American Healthcare REIT (NYSE: AHR) posts strong 2025 results and bullish 2026 FFO guidance

Rhea-AI Filing Summary

American Healthcare REIT, Inc. reported strong fourth quarter and full-year 2025 results and issued 2026 guidance. Same-store NOI grew 11.8% in Q4 2025 and 14.2% for the year, led by 18.4% ISHC and 25.2% SHOP segment growth.

Full-year net income attributable to controlling interest was $69.8 million, or $0.42 per diluted share, versus a loss in 2024. NAREIT FFO per diluted share rose to $1.76 from $1.26, and Normalized FFO per diluted share increased to $1.72 from $1.41.

The company completed over $950 million of 2025 acquisitions, expects approximately $178 million of development spend (with $66.9 million funded), and ended 2025 with $1.54 billion of consolidated debt, Net-Debt-to-Annualized Adjusted EBITDA of 3.4x, and about $1.14 billion of liquidity.

For 2026, guidance targets diluted net income per share of $0.75–$0.81, NAREIT FFO per share of $1.93–$1.99, Normalized FFO per share of $1.99–$2.05, and total portfolio same-store NOI growth of 7–11%, with SHOP same-store NOI growth of 15–19%.

Positive

• Exceptional growth in earnings and cash flow metrics: 2025 NAREIT FFO per diluted share increased to $1.76 from $1.26 and Normalized FFO per share rose to $1.72 from $1.41, supported by 14.2% total portfolio Same-Store NOI growth and particularly strong ISHC and SHOP segment performance.
• Constructive 2026 outlook with double-digit NFFO growth: 2026 guidance calls for Normalized FFO per diluted share of $1.99–$2.05 versus $1.72 in 2025, and total portfolio Same-Store NOI growth of 7–11%, with SHOP projected at 15–19% growth.

Negative

• None.

Insights

Healthcare REIT and earnings analyst

2025 delivered strong growth for AHR, with guidance implying another double-digit year in 2026.

American Healthcare REIT showed clear operational momentum in 2025. Total portfolio same-store NOI grew 14.2%, driven by ISHC at 18.4% and SHOP at 25.2%. Net income swung to a $70.8 million profit, while NAREIT FFO per diluted share climbed from $1.26 to $1.76.

Balance sheet metrics look conservative for a growth phase. Consolidated indebtedness was $1.54 billion with Net-Debt-to-Annualized Adjusted EBITDA of 3.4x and roughly $1.14 billion of liquidity as of December 31, 2025. More than $950 million of 2025 acquisitions and a $178 million development pipeline underpin future cash flows.

Guidance for full-year 2026 points to continued expansion: NFFO per diluted share of $1.99–$2.05 versus $1.72 in 2025 and total portfolio same-store NOI growth of 7–11%, led by SHOP’s projected 15–19%. Actual outcomes will depend on execution, cost control, and the long-term care demand environment outlined in the company’s materials.

false 0001632970 0001632970 2026-02-26 2026-02-26

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 26, 2026

American Healthcare REIT, Inc.

(Exact name of Registrant as Specified in Its Charter)

Maryland		001-41951		47-2887436
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

18191 Von Karman Avenue, Suite 300
Irvine, California				92612
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 949 270-9200

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.01 par value per share		AHR		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 26, 2026, we issued an earnings release announcing our financial position as of December 31, 2025 and our results for the quarter and year then ended. A copy of the earnings release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

Item 7.01 Regulation FD Disclosure.

On February 26, 2026, we released certain supplemental data for the quarter and year ended December 31, 2025. A copy of the supplemental data is attached hereto as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference herein.

The information contained in Items 2.02 and 7.01 hereof, including Exhibits 99.1 and 99.2 incorporated by reference herein, is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by the specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
99.1		American Healthcare REIT, Inc. Earnings Release, dated February 26, 2026
99.2		American Healthcare REIT, Inc. Fourth Quarter 2025 Supplemental
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						American Healthcare REIT, Inc.
Date:  February 26, 2026				By:		/s/ Jeffrey T. Hanson
						Jeffrey T. Hanson, Interim Chief Executive Officer and President

Exhibit 99.1

Press Release

Irvine, CA – February 26, 2026 Contact: Alan Peterson Email: investorrelations@ahcreit.com

American Healthcare REIT (“AHR”) Announces Fourth Quarter 2025 and Full Year 2025 Results;

Issues Full Year 2026 Guidance

American Healthcare REIT, Inc. (NYSE: AHR) (the “Company,” “we,” “our,” “management,” “us,” or “AHR”) is announcing today its fourth quarter and full year 2025 results and issuing full year 2026 guidance.

Key Highlights:

• Reported GAAP net income attributable to controlling interest of $10.8 million, or $0.06 per diluted share, for the three months ended December 31, 2025; and GAAP net income attributable to controlling interest of $69.8 million, or $0.42 per diluted share, for the year ended December 31, 2025.

• Reported Normalized Funds from Operations attributable to common stockholders (“NFFO”) of $0.46 and $1.72 per diluted share for the three months and year ended December 31, 2025, respectively.

• Achieved total portfolio Same-Store Net Operating Income (“NOI”) growth of 11.8% and 14.2% for the three months and year ended December 31, 2025, respectively, compared to the same periods in 2024.

• Achieved Same-Store NOI growth of 24.6% and 14.0% for the three months ended December 31, 2025, from its senior housing operating properties (“SHOP”) and integrated senior health campuses (“ISHC”) segments, respectively, compared to the same period in 2024. Achieved Same-Store NOI growth of 25.2% and 18.4% for the year ended December 31, 2025, from its SHOP and ISHC segments, respectively, compared to the same period in 2024.

• During the year ended December 31, 2025, the Company purchased over $950 million of new investments within its ISHC and SHOP segments. All of the assets acquired are operated by the Company’s trusted regional operating partners, who continue to support AHR’s mission of providing and facilitating high-quality care and health outcomes for residents.

• During the three months ended December 31, 2025, the Company issued 6,474,000 shares of common stock to settle sales under previously announced forward sale agreements for gross proceeds of approximately $275.1 million through its at-the-market equity offering program (“ATM Program”). The Company also issued an additional 659,504 shares of common stock for gross proceeds of approximately $32.5 million through its ATM Program. Additionally, during the three months ended December 31, 2025 and thereafter through January 16, 2026, the Company entered into new forward sale agreements pursuant to its ATM Program to sell 7,454,289 shares of common stock for approximately $361.7 million in gross proceeds.

• Completed a forward follow-on common equity offering in November 2025, entering into forward sale agreements relating to 9,315,000 shares of common stock for approximately $447.1 million in gross proceeds with settlement dates of no later than May 20, 2027.

• Reported a 0.1x improvement to Net Debt-to-Annualized Adjusted EBITDA from 3.5x as of September 30, 2025 to 3.4x as of December 31, 2025.

• The Company is issuing total portfolio Same-Store NOI growth guidance of 7.0% to 11.0% and NFFO per diluted share guidance of $1.99 to $2.05 for the year ending December 31, 2026.

Page | 1

Fourth Quarter 2025 and Full Year 2025 Results

The Company’s Same-Store NOI growth results for the three months and year ended December 31, 2025 are detailed below. Same-Store NOI growth in the fourth quarter of 2025, compared to the same period in 2024, was led by the Company’s operating portfolio, comprised of its ISHC and SHOP segments, through disciplined revenue management, increased occupancy, strong rate growth and effective expense control by its regional operating partners.

Three Months Ended December 31, 2025 Relative to Three Months Ended December 31, 2024

Segment		Same-Store NOI Growth
ISHC			14.0	%
Outpatient Medical			2.2	%
SHOP			24.6	%
Triple-Net Leased Properties			1.8	%
Total Portfolio			11.8	%

Year Ended December 31, 2025 Relative to Year Ended December 31, 2024

Segment		Same-Store NOI Growth
ISHC			18.4	%
Outpatient Medical			2.1	%
SHOP			25.2	%
Triple-Net Leased Properties			0.5	%
Total Portfolio			14.2	%

“2025 marked our second consecutive year with double-digit total portfolio Same-Store NOI growth as we continue to benefit from the unprecedented demand-and-supply fundamentals in the long-term care industry,” said Gabe Willhite, the Company’s Chief Operating Officer. “As we enter the new year, we remain focused and steadfast on establishing best-in-class revenue management practices across our operating portfolio, leveraging the platform we continue to invest in with Trilogy Management Services. Additionally, at these higher levels of occupancies, we continue to benefit from operating leverage from each new move-in, which should help us achieve another year of double-digit Same-Store NOI growth within our ISHC and SHOP segments.”

Transactional Activity

As previously announced, during the year ended December 31, 2025, the Company completed over $950 million of acquisitions across its operating portfolio, including approximately $370.0 million within its ISHC segment and approximately $590.0 million within its SHOP segment. These investments were made in collaboration with the Company’s trusted operating partners.

During the three months ended December 31, 2025, the Company also sold two Non-Core Properties for gross proceeds of approximately $3.9 million.

Subsequent to the year ended December 31, 2025, the Company:

• Acquired five new SHOP assets for approximately $117.5 million. The properties are located in California and Missouri, and all will be managed and operated by the Company’s existing regional operating partners.

Following the Company’s completed transaction activity during the three months ended December 31, 2025 and subsequent to quarter end, the Company has over $230 million of awarded deals in its investments pipeline, including newly awarded deals and deals previously disclosed in the Company’s Third Quarter 2025 Earnings Release that have yet to close. While the Company expects to close the deals in its investments pipeline by the end of 2026, it cannot guarantee when or if these closings will take place. Therefore, the Company is not including any additional transaction activity, including the awarded deals in its investments pipeline, in its 2026 guidance, beyond the transactions disclosed as completed in this section.

Page | 2

Development Activity

The Company’s total in-process development and expansion pipeline is expected to cost approximately $178.0 million, of which $66.9 million had been funded as of December 31, 2025.

Capital Markets and Balance Sheet Activity

As of December 31, 2025, the Company had total consolidated indebtedness of $1.54 billion and approximately $1.14 billion of total liquidity, comprised of cash and cash equivalents, undrawn capacity on its lines of credit, and unsettled forward sale agreements. The Company’s Net-Debt-to-Annualized Adjusted EBITDA as of December 31, 2025, was 3.4x.

During the three months ended December 31, 2025, the Company issued 6,474,000 shares of common stock to settle sales under previously disclosed forward sale agreements for gross proceeds of approximately $275.1 million pursuant to its ATM Program. Additionally, the Company raised approximately $32.5 million in gross proceeds through direct issuances of 659,504 shares of its common stock under its ATM Program. Further, during the three months ended December 31, 2025, and subsequent to quarter end, the Company entered into new forward sale agreements under the ATM Program to issue 7,454,289 shares of common stock for approximately $361.7 million of gross proceeds.

The Company also completed a forward equity follow-on offering in November 2025, entering into new forward sale agreements to issue 9,315,000 shares of common stock for gross proceeds of approximately $447.1 million by no later than May 20, 2027.

As of February 26, 2026, under its ATM Program and in connection with its November 2025 follow-on common equity offering, the Company had entered into forward sale agreements relating to 5,910,853 shares of common stock that remain unsettled and would result in approximately $287.2 million in gross proceeds assuming full physical settlement.

“We achieved over 20% NFFO per share growth in 2025 compared to the prior year, marking a record year for AHR,” said Brian Peay, the Company’s Chief Financial Officer. “Looking ahead at 2026, we anticipate continued Same-Store NOI growth throughout our portfolio, which we expect will enable us to deliver another year of double-digit NFFO per share increases. We expect this growth to be led, once again, by our SHOP segment, which has been our fastest growing segment over the last two years and now is the second largest segment of our portfolio. We continue to source attractive equity capital under our ATM Program, which, in combination with our opportunistic follow-on common equity offering completed in November 2025, has allowed us to fully match fund all of our recent acquisitions and our in-process development pipeline.”

Full Year 2026 Guidance

The Company is issuing guidance for the year ending December 31, 2026. The Company’s 2026 guidance does not assume any additional transaction or capital markets activity beyond the transactions or activity disclosed herein as completed. Guidance ranges are detailed below:

		Full Year 2026 Guidance				Full Year 2025 Results
Metric		Midpoint		FY 2026 Range
Net income per diluted share		$0.78		$0.75 to $0.81		$0.42
NAREIT FFO per diluted share		$1.96		$1.93 to $1.99		$1.76
NFFO per diluted share		$2.02		$1.99 to $2.05		$1.72
Total Portfolio SS NOI Growth		9.0%		7.0% to 11.0%		14.2%
Segment-Level SS NOI Growth:
ISHC		10.0%		8.0% to 12.0%		18.4%
SHOP		17.0%		15.0% to 19.0%		25.2%
Outpatient Medical		1.0%		0.0% to 2.0%		2.1%
Triple-Net Leased Properties		2.5%		2.0% to 3.0%		0.5%

Page | 3

Certain of the assumptions underlying the Company’s 2026 guidance can be found within the Non-GAAP reconciliations in this earnings release and in the appendix of the Company’s Fourth Quarter 2025 Supplemental Financial Information (“Supplemental”). A reconciliation of net income (loss) calculated in accordance with GAAP to NAREIT FFO and NFFO can be found within the Non-GAAP reconciliations in this earnings release. Non-GAAP financial measures and other terms, as used in this earnings release, are also defined and further explained in the Supplemental. The Company is unable to provide, without unreasonable effort, guidance for the most comparable GAAP financial measures of total revenues and property operating and maintenance expenses. Additionally, a reconciliation of the forward-looking Non-GAAP financial measures of Same-Store NOI growth to the comparable GAAP financial measures cannot be provided without unreasonable effort because the Company is unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of the Company’s ongoing operations. Such items include, but are not limited to, impairment on depreciated real estate assets, net gain or loss on sale of real estate assets, stock-based compensation, casualty loss, non-Same-Store revenue and non-Same-Store operating expenses. These items are uncertain, depend on various factors and could have a material impact on the Company’s GAAP results for the guidance period.

Distributions

As previously announced, the Company’s Board of Directors declared a cash distribution for the quarter ended December 31, 2025 of $0.25 per share of its common stock. The fourth quarter distribution was paid in cash on January 16, 2026, to stockholders of record as of December 31, 2025.

Supplemental Information

The Company has disclosed supplemental information regarding its portfolio, financial position and results of operations as of, and for the three months and year ended, December 31, 2025, and certain other information, which is available on the Investor Relations section of the Company’s website at https://ir.americanhealthcarereit.com.

Conference Call and Webcast Information

The Company will host a webcast and conference call at 1:00 p.m. Eastern Time on February 27, 2026. During the conference call, Company executives will review fourth quarter 2025 results, discuss recent events and conduct a question-and-answer period.

To join via webcast, investors may use the following link: https://events.q4inc.com/attendee/845972584.

To join the live telephone conference call, please dial one of the following numbers at least five minutes prior to the start time:

North America -Toll-Free: (800) 715-9871

International Toll: +1 (646) 307-1963

Conference ID: 2930459

A digital replay of the call will be available on the Investor Relations section of the Company’s website at https://ir.americanhealthcarereit.com shortly after the conclusion of the call.

Forward-Looking Statements

Certain statements contained in this press release, including statements relating to the Company’s 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 attributable to common stockholders and per diluted share, total portfolio Same-Store NOI growth, segment-level Same-Store NOI growth, occupancy, NOI growth, revenue growth, purchases and sales of assets, development plans, and the settlement of forward sale agreements may be considered 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. The Company intends for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in those acts. Such forward-looking statements generally can be identified by the use of forward-looking terminology, such as “may,” “will,” “can,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “possible,” “initiatives,” “focus,” “seek,” “objective,” “goal,” “strategy,” “plan,” “potential,” “potentially,” “preparing,” “projected,” “future,” “long-term,” “once,” “should,” “could,” “would,” “might,” “uncertainty” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Any such forward-looking statements are based on current expectations, estimates and

Page | 4

projections about the industry and markets in which the Company operates, and beliefs of, and assumptions made by, the Company’s management and involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied therein, including, without limitation, changing macroeconomic conditions, domestic legal and fiscal policies, and geopolitical conditions and other risks disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 28, 2025, and subsequent periodic reports filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statements contained in this release.

Non-GAAP Financial Measures

The Company’s reported results are presented in accordance with GAAP. The Company also discloses the following non-GAAP financial measures: EBITDA, Adjusted EBITDA, Net Debt-to-Annualized Adjusted EBITDA, NAREIT FFO, NFFO, NOI and Same-Store NOI. The Company believes these non-GAAP financial measures are useful supplemental measures of its operating performance and used by investors and analysts to compare the operating performance of the Company between periods and to other REITs or companies on a consistent basis without having to account for differences caused by unanticipated and/or incalculable items. Definitions of the non-GAAP financial measures used herein and reconciliations to the most directly comparable financial measure calculated in accordance with GAAP can be found at the end of this earnings release. See below and “Definitions” for further information regarding the Company’s non-GAAP financial measures.

EBITDA and Adjusted EBITDA

Management uses earnings before interest, taxes, depreciation and amortization (“EBITDA”) and Adjusted EBITDA to facilitate internal and external comparisons to our historical operating results and in making operating decisions. EBITDA and Adjusted EBITDA are widely used by investors, lenders, credit and equity analysts in the valuation, comparison, and investment recommendations of companies. Additionally, EBITDA and Adjusted EBITDA are utilized by our Board of Directors to evaluate management. Neither EBITDA nor Adjusted EBITDA represents net income (loss) or cash flows provided by operating activities as determined in accordance with GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the EBITDA and Adjusted EBITDA may not be comparable to similarly entitled items reported by other REITs or other companies. In addition, management uses Net Debt-to-Annualized Adjusted EBITDA as a measure of our ability to service our debt.

NAREIT Funds from Operations (FFO) and Normalized Funds from Operations (NFFO)

We believe that the use of FFO, which excludes the impact of real estate-related depreciation and amortization and impairments, provides a further understanding of our operating performance to investors, industry analysts and our management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses and interest costs, which may not be immediately apparent from net income (loss) as determined in accordance with GAAP. However, FFO and NFFO should not be construed to be (i) more relevant or accurate than the current GAAP methodology in calculating net income (loss) as an indicator of our operating performance, (ii) more relevant or accurate than GAAP cash flows from operations as an indicator of our liquidity or (iii) indicative of funds available to fund our cash needs, including our ability to make distributions to our stockholders. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the Non-GAAP FFO and NFFO measures and the adjustments to GAAP in calculating FFO and NFFO. Presentation of this information is intended to provide useful information to investors, industry analysts and management as they compare the operating performance metrics used by the REIT industry, although it should be noted that some REITs may use different methods of calculating funds from operations and normalized funds from operations, so comparisons with such REITs may not be meaningful.

Net Operating Income (NOI)

We believe that NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI are appropriate supplemental performance measures to reflect the performance of our operating assets because NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI exclude certain items that are not associated with the operations of the properties. We believe that NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI are widely accepted measures of comparative

Page | 5

operating performance in the real estate community and are useful to investors in understanding the profitability and operating performance of our property portfolio. However, our use of the terms NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing these amounts.

NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI are not equivalent to our net income (loss) as determined under GAAP and may not be a useful measure in measuring operational income or cash flows. Furthermore, NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should not be considered as alternatives to net income (loss) as an indication of our operating performance or as an alternative to cash flows from operations as an indication of our liquidity. NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should not be construed to be more relevant or accurate than the GAAP methodology in calculating net income (loss). NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should be reviewed in conjunction with other measurements as an indication of our performance.

About American Healthcare REIT, Inc.

American Healthcare REIT, Inc. (NYSE: AHR) is a real estate investment trust that acquires, owns and operates a diversified portfolio of clinical healthcare real estate, focusing primarily on senior housing communities, skilled nursing facilities, and outpatient medical buildings across the United States, and in the United Kingdom and the Isle of Man.

Page | 6

AMERICAN HEALTHCARE REIT, INC.

CONSOLIDATED BALANCE SHEETS

As of December 31, 2025 and 2024

(In thousands, except share and per share amounts) (Unaudited)

		December 31,
		2025				2024
ASSETS
Real estate investments, net		$	4,183,419			$	3,366,648
Debt security investment, net			92,136				91,264
Cash and cash equivalents			114,836				76,702
Restricted cash			36,917				46,599
Accounts and other receivables, net			204,313				211,104
Identified intangible assets, net			253,236				161,473
Goodwill			234,942				234,942
Operating lease right-of-use assets, net			135,399				163,987
Other assets, net			171,028				135,338
Total assets		$	5,426,226			$	4,488,057
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgage loans payable, net		$	966,925			$	982,071
Lines of credit and term loan, net			549,761				688,534
Accounts payable and accrued liabilities			317,742				258,324
Identified intangible liabilities, net			2,110				3,001
Financing obligations			33,902				34,870
Operating lease liabilities			135,603				165,239
Security deposits, prepaid rent and other liabilities			59,568				51,856
Total liabilities			2,065,611				2,183,895
Commitments and contingencies
Redeemable noncontrolling interests			—				220
Equity:
Stockholders’ equity:
Preferred stock, $0.01 par value per share; 200,000,000 shares authorized; none issued and outstanding			—				—
Common Stock, $0.01 par value per share; 700,000,000 shares authorized; 185,911,442 and 157,446,697 shares issued and outstanding as of December 31, 2025 and 2024, respectively			1,852				1,564
Additional paid-in capital			4,880,169				3,720,268
Accumulated deficit			(1,559,279	)			(1,458,089	)
Accumulated other comprehensive loss			(2,104	)			(2,512	)
Total stockholders’ equity			3,320,638				2,261,231
Noncontrolling interests			39,977				42,711
Total equity			3,360,615				2,303,942
Total liabilities, redeemable noncontrolling interests and equity		$	5,426,226			$	4,488,057

Page | 7

AMERICAN HEALTHCARE REIT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Three Months and Years Ended December 31, 2025 and 2024

(In thousands, except share and per share amounts) (Unaudited)

		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Revenues:
Resident fees and services		$	563,987			$	496,833			$	2,094,506			$	1,883,798
Real estate revenue			40,093				45,907				165,617				186,870
Total revenues			604,080				542,740				2,260,123				2,070,668
Expenses:
Property operating expenses			480,293				430,572				1,793,531				1,653,893
Rental expenses			12,207				13,039				51,432				53,239
General and administrative			16,529				12,064				58,735				47,559
Transaction, transition and restructuring costs			3,295				807				5,103				7,141
Depreciation and amortization			55,323				46,915				187,559				179,192
Total expenses			567,647				503,397				2,096,360				1,941,024
Other income (expense):
Interest expense:
Interest expense, net			(19,806	)			(30,301	)			(85,775	)			(127,730	)
Gain (loss) in fair value of derivative financial instruments			179				3,192				(1,034	)			1,030
(Loss) gain on dispositions of real estate investments, net			(621	)			2,956				(2,965	)			5,213
Impairment of real estate investments			(11,802	)			(45,755	)			(49,935	)			(45,755	)
Income (loss) from unconsolidated entities			657				(2,505	)			(1,967	)			(6,868	)
Gain on re-measurement of previously held equity interest			—				—				14,580				—
Foreign currency (loss) gain			(6	)			(3,119	)			3,175				(774	)
Other income, net			3,491				4,246				8,805				11,353
Total net other expense			(27,908	)			(71,286	)			(115,116	)			(163,531	)
Income (loss) before income taxes			8,525				(31,943	)			48,647				(33,887	)
Income tax benefit (expense)			2,415				(486	)			22,171				(1,713	)
Net income (loss)			10,940				(32,429	)			70,818				(35,600	)
Net (income) loss attributable to noncontrolling interests			(165	)			656				(1,012	)			(2,212	)
Net income (loss) attributable to controlling interest		$	10,775			$	(31,773	)		$	69,806			$	(37,812	)
Net income (loss) per share of Common Stock, Class T common stock and Class I common stock attributable to controlling interest:
Basic		$	0.06			$	(0.21	)		$	0.42			$	(0.29	)
Diluted		$	0.06			$	(0.21	)		$	0.42			$	(0.29	)
Weighted average number of shares of Common Stock, Class T common stock and Class I common stock outstanding:
Basic			177,530,237				153,702,650				166,055,466				130,637,539
Diluted			178,393,070				153,702,650				166,849,603				130,637,539
Net income (loss)		$	10,940			$	(32,429	)		$	70,818			$	(35,600	)
Other comprehensive income (loss):
Foreign currency translation adjustments			10				(359	)			408				(87	)
Total other comprehensive income (loss)			10				(359	)			408				(87	)
Comprehensive income (loss)			10,950				(32,788	)			71,226				(35,687	)
Comprehensive (income) loss attributable to noncontrolling interests			(165	)			656				(1,012	)			(2,212	)
Comprehensive income (loss) attributable to controlling interest		$	10,785			$	(32,132	)		$	70,214			$	(37,899	)

Page | 8

AMERICAN HEALTHCARE REIT, INC.

NAREIT FFO and Normalized FFO Reconciliation

For the Three Months and Years Ended December 31, 2025 and 2024

(In thousands, except share and per share amounts) (Unaudited)

		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Net income (loss)		$	10,940			$	(32,429	)		$	70,818			$	(35,600	)
Depreciation and amortization related to real estate — consolidated properties			55,257				46,877				187,237				179,040
Depreciation and amortization related to real estate — unconsolidated entities			16				504				1,034				1,186
Impairment of real estate investments — consolidated properties			11,802				45,755				49,935				45,755
Loss (gain) on dispositions of real estate investments, net — consolidated properties			621				(2,956	)			2,965				(5,213	)
Gain on re-measurement of previously held equity interest			—				—				(14,580	)			—
Net (income) loss attributable to noncontrolling interests			(165	)			656				(1,012	)			(2,212	)
Depreciation, amortization, impairments, net gain/loss on dispositions and gain on re-measurement —noncontrolling interests			(847	)			(1,986	)			(3,063	)			(17,851	)
NAREIT FFO attributable to controlling interest		$	77,624			$	56,421			$	293,334			$	165,105
Transaction, transition and restructuring costs		$	3,295			$	807			$	5,103			$	7,141
Amortization of above- and below-market leases			323				415				1,386				1,692
Amortization of closing costs — debt security investment			12				86				72				324
Change in deferred rent			(727	)			(668	)			(2,604	)			(2,411	)
Non-cash impact of changes to equity instruments			5,451				2,037				14,621				9,367
Capitalized interest			(641	)			(73	)			(1,484	)			(334	)
Loss on debt and derivative extinguishments			46				3,530				1,830				5,382
(Gain) loss in fair value of derivative financial instruments			(179	)			(3,192	)			1,034				(1,030	)
Foreign currency loss (gain)			6				3,119				(3,175	)			774
Non-cash income tax benefit			(2,298	)			—				(23,699	)			—
Adjustments for unconsolidated entities			—				(1	)			4				(320	)
Adjustments for noncontrolling interests			(72	)			(85	)			67				(768	)
Normalized FFO attributable to controlling interest		$	82,840			$	62,396			$	286,489			$	184,922
NAREIT FFO and Normalized FFO weighted average common share outstanding — diluted			178,393,070				154,449,288				166,849,603				131,211,731
NAREIT FFO per common share attributable to controlling interest — diluted		$	0.44			$	0.37			$	1.76			$	1.26
Normalized FFO per common share attributable to controlling interest — diluted		$	0.46			$	0.40			$	1.72			$	1.41

Page | 9

AMERICAN HEALTHCARE REIT, INC.

Adjusted EBITDA Reconciliation

For the Three Months Ended December 31, 2025

(In thousands) (Unaudited)

Net income		$	10,940
Interest expense, net (including amortization of deferred financing costs, debt discount/premium and loss on debt extinguishments)			19,806
Income tax benefit			(2,415	)
Depreciation and amortization (including amortization of leased assets and accretion of lease liabilities)			55,786
EBITDA			84,117
Income from unconsolidated entities			(657	)
Straight line rent and amortization of above/below market leases			(867	)
Non-cash impact of changes to equity instruments			5,451
Transaction, transition and restructuring costs			3,295
Loss on dispositions of real estate investments, net			621
Amortization of closing costs — debt security investment			12
Foreign currency loss			6
Gain in fair value of derivative financial instruments			(179	)
Impairment of real estate investments			11,802
Non-recurring one-time items			(863	)
Adjusted EBITDA		$	102,738

Page | 10

AMERICAN HEALTHCARE REIT, INC.

NOI and Cash NOI Reconciliation

For the Three Months and Years Ended December 31, 2025 and 2024

(In thousands) (Unaudited)

		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Net income (loss)		$	10,940			$	(32,429	)		$	70,818			$	(35,600	)
General and administrative			16,529				12,064				58,735				47,559
Transaction, transition and restructuring costs			3,295				807				5,103				7,141
Depreciation and amortization			55,323				46,915				187,559				179,192
Interest expense			19,806				30,301				85,775				127,730
(Gain) loss in fair value of derivative financial instruments			(179	)			(3,192	)			1,034				(1,030	)
Loss (gain) on dispositions of real estate investments, net			621				(2,956	)			2,965				(5,213	)
Impairment of real estate investments			11,802				45,755				49,935				45,755
(Income) loss from unconsolidated entities			(657	)			2,505				1,967				6,868
Gain on re-measurement of previously held equity interest			—				—				(14,580	)			—
Foreign currency loss (gain)			6				3,119				(3,175	)			774
Other income, net			(3,491	)			(4,246	)			(8,805	)			(11,353	)
Income tax (benefit) expense			(2,415	)			486				(22,171	)			1,713
Net operating income			111,580				99,129				415,160				363,536
Straight line rent			(793	)			(672	)			(3,079	)			(3,234	)
Facility rental expense			6,849				7,642				28,656				31,989
Other non-cash adjustments			163				158				680				1,187
Cash NOI from dispositions			27				(2,508	)			(689	)			(2,508	)
Cash NOI attributable to noncontrolling interests (1)			(250	)			(271	)			(1,008	)			(1,002	)
Cash NOI		$	117,576			$	103,478			$	439,720			$	389,968

(1) All periods are based upon current quarter’s ownership percentage.

Page | 11

AMERICAN HEALTHCARE REIT, INC.

Same-Store Revenue Reconciliation

For the Three Months and Years Ended December 31, 2025 and 2024

(In thousands) (Unaudited)

		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
ISHC
GAAP revenue		$	467,027			$	423,290			$	1,763,935			$	1,619,812
Cash revenue from dispositions			—				(1,774	)			(2,681	)			(1,774	)
Cash revenue (1)			467,027				421,516				1,761,254				1,618,038
Revenue attributable to new acquisitions/dispositions/other (1)			(127,817	)			(105,457	)			(440,054	)			(407,681	)
Revenue attributable to Non-Core Properties (1)			—				(3,627	)			(3,855	)			(14,138	)
Other normalizing revenue adjustments (1)			—				—				—				(1,236	)
Same-Store revenue (1)		$	339,210			$	312,432			$	1,317,345			$	1,194,983
Outpatient Medical
GAAP revenue		$	30,449			$	33,276			$	126,078			$	134,740
Straight line rent			(363	)			(134	)			(1,038	)			(568	)
Other non-cash adjustments			(356	)			(399	)			(1,410	)			(1,113	)
Cash revenue from dispositions			(172	)			(304	)			(1,059	)			(304	)
Cash revenue			29,558				32,439				122,571				132,755
Revenue attributable to dispositions			1				—				1				(3,029	)
Revenue attributable to Non-Core Properties			(566	)			(3,910	)			(6,737	)			(16,433	)
Same-Store revenue		$	28,993			$	28,529			$	115,835			$	113,293
SHOP
GAAP revenue		$	96,960			$	73,543			$	330,571			$	263,986
Cash revenue from dispositions			—				—				(166	)			—
Cash revenue attributable to noncontrolling interests (2)			(276	)			(272	)			(1,100	)			(1,041	)
Cash revenue (2)			96,684				73,271				329,305				262,945
Revenue attributable to new acquisitions/dispositions			(38,281	)			(18,916	)			(101,160	)			(53,310	)
Revenue attributable to development conversion			(897	)			(491	)			(3,152	)			(1,587	)
Revenue attributable to Non-Core Properties			(532	)			(1,044	)			(3,348	)			(3,745	)
Other normalizing revenue adjustments			—				(94	)			—				80
Same-Store revenue (2)		$	56,974			$	52,726			$	221,645			$	204,383
Triple-Net Leased Properties
GAAP revenue		$	9,644			$	12,631			$	39,539			$	52,130
Straight line rent			(430	)			(538	)			(2,041	)			(2,666	)
Other non-cash adjustments			200				220				824				859
Cash revenue from dispositions			—				(1,910	)			(25	)			(1,910	)
Cash revenue attributable to noncontrolling interest (2)			(194	)			(190	)			(769	)			(752	)
Cash revenue			9,220				10,213				37,528				47,661
Debt security investment			(1,167	)			(2,117	)			(4,976	)			(8,690	)
Revenue attributable to dispositions			—				—				—				(6,507	)
Revenue attributable to Non-Core Properties			(157	)			(273	)			(679	)			(1,227	)
Other normalizing revenue adjustments			—				—				(522	)			—
Same-Store revenue		$	7,896			$	7,823			$	31,351			$	31,237

Page | 12

AMERICAN HEALTHCARE REIT, INC.

Same-Store Revenue Reconciliation - (Continued)

For the Three Months and Years Ended December 31, 2025 and 2024

(In thousands) (Unaudited)

		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Total Portfolio
GAAP revenue		$	604,080			$	542,740			$	2,260,123			$	2,070,668
Straight line rent			(793	)			(672	)			(3,079	)			(3,234	)
Other non-cash adjustments			(156	)			(179	)			(586	)			(254	)
Cash revenue from dispositions			(172	)			(3,988	)			(3,931	)			(3,988	)
Cash revenue attributable to noncontrolling interests (2)			(470	)			(462	)			(1,869	)			(1,793	)
Cash revenue (1) (2)			602,489				537,439				2,250,658				2,061,399
Debt security investment			(1,167	)			(2,117	)			(4,976	)			(8,690	)
Revenue attributable to new acquisitions/dispositions/other (1)			(166,097	)			(124,373	)			(541,213	)			(470,527	)
Revenue attributable to development conversion			(897	)			(491	)			(3,152	)			(1,587	)
Revenue attributable to Non-Core Properties (1)			(1,255	)			(8,854	)			(14,619	)			(35,543	)
Other normalizing revenue adjustments (1)			—				(94	)			(522	)			(1,156	)
Same-Store revenue (1) (2)		$	433,073			$	401,510			$	1,686,176			$	1,543,896

(1) Prior periods’ information is presented to reflect the increase in ownership to 100% in the Company’s ISHC segment effective September 2024.

(2) All periods are based upon current quarter’s ownership percentage.

Page  | 13

AMERICAN HEALTHCARE REIT, INC.

Same-Store NOI Reconciliation

For the Three Months and Years Ended December 31, 2025 and 2024

(In thousands) (Unaudited)

		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
ISHC
NOI		$	62,897			$	53,586			$	237,002			$	189,273
Facility rental expense			6,849				7,642				28,656				31,989
Cash NOI from dispositions			—				(341	)			(472	)			(341	)
Cash NOI (1)			69,746				60,887				265,186				220,921
New acquisitions/dispositions/other (1)			(5,436	)			(4,013	)			(17,092	)			(9,832	)
Non-Core Properties (1)			—				(461	)			(563	)			(2,042	)
Other normalizing adjustments (1)			—				—				1,044				974
Same-Store NOI (1)		$	64,310			$	56,413			$	248,575			$	210,021
Outpatient Medical
NOI		$	18,717			$	20,800			$	77,416			$	83,855
Straight line rent			(363	)			(134	)			(1,038	)			(568	)
Other non-cash adjustments			(55	)			(81	)			(217	)			252
Cash NOI from dispositions			23				(261	)			(309	)			(261	)
Cash NOI			18,322				20,324				75,852				83,278
Dispositions			—				—				—				(2,119	)
Non-Core Properties			(99	)			(2,160	)			(2,607	)			(9,113	)
Other normalizing adjustments			337				—				337				—
Same-Store NOI		$	18,560			$	18,164			$	73,582			$	72,046
SHOP
NOI		$	20,797			$	12,675			$	63,973			$	40,632
Cash NOI from dispositions			4				—				92				—
Cash NOI attributable to noncontrolling interests (2)			(57	)			(80	)			(242	)			(250	)
Cash NOI (2)			20,744				12,595				63,823				40,382
New acquisitions/dispositions			(8,661	)			(3,156	)			(19,397	)			(6,960	)
Development conversion			301				576				1,281				2,290
Non-Core Properties			17				31				457				536
Other normalizing adjustments			—				(94	)			325				877
Same-Store NOI (2)		$	12,401			$	9,952			$	46,489			$	37,125
Triple-Net Leased Properties
NOI		$	9,169			$	12,068			$	36,769			$	49,776
Straight line rent			(430	)			(538	)			(2,041	)			(2,666	)
Other non-cash adjustments			218				239				897				935
Cash NOI from dispositions			—				(1,906	)			—				(1,906	)
Cash NOI attributable to noncontrolling interest (2)			(193	)			(191	)			(766	)			(752	)
Cash NOI			8,764				9,672				34,859				45,387
Debt security investment			(1,167	)			(2,117	)			(4,976	)			(8,690	)
Dispositions			—				—				—				(6,454	)
Non-Core Properties			(157	)			(248	)			(618	)			(1,120	)
Same-Store NOI		$	7,440			$	7,307			$	29,265			$	29,123

Page | 14

AMERICAN HEALTHCARE REIT, INC.

Same-Store NOI Reconciliation - (Continued)

For the Three Months and Years Ended December 31, 2025 and 2024

(In thousands) (Unaudited)

		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Total Portfolio
NOI		$	111,580			$	99,129			$	415,160			$	363,536
Straight line rent			(793	)			(672	)			(3,079	)			(3,234	)
Facility rental expense			6,849				7,642				28,656				31,989
Other non-cash adjustments			163				158				680				1,187
Cash NOI from dispositions			27				(2,508	)			(689	)			(2,508	)
Cash NOI attributable to noncontrolling interests (2)			(250	)			(271	)			(1,008	)			(1,002	)
Cash NOI (1) (2)			117,576				103,478				439,720				389,968
Debt security investment			(1,167	)			(2,117	)			(4,976	)			(8,690	)
New acquisitions/dispositions/other (1)			(14,097	)			(7,169	)			(36,489	)			(25,365	)
Development conversion			301				576				1,281				2,290
Non-Core Properties (1)			(239	)			(2,838	)			(3,331	)			(11,739	)
Other normalizing adjustments (1)			337				(94	)			1,706				1,851
Same-Store NOI (1) (2)		$	102,711			$	91,836			$	397,911			$	348,315

(1) Prior periods’ information is presented to reflect the increase in ownership to 100% in the Company’s ISHC segment effective September 2024.

(2) All periods are based upon current quarter’s ownership percentage.

Page  | 15

AMERICAN HEALTHCARE REIT, INC.

Earnings Guidance Reconciliation

For the Year Ending December 31, 2026

(Dollars and shares in millions, except per share amounts) (Unaudited)

		Full Year 2026 Guidance
		Low				High
Net income attributable to common stockholders		$	142.40			$	153.49
Depreciation and amortization (1)			225.90				225.90
NAREIT FFO attributable to common stockholders		$	368.30			$	379.39
Amortization of other intangible assets/liabilities (1)			1.30				1.30
Change in deferred rent (1)			(2.90	)			(2.90	)
Non-cash impact of changes to equity plan (1) (2)			15.40				15.40
Other adjustments (1) (3)			(2.20	)			(2.20	)
Normalized FFO attributable to common stockholders		$	379.90			$	390.99
Net income per common share — diluted		$	0.75			$	0.81
NAREIT FFO per common share — diluted		$	1.93			$	1.99
Normalized FFO per common share — diluted		$	1.99			$	2.05
NAREIT FFO and Normalized FFO weighted average shares — diluted			190.6				190.6
Total Portfolio Same-Store NOI growth			7.0	%			11.0	%
Segment-Level Same-Store NOI growth:
ISHC			8.0	%			12.0	%
SHOP			15.0	%			19.0	%
Outpatient Medical			0.0	%			2.0	%
Triple-Net Leased Properties			2.0	%			3.0	%

(1) Amounts presented net of noncontrolling interests’ share and AHR’s share of unconsolidated entities.

(2) Amounts represent amortization of equity compensation and fair value adjustments to performance-based equity compensation.

(3) Includes adjustments for capitalized interest, transaction, transition and restructuring costs, and additional items as noted in the Company’s definition of NFFO.

Page | 16

Definitions

Adjusted EBITDA: EBITDA excluding the impact of income or loss from unconsolidated entities, straight line rent and amortization of above/below market leases, non-cash stock-based compensation expense, transaction, transition and restructuring costs, gain or loss on sales of real estate investments, unrealized foreign currency gain or loss, change in fair value of derivative financial instruments, impairments of real estate investments, impairments of intangible assets and goodwill, and non-recurring one-time items.

Annualized Adjusted EBITDA: Current period (shown as quarterly) Adjusted EBITDA multiplied by 4.

ATM Program: At-the-market equity offering program.

Cash NOI: NOI excluding the impact of, without duplication, (1) non-cash items such as straight-line rent and the amortization of lease intangibles, (2) third-party facility rent payments and (3) other items set forth in the Cash NOI reconciliation included herein. Both Cash NOI and Same-Store NOI include Pro-Rata ownership and other adjustments.

EBITDA: A Non-GAAP financial measure that is defined as earnings before interest, taxes, depreciation and amortization.

GAAP revenue: Revenue recognized in accordance with Generally Accepted Accounting Principles (“GAAP”), which includes straight line rent and other non-cash adjustments.

ISHC: Integrated senior health campuses include a range of senior care, including independent living, assisted living, memory care, skilled nursing services and certain ancillary businesses. Integrated senior health campuses are operated utilizing a RIDEA structure.

NAREIT FFO or FFO: Funds from operations attributable to controlling interest; a Non-GAAP financial measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT (the “White Paper”). The White Paper defines FFO as net income (loss) computed in accordance with GAAP, excluding gains or losses from sales of certain real estate assets, gains or losses upon consolidation of a previously held equity interest, and impairment write-downs of certain real estate assets and investments, plus depreciation and amortization related to real estate, after adjustments for unconsolidated partnerships and joint ventures. While impairment charges are excluded from the calculation of FFO as described above, investors are cautioned that impairments are based on estimated future undiscounted cash flows. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO.

Net Debt: Total long-term debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash related to debt.

NOI: Net operating income; a Non-GAAP financial measure that is defined as net income (loss), computed in accordance with GAAP, generated from properties before general and administrative expenses, transaction, transition and restructuring costs, depreciation and amortization, interest expense, gain or loss in fair value of derivative financial instruments, gain or loss on dispositions, impairments of real estate investments, impairments of intangible assets and goodwill, income or loss from unconsolidated entities, gain on re-measurement of previously held equity interest, foreign currency gain or loss, other income or expense and income tax benefit or expense.

Non-Core Properties: Assets that have been deemed not essential to generating future economic benefit or value to our day-to-day operations and/or are projected to be sold.

Normalized FFO or NFFO: FFO further adjusted for the following items included in the determination of GAAP net income (loss): transaction, transition and restructuring costs; amounts relating to changes in deferred rent and amortization of above and below-market leases (which are adjusted in order to reflect such payments from a GAAP accrual basis); the non-cash impact of changes to our equity instruments; non-cash or non-recurring income or expense; the noncash effect of income tax benefits or expenses; capitalized interest; impairments of intangible assets and goodwill; amortization of closing costs on debt investments; mark-to-market adjustments included in net income (loss); gains or losses included in net income (loss) from the extinguishment or sale of debt, hedges, foreign exchange, derivatives or securities holdings where trading of such holdings is not a fundamental attribute of the business plan; and after adjustments for consolidated and unconsolidated partnerships and joint ventures, with such adjustments calculated to reflect Normalized FFO on the same basis.

Occupancy: With respect to OM, the percentage of total rentable square feet leased and occupied, including month-to-month leases, as of the date reported. With respect to all other property types, occupancy represents average quarterly operating occupancy based on the most recent quarter of available data. The Company uses

Page | 17

unaudited, periodic financial information provided solely by tenants to calculate occupancy and has not independently verified the information. Occupancy metrics are reflected at our Pro-Rata share.

Outpatient Medical or OM: Outpatient Medical buildings.

Pro-Rata: As of December 31, 2025, we owned and/or operated six buildings through entities of which we owned between 90.0% and 90.6% of the ownership interests. Because we have a controlling interest in these entities, these entities and the properties these entities own are consolidated in our financial statements in accordance with GAAP. However, while such properties are presented in our financial statements on a consolidated basis, we are only entitled to our Pro-Rata share of the net cash flows generated by such properties. As a result, we have presented certain property information herein based on our Pro-Rata ownership interest in these entities and the properties these entities own, as of the applicable date, and not on a consolidated basis. In such instances, information is noted as being presented on a “Pro-Rata share” basis.

RevPOR: Revenue per occupied room. RevPOR is calculated as total revenue generated by occupied rooms divided by the number of occupied rooms.

RIDEA: Used to describe properties within the portfolio that utilize the RIDEA structure as described in “RIDEA structure”.

RIDEA structure: A structure permitted by the REIT Investment Diversification and Empowerment Act of 2007, pursuant to which we lease certain healthcare real estate properties to a wholly-owned taxable REIT subsidiary (“TRS”), which in turn contracts with an eligible independent contractor (“EIK”) to operate such properties for a fee. Under this structure, the EIK receives management fees, and the TRS receives revenue from the operation of the healthcare real estate properties and retains, as profit, any revenue remaining after payment of expenses (including intercompany rent paid to us and any taxes at the TRS level) necessary to operate the property. Through the RIDEA structure, in addition to receiving rental revenue from the TRS, we retain any after-tax profit from the operation of the healthcare real estate properties and benefit from any improved operational performance while bearing the risk of any decline in operating performance at the properties.

Same-Store or SS: Properties owned or consolidated the full year in both comparison years and that are not otherwise excluded. Properties are excluded from Same-Store if they are: (1) sold, classified as held for sale or properties whose operations were classified as discontinued operations in accordance with GAAP; (2) impacted by materially disruptive events, such as flood or fire for an extensive period of time; or (3) scheduled to undergo or currently undergoing major expansions/renovations or business model transitions or have transitioned business models after the start of the prior comparison period.

Same-Store NOI or SS NOI: Cash NOI for our Same-Store properties. Same-Store NOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. Both Cash NOI and Same-Store NOI include ownership and other adjustments.

SHOP: Senior housing operating properties.

Square Feet or Sq. Ft.: Net rentable square feet calculated utilizing Building Owners and Managers Association measurement standards.

Total Debt: The principal balances of the Company’s revolving credit facility, term loan and secured indebtedness as reported in the Company’s consolidated financial statements.

Trilogy: Trilogy Investors, LLC; one of our consolidated subsidiaries, in which we indirectly own a 100% interest as of December 31, 2025.

Trilogy Management Services: Trilogy Management Services, LLC, an independent third-party operator that qualifies as an eligible independent contractor and manages all of the Company’s integrated senior health campuses.

Triple-Net Leased: A lease where the tenant is responsible for making rent payments, maintaining the leased property, and paying property taxes and other expenses.

Page | 18

Exhibit 99.2

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 attributable to common stockholders and per diluted share, NOI growth, total portfolio Same-Store NOI growth, segment-level Same-Store NOI growth, occupancy, revenue growth, purchases and sales of assets, development plans, and the settlement of forward sale agreements may be considered 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. The Company intends for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in those acts. Such forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “can,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “possible,” “initiatives,” “focus,” “seek,” “objective,” “goal,” “strategy,” “plan,” “potential,” “potentially,” “preparing,” “projected,” “future,” “long-term,” “once,” “should,” “could,” “would,” “might,” “uncertainty,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this supplemental. Any such forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which the Company operates and beliefs of, and assumptions made by, the Company’s management and involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied therein, including, without limitation, changing macroeconomic conditions, domestic legal and fiscal policies, and geopolitical conditions and other risks disclosed in the Company’s periodic reports as filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement.    

Disclaimers Non-GAAP Financial Measures The Company’s reported results are presented in accordance with GAAP. The Company also discloses the following non-GAAP financial measures: EBITDA, Adjusted EBITDA, Net Debt-to-Annualized Adjusted EBITDA, NAREIT FFO, NFFO, NOI and Same-Store NOI. The Company believes these non-GAAP financial measures are useful supplemental measures of its operating performance and used by investors and analysts to compare the operating performance of the Company between periods and to other REITs or companies on a consistent basis without having to account for differences caused by unanticipated and/or incalculable items. Definitions of the non-GAAP financial measures used herein and reconciliations to the most directly comparable financial measure calculated in accordance with GAAP can be found at the end of this Supplemental. See below for further information regarding the Company’s non-GAAP financial measures. EBITDA and Adjusted EBITDA Management uses earnings before interest, taxes, depreciation and amortization (“EBITDA”) and Adjusted EBITDA to facilitate internal and external comparisons to our historical operating results and in making operating decisions. EBITDA and Adjusted EBITDA are widely used by investors, lenders, credit and equity analysts in the valuation, comparison, and investment recommendations of companies. Additionally, EBITDA and Adjusted EBITDA are utilized by our Board of Directors to evaluate management. Neither EBITDA nor Adjusted EBITDA represents net income (loss) or cash flows provided by operating activities as determined in accordance with GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, EBITDA and Adjusted EBITDA may not be comparable to similarly entitled items reported by other REITs or other companies. In addition, management uses Net Debt-to-Annualized Adjusted EBITDA as a measure of our ability to service our debt. NAREIT Funds from Operations (FFO) and Normalized Funds from Operations (NFFO) We believe that the use of FFO, which excludes the impact of real estate-related depreciation and amortization and impairments, provides a further understanding of our operating performance to investors, industry analysts and our management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses and interest costs, which may not be immediately apparent from net income (loss) as determined in accordance with GAAP. However, FFO and NFFO should not be construed to be (i) more relevant or accurate than the current GAAP methodology in calculating net income (loss) as an indicator of our operating performance, (ii) more relevant or accurate than GAAP cash flows from operations as an indicator of our liquidity or (iii) indicative of funds available to fund our cash needs, including our ability to make distributions to our stockholders. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP FFO and NFFO measures and the adjustments to GAAP in calculating FFO and NFFO. Presentation of this information is intended to provide useful information to investors, industry analysts and management as they compare the operating performance metrics used by the REIT industry, although it should be noted that some REITs may use different methods of calculating funds from operations and normalized funds from operations, so comparisons with such REITs may not be meaningful.Net Operating IncomeWe believe that NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI are appropriate supplemental performance measures to reflect the performance of our operating assets because NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI exclude certain items that are not associated with the operations of the properties. We believe that NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI are widely accepted measures of comparative operating performance in the real estate community and are useful to investors in understanding the profitability and operating performance of our property portfolio. However, our use of the terms NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing these amounts. NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI are not equivalent to our net income (loss) as determined under GAAP and may not be a useful measure in measuring operational income or cash flows. Furthermore, NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should not be considered as alternatives to net income (loss) as an indication of our operating performance or as an alternative to cash flows from operations as an indication of our liquidity. NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should not be construed to be more relevant or accurate than the GAAP methodology in calculating net income (loss). NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should be reviewed in conjunction with other measurements as an indication of our performance.

Overview & Financial Highlights (as of 12/31/2025) (dollars in thousands, except per share) Portfolio Overview Pro-Rata (3)_(4) Consolidated (4) Weighted Average Campuses/ Lease Term Annualized Annualized Properties Beds/Units (1) Leased % (2) (years) Cash NOI Cash NOI Integrated Senior Health Campuses (ISHC) 147 14,955 90.1% — $278,984 59.3% $278,984 59.2% Outpatient Medical (OM) 71 3,685 88.9% 5.0 73,288 15.6% 73,288 15.5% Senior Housing Operating Properties (SHOP) 83 7,188 89.1% — 82,976 17.6% 83,204 17.7% Triple-Net Leased Properties 18 1,420 89.2% 12.7 30,388 6.5% 31,160 6.6% Debt Security Investment — — — — 4,668 1.0% 4,668 1.0% Total 319 6.8 $470,304 100.0% $471,304 100.0% Same-Store NOI Performance (3) (4)    Consolidated Annualized Cash NOI Campuses / % FY FY % Properties Q4 2024 Q4 2025 Change 2024 2025 Change ISHC 116 $56,413 $64,310 14.0% $210,021 $248,575 18.4% OM 67 18,164 18,560 2.2% 72,046 73,582 2.1% SHOP 46 9,952 12,401 24.6% 37,125 46,489 25.2% Triple-Net Leased Properties 17 7,307 7,440 1.8% 29,123 29,265 0.5% Total 246 $91,836 $102,711 11.8% $348,315 $397,911 14.2% Earnings Highlights (4) % % Q4 2024 Q4 2025 Change FY 2024 FY 2025 Change NAREIT FFO per share—diluted $0.37 $0.44 18.9% $1.26 $1.76 39.7% Normalized FFO per share—diluted $0.40 $0.46 15.0% $1.41 $1.72 22.0% (1) OM represents GLA in thousands, rather than Beds/Units. (2) ISHC, SHOP, and Triple-Net Leased Properties report occupancies as quarter averages, whereas OM is quarter-end spot occupancy. 4 (3) Represents all properties at Pro-Rata ownership based upon current quarter’s ownership percentage. (4) See reconciliations in the appendix of this presentation. Annualized Cash NOI shown as current quarter Cash NOI multiplied by four. Note: Except as otherwise noted, all data herein is presented on a consolidated basis. The contents of this Supplemental are unaudited and totals may not add due to rounding.

Integrated Senior Health Campuses (dollars in thousands) Total Portfolio (1) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Campuses 126 125 124 133 147 — —IL/AL/MC units 5,565 5,530 5,431 6,045 6,781 5,565 6,781 SNF beds 7,355 7,310 7,226 7,500 8,174 7,355 8,174 Consolidated total beds/units 12,920 12,840 12,657 13,545 14,955 12,920 14,955 Average occupancy 87.5% 88.5% 88.8% 89.6% 90.1% 86.5% 89.3% Cash revenue (2) $421,516 $421,884 $422,624 $449,719 $467,027 $1,618,038 $1,761,254 Operating expenses 360,629 361,942 355,476 381,369 397,281 1,397,117 1,496,068 Cash NOI (2) $60,887 $59,942 $67,148 $68,350 $69,746 $220,921 $265,186 Cash NOI margin % 14.4% 14.2% 15.9% 15.2% 14.9% 13.7% 15.1% Maintenance Capex $4,569 $4,109 $3,711 $4,863 $5,026 $14,749 $17,709 Q4 2025 vs FY 2025 vs Same-Store (1) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 FY 2024 FY 2025 FY 2024 Campuses 116 116 116 116 116 116 116 Consolidated beds/units 11,940 11,942 11,936 11,938 11,935 11,940 11,935 Average occupancy 87.8% 88.8% 88.9% 90.2% 90.6% 275 bps 87.1% 89.6% 250 bps Same-Store revenue (2) $312,432 $319,457 $322,943 $335,735 $339,210 8.6% $1,194,983 $1,317,345 10.2% Same-Store operating expenses 256,019 260,637 260,860 272,373 274,900 7.4% 984,962 1,068,770 8.5% Compensation 165,918 162,590 165,088 171,342 177,640 7.1% 630,125 676,660 7.4% Controllable (3) 81,343 87,657 85,216 90,890 89,347 9.8% 319,425 353,110 10.5% Non-Controllable (4) 8,758 10,390 10,556 10,141 7,913 (9.6%) 35,412 39,000 10.1% Same-Store NOI (2) $56,413 $58,820 $62,083 $63,362 $64,310 14.0% $210,021 $248,575 18.4% Same-Store NOI margin % 18.1% 18.4% 19.2% 18.9% 19.0% 90 bps 17.6% 18.9% 129 bps (1) Prior periods’ information is presented to reflect the increase in ownership to 100% in the Company’s ISHC segment effective September 2024. 5 (2) See reconciliations in the appendix of this presentation. (3) Controllable expenses include utilities, food, repairs and maintenance, and other operating expenses. (4) Non-Controllable expenses include property taxes and insurance.

ISHC Revenue per Payor and Bed Type Average Daily Rate % of Resident Days % of Revenue Q4 2024 Q4 2025 % change Q4 2024 Q4 2025 Q4 2024 Q4 2025 Private $386.33 $407.53 5.5% 11.8% 11.1% 13.5% 13.0% Managed care/insurance $431.37 $421.65 (2.3%) 0.3% 0.3% 0.4% 0.4% Medicaid $314.95 $320.83 1.9% 23.1% 20.8% 21.5% 19.2% Hospice Medicaid $310.13 $322.91 4.1% 3.1% 3.2% 2.9% 3.0% Medicare $691.02 $727.05 5.2% 11.3% 10.6% 23.2% 22.1% Medicare Advantage $562.70 $611.24 8.6% 6.1% 7.4% 10.1% 12.9% Total skilled nursing $433.86 $459.94 6.0% 55.7% 53.4% 71.6% 70.6% Total senior housing $183.80 $189.70 3.2% 44.3% 46.6% 24.1% 25.4% Ancillary revenue $14.53 $13.82 (4.9%) 0.0% 0.0% 4.3% 4.0% Total, including ancillary revenue $335.28 $345.62 3.1% 100.0% 100.0% 100.0% 100.0% Quality Mix 73.8% 76.0% 75.6% 77.8%

Outpatient Medical (dollars and square feet in thousands, except revenue per square foot and NOI per square foot) Total Portfolio Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Properties 81 81 78 73 71 — —Consolidated GLA (sq ft) 4,262 4,260 3,952 3,825 3,685 4,262 3,685 Ending occupancy 87.9% 87.4% 86.1% 86.5% 88.9% 87.9% 88.9% Cash revenue (1) $32,439 $32,697 $30,185 $30,131 $29,558 $132,755 $122,571 Operating expenses 12,115 12,404 11,621 11,458 11,236 49,477 46,719 Cash NOI (1) $20,324 $20,293 $18,564 $18,673 $18,322 $83,278 $75,852 Cash NOI margin % 62.7% 62.1% 61.5% 62.0% 62.0% 62.7% 61.9% Revenue per square foot $30.44 $30.70 $30.55 $31.51 $32.08 $31.15 $33.26 Cash NOI per square foot $19.07 $19.05 $18.79 $19.53 $19.89 $19.54 $20.58 Maintenance Capex $3,724 $7,355 $2,904 $4,924 $8,225 $12,019 $23,408 Q4 2025 vs FY 2025 vs Same-Store Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 FY 2024 FY 2025 FY 2024 Properties 67 67 67 67 67 67 67 Consolidated GLA (sq ft) 3,493 3,490 3,493 3,493 3,493 3,493 3,493 Ending occupancy 92.3% 92.2% 91.7% 91.8% 92.0% (35 bps) 92.3% 92.0% (35 bps) Same-Store revenue (1) $28,529 $28,806 $28,677 $29,359 $28,993 1.6% $113,293 $115,835 2.2% Same-Store operating expenses 10,365 10,579 10,468 10,773 10,433 0.7% 41,247 42,253 2.4% Same-Store NOI (1) $18,164 $18,227 $18,209 $18,586 $18,560 2.2% $72,046 $73,582 2.1% Same-Store NOI margin % 63.7% 63.3% 63.5% 63.3% 64.0% 35 bps 63.6% 63.5% (7 bps) Same-Store revenue per square foot $32.67 $33.02 $32.84 $33.62 $33.20 $32.43 $33.16 Same-Store NOI per square foot $20.80 $20.89 $20.85 $21.28 $21.25 $20.63 $21.07 (1) See reconciliations in the appendix of this presentation.    

Outpatient Medical (as of 12/31/2025) (dollars and square feet in thousands) Tenants ABR % S&P Credit Rating Christus Good Shepherd Health System $7,876 9.2% A Prime Healthcare 2,575 3.0% B-Montefiore Medical Center 2,470 2.9% BBB-Atrius Health, Inc. 2,294 2.6% BBB Cullman Regional Medical Center 1,945 2.3% —Remaining portfolio 68,641 80.0% Total $85,801 100.0% OM Absorption Trailing 12-months Retention Occupied Square Feet as of December 31, 2024 3,747 78.6% Expirations (598) Renewals 460 New leases 108 Square Feet % Terminations (38) On-campus/adjacent 1,767 47.9% Adjustment/remeasurement 1 Off-campus Affiliated 1,123 30.5% Dispositions (403) Unaffiliated 795 21.6% Occupied Square Feet as of December 31, 2025 3,277 Total 3,685 100.0%    

Outpatient Medical (as of 12/31/2025) (dollars and square feet in thousands, except average rent per square foot) Expiring Leases (1) # of Expiring Average Rent per Year Total Sq. Ft. % of GLA ABR (2) % of Total ABR Leases Sq. Ft. 2026 70 282 8.6% $5,968 6.0% $21.16 2027 57 375 11.4% 10,671 10.8% 28.46 2028 59 502 15.2% 14,771 15.0% 29.42 2029 61 500 15.2% 14,115 14.3% 28.23 2030 52 387 11.7% 11,744 11.9% 30.35 Thereafter 116 1,254 37.9% 41,488 42.0% 33.08 Total 415 3,300 100.0% $98,757 100.0% $29.93 (1) Includes future leases signed, but not commenced. (2) Indicates total ABR expiring in the applicable year.

Senior Housing Operating Properties (dollars in thousands, except RevPOR, and Pro-Rata) Total Portfolio Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Properties 70 69 70 73 83 — —IL/AL/MC units 5,465 5,391 5,578 5,833 7,087 5,465 7,087 SNF beds 100 100 101 101 101 100 101 Consolidated total beds/units 5,565 5,491 5,679 5,934 7,188 5,565 7,188 Average occupancy 86.0% 85.5% 85.7% 87.6% 89.1% 84.5% 87.1% Cash revenue (1) $73,271 $73,376 $77,184 $82,061 $96,684 $262,945 $329,305 Operating expenses 60,676 61,347 62,309 65,886 75,940 222,563 265,482 Cash NOI (1) $12,595 $12,029 $14,875 $16,175 $20,744 $40,382 $63,823 Cash NOI margin % 17.2% 16.4% 19.3% 19.7% 21.5% 15.4% 19.4% RevPOR $5,136 $5,246 $5,346 $5,354 $5,438 $4,974 $5,351 Maintenance Capex $4,393 $2,814 $3,489 $4,559 $5,144 $13,163 $16,006 Q4 2025 vs FY 2025 vs Same-Store Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 FY 2024 FY 2025 FY 2024 Properties 46 46 46 46 46 46 46 Consolidated beds/units 4,068 4,082 4,082 4,087 4,087 4,068 4,087 Average occupancy 87.7% 86.8% 86.9% 88.9% 90.6% 288 bps 86.4% 88.3% 195 bps Same-Store revenue (1) $52,726 $53,808 $54,730 $56,133 $56,974 8.1% $204,383 $221,645 8.4% Same-Store operating expenses 42,774 43,323 43,211 44,049 44,573 4.2% 167,258 175,156 4.7% Compensation 25,329 25,077 25,431 25,664 26,283 3.8% 99,452 102,455 3.0% Controllable (2) 14,834 15,458 15,137 15,697 15,633 5.4% 56,759 61,925 9.1% Non-Controllable (3) 2,611 2,788 2,643 2,688 2,657 1.8% 11,047 10,776 (2.5%) Same-Store NOI (1) $9,952 $10,485 $11,519 $12,084 $12,401 24.6% $37,125 $46,489 25.2% Same-Store NOI margin % 18.9% 19.5% 21.0% 21.5% 21.8% 289 bps 18.2% 21.0% 281 bps RevPOR $4,964 $5,109 $5,186 $5,196 $5,169 4.1% $4,892 $5,164 5.6% (1) See reconciliations in the appendix of this presentation. (2) Controllable expenses include utilities, food, repairs and maintenance, and other operating expenses. (3) Non-Controllable expenses include property taxes and insurance.    

ISHC & SHOP Partners (as of 12/31/2025) Number of Pro-Rata Share Consolidated Partner/Operator State Properties/Campuses Beds/Units Beds/Units Trilogy Management Services IN,OH,KY,MI,WI,NM,NC 149 15,165 15,165 Senior Solutions Management Group TX,LA,MS,GA,AR,MO 20 1,655 1,685 Great Lakes Management MN,WI 7 1,004 1,004 Compass Senior Living OR,WA,ID 16 946 946 Heritage Senior Living PA,VA 7 932 932 Cogir Senior Living NC,WA,CA,UT 14 904 904 Priority Life Care IN,MI 11 879 879 WellQuest Living CA,UT 4 408 408 Heritage Communities NE 2 220 220 Total 230 22,113 22,143

Triple-Net Leased Properties (dollars in thousands and Pro-Rata) Total Portfolio Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Properties 19 19 19 18 18 — —AL/MC beds/units 538 538 538 538 538 538 538 SNF beds 956 960 960 882 882 956 882 Consolidated total beds/units 1,494 1,498 1,498 1,420 1,420 1,494 1,420 Average operator occupancy (1) 89.2% 89.0% 89.3% 88.5% 89.2% 91.0% 89.0% Cash revenue (2) $8,096 $8,225 $8,247 $8,027 $8,053 $38,971 $32,552 Debt security investment 2,117 1,481 1,163 1,165 1,167 8,690 4,976 Operating expenses 541 939 779 495 456 2,274 2,669 Cash NOI (2) $9,672 $8,767 $8,631 $8,697 $8,764 $45,387 $34,859 Cash NOI margin % 94.7% 90.3% 91.7% 94.6% 95.1% 95.2% 92.9% Q4 2025 vs FY 2025 vs Same-Store Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 FY 2024 FY 2025 FY 2024 Properties 17 17 17 17 17 17 17 Consolidated beds/units 1,360 1,364 1,364 1,364 1,364 1,360 1,364 Average operator occupancy (1) 89.0% 89.0% 88.9% 88.2% 89.1% 14 bps 88.1% 88.8% 71 bps Same-Store revenue (2) $7,823 $7,782 $7,803 $7,870 $7,896 0.9% $31,237 $31,351 0.4% Same-Store operating expenses 516 639 496 495 456 (11.6%) 2,114 2,086 (1.3%) Same-Store NOI (2) $7,307 $7,143 $7,307 $7,375 $7,440 1.8% $29,123 $29,265 0.5% Same-Store NOI margin % 93.4% 91.8% 93.6% 93.7% 94.2% 82 bps 93.2% 93.3% 11 bps Same-Store NOI (constant currency) (3) $7,345 $7,202 $7,290 $7,345 $7,428 1.1% $29,281 $29,265 (0.1%) (1) Facilities are 100% triple-net leased and operators’ occupancies exclude hospitals. (2) See reconciliations in the appendix of this presentation. (3) Includes currency adjustment for UK properties at 12/31/2025 YTD average GBP/USD rate of 1.32.

Triple-Net Leased Properties Rent Coverage Stratification Contribution to Pro-Rata Cash NOI at each Coverage Stratification for Q4 2025 (1) Tenant EBITDAR Coverage Tenant EBITDARM Coverage Weighted Weighted Senior Number Senior Number Average Average Coverage Housing- SNFs Hospital Total of Housing- SNFs Hospital Total of Maturity Maturity Leased Leases Leased Leases (years) (years) < 0.80x — — 1.6% 1.6% 11.4 1 — — 1.6% 1.6% 11.4 1 0.80x—0.89x — — — — — — — — — — — — 0.90x—0.99x 0.6% — — 0.6% 6.4 1 — — — — — —1.00x—1.09x — — — — — — — — — — — —1.10x—1.19x 1.1% — — 1.1% 24.7 1 0.6% — — 0.6% 6.4 1 1.20x—1.29x — 0.1% — 0.1% 8.3 1 — — — — — —1.30x—1.39x — — — — — — — — — — — —1.40x—1.49x — 1.6% — 1.6% 15.5 1 1.1% — — 1.1% 24.7 1 1.50x—1.59x — — — — — — — — — — — —1.60x—1.69x — — — — — — — — — — — —1.70x—1.79x — — — — — — — — — — — —1.80x—1.89x — — — — — — — 0.1% — 0.1% 8.3 1 1.90x—1.99x — — — — — — — 1.6% — 1.6% 15.5 1 > 2.00x — 1.1% 0.4% 1.5% 5.4 2 — 1.1% 0.4% 1.5% 5.4 2 Total 1.7% 2.8% 2.0% 6.5% 12.7 7 1.7% 2.8% 2.0% 6.5% 12.7 7 Segment rent coverage (2) 1.10x 1.67x 1.20x 1.37x 1.34x 2.16x 1.43x 1.72x Tenant Occupancy 87.4% 90.3% N/A 89.2% 87.4% 90.3% N/A 89.2% (1) Represents trailing twelve month coverage metrics as of September 30, 2025. Percentages are based on Pro-Rata Cash NOI for the three months ended December 31, 2025. (2) Represents combined coverage metrics for all leases within each property type and total segment.    

Revenue and Lease Expiration(1) (as of 12/31/2025) (dollars in thousands) ABR of Expiring Leases (2) as % of Total ABR Triple-Net Leased Year OM Properties Interest Income (3) Total 2026 $5,968 6.0% $— 0.0% $— 0.0% $5,968 4.3% 2027 10,671 10.8% — 0.0% — 0.0% 10,671 7.6% 2028 14,771 15.0% — 0.0% 4,013 100.0% 18,784 13.4% 2029 14,115 14.3% — 0.0% — 0.0% 14,115 10.1% 2030 11,744 11.9% 5,778 15.5% — 0.0% 17,522 12.5% Thereafter 41,488 42.0% 31,401 84.5% — 0.0% 72,889 52.1% Total $98,757 100.0% $37,179 100.0% $4,013 100.0% $139,949 100.0% (1) Excludes ISHC and SHOP. (2) Total ABR expiring in the applicable year. Month-to-month leases are included as expirations in 2026. (3) Represents total interest income from debt security investment.

Debt Maturities and Principal Payments (as of 12/31/2025) (dollars in thousands) Noncontrolling % of Weighted Line of Credit Mortgage Interest’s Share Combined Average and Term Loans of Mortgage Combined Pro-Rata Interest (2) (3) Period Loan Payable Loans Payable Pro-Rata Debt Debt Rate _ 2026 $— $159,687 $(8,077) $151,610 9.9% 3.06% 2027 550,000 56,182 — 606,182 39.7% 5.25% 2028 — 139,740 — 139,740 9.1% 4.40% 2029 — 16,963 — 16,963 1.1% 3.36% 2030 — 44,732 — 44,732 2.9% 4.51% Thereafter (1) — 568,261 — 568,261 37.2% 3.74% Total $550,000 $985,565 $(8,077) $1,527,488 100.0% (2) (3) Weighted interest rate _ 5.43% 3.73% 2.64% 4.35% Weighted average maturity (years) 1.0 18.5 0.4 12.3 Percentage of variable-rate debt — % — % — % — % (1) Debt maturing after 2030 has a weighted average maturity date of April 2053 (27 Years). (2) Interest rates reflect two in-place swap derivatives for $275 million each, which matured on January 19, 2026 with strikes at 4.41% and 3.74%. The Company has two additional interest rate swap derivatives for $350 million and $200 million with strikes at 3.51% and 3.52%, respectively, which were effective on January 20, 2026 and mature on January 19, 2027. (3) Does not include interest rate impact from mortgage insurance premiums and equipment financing.

Full Year 2025 Real Estate Acquisitions and Dispositions (dollars and square feet in thousands) Acquisitions Number of Properties/ Gross Purchase Average Cost Reportable Segment Campuses Beds/Units Price per Bed/Unit Integrated Senior Health Campuses—Lease buyouts (1) 2 253 $35,660 $141 Integrated Senior Health Campuses—Unconsolidated joint venture interest (2) 5 704 $157,347 $224 Integrated Senior Health Campuses 18 1,821 $260,250 $143 SHOP 14 1,730 $589,000 $340 Dispositions Number of Properties/ Reportable Segment Campuses Beds/Units/GLA (3) Gross Proceeds SHOP 1 88 $3,250 Outpatient Medical 10 578 $34,524 Triple-Net Leased Properties 1 78 $6,600 Integrated Senior Health Campuses 2 270 $16,000 (1) The Company completed a lease buyout of the main building in an existing campus in November 2025 for approximately $12.3 million. (2) Gross purchase price represents 100% of total assets. The Company acquired the remaining 51% interest it did not previously own in the unconsolidated joint venture in July 2025. (3) Outpatient Medical represents Square Feet GLA in thousands.    

Real Estate Development & Expansions (dollars in thousands) Development Timing Total Type of Spent To Expected Construction Expected Project Name State Segment Project Beds/Units Date Cost Start Completion Portage MI ISHC New Campus 108 $18,425 $22,854 Q3 2024 Q2 2026 Sylvania OH ISHC IL Villas 26 8,544 8,544 Q3 2024 Q1 2026 Harrodsburg KY ISHC IL Villas 32 9,047 9,951 Q3 2024 Q1 2026 Greenfield IN ISHC IL Villas 16 4,518 4,518 Q4 2024 Q2 2026 Ottawa OH ISHC IL Villas 30 7,744 8,569 Q1 2025 Q1 2026 Mooresville IN ISHC Wing Expansion 27 2,113 4,463 Q1 2025 Q3 2026 Scio Township MI ISHC New Campus 109 7,494 26,651 Q3 2025 Q1 2027 Holly MI ISHC New Campus 114 3,491 29,692 Q3 2025 Q2 2027 Lowell IN ISHC IL Villas 48 180 13,075 Q3 2025 Q1 2027 Noblesville IN ISHC IL Villas 34 835 10,401 Q3 2025 Q4 2026 Lafayette IN ISHC IL Villas 8 87 2,505 Q3 2025 Q1 2027 LaGrange KY ISHC IL Villas 26 2,093 8,791 Q3 2025 Q4 2026 Tiffin OH ISHC IL Villas 48 799 11,396 Q3 2025 Q4 2026 Harrison OH ISHC IL Villas 32 76 9,653 Q3 2025 Q2 2027 Jasper IN ISHC Wing Expansion 8 282 2,105 Q3 2025 Q4 2026 Warsaw IN ISHC Wing Expansion 24 1,135 4,868 Q3 2025 Q4 2026 Total 690 $66,863 $178,035    

2026 Guidance(1) (dollars in millions, except per share) NAREIT FFO and NFFO Attributable to Common Stockholders 2026 Guidance FY 2026 FY 2026—per diluted share Low High Low High Net income attributable to common stockholders $142.40 $153.49 $0.75 $0.81 Depreciation and amortization (2) 225.90 225.90 1.19 1.19 NAREIT FFO attributable to common stockholders $368.30 $379.39 $1.93 $1.99 Amortization of other intangible assets/liabilities (2) 1.30 1.30 0.01 $0.01 Change in deferred rent (2) (2.90) (2.90) (0.02) $(0.02) Non-cash impact of changes to equity plan (2)(3) 15.40 15.40 0.08 $0.08 Other adjustments (4) (2.20) (2.20) (0.01) $(0.01) Normalized FFO attributable to common stockholders $379.90 $390.99 $1.99 $2.05 Weighted average diluted shares (in millions) 190.6 190.6 FY 2026 Total Portfolio Same-Store NOI Growth Guidance Other FY 2026 Guidance Assumptions • 7.0%—11.0% • General and administrative expenses of $61 million to $65 million FY 2026 Segment-Level Same-Store NOI Growth Guidance • Interest expense of $85 million to $89 million • ISHC: 8.0%—12.0% • Other income, net of $3 million to $6 million • SHOP: 15.0%—19.0% • Expect to fund $100 million to $120 million for new development starts and on-going development projects • Outpatient Medical: 0.0%—2.0% • Does not assume additional acquisitions beyond the ~$117.5 million closed YTD. • Triple-Net Leased Properties: 2.0—3.0% (1) The Company’s guidance constitutes forward-looking statements within the meaning of the federal securities laws and is based on a number of assumptions that are subject to change and many of which are outside of the Company’s control. Actual results may differ materially from the Company’s expectations depending on factors discussed herein and in the Company’s filings with the Securities and Exchange Commission. Totals may not add due to rounding. Non-GAAP financial measures and other terms, as used in this supplemental, are also defined and further explained in the appendix. The Company is unable to provide, without unreasonable effort, guidance for the most comparable GAAP financial measures of total revenues and property operating and maintenance expenses. Additionally, a reconciliation of the forward-looking non-GAAP financial measures of Same-Store NOI growth to the comparable GAAP financial measures cannot be provided without unreasonable effort because the Company is unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of the Company’s ongoing operations. Such items include, but are not limited to, impairment on depreciated real estate assets, net gain or loss on sale of real estate assets, stock-based compensation, casualty loss, non-Same-Store revenue, and non-Same-Store operating expenses. These items are uncertain, depend on various factors, and could have a material impact on the Company’s GAAP results for the guidance period. See reconciliations in the appendix of this presentation.    (2) Amounts are presented net of noncontrolling interests’ share and AHR’s share of unconsolidated entities. (3) Amounts represent amortization of equity compensation and fair value adjustments to performance-based equity compensation. (4) Includes adjustments for capitalized interest, transaction, transition and restructuring costs and additional items as noted in the Company’s definition for NFFO. 18

Components of NAV(1) (dollars and square feet in thousands) # of Properties/ Square Total Q4 2025 Q4 2025 Annualized Segment Campuses Feet Beds/Units Cash NOI (2) Cash NOI (2) ISHC 147 10,916 14,955 $69,746 $278,984 Outpatient Medical 70 3,653 18,645 74,580 SHOP 83 6,562 7,188 20,801 83,204 Triple-Net Leased Properties (3) 17 961 1,364 7,634 30,536 Total 317 22,092 23,507 $116,826 $467,304 Weighted Avg. Obligations (Outstanding principal balance as of 12/31/25) Pro-Rata Consolidated Interest Rate Mortgage debt $977,488 $985,565 3.73% Revolving LOC — — 5.06% Term loan(4) 550,000 550,000 5.43% Total debt $1,527,488 $1,535,565 Cash, cash equivalents and restricted cash pertaining to debt (150,401) (150,504) Net Debt $1,377,087 $1,385,061 Other tangible liabilities, net: Accounts payable and accrued liabilities 317,631 317,697 Other 58,624 58,640 Total other tangible liabilities, net 376,255 376,337 Financing 33,819 33,819 Lease obligations 135,594 135,603 Net obligations $1,922,755 $1,930,820 Other Assets Debt security investment, gross $92,043 $92,043 Other tangible assets: Accounts receivable 204,313 204,313 Capital expenditures 92,828 92,845 Inventory 18,837 18,837 Other 63,426 63,446 Total other tangible assets 379,404 379,441 Sold assets/assets expected to be sold 8,100 8,100 Total other assets $479,547 $479,584 Common Shares and OP Units Issued and Outstanding Total common shares 185,911,442 185,911,442 Total OP Units 1,936,425 1,936,425 Total common shares and OP Units 187,847,867 187,847,867 (1) Dollars, square feet and beds/units are presented on a consolidated basis as of December 31, 2025. (2) Cash NOI is adjusted to exclude non-recurring items for the three months ended December 31, 2025. (3) Excludes interest income from debt security investment. (4) Weighted average rates reflect in-place swap derivatives.

Components of NAV(1) (dollars and square feet in thousands) # of Properties/ Square Total Q4 2025 Q4 2025 Annualized Segment Campuses Feet Beds/Units Cash NOI (2) Cash NOI (2) ISHC 147 10,916 14,955 $69,746 $278,984 Outpatient Medical 70 3,653 18,645 74,580 SHOP 83 6,562 7,188 20,801 83,204 Triple-Net Leased Properties (3) 17 961 1,364 7,634 30,536 Total 317 22,092 23,507 $116,826 $467,304 Weighted Avg. Obligations (Outstanding principal balance as of 12/31/25) Pro-Rata Consolidated Interest Rate Mortgage debt $977,488 $985,565 3.73% Revolving LOC — — 5.06% Term loan(4) 550,000 550,000 5.43% Total debt $1,527,488 $1,535,565 Cash, cash equivalents and restricted cash pertaining to debt (150,401) (150,504) Net Debt $1,377,087 $1,385,061 Other tangible liabilities, net: Accounts payable and accrued liabilities 317,631 317,697 Other 58,624 58,640 Total other tangible liabilities, net 376,255 376,337 Financing 33,819 33,819 Lease obligations 135,594 135,603 Net obligations $1,922,755 $1,930,820 Other Assets Debt security investment, gross $92,043 $92,043 Other tangible assets: Accounts receivable 204,313 204,313 Capital expenditures 92,828 92,845 Inventory 18,837 18,837 Other 63,426 63,446 Total other tangible assets 379,404 379,441 Sold assets/assets expected to be sold 8,100 8,100 Total other assets $479,547 $479,584 Common Shares and OP Units Issued and Outstanding Total common shares 185,911,442 185,911,442 Total OP Units 1,936,425 1,936,425 Total common shares and OP Units 187,847,867 187,847,867 (1) Dollars, square feet and beds/units are presented on a consolidated basis as of December 31, 2025. (2) Cash NOI is adjusted to exclude non-recurring items for the three months ended December 31, 2025. (3) Excludes interest income from debt security investment. (4) Weighted average rates reflect in-place swap derivatives. Fourth Quarter 2025 Supplemental Appendix Non-GAAP Reconciliations and Defined Terms

FFO / NFFO Reconciliation(1) (in thousands, except share and per share amounts) Q4 2025 Q4 2024 FY 2025 FY 2024 Net income (loss) $10,940 $(32,429) $70,818 $(35,600) Depreciation and amortization related to real estate — consolidated properties 55,257 46,877 187,237 179,040 Depreciation and amortization related to real estate — unconsolidated entities 16 504 1,034 1,186 Impairment of real estate investments — consolidated properties 11,802 45,755 49,935 45,755 Loss (gain) on dispositions of real estate investments, net — consolidated properties 621 (2,956) 2,965 (5,213) Gain on re-measurement of previously held equity interest — — (14,580) —Net (income) loss attributable to noncontrolling interests (165) 656 (1,012) (2,212) Depreciation, amortization, impairments, net gain/loss on dispositions and gain on remeasurement — noncontrolling interests (847) (1,986) (3,063) (17,851) NAREIT FFO attributable to controlling interest 77,624 56,421 293,334 165,105 Transaction, transition and restructuring costs 3,295 807 5,103 7,141 Amortization of above- and below-market leases 323 415 1,386 1,692 Amortization of closing costs — debt security investment 12 86 72 324 Change in deferred rent (727) (668) (2,604) (2,411) Non-cash impact of changes to equity instruments 5,451 2,037 14,621 9,367 Capitalized interest (641) (73) (1,484) (334) Loss on debt and derivative extinguishments 46 3,530 1,830 5,382 (Gain) loss in fair value of derivative financial instruments (179) (3,192) 1,034 (1,030) Foreign currency loss (gain) 6 3,119 (3,175) 774 Non-cash income tax benefit (2,298) — (23,699) —Adjustments for unconsolidated entities — (1) 4 (320) Adjustments for noncontrolling interests (72) (85) 67 (768) Normalized FFO attributable to controlling interest $82,840 $62,396 $286,489 $184,922 NAREIT FFO and Normalized FFO weighted average common share outstanding — diluted 178,393,070 154,449,288 166,849,603 131,211,731 NAREIT FFO per common share attributable to controlling interest — diluted $0.44 $0.37 $1.76 $1.26 Normalized FFO per common share attributable to controlling interest — diluted $0.46 $0.40 $1.72 $1.41 Distributions paid to common stockholders $42,856 $38,304 $163,522 $120,895 (1) Totals may not add due to rounding.

Adjusted EBITDA Reconciliation (in thousands) Net income $10,940 Interest expense, net (including amortization of deferred financing costs, debt 19,806 discount/premium and loss on debt extinguishments) Income tax benefit (2,415) Depreciation and amortization (including amortization of leased assets and 55,786 accretion of lease liabilities) EBITDA 84,117 Income from unconsolidated entities (657) Straight line rent and amortization of above/below market leases (867) Non-cash impact of changes to equity instruments 5,451 Transaction, transition and restructuring costs 3,295 Loss on dispositions of real estate investments, net 621 Amortization of closing costs — debt security investment 12 Foreign currency loss 6 Gain in fair value of derivative financial instruments (179) Impairment of real estate investments 11,802 Non-recurring one-time items (863) Adjusted EBITDA $102,738

Coverage Ratios and Net Debt Reconciliation(1) (dollars in thousands) Q4 2025 Interest Coverage Ratios Interest expense(2) $19,806 Capitalized interest 641 Loss on extinguishment of debt (46) Non-cash interest expense(3) (1,410) Total Interest $18,991 Interest Coverage Ratio(4) 5.4X Fixed Charges Coverage Ratio Total interest $18,991 Secured debt principal amortization 5,447 Total Fixed Charges $24,438 Fixed Charge Coverage Ratio(4) 4.2X Total debt $1,535,565 Cash and cash equivalents (114,836) Restricted cash pertaining to debt (35,668) Net Debt $1,385,061 Net Debt-to-Annualized Adjusted EBITDA 3.4X (1) The details of the Adjusted EBITDA calculation can be found on the previous page. (2) Includes approximately $1.6 million of cash interest expense from mortgage insurance premiums and equipment financing. (3) Non-cash interest expense includes amortization of loan fees and debt discount/premium. (4) Interest Coverage Ratio calculated as Adjusted EBITDA divided by Total Interest. Fixed Charges Coverage Ratio calculated as Adjusted EBITDA divided by Total Fixed Charges.

Same-Store Property Reconciliation For the Twelve Months Ended December 31, 2025 Integrated Senior Triple-Net Leased Health Campuses Outpatient Medical SHOP Properties Total properties/campuses 147 71 83 18 Recent acquisition (23) — (34) —Non-Core Properties — (4) (2) (1) Expansion and development (8) — (1) —Same-Store properties 116 67 46 17 

Cash NOI Reconciliation (in thousands) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Net (loss) income $(32,429) $(6,840) $10,079 $56,639 $10,940 $(35,600) $70,818 General and administrative 12,064 13,155 14,943 14,108 16,529 47,559 58,735 Transaction, transition and restructuring costs 807 1,837 (79) 50 3,295 7,141 5,103 Depreciation and amortization 46,915 41,114 41,941 49,181 55,323 179,192 187,559 Interest expense 30,301 22,945 22,632 20,392 19,806 127,730 85,775 (Gain) loss in fair value of derivative financial instruments (3,192) 750 629 (166) (179) (1,030) 1,034 (Gain) loss on dispositions of real estate investments, net (2,956) 359 2,676 (691) 621 (5,213) 2,965 Impairment of real estate investments 45,755 21,706 12,659 3,768 11,802 45,755 49,935 Loss (gain) from unconsolidated entities 2,505 1,848 1,238 (462) (657) 6,868 1,967 Gain on re-measurement of previously held equity interests — — — (14,580) — — (14,580) Foreign currency loss (gain) 3,119 (1,416) (2,742) 977 6 774 (3,175) Other income, net (4,246) (1,525) (1,480) (2,309) (3,491) (11,353) (8,805) Income tax expense (benefit) 486 604 732 (21,092) (2,415) 1,713 (22,171) Total NOI 99,129 94,537 103,228 105,815 111,580 363,536 415,160 Straight line rent (672) (735) (821) (730) (793) (3,234) (3,079) Facility rental expense 7,642 7,499 7,278 7,030 6,849 31,989 28,656 Other non-cash adjustments 158 202 182 133 163 1,187 680 Cash NOI from dispositions (2,508) (221) (393) (102) 27 (2,508) (689) Cash NOI attributable to noncontrolling interests (1) (271) (251) (256) (251) (250) (1,002) (1,008) Cash NOI $103,478 $101,031 $109,218 $111,895 $117,576 $389,968 $439,720 (1) All periods are based upon current quarter’s ownership percentage.

Same-Store Revenue Reconciliation (1/2) (in thousands) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Integrated Senior Health Campuses GAAP revenue $423,290 $423,364 $423,825 $449,719 $467,027 $1,619,812 $1,763,935 Cash revenue from dispositions (1,774) (1,480) (1,201) — — (1,774) (2,681) Cash revenue (1) 421,516 421,884 422,624 449,719 467,027 1,618,038 1,761,254 Revenue attributable to new acquisitions/dispositions/other (1) (105,457) (98,572) (99,681) (113,984) (127,817) (407,681) (440,054) Revenue attributable to Non-Core Properties (1) (3,627) (3,855) — — — (14,138) (3,855) Other normalizing revenue adjustments (1) — — — — — (1,236) —Same-Store revenue (1) $312,432 $319,457 $322,943 $335,735 $339,210 $1,194,983 $1,317,345 Outpatient Medical GAAP revenue $33,276 $33,194 $31,254 $31,181 $30,449 $134,740 $126,078 Straight line rent (134) (173) (259) (243) (363) (568) (1,038) Other non-cash adjustments (399) (324) (350) (380) (356) (1,113) (1,410) Cash revenue from dispositions (304) — (460) (427) (172) (304) (1,059) Cash revenue 32,439 32,697 30,185 30,131 29,558 132,755 122,571 Revenue attributable to dispositions — — — — 1 (3,029) 1 Revenue attributable to Non-Core Properties (3,910) (3,891) (1,508) (772) (566) (16,433) (6,737) Same-Store revenue $28,529 $28,806 $28,677 $29,359 $28,993 $113,293 $115,835 SHOP GAAP revenue $73,543 $73,812 $77,460 $82,339 $96,960 $263,986 $330,571 Cash revenue from dispositions — (166) — — — — (166) Cash revenue attributable to noncontrolling interests (2) (272) (270) (276) (278) (276) (1,041) (1,100) Cash revenue (2) 73,271 73,376 77,184 82,061 96,684 262,945 329,305 Revenue attributable to new acquisitions/dispositions (18,916) (17,927) (20,765) (24,187) (38,281) (53,310) (101,160) Revenue attributable to development conversion (491) (638) (753) (864) (897) (1,587) (3,152) Revenue attributable to Non-Core Properties (1,044) (1,003) (936) (877) (532) (3,745) (3,348) Other normalizing revenue adjustments (94) — — — — 80 —Same-Store revenue (2) $52,726 $53,808 $54,730 $56,133 $56,974 $204,383 $221,645 (1) Prior periods’ information is presented to reflect the increase in ownership to 100.0% in the Company’s ISHC segment effective September 2024. (2) All periods are based upon current quarter’s ownership percentage.

Same-Store Revenue Reconciliation (2/2) (in thousands) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Triple-Net Leased Properties GAAP revenue $12,631 $10,233 $9,964 $9,698 $9,644 $52,130 $39,539 Straight line rent (538) (562) (562) (487) (430) (2,666) (2,041) Other non-cash adjustments 220 225 199 200 200 859 824 Cash revenue from dispositions (1,910) — — (25) — (1,910) (25) Cash revenue attributable to noncontrolling interest (2) (190) (190) (191) (194) (194) (752) (769) Cash revenue 10,213 9,706 9,410 9,192 9,220 47,661 37,528 Debt security investment (2,117) (1,481) (1,163) (1,165) (1,167) (8,690) (4,976) Revenue attributable to dispositions — — — — — (6,507) —Revenue attributable to Non-Core Properties (273) (182) (183) (157) (157) (1,227) (679) Other normalizing revenue adjustments — (261) (261) — — — (522) Same-Store revenue $7,823 $7,782 $7,803 $7,870 $7,896 $31,237 $31,351 Total Portfolio GAAP revenue $542,740 $540,603 $542,503 $572,937 $604,080 $2,070,668 $2,260,123 Straight line rent (672) (735) (821) (730) (793) (3,234) (3,079) Other non-cash adjustments (179) (99) (151) (180) (156) (254) (586) Cash revenue from dispositions (3,988) (1,646) (1,661) (452) (172) (3,988) (3,931) Cash revenue attributable to noncontrolling interests (2) (462) (460) (467) (472) (470) (1,793) (1,869) Cash revenue (1) (2) 537,439 537,663 539,403 571,103 602,489 2,061,399 2,250,658 Debt security investment (2,117) (1,481) (1,163) (1,165) (1,167) (8,690) (4,976) Revenue attributable to new acquisitions/dispositions/other (1) (124,373) (116,499) (120,446) (138,171) (166,097) (470,527) (541,213) Revenue attributable to development conversion (491) (638) (753) (864) (897) (1,587) (3,152) Revenue attributable to Non-Core Properties (1) (8,854) (8,931) (2,627) (1,806) (1,255) (35,543) (14,619) Other normalizing revenue adjustments (1) (94) (261) (261) — — (1,156) (522) Same-Store revenue (1) (2) $401,510 $409,853 $414,153 $429,097 $433,073 $1,543,896 $1,686,176 (1) Prior periods’ information is presented to reflect the increase in ownership to 100.0% in the Company’s ISHC segment effective September 2024. (2) All periods are based upon current quarter’s ownership percentage.

Same-Store NOI Reconciliation (1/2) (in thousands) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Integrated Senior Health Campuses NOI $53,586 $52,717 $60,068 $61,320 $62,897 $189,273 $237,002 Facility rental expense 7,642 7,499 7,278 7,030 6,849 31,989 28,656 Cash NOI from dispositions (341) (274) (198) — — (341) (472) Cash NOI (1) 60,887 59,942 67,148 68,350 69,746 220,921 265,186 New acquisitions/dispositions/other (1) (4,013) (559) (5,065) (6,032) (5,436) (9,832) (17,092) Non-Core Properties (1) (461) (563) — — — (2,042) (563) Other normalizing adjustments (1) — — — 1,044 — 974 1,044 Same-Store NOI (1) $56,413 $58,820 $62,083 $63,362 $64,310 $210,021 $248,575 Outpatient Medical NOI $20,800 $20,509 $19,062 $19,128 $18,717 $83,855 $77,416 Straight line rent (134) (173) (259) (243) (363) (568) (1,038) Other non-cash adjustments (81) (41) (36) (85) (55) 252 (217) Cash NOI from dispositions (261) (2) (203) (127) 23 (261) (309) Cash NOI 20,324 20,293 18,564 18,673 18,322 83,278 75,852 Dispositions — — — — — (2,119) —Non-Core Properties (2,160) (2,066) (355) (87) (99) (9,113) (2,607) Other normalizing adjustments — — — — 337 — 337 Same-Store NOI $18,164 $18,227 $18,209 $18,586 $18,560 $72,046 $73,582 SHOP NOI $12,675 $12,036 $14,932 $16,208 $20,797 $40,632 $63,973 Cash NOI from dispositions — 55 8 25 4 — 92 Cash NOI attributable to noncontrolling interests (2) (80) (62) (65) (58) (57) (250) (242) Cash NOI (2) 12,595 12,029 14,875 16,175 20,744 40,382 63,823 New acquisitions/dispositions (3,156) (2,139) (4,002) (4,595) (8,661) (6,960) (19,397) Development conversion 576 360 277 343 301 2,290 1,281 Non-Core Properties 31 112 167 161 17 536 457 Other normalizing adjustments (94) 123 202 — — 877 325 Same-Store NOI (2) $9,952 $10,485 $11,519 $12,084 $12,401 $37,125 $46,489 (1) Prior periods’ information is presented to reflect the increase in ownership to 100.0% in the Company’s ISHC segment effective September 2024. (2) All periods are based upon current quarter’s ownership percentage.

Same-Store NOI Reconciliation (2/2) (in thousands) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Triple-Net Leased Properties NOI $12,068 $9,275 $9,166 $9,159 $9,169 $49,776 $36,769 Straight line rent (538) (562) (562) (487) (430) (2,666) (2,041) Other non-cash adjustments 239 243 218 218 218 935 897 Cash NOI from dispositions (1,906) — — — — (1,906) —Cash NOI attributable to noncontrolling interest (2) (191) (189) (191) (193) (193) (752) (766) Cash NOI 9,672 8,767 8,631 8,697 8,764 45,387 34,859 Debt security investment (2,117) (1,481) (1,163) (1,165) (1,167) (8,690) (4,976) Dispositions — — — — — (6,454) —Non-Core Properties (248) (143) (161) (157) (157) (1,120) (618) Same-Store NOI $7,307 $7,143 $7,307 $7,375 $7,440 $29,123 $29,265 Total Portfolio NOI $99,129 $94,537 $103,228 $105,815 $111,580 $363,536 $415,160 Straight line rent (672) (735) (821) (730) (793) (3,234) (3,079) Facility rental expense 7,642 7,499 7,278 7,030 6,849 31,989 28,656 Other non-cash adjustments 158 202 182 133 163 1,187 680 Cash NOI from dispositions (2,508) (221) (393) (102) 27 (2,508) (689) Cash NOI attributable to noncontrolling interests (2) (271) (251) (256) (251) (250) (1,002) (1,008) Cash NOI (1) (2) 103,478 101,031 109,218 111,895 117,576 389,968 439,720 Debt security investment (2,117) (1,481) (1,163) (1,165) (1,167) (8,690) (4,976) New acquisitions/dispositions/other (1) (7,169) (2,698) (9,067) (10,627) (14,097) (25,365) (36,489) Development conversion 576 360 277 343 301 2,290 1,281 Non-Core Properties (1) (2,838) (2,660) (349) (83) (239) (11,739) (3,331) Other normalizing adjustments (1) (94) 123 202 1,044 337 1,851 1,706 Same-Store NOI (1) (2) $91,836 $94,675 $99,118 $101,407 $102,711 $348,315 $397,911 (1) Prior periods’ information is presented to reflect the increase in ownership to 100.0% in the Company’s ISHC segment effective September 2024. (2) All periods are based upon current quarter’s ownership percentage.

Defined Terms • Adjusted EBITDA: EBITDA excluding the impact of income or loss from unconsolidated entities, straight line rent and amortization of above/below market leases, non-cash stock-based compensation expense, transaction, transition and restructuring costs, gain or loss on sales of real estate investments, unrealized foreign currency gain or loss, change in fair value of derivative financial instruments, impairments of real estate investments, impairments of intangible assets and goodwill, and non-recurring one-time items. • Affiliated: An OM (as defined on the next page) that, as of a specified date, has 25.0% or more of its square footage occupied by at least one healthcare system. • AL: Assisted living units. • Annualized Adjusted EBITDA: Current period (shown as quarterly) Adjusted EBITDA multiplied by 4. • Annualized Base Rent or ABR: Contractual base rent for the last month of the applicable period multiplied by 12. • Cash NOI: NOI excluding the impact of, without duplication, (1) non-cash items such as straight-line rent and the amortization of lease intangibles, (2) third-party facility rent payments and (3) other items set forth in the Cash NOI reconciliation included herein. Both Cash NOI and Same-Store NOI include Pro-Rata ownership and other adjustments. • EBITDA: A non-GAAP financial measure that is defined as earnings before interest, taxes, depreciation and amortization. • EBITDAR: Earnings before interest, taxes, depreciation, amortization and facilities rent. We use unaudited, periodic financial information provided solely by tenants to calculate EBITDAR and have not independently verified the information. • EBITDAR Coverage: The ratio of EBITDAR to contractual rent for leases or interest and principal payments for loans. EBITDAR Coverage is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations. • EBITDARM: Earnings before interest, taxes, depreciation, amortization, facilities rent and management fees. We use unaudited, periodic financial information provided solely by tenants to calculate EBITDARM and have not independently verified the information. • EBITDARM Coverage: The ratio of EBITDARM to contractual rent for leases or interest and principal payments for loans. EBITDARM Coverage is a measure of a property’s ability to generate sufficient cash flows for the operator or borrower to pay rent and meet other obligations, assuming that management fees are not paid. • GAAP revenue: Revenue recognized in accordance with Generally Accepted Accounting Principles (“GAAP”), which includes straight line rent and other non-cash adjustments. • GLA: Gross leasable area. • Hospital: Hospital properties typically will include acute care, long-term acute care, specialty and rehabilitation hospitals and generally will be leased to single tenants or operators under triple-net lease structures. • IL: Independent living units. • Integrated Senior Health Campuses or ISHC: Integrated senior health campuses include a range of senior care, including independent living, assisted living, memory care, skilled nursing services and certain ancillary businesses. Integrated senior health campuses are operated utilizing a RIDEA structure. • Maintenance Capex: AHR-invested capital expenditures, whether routine or non-routine (including second generation tenant incentives and leasing commissions), that are not expected to generate incremental income for the Company. • MC: Memory-care units. • NAREIT FFO or FFO: Funds from operations attributable to controlling interest; a non-GAAP financial measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT (the “White Paper”). The White Paper defines FFO as net income (loss) computed in accordance with GAAP, excluding gains or losses from sales of certain real estate assets, gains or losses upon consolidation of a previously held equity interest, and impairment write-downs of certain real estate assets and investments, plus depreciation and amortization related to real estate, after adjustments for unconsolidated partnerships and joint ventures. While impairment charges are excluded from the calculation of FFO as described above, investors are cautioned that impairments are based on estimated future undiscounted cash flows. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO. • NAV: Net asset value. • Net Debt: Total long-term debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash related to debt. 30

Defined Terms • NOI: Net operating income; a non-GAAP financial measure that is defined as net income (loss), computed in accordance with GAAP, generated from properties before general and administrative expenses, transaction, transition and restructuring costs, depreciation and amortization, interest expense, gain or loss in fair value of derivative financial instruments, gain or loss on dispositions, impairments of real estate investments, impairments of intangible assets and goodwill, income or loss from unconsolidated entities, gain on re-measurement of previously held equity interest, foreign currency gain or loss, other income or expense and income tax benefit or expense. • NOI margin: Calculated by dividing NOI by revenue. • Non-Core Properties: Assets that have been deemed not essential to generating future economic benefit or value to our day-to-day operations and/or are scheduled to be sold. • Normalized FFO or NFFO: FFO further adjusted for the following items included in the determination of GAAP net income (loss): transaction, transition and restructuring costs; amounts relating to changes in deferred rent and amortization of above and below-market leases (which are adjusted in order to reflect such payments from a GAAP accrual basis); the non-cash impact of changes to our equity instruments; non-cash or non-recurring income or expense; the noncash effect of income tax benefits or expenses; capitalized interest; impairments of intangible assets and goodwill; amortization of closing costs on debt investments; mark-to-market adjustments included in net income (loss); gains or losses included in net income (loss) from the extinguishment or sale of debt, hedges, foreign exchange, derivatives or securities holdings where trading of such holdings is not a fundamental attribute of the business plan; and after adjustments for consolidated and unconsolidated partnerships and joint ventures, with such adjustments calculated to reflect Normalized FFO on the same basis. • Occupancy: With respect to OM, the percentage of total rentable square feet leased and occupied, including month-to-month leases, as of the date reported. With respect to all other property types, occupancy represents average quarterly operating occupancy based on the most recent quarter of available data. The Company uses unaudited, periodic financial information provided solely by tenants to calculate occupancy and has not independently verified the information. • OM: Outpatient Medical buildings. • OP Unit: Units of limited partnership interest in the Operating Partnership, which are redeemable for cash or, at our election, shares of our common stock on a one-for-one basis, subject to certain adjustments. • Operating Partnership: American Healthcare REIT Holdings, LP, a Delaware limited partnership, through which we conduct substantially all of our business and of which Continental Merger Sub, LLC, a Delaware limited liability company and our wholly-owned subsidiary, is the sole general partner. • Pro-Rata: As of December 31, 2025, we owned and/or operated six other buildings through entities of which we owned between 90.0% and 90.6% of the ownership interests. Because we have a controlling interest in these entities, these entities and the properties these entities own are consolidated in our financial statements in accordance with GAAP. However, while such properties are presented in our financial statements on a consolidated basis, we are only entitled to our Pro-Rata share of the net cash flows generated by such properties. As a result, we have presented certain property information herein based on our Pro-Rata ownership interest in these entities and the properties these entities own, as of the applicable date, and not on a consolidated basis. In such instances, information is noted as being presented on a “Pro-Rata share” basis. • Quality Mix: Total number of Medicare, Managed Care, Medicare Advantage and private days or revenue divided by the total number of actual patient days or total revenue for all payor types within Skilled Nursing and Senior Housing beds in the ISHC segment. • Retention: The ratio of total renewed square feet and month-to-month leases retained to the total square feet expiring, excluding the square feet for tenant leases terminated and leases in assets expected to be sold for the trailing 12-months. • RevPOR: Revenue per occupied room. RevPOR is calculated as total revenue generated by occupied rooms divided by the number of occupied rooms. • RIDEA: Used to describe properties within the portfolio that utilize the RIDEA structure as described in “RIDEA structure”.

Defined Terms • RIDEA structure: A structure permitted by the REIT Investment Diversification and Empowerment Act of 2007, pursuant to which we lease certain healthcare real estate properties to a wholly-owned taxable REIT subsidiary (TRS), which in turn contracts with an eligible independent contractor (EIK) to operate such properties for a fee. Under this structure, the EIK receives management fees, and the TRS receives revenue from the operation of the healthcare real estate properties and retains, as profit, any revenue remaining after payment of expenses (including intercompany rent paid to us and any taxes at the TRS level) necessary to operate the property. Through the RIDEA structure, in addition to receiving rental revenue from the TRS, we retain any after-tax profit from the operation of the healthcare real estate properties and benefit from any improved operational performance while bearing the risk of any decline in operating performance at the properties. • Same-Store or SS: Properties owned or consolidated the full year in both comparison years and that are not otherwise excluded. Properties are excluded from Same-Store if they are: (1) sold, classified as held for sale or properties whose operations were classified as discontinued operations in accordance with GAAP; (2) impacted by materially disruptive events, such as flood or fire for an extensive period of time; or (3) scheduled to undergo or currently undergoing major expansions/renovations or business model transitions or have transitioned business models after the start of the prior comparison period. • Same-Store NOI or SS NOI: Cash NOI for our Same-Store properties. Same-Store NOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. Both Cash NOI and Same-Store NOI include ownership and other adjustments. • Senior Housing-Leased: Senior housing facilities cater to different segments of the elderly population based upon their personal needs and include assisted living, memory care and independent living. Residents of assisted living facilities typically require limited medical care and need assistance with eating, bathing, dressing and/or medication management, and those services can be provided by staff at the facility. Resident programs offered at such facilities may include transportation, social activities and exercise and fitness programs. Our Senior Housing-Leased properties are triple-net leased. • SHOP: Senior housing operating properties. • SNFs: Skilled nursing facilities. • Square Feet or Sq. Ft.: Net rentable square feet calculated utilizing Building Owners and Managers Association measurement standards. • Total Debt: The principal balances of the Company’s revolving credit facility, term loan and secured indebtedness as reported in the Company’s consolidated financial statements. • Trilogy: Trilogy Investors, LLC; one of our consolidated subsidiaries, in which we indirectly own a 100% interest in Trilogy as of December 31, 2025. • Triple-Net Leased: A lease where the tenant is responsible for making rent payments, maintaining the leased property, and paying property taxes and other expenses.

FAQ

How did American Healthcare REIT (AHR) perform financially in full-year 2025?

American Healthcare REIT delivered a strong 2025, posting net income attributable to controlling interest of $69.8 million, or $0.42 per diluted share. NAREIT FFO per diluted share rose to $1.76 and Normalized FFO per diluted share reached $1.72, reflecting improved portfolio performance and acquisitions.

What were American Healthcare REIT’s 2025 same-store NOI growth rates by segment?

In 2025, American Healthcare REIT’s total portfolio Same-Store NOI grew 14.2%. ISHC delivered 18.4% growth, SHOP 25.2%, Outpatient Medical 2.1%, and Triple-Net Leased Properties 0.5%, highlighting especially strong momentum in the operating senior housing and integrated senior health campuses segments.

What guidance did American Healthcare REIT (AHR) provide for 2026 earnings and FFO?

For 2026, American Healthcare REIT guides to diluted net income per share of $0.75–$0.81, NAREIT FFO per diluted share of $1.93–$1.99, and Normalized FFO per diluted share of $1.99–$2.05, based on weighted average diluted shares of 190.6 million.

What same-store NOI growth is American Healthcare REIT targeting for 2026?

For 2026, American Healthcare REIT expects total portfolio Same-Store NOI growth between 7% and 11%. Segment guidance calls for ISHC growth of 8–12%, SHOP 15–19%, Outpatient Medical 0–2%, and Triple-Net Leased Properties 2–3%, assuming no additional uncompleted transactions.

How active was American Healthcare REIT in acquisitions and development during 2025?

During 2025, American Healthcare REIT completed over $950 million of acquisitions across its operating portfolio, including about $370 million in ISHC and $590 million in SHOP. Its in-process development and expansion pipeline totals roughly $178 million, with $66.9 million funded by December 31, 2025.

What is American Healthcare REIT’s leverage and liquidity position at year-end 2025?

As of December 31, 2025, American Healthcare REIT reported total consolidated indebtedness of $1.54 billion and approximately $1.14 billion of total liquidity. The company’s Net-Debt-to-Annualized Adjusted EBITDA ratio stood at 3.4x, indicating moderate leverage relative to its earnings base.

What dividend did American Healthcare REIT pay for fourth quarter 2025?

For the quarter ended December 31, 2025, American Healthcare REIT’s board declared a cash distribution of $0.25 per share of common stock. This fourth quarter distribution was paid on January 16, 2026, to stockholders of record as of December 31, 2025.

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EX-99.1 379.4 KB
• EX-99.2 EX-99.2 80.7 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 2.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 17.6 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 11.0 KB