2 Transaction Overview Acquisition Presentation July 12, 2024 Forward Looking Statements This press release includes "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, including our expectations regarding the anticipated accretion and future rent coverage. Forward-looking statements can be identified by the use of forward-looking terminology such as "expects," "believes," "estimates," " ...

Summary of American Healthcare REIT (AHR) 2025 Conference Call Company Overview - **Company Name**: American Healthcare REIT (AHR) - **Market Capitalization**: Approximately $6 billion - **Enterprise Value**: Approximately $7 billion - **Portfolio**: About 300 clinical healthcare real estate properties - **Unique Structure**: 70% of the portfolio is managed under RIDEA (Real Estate Investment and Development in Elderly Affairs) rather than leased, allowing AHR to retain bottom line earnings [9][10][12] Industry Dynamics - **Demographic Trends**: The oldest baby boomers will turn 80 next year, leading to a significant increase in demand for senior housing over the next 15 years [11] - **Supply Constraints**: There has been a significant drop in new construction starts for assisted living since 2018, exacerbated by COVID-19, rising construction costs, and increasing interest rates [12] - **NOI Growth**: AHR has experienced double-digit same-store NOI growth over the past two years, with expectations for continued growth due to favorable supply-demand dynamics in the senior housing sector [12][36] Competitive Advantages - **Managed vs. Leased Exposure**: AHR's higher exposure to managed properties (70%) compared to peers (60% or lower) allows for greater earnings retention and growth potential [13][16] - **Operator Relationships**: AHR's primary operator, Trilogy, manages about 60% of AHR's NOI and has a strong track record in integrated senior health campuses [18][20] - **Regional Focus**: AHR emphasizes building relationships with regional operators to enhance performance and accountability [30][32] Financial Performance and Guidance - **2024 Performance**: Strong performance led to optimistic growth expectations for 2025, with guidance indicating Trilogy same-store NOI growth in the low teens (13-14%) and SHOP same-store NOI growth in the low twenties [36][38] - **Earnings Growth**: Revised guidance for 2025 indicates a midpoint of $1.61 per share, up from $1.41, reflecting significant earnings growth and a reduction in leverage from 9x to 4.5x [42][44] - **Acquisition Pipeline**: AHR has a dynamic acquisition pipeline of over $300 million, focusing on managed segments to improve portfolio quality and returns [45][46][52] Risks and Mitigations - **Medicaid and Medicare Concerns**: AHR acknowledges potential risks from changes in Medicaid but believes that Trilogy's higher quality mix (less than 20% of revenue from Medicaid) mitigates these risks [60][64] - **Rate Growth**: Trilogy's ability to optimize resident mix and focus on value-based care positions it well to continue achieving rate growth despite potential regulatory changes [66][68] Key Takeaways - **Strong Demand**: The aging population and limited new supply create a favorable environment for AHR's growth in senior housing [11][12] - **Operational Excellence**: AHR's focus on managed properties and strong operator relationships are key differentiators in the competitive landscape [10][30] - **Positive Financial Outlook**: Continued double-digit growth in NOI and a robust acquisition strategy support a positive financial outlook for AHR [36][38][45]