Fourth Quarter 2025 Supplemental Disclaimers Forward-Looking Statements Certain statements contained in this supplemental, filed in conjunction with the Fourth Quarter 2025 Earnings Press Release, including statements relating to American Healthcare REIT, Inc.'s (the "Company") expectations regarding its performance, interest 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 ...

Portfolio Overview - The company's total annualized cash NOI is $437892 thousand, with ISHC contributing 613% ($268592 thousand), OM contributing 170% ($74256 thousand), SHOP contributing 136% ($59760 thousand), Triple-Net Leased Properties contributing 70% ($30632 thousand), and Debt Security Investment contributing 11% ($4652 thousand)[10] - The weighted average lease term for Outpatient Medical (OM) properties is 49 years, and for Triple-Net Leased Properties, it is 133 years[10] Same-Store NOI Performance - Total Same-Store NOI increased by 139% from $86835 thousand in Q2 2024 to $98911 thousand in Q2 2025[11] - Total Year-to-Date Same-Store NOI increased by 145% from $168902 thousand on 6/30/2024 to $193387 thousand on 6/30/2025[11] - SHOP Same-Store NOI increased by 230% in Q2 and 266% YTD[11] Earnings Highlights - NAREIT FFO per share - diluted increased by 281% from $032 in Q2 2024 to $041 in Q2 2025[12] - Normalized FFO per share - diluted increased by 273% from $033 in Q2 2024 to $042 in Q2 2025[12] ISHC Performance - ISHC Same-Store NOI increased by 183% in Q2 and 190% YTD[11, 17] - ISHC average occupancy increased from 867% to 889% in Q2 2025 compared to Q2 2024[17] Outpatient Medical Performance - Outpatient Medical Same-Store NOI increased by 14% in Q2 and 17% YTD[11, 22] - Outpatient Medical ending occupancy decreased slightly from 919% to 917% in Q2 2025 compared to Q2 2024[22] Triple-Net Leased Properties - Triple-Net Leased Properties Same-Store NOI increased by 14% in Q2, remaining flat YTD[11, 31] - Triple-Net Leased Properties average operator occupancy increased slightly from 880% to 889% in Q2 2025 compared to Q2 2024[31] 2025 Guidance - The company projects a FY 2025 Total Portfolio Same-Store NOI Growth of 110% - 140%[49]

Company Performance - American Healthcare REIT (AHR) has returned 33.3% year-to-date, outperforming the Finance sector's average return of 9.8% [4] - The Zacks Consensus Estimate for AHR's full-year earnings has increased by 2.9% over the past quarter, indicating improving analyst sentiment [4] - AHR currently holds a Zacks Rank of 2 (Buy), suggesting a favorable outlook for the stock [3] Industry Comparison - AHR belongs to the REIT and Equity Trust - Other industry, which consists of 99 companies and is ranked 156 in the Zacks Industry Rank; this industry has an average gain of 7.1% this year [6] - Apollo Commercial Finance (ARI), another Finance stock, has returned 12.5% year-to-date and also holds a Zacks Rank of 2 (Buy) [5] - The REIT and Equity Trust industry, which includes ARI, is ranked 62 and has seen a modest increase of 0.7% this year [7]

Core Viewpoint - American Healthcare REIT, Inc. has declared a quarterly distribution of $0.25 per share for the quarter ending March 31, 2025, payable on or about April 17, 2025 [1] Company Overview - American Healthcare REIT, Inc. is a real estate investment trust that focuses on acquiring, owning, and operating a diversified portfolio of clinical healthcare real estate, primarily targeting senior housing communities, skilled nursing, and outpatient medical buildings across the United States, the United Kingdom, and the Isle of Man [2]

Financial Performance & Portfolio Composition - The company's pro-rata annualized cash NOI totaled $413.912 million, with ISHC contributing 58.8%, OM 19.7%, SHOP 12.2%, Triple-Net Leased Properties 7.3%, and Debt Security Investment 2.0%[10] - Same-store ISHC revenues increased by 9.1% from Q4 2023 to $284.646 million in Q4 2024, and 7.8% from FY 2023 to $1.094 billion in FY 2024[15] - Same-store SHOP revenues increased by 11.5% from Q4 2023 to $44.793 million in Q4 2024, and 11.8% from FY 2023 to $174.310 million in FY 2024[26] - Same-store Triple-Net Leased Properties revenues increased by 1.0% from Q4 2023 to $7.597 million in Q4 2024, and 2.8% from FY 2023 to $30.583 million in FY 2024[31] Outpatient Medical (OM) - OM properties' ending occupancy was 87.9% as of December 31, 2024[20] - Same-store OM revenues increased by 2.1% from Q4 2023 to $31.960 million in Q4 2024, and 0.7% from FY 2023 to $127.722 million in FY 2024[20] Debt and Lease Expirations - Debt maturities and principal payments total $1.685 billion, with a weighted average interest rate of 4.42%[39] - In 2025, $14.576 million (13.4%) of OM ABR and $4.011 million (100%) of interest income are expiring[36] 2025 Guidance - The company anticipates total portfolio same-store NOI growth of 7.0% - 10.0% in FY 2025[45]