Form 8-K

8-K — American Healthcare REIT, Inc.

Accession: 0001193125-26-212023

Filed: 2026-05-07

Period: 2026-05-07

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 — d146383d8k.htm (Primary)

EX-99.1 (d146383dex991.htm)

EX-99.2 (d146383dex992.htm)

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8-K

8-K (Primary)

Filename: d146383d8k.htm · Sequence: 1

8-K

false 0001632970 0001632970 2026-05-07 2026-05-07

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): May 07, 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 May 7, 2026, we issued an earnings release announcing our financial position as of March 31, 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 May 7, 2026, we released certain supplemental data for the quarter ended March 31, 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 May 7, 2026

99.2

American Healthcare REIT, Inc. First 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: May 7, 2026

By:

/s/ Jeffrey T. Hanson

Jeffrey T. Hanson, Interim Chief Executive Officer and President

EX-99.1

Filename: d146383dex991.htm · Sequence: 2

EX-99.1

Exhibit 99.1

Press Release

Irvine, CA – May 7, 2026

Contact: Alan Peterson

Email: investorrelations@ahcreit.com

American Healthcare REIT Announces First Quarter 2026 Results;

Increases Full Year 2026 Guidance

American Healthcare REIT, Inc. (NYSE: AHR) (the “Company,” “we,” “our,” or “AHR”) is announcing today its

first quarter 2026 results and increasing full year 2026 guidance.

Key Highlights:

•

Reported GAAP net income attributable to controlling interest of $23.7 million, or $0.13 per diluted share,

for the three months ended March 31, 2026.

•

Reported Normalized Funds From Operations attributable to common stockholders (“NFFO”) of $0.50 per

diluted share for the three months ended March 31, 2026, representing over 30% growth compared to the same period in 2025.

•

Achieved total portfolio Same-Store Net Operating Income (“NOI”) growth of 12.1% for the three months

ended March 31, 2026, compared to the same period in 2025.

•

Achieved Same-Store NOI growth of 19.7% and 14.5% for the three months ended March 31, 2026, from 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 March 31, 2026, the Company acquired approximately $162.8 million of new

investments within its SHOP segment.

•

During the three months ended March 31, 2026, the Company entered into forward sale agreements pursuant to

its at-the-market equity offering program (“ATM Program”), to sell 7,028,164 shares of common stock for approximately $357.4 million in gross proceeds.

Subsequent to quarter end, the Company entered into additional forward sale agreements pursuant to its ATM Program to sell 2,561,583 shares of common stock for approximately $123.7 million in gross proceeds, assuming full physical settlement.

•

During the three months ended March 31, 2026, the Company issued 3,974,731 shares of common stock to

physically settle sales under previously announced forward sale agreements pursuant to its ATM Program and its November 2025 equity offering for gross proceeds of approximately $191.2 million. Subsequent to quarter end, the Company issued an

additional 2,755,996 shares of common stock to physically settle sales under forward sale agreements from its ATM Program for gross proceeds of approximately $134.0 million. As of May 7, 2026, pursuant to its ATM Program, the Company had

unsettled forward sale agreements outstanding relating to 10,498,207 shares of common stock that would result in approximately $527.4 million in gross proceeds assuming full physical settlement.

•

Reported a 0.4x improvement in Net

Debt-to-Annualized Adjusted EBITDA from 3.4x as of December 31, 2025 to 3.0x as of March 31, 2026.

•

The Company is increasing total portfolio Same-Store NOI growth guidance to 9.0% to 12.0% and NFFO per diluted

share guidance to $2.03 to $2.09 for the year ending December 31, 2026.

“Our first quarter results reflect another

exceptionally strong period across our core metrics, including our ninth consecutive quarter of double-digit Same-Store NOI growth, efficient capital formation and accretive deployment, a strengthened balance sheet, and a raise to our full year 2026

Same-Store NOI growth and NFFO per share guidance,” said Jeff Hanson, Chairman, Interim Chief Executive Officer and President. “These results reflect AHR’s mission to deliver higher-quality care and superior resident and patient

outcomes while serving as the most sought-after and trusted capital partner for the best operators in our industry.”

Page | 1

First Quarter 2026 Results

The Company’s Same-Store NOI growth results for the three months ended March 31, 2026 are detailed below. Same-Store NOI growth in the first 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 March 31, 2026 Relative to Three Months Ended

March 31, 2025

Segment

Same-Store NOI Growth

ISHC

14.5

SHOP

19.7

Outpatient Medical

1.6

Triple-Net Leased Properties

4.6

Total Portfolio

12.1

“Our senior housing portfolio delivered strong operating performance this quarter, with Trilogy once again

distinguishing itself as a leader in the sector through the strength of its differentiated operating model,” said Gabe Willhite, the Company’s Chief Operating Officer. “The consistency and quality of Trilogy’s results

underscore the durability of its approach and its ability to drive sustained superior performance. Across the broader senior housing portfolio, we were able to drive continued NOI expansion by actively managing a range of operational and pricing

levers, dynamically balancing them to optimize profitability and maximize total NOI. We remain confident in our ability to build on this momentum and deliver sustained earnings growth as we continue executing on these strategies.”

Transactional Activity

During the three months

ended March 31, 2026, the Company:

•

Acquired five new SHOP assets for approximately $117.5 million, as previously announced. The properties are

located in California and Missouri, and will be managed and operated by two of the Company’s existing regional operating partners.

•

Acquired two new SHOP assets for approximately $45.3 million. The properties are located in Kansas and will

be managed and operated by one of the Company’s existing regional operating partners.

Subsequent to the quarter ended

March 31, 2026, the Company:

•

Acquired six new SHOP assets for approximately $86.4 million. 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.

•

Sold two Non-Core Properties for approximately $8.1 million within

its Outpatient Medical and Triple-Net Leased Properties segments.

Following the Company’s

completed transaction activity during the three months ended March 31, 2026, and subsequent to quarter end, the Company’s investments pipeline consists of over $650 million which includes newly awarded deals and deals in the pipeline

previously disclosed in the Company’s Fourth Quarter 2025 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 completed three and started two development projects during the three months ended March 31, 2026.The Company’s total in-process development and expansion pipeline is expected to cost approximately $173.9 million, of which $52.4 million had been funded as of March 31, 2026.

Capital Markets and Balance Sheet Activity

As of

March 31, 2026, the Company had total consolidated indebtedness of $1.53 billion and approximately $1.31 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 March 31, 2026, was 3.0x.

During the three months ended March 31, 2026, the Company entered into forward sale agreements

pursuant to its ATM Program, to sell 7,028,164 shares of common stock for approximately $357.4 million in gross proceeds, assuming full physical settlement. Subsequent to quarter end, the Company entered into additional forward sale agreements

pursuant to its ATM Program to sell 2,561,583 shares of common stock for approximately $123.7 million in gross proceeds, assuming full physical settlement.

During the three months ended March 31, 2026, the Company issued 3,974,731 shares of common stock to settle sales under previously discussed forward sale

agreements from its ATM Program and its November 2025 equity offering for gross proceeds of approximately $191.2 million. Subsequent to quarter end, the Company issued an additional 2,755,996 shares of common stock to settle sales under forward

sale agreements from its ATM Program for gross proceeds of approximately $134.0 million. As of May 7, 2026, pursuant to its ATM Program, the Company had unsettled forward sale agreements outstanding relating to 10,498,207 shares of common

stock that would result in approximately $527.4 million in gross proceeds assuming full physical settlement.

Additionally, subsequent to quarter

end, 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.

“Our proactive hands-on asset management

approach has led to solid financial performance at the start of 2026, allowing us to increase our Same-Store NOI growth and NFFO per diluted share guidance for the year,” said Brian Peay, the Company’s Chief Financial Officer. “Our

updated Same-Store NOI growth guidance at the midpoint would suggest a third consecutive double-digit growth year for AHR. Additionally, we have supplemented that organic growth with accretive acquisitions utilizing capital we have sourced through

our equity offering programs at attractive prices. With well over $1 billion available on our existing ATM program we plan to continue to utilize forward sale agreements to the extent that the stock continues to trade well, in addition to using

the capacity on our line of credit, thereby de-risking the execution of new investments in our pipeline that we expect to close by the end of the year.”

Page | 3

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

$0.54

$0.51 to $0.57

$0.75 to $0.81

NAREIT FFO per diluted share

$1.96

$1.93 to $1.99

NFFO per diluted share

$2.06

$2.03 to $2.09

$1.99 to $2.05

Total Portfolio SS NOI Growth

10.5%

9.0% to 12.0%

7.0% to 11.0%

Segment-Level SS NOI Growth:

ISHC

13.0%

11.0% to 15.0%

8.0% to 12.0%

SHOP

17.0%

15.0% to 19.0%

Outpatient Medical

1.0%

0.0% to 2.0%

Triple-Net Leased Properties

2.5%

2.0% to 3.0%

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 First 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 March 31, 2026 of $0.25 per share of

its common stock. The first quarter distribution was paid in cash on April 17, 2026, to stockholders of record as of March 31, 2026.

Supplemental Information

The Company has

disclosed supplemental information regarding its portfolio, financial position and results of operations as of, and for the three months ended, March 31, 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 May 8, 2026. During the conference call, Company executives will review

first 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/173789053.

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

United States (Local): +1 585 542 9983

United States

(Toll-Free): +1 833 461 5787

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

Meeting ID: 173789053

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.

Page | 4

Forward-Looking Statements

Certain statements contained in this press release, including statements relating to the Company’s expectations regarding its performance, interest

expense savings, balance sheet, 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, total

portfolio Same-Store NOI growth, segment-level Same-Store NOI growth, occupancy, NOI growth, revenue growth, purchases and sales of assets, development plans, and the settlement of forward sale agreements 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, and geopolitical 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 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. Finally, the EBITDA and Adjusted EBITDA may not be comparable to similarly entitled items reported by other REITs or other companies. In

addition, management uses Net Debt-to-Annualized Adjusted EBITDA as a measure of our ability to service our debt.

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

Page | 5

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)

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.

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 March 31, 2026 and 2025

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

March 31,

2026

December 31,

2025

ASSETS

Real estate investments, net

4,319,911

4,183,419

Debt security investment, net

92,304

92,136

Cash and cash equivalents

119,380

114,836

Restricted cash

37,504

36,917

Accounts and other receivables, net

241,594

204,313

Identified intangible assets, net

250,424

253,236

Goodwill

234,942

Operating lease

right-of-use assets, net

130,405

135,399

Other assets, net

172,194

171,028

Total assets

5,598,658

5,426,226

LIABILITIES AND EQUITY

Liabilities:

Mortgage loans payable, net

962,375

966,925

Lines of credit and term loan, net

549,818

549,761

Accounts payable and accrued liabilities

340,265

317,742

Identified intangible liabilities, net

1,978

2,110

Financing obligations

33,675

33,902

Operating lease liabilities

130,806

135,603

Security deposits, prepaid rent and other liabilities

58,386

59,568

Total liabilities

2,077,303

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; 700,000,000 shares authorized; 189,942,357 and

185,911,442 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

1,894

1,852

Additional paid-in capital

5,065,446

4,880,169

Accumulated deficit

(1,583,441

)

(1,559,279

)

Accumulated other comprehensive loss

(2,224

)

(2,104

)

Total stockholders’ equity

3,481,675

3,320,638

Noncontrolling interests

39,680

39,977

Total equity

3,521,355

3,360,615

Total liabilities and equity

5,598,658

5,426,226

Page | 7

AMERICAN HEALTHCARE REIT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Three Months Ended March 31, 2026 and 2025

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

Three Months Ended March 31,

2026

2025

Revenues:

Resident fees and services

609,767

497,176

Real estate revenue

41,007

43,427

Total revenues

650,774

540,603

Expenses:

Property operating expenses

512,171

432,423

Rental expenses

13,100

13,643

General and administrative

17,605

13,155

Transaction, transition and restructuring costs

1,971

1,837

Depreciation and amortization

67,062

41,114

Total expenses

611,909

502,172

Other income (expense):

Interest expense:

Interest expense, net

(18,796

)

(22,945

)

Gain (loss) in fair value of derivative financial instruments

1,527

(750

)

Loss on dispositions of real estate investments, net

—

(359

)

Impairment of real estate investments

(418

)

(21,706

)

Income (loss) from unconsolidated entities

792

(1,848

)

Foreign currency (loss) gain

(819

)

1,416

Other income, net

2,335

1,525

Total net other expense

(15,379

)

(44,667

)

Income (loss) before income taxes

23,486

(6,236

)

Income tax benefit (expense)

525

(604

)

Net income (loss)

24,011

(6,840

)

Net (income) loss attributable to noncontrolling interests

(298

)

Net income (loss) attributable to controlling interest

23,713

(6,804

)

Net income (loss) per common share attributable to controlling interest:

Basic

0.13

(0.04

)

Diluted

0.13

(0.04

)

Weighted average number of common shares outstanding:

Basic

187,319,513

156,922,819

Diluted

187,970,438

156,922,819

Net income (loss)

24,011

(6,840

)

Other comprehensive (loss) income:

Foreign currency translation adjustments

(120

)

176

Total other comprehensive (loss) income

(120

)

176

Comprehensive income (loss)

23,891

(6,664

)

Comprehensive (income) loss attributable to noncontrolling interests

(298

)

Comprehensive income (loss) attributable to controlling interest

23,593

(6,628

)

Page | 8

AMERICAN HEALTHCARE REIT, INC.

NAREIT FFO and Normalized FFO Reconciliation

For the Three Months Ended March 31, 2026 and 2025

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

Three Months Ended March 31,

2026

2025

Net income (loss)

24,011

(6,840

)

Depreciation and amortization related to real estate — consolidated properties

66,993

41,015

Depreciation and amortization related to real estate — unconsolidated entities

497

Impairment of real estate investments — consolidated properties

418

21,706

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

—

359

Net (income) loss attributable to noncontrolling interests

(298

)

Depreciation, amortization, impairments and net loss on dispositions — noncontrolling

interests

(784

)

(892

)

NAREIT FFO attributable to controlling interest

90,354

55,881

Transaction, transition and restructuring costs

1,971

1,837

Amortization of above- and below-market leases

330

413

Amortization of closing costs — debt security investment

Change in deferred rent

(582

)

(672

)

Non-cash impact of changes to equity instruments

4,858

2,551

Non-cash income tax benefit

(724

)

—

Capitalized interest

(644

)

(97

)

Loss on debt extinguishments

—

508

(Gain) loss in fair value of derivative financial instruments

(1,527

)

750

Foreign currency loss (gain)

819

(1,416

)

Adjustments for unconsolidated entities

)

—

Adjustments for noncontrolling interests

(51

)

(50

)

Normalized FFO attributable to controlling interest

94,815

59,742

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

187,970,438

157,428,446

NAREIT FFO per common share attributable to controlling interest — diluted

0.48

0.35

Normalized FFO per common share attributable to controlling interest — diluted

0.50

0.38

Page | 9

AMERICAN HEALTHCARE REIT, INC.

Adjusted EBITDA Reconciliation

For the Three Months Ended March 31, 2026

(In thousands) (Unaudited)

Net income

24,011

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

discount/premium)

18,796

Income tax benefit

(525

)

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

liabilities)

67,506

EBITDA

109,788

Income from unconsolidated entities

(792

)

Straight line rent and amortization of above/below market leases

(696

)

Non-cash impact of changes to equity instruments

4,858

Transaction, transition and restructuring costs

1,971

Amortization of closing costs — debt security investment

Foreign currency loss

819

Gain in fair value of derivative financial instruments

(1,527

)

Impairment of real estate investments

418

Adjusted EBITDA

114,851

Page | 10

AMERICAN HEALTHCARE REIT, INC.

NOI and Cash NOI Reconciliation

For the Three Months Ended March 31, 2026 and 2025

(In thousands) (Unaudited)

Three Months Ended March 31,

2026

2025

Net income (loss)

24,011

(6,840

)

General and administrative

17,605

13,155

Transaction, transition and restructuring costs

1,971

1,837

Depreciation and amortization

67,062

41,114

Interest expense

18,796

22,945

(Gain) loss in fair value of derivative financial instruments

(1,527

)

750

Loss on dispositions of real estate investments, net

—

359

Impairment of real estate investments

418

21,706

(Income) loss from unconsolidated entities

(792

)

1,848

Foreign currency loss (gain)

819

(1,416

)

Other income, net

(2,335

)

(1,525

)

Income tax (benefit) expense

(525

)

604

Net operating income

125,503

94,537

Straight line rent

(780

)

(735

)

Facility rental expense

6,761

7,499

Other non-cash adjustments

202

Cash NOI from dispositions

(221

)

Cash NOI attributable to noncontrolling interests

(1)

(250

)

(251

)

Cash NOI (1)

131,258

101,031

(1)

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

Page | 11

AMERICAN HEALTHCARE REIT, INC.

Same-Store Revenue Reconciliation

For the Three Months Ended March 31, 2026 and 2025

(In thousands) (Unaudited)

Three Months Ended March 31,

2026

2025

ISHC

GAAP Revenue

502,743

428,692

Cash revenue from dispositions

—

(1,480

)

Cash revenue

502,743

427,212

Revenue attributable to new acquisitions/dispositions/other

(160,081

)

(106,563

)

Revenue attributable to Non-Core Properties

(6,554

)

(6,203

)

Same-Store revenue

336,108

314,446

SHOP

GAAP Revenue

107,024

68,484

Cash revenue from dispositions

—

(166

)

Cash revenue attributable to noncontrolling

interests (1)

(287

)

(270

)

Cash revenue (1)

106,737

68,048

Revenue attributable to new acquisitions/dispositions

(34,027

)

(413

)

Revenue attributable to development conversion

(904

)

(638

)

Revenue attributable to Non-Core Properties

(607

)

(589

)

Same-Store revenue (1)

71,199

66,408

Outpatient Medical

GAAP Revenue

30,842

33,194

Straight line rent

(358

)

(173

)

Other non-cash adjustments

(491

)

(324

)

Cash revenue

29,993

32,697

Revenue attributable to dispositions

—

(2,996

)

Revenue attributable to Non-Core Properties

(1,874

)

(2,651

)

Same-Store revenue

28,119

27,050

Triple-Net Leased Properties

GAAP Revenue

10,165

10,233

Straight line rent

(422

)

(562

)

Other non-cash adjustments

200

225

Cash revenue attributable to noncontrolling

interest (1)

(194

)

(190

)

Cash revenue (1)

9,749

9,706

Debt security investment

(1,158

)

(1,481

)

Revenue attributable to dispositions

—

(26

)

Revenue attributable to Non-Core Properties

(159

)

(156

)

Other normalizing revenue adjustments

(354

)

(261

)

Same-Store revenue (1)

8,078

7,782

Page | 12

AMERICAN HEALTHCARE REIT, INC.

Same-Store Revenue Reconciliation - (Continued)

For the Three Months Ended March 31, 2026 and 2025

(In thousands) (Unaudited)

Three Months Ended March 31,

2026

2025

Total Portfolio

GAAP Revenue

650,774

540,603

Straight line rent

(780

)

(735

)

Other non-cash adjustments

(291

)

(99

)

Cash revenue from dispositions

—

(1,646

)

Cash revenue attributable to noncontrolling

interests (1)

(481

)

(460

)

Cash revenue (1)

649,222

537,663

Debt security investment

(1,158

)

(1,481

)

Revenue attributable to new acquisitions/dispositions/other

(194,108

)

(109,998

)

Revenue attributable to development conversion

(904

)

(638

)

Revenue attributable to Non-Core Properties

(9,194

)

(9,599

)

Other normalizing revenue adjustments

(354

)

(261

)

Same-Store revenue (1)

443,504

415,686

(1)

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

Page | 13

AMERICAN HEALTHCARE REIT, INC.

Same-Store NOI Reconciliation

For the Three Months Ended March 31, 2026 and 2025

(In thousands) (Unaudited)

Three Months Ended March 31,

2026

2025

ISHC

NOI

71,759

52,991

Facility rental expense

6,761

7,499

Cash NOI from dispositions

—

(274

)

Cash NOI

78,520

60,216

New acquisitions/dispositions/other

(9,933

)

(337

)

Non-Core Properties

(912

)

(770

)

Same-Store NOI

67,675

59,109

SHOP

NOI

25,837

11,762

Cash NOI from dispositions

—

Cash NOI attributable to noncontrolling interests

(1)

(57

)

(62

)

Cash NOI (1)

25,780

11,755

New acquisitions/dispositions

(11,408

)

194

Development conversion

330

360

Non-Core Properties

(66

)

(82

)

Same-Store NOI (1)

14,636

12,227

Outpatient Medical

NOI

18,718

20,509

Straight line rent

(358

)

(173

)

Other non-cash adjustments

(203

)

(41

)

Cash NOI from dispositions

)

Cash NOI

18,167

20,293

Dispositions

—

(1,585

)

Non-Core Properties

(918

)

(1,727

)

Same-Store NOI

17,249

16,981

Triple-Net Leased Properties

NOI

9,189

9,275

Straight line rent

(422

)

(562

)

Other non-cash adjustments

217

243

Cash NOI attributable to noncontrolling interest

(1)

(193

)

(189

)

Cash NOI (1)

8,791

8,767

Debt security investment

(1,158

)

(1,481

)

Dispositions

—

Non-Core Properties

(159

)

(155

)

Same-Store NOI (1)

7,474

7,143

Page | 14

AMERICAN HEALTHCARE REIT, INC.

Same-Store NOI Reconciliation - (Continued)

For the Three Months Ended March 31, 2026 and 2025

(In thousands) (Unaudited)

Three Months Ended March 31,

2026

2025

Total Portfolio

NOI

125,503

94,537

Straight line rent

(780

)

(735

)

Facility rental expense

6,761

7,499

Other non-cash adjustments

202

Cash NOI from dispositions

(221

)

Cash NOI attributable to noncontrolling interests

(1)

(250

)

(251

)

Cash NOI (1)

131,258

101,031

Debt security investment

(1,158

)

(1,481

)

New acquisitions/dispositions/other

(21,341

)

(1,716

)

Development conversion

330

360

Non-Core Properties

(2,055

)

(2,734

)

Same-Store NOI (1)

107,034

95,460

(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

97.80

109.08

142.40

153.49

Depreciation and amortization (1)

271.00

225.90

Impairment of real estate investments

(1)

0.40

—

NAREIT FFO attributable to common stockholders

369.20

380.48

368.30

379.39

Amortization of other intangible assets/liabilities

(1)

1.30

Change in deferred rent (1)

(2.30

)

(2.30

)

(2.90

)

(2.90

)

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

20.00

15.40

Other adjustments (1) (3)

(0.01

)

(0.01

)

(2.20

)

(2.20

)

Normalized FFO attributable to common stockholders

388.19

399.47

379.90

390.99

Net income per common share — diluted

0.51

0.57

0.75

0.81

NAREIT FFO per common share — diluted

1.93

1.99

1.93

1.99

Normalized FFO per common share — diluted

2.03

2.09

1.99

2.05

NAREIT FFO and Normalized FFO weighted average

shares — diluted

191.1

190.6

Total Portfolio Same-Store NOI growth

9.0

12.0

7.0

11.0

Segment-Level Same-Store NOI growth:

ISHC

11.0

15.0

8.0

12.0

SHOP

15.0

19.0

15.0

19.0

Outpatient Medical

0.0

2.0

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 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.

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 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.

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 First 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, 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 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 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.

Page | 17

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 March 31, 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.

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 March 31, 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: d146383dex992.htm · Sequence: 3

EX-99.2

First Quarter 2026 Supplemental

Exhibit 99.2

Disclaimers Forward-Looking Statements

Certain statements contained in this supplemental, filed in conjunction with the First Quarter 2026 Earnings Press Release, including statements relating to American Healthcare REIT, Inc.'s (the "Company") expectations regarding its performance,

interest expense, balance sheet, 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 and sales of assets, development plans, and the settlement of forward sale agreements 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

“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, and 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. 2

Disclaimers Non-GAAP Financial

Measures The Company’s reported results are presented in accordance with GAAP. The Company also discloses the following non-GAAP financial measures: EBITDA, Adjusted EBITDA, Net Debt-to-Annualized Adjusted EBITDA, NAREIT FFO, NFFO, NOI and

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 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. Finally, EBITDA and Adjusted

EBITDA may not be comparable to similarly entitled items reported by other REITs or other companies. In addition, management uses Net Debt-to-Annualized Adjusted EBITDA as a measure of our ability to service our debt. 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

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. 3

Overview (1) (as of 3/31/2026)

(dollars in thousands, except per share) Portfolio Overview Pro-Rata (4) Campuses/ Properties Weighted Average Lease Term (years) Annualized Cash NOI Beds/Units (2) 15,222 Leased %(3) Integrated Senior Health Campuses (ISHC) Senior Housing Operating

Properties (SHOP) Outpatient Medical (OM) Triple-Net Leased Properties Debt Security Investment 149 87 71 18 — 89.9% 88.9% 88.2% 90.5% — — $314,080 103,120 72,668 59.8% 19.6% 13.9% 5.8% 7,486 3,685 1,420 — — 5.0 12.4

— 30,532 4,632 0.9% Total 325 6.7 $525,032 100.0% Same-Store NOI Performance (4) Pro-Rata Annualized Cash NOI Campuses / Properties % Q1 2025 Q1 2026 $67,675 Change ISHC SHOP 115 64 65 $59,109 12,227 16,981 14.5% 19.7% 1.6% 14,636 17,249 OM

Triple-Net Leased Properties Total 17 261 7,143 $95,460 7,474 $107,034 4.6% 12.1% Earnings Metrics (4) % Q1 2025 Q1 2026 Change NAREIT FFO per share - diluted $0.35 $0.38 $0.48 $0.50 37.1% 31.6% Normalized FFO per share - diluted Balance Sheet

Metrics Coverage Interest Coverage Ratio Fixed Charge Coverage Ratio Net Debt-to-Annualized Adjusted EBITDA 6.4X 4.9X 3.0X (1) (2) (3) Represents all properties at Pro-Rata ownership based upon current quarter's ownership percentage. OM represents

GLA in thousands, rather than Beds/Units. 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. 4

(4) See reconciliations in the appendix of this presentation. 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.

Integrated Senior Health Campuses

(dollars in thousands) Total Portfolio Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Campuses 127 5,640 7,410 13,050 88.4% 87.5% 89.1% 126 5,540 7,327 12,867 88.8% 89.3% 88.5% 135 6,154 149 6,890 8,275 15,165 90.1% 91.9% 88.7% 149 6,947 IL/AL/MC units SNF

beds 7,601 8,275 Consolidated total beds/units Total average Occupancy IL/AL/MC average Occupancy SNF average Occupancy Cash revenue (1) Operating expenses Cash NOI (1) 13,755 89.6% 91.4% 88.2% 15,222 89.9% 90.4% 89.4% $427,212 366,996 $60,216

$428,149 360,136 $68,013 $455,453 386,254 $69,199 $472,577 401,798 $70,779 $502,743 424,223 $78,520 Cash NOI Margin % Maintenance Capex 14.1% $4,109 15.9% $3,711 15.2% $4,863 15.0% $5,026 15.6% $4,657 Q1 2026 vs Q1 2025 Same-Store Campuses Q1 2025

Q2 2025 Q3 2025 Q4 2025 Q1 2026 115 11,714 115 11,709 115 11,711 115 11,708 115 11,710 Consolidated beds/units Total average Occupancy IL/AL/MC average Occupancy SNF average Occupancy Same-Store revenue (1) Same-Store operating expenses Compensation

Controllable (2) Non-Controllable (3) Same-Store NOI (1) 89.0% 88.9% 90.1% 90.5% 91.2% 220 bps 88.6% 89.2% 89.9% 88.2% 91.7% 92.0% 89.3% 91.9% 327 bps 139 bps 6.9% 88.9% $329,813 267,186 168,737 88,503 9,946 90.6% $336,108 268,433 170,418 88,211

$314,446 255,337 159,956 85,184 $317,152 255,702 162,463 82,842 10,397 $333,382 269,466 174,823 87,008 7,635 5.1% 6.5% 3.6% 10,197 9,805 (3.8%) 14.5% $59,109 $61,450 $62,627 $63,916 $67,675 Same-Store NOI Margin % 18.8% 19.4% 19.0% 19.2% 20.1% 134

bps 5 (1) See reconciliations in the appendix of this presentation. (2) Controllable expenses include utilities, food, repairs and maintenance, and other operating expenses. (3) Non-Controllable expenses include property taxes and

insurance.

ISHC Revenue per Payor and Bed Type

Average Daily Rate % of Resident Days % of Revenue Q1 2025 Q1 2026 Q1 2025 Q1 2026 % change Consolidated Medicare Medicare Advantage Private Managed care/insurance Medicaid Total skilled nursing Total senior housing Ancillary revenue Total $697.00

$718.76 3.1% 5.7% 6.1% 4.4% 1.1% 4.0% 3.5% (5.5%) 1.0% 12.2% 6.8% 11.0% 7.7% 10.6% 0.3% 23.5% 53.1% 46.9% 0.0% 24.3% 11.0% 13.2% 0.4% 22.6% 71.5% 24.6% 3.9% 22.2% 13.0% 12.8% 0.3% 20.9% 69.2% 27.1% 3.7% $569.96 $402.24 $407.81 $311.15 $602.56

$426.65 $425.94 $314.53 $462.76 $204.91 $12.92 11.5% 0.4% 25.5% 56.4% 43.6% 0.0% $445.17 $197.91 $13.67 $348.18 $351.78 100.0% 100.0% 100.0% 100.0% Quality Mix 74.5% 76.5% 77.4% 79.1% Same-Store Medicare $697.68 $570.11 $722.65 $607.79 $429.60

$430.40 $325.58 $471.27 $208.26 $354.94 3.6% 6.6% 6.4% 6.5% 3.7% 5.0% 4.8% 4.6% 12.4% 6.9% 11.7% 8.1% 25.5% 11.6% 13.5% 0.4% 23.3% 74.3% 25.7% 100.0% 23.7% 13.9% 13.5% 0.4% 22.5% 74.0% 26.0% 100.0% Medicare Advantage Private Managed care/insurance

Medicaid Total skilled nursing Total senior housing $403.63 $404.05 $313.95 $448.94 $198.68 $339.25 11.4% 11.2% 0.4% 0.3% 25.1% 56.2% 43.8% 100.0% 24.5% 55.8% 44.2% 100.0% Total (1) Quality Mix 74.9% 75.5% 76.7% 77.5% (1) 6 (1) Does not include

ancillary revenue. Q1 2025 Q1 2026

Senior Housing Operating Properties

(dollars in thousands, except RevPOR and ExPOR, and Pro-Rata) Total Portfolio Properties Consolidated total units Consolidated average Occupancy Cash revenue (1) Operating expenses Cash NOI (1) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 67 5,281 68

5,469 85.5% $71,659 57,649 $14,010 71 5,724 81 6,978 89.0% $91,134 71,423 $19,711 87 7,486 85.4% 87.4% $76,327 61,001 88.9% $68,048 56,293 $11,755 $106,737 80,957 $15,326 $25,780 Cash NOI Margin % RevPOR 17.3% $5,064 $4,190 $2,814 19.6% $5,166

$4,156 $3,489 20.1% $5,177 $4,138 $4,559 21.6% $5,300 $4,154 $5,144 24.2% $5,600 $4,247 $3,586 ExPOR Consolidated Maintenance Capex Q1 2026 vs Q1 2025 Same-Store Properties Consolidated units Consolidated average Occupancy Same-Store revenue (1)

Same-Store operating expenses Compensation Controllable (2) Non-Controllable (3) Same-Store NOI (1) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 64 5,096 64 5,098 64 5,103 64 5,103 64 5,107 86.0% $66,408 54,181 85.9% $67,330 53,975 32,845 18,076 3,054

87.6% $68,675 54,986 33,413 18,492 3,081 89.0% $69,917 55,978 33,959 18,759 3,260 88.6% $71,199 56,563 34,333 19,097 3,133 255 bps 7.2% 4.4% 5.9% 32,424 18,506 3,251 3.2% (3.6%) 19.7% $12,227 $13,355 $13,689 $13,939 $14,636 Same-Store NOI Margin %

RevPOR ExPOR 18.4% $5,087 $4,151 19.8% $5,159 $4,136 19.9% $5,161 $4,132 19.9% $5,164 $4,134 20.6% $5,281 $4,195 214 bps 3.8% 1.1% (1) See reconciliations in the appendix of this presentation. (2) Controllable expenses include utilities, food,

repairs and maintenance, and other operating expenses. (3) Non-Controllable expenses include property taxes and insurance. 7

ISHC & SHOP Partners (as of

3/31/2026) Number of Properties/Campuses Consolidated Beds/Units Partner/Operator State Trilogy Management Services Senior Solutions Management Group Great Lakes Management Compass Senior Living Heritage Senior Living Cogir Senior Living Priority

Life Care Heritage Communities WellQuest Living IN,OH,KY,MI,WI,NM,NC TX,LA,MS,GA,AR,MO MN,WI OR,WA,ID PA,VA NC,WA,CA,UT IN,MI MO, NE, KS CA,UT 149 20 7 16 7 14 10 8 15,222 1,685 1,004 946 932 904 883 633 5 499 Total 236 22,708 8

Outpatient Medical (dollars and square

feet in thousands, except revenue per square foot and Cash NOI per square foot) Total Portfolio Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Properties 78 3,952 73 3,825 71 3,685 71 3,685 81 Consolidated GLA (sq ft) Ending Occupancy Cash revenue (1)

4,260 87.4% 86.1% 86.5% $30,131 11,458 88.9% 88.2% $32,697 12,404 $30,185 11,621 $29,558 11,236 $29,993 11,826 Operating expenses Cash NOI (1) $18,564 $18,673 $18,322 $18,167 $20,293 Cash NOI Margin % 61.5% $30.55 $18.79 $2,904 62.0% $31.51 $19.53

$4,924 62.0% $32.08 $19.89 $8,225 60.6% $32.56 $19.72 $2,107 62.1% $30.70 $19.05 $7,355 Revenue per square foot Cash NOI per square foot Maintenance Capex Q1 2026 vs Q1 2025 Same-Store Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Properties 65 3,259 65

3,259 65 3,259 65 3,259 65 3,256 Consolidated GLA (sq ft) Ending Occupancy 93.5% $27,015 9,909 93.3% 93.4% $27,627 9,885 93.0% $28,119 10,870 $17,249 (56 bps) 93.5% Same-Store revenue (1) Same-Store operating expenses Same-Store NOI (1) $27,747

10,250 $17,497 4.0% 8.0% 1.6% $27,050 10,069 $16,981 $17,106 $17,742 Same-Store NOI Margin % 63.3% $33.16 $21.00 63.1% $34.06 $21.48 64.2% $33.91 $21.78 61.3% $34.51 $21.17 (143 bps) 62.8% $33.23 $20.86 Same-Store revenue per square foot Same-Store

NOI per square foot (1) See reconciliations in the appendix of this presentation. 9

Outpatient Medical (as of

3/31/2026) (dollars and square feet in thousands) Tenants ABR % 9.3% 3.0% 2.9% 2.6% 2.3% 79.8% S&P Credit Rating Christus Good Shepherd Health System Prime Healthcare Montefiore Medical Center Atrius Health, Inc. Cullman Regional Medical Center

Remaining portfolio $7,970 2,565 2,470 2,294 1,967 A B BBB- A+ — 68,245 Various Total $85,511 100.0% OM by Location OM Absorption Occupied Square Feet as of December 31, 2025 Expirations Renewals 3,277 (111) 67 New leases 21

Adjustment/remeasurement Occupied Square Feet as of March 31, 2026 (4) 3,250 Trailing 12-months Retention 69.2% 10

Triple-Net Leased Properties

(dollars in thousands and Pro-Rata) Total Portfolio Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Properties AL/MC beds/units SNF beds 19 538 960 19 538 960 18 538 882 18 538 882 18 538 882 Consolidated total beds/units (1) Average operator Occupancy (1)

Cash revenue (2) Debt security investment Operating expenses Cash NOI (2) 1,498 89.0% $8,225 1,481 1,498 89.3% $8,247 1,163 1,420 88.5% $8,027 1,165 1,420 89.2% $8,053 1,167 1,420 90.5% $8,591 1,158 939 779 495 456 958 $8,767 $8,631 $8,697 $8,764

$8,791 Cash NOI Margin % 90.3% 91.7% 94.6% 95.1% 90.2% Q1 2026 vs Q1 2025 Same-Store Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Properties 17 1,364 89.0% $7,782 639 17 1,364 88.9% $7,803 496 17 1,364 88.2% $7,870 495 17 1,364 89.1% $7,896 456 17 1,364

90.6% $8,078 604 Consolidated beds/units (1) Average operator Occupancy (1) Same-Store revenue (2) Same-Store operating expenses Same-Store NOI (2) 164 bps 3.8% (5.5%) 4.6% $7,143 $7,307 $7,375 $7,440 $7,474 Same-Store NOI Margin % Same-Store NOI

(constant currency) (3) 91.8% $7,230 93.6% $7,318 93.7% $7,374 94.2% $7,458 92.5% $7,474 73 bps 3.4% (1) Facilities are 100% triple-net leased and operators' occupancies exclude Hospitals. (2) See reconciliations in the appendix of this

presentation. (3) Includes currency adjustment for UK properties at 3/31/2026 YTD average GBP/USD rate of 1.35. 11

Triple-Net Leased Properties Rent

Coverage Stratification Contribution to Pro-Rata Cash NOI at each Coverage Stratification for Q1 2026 (1) Tenant EBITDAR Coverage Weighted Tenant EBITDARM Coverage Weighted Senior Number of Leases Senior Number of Leases Average Maturity (years)

Average Maturity (years) Coverage Housing- SNFs Leased Hospital Total Housing- SNFs Leased Hospital Total < 0.80x — — — — — 1.4% 1.4% 11.2 1 — 1 — — — — — — — —

— — — — 1.4% — 1.4% 11.2 1 0.80x - 0.89x 0.90x - 0.99x 1.00x - 1.09x 1.10x - 1.19x 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 —

— — 0.6% 0.1% 1.0% 1.4% — — 6.2 8.0 24.5 15.3 — — — — — — — — 1 0.6% — — — 1.0% — 0.1% — — 1 — — — — — 1 0.6%

— — 0.6% — 6.2 — 1.4% — — 1 — — — 1 — — — — — — — — — 2 — — — — — — — — — 1.0% —

— 1.0% — 24.5 — — — — — — — — — 2 — — — — — — — — — — — — — — — — — — 1.5%

— — 1.5% — 14.5 — — — — — — — — — 2 — — — — — — — — — — 1.0% 0.3% 1.3% 5.2 1.0% 0.3% 1.3% 5.2 Total 1.6% 2.5% 1.7%

5.8% 12.4 7 1.6% 2.5% 1.7% 5.8% 12.4 7 Segment rent coverage (2) Tenant Occupancy 1.10x 1.63x 1.13x 1.33x 1.34x 2.12x 1.37x 1.68x 87.9% 92.2% N/A 90.5% 87.9% 92.2% N/A 90.5% 12 (1) Represents trailing twelve month coverage metrics as of December 31,

2025. Percentages are based on Pro-Rata Cash NOI for the three months ended March 31, 2026. (2) Represents combined coverage metrics for all leases within each property type and total segment.

Revenue and Lease Expiration(1) (as

of 3/31/2026) (dollars in thousands) Triple-Net Leased Properties OM % # of Expiring Total % % Year 2026 ABR(2) $4,309 9,134 of ABR 4.4% 9.2% Leases 56 Sq. Ft. of GLA ABR(2) $— of ABR Interest Income (3) Total $4,309 9,134 208 6.3% 0.0% 0.0%

0.0% 0.0% $— 0.0% 3.1% 6.5% 13.1% 2027 60 321 490 510 9.8% 14.9% 15.6% 11.6% 41.8% — — — — 0.0% 2028 14,334 14.5% 14,401 14.6% 11.7% 45,161 45.7% 63 4,013 100.0% 18,347 2029 64 53 124 — — — 0.0% 0.0%

0.0% 14,401 10.3% 17,320 12.3% 76,789 54.7% 2030 11,541 379 1,370 5,779 15.4% 31,628 84.6% Thereafter Total $98,881 100.0% 420 3,278 100.0% $37,407 100.0% $4,013 100.0% $140,300 100.0% (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. 13

Debt Maturities and Principal

Payments (as of 3/31/2026) (dollars in thousands) Noncontrolling % of Combined Pro-Rata Debt Weighted Average Interest Rate (2) (3) Lines of Credit and Term Loan Mortgage Loans Payable Interest's Share of Mortgage Combined Pro-Rata Debt Period 2026

Loans Payable $— $154,167 $(8,008) $146,159 9.6% 3.05% 2027 2028 2029 2030 550,000 56,182 139,740 16,963 44,732 568,261 — — — — — 606,182 139,740 16,963 44,732 568,261 39.8% 9.2% 1.1% 2.9% 37.3% 4.74% 4.40% 3.36%

4.51% 3.74% — — — — Thereafter (1) Total $550,000 $980,045 $(8,008) $1,522,037 100.0% Weighted interest rate (2) (3) Weighted average maturity (years) Percentage of variable-rate debt 4.86% 0.8 3.73% 18.2 — % 2.64% 0.2

4.15% 12.0 — % — % — % (1) Debt maturing after 2030 has a weighted average maturity date of April 2053 (27 Years). 14 (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.

Year To Date 2026 Real Estate

Acquisitions (dollars in thousands) Average Cost per Bed/Unit Number of Properties Gross Purchase Price Reportable Segment/Quarter Beds/Units SHOP Q1 2026 7 501 $162,750 $325 15

Real Estate Development &

Expansions (dollars in thousands) Development Timing Total Expected Cost Type of Project Spent To Date Construction Expected Project Name Portage Greenfield Mooresville Scio Township Holly State MI IN IN MI MI IN IN IN KY OH OH OH IN IN WI MI

Segment ISHC ISHC ISHC ISHC ISHC ISHC ISHC ISHC ISHC ISHC ISHC ISHC ISHC ISHC ISHC ISHC Beds/Units 108 Start Completion New Campus IL Villas Wing Expansion New Campus New Campus IL Villas $20,700 $23,152 4,684 4,463 26,651 29,692 13,627 10,401 2,505

8,791 9,653 8,429 2,968 2,754 4,868 19,283 2,006 $173,927 Q3 2024 Q4 2024 Q1 2025 Q3 2025 Q3 2025 Q3 2025 Q3 2025 Q3 2025 Q3 2025 Q3 2025 Q3 2025 Q3 2025 Q3 2025 Q3 2025 Q1 2026 Q1 2026 Q2 2026 Q2 2026 Q3 2026 Q1 2027 Q4 2027 Q2 2027 Q4 2026 Q4 2026

Q1 2027 Q2 2027 Q1 2027 Q4 2026 Q1 2027 Q4 2026 Q4 2027 Q2 2026 16 27 109 114 50 32 8 26 32 30 18 17 24 176 36 823 4,684 2,406 8,324 4,109 802 2,007 90 2,677 80 244 Lowell Noblesville Lafayette LaGrange Harrison Tiffin Tiffin Jasper Warsaw

Waunakee Howell IL Villas IL Villas IL Villas IL Villas IL Villas Wing Expansion Wing Expansion Wing Expansion New Campus Wing Expansion 804 282 2,284 1,574 1,299 $52,366 Total Completed YTD Projects(1) Project Name Type of Project Construction

Completion State Segment Beds/Units Total Cost Harrodsburg Sylvania Ottawa KY OH OH ISHC ISHC ISHC IL Villas IL Villas IL Villas 32 26 30 $9,622 8,741 8,511 Q1 2026 Q1 2026 Q1 2026 Total 88 $26,874 16 (1) Includes projects that have been completed

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

2026 Guidance(1) (dollars in

millions, except per share) NAREIT FFO and NFFO Attributable to Common Stockholders 2026 Guidance FY 2026 $97.8 $271.0 $0.4 FY 2026 - per diluted share Low High Low High Net income attributable to common stockholders Depreciation and amortization

(2) Impairment of real estate investments (2) $109.1 $271.0 $0.4 $0.51 1.42 0.00 $0.57 1.42 0.00 NAREIT FFO attributable to common stockholders Amortization of other intangible assets/liabilities (2) Change in deferred rent (2) Non-cash impact of

changes to equity plan (2)(3) Other adjustments (4) $369.2 $1.3 $(2.3) $20.0 $(0.0) $380.5 $1.3 $(2.3) $20.0 $(0.0) $1.93 0.01 (0.01) 0.10 (0.00) $2.03 $1.99 $0.01 $(0.01) $0.10 $(0.00) $2.09 Normalized FFO attributable to common stockholders

Weighted average diluted shares (in millions) $388.2 191.1 $399.5 191.1 FY 2026 Total Portfolio Same-Store NOI Growth Guidance 9.0% - 12.0% FY 2026 Segment-Level Same-Store NOI Growth Guidance Other FY 2026 Guidance Assumptions General and

administrative expenses of $68 million to $74 million Interest expense of $82 million to $86 million Other income, net of $5 million to $8 million Expect to fund $100 million to $120 million for new development starts and on-going development

projects Does not assume additional acquisitions beyond the ~$249.2 million closed YTD • • • • • • • • • • ISHC: 11.0% - 15.0% SHOP: 15.0% - 19.0% Outpatient Medical: 0.0% - 2.0% Triple-Net

Leased Properties: 2.0 - 3.0% (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. 17

Components of NAV(1) (dollars and

square feet in thousands) # of Properties/ Campuses Square Feet Total Beds/Units Q1 2026 Cash NOI(2) Q1 2026 Annualized Cash NOI(2) Segment ISHC SHOP 149 87 70 17 11,285 6,682 3,653 961 15,222 7,486 $78,520 $314,080 103,348 72,704 25,837 18,176

7,667 Outpatient Medical Triple-Net Leased Properties (3) 1,364 30,668 Total 323 22,581 24,072 $130,200 $520,800 Weighted Avg. Interest Rate Obligations Pro-Rata $972,037 Consolidated Mortgage debt Revolving LOC (4) Term loan (5) $980,045 3.73%

5.02% 4.86% — — 550,000 550,000 Total debt $1,522,037 (155,960) $1,530,045 (156,073) Cash, cash equivalents and restricted cash pertaining to debt Net Debt $1,366,077 $1,373,972 Other tangible liabilities, net: Accounts payable and

accrued liabilities Other 339,996 58,365 340,049 58,386 Total other tangible liabilities, net Financing 398,361 33,599 398,435 33,599 Lease obligations Net obligations 130,798 $1,928,835 130,806 $1,936,812 Other Assets Debt security investment,

gross Other tangible assets: Accounts receivable Capital expenditures Inventory $92,222 $92,222 241,593 77,579 20,441 241,594 77,582 20,441 Other 61,895 61,906 Total other tangible assets Sold assets/assets expected to be sold Total other assets

401,508 8,100 $501,830 401,523 8,100 $501,845 Common Shares and OP Units Issued and Outstanding Total common shares Total OP Units 189,942,357 1,936,425 189,942,357 1,936,425 Total common shares and OP Units 191,878,782 191,878,782 (1) Dollars,

square feet and beds/units are presented on a consolidated basis as of March 31, 2026. (2) Cash NOI is adjusted to exclude non-recurring items for the three months ended March 31, 2026. (3) Excludes interest income from debt security investment. (4)

The Company amended its existing credit facility to increase the capacity under the revolving line of credit to $800 million from $600 million on April 1, 2026. As of May 7, 2026, there were no outstanding borrowings under the revolving line of

credit, which would carry an interest rate of SOFR +120 basis points for any borrowings. 18 (5) Weighted average rates reflect in-place swap derivatives.

First Quarter 2026 Supplemental

Appendix Non-GAAP Reconciliations and Defined Terms 19

FFO / NFFO Reconciliation(1) (in

thousands, except share and per share amounts) Q1 2026 $24,011 Q1 2025 $(6,840) Net income (loss) Depreciation and amortization related to real estate — consolidated properties Depreciation and amortization related to real estate —

unconsolidated entities Impairment of real estate investments — consolidated properties Loss on dispositions of real estate investments, net — consolidated properties Net (income) loss attributable to noncontrolling interests

Depreciation, amortization, impairments and net loss on dispositions — noncontrolling interests NAREIT FFO attributable to controlling interest Transaction, transition and restructuring costs Amortization of above- and below-market leases

Amortization of closing costs — debt security investment Change in deferred rent Non-cash impact of changes to equity instruments Non-cash income tax benefit Capitalized interest Loss on debt extinguishments (Gain) loss in fair value of

derivative financial instruments Foreign currency loss (gain) Adjustments for unconsolidated entities Adjustments for noncontrolling interests 66,993 14 41,015 497 418 21,706 359 — (298) (784) 90,354 1,971 330 36 (892) 55,881 1,837 413 12 37

(582) 4,858 (724) (644) — (672) 2,551 — (97) 508 (1,527) 819 750 (1,416) — (1) (51) (50) Normalized FFO attributable to controlling interest $94,815 $59,742 NAREIT FFO and Normalized FFO weighted average common share outstanding

— diluted NAREIT FFO per common share attributable to controlling interest — diluted Normalized FFO per common share attributable to controlling interest — diluted Distributions paid to common stockholders 187,970,438 $0.48

157,428,446 $0.35 $0.50 $0.38 $46,822 $39,548 (1) Totals may not add due to rounding. 20

Adjusted EBITDA Reconciliation (in

thousands) Q1 2026 $24,011 Net income Interest expense, net (including amortization of deferred financing costs and debt discount/premium) Income tax benefit 18,796 (525) Depreciation and amortization (including amortization of leased assets and

accretion of lease liabilities) 67,506 EBITDA 109,788 Income from unconsolidated entities (792) (696) 4,858 1,971 12 Straight line rent and amortization of above/below market leases Non-cash impact of changes to equity instruments Transaction,

transition and restructuring costs Amortization of closing costs — debt security investment Foreign currency loss 819 Gain in fair value of derivative financial instruments Impairment of real estate investments (1,527) 418 Adjusted EBITDA

$114,851 21

Coverage Ratios and Net Debt

Reconciliation(1) (dollars in thousands) Q1 2026 Interest Coverage Ratios Interest expense(2) $18,796 Capitalized interest 644 Non-cash interest expense(3) Total Interest (1,412) $18,028 Interest Coverage Ratio(4) 6.4X Fixed Charges Coverage Ratio

Total interest Secured debt principal amortization Total Fixed Charges $18,028 5,520 $23,548 Fixed Charge Coverage Ratio(4) 4.9X Total debt $1,530,045 (119,380) (36,693) $1,373,972 Cash and cash equivalents Restricted cash pertaining to debt Net

Debt Net Debt-to-Annualized Adjusted EBITDA 3.0X (1) The details of the Adjusted EBITDA calculation can be found on the previous page. (2) Includes approximately $1.6 million of cash interest expense from mortgage insurance premiums and equipment

financing. (3) Non-cash interest expense includes amortization of loan fees and debt discount/premium. (4) Interest Coverage Ratio calculated as Adjusted EBITDA divided by Total Interest. Fixed Charges Coverage Ratio calculated as Adjusted EBITDA

divided by Total Fixed Charges. 22

Same-Store Property Reconciliation

For the Three Months Ended March 31, 2026 Integrated Senior Health Campuses Triple-Net Leased Properties SHOP Outpatient Medical Total properties/campuses Recent acquisition 149 (23) (2) 87 (21) (1) 71 — 18 — Non-Core Properties (6)

— (1) — Expansion and development Same-Store properties (9) (1) 115 64 65 17 23

Cash NOI Reconciliation (in

thousands) Q1 2025 $(6,840) Q2 2025 $10,079 Q3 2025 $56,639 Q4 2025 $10,940 Q1 2026 $24,011 Net (loss) income General and administrative 13,155 1,837 41,114 22,945 750 14,943 (79) 14,108 50 16,529 3,295 55,323 19,806 (179) 17,605 1,971 67,062 18,796

(1,527) — Transaction, transition and restructuring costs Depreciation and amortization 41,941 22,632 629 49,181 20,392 (166) Interest expense Loss (gain) in fair value of derivative financial instruments Loss (gain) on dispositions of real

estate investments, net Impairment of real estate investments Loss (gain) from unconsolidated entities Gain on re-measurement of previously held equity interests Foreign currency (gain) loss 359 2,676 12,659 1,238 — (691) 621 21,706 1,848

— 3,768 (462) 11,802 (657) — 418 (792) — (14,580) 977 (1,416) (1,525) 604 (2,742) (1,480) 732 6 819 Other income, net (2,309) (21,092) (3,491) (2,415) (2,335) (525) Income tax expense (benefit) Total NOI 94,537 103,228 105,815

111,580 125,503 Straight line rent (735) 7,499 202 (821) 7,278 (730) 7,030 133 (793) 6,849 163 (780) 6,761 14 Facility rental expense Other non-cash adjustments 182 Cash NOI from dispositions (221) (393) (102) 27 10 (1) Cash NOI attributable to

noncontrolling interests Cash NOI (1) (251) (256) (251) (250) $117,576 (250) $131,258 $101,031 $109,218 $111,895 (1) All periods are based upon current quarter’s ownership percentage. 24

Same-Store Revenue Reconciliation

(1/2) (in thousands) Q1 2025 $428,692 Q2 2025 $429,350 Q3 2025 $455,453 Q4 2025 $472,577 Q1 2026 $502,743 Integrated Senior Health Campuses GAAP Revenue Cash revenue from dispositions Cash revenue Revenue attributable to new

acquisitions/dispositions/other Revenue attributable to Non-Core Properties Same-Store revenue (1,480) 427,212 (106,563) (6,203) (1,201) 428,149 (104,597) (6,400) — 455,453 (118,985) (6,655) — 472,577 (132,515) (6,680) — 502,743

(160,081) (6,554) $314,446 $317,152 $329,813 $333,382 $336,108 SHOP GAAP Revenue $68,484 (166) $71,935 — (276) $76,605 — $91,410 — (276) $107,024 — Cash revenue from dispositions Cash revenue attributable to noncontrolling

interests (1) Cash revenue (1) Revenue attributable to new acquisitions/dispositions Revenue attributable to development conversion Revenue attributable to Non-Core Properties Same-Store revenue (1) (270) (278) (287) 68,048 (413) (638) 71,659

(2,996) (753) 76,327 (6,208) (864) 91,134 (19,788) (897) 106,737 (34,027) (904) (589) (580) (580) (532) (607) $66,408 $67,330 $68,675 $69,917 $71,199 Outpatient Medical GAAP Revenue Straight line rent $33,194 (173) (324) $31,254 (259) (350) $31,181

(243) (380) $30,449 (363) $30,842 (358) (491) Other non-cash adjustments Cash revenue from dispositions Cash revenue Revenue attributable to dispositions Revenue attributable to Non-Core Properties Same-Store revenue (356) (172) — (460) (427)

— 32,697 (2,996) (2,651) $27,050 30,185 (894) (2,276) $27,015 30,131 (154) (2,230) $27,747 29,558 — (1,931) $27,627 29,993 — (1,874) $28,119 (1) All periods are based upon current quarter’s ownership percentage. 25

Same-Store Revenue Reconciliation

(2/2) (in thousands) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Triple-Net Leased Properties GAAP Revenue $10,233 $9,964 $9,698 $9,644 $10,165 Straight line rent (562) (562) 199 (487) 200 (430) 200 (422) 200 Other non-cash adjustments Cash revenue from

dispositions Cash revenue attributable to noncontrolling interest (1) Cash revenue (1) 225 — — (25) — — (191) (194) (194) (194) (190) 9,706 9,410 (1,163) (26) 9,192 (1,165) — 9,220 (1,167) — 9,749 (1,158) —

Debt security investment Revenue attributable to dispositions (1,481) (26) (157) (157) (157) (159) Revenue attributable to Non-Core Properties Other normalizing revenue adjustments Same-Store revenue (1) (156) (261) (261) — — (354)

$7,803 $7,870 $7,896 $8,078 $7,782 Total Portfolio $542,503 (821) $572,937 (730) $604,080 (793) $650,774 (780) GAAP Revenue $540,603 (735) Straight line rent (151) (180) (156) (291) Other non-cash adjustments (99) (1,646) (1,661) (467) (452) (172)

Cash revenue from dispositions Cash revenue attributable to noncontrolling interests (1) Cash revenue (1) — (481) (472) (470) (460) 537,663 (1,481) 539,403 (1,163) 571,103 (1,165) 602,489 (1,167) 649,222 (1,158) Debt security investment

(108,513) (753) (125,347) (864) (152,303) (897) (194,108) (904) Revenue attributable to new acquisitions/dispositions/other Revenue attributable to development conversion Revenue attributable to Non-Core Properties Other normalizing revenue

adjustments Same-Store revenue (1) (109,998) (638) (9,413) (261) (9,622) — (9,300) — (9,194) (9,599) (261) (354) $419,300 $434,105 $438,822 $443,504 $415,686 (1) All periods are based upon current quarter’s ownership percentage.

Same-Store NOI Reconciliation (1/2)

(in thousands) Q1 2025 Q2 2025 Q3 2025 Q4 2025 $63,930 Q1 2026 Integrated Senior Health Campuses NOI Facility rental expense Cash NOI from dispositions Cash NOI New acquisitions/dispositions/other Non-Core Properties Other normalizing adjustments

Same-Store NOI $52,991 7,499 (274) $60,933 7,278 (198) $62,169 7,030 — 69,199 (6,538) (1,078) 1,044 $71,759 6,761 — 6,849 — 70,779 (5,852) (1,011) — 60,216 68,013 (5,589) (974) 78,520 (9,933) (912) (337) (770) — —

— $59,109 $61,450 $62,627 $63,916 $67,675 SHOP NOI $11,762 55 $14,067 8 $15,359 25 $19,764 4 $25,837 — Cash NOI from dispositions Cash NOI attributable to noncontrolling interests (1) Cash NOI (1) New acquisitions/dispositions

Development conversion Non-Core Properties Other normalizing adjustments Same-Store NOI (1) (62) (65) (58) (57) (57) 11,755 14,010 (1,044) 277 (35) 147 $13,355 15,326 (1,921) 343 (59) — 19,711 (6,089) 301 16 — $13,939 25,780 (11,408) 330

(66) — $14,636 194 360 (82) — $12,227 $13,689 Outpatient Medical NOI $20,509 (173) $19,062 (259) (36) $19,128 (243) (85) $18,717 (363) (55) $18,718 (358) (203) 10 Straight line rent Other non-cash adjustments Cash NOI from dispositions

Cash NOI (41) (2) (203) 18,564 (261) (127) 23 20,293 (1,585) (1,727) — 18,673 18,322 18,167 Dispositions 83 — (898) 318 — (918) — Non-Core Properties Other normalizing adjustments Same-Store NOI (1,197) (1,259) —

— $16,981 $17,106 $17,497 $17,742 $17,249 (1) All periods are based upon current quarter’s ownership percentage. 27

Same-Store NOI Reconciliation (2/2)

(in thousands) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Triple-Net Leased Properties NOI $9,275 $9,166 $9,159 $9,169 $9,189 Straight line rent (562) 243 (562) 218 (487) 218 (430) 218 (422) 217 Other non-cash adjustments Cash NOI attributable to

noncontrolling interest (1) Cash NOI (1) (191) 8,631 (1,163) (9) (193) 8,697 (1,165) — (193) 8,764 (1,167) — (193) 8,791 (1,158) — (189) 8,767 Debt security investment Dispositions (1,481) 12 Non-Core Properties (152) (157) (157)

(159) (155) $7,143 Same-Store NOI (1) $7,307 $7,375 $7,440 $7,474 Total Portfolio NOI $103,228 (821) $105,815 (730) $111,580 (793) 6,849 163 $125,503 (780) 6,761 14 $94,537 (735) Straight line rent Facility rental expense Other non-cash adjustments

Cash NOI from dispositions Cash NOI attributable to noncontrolling interests (1) Cash NOI (1) 7,278 182 7,030 133 7,499 202 (221) (393) (102) 27 10 (256) (251) (250) 117,576 (1,167) (11,941) 301 (250) 131,258 (1,158) (21,341) 330 (251) 101,031

109,218 (1,163) (6,903) 277 111,895 (1,165) (8,376) 343 Debt security investment New acquisitions/dispositions/other Development conversion Non-Core Properties (1,481) (1,716) 360 (2,358) 147 (2,553) 1,044 (2,050) 318 (2,055) — (2,734) —

Other normalizing adjustments Same-Store NOI (1) $99,218 $101,188 $103,037 $107,034 $95,460 (1) All periods are based upon current quarter’s ownership percentage. 28

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 4. Annualized Base Rent or ABR: Contractual base rent for the last month of the applicable

period multiplied by 12. 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. 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 (“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. 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. 29

Defined Terms • •

• NAV: Net asset value. Net Debt: Total Debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash related to debt. NOI: Net operating income; a non-GAAP financial measure that is defined as net income

(loss), computed in accordance with GAAP, 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. • • Cash NOI Margin: Calculated by dividing NOI by revenue. 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. • 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. 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 March 31, 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 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. • 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. 30

Defined Terms • Retention:

The ratio of total renewed square feet and month-to-month leases retained to the total square feet expiring, excluding the square feet for tenant leases terminated and leases in assets expected to be sold for the trailing 12-months. • •

RevPOR: Revenue per occupied room. 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. 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. 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. • • Trilogy: Trilogy Investors, LLC; one of our consolidated subsidiaries, in which we

indirectly own a 100% interest in Trilogy as of March 31, 2026. 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. 31

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XML — IDEA: XBRL DOCUMENT

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v3.26.1

Document and Entity Information

May 07, 2026

Cover [Abstract]

Amendment Flag

false

Entity Central Index Key

0001632970

Document Type

8-K

Document Period End Date

May 07, 2026

Entity Registrant Name

American Healthcare REIT, Inc.

Entity Incorporation State Country Code

Entity File Number

001-41951

Entity Tax Identification Number

47-2887436

Entity Address, Address Line One

18191 Von Karman Avenue

Entity Address, Address Line Two

Suite 300

Entity Address, City or Town

Irvine

Entity Address, State or Province

Entity Address, Postal Zip Code

92612

City Area Code

949

Local Phone Number

270-9200

Written Communications

false

Soliciting Material

false

Pre Commencement Tender Offer

false

Pre Commencement Issuer Tender Offer

false

Security 12b Title

Common Stock, $0.01 par value per share

Trading Symbol

AHR

Security Exchange Name

NYSE

Entity Emerging Growth Company

false

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Cover page.

+ References

No definition available.

+ Details

Name:

dei_CoverAbstract

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

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

Address Line 2 such as Street or Suite number

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine2

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

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:

dei_

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:

dei_

Data Type:

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Balance Type:

Period Type:

duration