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 ...

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, 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 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, 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 ju ...

Merger and Acquisition - The merger between Griffin-American Healthcare REIT III, Inc. and Griffin-American Healthcare REIT IV, Inc. was completed on October 1, 2021, resulting in the formation of the Combined Company, now known as American Healthcare REIT, Inc.[205] - The AHI Acquisition, which occurred simultaneously with the merger, involved the acquisition of American Healthcare Opps Holdings, LLC, valued at approximately $131.67 million, with a reference value of $8.71 per unit[208] - The merger and acquisition activities are expected to enhance the company's operational capabilities and market position in the healthcare real estate sector[202] - Following the merger, the company became self-managed, eliminating fees that would have been payable to the former advisor[211] - The financial information post-merger reflects the results of the Combined Company, making period-to-period comparisons prior to the merger less meaningful[201] Portfolio and Operations - The company operates a diversified portfolio of clinical healthcare real estate properties, focusing on medical office buildings, skilled nursing facilities, and senior housing[204] - As of March 31, 2022, the company owned and/or operated 182 properties, comprising 191 buildings and 122 integrated senior health campuses, totaling approximately 19,461,000 square feet of gross leasable area (GLA) with an aggregate contract purchase price of $4,299,872,000[217] - The acquisition of GAHR IV's portfolio added 87 properties, comprising 92 buildings and approximately 4,799,000 square feet of GLA, significantly impacting the company’s operational scale[235] - The company’s integrated senior health campuses had a leased percentage of 80.0% as of March 31, 2022, compared to 70.7% in 2021, indicating a recovery in occupancy rates[235] - The company’s properties were 92.7% leased as of March 31, 2022, with 6.5% of the leased GLA scheduled to expire during the remainder of 2022[230] Financial Performance - The company reported total revenues and grant income of $376,131,000 for the three months ended March 31, 2022, compared to $291,278,000 for the same period in 2021, representing a year-over-year increase of approximately 29.2%[239] - Resident fees and services revenue increased to $318,974,000 in Q1 2022 from $253,026,000 in Q1 2021, driven by improved occupancy and higher reimbursement rates from Medicare and Medicaid[239] - For the three months ended March 31, 2022, total property operating expenses increased to $287,160,000, representing 88.6% of resident fees and services revenue, compared to $245,142,000 and 93.8% in the same period of 2021[242] - General and administrative expenses rose to $11,119,000 for the three months ended March 31, 2022, up from $7,257,000 in 2021, primarily due to a $6,468,000 increase in payroll and compensation costs from acquired employees[243] - The company recognized $5,214,000 in grant income for Q1 2022, down from $8,229,000 in Q1 2021, related to government grants received through the CARES Act[240] Cash Flow and Debt Management - Cash and cash equivalents at the end of the period were $119,170,000, down from $125,486,000 at the beginning of the period, with net cash provided by operating activities of $22,360,000[255] - The company recorded a decrease in net cash used in investing activities by $79,474,000, primarily due to a reduction in property acquisitions and an increase in proceeds from real estate dispositions[257] - The company’s aggregate borrowing capacity under its credit facilities was $1,410,000,000 as of March 31, 2022, with outstanding borrowings of $1,239,134,000[254] - The company experienced a net cash used in financing activities of $1,307,000 for the three months ended March 31, 2022, compared to net cash provided of $89,605,000 in the prior year period[258] - The total contractual obligations as of March 31, 2022, amounted to $3,069,900,000, including principal and interest payments on fixed-rate and variable-rate debts[251] Interest Expense and Risk Management - The company’s interest expense for the three months ended March 31, 2022, was $22,825,000, compared to $18,544,000 in 2021, reflecting an increase of 12.3%[298] - The company is exposed to interest rate risk primarily due to long-term debt used for property acquisition and development[300] - A 0.50% increase in market interest rates would raise the annualized interest expense on variable-rate mortgage loans and lines of credit by $7,597,000, representing an 11.7% increase in total annualized interest expense[309] - The company is monitoring risks associated with the discontinuation of LIBOR, which could potentially increase borrowing costs[304] - The transition to an alternative reference rate from LIBOR may pose challenges and could accelerate risks if LIBOR becomes unavailable before June 30, 2023[304] Operational Metrics - Funds from operations (FFO) for the three months ended March 31, 2022, totaled $26,314,000, reflecting the company's operational performance[266] - FFO attributable to controlling interest for the three months ended March 31, 2022, was $32,616,000, up from $10,252,000 in 2021, representing a 218% increase[291] - MFFO attributable to controlling interest for the same period was $37,094,000, compared to $10,501,000 in 2021, indicating a 253% increase[291] - NOI for the three months ended March 31, 2022, was $73,684,000, significantly higher than $38,081,000 in 2021, reflecting a 93% increase[298] - Without government grants, FFO would have been approximately $28,244,000 for Q1 2022, compared to $4,458,000 in Q1 2021[287]

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, 2021 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) Maryland 47-2887436 (S ...

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, 2021 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) Maryland 47-2 ...