Financial Data and Key Metrics - The company reported $0.30 per fully diluted share of normalized funds from operations in Q1 2024, driven by a 13% same-store net operating income (NOI) growth in the combined portfolio [30] - Same-store NOI growth for the SHOP segment was 33.5% year-over-year, while the integrated Senior Health campuses segment saw a 19.9% increase [30] - The company raised $773 million through an offering of 64.4 million shares and used the proceeds to pay down $722 million of high-interest floating-rate debt, improving the net debt to annualized adjusted EBITDA ratio by over two times [31] - Liquidity at the end of Q1 2024 stood at approximately $915 million, including cash on hand and undrawn credit lines [33] Business Line Performance - The integrated senior health campuses segment saw a 20% increase in same-store NOI in Q1 2024, driven by a 160 basis points increase in occupancy to 86.2% [18] - The SHOP segment achieved an 85.7% occupancy rate in Q1 2024, up from 78.6% in Q1 2023, resulting in a 700 basis points improvement year-over-year [21] - NOI margins in the SHOP segment increased by 360 basis points to 18.4% in Q1 2024, driving a 30% year-over-year increase in same-store NOI [21] - The outpatient medical segment is expected to see flat to slightly negative NOI growth in 2024, while the triple-net lease segment is projected to grow by 1% to 3% [34] Market Performance - The company closed on the acquisition of 14 properties in Oregon, containing 856 beds, at an attractive pricing of $110,000 per bed [14] - The company expects to sell an additional $45 million to $50 million of non-core assets in 2024, with potential for more depending on market conditions [38] - The company is focusing on growing its SHOP portfolio, with the Oregon transaction being a key example of this strategy [44] Strategic Direction and Industry Competition - The company is focusing on three main areas: quality care for residents, strong operating performance, and measured capital allocation to take advantage of attractive risk-adjusted returns in the market [16] - The company believes the supply/demand imbalance in the long-term care sector, driven by demographic trends and limited new supply, creates a positive environment for growth [13] - The company is leveraging its expertise in asset management to optimize underperforming properties and drive operational gains [20] Management Commentary on Operating Environment and Future Outlook - The company is maintaining its full-year guidance for same-store NOI growth of 5% to 7% in 2024, with expectations of 8% to 10% growth in the integrated senior health campuses segment and 25% to 30% growth in the SHOP segment [34] - The company is cautious about updating guidance too early in the year but remains bullish on the demographic tailwinds and limited new supply in the industry [48] - The company expects to continue seeing strong occupancy and NOI growth, particularly in the SHOP and integrated senior health campuses segments [19][22] Other Important Information - The company has successfully reduced agency labor expenses in the SHOP segment, returning staffing levels to pre-pandemic norms [23] - The company is monitoring the potential impact of new CMS staffing requirements for skilled nursing facilities but expects minimal impact due to its partnership with Trilogy, which already exceeds the minimum staffing requirements [25][27] - The company is exploring opportunities to acquire properties opportunistically, with a focus on Trilogy and the SHOP segment [44] Q&A Session Summary Question: Guidance and Same-Store Pool - The company confirmed that the guidance provided six weeks ago already accounted for the current same-store pool, and the increase in properties did not significantly alter the guidance [41] Question: Acquisition Environment - The company sees the best risk-adjusted returns within Trilogy and the SHOP segment, with the Oregon transaction being a key example of growth opportunities [44] Question: Same-Store NOI Guidance Deceleration - The company explained that the strong Q1 performance was driven by significant occupancy gains, but it is cautious about assuming the same trajectory for the rest of the year [48][49] Question: Trilogy Buyout Funding and Timing - The company has flexibility in funding the Trilogy buyout, potentially using cash, preferred equity, or a mix, with timing dependent on market conditions and asset sales [52][53] Question: SHOP RevPAR Growth - The company expects SHOP RevPAR growth to accelerate throughout the year, driven by higher occupancy and reduced concessions [59][60] Question: Transaction Environment and Cap Rates - The company has been selling non-core outpatient medical buildings at cap rates in the mid-6s to low 7s, with a focus on achieving attractive pricing [61] Question: Trilogy Staffing Levels - Trilogy already exceeds the minimum staffing requirements, with a significant operational advantage through its internal Flex Force labor pool [65][66] Question: Near-Term Trilogy Investments - The company is focusing on lease buyouts and independent living villa projects, with plans to slow down new campus developments due to capital constraints [69][71] Question: Triple-Net Lease NOI Growth - The company expects triple-net lease NOI growth to moderate to 1% to 3% in 2024, after benefiting from one-time factors in Q1 [91][92] Question: Oregon SHOP Portfolio - The company was the original lender on the Oregon SHOP portfolio and found minimal deferred maintenance, with no significant CapEx required [94][95] Question: Trilogy Interest Purchase - The company paid $32 million for the Trilogy interest, a pre-negotiated price that reflects the growth in Trilogy's value over the years [97][98]

Operating Expenses - Total property operating expenses for integrated senior health campuses increased to $351.142 million (89.3% of revenue) in Q1 2024, up from $328.361 million (90.8%) in Q1 2023, driven by higher occupancy and increased labor costs[204] - SHOP segment property operating expenses rose to $52.487 million (89.0% of revenue) in Q1 2024, compared to $41.785 million (89.2%) in Q1 2023[204] - Total rental expenses decreased to $13.727 million (29.0% of revenue) in Q1 2024 from $15.195 million (34.9%) in Q1 2023, with OM segment expenses at $13.089 million (38.4%) and triple-net leased properties at $638,000 (4.8%)[204] - General and administrative expenses decreased by $1.225 million to $11.828 million in Q1 2024, primarily due to a $1.315 million reduction in professional and legal fees[207] - Depreciation and amortization expenses decreased by $1.903 million in Q1 2024, mainly due to the full amortization of $885,000 in-place leases and real estate dispositions in the SHOP segment[210] - Total property operating expenses for the SHOP segment increased by $6.4 million due to the acquisition of 14 senior housing properties in February 2024[205] - Depreciation and amortization expenses decreased to $42,767,000 in Q1 2024 from $44,670,000 in Q1 2023, primarily due to lower amortization of intangible assets[209] - Rental expenses for the OM segment decreased in Q1 2024 compared to Q1 2023, primarily due to the disposition of OM buildings since March 31, 2023[206] Revenue Growth - Total revenues for the three months ended March 31, 2024, were $499.5 million, compared to $452.2 million for the same period in 2023[199] - Resident fees and services revenue increased by $31.4 million for the integrated senior health campuses segment, primarily due to increased resident occupancy and higher billing rates[200] - The SHOP segment's resident fees and services revenue increased by $12.1 million, driven by acquisitions and transitioning properties to a RIDEA structure[201] - Real estate revenue for the triple-net leased properties segment increased by $7.2 million, primarily due to transitioning properties to a RIDEA structure[202] - Integrated senior health campuses segment revenue grew by $31.4 million in Q1 2024, primarily due to increased resident occupancy and higher billing rates[200] - SHOP segment revenue increased by $12.1 million in Q1 2024, driven by acquisitions and transitioning properties to a RIDEA structure[201] - Triple-net leased properties segment revenue rose by $7.2 million in Q1 2024, largely due to transitioning SNFs to a RIDEA structure[202] Financial Performance and Metrics - Net loss for Q1 2024 improved to $(3.0) million from $(27.6) million in Q1 2023, driven by increased resident occupancies and higher billing rates[242] - NAREIT FFO attributable to controlling interest increased to $31.3 million in Q1 2024 from $11.7 million in Q1 2023, reflecting stronger operational performance[242] - Normalized FFO attributable to controlling interest rose to $31.1 million in Q1 2024 from $20.2 million in Q1 2023, supported by higher resident fees and services revenue[242] - FFO, a non-GAAP measure, excludes gains/losses from real estate sales, impairments, and includes depreciation and amortization related to real estate, providing insights into operational performance[238] - NAREIT FFO attributable to controlling interest increased to $31,298,000 in Q1 2024 from $11,691,000 in Q1 2023[242] - Normalized FFO attributable to controlling interest rose to $31,098,000 in Q1 2024 compared to $20,229,000 in Q1 2023[242] - Weighted average common shares outstanding increased to 104,295,142 in Q1 2024 from 66,026,173 in Q1 2023[242] - Net loss per common share improved to $(0.04) in Q1 2024 from $(0.39) in Q1 2023[242] - NAREIT FFO per common share increased to $0.30 in Q1 2024 from $0.18 in Q1 2023[242] - Normalized FFO per common share remained stable at $0.30 in Q1 2024 compared to $0.31 in Q1 2023[242] Capital and Financing Activities - The company issued 64.4 million shares of Common Stock in February 2024, raising $772.8 million in gross proceeds, including the full exercise of the underwriters' overallotment option[181] - The company had $17.1 million of restricted cash in loan impounds and reserve accounts to fund capital expenditures as of March 31, 2024[217] - The company's aggregate borrowing capacity under its credit facilities was $1.55 billion, with $760 million outstanding and $790 million available as of March 31, 2024[221] - Cash, cash equivalents, and restricted cash at the end of Q1 2024 were $124,531,000, compared to $88,229,000 in Q1 2023[222] - Net cash used in operating activities in Q1 2024 was $5,954,000, compared to net cash provided by operating activities of $23,862,000 in Q1 2023[222] - Net cash used in investing activities decreased by $28,096,000 in Q1 2024 compared to Q1 2023, primarily due to reduced real estate acquisitions and increased proceeds from dispositions[224] - Net cash provided by financing activities in Q1 2024 was $44,962,000, driven by $772,800,000 in gross proceeds from the 2024 Offering, partially offset by increased debt repayments[225] - Quarterly distributions paid in Q1 2024 were $16,596,000, sourced entirely from FFO attributable to controlling interest, compared to $26,492,000 in Q1 2023[229] - Total interest expense decreased to $30,021,000 in Q1 2024 from $39,206,000 in Q1 2023, driven by reduced debt balances and a gain in fair value of derivative financial instruments[212] - The company paid off $176,145,000 of variable-rate mortgage loans and $545,010,000 of variable-rate lines of credit in February 2024[212] - Net cash provided by financing activities for Q1 2024 was $44,962,000, primarily due to $772,800,000 in gross offering proceeds from the issuance of Common Stock, partially offset by $47,534,000 in offering costs[225] - Distributions paid in cash for Q1 2024 were $16,596,000, sourced entirely from proceeds from borrowings, compared to $26,492,000 in Q1 2023, which was 90.1% sourced from cash flows from operations[229] - The company's board has authorized a quarterly distribution of $0.25 per share since Q1 2023, equating to an annualized distribution rate of $1.00 per share[227] - Net cash used in investing activities decreased by $11,328,000 in Q1 2024 compared to Q1 2023, driven by reduced cash paid for real estate investments and increased proceeds from dispositions[224] - The company's REIT qualification requires distributing at least 90.0% of REIT taxable income, with a safe harbor allowing distributions in cash and stock, provided the cash component is at least 20.0%[232] - FFO (Funds from Operations) for Q1 2024 was $16,596,000, sourced entirely from FFO attributable to controlling interest, compared to $11,691,000 (44.1%) in Q1 2023[229] Real Estate and Property Operations - The company operates through four reportable business segments: integrated senior health campuses, outpatient medical (OM), triple-net leased properties, and SHOP, with no changes to historical results despite the segment name change from MOBs to OM[175] - As of March 31, 2024, the company owned 97.4% of the operating partnership units, up from 95.0% as of December 31, 2023[179] - The company has approximately 112 employees and operates clinical healthcare properties in the U.S., the U.K., and the Isle of Man, utilizing the RIDEA structure for senior housing and integrated senior health campuses[178] - As of March 31, 2024, the company's properties were 91.0% leased, with 6.5% of the leased GLA scheduled to expire during the remainder of 2024[192] - The combined SHOP and integrated senior health campuses were 85.5% leased as of March 31, 2024, with most resident leases being for a term of one year or less[193] - Properties were 91.0% leased as of March 31, 2024, with 6.5% of leased GLA scheduled to expire in 2024[192] - Combined SHOP and integrated senior health campuses were 85.5% leased as of March 31, 2024, with most resident leases being for one year or less[193] - Estimated unspent discretionary expenditures for capital and tenant improvements for the remaining nine months of 2024 are $62.4 million[217] - Total contractual obligations as of March 31, 2024, amount to $2,994,182,000, including principal and interest payments on fixed and variable-rate debt, ground and other lease obligations, and financing obligations[218] - The company's aggregate borrowing capacity under the 2024 Credit Facility and the Trilogy Credit Facility is $1,550,000,000, with $760,000,000 outstanding and $790,000,000 available as of March 31, 2024[221] - Recognized a net gain of $2,263,000 on dispositions of real estate investments in Q1 2024 from the sale of two OM buildings and one SHOP[213] - The company maintains compliance with all financial and non-financial covenants related to its mortgage loans payable and lines of credit as of March 31, 2024[236] Inflation and Economic Impact - Inflation in the U.S. reached 3.5% in March 2024, impacting labor, services, energy, and supply costs, leading to higher rent and care fee increases for existing residents in 2023 and 2024[189]

EXHIBIT 99.1 Press Release Irvine, CA – May 13, 2024 Contact: Alan Peterson Email: investorrelations@ahcreit.com American Healthcare REIT ("AHR") Announces First Quarter 2024 Results American Healthcare REIT, Inc. (the "Company," "we," "our," or "us") (NYSE: AHR) announced today its first quarter 2024 results. Key Highlights: "After completing our offering and listing event in February, our main focus is on delivering strong operating performance across our property segments. The year is off to a solid star ...

American Healthcare REIT, Inc. (NYSE:AHR) Q4 2023 Earnings Conference Call March 22, 2024 1:00 PM ET Company Participants Alan Peterson - Vice President of Investor Relations and Finance Danny Prosky - President and Chief Executive Officer Gabe Willhite - Chief Operating Officer Brian Peay - Chief Financial Officer Stefan Oh - Chief Investment Officer Conference Call Participants Farrell Granath - Bank of America Merrill Lynch Ronald Kamdem - Morgan Stanley Austin Wurschmidt - KeyBanc Capital Markets Michae ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41951 AMERICAN HEALTHCARE REIT, INC. (Exact name of registrant as specified in its charter) Maryland 47-2887436 (S ...

Certain statements contained in this supplemental, filed in conjunction with the Fourth Quarter 2023 Earnings Press Release, to American Healthcare REIT, Inc.'s (the "Company") expectations regarding its portfolio growth, interest expense savings, b share, FFO per share, NFFO per share, total portfolio SS NOI growth, occupancy, NOI growth, revenue growth, and marqin e forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of 1 1934, as amended ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 000-55775 AMERICAN HEALTHCARE REIT, INC. (Exact name of registrant as specified in its charter) (State or oth ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 000-55775 AMERICAN HEALTHCARE REIT, INC. (Exact name of registrant as specified in its charter) (State or other ju ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or (Address of principal executive offices) (Zip Code) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (949) 270-9200 For the transition period from to Commission File Number: 000-55775 AMERICAN HEALTHCARE REIT, INC. (Exac ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 000-55775 AMERICAN HEALTHCARE REIT, INC. (Exact name of registrant as specified in its charter) (State or other jurisd ...