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]

Financial Data and Key Metrics Changes - The company reported a normalized FFO per share of $0.87, representing a year-over-year growth of approximately 9% [31] - Total company same store cash NOI grew nearly 7%, with the SHOP segment increasing over 13% [31][34] - The full year normalized FFO guidance midpoint was raised to $3.44 per share, indicating an 8% year-over-year growth at the midpoint [7][34] Business Line Data and Key Metrics Changes - The SHOP communities in the U.S. delivered 18% same store cash NOI growth in Q2, with revenue growing over 8% for the entire same store SHOP portfolio [9][16] - The outpatient medical and research business reported same store cash NOI growth of 1.7% year-over-year, led by outpatient medical, which grew NOI by 2.2% [31] - The research business, representing about 8% of NOI, experienced a decline of less than 1% year-over-year due to lower rents on certain tenants [31] Market Data and Key Metrics Changes - The average occupancy in SHOP communities improved by 240 basis points year-over-year, with the U.S. leading with a growth of 290 basis points [16][19] - The outpatient medical segment increased same store occupancy by 20 basis points sequentially and 30 basis points year-over-year to 90.1% [32] Company Strategy and Development Direction - The company is executing a "one two three" strategy aimed at driving organic growth, making value-creating investments, and maximizing performance across its portfolio [6][7] - The focus is on expanding the SHOP footprint, with expectations that SHOP NOI will represent over half of the business by year-end [13] - The company anticipates significant demand growth in senior housing due to an aging population, with the 80+ population expected to grow by 28% in the next five years [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning to capitalize on the growing aging population and the favorable supply-demand dynamics in the senior housing market [6][14] - The management team highlighted the importance of maintaining strong relationships with operators to drive performance and growth [21][22] - The company expects to continue experiencing strong occupancy and revenue growth, particularly in the SHOP segment, supported by data analytics and operational improvements [16][19] Other Important Information - The company raised its full year 2025 senior housing investment volume guidance to $2 billion, reflecting a growing pipeline of investment opportunities [10][28] - The balance sheet showed improvement, with a net debt to EBITDA ratio of 5.6 times, indicating a 40 basis point improvement since the start of the year [32] Q&A Session Summary Question: Can you provide additional color on the sequential occupancy gain in Q2 2025? - Management noted a strong movement activity throughout the year, particularly in June, with a sequential occupancy growth of 60 basis points [39] Question: How is the competitive landscape affecting your transaction activity? - Management indicated that while competition has increased, they have been able to maintain momentum in investment activity and continue to pursue high-performing communities [42][44] Question: Can you discuss the initiatives to improve move-ins? - Management highlighted the importance of data analytics and collaboration with operators to drive sales and improve occupancy rates [48] Question: What is the historical high for outpatient medical occupancy? - The historical high for outpatient medical occupancy is around 93-94%, with current occupancy hovering around 90% [58] Question: How does the company view the impact of the new healthcare bill? - Management expects minimal immediate impact from the bill, as many changes will take effect over a long period [53][54] Question: What are the expectations for the Brookdale transition? - The transition of 45 communities from triple net to SHOP is expected to double the NOI over time, with operators already engaged in the process [90][92]

Portfolio Overview - The company's total annualized cash NOI is $405.128 million, with ISHC contributing $239.768 million (59.2%), OM contributing $81.172 million (20.0%), SHOP contributing $48.364 million (11.9%), Triple-Net Leased Properties contributing $29.900 million (7.4%), and Debt Security Investment contributing $5.924 million (1.5%) [10] - The portfolio consists of 294 properties, including 125 Integrated Senior Health Campuses (ISHC), 81 Outpatient Medical (OM) properties, 69 Senior Housing Operating Properties (SHOP), and 19 Triple-Net Leased Properties [10] Same-Store NOI Performance - Total Same-Store NOI increased by 15.1% from $82.067 million in Q1 2024 to $94.476 million in Q1 2025 [11] - ISHC Same-Store NOI increased by 19.8% from $49.086 million to $58.820 million [11] - SHOP Same-Store NOI increased significantly by 30.7% from $7.867 million to $10.286 million [11] - OM Same-Store NOI increased by 2.0% from $17.870 million to $18.227 million [11] - Triple-Net Leased Properties Same-Store NOI decreased slightly by 1.4% from $7.244 million to $7.143 million [11] Earnings Highlights - NAREIT FFO per share - diluted increased by 16.7% from $0.30 in Q1 2024 to $0.35 in Q1 2025 [12] - Normalized FFO per share - diluted increased by 26.7% from $0.30 in Q1 2024 to $0.38 in Q1 2025 [12] 2025 Guidance - The company projects a FY 2025 Total Portfolio Same-Store NOI Growth between 9.0% and 13.0% [48] - The company anticipates NAREIT FFO per diluted share between $1.49 and $1.55, and Normalized FFO per diluted share between $1.58 and $1.64 for FY 2025 [48]