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 ...

Core Insights - Medical Properties Trust, Inc. (MPT) reported fourth-quarter 2025 normalized funds from operations (NFFO) per share of 18 cents, exceeding the Zacks Consensus Estimate of 15 cents, with the figure unchanged from the prior-year quarter [1][7] - The company achieved revenues of $270.3 million in the fourth quarter, surpassing the Zacks Consensus Estimate of $244.7 million, reflecting a 16.6% increase from the year-ago quarter [2][7] - For the full year 2025, MPT reported NFFO per share of 58 cents, down 27.5% from the previous year, but still above the Zacks Consensus Estimate of 55 cents; total revenues for the year were $972 million, a decrease of 2.4% from the previous year, yet beating the consensus estimate of $946.4 million [2] Revenue and Income Analysis - Rent billed in the reported quarter totaled $212.5 million, marking a 27.3% increase from the prior-year quarter [3] - Straight-line rent revenues were reported at $36 million, down 17.7% from the year-ago quarter [3] - Income from financing leases was $10 million, reflecting a 1.5% increase year over year, while interest and other income rose to $11.9 million, up 4.9% from the previous year [3] Expenses and Financial Position - Interest expenses increased by 30.5% year over year to $132.5 million, impacting overall results [3] - The company exited the fourth quarter of 2025 with cash and cash equivalents of $540.9 million, up from $396.6 million as of September 30, 2025 [5] - As of December 31, 2025, MPT had an adjusted net debt to adjusted annualized EBITDA ratio of 8.5 [5] Strategic Moves - During the fourth quarter, MPT acquired one post-acute facility in the U.S. for approximately $32 million and another in Europe for approximately €23 million [4]

Core Viewpoint - Equity Residential (EQR) has significantly underperformed the broader market and industry benchmarks over the past year, with stock prices declining sharply despite some positive revenue growth in Q3 [2][3][4]. Company Performance - EQR's stock prices have dropped 16.9% year-to-date and 18.4% over the past 52 weeks, contrasting with the S&P 500 Index's gains of 16.5% in 2025 and 14.5% over the past year [2]. - The company's same-store residential revenues increased by 3% year-over-year, while overall topline revenue rose 4.6% to $748.3 million, exceeding consensus estimates by 13 basis points [4]. - Normalized funds from operations (NFFO) per share increased by 4.1% year-over-year to $1.02, aligning with market expectations [4]. Analyst Expectations - For the full fiscal year 2025, analysts project EQR to deliver an NFFO of $4 per share, reflecting a 2.8% year-over-year increase [5]. - EQR has a solid history of meeting or exceeding NFFO projections, having done so in each of the past four quarters [5]. - Among 27 analysts covering EQR, the consensus rating is a "Moderate Buy," consisting of 10 "Strong Buys," one "Moderate Buy," and 16 "Holds" [5]. Recent Developments - Following the release of mixed Q3 results, EQR's stock declined by 2.9% in the trading session [4]. - Analyst sentiment has slightly shifted, with Wells Fargo maintaining an "Equal-Weight" rating but lowering the price target from $68 to $62 [6].

Company Overview - Welltower Inc. is a leading Ohio-based real estate investment trust (REIT) focusing on healthcare infrastructure, including senior housing, post-acute care facilities, and outpatient medical properties with a market cap of $116.5 billion [1] Q3 Earnings Expectations - Analysts expect Welltower to report normalized funds from operations (NFFO) of $1.29 per share for Q3, representing a 16.2% increase from $1.11 per share in the same quarter last year [2] - The company has consistently surpassed Wall Street's NFFO projections in the past four quarters [2] Future NFFO Projections - For fiscal 2025, analysts anticipate an NFFO of $5.12 per share, an 18.5% increase from $4.32 per share in fiscal 2024 [3] - In fiscal 2026, NFFO is expected to grow by 13.5% year-over-year to $5.81 per share [3] Stock Performance - Welltower's stock has increased by 39.2% over the past 52 weeks, outperforming the S&P 500 Index's 17.9% gains and the Real Estate Select Sector SPDR Fund's 3.9% decline during the same period [4] Analyst Ratings - The stock maintains a consensus "Strong Buy" rating, with 15 "Strong Buys," two "Moderate Buys," and four "Holds" among the 21 analysts covering it [5] - The mean price target for Welltower is $188.05, indicating a modest 8.7% upside potential from current price levels [5]

Core Insights - American Healthcare REIT, Inc. reported strong second quarter results for 2025, leading to an increase in full-year guidance for Same-Store NOI growth and NFFO [1][3][12] Financial Performance - The Company achieved Same-Store NOI growth of 13.9% for Q2 2025 compared to Q2 2024, with significant contributions from the ISHC and SHOP segments, which grew by 18.3% and 23.0% respectively [4][5][6] - Reported GAAP net income attributable to controlling interest was $9.9 million, translating to $0.06 per diluted share for Q2 2025 [6][30] - Normalized Funds from Operations (NFFO) for Q2 2025 was reported at $0.42 per diluted share [6][32] Operational Highlights - The Company has seen a broad-based increase in demand across its operating portfolio, with occupancy rates improving significantly, particularly in independent and assisted living units [5][11] - The total portfolio Same-Store NOI growth guidance for the year ending December 31, 2025, has been increased to a range of 11.0% to 14.0% [6][12] Capital Markets Activity - During Q2 2025, the Company issued 5,451,577 shares of common stock through its ATM program, raising approximately $188.6 million [10][11] - The Company has closed on approximately $255 million of new investments year-to-date 2025 [6][10] Balance Sheet and Liquidity - As of June 30, 2025, the Company reported total consolidated indebtedness of $1.55 billion and total liquidity of approximately $733.5 million [9][28] - The Net Debt-to-Annualized Adjusted EBITDA improved to 3.7x from 4.5x as of March 31, 2025 [6][9] Future Outlook - The Company anticipates continued strong performance in the second half of 2025, driven by ongoing occupancy improvements and effective asset management strategies [5][11] - Full-year guidance for NFFO has been increased to a range of $1.64 to $1.68 per diluted share, reflecting improved expectations for NOI growth [6][12]

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]