.05

31.3%

Balance Sheet Metrics

Coverage

Interest Coverage Ratio

7.1X

Fixed Charge Coverage Ratio

5.5X

Net Debt-to-Annualized Adjusted EBITDA

2.5X

(1)

OM presents GLA in thousands, rather than Beds/Units.

(2)

Occupancy for ISHC, SHOP, and Triple-Net Leased Properties is reported as a quarterly average, while OM Occupancy is reported on a quarter-end spot basis. Triple-Net Leased Properties exclude Hospitals.

(3)

See reconciliations in the appendix of this supplemental. Annualized Cash NOI shown as current quarter Cash NOI multiplied by four.

Note: Except as otherwise noted, all data herein is presented on a consolidated basis. The contents of this supplemental are unaudited and totals may not add due to rounding.

American Healthcare REIT | Q2 2026 Supplemental | Page 3

Integrated Senior Health Campuses

(dollars in thousands)

Total Portfolio

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2026

YTD 6/30/25

YTD 6/30/26

Campuses

126

135

149

148

—

IL/AL/MC units

5,540

6,154

6,890

6,947

6,960

5,540

6,960

SNF beds

7,327

7,601

8,275

8,137

7,327

8,137

Consolidated total beds/units

12,867

13,755

15,165

15,222

15,097

12,867

15,097

Total average Occupancy

88.8%

89.6%

90.1%

89.9%

89.5%

88.6%

89.7%

IL/AL/MC average Occupancy

89.3%

91.4%

91.9%

90.4%

90.5%

88.4%

90.5%

SNF average Occupancy

88.5%

88.2%

88.7%

89.4%

88.6%

88.8%

89.0%

Cash revenue (1)

$428,149

$455,453

$472,577

$502,743

$510,809

$855,361

$1,013,552

Operating expenses

360,136

386,254

401,798

424,223

426,226

727,132

850,449

Cash NOI (1)

$68,013

$69,199

$70,779

$78,520

$84,583

$128,229

$163,103

Cash NOI Margin %

15.9%

15.2%

15.0%

15.6%

16.6%

15.0%

16.1%

Maintenance Capex

$3,711

$4,863

$5,026

$4,657

$5,606

$7,820

$10,263

Same-Store

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2026

Q2 2026 vs

Q2 2025

YTD 6/30/25

YTD 6/30/26

YTD 2026 vs

YTD 2025

Campuses

115

Consolidated beds/units

11,709

11,711

11,708

11,710

11,721

11,709

11,721

Total average Occupancy

88.9%

90.1%

90.5%

91.2%

90.7%

180 bps

89.0%

90.9%

200 bps

IL/AL/MC average Occupancy

89.9%

91.7%

92.0%

91.9%

200 bps

89.3%

91.9%

263 bps

SNF average Occupancy

88.2%

88.9%

89.3%

90.6%

89.9%

164 bps

88.7%

90.2%

152 bps

Same-Store revenue (1)

$317,152

$329,813

$333,382

$336,108

$337,499

6.4%

$631,598

$673,607

6.7%

Same-Store operating expenses

255,702

267,186

269,466

268,433

266,149

4.1%

511,039

534,582

4.6%

Compensation

162,463

168,737

174,823

170,418

172,096

5.9%

322,419

342,514

6.2%

Controllable (2)

82,842

88,503

87,008

88,210

84,131

1.6%

168,026

172,341

2.6%

Non-Controllable (3)

10,397

9,946

7,635

9,805

9,922

(4.6%)

20,594

19,727

(4.2%)

Same-Store NOI (1)

$61,450

$62,627

$63,916

$67,675

$71,350

16.1%

$120,559

$139,025

15.3%

Same-Store NOI Margin %

19.4%

19.0%

19.2%

20.1%

21.1%

177 bps

19.1%

20.6%

155 bps

(1)

See reconciliations in the appendix of this supplemental.

(2)

Controllable expenses include utilities, food, repairs and maintenance, and other operating expenses.

(3)

Non-Controllable expenses include property taxes and insurance.

American Healthcare REIT | Q2 2026 Supplemental | Page 4

ISHC Revenue per Payor and Bed Type

Consolidated

Average Daily Rate

% of Resident Days

% of Revenue

Q2 2025

Q2 2026

% change

Q2 2025

Q2 2026

Q2 2025

Q2 2026

Medicare

$687.60

$723.23

5.2%

11.7%

10.2%

23.0%

20.8%

Medicare Advantage

$572.21

$633.86

10.8%

7.2%

7.6%

11.9%

13.7%

Private

$404.32

$426.01

5.4%

11.2%

10.9%

12.9%

13.2%

Managed care/insurance

$431.79

$499.60

15.7%

0.3%

0.4%

0.6%

Medicaid

$318.74

$316.09

(0.8%)

25.4%

23.5%

23.2%

20.9%

Total skilled nursing

$446.46

$465.66

4.3%

55.8%

52.6%

71.4%

69.2%

Total senior housing

$194.80

$201.82

3.6%

44.2%

47.4%

24.7%

27.0%

Ancillary revenue

$13.66

$13.78

0.9%

0.0%

3.9%

3.8%

Total

$346.39

$351.50

1.5%

100.0%

Quality Mix

74.6%

76.5%

76.8%

79.1%

Same-Store

Average Daily Rate

% of Resident Days

% of Revenue

Q2 2025

Q2 2026

% change

Q2 2025

Q2 2026

Q2 2025

Q2 2026

Medicare

$688.58

$725.69

5.4%

11.8%

10.9%

24.0%

22.4%

Medicare Advantage

$571.48

$619.31

8.4%

7.3%

8.1%

12.4%

14.3%

Private

$405.30

$428.22

5.7%

11.1%

11.6%

13.4%

14.1%

Managed care/insurance

$429.15

$513.57

19.7%

0.3%

0.4%

0.5%

0.6%

Medicaid

$320.86

$326.03

1.6%

25.1%

24.5%

23.9%

22.7%

Total skilled nursing

$449.14

$470.11

4.7%

55.6%

55.5%

74.2%

74.1%

Total senior housing

$195.61

$205.18

4.9%

44.4%

44.5%

25.8%

25.9%

Total (1)

$336.51

$352.17

4.7%

100.0%

Quality Mix (1)

74.9%

75.5%

76.1%

77.3%

(1)

Does not include ancillary revenue.

American Healthcare REIT | Q2 2026 Supplemental | Page 5

Senior Housing Operating Properties

(dollars in thousands, except RevPOR and ExPOR, and Pro-Rata)

Total Portfolio

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2026

YTD 6/30/25

YTD 6/30/26

Properties

—

Consolidated total units

5,469

5,724

6,978

7,486

8,042

5,469

8,042

Consolidated average Occupancy

85.5%

87.4%

89.0%

88.9%

88.8%

85.5%

88.8%

Cash revenue (1)

$71,659

$76,327

$91,134

$106,737

$121,361

$139,707

$228,098

Operating expenses

57,649

61,001

71,423

80,957

89,894

113,942

170,851

Cash NOI (1)

$14,010

$15,326

$19,711

$25,780

$31,467

$25,765

$57,247

Cash NOI Margin %

19.6%

20.1%

21.6%

24.2%

25.9%

18.4%

25.1%

RevPOR

$5,166

$5,177

$5,300

$5,600

$5,754

$5,115

$5,681

ExPOR

$4,156

$4,138

$4,154

$4,247

$4,262

$4,173

$4,255

Consolidated Maintenance Capex

$3,489

$4,559

$5,144

$3,586

$4,552

$6,303

$8,138

Same-Store

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2026

Q2 2026 vs

Q2 2025

YTD 6/30/25

YTD 6/30/26

FY 2026 vs

FY 2025

Properties

Consolidated units

5,098

5,103

5,107

5,098

5,107

Consolidated average Occupancy

85.9%

87.6%

89.0%

88.6%

88.7%

278 bps

86.0%

88.6%

267 bps

Same-Store revenue (1)

$67,330

$68,675

$69,917

$71,199

$72,295

7.4%

$133,738

$143,494

7.3%

Same-Store operating expenses

53,975

54,986

55,978

56,563

56,208

4.1%

108,156

112,771

4.3%

Compensation

32,845

33,413

33,959

34,333

34,369

4.6%

65,269

68,702

5.3%

Controllable (2)

18,076

18,492

18,759

19,097

18,750

3.7%

36,582

37,847

3.5%

Non-Controllable (3)

3,054

3,081

3,260

3,133

3,089

1.1%

6,305

6,222

(1.3%)

Same-Store NOI (1)

$13,355

$13,689

$13,939

$14,636

$16,087

20.5%

$25,582

$30,723

20.1%

Same-Store NOI Margin %

19.8%

19.9%

20.6%

22.3%

242 bps

19.1%

21.4%

228 bps

RevPOR

$5,159

$5,161

$5,164

$5,281

$5,354

3.8%

$5,123

$5,318

3.8%

ExPOR

$4,136

$4,132

$4,134

$4,195

$4,163

0.7%

$4,143

$4,179

0.9%

(1)

See reconciliations in the appendix of this supplemental.

(2)

Controllable expenses include utilities, food, repairs and maintenance, and other operating expenses.

(3)

Non-Controllable expenses include property taxes and insurance.

American Healthcare REIT | Q2 2026 Supplemental | Page 6

OM by Location

Outpatient Medical

(dollars and square feet in thousands, except revenue per square foot and Cash NOI per square foot)

Total Portfolio

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2026

YTD 6/30/25

YTD 6/30/26

Properties

—

Consolidated GLA (sq ft)

3,952

3,825

3,685

3,654

3,952

3,654

Ending Occupancy

86.1%

86.5%

88.9%

88.2%

88.4%

86.1%

88.4%

Cash revenue (1)

$30,185

$30,131

$29,558

$29,993

$29,495

$62,882

$59,488

Operating expenses

11,621

11,458

11,236

11,826

11,214

24,025

23,040

Cash NOI (1)

$18,564

$18,673

$18,322

$18,167

$18,281

$38,857

$36,448

Cash NOI Margin %

61.5%

62.0%

60.6%

62.0%

61.8%

61.3%

Revenue per square foot

$30.55

$31.51

$32.08

$32.56

$32.29

$31.82

$32.56

Cash NOI per square foot

$18.79

$19.53

$19.89

$19.72

$20.01

$19.66

$19.95

Maintenance Capex

$2,904

$4,924

$8,225

$2,107

$2,190

$10,259

$4,297

Same-Store

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2026

Q2 2026 vs

Q2 2025

YTD 6/30/25

YTD 6/30/26

FY 2026 vs

FY 2025

Properties

Consolidated GLA (sq ft)

3,259

3,260

3,259

3,260

Ending Occupancy

93.5%

93.3%

93.4%

93.0%

92.6%

(87 bps)

93.5%

92.6%

(87 bps)

Same-Store revenue (1)

$27,015

$27,747

$27,627

$28,119

$27,722

2.6%

$54,065

$55,841

3.3%

Same-Store operating expenses

9,909

10,250

9,885

10,870

10,331

4.3%

19,978

21,201

6.1%

Same-Store NOI (1)

$17,106

$17,497

$17,742

$17,249

$17,391

1.7%

$34,087

$34,640

1.6%

Same-Store NOI Margin %

63.3%

63.1%

64.2%

61.3%

62.7%

(59 bps)

63.0%

62.0%

(101 bps)

Same-Store revenue per Sq. Ft.

$33.16

$34.06

$33.91

$34.51

$34.01

$33.18

$34.26

Same-Store NOI per square foot

$21.00

$21.48

$21.78

$21.17

$21.34

$20.92

$21.25

Tenants and occupancy metrics (as of June 30, 2026)

Tenants

ABR

S&P Credit Rating

Christus Good Shepherd Health System

$8,005

9.4%

Prime Healthcare

2,611

3.1%

Montefiore Medical Center

2,519

2.9%

BBB-

Atrius Health, Inc.

2,294

2.7%

A+

Cullman Regional Medical Center

1,987

2.3%

Remaining portfolio

68,045

79.6%

Various

Total

$85,461

100.0%

OM Absorption

Occupied Square Feet as of December 31, 2025

3,277

Expirations

(188)

Renewals

117

New leases

Adjustment/remeasurement

(3)

Dispositions

(10)

Occupied Square Feet as of June 30, 2026

3,230

Trailing 12-months Retention

65.2%

(1)

See reconciliations in the appendix of this supplemental.

American Healthcare REIT | Q2 2026 Supplemental | Page 7

Triple-Net Leased Properties

(dollars in thousands and Pro-Rata)

Total Portfolio

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2026

YTD 6/30/25

YTD 6/30/26

Properties

—

AL/MC beds/units

538

SNF beds

960

882

826

960

826

Consolidated total beds/units (1)

1,498

1,420

1,364

1,498

1,364

Average operator Occupancy (1)

89.3%

88.5%

89.2%

90.5%

89.2%

90.5%

Cash revenue (2)

$8,247

$8,027

$8,053

$8,591

$8,119

$16,472

$16,710

Debt security investment

1,163

1,165

1,167

1,158

1,171

2,644

2,329

Operating expenses

779

495

456

958

661

1,718

1,619

Cash NOI (2)

$8,631

$8,697

$8,764

$8,791

$8,629

$17,398

$17,420

Cash NOI Margin %

91.7%

94.6%

95.1%

90.2%

92.9%

91.0%

91.5%

Same-Store

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2026

Q2 2026 vs

Q2 2025

YTD 6/30/25

YTD 6/30/26

FY 2026 vs

FY 2025

Properties

Consolidated beds/units (1)

1,364

Average operator Occupancy (1)

88.9%

88.2%

89.1%

90.6%

90.5%

157 bps

88.9%

90.5%

160 bps

Same-Store revenue (2)

$7,803

$7,870

$7,896

$8,078

$8,119

4.0%

$15,585

$16,197

3.9%

Same-Store operating expenses

496

495

456

604

661

33.3%

1,135

1,265

11.5%

Same-Store NOI (2)

$7,307

$7,375

$7,440

$7,474

$7,458

2.1%

$14,450

$14,932

3.3%

Same-Store NOI Margin %

93.6%

93.7%

94.2%

92.5%

91.9%

(178 bps)

92.7%

92.2%

(53 bps)

Same-Store NOI (constant currency) (3)

$7,315

$7,371

$7,455

$7,471

$7,461

2.0%

$14,543

$14,932

2.7%

(1)

Facilities are 100% triple-net leased and operators' occupancies exclude Hospitals.

(2)

See reconciliations in the appendix of this supplemental.

(3)

To eliminate the impact of exchange rate movements, the Company calculates Same-Store NOI on a constant currency basis, a non-GAAP measure, which includes currency adjustment for UK properties at 6/30/2026 YTD average GBP/USD rate of 1.34.

American Healthcare REIT | Q2 2026 Supplemental | Page 8

Triple-Net Leased Properties Rent Coverage Stratification

Tenant EBITDAR Coverage

Contribution to Pro-Rata Cash NOI at each Coverage Stratification for Q2 2026 (1)

Coverage

Senior Housing-Leased

SNFs

Hospital

Total

WALT

(years)

Number of

Leases

< 0.80x

—

1.3%

10.9

0.80x - 0.89x

—

0.90x - 0.99x

0.4%

—

0.4%

5.9

1.00x - 1.09x

—

1.3%

—

1.3%

15.0

1.10x - 1.19x

1.0%

—

1.0%

24.2

1.20x - 1.29x

—

1.30x - 1.39x

—

1.40x - 1.49x

—

1.50x - 1.59x

—

1.60x - 1.69x

—

1.70x - 1.79x

—

1.80x - 1.89x

—

1.90x - 1.99x

—

> 2.00x

—

0.9%

0.3%

1.2%

4.9

Total

1.4%

2.2%

1.6%

5.2%

12.4

Segment rent coverage (2)

1.09x

1.55x

1.08x

1.28x

Tenant Occupancy

89.9%

90.8%

N/A

90.5%

Tenant EBITDARM Coverage

Contribution to Pro-Rata Cash NOI at each Coverage Stratification for Q2 2026 (1)

Coverage

Senior Housing-Leased

SNFs

Hospital

Total

WALT

(years)

Number of

Leases

< 0.80x

—

1.3%

10.9

0.80x - 0.89x

—

0.90x - 0.99x

—

1.00x - 1.09x

—

1.10x - 1.19x

0.4%

—

0.4%

5.9

1.20x - 1.29x

—

1.30x - 1.39x

—

1.40x - 1.49x

1.0%

—

1.0%

24.2

1.50x - 1.59x

—

1.60x - 1.69x

—

1.3%

—

1.3%

15.0

1.70x - 1.79x

—

1.80x - 1.89x

—

1.90x - 1.99x

—

> 2.00x

—

0.9%

0.3%

1.2%

4.9

Total

1.4%

2.2%

1.6%

5.2%

12.4

Segment rent coverage (2)

1.34x

2.04x

1.32x

1.62x

Tenant Occupancy

89.9%

90.8%

N/A

90.5%

(1)

Represents trailing twelve month coverage metrics as of March 31, 2026. Percentages are based on Pro-Rata Cash NOI for the three months ended June 30, 2026.

(2)

Represents combined coverage metrics for all leases within each property type and total segment.

American Healthcare REIT | Q2 2026 Supplemental | Page 9

Revenue and Lease Expiration (1)

(dollars in thousands, as of June 30, 2026)

Triple-Net Leased Properties

Year

ABR (2)

of ABR

# of Expiring Leases

Total

Sq. Ft.

of GLA

ABR (2)

% of ABR

Interest Income (3)

Total

2026

$2,292

2.3%

122

3.7%

$—

0.0%

$—

0.0%

$2,292

1.6%

2027

8,561

8.7%

299

9.2%

—

0.0%

—

0.0%

8,561

6.2%

2028

14,381

14.6%

493

15.1%

—

0.0%

4,013

100.0%

18,394

13.2%

2029

14,629

14.8%

517

15.8%

—

0.0%

—

0.0%

14,629

10.5%

2030

11,541

11.7%

379

11.6%

5,779

15.8%

—

0.0%

17,320

12.5%

Thereafter

47,131

47.9%

128

1,453

44.6%

30,717

84.2%

—

0.0%

77,848

56.0%

Total

$98,535

100.0%

394

3,263

100.0%

$36,496

100.0%

$4,013

100.0%

$139,044

100.0%

(1)

Excludes ISHC and SHOP.

(2)

Total ABR expiring in the applicable year. Month-to-month leases are included as expirations in 2026.

(3)

Represents total interest income from debt security investment.

American Healthcare REIT | Q2 2026 Supplemental | Page 10

Debt Maturities and Principal Payments

(dollars in thousands, as of June 30, 2026)

Period

Lines of Credit

and Term

Loan

Mortgage

Loans

Payable

Combined

Debt

% of

Combined

Debt

Weighted

Average

Interest

Rate (2)_(3)

2026

$—

$64,192

4.5%

3.50%

2027

550,000

56,182

606,182

42.1%

4.74%

2028

—

139,740

9.7%

4.40%

2029

—

16,963

1.2%

3.36%

2030

—

44,732

3.1%

4.51%

Thereafter (1)

—

568,261

39.4%

3.74%

Total

$550,000

$890,070

$1,440,070

100.0%

Weighted interest rate (2)_(3)

4.86%

3.84%

4.23%

Weighted average maturity (years)

0.6

19.7

12.4

Percentage of variable-rate debt

— %

(1)

Debt maturing after 2030 has a weighted average maturity date of April 2053 (27 Years).

(2)

Interest rates reflect two in-place swap derivatives for $350 million and $200 million with strikes at 3.51% and 3.52%, respectively, which mature on January 19, 2027.

(3)

Does not include interest rate impact from mortgage insurance premiums and equipment financing.

American Healthcare REIT | Q2 2026 Supplemental | Page 11

Year to Date 2026 Real Estate Acquisitions and Disposition

(dollars in thousands)

Acquisitions

Reportable Segment/Quarter

Number of Properties

Beds/Units

Gross Purchase Price

Average Cost per Bed/Unit

SHOP

Q1 2026

501

$162,750

$325

Q2 2026

558

$126,917

$227

Dispositions

Reportable Segment/Quarter

Number of Properties/ Campuses

Beds/Units/GLA (1)

Gross Proceeds

ISHC

Q2 2026

$14,150

Q2 2026

$1,000

Triple-Net

Q2 2026

$7,100

(1)

OM presents GLA in thousands, rather than Beds/Units.

American Healthcare REIT | Q2 2026 Supplemental | Page 12

Real Estate Developments & Expansions

(dollars in thousands)

In-Process Pipeline

Development Timing

Project Name

State

Segment

Type of

Project

Beds/Units

Spent To

Date

Total

Expected

Cost

Construction

Start

Expected

Completion

Portage

ISHC

New Campus

108

$23,634

Q3 2024

Q3 2026

Mooresville

ISHC

Wing Expansion

3,494

4,463

Q1 2025

Q3 2026

Scio Township

ISHC

New Campus

109

11,899

26,651

Q3 2025

Q1 2027

Holly

ISHC

New Campus

114

4,574

29,692

Q3 2025

Q4 2027

Lowell

ISHC

IL Villas

2,881

13,627

Q3 2025

Q2 2027

Noblesville

ISHC

IL Villas

4,379

10,401

Q3 2025

Q4 2026

Lafayette

ISHC

IL Villas

773

2,505

Q3 2025

Q4 2026

LaGrange

ISHC

IL Villas

3,606

8,791

Q3 2025

Q1 2027

Tiffin

ISHC

IL Villas

1,280

8,429

Q3 2025

Q1 2027

Tiffin

ISHC

Wing Expansion

804

2,968

Q3 2025

Q4 2026

Jasper

ISHC

Wing Expansion

360

2,754

Q3 2025

Q2 2027

Warsaw

ISHC

Wing Expansion

4,044

4,868

Q3 2025

Q4 2026

Waunakee

ISHC

New Campus

176

2,280

19,283

Q1 2026

Q4 2027

Howell

ISHC

Wing Expansion

2,346

Q1 2026

Q3 2026

Delaware City

ISHC

New Campus

136

5,029

35,032

Q2 2026

Q1 2028

Sun Prairie

ISHC

Wing Expansion

625

2,069

Q2 2026

Q4 2026

Total

921

$72,009

$197,513

Completed YTD Projects (1)

Project Name

State

Segment

Type of

Project

Beds/Units

Total Cost

Construction

Completion

Harrodsburg

ISHC

IL Villas

$9,622

Q1 2026

Sylvania

ISHC

IL Villas

8,741

Q1 2026

Ottawa

ISHC

IL Villas

8,511

Q1 2026

Greenfield

ISHC

IL Villas

4,731

Q2 2026

Total

104

$31,605

(1)

Certain projects that have been completed may not yet be stabilized.

American Healthcare REIT | Q2 2026 Supplemental | Page 13

2026 Guidance (1)

(dollars in millions, except per share)

FY 2026 NAREIT FFO and Normalized FFO Attributable to Common Stockholders Reconciliation

2026 Guidance

FY 2026

FY 2026 - per diluted share

Low

High

Low

High

Net income attributable to common stockholders

$108.5

$116.5

$0.54

$0.58

Depreciation and amortization (2)

$306.8

1.52

Impairment and gain/losses from dispositions (2)

$(3.9)

(0.02)

NAREIT FFO attributable to common stockholders

$411.4

$419.4

$2.04

$2.08

Amortization of other intangible assets/liabilities (2)

$1.3

0.01

$0.01

Change in deferred rent (2)

$(1.6)

(0.01)

$(0.01)

Non-cash impact of changes to equity plan (2)(3)

$21.9

0.11

$0.11

Other adjustments (4)

$(0.2)

(0.00)

$(0.00)

Normalized FFO attributable to common stockholders

$432.8

$440.8

$2.15

$2.19

Weighted average diluted shares (in millions)

201.3

FY 2026 Same-Store NOI Growth Guidance and Other Select Guidance Assumptions

Total Portfolio Same-Store NOI Growth Guidance

•

11.0% - 13.0%

Segment-Level Same-Store NOI Growth Guidance

•

ISHC: 13.0% - 16.0%

•

SHOP: 18.0% - 21.0%

•

Outpatient Medical: 0.0% - 1.0%

•

Triple-Net Leased Properties: 2.0 - 3.0%

Other Guidance Assumptions

•

General and administrative expenses of $74 million to $78 million

•

Interest expense of $75 million to $79 million

•

Other income, net of $5 million to $8 million

•

Expect to fund $150 million to $170 million for new development starts and on-going development projects

•

Does not assume additional acquisitions beyond the ~$1.4 billion closed YTD

(1)

The Company's guidance constitutes forward-looking statements within the meaning of the federal securities laws and is based on a number of assumptions that are subject to change and many of which are outside of the Company's control. Actual results may differ materially from the Company's expectations depending on factors discussed herein and in the Company's filings with the Securities and Exchange Commission. Totals may not add due to rounding. Non-GAAP financial measures and other terms, as used in this supplemental, are also defined and further explained in the appendix. The Company is unable to provide, without unreasonable effort, guidance for the most comparable GAAP financial measures of total revenues and property operating and maintenance expenses. Additionally, a reconciliation of the forward-looking non-GAAP financial measures of Same-Store NOI growth to the comparable GAAP financial measures cannot be provided without unreasonable effort because the Company is unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of the Company's ongoing operations. Such items include, but are not limited to, impairment on depreciated real estate assets, net gain or loss on sale of real estate assets, stock-based compensation, casualty loss, non-Same-Store revenue, and non-Same-Store operating expenses. These items are uncertain, depend on various factors, and could have a material impact on the Company's GAAP results for the guidance period. See reconciliations in the appendix of this presentation.

(2)

Amounts are presented net of noncontrolling interests' share and AHR's share of unconsolidated entities.

(3)

Amounts represent amortization of equity compensation and fair value adjustments to performance-based equity compensation.

(4)

Includes adjustments for capitalized interest, transaction, transition and restructuring costs and additional items as noted in the Company’s definition for NFFO.

American Healthcare REIT | Q2 2026 Supplemental | Page 14

Components of NAV (1)

(dollars and square feet in thousands)

Segment

Campuses/

Properties

Square

Feet

Total

Beds/Units

Q2 2026

Cash NOI (2)

Q2 2026 Annualized

Cash NOI (2)

ISHC

148

11,403

15,097

$84,583

$338,332

SHOP

7,322

8,042

31,522

126,088

Outpatient Medical

3,654

18,281

73,124

Triple-Net Leased Properties (3)

961

1,364

7,653

30,612

Total

327

23,340

24,503

$142,039

$568,156

Obligations

Pro-Rata

Consolidated

Weighted Avg.

Interest Rate

Mortgage debt

$890,070

3.84%

Revolving LOC

—

4.69%

Term loan(4)

550,000

4.86%

Total debt

$1,440,070

Cash, cash equivalents and restricted cash pertaining to debt

(180,167)

(180,300)

Net Debt

$1,259,903

$1,259,770

Other tangible liabilities, net:

Accounts payable and accrued liabilities

331,532

331,584

Other

60,543

60,624

Total other tangible liabilities, net

392,075

392,208

Financing

19,258

Lease obligations

124,850

124,859

Net obligations

$1,796,086

$1,796,095

Other Assets

Debt security investment, gross

$92,394

Other tangible assets:

Accounts receivable

229,631

Capital expenditures

101,623

101,636

Inventory

20,511

Other

57,155

57,169

Total other tangible assets

408,920

408,947

Total other assets

$501,314

$501,341

Common Shares and OP Units Issued and Outstanding

Total common shares

194,689,026

Total OP Units

1,936,425

Total common shares and OP Units

196,625,451

(1)

Dollars, square feet and beds/units are presented on a consolidated basis as of June 30, 2026.

(2)

Cash NOI is adjusted to exclude non-recurring items for the three months ended June 30, 2026.

(3)

Excludes interest income from debt security investment.

(4)

Weighted average rates reflect in-place swap derivatives.

American Healthcare REIT | Q2 2026 Supplemental | Page 15

Ashford of Springville

Springville, UT

Second Quarter 2026

Supplemental Appendix

Non-GAAP Reconciliations

Defined Terms

American Healthcare REIT | Q2 2026 Supplemental | Page 16

NAREIT FFO/NFFO Reconciliation (1)

(in thousands, except shares and per share amounts)

Q2 2026

Q2 2025

YTD 6/30/26

YTD 6/30/25

Net income

$30,980

$10,079

$54,991

$3,239

Depreciation and amortization related to real estate — consolidated properties

72,056

41,850

139,049

82,865

Depreciation and amortization related to real estate — unconsolidated entities

506

1,003

Impairment of real estate investments — consolidated properties

1,719

12,659

2,137

34,365

(Gain) Loss on dispositions of real estate investments, net — consolidated properties

(5,647)

2,676

(5,647)

3,035

Net income attributable to noncontrolling interests

(374)

(171)

(672)

(135)

Depreciation, amortization, impairments and net gain/loss on dispositions — noncontrolling interests

(772)

(803)

(1,556)

(1,695)

NAREIT FFO attributable to controlling interest

97,976

66,796

188,330

122,677

Transaction, transition and restructuring costs

2,786

(79)

4,757

1,758

Amortization of above- and below-market leases

300

355

630

768

Amortization of closing costs — debt security investment

Change in deferred rent

(354)

(720)

(936)

(1,392)

Non-cash impact of changes to equity instruments

5,767

3,190

10,625

5,741

Non-cash income tax benefit

(223)

—

(947)

—

Capitalized interest

(711)

(345)

(1,355)

(442)

Loss on debt extinguishments

147

1,298

147

1,806

(Gain) loss in fair value of derivative financial instruments

(357)

629

(1,884)

1,379

Foreign currency (gain) loss

(75)

(2,742)

744

(4,158)

Adjustments for unconsolidated entities

—

(1)

Adjustments for noncontrolling interests

(79)

(22)

(130)

(72)

Normalized FFO attributable to controlling interest

$105,189

$68,377

$200,004

$128,119

NAREIT FFO and Normalized FFO weighted average common share outstanding — diluted

193,347,757

161,143,556

190,708,621

159,318,503

NAREIT FFO per common share attributable to controlling interest — diluted

$0.51

$0.41

$0.99

$0.77

Normalized FFO per common share attributable to controlling interest — diluted

$0.54

$0.42

$1.05

$0.80

Distributions paid to common stockholders

$47,609

$39,877

$94,431

$79,425

(1)

Totals may not add due to rounding.

American Healthcare REIT | Q2 2026 Supplemental | Page 17

Adjusted EBITDA, Coverage Ratios & Net Debt Reconciliation

(dollars in thousands)

Adjusted EBITDA Reconciliation

Q2 2026

Net income

$30,980

Interest expense, net (including amortization of deferred financing costs, amortization of debt

discount/premium and loss on debt extinguishments)

18,626

Income tax benefit

(3)

Depreciation and amortization (including amortization of leased assets and accretion of lease liabilities)

72,557

EBITDA

122,160

Income from unconsolidated entities

(892)

Straight line rent and amortization of above/below market leases

(486)

Non-cash impact of changes to equity instruments

5,767

Transaction, transition and restructuring costs

2,786

Gain on dispositions of real estate investments, net

(5,647)

Amortization of closing costs — debt security investment

Foreign currency gain

(75)

Gain in fair value of derivative financial instruments

(357)

Impairment of real estate investments

1,719

Adjusted EBITDA

$124,987

Coverage Ratios and Net Debt Reconciliation

Q2 2026

Interest Coverage Ratios

Interest expense(1)

$18,626

Capitalized interest

711

Loss on extinguishment of debt

(147)

Non-cash interest expense(2)

(1,599)

Total Interest

$17,591

Interest Coverage Ratio(3)

7.1X

Fixed Charges Coverage Ratio

Total interest

$17,591

Secured debt principal amortization

5,025

Total Fixed Charges

$22,616

Fixed Charge Coverage Ratio(3)

5.5X

Total debt

$1,440,070

Cash and cash equivalents

(156,896)

Restricted cash related to debt

(23,404)

Net Debt

$1,259,770

Net Debt-to-Annualized Adjusted EBITDA

2.5X

(1)

Includes approximately $1.5 million of cash interest expense from mortgage insurance premiums and equipment financing.

(2)

Non-cash interest expense includes amortization of loan fees and debt discount/premium.

(3)

Interest Coverage Ratio calculated as Adjusted EBITDA divided by Total Interest. Fixed Charges Coverage Ratio calculated as Adjusted EBITDA divided by Total Fixed Charges.

American Healthcare REIT | Q2 2026 Supplemental | Page 18

Same-Store Property Reconciliation

For the Six Months Ended June 30, 2026

ISHC

SHOP

Triple-Net Leased

Properties

Total properties/campuses

148

Recent acquisition

(23)

(26)

—

Non-Core Properties

(1)

(5)

—

Expansion and development

(9)

(1)

—

Same-Store properties

115

American Healthcare REIT | Q2 2026 Supplemental | Page 19

Cash NOI Reconciliation

(in thousands)

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2026

YTD 6/30/25

YTD 6/30/26

Net income

$10,079

$56,639

$10,940

$24,011

$30,980

$3,239

$54,991

General and administrative

14,943

14,108

16,529

17,605

19,891

28,098

37,496

Transaction, transition and restructuring costs

(79)

3,295

1,971

2,786

1,758

4,757

Depreciation and amortization

41,941

49,181

55,323

67,062

72,125

83,055

139,187

Interest expense

22,632

20,392

19,806

18,796

18,626

45,577

37,422

Loss (gain) in fair value of derivative financial instruments

629

(166)

(179)

(1,527)

(357)

1,379

(1,884)

Loss (gain) on dispositions of real estate investments, net

2,676

(691)

621

—

(5,647)

3,035

(5,647)

Impairment of real estate investments

12,659

3,768

11,802

418

1,719

34,365

2,137

Loss (income) from unconsolidated entities

1,238

(462)

(657)

(792)

(892)

3,086

(1,684)

Gain on re-measurement of previously held equity interests

—

(14,580)

—

Foreign currency (gain) loss

(2,742)

977

819

(75)

(4,158)

744

Other income, net

(1,480)

(2,309)

(3,491)

(2,335)

(1,914)

(3,005)

(4,249)

Income tax expense (benefit)

732

(21,092)

(2,415)

(525)

(3)

1,336

(528)

Total NOI

103,228

105,815

111,580

125,503

137,239

197,765

262,742

Straight line rent

(821)

(730)

(793)

(780)

(503)

(1,556)

(1,283)

Facility rental expense

7,278

7,030

6,849

6,761

6,752

14,777

13,513

Other non-cash adjustments

182

133

163

384

Cash NOI from dispositions

(394)

(102)

(355)

(615)

(345)

Cash NOI attributable to noncontrolling interests (1)

(255)

(251)

(250)

(506)

(500)

Cash NOI (1)

$109,218

$111,895

$117,576

$131,258

$142,960

$210,249

$274,218

(1)

All periods are based upon current quarter's ownership percentage.

American Healthcare REIT | Q2 2026 Supplemental | Page 20

Same-Store Revenue Reconciliation

(in thousands)

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2026

YTD 6/30/25

YTD 6/30/26

Integrated Senior Health Campuses

GAAP Revenue

$429,350

$455,453

$472,577

$502,743

$512,878

$858,042

$1,015,621

Cash revenue from dispositions

(1,201)

—

(2,069)

(2,681)

(2,069)

Cash revenue

428,149

455,453

472,577

502,743

510,809

855,361

1,013,552

Revenue attributable to new acquisitions/dispositions/other

(104,597)

(118,985)

(132,515)

(160,081)

(169,742)

(211,160)

(329,823)

Revenue attributable to Non-Core Properties

(6,400)

(6,655)

(6,680)

(6,554)

(3,568)

(12,603)

(10,122)

Same-Store revenue

$317,152

$329,813

$333,382

$336,108

$337,499

$631,598

$673,607

SHOP

GAAP Revenue

$71,935

$76,605

$91,410

$107,024

$121,641

$140,419

$228,665

Cash revenue from dispositions

—

(166)

—

Cash revenue attributable to noncontrolling interests (1)

(276)

(278)

(276)

(287)

(280)

(546)

(567)

Cash revenue (1)

71,659

76,327

91,134

106,737

121,361

139,707

228,098

Revenue attributable to new acquisitions/dispositions

(2,996)

(6,208)

(19,788)

(34,027)

(47,447)

(3,409)

(81,474)

Revenue attributable to development conversion

(753)

(864)

(897)

(904)

(1,014)

(1,391)

(1,918)

Revenue attributable to Non-Core Properties

(580)

(532)

(607)

(605)

(1,169)

(1,212)

Same-Store revenue (1)

$67,330

$68,675

$69,917

$71,199

$72,295

$133,738

$143,494

Outpatient Medical

GAAP Revenue

$31,254

$31,181

$30,449

$30,842

$29,985

$64,448

$60,827

Straight line rent

(259)

(243)

(363)

(358)

(100)

(432)

(458)

Other non-cash adjustments

(350)

(380)

(356)

(491)

(389)

(674)

(880)

Cash revenue from dispositions

(460)

(427)

(172)

—

(1)

(460)

(1)

Cash revenue

30,185

30,131

29,558

29,993

29,495

62,882

59,488

Revenue attributable to dispositions

(894)

(154)

—

(3,890)

—

Revenue attributable to Non-Core Properties

(2,276)

(2,230)

(1,931)

(1,874)

(1,773)

(4,927)

(3,647)

Same-Store revenue

$27,015

$27,747

$27,627

$28,119

$27,722

$54,065

$55,841

Triple-Net Leased Properties

GAAP Revenue

$9,964

$9,698

$9,644

$10,165

$9,746

$20,197

$19,911

Straight line rent

(562)

(487)

(430)

(422)

(403)

(1,124)

(825)

Other non-cash adjustments

199

200

169

424

369

Cash revenue from dispositions

—

(25)

—

(27)

—

(27)

Cash revenue attributable to noncontrolling interest (1)

(191)

(194)

(195)

(381)

(389)

Cash revenue (1)

9,410

9,192

9,220

9,749

9,290

19,116

19,039

Debt security investment

(1,163)

(1,165)

(1,167)

(1,158)

(1,171)

(2,644)

(2,329)

Revenue attributable to dispositions

(26)

—

(52)

—

Revenue attributable to Non-Core Properties

(157)

(159)

—

(313)

(159)

Other normalizing revenue adjustments

(261)

—

(354)

—

(522)

(354)

Same-Store revenue (1)

$7,803

$7,870

$7,896

$8,078

$8,119

$15,585

$16,197

Total Portfolio

GAAP Revenue

$542,503

$572,937

$604,080

$650,774

$674,250

$1,083,106

$1,325,024

Straight line rent

(821)

(730)

(793)

(780)

(503)

(1,556)

(1,283)

Other non-cash adjustments

(151)

(180)

(156)

(291)

(220)

(250)

(511)

Cash revenue from dispositions

(1,661)

(452)

(172)

—

(2,097)

(3,307)

(2,097)

Cash revenue attributable to noncontrolling interests (1)

(467)

(472)

(470)

(481)

(475)

(927)

(956)

Cash revenue (1)

539,403

571,103

602,489

649,222

670,955

1,077,066

1,320,177

Debt security investment

(1,163)

(1,165)

(1,167)

(1,158)

(1,171)

(2,644)

(2,329)

Revenue attributable to new acquisitions/dispositions/other

(108,513)

(125,347)

(152,303)

(194,108)

(217,189)

(218,511)

(411,297)

Revenue attributable to development conversion

(753)

(864)

(897)

(904)

(1,014)

(1,391)

(1,918)

Revenue attributable to Non-Core Properties

(9,413)

(9,622)

(9,300)

(9,194)

(5,946)

(19,012)

(15,140)

Other normalizing revenue adjustments

(261)

—

(354)

—

(522)

(354)

Same-Store revenue (1)

$419,300

$434,105

$438,822

$443,504

$445,635

$834,986

$889,139

(1)

All periods are based upon current quarter's ownership percentage.

American Healthcare REIT | Q2 2026 Supplemental | Page 21

Same-Store NOI Reconciliation

(in thousands)

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2026

YTD 6/30/25

YTD 6/30/26

Integrated Senior Health Campuses

NOI

$60,934

$62,169

$63,930

$71,759

$78,159

$113,925

$149,918

Facility rental expense

7,278

7,030

6,849

6,761

6,752

14,777

13,513

Cash NOI from dispositions

(199)

—

(328)

(473)

(328)

Cash NOI

68,013

69,199

70,779

78,520

84,583

128,229

163,103

New acquisitions/dispositions/other

(5,589)

(6,538)

(5,852)

(9,933)

(12,727)

(5,926)

(22,660)

Non-Core Properties

(974)

(1,078)

(1,011)

(912)

(506)

(1,744)

(1,418)

Other normalizing adjustments

—

1,044

—

Same-Store NOI

$61,450

$62,627

$63,916

$67,675

$71,350

$120,559

$139,025

SHOP

NOI

$14,066

$15,359

$19,764

$25,837

$31,522

$25,828

$57,359

Cash NOI from dispositions

—

Cash NOI attributable to noncontrolling interests (1)

(64)

(58)

(57)

(55)

(126)

(112)

Cash NOI (1)

14,010

15,326

19,711

25,780

31,467

25,765

57,247

New acquisitions/dispositions

(1,044)

(1,921)

(6,089)

(11,408)

(15,329)

(850)

(26,737)

Development conversion

277

343

301

330

(19)

637

311

Non-Core Properties

(35)

(59)

(66)

(32)

(117)

(98)

Other normalizing adjustments

147

—

147

—

Same-Store NOI (1)

$13,355

$13,689

$13,939

$14,636

$16,087

$25,582

$30,723

Outpatient Medical

NOI

$19,062

$19,128

$18,717

$18,718

$18,492

$39,571

$37,210

Straight line rent

(259)

(243)

(363)

(358)

(100)

(432)

(458)

Other non-cash adjustments

(36)

(85)

(55)

(203)

(111)

(77)

(314)

Cash NOI from dispositions

(203)

(127)

(205)

Cash NOI

18,564

18,673

18,322

18,167

18,281

38,857

36,448

Dispositions

(261)

—

(1,846)

—

Non-Core Properties

(1,197)

(1,259)

(898)

(918)

(890)

(2,924)

(1,808)

Other normalizing adjustments

—

318

—

Same-Store NOI

$17,106

$17,497

$17,742

$17,249

$17,391

$34,087

$34,640

Triple-Net Leased Properties

NOI

$9,166

$9,159

$9,169

$9,189

$9,066

$18,441

$18,255

Straight line rent

(562)

(487)

(430)

(422)

(403)

(1,124)

(825)

Other non-cash adjustments

218

217

188

461

405

Cash NOI from dispositions

—

(27)

—

(27)

Cash NOI attributable to noncontrolling interest (1)

(191)

(193)

(195)

(380)

(388)

Cash NOI (1)

8,631

8,697

8,764

8,791

8,629

17,398

17,420

Debt security investment

(1,163)

(1,165)

(1,167)

(1,158)

(1,171)

(2,644)

(2,329)

Dispositions

(9)

—

Non-Core Properties

(152)

(157)

(159)

—

(307)

(159)

Same-Store NOI (1)

$7,307

$7,375

$7,440

$7,474

$7,458

$14,450

$14,932

Total Portfolio

NOI

$103,228

$105,815

$111,580

$125,503

$137,239

$197,765

$262,742

Straight line rent

(821)

(730)

(793)

(780)

(503)

(1,556)

(1,283)

Facility rental expense

7,278

7,030

6,849

6,761

6,752

14,777

13,513

Other non-cash adjustments

182

133

163

384

Cash NOI from dispositions

(394)

(102)

(355)

(615)

(345)

Cash NOI attributable to noncontrolling interests (1)

(255)

(251)

(250)

(506)

(500)

Cash NOI (1)

109,218

111,895

117,576

131,258

142,960

210,249

274,218

Debt security investment

(1,163)

(1,165)

(1,167)

(1,158)

(1,171)

(2,644)

(2,329)

New acquisitions/dispositions/other

(6,903)

(8,376)

(11,941)

(21,341)

(28,056)

(8,619)

(49,397)

Development conversion

277

343

301

330

(19)

637

311

Non-Core Properties

(2,358)

(2,553)

(2,050)

(2,055)

(1,428)

(5,092)

(3,483)

Other normalizing adjustments

147

1,044

318

—

147

—

Same-Store NOI (1)

$99,218

$101,188

$103,037

$107,034

$112,286

$194,678

$219,320

(1)

All periods are based upon current quarter's ownership percentage.

American Healthcare REIT | Q2 2026 Supplemental | Page 22

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 real estate investments, amortization of closing costs for debt security instrument, unrealized foreign currency gain or loss, change in fair value of derivative financial instruments, impairments of real estate investments, impairments of intangible assets and goodwill, and non-recurring one-time items.

•

Affiliated: An OM (as defined on the next page) that, as of a specified date, has 25.0% or more of its square footage occupied by at least one healthcare system.

•

AL: Assisted living units.

•

Annualized Adjusted EBITDA: Current period (shown as quarterly) Adjusted EBITDA multiplied by four.

•

ABR: Annualized Base Rent. ABR is calculated as contractual base rent for the last month of the applicable period multiplied by 12.

•

Cash NOI Margin: Calculated by dividing Cash NOI by cash revenue.

•

EBITDA: A non-GAAP financial measure that is defined as earnings before interest, taxes, depreciation and amortization.

•

EBITDAR: Earnings before interest, taxes, depreciation, amortization and facilities rent. We use unaudited, periodic financial information provided solely by tenants to calculate EBITDAR and have not independently verified the information.

•

EBITDAR Coverage: The ratio of EBITDAR to contractual rent for leases or interest and principal payments for loans. EBITDAR Coverage is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations.

•

EBITDARM: Earnings before interest, taxes, depreciation, amortization, facilities rent and management fees. We use unaudited, periodic financial information provided solely by tenants to calculate EBITDARM and have not independently verified the information.

•

EBITDARM Coverage: The ratio of EBITDARM to contractual rent for leases or interest and principal payments for loans. EBITDARM Coverage is a measure of a property’s ability to generate sufficient cash flows for the operator or borrower to pay rent and meet other obligations, assuming that management fees are not paid.

•

ExPOR: Expense per occupied unit. ExPOR is calculated as total expense generated by occupied units divided by the number of occupied units.

•

GAAP Revenue: Revenue recognized in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”), which includes straight line rent and other non-cash adjustments.

•

GLA: Gross leasable area.

•

Hospitals: Hospital properties typically will include acute care, long-term acute care, specialty and rehabilitation hospitals and generally will be leased to single tenants or operators under triple-net lease structures.

•

IL: Independent living units.

•

Integrated Senior Health Campuses or ISHC: Integrated senior health campuses include a range of senior care, including independent living, assisted living, memory care, skilled nursing services and certain ancillary businesses. Integrated senior health campuses are operated utilizing a RIDEA Structure (as defined on the next page).

•

Maintenance Capex: AHR-invested capital expenditures, whether routine or non-routine (including second generation tenant incentives and leasing commissions), that are not expected to generate incremental income for the Company.

•

MC: Memory-care units.

•

NAREIT FFO or FFO: Funds from operations attributable to controlling interest; a non-GAAP financial measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT (the “White Paper”). The White Paper defines FFO as net income (loss) computed in accordance with GAAP, excluding gains or losses from sales of certain real estate assets, gains or losses upon consolidation of a previously held equity interest, and impairment write-downs of certain real estate assets and investments, plus depreciation and amortization related to real estate, after adjustments for unconsolidated partnerships and joint ventures. While impairment charges are excluded from the calculation of FFO as described above, investors are cautioned that impairments are based on estimated future undiscounted cash flows. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO.

American Healthcare REIT | Q2 2026 Supplemental | Page 23

Defined Terms, continued

•

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, generated from properties before general and administrative expenses, transaction, transition and restructuring costs, depreciation and amortization, interest expense, gain or loss in fair value of derivative financial instruments, gain or loss on dispositions, impairments of real estate investments, impairments of intangible assets and goodwill, income or loss from unconsolidated entities, gain on re-measurement of previously held equity interest, foreign currency gain or loss, other income or expense and income tax benefit or expense.

•

Non-Core Properties: Assets that have been deemed not essential to generating future economic benefit or value to our day-to-day operations and/or are scheduled to be sold.

•

Normalized FFO or NFFO: FFO further adjusted for the following items included in the determination of GAAP net income (loss): transaction, transition and restructuring costs; amounts relating to changes in deferred rent and amortization of above and below-market leases (which are adjusted in order to reflect such payments from a GAAP accrual basis); the non-cash impact of changes to our equity instruments; non-cash or non-recurring income or expense; the noncash effect of income tax benefits or expenses; capitalized interest; impairments of intangible assets and goodwill; amortization of closing costs on debt investments; mark-to-market adjustments included in net income (loss); gains or losses included in net income (loss) from the extinguishment or sale of debt, hedges, foreign exchange, derivatives or securities holdings where trading of such holdings is not a fundamental attribute of the business plan; and after adjustments for consolidated and unconsolidated partnerships and joint ventures, with such adjustments calculated to reflect Normalized FFO on the same basis.

•

OM: Outpatient Medical properties.

•

OP Unit: Units of limited partnership interest in the Operating Partnership, which are redeemable for cash or, at our election, shares of our common stock on a one-for-one basis, subject to certain adjustments.

•

Operating Partnership: American Healthcare REIT Holdings, LP, a Delaware limited partnership, through which we conduct substantially all of our business and of which Continental Merger Sub, LLC, a Delaware limited liability company and our wholly-owned subsidiary, is the sole general partner.

•

Pro-Rata: As of June 30, 2026, we owned and/or operated six other buildings through entities of which we owned between 90.0% and 90.6% of the ownership interests. Because we have a controlling interest in these entities, these entities and the properties these entities own are consolidated in our financial statements in accordance with GAAP. However, while such properties are presented in our financial statements on a consolidated basis, we are only entitled to our Pro-Rata share of the net cashflows generated by such properties. As a result, we have presented certain property information herein based on our Pro-Rata ownership interest in these entities and the properties these entities own, as of the applicable date, and not on a consolidated basis. In such instances, information is noted as being presented on a “Pro-Rata share” basis.

•

Quality Mix: Total number of Medicare, Managed Care, Medicare Advantage and private days or revenue divided by the total number of actual patient days or total revenue for all payor types within Skilled Nursing and Senior Housing beds in the ISHC segment.

•

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. RevPOR is calculated as total revenue generated by occupied units divided by the number of occupied units.

•

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 contractor (EIK) to operate such properties for a fee. Under this structure, the EIK receives management fees, and the TRS receives revenue from the operation of the healthcare real estate properties and retains, as profit, any revenue remaining after payment of expenses (including intercompany rent paid to us and any taxes at the TRS level) necessary to operate the property. Through the RIDEA Structure, in addition to receiving rental revenue from the TRS, we retain any after-tax profit from the operation of the healthcare real estate properties and benefit from any improved operational performance while bearing the risk of any decline in operating performance at the properties.

American Healthcare REIT | Q2 2026 Supplemental | Page 24

Defined Terms, continued

•

Same-Store: 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 as discontinued operations in accordance with GAAP; (2) impacted by materially disruptive events, such as flood or fire for an extensive period of time; or (3) scheduled to undergo or currently undergoing major expansions/renovations or business model transitions or have transitioned business models after the start of the prior comparison period.

•

Same-Store NOI: Cash NOI for our Same-Store properties. Same-Store NOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. Both Cash NOI and Same-Store NOI include ownership and other adjustments.

•

Same-Store NOI Margin: Calculated by dividing Same-Store NOI by Same-Store revenue.

•

Senior Housing-Leased: Senior housing facilities cater to different segments of the elderly population based upon their personal needs and include assisted living, memory care and independent living. Residents of assisted living facilities typically require limited medical care and need assistance with eating, bathing, dressing and/or medication management, and those services can be provided by staff at the facility. Resident programs offered at such facilities may include transportation, social activities and exercise and fitness programs. Our Senior Housing-Leased properties are triple-net leased.

•

SHOP: Senior housing operating properties.

•

SNFs: Skilled nursing facilities.

•

Square Feet or Sq. Ft.: Net rentable square feet calculated utilizing building owners and managers association measurement standards.

•

Total Debt: The principal balances of the Company’s revolving credit facilities, term loan and secured indebtedness as reported in the Company’s consolidated financial statements.

•

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.

•

WALT: Weighted average lease term.

American Healthcare REIT | Q2 2026 Supplemental | Page 25

https://www.americanhealthcarereit.com

18191 Von Karman Avenue, Suite 300

Irvine, California

American Healthcare REIT, Inc. (NYSE: AHR) is a real estate investment trust that acquires, owns and operates a diversified portfolio of clinical healthcare real estate, focusing primarily on senior housing communities, skilled nursing, and outpatient medical buildings across the United States, the United Kingdom and the Isle of Man.

American Healthcare REIT | Q2 2026 Supplemental | Page 26

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xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

Former Legal or Registered Name of an entity

+ References

No definition available.

+ Details

Name:

dei_EntityInformationFormerLegalOrRegisteredName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

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Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

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Data Type:

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Balance Type:

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