American Healthcare REIT acquires about $1.69B in assets

Revised 2026 guidance sets NFFO per diluted share at $2.23 to $2.26 and total-portfolio Same-Store NOI growth at 12.0% to 14.0%.

Available on EDGAR 11/05/2026 - 04:17 PM EST Accepted by SEC EDGAR 11/05/2026 - 04:17 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

American Healthcare REIT, Inc. (AHR) reported third-quarter 2026 revenue of $742.149 million, compared with $572.937 million a year earlier, while net income attributable to controlling interest was $31.213 million versus $55.927 million. Normalized FFO per diluted share was $0.58, up 31.8% from $0.44, and total-portfolio Same-Store NOI growth was 13.8%, including 28.2% in SHOP and 15.7% in ISHC.

AHR acquired 17 SHOP assets for approximately $1.69 billion. It raised 2026 guidance to NFFO per diluted share of $2.23 to $2.26 and total-portfolio Same-Store NOI growth of 12.0% to 14.0%. Net Debt-to-Annualized Adjusted EBITDA was 1.9x as of September 30, compared with 2.5x as of June 30; total liquidity was approximately $2.35 billion.

As of November 5, unsettled forward sale agreements under the ATM Program and August 2026 follow-on offering related to 24,598,011 shares and would result in approximately $1.32 billion in gross proceeds, assuming full physical settlement.

2 points · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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Positive

• Moderate pointQuarterly revenue reached $742.149 million, versus $572.937 million a year earlier.
• Moderate pointNormalized FFO per diluted share rose 31.8% to $0.58.

Negative

• Moderate pointNet income attributable to controlling interest declined to $31.213 million from $55.927 million.

Filing Explained

By September 30, 2026, AHR reported 231,479,253 common shares outstanding, versus 185,911,442 at December 31, 2025; it issued 36,833,346 shares in Q3 to settle forward sales. This completed issuance expands the share base and reduces existing holders’ percentage ownership, absent offsetting changes.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Total revenue: $742.149 million Net income attributable to controlling interest: $31.213 million Normalized FFO per diluted share: $0.58 per diluted share +5 more

8 metrics

Total revenue $742.149 million Three months ended September 30, 2026; $572.937 million in 2025

Net income attributable to controlling interest $31.213 million Three months ended September 30, 2026; $55.927 million in 2025

Normalized FFO per diluted share $0.58 per diluted share Third quarter 2026; up 31.8% from $0.44 in third quarter 2025

Total-portfolio Same-Store NOI growth 13.8% Three months ended September 30, 2026, compared with the same period in 2025

SHOP assets acquired 17 assets; approximately $1.69 billion Third quarter 2026

Unsettled forward sale agreements 24,598,011 shares; approximately $1.32 billion in gross proceeds As of November 5, 2026; proceeds assume full physical settlement

Total liquidity Approximately $2.35 billion As of September 30, 2026; includes cash and cash equivalents, undrawn lines of credit, and expected gross proceeds from unsettled forward sale agreements assuming full physical settlement

Net Debt-to-Annualized Adjusted EBITDA 1.9x As of September 30, 2026, compared with 2.5x as of June 30, 2026

Key Terms

Normalized Funds From Operations, Same-Store NOI, forward sale agreements, Net Debt-to-Annualized Adjusted EBITDA, +1 more

5 terms

Normalized Funds From Operations financial

"Normalized FFO attributable to controlling interest"

Normalized funds from operations is an adjusted measure of a real estate company's recurring cash flow that removes one-time or unusual gains, losses and accounting quirks so investors see the business’s steady earning power. Think of it as a household budget that strips out one-off expenses and windfalls to reveal what money is reliably available for paying dividends or reinvesting. It matters because it gives a clearer picture of sustainable payout capacity and underlying operating performance than raw accounting figures.

Same-Store NOI financial

"Total portfolio Same-Store NOI growth"

Same-store NOI (net operating income) measures the change in profit from a company’s properties or retail locations that were owned and operating in both the current and prior reporting periods, excluding income from newly acquired or sold assets. It matters to investors because it isolates organic performance—like rent increases, occupancy and cost control—so you can compare how the existing portfolio is actually doing over time, similar to tracking sales at the same set of stores rather than including new openings.

forward sale agreements financial

"unsettled forward sale agreements outstanding"

A forward sale agreement is a deal where two parties agree today to sell and buy an asset at a set price on a future date. It’s like promising to sell your car to a friend next month at today's price, regardless of how the car's value changes. These agreements help businesses lock in prices and reduce uncertainty about future costs or income.

Net Debt-to-Annualized Adjusted EBITDA financial

"measure of our ability to service our debt"

Net debt-to-annualized adjusted EBITDA is a leverage ratio that compares a company’s debt burden after subtracting cash (net debt) to its run-rate operating cash earnings after routine adjustments (annualized adjusted EBITDA). It tells investors how many years of that adjusted cash flow would be needed to pay off net debt, like estimating how many months of your take-home pay it would take to clear a mortgage, and helps assess financial risk and borrowing capacity.

RIDEA structure regulatory

"A structure permitted by the REIT Investment Diversification and Empowerment Act"

Earnings Snapshot

Total revenue: $742.149 million · Guidance included

Three months ended September 30, 2026

Total revenue $742.149 million Compared with $572.937 million for the three months ended September 30, 2025

Net income attributable to controlling interest $31.213 million Compared with $55.927 million for the three months ended September 30, 2025

Normalized FFO per diluted share $0.58 Up 31.8% from $0.44

Total-portfolio Same-Store NOI growth 13.8% Compared with the three months ended September 30, 2025

Guidance

For the year ending December 31, 2026, NFFO per diluted share guidance is $2.23 to $2.26 and total-portfolio Same-Store NOI growth guidance is 12.0% to 14.0%.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is AHR's investment pipeline and when could deals close?

AHR's investment pipeline exceeded $1.0 billion. The company expects to close pipeline deals by the end of the first quarter of 2027, but cannot guarantee when or if closings will take place. Its 2026 guidance excludes additional transaction activity beyond transactions disclosed as completed.

How much is AHR's development pipeline expected to cost?

AHR's in-process development and expansion pipeline is expected to cost approximately $192.9 million, of which $88.2 million had been funded as of September 30, 2026.

When did AHR pay its third-quarter 2026 distribution?

AHR paid a cash distribution of $0.25 per share on October 16, 2026, to stockholders of record as of September 30, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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false000163297000016329702026-11-052026-11-05

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): November 05, 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 November 5, 2026, we issued an earnings release announcing our financial position as of September 30, 2026 and our results for the quarter 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 November 5, 2026, we released certain supplemental data and a presentation for the quarter ended September 30, 2026. 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. Additionally, a copy of the presentation is available on the Investor Relations page of the Company’s website at https://ir.americanhealthcarereit.com/events-and-presentations/.

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 November 5, 2026
99.2		American Healthcare REIT, Inc. Third Quarter 2026 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:	November 5, 2026	By:	/s/ Jeffrey T. Hanson
			Name: Jeffrey T. Hanson Title: Chief Executive Officer and Chairman of the Board of Directors

Exhibit 99.1

r

Press Release
Irvine, CA – November 5, 2026	Contact: Alan Peterson Email: investorrelations@ahcreit.com

American Healthcare REIT Announces Third Quarter 2026 Results;

Increases Full Year 2026 Guidance

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

Key Highlights

(all figures reported for the three months ended September 30, 2026 and percentage changes are compared to the same period in 2025 unless otherwise noted)

•GAAP net income attributable to controlling interest of $31.2 million, or $0.14 per diluted share.

•Normalized Funds From Operations attributable to controlling interest (“NFFO”) of $0.58 per diluted share.

•Achieved total portfolio Same-Store Net Operating Income (“Same-Store NOI”) growth of 13.8%.

•Achieved Same-Store NOI growth of 28.2% and 15.7% in its senior housing operating properties (“SHOP”) and integrated senior health campuses (“ISHC”) segments, respectively.

•Acquired approximately $1.69 billion of new investments within its SHOP segment. Since the beginning of 2026, the Company has completed approximately $2.07 billion in new investments.

•Increased total portfolio Same-Store NOI growth guidance to 12.0% to 14.0% and NFFO per diluted share guidance to $2.23 to $2.26 for the year ending December 31, 2026.

•Completed a follow-on common equity offering in August 2026, entering into forward sale agreements relating to 15,237,500 shares of common stock for approximately $819.0 million in gross proceeds.

•Entered into forward sale agreements pursuant to its at-the-market equity offering program ("ATM Program"), to sell 14,385,140 shares of common stock for approximately $780.5 million in gross proceeds. Subsequent to quarter end, we entered into additional forward sale agreements pursuant to its ATM Program to sell 1,522,952 shares of common stock for approximately $77.1 million in gross proceeds, assuming full physical settlement.

•As of November 5, 2026, pursuant to its ATM Program and its August 2026 follow-on common equity offering, the Company had unsettled forward sale agreements outstanding relating to 24,598,011 shares of common stock that would result in approximately $1.32 billion in gross proceeds assuming full physical settlement.

•Reported a 0.6x improvement in Net Debt-to-Annualized Adjusted EBITDA to 1.9x as of September 30, 2026, from 2.5x as of June 30, 2026.

•Strengthened the senior leadership team as Jeff Hanson was named Chief Executive Officer in addition to continuing to serve as Chairman, Gabe Willhite was elevated to President in addition to continuing to serve as Chief Operating Officer, and Scott Estes was appointed Lead Independent Director. The Company also added Aric Chang as Chief Financial Officer, Jon Crosier as Chief Technology Officer and Ann Lacey as Executive Vice President, Portfolio and Asset Management – Senior Housing.

•Published 2025 Corporate Responsibility report committing to a 25% reduction in greenhouse gas Scope 1 and 2 emissions intensity by 2033 from a 2024 base year.

•Recognized for workplace quality and corporate trust by Great Place To Work, Newsweek, U.S. News & World Report, and Fortune.

“We strengthened three things this quarter: the team, the portfolio and the platform that connects them,” said Jeff Hanson, the Company’s Chairman and Chief Executive Officer. “We added executive leadership across finance, asset management, and technology, added nearly $2.1 billion of new investments in 2026, and brought new operating partners onto a platform that pairs their local expertise with portfolio-wide collaborations among the top operators in the senior housing industry. Importantly, this growth has been ambitious but disciplined. Superior care quality drives resident outcomes, and resident outcomes drive our performance. Our goal remains to be the preferred capital partner for the best senior housing operators in America, and we believe we made great strides in furtherance of that objective this quarter.”

Page | 1

Third Quarter 2026 Results

The Company’s Same-Store NOI growth results for the three and nine months ended September 30, 2026 are detailed below. Same-Store NOI growth in the third quarter of 2026, compared to the same period in 2025, was led by the Company’s operating portfolio, comprised of its ISHC and SHOP segments, through strong pricing power driven by rate growth and effective expense control by its operating partners.

Three Months Ended September 30, 2026 Relative to Three Months Ended September 30, 2025
Segment	Same-Store NOI Growth
ISHC		15.7	%
SHOP		28.2	%
Outpatient Medical		0.4	%
Triple-Net Leased Properties		2.7	%
Total Portfolio		13.8	%

Nine Months Ended September 30, 2026 Relative to Nine Months Ended September 30, 2025
Segment	Same-Store NOI Growth
ISHC		15.5	%
SHOP		22.9	%
Outpatient Medical		1.2	%
Triple-Net Leased Properties		3.1	%
Total Portfolio		13.1	%

"Supply and demand dynamics alone do not guarantee success in this business," said Gabe Willhite, AHR's President and Chief Operating Officer. "Together with our roster of top regional operators, we executed on occupancy gains, dynamic pricing management and tight expense control to deliver 28.2% Same-Store NOI growth in SHOP and 15.7% in ISHC. We closed the third quarter with a solid foundation to enter the last quarter of 2026, which we believe should support growth entering 2027. The systems and standards we continue to support with our operating partners have propelled growth across our SHOP+ portfolio, which is comprised of our SHOP and ISHC segments."

Transactional Activity

During the three months ended September 30, 2026, the Company:

•Acquired 17 new SHOP assets for approximately $1.69 billion, as previously announced. The properties are located in various states and will be managed and operated by new and existing regional operating partners.

•Funded a loan for seven properties for approximately $86.2 million with purchase options to acquire the properties, as previously announced. The properties are currently operated by one of the Company's existing tenants who leases other buildings within its Triple-Net Leased Properties segment.

Following the Company's completed transaction activity during the three months ended September 30, 2026, and subsequent to quarter end, the Company's investment pipeline consists of over $1.0 billion which includes newly awarded deals and deals in the pipeline previously disclosed in the Company's Second Quarter 2026 Earnings Release that have yet to close. While the Company expects to close the deals in its investment pipeline by the end of the first quarter in 2027, 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 investment pipeline, in its 2026 guidance, beyond the transactions disclosed as completed.

Development Activity

The Company's total in-process development and expansion pipeline is expected to cost approximately $192.9 million, of which $88.2 million had been funded as of September 30, 2026.

Capital Markets and Balance Sheet Activity

As of September 30, 2026, the Company had total consolidated indebtedness of $1.38 billion and approximately $2.35 billion of total liquidity, comprised of cash and cash equivalents, undrawn capacity on its lines of credit, and expected gross proceeds from unsettled forward sale agreements, assuming full physical settlement. The Company's Net-Debt-to-Annualized Adjusted EBITDA as of September 30, 2026, was 1.9x.

Page | 2

During the three months ended September 30, 2026, the Company entered into forward sale agreements pursuant to its ATM Program, to sell 14,385,140 shares of common stock for approximately $780.5 million in gross proceeds. Subsequent to quarter end, the Company entered into additional forward sale agreements pursuant to its ATM Program to sell 1,522,952 shares of common stock for approximately $77.1 million in gross proceeds, assuming full physical settlement.

The Company also completed a follow-on common equity offering in August 2026, entering into new forward sale agreements to issue 15,237,500 shares of common stock for gross proceeds of approximately $819.0 million.

During the three months ended September 30, 2026, the Company issued 36,833,346 shares of common stock to physically settle sales under forward sale agreements pursuant to its ATM Program and its May 2026 and August 2026 follow-on common equity offerings for gross proceeds of approximately $1.88 billion. Subsequent to quarter end, the Company issued an additional 589,179 shares of common stock to physically settle sales under forward sale agreements from its ATM Program and its August 2026 follow-on common equity offering for gross proceeds of approximately $31.2 million. As of November 5, 2026, pursuant to its ATM Program and its August 2026 follow-on common equity offering, the Company had unsettled forward sale agreements outstanding relating to 24,598,011 shares of common stock that would result in approximately $1.32 billion in gross proceeds assuming full physical settlement.

“I am honored to join AHR at a pivotal moment for the Company and sector. AHR’s focus resonated with me: to serve a rapidly growing senior population by supporting top operators who deliver the best care,” said Aric Chang, the Company's Chief Financial Officer. “Our team and operating partners successfully executed on organic and external growth in the third quarter, which is why we are raising full-year guidance for Same-Store NOI growth and NFFO per diluted share. At the midpoint of revised guidance, we now expect 31% NFFO per diluted share growth over 2025, reflecting our continued focus on driving long-term shareholder value.”

Full Year 2026 Guidance

The Company is increasing NFFO per diluted share and Same-Store NOI growth guidance for the year ending December 31, 2026. The Company's 2026 guidance does not assume additional transaction or capital markets activity beyond the transactions or activity disclosed herein as completed. Guidance ranges are detailed below:

	Full Year 2026 Guidance
Metric	Midpoint	Current FY 2026 Range	Prior FY 2026 Range
Net income per diluted share	$0.605	$0.59 to $0.62	$0.54 to $0.58
NAREIT FFO per diluted share	$2.145	$2.13 to $2.16	$2.04 to $2.08
NFFO per diluted share	$2.245	$2.23 to $2.26	$2.15 to $2.19
Total Portfolio SS NOI Growth	13.0%	12.0% to 14.0%	11.0% to 13.0%
Segment-Level SS NOI Growth:
ISHC	15.5%	14.5% to 16.5%	13.0% to 16.0%
SHOP	24.5%	23.0% to 26.0%	18.0% to 21.0%
Outpatient Medical	0.75%	0.5% to 1.0%	0.0% to 1.0%
Triple-Net Leased Properties	3.0%	2.5% to 3.5%	2.0% to 3.0%

________________________________________

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 Third Quarter 2026 Supplemental Financial Information (“Supplemental”). A reconciliation of net income (loss) calculated in accordance with generally accepted accounting principles in the United States ("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.

Page | 3

Distributions

As previously announced, the Company’s Board of Directors declared a cash distribution for the quarter ended September 30, 2026 of $0.25 per share of its common stock. The third quarter distribution was paid in cash on October 16, 2026, to stockholders of record as of September 30, 2026.

Supplemental Information

The Company has disclosed supplemental information regarding its portfolio, financial position and results of operations as of, and for the three and nine months ended, September 30, 2026, 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 November 6, 2026. During the conference call, Company executives will review third quarter 2026 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/980250267.

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: +1 833-461-5787
International Toll: +1 585-542-9983
International Dial-Ins: https://help.events.q4inc.com/eahc/international-dial-in-numbers
Meeting ID: 980 250 267

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 and growth in 2027; full year 2026 guidance, including net income per diluted share, NAREIT FFO per diluted share, NFFO per diluted share, total portfolio Same-Store NOI growth, and segment-level Same-Store NOI growth and margin expansion; purchases and sales of assets, including the timing of the closing of deals in its investment pipeline; development plans; the settlement of forward sale agreements; emissions reduction targets and the benefits of additions to its management team, portfolio and platform 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 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, domestic legal and fiscal policies; geopolitical conditions and other risks disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed on February 27, 2026, 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.

Page | 4

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, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI. The Company believes these non-GAAP financial measures are useful supplemental measures of its operating performance and are 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. In addition, management uses Net Debt-to-Annualized Adjusted EBITDA as a measure of our ability to service our debt. Finally, EBITDA and Adjusted EBITDA may not be comparable to similarly titled items reported by other REITs or other companies.

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 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 of 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.

Page | 5

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.

CONDENSED CONSOLIDATED BALANCE SHEETS

As of September 30, 2026 and December 31, 2025

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

		September 30, 2026				December 31, 2025
ASSETS
Real estate investments, net		$	5,949,084			$	4,183,419
Debt investments, net			240,808				92,136
Cash and cash equivalents			222,767				114,836
Restricted cash			35,905				36,917
Accounts and other receivables, net			228,503				204,313
Identified intangible assets, net			370,206				253,236
Goodwill			234,942				234,942
Operating lease right-of-use assets, net			149,524				135,399
Other assets, net			177,618				171,028
Total assets		$	7,609,357			$	5,426,226
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgage loans payable, net		$	814,957			$	966,925
Lines of credit and term loan, net			549,927				549,761
Accounts payable and accrued liabilities			372,123				317,742
Identified intangible liabilities, net			1,717				2,110
Financing obligations			19,208				33,902
Operating lease liabilities			135,430				135,603
Security deposits, prepaid rent and other liabilities			66,538				59,568
Total liabilities			1,959,900				2,065,611
Commitments and contingencies
Redeemable noncontrolling interests			66,810				—
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; 1,000,000,000 shares authorized;    231,479,253 and 185,911,442 shares issued and outstanding as of    September 30, 2026 and December 31, 2025, respectively			2,311				1,852
Additional paid-in capital			7,164,243				4,880,169
Accumulated deficit			(1,628,682	)			(1,559,279	)
Accumulated other comprehensive loss			(2,205	)			(2,104	)
Total stockholders’ equity			5,535,667				3,320,638
Noncontrolling interests			46,980				39,977
Total equity			5,582,647				3,360,615
Total liabilities, redeemable noncontrolling interests and equity		$	7,609,357			$	5,426,226

Page | 7

AMERICAN HEALTHCARE REIT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

For the Three and Nine Months Ended September 30, 2026 and 2025

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

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenues:
Resident fees and services		$	701,093			$	532,058			$	1,945,379			$	1,530,519
Real estate revenue			41,056				40,879				121,794				125,524
Total revenues			742,149				572,937				2,067,173				1,656,043
Expenses:
Property operating expenses			564,735				454,530				1,601,744				1,313,238
Rental expenses			12,619				12,592				37,892				39,225
General and administrative			21,582				14,108				59,078				42,206
Transaction, transition and restructuring costs			5,113				50				9,870				1,808
Depreciation and amortization			90,869				49,181				230,056				132,236
Total expenses			694,918				530,461				1,938,640				1,528,713
Other income (expense):
Interest expense:
Interest expense, net			(17,773	)			(20,392	)			(55,195	)			(65,969	)
(Loss) gain in fair value of derivative financial instruments			(106	)			166				1,778				(1,213	)
Gain (loss) on dispositions of real estate investments, net			—				691				5,647				(2,344	)
Impairment of real estate investments			—				(3,768	)			(2,137	)			(38,133	)
Income (loss) from unconsolidated entities			49				462				1,733				(2,624	)
Gain on re-measurement of previously held equity interest			—				14,580				—				14,580
Foreign currency (loss) gain			(619	)			(977	)			(1,363	)			3,181
Other income, net			3,473				2,309				7,722				5,314
Total net other expense			(14,976	)			(6,929	)			(41,815	)			(87,208	)
Income before income taxes			32,255				35,547				86,718				40,122
Income tax (expense) benefit			(740	)			21,092				(212	)			19,756
Net income			31,515				56,639				86,506				59,878
Net income attributable to noncontrolling interests			(302	)			(712	)			(974	)			(847	)
Net income attributable to controlling interest		$	31,213			$	55,927			$	85,532			$	59,031
Net income per common share attributable to controlling    interest:
Basic		$	0.14			$	0.33			$	0.43			$	0.36
Diluted		$	0.14			$	0.33			$	0.43			$	0.36
Weighted average number of common shares outstanding:
Basic			216,783,990				169,010,301				199,046,304				162,188,510
Diluted			217,711,583				169,802,090				199,494,794				162,908,219
Net income		$	31,515			$	56,639			$	86,506			$	59,878
Other comprehensive income (loss):
Foreign currency translation adjustments			8				(121	)			(101	)			398
Total other comprehensive income (loss)			8				(121	)			(101	)			398
Comprehensive income			31,523				56,518				86,405				60,276
Comprehensive income attributable to noncontrolling    interests			(302	)			(712	)			(974	)			(847	)
Comprehensive income attributable to controlling interest		$	31,221			$	55,806			$	85,431			$	59,429

Page | 8

AMERICAN HEALTHCARE REIT, INC.

NAREIT FFO and Normalized FFO Reconciliation

For the Three and Nine Months Ended September 30, 2026 and 2025

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

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net income		$	31,515			$	56,639			$	86,506			$	59,878
Depreciation and amortization related to real estate —    consolidated properties			90,800				49,115				229,849				131,980
Depreciation and amortization related to real estate —    unconsolidated entities			43				15				71				1,018
Impairment of real estate investments —    consolidated properties			—				3,768				2,137				38,133
(Gain) loss on dispositions of real estate investments, net —    consolidated properties			—				(691	)			(5,647	)			2,344
Gain on re-measurement of previously held equity interest			—				(14,580	)			—				(14,580	)
Net income attributable to noncontrolling interests			(302	)			(712	)			(974	)			(847	)
Depreciation, amortization, impairments, net gain/loss on    dispositions and gain on re-measurement —    noncontrolling interests			(1,449	)			(521	)			(3,005	)			(2,216	)
NAREIT FFO attributable to controlling interest		$	120,607			$	93,033			$	308,937			$	215,710
Transaction, transition and restructuring costs		$	5,113			$	50			$	9,870			$	1,808
Amortization of above- and below-market leases			281				295				911				1,063
Amortization of direct origination and closing costs — debt investments			739				11				763				60
Change in deferred rent			(184	)			(485	)			(1,120	)			(1,877	)
Non-cash impact of changes to equity instruments (1)			9,284				3,429				19,909				9,170
Non-cash income tax benefit			(294	)			(21,401	)			(1,241	)			(21,401	)
Capitalized interest			(834	)			(401	)			(2,189	)			(843	)
(Gain) loss on debt extinguishments			—				(22	)			147				1,784
Loss (gain) in fair value of derivative financial instruments			106				(166	)			(1,778	)			1,213
Foreign currency loss (gain)			619				977				1,363				(3,181	)
Other non-recurring income (2)			(8,815	)			—				(8,815	)			—
Adjustments for unconsolidated entities			(1	)			(1	)			(2	)			4
Adjustments for noncontrolling interests			(62	)			211				(192	)			139
Normalized FFO attributable to controlling interest		$	126,559			$	75,530			$	326,563			$	203,649
NAREIT FFO and Normalized FFO weighted average common    share outstanding — diluted			217,711,583				169,802,090				199,494,794				162,908,219
NAREIT FFO per common share attributable to controlling    interest — diluted		$	0.55			$	0.54			$	1.55			$	1.32
Normalized FFO per common share attributable to controlling    interest — diluted		$	0.58			$	0.44			$	1.64			$	1.25

(1)For the three and nine months ended September 30, 2026, stock compensation expense includes $4,594,000 related to the accelerated vesting and modification of certain outstanding equity awards in connection with our previously disclosed Chief Executive Officer and Chief Financial Officer transitions during the third quarter of 2026, net of forfeitures.

(2)Represents certain Ohio Medicaid quality incentive payments received by our ISHC segment pursuant to Ohio House Bill 479, or HB 479, that do not relate to the 2026 rate period. HB 479 was enacted in June 2026 and appropriated funding for nursing facility quality incentive payments. These amounts are included in resident fees and services revenue in our accompanying condensed consolidated statements of operations and comprehensive income, but are not reflective of our on-going operating performance.

Page | 9

AMERICAN HEALTHCARE REIT, INC.

Adjusted EBITDA Reconciliation

For the Three Months Ended September 30, 2026

(In thousands) (Unaudited)

Net income		$	31,515
Interest expense, net (including amortization of deferred financing costs and amortization of debt   discount/premium)			17,773
Income tax expense			740
Depreciation and amortization (including amortization of leased assets and accretion of lease liabilities)			91,403
EBITDA			141,431
Income from unconsolidated entities			(49	)
Straight line rent and amortization of above/below market leases			(437	)
Non-cash impact of changes to equity instruments			9,284
Transaction, transition and restructuring costs			5,113
Amortization of direct origination and closing costs — debt investments			739
Foreign currency loss			619
Loss in fair value of derivative financial instruments			106
Other non-recurring income			(8,815	)
Adjusted EBITDA		$	147,991

Page | 10

AMERICAN HEALTHCARE REIT, INC.

NOI and Cash NOI Reconciliation

For the Three and Nine Months Ended September 30, 2026 and 2025

(In thousands) (Unaudited)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net income			31,515				56,639				86,506				59,878
General and administrative			21,582				14,108				59,078				42,206
Transaction, transition and restructuring costs			5,113				50				9,870				1,808
Depreciation and amortization			90,869				49,181				230,056				132,236
Interest expense, net			17,773				20,392				55,195				65,969
Loss (gain) in fair value of derivative financial instruments			106				(166	)			(1,778	)			1,213
(Gain) loss on dispositions of real estate investments, net			—				(691	)			(5,647	)			2,344
Impairment of real estate investments			—				3,768				2,137				38,133
(Income) loss from unconsolidated entities			(49	)			(462	)			(1,733	)			2,624
Gain on re-measurement of previously held equity interest			—				(14,580	)			—				(14,580	)
Foreign currency loss (gain)			619				977				1,363				(3,181	)
Other income, net			(3,473	)			(2,309	)			(7,722	)			(5,314	)
Income tax expense (benefit)			740				(21,092	)			212				(19,756	)
Net operating income			164,795				105,815				427,537				303,580
Straight line rent			(297	)			(730	)			(1,580	)			(2,286	)
Facility rental expense			6,752				7,030				20,265				21,807
Other non-cash adjustments			934				133				1,025				517
Cash NOI from dispositions			(6	)			(102	)			(351	)			(716	)
Cash NOI attributable to noncontrolling interests (1)			(734	)			(251	)			(1,234	)			(758	)
Cash NOI (1)		$	171,444			$	111,895			$	445,662			$	322,144

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

Page | 11

AMERICAN HEALTHCARE REIT, INC.

Same-Store Revenue Reconciliation

For the Three and Nine Months Ended September 30, 2026 and 2025

(In thousands) (Unaudited)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
ISHC
GAAP Revenue		$	534,189			$	455,452			$	1,549,810			$	1,313,494
Cash revenue from dispositions			—				1				(2,069	)			(2,680	)
Cash revenue			534,189				455,453				1,547,741				1,310,814
Revenue attributable to new acquisitions/dispositions/other			(177,351	)			(118,985	)			(507,174	)			(330,145	)
Revenue attributable to Non-Core Properties			(3,576	)			(6,655	)			(13,698	)			(19,258	)
Other normalizing revenue adjustments			(7,772	)			—				(7,772	)			—
Same-Store revenue		$	345,490			$	329,813			$	1,019,097			$	961,411
SHOP
GAAP Revenue		$	166,904			$	76,606			$	395,569			$	217,025
Cash revenue from dispositions			—				(1	)			—				(167	)
Cash revenue attributable to noncontrolling interests (1)			(1,929	)			(278	)			(2,496	)			(824	)
Cash revenue (1)			164,975				76,327				393,073				216,034
Revenue attributable to new acquisitions/dispositions			(88,418	)			(6,208	)			(169,892	)			(9,617	)
Revenue attributable to development conversion			(1,105	)			(864	)			(3,023	)			(2,255	)
Revenue attributable to Non-Core Properties			(599	)			(580	)			(1,811	)			(1,749	)
Same-Store revenue (1)		$	74,853			$	68,675			$	218,347			$	202,413
Outpatient Medical
GAAP Revenue		$	30,666			$	31,181			$	91,493			$	95,629
Straight line rent			24				(243	)			(434	)			(675	)
Other non-cash adjustments			(343	)			(380	)			(1,223	)			(1,054	)
Cash revenue from dispositions			1				(427	)			—				(887	)
Cash revenue			30,348				30,131				89,836				93,013
Revenue attributable to dispositions			—				(154	)			—				(4,044	)
Revenue attributable to Non-Core Properties			(1,838	)			(2,230	)			(5,485	)			(7,157	)
Same-Store revenue		$	28,510			$	27,747			$	84,351			$	81,812
Triple-Net Leased Properties
GAAP Revenue		$	10,390			$	9,698			$	30,301			$	29,895
Straight line rent			(321	)			(487	)			(1,146	)			(1,611	)
Other non-cash adjustments			881				200				1,250				624
Cash revenue from dispositions			—				(25	)			(27	)			(25	)
Cash revenue attributable to noncontrolling interest (1)			(198	)			(194	)			(587	)			(575	)
Cash revenue (1)			10,752				9,192				29,791				28,308
Debt investments (2)			(2,771	)			(1,165	)			(5,100	)			(3,809	)
Revenue attributable to dispositions			—				—				—				(52	)
Revenue attributable to Non-Core Properties			—				(157	)			(159	)			(470	)
Other normalizing revenue adjustments			—				—				(354	)			(522	)
Same-Store revenue (1)		$	7,981			$	7,870			$	24,178			$	23,455

Page | 12

AMERICAN HEALTHCARE REIT, INC.

Same-Store Revenue Reconciliation - (Continued)

For the Three and Nine Months Ended September 30, 2026 and 2025

(In thousands) (Unaudited)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Total Portfolio
GAAP Revenue		$	742,149			$	572,937			$	2,067,173			$	1,656,043
Straight line rent			(297	)			(730	)			(1,580	)			(2,286	)
Other non-cash adjustments			538				(180	)			27				(430	)
Cash revenue from dispositions			1				(452	)			(2,096	)			(3,759	)
Cash revenue attributable to noncontrolling interests (1)			(2,127	)			(472	)			(3,083	)			(1,399	)
Cash revenue (1)			740,264				571,103				2,060,441				1,648,169
Debt investments (2)			(2,771	)			(1,165	)			(5,100	)			(3,809	)
Revenue attributable to new acquisitions/dispositions/other			(265,769	)			(125,347	)			(677,066	)			(343,858	)
Revenue attributable to development conversion			(1,105	)			(864	)			(3,023	)			(2,255	)
Revenue attributable to Non-Core Properties			(6,013	)			(9,622	)			(21,153	)			(28,634	)
Other normalizing revenue adjustments			(7,772	)			—				(8,126	)			(522	)
Same-Store revenue (1)		$	456,834			$	434,105			$	1,345,973			$	1,269,091

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

(2)Relates to debt security investment and debt investment within Triple-Net Leased Properties.

Page | 13

AMERICAN HEALTHCARE REIT, INC.

Same-Store NOI Reconciliation

For the Three and Nine Months Ended September 30, 2026 and 2025

(In thousands) (Unaudited)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
ISHC
NOI		$	90,047			$	62,168			$	239,965			$	176,093
Facility rental expense			6,752				7,030				20,265				21,807
Cash NOI from dispositions			—				1				(328	)			(472	)
Cash NOI			96,799				69,199				259,902				197,428
New acquisitions/dispositions/other			(16,039	)			(6,538	)			(38,699	)			(12,464	)
Non-Core Properties			(510	)			(1,078	)			(1,928	)			(2,822	)
Other normalizing adjustments			(7,772	)			1,044				(7,772	)			1,044
Same-Store NOI		$	72,478			$	62,627			$	211,503			$	183,186
SHOP
NOI		$	46,209			$	15,360			$	103,568			$	41,188
Other non-cash adjustments			102				—				102				—
Cash NOI from dispositions			—				24				—				88
Cash NOI attributable to noncontrolling interests (1)			(536	)			(58	)			(648	)			(185	)
Cash NOI (1)			45,775				15,326				103,022				41,091
New acquisitions/dispositions			(28,092	)			(1,921	)			(54,829	)			(2,771	)
Development conversion			(104	)			343				207				980
Non-Core Properties			(24	)			(59	)			(122	)			(176	)
Other normalizing adjustments			—				—				—				147
Same-Store NOI (1)		$	17,555			$	13,689			$	48,278			$	39,271
Outpatient Medical
NOI		$	18,573			$	19,128			$	55,783			$	58,699
Straight line rent			24				(243	)			(434	)			(675	)
Other non-cash adjustments			(68	)			(85	)			(382	)			(162	)
Cash NOI from dispositions			(6	)			(127	)			4				(332	)
Cash NOI			18,523				18,673				54,971				57,530
Dispositions			—				83				—				(1,763	)
Non-Core Properties			(956	)			(1,259	)			(2,764	)			(4,183	)
Same-Store NOI		$	17,567			$	17,497			$	52,207			$	51,584
Triple-Net Leased Properties
NOI		$	9,966			$	9,159			$	28,221			$	27,600
Straight line rent			(321	)			(487	)			(1,146	)			(1,611	)
Other non-cash adjustments			900				218				1,305				679
Cash NOI from dispositions			—				—				(27	)			—
Cash NOI attributable to noncontrolling interest (1)			(198	)			(193	)			(586	)			(573	)
Cash NOI (1)			10,347				8,697				27,767				26,095
Debt investments (2)			(2,771	)			(1,165	)			(5,100	)			(3,809	)
Dispositions			—				—				—				3
Non-Core Properties			—				(157	)			(159	)			(464	)
Same-Store NOI (1)		$	7,576			$	7,375			$	22,508			$	21,825

Page | 14

AMERICAN HEALTHCARE REIT, INC.

Same-Store NOI Reconciliation - (Continued)

For the Three and Nine Months Ended September 30, 2026 and 2025

(In thousands) (Unaudited)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Total Portfolio
NOI		$	164,795			$	105,815			$	427,537			$	303,580
Straight line rent			(297	)			(730	)			(1,580	)			(2,286	)
Facility rental expense			6,752				7,030				20,265				21,807
Other non-cash adjustments			934				133				1,025				517
Cash NOI from dispositions			(6	)			(102	)			(351	)			(716	)
Cash NOI attributable to noncontrolling interests (1)			(734	)			(251	)			(1,234	)			(758	)
Cash NOI (1)			171,444				111,895				445,662				322,144
Debt investments (2)			(2,771	)			(1,165	)			(5,100	)			(3,809	)
New acquisitions/dispositions/other			(44,131	)			(8,376	)			(93,528	)			(16,995	)
Development conversion			(104	)			343				207				980
Non-Core Properties			(1,490	)			(2,553	)			(4,973	)			(7,645	)
Other normalizing adjustments			(7,772	)			1,044				(7,772	)			1,191
Same-Store NOI (1)		$	115,176			$	101,188			$	334,496			$	295,866

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

(2)Relates to debt security investment and debt investment within Triple-Net Leased Properties.

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				Prior Full Year 2026 Guidance
		Low		High		Low		High
Net income attributable to common stockholders		$123.2		$129.2		$108.5		$116.5
Depreciation and amortization (1)		322.1		322.1		306.8		306.8
Impairment and gains/losses from dispositions (1)		(3.5)		(3.5)		(3.9)		(3.9)
NAREIT FFO attributable to common stockholders		$441.8		$447.8		$411.4		$419.4
Amortization of other intangible assets/liabilities (1)		2.7		2.7		1.3		1.3
Change in deferred rent (1)		(1.3)		(1.3)		(1.6)		(1.6)
Non-cash impact of changes to equity plan (1) (2)		26.3		26.3		21.9		21.9
Other adjustments (1) (3)		(6.2)		(6.2)		(0.2)		(0.2)
Normalized FFO attributable to common stockholders		$463.3		$469.3		$432.8		$440.8
Net income per common share — diluted		$0.59		$0.62		$0.54		$0.58
NAREIT FFO per common share — diluted		$2.13		$2.16		$2.04		$2.08
Normalized FFO per common share — diluted		$2.23		$2.26		$2.15		$2.19
NAREIT FFO and Normalized FFO weighted average       shares — diluted		207.7		207.7		201.3		201.3
Total Portfolio Same-Store NOI growth		12.0%		14.0%		11.0%		13.0%
Segment-Level Same-Store NOI growth:
ISHC		14.5%		16.5%		13.0%		16.0%
SHOP		23.0%		26.0%		18.0%		21.0%
Outpatient Medical		0.5%		1.0%		0.0%		1.0%
Triple-Net Leased Properties		2.5%		3.5%		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 Normalized FFO.

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 impact of changes to equity instruments, transaction, transition and restructuring costs, gain or loss on dispositions of real estate investments, amortization of direct origination and closing costs on debt 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 and/or 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 dispositions 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 Debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash related to debt. For a reconciliation of Net Debt to total debt, refer to the Company’s Third Quarter 2026 Supplemental Financial Information.

•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 of real estate investments, impairment of real estate investments, impairment 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 non-cash effect of income tax benefits or expenses; capitalized interest; impairment of intangible assets and goodwill; amortization of direct origination and 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.

•Outpatient Medical or OM: Outpatient Medical properties.

•Pro-Rata: As of September 30, 2026, we owned and/or operated buildings/properties through entities of which we owned less than 100% 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.

Page | 17

•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.

•Total Debt: The principal balances of the Company’s revolving credit facilities, 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 September 30, 2026.

•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

Third Quarter 2026 Supplemental

Exhibit 99.2

The Lodge at Historic Lewes

Lewes, DE

Disclaimers

Forward-Looking Statements

Certain statements contained in this supplemental, furnished in conjunction with the Third Quarter 2026 Earnings Press Release, including statements relating to American Healthcare REIT, Inc.'s (the "Company") expectations regarding its performance, interest expense, balance sheet, full year 2026 guidance and the assumptions therein, including 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, sales, and development of assets, 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, domestic legal and fiscal policies; geopolitical conditions and other risks disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed on February 27, 2026, and other 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.

Non-GAAP Financial Measures

The Company’s reported results are presented in accordance with generally accepted accounting principles in the United States ("GAAP"). The Company also discloses the following non-GAAP financial measures: EBITDA, Adjusted EBITDA, Net Debt-to-Annualized Adjusted EBITDA, NAREIT FFO, NFFO, NOI, Same-Store NOI, Cash NOI, Pro-Rata Cash NOI, Annualized Cash NOI, Interest Coverage Ratio, Fixed Charge Coverage Ratio and constant currency Same-Store NOI. The Company believes these non-GAAP financial measures are useful supplemental measures of its operating performance and are used by investors and analysts to compare the operating performance of the Company between periods and to other real estate investment trusts ("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 and the appendix 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. In addition, management uses Net Debt-to-Annualized Adjusted EBITDA as a measure of our ability to service our debt. Finally, EBITDA and Adjusted EBITDA may not be comparable to similarly titled items reported by other REITs or other companies.

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 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 of 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.

American Healthcare REIT | Q3 2026 Supplemental | Page 2

Pro-Rata Annualized Cash NOI

Overview (as of September 30, 2026)

(dollars in thousands, except per share and Pro-Rata)

Portfolio Overview

		Campuses/ Properties		Beds/ Units (1)		Leased % (2)		WALT (years)		Annualized Cash NOI (3)
Integrated Senior Health Campuses (ISHC)		149		15,105		90.5%		—		$387,196		56.5%
Senior Housing Operating Properties (SHOP)		109		10,072		90.1%		—		183,100		26.7%
Outpatient Medical (OM)		70		3,654		87.7%		4.9		74,092		10.8%
Triple-Net Leased Properties		17		1,364		89.8%		12.1		30,304		4.4%
Debt Investments (4)		—		—		—		—		11,084		1.6%
Total		345						6.5		$685,776		100.0%

Same-Store NOI Performance (3)

		Campuses / Properties		Q3 2025		Q3 2026		% Change		YTD 9/30/25		YTD 9/30/26		% Change
ISHC		115		$62,627		$72,478		15.7%		$183,186		$211,503		15.5%
SHOP		64		13,689		17,555		28.2%		39,271		48,278		22.9%
OM		65		17,497		17,567		0.4%		51,584		52,207		1.2%
Triple-Net Leased Properties		17		7,375		7,576		2.7%		21,825		22,508		3.1%
Total		261		$101,188		$115,176		13.8%		$295,866		$334,496		13.1%

Earnings Metrics (3)

	Q3 2025		Q3 2026		% Change		YTD 9/30/2025		YTD 9/30/2026		% Change
NAREIT FFO per share - diluted	$0.54		$0.55		1.9%		$1.32		$1.55		17.4%
Normalized FFO per share - diluted	$0.44		$0.58		31.8%		$1.25		$1.64		31.2%

Balance Sheet Metrics

	Coverage
Interest Coverage Ratio	8.7X
Fixed Charge Coverage Ratio	6.8X
Net Debt-to-Annualized Adjusted EBITDA	1.9X

(1)	OM presents GLA in thousands, rather than Beds/Units.
(2)	Occupancy for ISHC, SHOP, and Triple-Net Leased Properties is reported as a quarterly average, while OM Occupancy is reported on a quarter-end spot basis. Triple-Net Leased Properties exclude Hospitals.
(3)	See reconciliations in the appendix of this supplemental. Annualized Cash NOI shown as current quarter Cash NOI multiplied by four.
(4)	Relates to debt security investment and debt investment within Triple-Net Leased Properties.
	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.

American Healthcare REIT | Q3 2026 Supplemental | Page 3

Integrated Senior Health Campuses

(dollars in thousands)

Total Portfolio

		Q3 2025		Q4 2025		Q1 2026		Q2 2026		Q3 2026					YTD 9/30/25		YTD 9/30/26
Campuses		135		149		149		148		149					—		—
IL units		1,304		1,436		1,488		1,531		1,559					1,304		1,559
AL/MC units		4,850		5,454		5,459		5,429		5,427					4,850		5,427
SNF beds		7,601		8,275		8,275		8,137		8,119					7,601		8,119
Consolidated total beds/units		13,755		15,165		15,222		15,097		15,105					13,755		15,105
Total average Occupancy		89.6%		90.1%		89.9%		89.5%		90.5%					89.0%		90.0%
IL/AL/MC average Occupancy		91.4%		91.9%		90.4%		90.5%		91.0%					89.5%		90.6%
SNF average Occupancy		88.2%		88.7%		89.4%		88.6%		90.1%					88.6%		89.4%
Cash revenue (1)		$455,453		$472,577		$502,743		$510,809		$534,189					$1,310,814		$1,547,741
Operating expenses		386,254		401,798		424,223		426,226		437,390					1,113,386		1,287,839
Cash NOI (1)		$69,199		$70,779		$78,520		$84,583		$96,799					$197,428		$259,902
Cash NOI Margin %		15.2%		15.0%		15.6%		16.6%		18.1%					15.1%		16.8%
Maintenance Capex		$4,863		$5,026		$4,657		$5,606		$7,668					$12,683		$17,931

Same-Store

		Q3 2025		Q4 2025		Q1 2026		Q2 2026		Q3 2026		Q3 2026 vs Q3 2025			YTD 9/30/25		YTD 9/30/26		YTD 2026 vs YTD 2025
Campuses		115		115		115		115		115					115		115
Consolidated beds/units		11,711		11,708		11,710		11,721		11,708					11,711		11,708
Total average Occupancy		90.1%		90.5%		91.2%		90.7%		91.2%		111 bps			89.3%		91.0%		170 bps
IL/AL/MC average Occupancy		91.7%		92.0%		91.9%		91.9%		92.6%		87 bps			90.1%		92.1%		205 bps
SNF average Occupancy		88.9%		89.3%		90.6%		89.9%		90.2%		129 bps			88.8%		90.2%		144 bps
Same-Store revenue (1)		$329,813		$333,382		$336,108		$337,499		$345,490		4.8%			$961,411		$1,019,097		6.0%
Same-Store operating expenses		267,186		269,466		268,433		266,149		273,012		2.2%			778,225		807,594		3.8%
Compensation		168,737		174,823		170,418		172,096		177,483		5.2%			491,156		519,997		5.9%
Controllable (2)		88,503		87,008		88,210		84,131		85,260		(3.7%)			256,529		257,601		0.4%
Non-Controllable (3)		9,946		7,635		9,805		9,922		10,269		3.2%			30,540		29,996		(1.8%)
Same-Store NOI (1)		$62,627		$63,916		$67,675		$71,350		$72,478		15.7%			$183,186		$211,503		15.5%
Same-Store NOI Margin %		19.0%		19.2%		20.1%		21.1%		21.0%		199 bps			19.1%		20.8%		170 bps

(1)	See reconciliations in the appendix of this supplemental.
(2)	Controllable expenses include utilities, food, repairs and maintenance, and other operating expenses.
(3)	Non-Controllable expenses include property taxes and insurance.

American Healthcare REIT | Q3 2026 Supplemental | Page 4

ISHC Revenue per Payor and Bed Type

Consolidated

	Average Daily Rate						% of Resident Days				% of Revenue
	Q3 2025		Q3 2026		% change		Q3 2025		Q3 2026		Q3 2025		Q3 2026
Medicare	$696.98		$726.38		4.2%		10.8%		10.0%		22.2%		20.6%
Medicare Advantage	$581.03		$611.05		5.2%		7.2%		7.8%		12.2%		13.6%
Private	$403.90		$430.66		6.6%		10.9%		10.9%		12.8%		13.3%
Managed care/insurance	$409.83		$511.16		24.7%		0.3%		0.4%		0.4%		0.6%
Medicaid	$320.73		$326.57		1.8%		24.4%		23.4%		22.8%		20.9%
Total skilled nursing	$449.21		$468.38		4.3%		53.6%		52.5%		70.4%		69.0%
Total senior housing	$190.01		$199.65		5.1%		46.4%		47.5%		25.7%		26.9%
Ancillary revenue	$13.35		$14.46		8.4%		0.0%		0.0%		3.9%		4.1%
Total	$339.64		$352.69		3.8%		100.0%		100.0%		100.0%		100.0%
Quality Mix							75.6%		76.6%		77.2%		79.1%

Same-Store (1)

	Average Daily Rate						% of Resident Days				% of Revenue
	Q3 2025		Q3 2026		% change		Q3 2025		Q3 2026		Q3 2025		Q3 2026
Medicare	$697.45		$729.42		4.6%		11.3%		10.8%		23.4%		22.3%
Medicare Advantage	$579.12		$610.95		5.5%		7.4%		8.1%		12.8%		14.0%
Private	$404.70		$432.44		6.9%		11.1%		11.7%		13.4%		14.3%
Managed care/insurance	$408.19		$523.10		28.2%		0.3%		0.5%		0.4%		0.7%
Medicaid	$324.53		$335.74		3.5%		25.1%		24.3%		24.3%		23.0%
Total skilled nursing	$451.61		$474.92		5.2%		55.2%		55.4%		74.3%		74.3%
Total senior housing	$192.72		$203.16		5.4%		44.8%		44.6%		25.7%		25.7%
Total	$335.75		$353.78		5.4%		100.0%		100.0%		100.0%		100.0%
Quality Mix							74.9%		75.7%		75.7%		77.0%

(1)Does not include ancillary revenue.

American Healthcare REIT | Q3 2026 Supplemental | Page 5

Senior Housing Operating Properties

(dollars in thousands, except RevPOR and ExPOR, and Pro-Rata)

Total Portfolio

		Q3 2025		Q4 2025		Q1 2026		Q2 2026		Q3 2026					YTD 9/30/25		YTD 9/30/26
Properties		71		81		87		92		109					—		—
Consolidated total units		5,724		6,978		7,486		8,042		10,072					5,724		10,072
Consolidated average Occupancy		87.4%		89.0%		88.9%		88.8%		90.1%					86.1%		89.3%
Cash revenue (1)		$76,327		$91,134		$106,737		$121,361		$164,975					$216,034		$393,073
Operating expenses		61,001		71,423		80,957		89,894		119,200					174,943		290,051
Cash NOI (1)		$15,326		$19,711		$25,780		$31,467		$45,775					$41,091		$103,022
Cash NOI Margin %		20.1%		21.6%		24.2%		25.9%		27.7%					19.0%		26.2%
RevPOR		$5,177		$5,300		$5,600		$5,754		$6,613					$5,137		$6,038
ExPOR		$4,138		$4,154		$4,247		$4,262		$4,787					$4,161		$4,459
Consolidated Maintenance Capex		$4,559		$5,144		$3,586		$4,552		$7,698					$10,862		$15,836

Same-Store

		Q3 2025		Q4 2025		Q1 2026		Q2 2026		Q3 2026		Q3 2026 vs Q3 2025			YTD 9/30/25		YTD 9/30/26		YTD 2026 vs YTD 2025
Properties		64		64		64		64		64					64		64
Consolidated units		5,103		5,103		5,107		5,107		5,127					5,103		5,127
Consolidated average Occupancy		87.6%		89.0%		88.6%		88.7%		90.0%		244 bps			86.5%		89.1%		259 bps
Same-Store revenue (1)		$68,675		$69,917		$71,199		$72,295		$74,853		9.0%			$202,413		$218,347		7.9%
Same-Store operating expenses		54,986		55,978		56,563		56,208		57,298		4.2%			163,142		170,069		4.2%
Compensation		33,413		33,959		34,333		34,369		34,845		4.3%			98,682		103,547		4.9%
Controllable (2)		18,492		18,759		19,097		18,750		19,169		3.7%			55,074		57,016		3.5%
Non-Controllable (3)		3,081		3,260		3,133		3,089		3,284		6.6%			9,386		9,506		1.3%
Same-Store NOI (1)		$13,689		$13,939		$14,636		$16,087		$17,555		28.2%			$39,271		$48,278		22.9%
Same-Store NOI Margin %		19.9%		19.9%		20.6%		22.3%		23.5%		352 bps			19.4%		22.1%		271 bps
RevPOR		$5,161		$5,164		$5,281		$5,354		$5,442		5.4%			$5,136		$5,360		4.4%
ExPOR		$4,132		$4,134		$4,195		$4,163		$4,166		0.8%			$4,139		$4,174		0.8%

(1)	See reconciliations in the appendix of this supplemental.
(2)	Controllable expenses include utilities, food, repairs and maintenance, and other operating expenses.
(3)	Non-Controllable expenses include property taxes and insurance.

American Healthcare REIT | Q3 2026 Supplemental | Page 6

NOI Diversification

(Presented by percentage of Q3 2026 Pro-Rata Cash NOI, excluding other non-recurring items)

By Partner

	Campuses/ Properties		Beds/Units		ISHC		SHOP		SHOP+⁽¹⁾
Trilogy Management Services	149		15,105		100.0%		—		65.9%
Great Lakes Management	8		1,134		—		16.4%		5.6%
Heritage Senior Living	7		933		—		15.1%		5.1%
LCB Senior Living	8		872		—		14.9%		5.1%
Cogir Senior Living	14		904		—		10.5%		3.6%
Remaining	72		6,229		—		43.1%		14.7%
Total	258		25,177		100.0%		100.0%		100.0%

By State

	Campuses/ Properties		Beds/Units		ISHC		SHOP		SHOP+⁽¹⁾
Indiana	75		7,520		52.8%		2.8%		35.8%
Ohio	39		4,197		20.4%		—		13.4%
Michigan	22		2,020		11.2%		1.7%		8.0%
Kentucky	19		1,808		11.5%		—		7.6%
Minnesota	7		992		—		14.2%		4.8%
California	10		1,249		—		12.3%		4.2%
Pennsylvania	7		750		—		10.9%		3.7%
Virginia	4		536		—		8.7%		3.0%
North Carolina	8		522		0.3%		6.0%		2.3%
Oregon	14		855		—		5.0%		1.7%
Remaining	53		4,728		3.8%		38.4%		15.5%
Total	258		25,177		100.0%		100.0%		100.0%

(1) SHOP+ consists of ISHC and SHOP. See Defined Terms section of the appendix for more details.

American Healthcare REIT | Q3 2026 Supplemental | Page 7

OM by Location

Outpatient Medical

(dollars and square feet in thousands, except revenue per square foot and Cash NOI per square foot)

Total Portfolio

		Q3 2025		Q4 2025		Q1 2026		Q2 2026		Q3 2026					YTD 9/30/25		YTD 9/30/26
Properties		73		71		71		70		70					—		—
Consolidated GLA (Sq. Ft.)		3,825		3,685		3,685		3,654		3,654					3,825		3,654
Ending Occupancy		86.5%		88.9%		88.2%		88.4%		87.7%					86.5%		87.7%
Cash revenue (1)		$30,131		$29,558		$29,993		$29,495		$30,348					$93,013		$89,836
Operating expenses		11,458		11,236		11,826		11,214		11,825					35,483		34,865
Cash NOI (1)		$18,673		$18,322		$18,167		$18,281		$18,523					$57,530		$54,971
Cash NOI Margin %		62.0%		62.0%		60.6%		62.0%		61.0%					61.9%		61.2%
Revenue per Sq. Ft.		$31.51		$32.08		$32.56		$32.29		$33.22					$32.42		$32.78
Cash NOI per Sq. Ft.		$19.53		$19.89		$19.72		$20.01		$20.28					$20.05		$20.06
Maintenance Capex		$4,924		$8,225		$2,107		$2,190		$3,568					$15,183		$7,865

Same-Store

		Q3 2025		Q4 2025		Q1 2026		Q2 2026		Q3 2026		Q3 2026 vs Q3 2025			YTD 9/30/25		YTD 9/30/26		YTD 2026 vs YTD 2025
Properties		65		65		65		65		65					65		65
Consolidated GLA (Sq. Ft.)		3,259		3,259		3,259		3,260		3,260					3,259		3,260
Ending Occupancy		93.3%		93.4%		93.0%		92.6%		91.9%		(146 bps)			93.3%		91.9%		(146 bps)
Same-Store revenue (1)		$27,747		$27,627		$28,119		$27,722		$28,510		2.7%			$81,812		$84,351		3.1%
Same-Store operating expenses		10,250		9,885		10,870		10,331		10,943		6.8%			30,228		32,144		6.3%
Same-Store NOI (1)		$17,497		$17,742		$17,249		$17,391		$17,567		0.4%			$51,584		$52,207		1.2%
Same-Store NOI Margin %		63.1%		64.2%		61.3%		62.7%		61.6%		(144 bps)			63.1%		61.9%		(116 bps)
Same-Store revenue per Sq. Ft.		$34.06		$33.91		$34.51		$34.01		$34.98					$33.47		$34.50
Same-Store NOI per Sq. Ft.		$21.48		$21.78		$21.17		$21.34		$21.55					$21.10		$21.35

Tenants and Occupancy Metrics (as of September 30, 2026)

Tenants	ABR		%		S&P Credit Rating
Christus Good Shepherd Health System	$8,089		9.5%		A
Prime Healthcare	2,571		3.0%		B
Montefiore Medical Center	2,519		2.9%		BBB-
Atrius Health, Inc.	2,294		2.7%		A+
Cullman Regional Medical Center	1,994		2.3%		-
Remaining portfolio	68,094		79.6%		Various
Total	$85,560		100.0%

OM Absorption
Occupied Square Feet as of December 31, 2025	3,277
Expirations	(264)
Renewals	156
New leases	57
Terminations	(8)
Adjustment/remeasurement	(3)
Dispositions	(10)
Occupied Square Feet as of September 30, 2026	3,205
Trailing 12-months Retention	55.9%

(1) See reconciliations in the appendix of this supplemental.

American Healthcare REIT | Q3 2026 Supplemental | Page 8

Triple-Net Leased Properties

(dollars in thousands and Pro-Rata)

Total Portfolio

		Q3 2025		Q4 2025		Q1 2026		Q2 2026		Q3 2026					YTD 9/30/25		YTD 9/30/26
Properties		18		18		18		17		17					—		—
AL/MC beds/units		538		538		538		538		538					538		538
SNF beds		882		882		882		826		826					882		826
Consolidated total beds/units (1)		1,420		1,420		1,420		1,364		1,364					1,420		1,364
Average operator Occupancy (1)		88.5%		89.2%		90.5%		90.5%		89.8%					88.9%		90.3%
Cash revenue (2)		$8,027		$8,053		$8,591		$8,119		$7,981					$24,499		$24,691
Debt investments		1,165		1,167		1,158		1,171		2,771					3,809		5,100
Operating expenses		495		456		958		661		405					2,213		2,024
Cash NOI (2)		$8,697		$8,764		$8,791		$8,629		$10,347					$26,095		$27,767
Cash NOI Margin %		94.6%		95.1%		90.2%		92.9%		96.2%					92.2%		93.2%

Same-Store

		Q3 2025		Q4 2025		Q1 2026		Q2 2026		Q3 2026		Q3 2026 vs Q3 2025			YTD 9/30/25		YTD 9/30/26		YTD 2026 vs YTD 2025
Properties		17		17		17		17		17					17		17
Consolidated beds/units (1)		1,364		1,364		1,364		1,364		1,364					1,364		1,364
Average operator Occupancy (1)		88.2%		89.1%		90.6%		90.5%		89.8%		165 bps			88.7%		90.3%		162 bps
Same-Store revenue (2)		$7,870		$7,896		$8,078		$8,119		$7,981		1.4%			$23,455		$24,178		3.1%
Same-Store operating expenses		495		456		604		661		405		(18.2%)			1,630		1,670		2.5%
Same-Store NOI (2)		$7,375		$7,440		$7,474		$7,458		$7,576		2.7%			$21,825		$22,508		3.1%
Same-Store NOI Margin %		93.7%		94.2%		92.5%		91.9%		94.9%		122 bps			93.1%		93.1%		4 bps
Same-Store NOI (constant currency) (3)		$7,371		$7,455		$7,471		$7,461		$7,576		2.8%			$21,914		$22,508		2.7%

(1)	Facilities are 100% triple-net leased and operators' occupancies exclude Hospitals.
(2)	See reconciliations in the appendix of this supplemental.
(3)	To eliminate the impact of exchange rate movements, the Company calculates Same-Store NOI on a constant currency basis, a non-GAAP measure, which includes currency adjustment for UK properties at September 30, 2026 YTD average GBP/USD rate of 1.34.

American Healthcare REIT | Q3 2026 Supplemental | Page 9

Triple-Net Leased Properties Rent Coverage Stratification

Tenant EBITDAR Coverage

	Contribution to Pro-Rata Cash NOI at each Coverage Stratification for Q3 2026 (1)
Coverage	Senior Housing-Leased	SNFs	Hospitals	Total	WALT (years)	Number of Leases
< 0.80x	—	—	1.1%	1.1%	10.7	1
0.80x - 0.89x	—	—	—	—	—	—
0.90x - 0.99x	—	1.1%	—	1.1%	14.8	1
1.00x - 1.09x	0.4%	—	—	0.4%	5.7	1
1.10x - 1.19x	0.8%	—	—	0.8%	24.0	1
1.20x - 1.29x	—	—	—	—	—	—
1.30x - 1.39x	—	—	—	—	—	—
1.40x - 1.49x	—	—	—	—	—	—
1.50x - 1.59x	—	—	—	—	—	—
1.60x - 1.69x	—	—	—	—	—	—
1.70x - 1.79x	—	—	—	—	—	—
1.80x - 1.89x	—	—	—	—	—	—
1.90x - 1.99x	—	—	—	—	—	—
> 2.00x	—	0.8%	0.2%	1.0%	4.7	2
Total	1.2%	1.9%	1.3%	4.4%	12.1	6
Segment rent coverage (2)	1.14x	1.52x	0.98x	1.24x
Tenant Occupancy	89.0%	90.4%	N/A	89.8%

Tenant EBITDARM Coverage

	Contribution to Pro-Rata Cash NOI at each Coverage Stratification for Q3 2026 (1)
Coverage	Senior Housing-Leased	SNFs	Hospitals	Total	WALT (years)	Number of Leases
< 0.80x	—	—	1.1%	1.1%	10.7	1
0.80x - 0.89x	—	—	—	—	—	—
0.90x - 0.99x	—	—	—	—	—	—
1.00x - 1.09x	—	—	—	—	—	—
1.10x - 1.19x	—	—	—	—	—	—
1.20x - 1.29x	0.4%	—	—	0.4%	5.7	1
1.30x - 1.39x	—	—	—	—	—	—
1.40x - 1.49x	0.8%	1.1%	—	1.9%	17.8	2
1.50x - 1.59x	—	—	—	—	—	—
1.60x - 1.69x	—	—	—	—	—	—
1.70x - 1.79x	—	—	—	—	—	—
1.80x - 1.89x	—	—	—	—	—	—
1.90x - 1.99x	—	—	—	—	—	—
> 2.00x	—	0.8%	0.2%	1.0%	4.7	2
Total	1.2%	1.9%	1.3%	4.4%	12.1	6
Segment rent coverage (2)	1.39x	2.02x	1.23x	1.59x
Tenant Occupancy	89.0%	90.4%	N/A	89.8%

(1)	Represents trailing twelve month coverage metrics as of June 30, 2026. Percentages are based on Pro-Rata Cash NOI for the three month ended September 30, 2026.
(2)	Represents combined coverage metrics for all leases within each property type and total segment.

American Healthcare REIT | Q3 2026 Supplemental | Page 10

Revenue and Lease Expiration (1)

(dollars in thousands, as of September 30, 2026)

		OM								Triple-Net Leased Properties
Year		ABR (2)	% of ABR		# of Expiring Leases	Total Sq. Ft.		% of GLA		ABR (2)	% of ABR		Interest Income (3)			Total
2026		$645	0.7%		14	54		1.7%		$—	0.0%		$—	0.0%		$645	0.4%
2027		8,332	8.5%		59	292		9.0%		—	0.0%		6,922	63.3%		15,254	10.5%
2028		14,221	14.5%		65	487		15.1%		—	0.0%		4,013	36.7%		18,234	12.5%
2029		14,825	15.1%		68	524		16.2%		—	0.0%		—	0.0%		14,825	10.2%
2030		11,541	11.8%		50	379		11.7%		5,779	15.8%		—	0.0%		17,320	11.9%
Thereafter		48,651	49.4%		139	1,495		46.3%		30,773	84.2%		—	0.0%		79,424	54.5%
Total		$98,215	100.0%		395	3,231		100.0%		$36,552	100.0%		$10,935	100.0%		$145,702	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 investments.

American Healthcare REIT | Q3 2026 Supplemental | Page 11

Debt Maturities

(dollars in thousands, as of September 30, 2026)

Period		Lines of Credit and Term Loan		Mortgage Loans Payable		Combined Debt		% of Combined Debt		Weighted Average Interest Rate (2)_(3)
2026		$—		$4,888		$4,888		0.4%		3.52%
2027		550,000		56,182		606,182		43.9%		4.74%
2028		—		139,740		139,740		10.1%		4.40%
2029		—		16,963		16,963		1.2%		3.36%
2030		—		44,732		44,732		3.2%		4.51%
Thereafter (1)		—		568,262		568,262		41.2%		3.74%
Total		$550,000		$830,767		$1,380,767		100.0%
Weighted interest rate (2)_(3)		4.86%		3.87%		4.26%
Weighted average maturity (years)		0.3		20.7		12.6
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 $350 million and $200 million with strikes at 3.51% and 3.52%, respectively, which mature on January 19, 2027.
(3)	Does not include interest rate impact from mortgage insurance premiums and equipment financing.

American Healthcare REIT | Q3 2026 Supplemental | Page 12

2026 Real Estate Acquisitions and Dispositions

(dollars in thousands)

Acquisitions

Reportable Segment/Quarter		Number of Properties		Beds/Units		Gross Purchase Price		Average Cost per Bed/Unit
SHOP
Q1 2026		7		501		$162,750		$325
Q2 2026		5		558		126,917		227
Q3 2026		17		2,011		1,693,000		842
Total		29		3,070		$1,982,667		$646

Dispositions

Reportable Segment/Quarter		Number of Properties/ Campuses		Beds/Units/GLA (1)		Gross Proceeds
ISHC
Q2 2026		1		83		$14,150
OM
Q2 2026		1		32		1,000
Triple-Net Leased Properties
Q2 2026		1		56		7,100
Total		3				$22,250

(1) OM presents GLA in thousands, rather than Beds/Units.

American Healthcare REIT | Q3 2026 Supplemental | Page 13

Real Estate Developments & Expansions

(dollars in thousands)

In-Process Pipeline

Development Timing

Project Name

State

Segment

Type of Project

Beds/Units

Spent to Date

Total Expected Cost

Construction Start

Expected Completion

Portage

MI

ISHC

New Campus

108

$25,344

$25,344

Q3 2024

Q4 2026

Mooresville

IN

ISHC

Wing Expansion

27

4,329

4,463

Q1 2025

Q4 2026

Scio Township

MI

ISHC

New Campus

109

14,339

26,651

Q3 2025

Q2 2027

Holly

MI

ISHC

New Campus

114

5,320

29,692

Q3 2025

Q1 2028

Lowell

IN

ISHC

IL Villas

50

4,033

14,484

Q3 2025

Q3 2027

Noblesville

IN

ISHC

IL Villas

32

5,914

10,401

Q3 2025

Q4 2026

Lafayette

IN

ISHC

IL Villas

8

1,561

2,505

Q3 2025

Q4 2026

LaGrange

KY

ISHC

IL Villas

26

6,047

8,791

Q3 2025

Q1 2027

Tiffin

OH

ISHC

IL Villas

30

2,751

8,429

Q3 2025

Q2 2027

Tiffin

OH

ISHC

Wing Expansion

18

1,245

2,968

Q3 2025

Q1 2027

Jasper

IN

ISHC

Wing Expansion

17

777

2,754

Q3 2025

Q2 2027

Warsaw

IN

ISHC

Wing Expansion

24

5,908

5,908

Q3 2025

Q4 2026

Waunakee - Phase I

WI

ISHC

New Campus

108

2,796

3,760

Q1 2026

Q4 2026

Delaware City

OH

ISHC

New Campus

136

5,606

35,032

Q2 2026

Q1 2028

Sun Prairie

WI

ISHC

Wing Expansion

10

1,205

2,069

Q2 2026

Q4 2026

Kendallville

IN

ISHC

IL Villas

32

1,028

9,613

Q3 2026

Q4 2027

Total

849

$88,203

$192,864

Completed Projects (1)

Project Name

State

Segment

Type of Project

Beds/Units

Total Cost

Construction Completion

Harrodsburg

KY

ISHC

IL Villas

32

$9,622

Q1 2026

Sylvania

OH

ISHC

IL Villas

26

8,741

Q1 2026

Ottawa

OH

ISHC

IL Villas

30

8,511

Q1 2026

Greenfield

IN

ISHC

IL Villas

16

4,731

Q2 2026

Howell

MI

ISHC

Wing Expansion

36

2,346

Q3 2026

Total

140

$33,951

(1) Includes projects that have been completed through YTD September 30, 2026. Certain projects that have been completed may not yet be stabilized.

American Healthcare REIT | Q3 2026 Supplemental | Page 14

Full Year 2026 Guidance (1)

(dollars in millions, except per share)

NAREIT FFO and Normalized FFO Attributable to Common Stockholders Reconciliation

	Current							Prior							Guidance Adjustment ⁽²⁾
	Low			High				Low			High
Net income attributable to common stockholders	$	123.2		$	129.2			$	108.5		$	116.5			$	13.7
Depreciation and amortization ⁽³⁾		322.1			322.1				306.8			306.8				15.3
Impairment and gain/losses from dispositions ⁽³⁾		(3.5	)		(3.5	)			(3.9	)		(3.9	)			0.4
NAREIT FFO attributable to common stockholders	$	441.8		$	447.8			$	411.4		$	419.4			$	29.4
Amortization of other intangible assets/liabilities ⁽³⁾		2.7			2.7				1.3			1.3				1.4
Change in deferred rent ⁽³⁾		(1.3	)		(1.3	)			(1.6	)		(1.6	)			0.3
Non-cash impact of changes to equity plan ⁽³⁾⁽⁴⁾		26.3			26.3				21.9			21.9				4.4
Other adjustments ⁽⁵⁾		(6.2	)		(6.2	)			(0.2	)		(0.2	)			(6.0	)
Normalized FFO attributable to common stockholders	$	463.3		$	469.3			$	432.8		$	440.8			$	29.5
Weighted average diluted shares (in millions)		207.7			207.7				201.3			201.3				6.4
Net income attributable to common stockholders - per share	$	0.59		$	0.62			$	0.54		$	0.58			$	0.045
NAREIT FFO attributable to common stockholders - per share	$	2.13		$	2.16			$	2.04		$	2.08			$	0.085
NFFO attributable to common stockholders - per share	$	2.23		$	2.26			$	2.15		$	2.19			$	0.075

Same-Store NOI Growth

	Current			Prior			Guidance Adjustment ⁽²⁾
	Low	High		Low	High
Total Portfolio Same-Store NOI Growth	12.0%	14.0%		11.0%	13.0%		100 bps
Segment-Level Same-Store NOI Growth:
ISHC	14.5%	16.5%		13.0%	16.0%		100 bps
SHOP	23.0%	26.0%		18.0%	21.0%		500 bps
Outpatient Medical	0.5%	1.0%		—	1.0%		25 bps
Triple-Net Leased Properties	2.5%	3.5%		2.0%	3.0%		50 bps

Other Select Guidance Assumptions

	Current							Prior							Guidance Adjustment ⁽²⁾
	Low			High				Low			High
General and administrative expenses	$	74		$	78			$	74		$	78				—
Interest expense	$	74		$	77			$	75		$	79			$	(1.5	)
Other income, net	$	6		$	9			$	5		$	8			$	1.0
Development funding – new starts and on-going projects	$	100		$	110			$	150		$	170			$	(55.0	)
Acquisitions / Investments	No additional acquisitions or investments beyond ~$2.1B closed YTD							No additional acquisitions or investments beyond ~$1.4B closed YTD

(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)Reflects changes between current and prior guidance range at the midpoint.

(3)Amounts are presented net of noncontrolling interests' share and AHR's share of unconsolidated entities.

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

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

American Healthcare REIT | Q3 2026 Supplemental | Page 15

Components of NAV (1)

(dollars and square feet in thousands)

Segment		Campuses/ Properties	Square Feet	Total Beds/Units	Q3 2026 Cash NOI (2)	Q3 2026 Annualized Cash NOI (2)
ISHC		148	11,377	14,998	$87,530	$350,120
SHOP (3)		109	9,380	10,072	46,016	184,064
Outpatient Medical		69	3,643		18,570	74,280
Triple-Net Leased Properties (3)		17	961	1,364	7,774	31,096
Total		343	25,361	26,434	$159,890	$639,560

Obligations		Pro-Rata		Consolidated		Weighted Avg. Interest Rate
Mortgage debt		$830,767		$830,767		3.87%
Revolving LOC		—		—		4.97%
Term loan(4)		550,000		550,000		4.86%
Total debt		1,380,767		1,380,767
Cash, cash equivalents and restricted cash pertaining to debt		(247,566)		(247,702)
Net Debt		$1,133,201		$1,133,065
Other tangible liabilities, net:
Accounts payable and accrued liabilities		$371,534		$371,593
Other		66,457		66,538
Total other tangible liabilities, net		437,991		438,131
Financing		19,146		19,147
Lease obligations		135,422		135,430
Net obligations		$1,725,760		$1,725,773
Other Assets
Debt investments, gross		$238,254		$238,254
Other tangible assets:
Accounts receivable		228,503		228,503
Capital expenditures		132,633		132,645
Inventory		21,352		21,352
Other		60,635		60,656
Total other tangible assets		443,123		443,156
Sold assets/assets expected to be sold		18,000		18,000
Total other assets		$699,377		$699,410
Common Shares and OP Units Issued and Outstanding
Total common shares		231,479,253		231,479,253
Total OP Units		1,936,425		1,936,425
Total common shares and OP Units		233,415,678		233,415,678

(1)Dollars, square feet and beds/units are presented on a consolidated basis as of September 30, 2026.

(2)Cash NOI is adjusted to exclude non-recurring items for the three months ended September 30, 2026.

(3)Excludes interest income from debt investments.

(4)Weighted average rates reflect in-place swap derivatives.

American Healthcare REIT | Q3 2026 Supplemental | Page 16

Holbrook Sugar Hill

Sugar Hill, GA

Third Quarter 2026

Supplemental Appendix

Non-GAAP Reconciliations

&

Defined Terms

American Healthcare REIT | Q3 2026 Supplemental | Page 17

NAREIT FFO/NFFO Reconciliation (1)

(in thousands, except shares and per share amounts)

		Q3 2026		Q3 2025		YTD 9/30/26		YTD 9/30/25
Net income		$31,515		$56,639		$86,506		$59,878
Depreciation and amortization related to real estate — consolidated properties		90,800		49,115		229,849		131,980
Depreciation and amortization related to real estate — unconsolidated entities		43		15		71		1,018
Impairment of real estate investments — consolidated properties		—		3,768		2,137		38,133
(Gain) loss on dispositions of real estate investments, net — consolidated properties		—		(691)		(5,647)		2,344
Gain on re-measurement of previously held equity interest		—		(14,580)		—		(14,580)
Net income attributable to noncontrolling interests		(302)		(712)		(974)		(847)
Depreciation, amortization, impairments, net gain/loss on dispositions and gain on re-measurement —    noncontrolling interests		(1,449)		(521)		(3,005)		(2,216)
NAREIT FFO attributable to controlling interest		120,607		93,033		308,937		215,710
Transaction, transition and restructuring costs		5,113		50		9,870		1,808
Amortization of above- and below-market leases		281		295		911		1,063
Amortization of direct origination and closing costs — debt investments		739		11		763		60
Change in deferred rent		(184)		(485)		(1,120)		(1,877)
Non-cash impact of changes to equity instruments (2)		9,284		3,429		19,909		9,170
Non-cash income tax benefit		(294)		(21,401)		(1,241)		(21,401)
Capitalized interest		(834)		(401)		(2,189)		(843)
(Gain) loss on debt extinguishments		—		(22)		147		1,784
Loss (gain) in fair value of derivative financial instruments		106		(166)		(1,778)		1,213
Foreign currency loss (gain)		619		977		1,363		(3,181)
Other non-recurring income (3)		(8,815)		—		(8,815)		—
Adjustments for unconsolidated entities		(1)		(1)		(2)		4
Adjustments for noncontrolling interests		(62)		211		(192)		139
Normalized FFO attributable to controlling interest		$126,559		$75,530		$326,563		$203,649
NAREIT FFO per common share attributable to controlling interest — diluted		$0.55		$0.54		$1.55		$1.32
Normalized FFO per common share attributable to controlling interest — diluted		$0.58		$0.44		$1.64		$1.25
NAREIT FFO and Normalized FFO weighted average common share outstanding — diluted		217,711,583		169,802,090		199,494,794		162,908,219
Distributions paid to common stockholders		$48,783		$41,241		$143,214		$120,666

(1)Totals may not add due to rounding.

(2)For the three and nine months ended September 30, 2026, stock compensation expense includes $4,594,000 related to the accelerated vesting and modification of certain outstanding equity awards in connection with our previously disclosed Chief Executive Officer and Chief Financial Officer transitions during the third quarter of 2026, net of forfeitures.

(3)Represents certain Ohio Medicaid quality incentive payments received by our ISHC segment pursuant to Ohio House Bill 479, or HB 479, that do not relate to the 2026 rate period. HB 479 was enacted in June 2026 and appropriated funding for nursing facility quality incentive payments. These amounts are included in resident fees and services revenue in our condensed consolidated statements of operations and comprehensive income, but are not reflective of our on-going operating performance.

American Healthcare REIT | Q3 2026 Supplemental | Page 18

Adjusted EBITDA, Coverage Ratios & Net Debt Reconciliation

(dollars in thousands)

Adjusted EBITDA Reconciliation

	Q3 2026
Net income	$31,515
Interest expense, net (including amortization of deferred financing costs and amortization of debt   discount/premium)	17,773
Income tax expense	740
Depreciation and amortization (including amortization of leased assets and accretion of lease liabilities)	91,403
EBITDA	141,431
Income from unconsolidated entities	(49)
Straight line rent and amortization of above/below market leases	(437)
Non-cash impact of changes to equity instruments	9,284
Transaction, transition and restructuring costs	5,113
Amortization of direct origination and closing costs — debt investments	739
Foreign currency loss	619
Loss in fair value of derivative financial instruments	106
Other non-recurring income	(8,815)
Adjusted EBITDA	$147,991

Coverage Ratios and Net Debt Reconciliation

	Q3 2026
Interest Coverage Ratios
Interest expense(1)	$17,773
Capitalized interest	834
Non-cash interest expense(2)	(1,553)
Total Interest	$17,054
Interest Coverage Ratio(3)	8.7X
Fixed Charge Coverage Ratio
Total interest	$17,054
Secured debt principal amortization	4,826
Total Fixed Charge	$21,880
Fixed Charge Coverage Ratio(3)	6.8X
Total debt	$1,380,767
Cash and cash equivalents	(222,767)
Restricted cash related to debt	(24,935)
Net Debt	$1,133,065
Net Debt-to-Annualized Adjusted EBITDA	1.9X

(1)	Includes approximately $1.4 million of cash interest expense from financing obligations, mortgage insurance premiums, and equipment financing.
(2)	Non-cash interest expense includes amortization of loan fees and debt discount/premium.
(3)	Interest Coverage Ratio calculated as Adjusted EBITDA divided by Total Interest. Fixed Charge Coverage Ratio calculated as Adjusted EBITDA divided by Total Fixed Charge.

American Healthcare REIT | Q3 2026 Supplemental | Page 19

Same-Store Property Reconciliation

Total Property Count Reconciliation		ISHC		SHOP		OM		Triple-Net Leased Properties		Total
Prior quarter total property count (2Q26)		148		92		70		17		327
3Q26 acquisitions		—		17		—		—		17
3Q26 completed expansion		1		—		—		—		1
Current quarter total property count (3Q26)		149		109		70		17		345
Recent acquisitions		(23)		(43)		—		—		(66)
Non-Core Properties		(1)		(1)		(5)		—		(7)
Expansion and developments		(10)		(1)		—		—		(11)
Quarterly Same-Store property count (3Q26)		115		64		65		17		261
Sequential Same-Store reconciliation		ISHC		SHOP		OM		Triple-Net Leased Properties		Total
Quarterly Same-Store property count (2Q26)		115		64		65		17		261
Recent acquisitions		—		—		—		—		—
Dispositions		—		—		—		—		—
Expansion and developments		—		—		—		—		—
Current quarterly Same-Store property count (3Q26)		115		64		65		17		261

American Healthcare REIT | Q3 2026 Supplemental | Page 20

Cash NOI Reconciliation

(in thousands)

	Q3 2026		Q2 2026		Q1 2026		Q4 2025		Q3 2025		YTD 9/30/26		YTD 9/30/25
Net income	$31,515		$30,980		$24,011		$10,940		$56,639		$86,506		$59,878
General and administrative	21,582		19,891		17,605		16,529		14,108		59,078		42,206
Transaction, transition and restructuring costs	5,113		2,786		1,971		3,295		50		9,870		1,808
Depreciation and amortization	90,869		72,125		67,062		55,323		49,181		230,056		132,236
Interest expense	17,773		18,626		18,796		19,806		20,392		55,195		65,969
Loss (gain) in fair value of derivative financial instruments	106		(357)		(1,527)		(179)		(166)		(1,778)		1,213
(Gain) loss on dispositions of real estate investments, net	—		(5,647)		—		621		(691)		(5,647)		2,344
Impairment of real estate investments	—		1,719		418		11,802		3,768		2,137		38,133
(Income) loss from unconsolidated entities	(49)		(892)		(792)		(657)		(462)		(1,733)		2,624
Gain on re-measurement of previously held equity interest	—		—		—		—		(14,580)		—		(14,580)
Foreign currency loss (gain)	619		(75)		819		6		977		1,363		(3,181)
Other income, net	(3,473)		(1,914)		(2,335)		(3,491)		(2,309)		(7,722)		(5,314)
Income tax expense (benefit)	740		(3)		(525)		(2,415)		(21,092)		212		(19,756)
Total NOI	164,795		137,239		125,503		111,580		105,815		427,537		303,580
Straight line rent	(297)		(503)		(780)		(793)		(730)		(1,580)		(2,286)
Facility rental expense	6,752		6,752		6,761		6,849		7,030		20,265		21,807
Other non-cash adjustments	934		77		14		163		133		1,025		517
Cash NOI from dispositions	(6)		(355)		10		27		(102)		(351)		(716)
Cash NOI attributable to noncontrolling interests (1)	(734)		(250)		(250)		(250)		(251)		(1,234)		(758)
Cash NOI (1)	$171,444		$142,960		$131,258		$117,576		$111,895		$445,662		$322,144

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

American Healthcare REIT | Q3 2026 Supplemental | Page 21

Same-Store Revenue Reconciliation

(in thousands)

		Q3 2026		Q2 2026		Q1 2026		Q4 2025		Q3 2025		YTD 9/30/26		YTD 9/30/25
Integrated Senior Health Campuses
GAAP Revenue		$534,189		$512,878		$502,743		$472,577		$455,452		$1,549,810		$1,313,494
Cash revenue from dispositions		—		(2,069)		—		—		1		(2,069)		(2,680)
Cash revenue		534,189		510,809		502,743		472,577		455,453		1,547,741		1,310,814
Revenue attributable to new acquisitions/dispositions/other		(177,351)		(169,742)		(160,081)		(132,515)		(118,985)		(507,174)		(330,145)
Revenue attributable to Non-Core Properties		(3,576)		(3,568)		(6,554)		(6,680)		(6,655)		(13,698)		(19,258)
Other normalizing revenue adjustments		(7,772)		—		—		—		—		(7,772)		—
Same-Store revenue		$345,490		$337,499		$336,108		$333,382		$329,813		$1,019,097		$961,411
SHOP
GAAP Revenue		$166,904		$121,641		$107,024		$91,410		$76,606		$395,569		$217,025
Cash revenue from dispositions		—		—		—		—		(1)		—		(167)
Cash revenue attributable to noncontrolling interests (1)		(1,929)		(280)		(287)		(276)		(278)		(2,496)		(824)
Cash revenue (1)		164,975		121,361		106,737		91,134		76,327		393,073		216,034
Revenue attributable to new acquisitions/dispositions		(88,418)		(47,447)		(34,027)		(19,788)		(6,208)		(169,892)		(9,617)
Revenue attributable to development conversion		(1,105)		(1,014)		(904)		(897)		(864)		(3,023)		(2,255)
Revenue attributable to Non-Core Properties		(599)		(605)		(607)		(532)		(580)		(1,811)		(1,749)
Same-Store revenue (1)		$74,853		$72,295		$71,199		$69,917		$68,675		$218,347		$202,413
Outpatient Medical
GAAP Revenue		$30,666		$29,985		$30,842		$30,449		$31,181		$91,493		$95,629
Straight line rent		24		(100)		(358)		(363)		(243)		(434)		(675)
Other non-cash adjustments		(343)		(389)		(491)		(356)		(380)		(1,223)		(1,054)
Cash revenue from dispositions		1		(1)		—		(172)		(427)		—		(887)
Cash revenue		30,348		29,495		29,993		29,558		30,131		89,836		93,013
Revenue attributable to dispositions		—		—		—		—		(154)		—		(4,044)
Revenue attributable to Non-Core Properties		(1,838)		(1,773)		(1,874)		(1,931)		(2,230)		(5,485)		(7,157)
Same-Store revenue		$28,510		$27,722		$28,119		$27,627		$27,747		$84,351		$81,812
Triple-Net Leased Properties
GAAP Revenue		$10,390		$9,746		$10,165		$9,644		$9,698		$30,301		$29,895
Straight line rent		(321)		(403)		(422)		(430)		(487)		(1,146)		(1,611)
Other non-cash adjustments		881		169		200		200		200		1,250		624
Cash revenue from dispositions		—		(27)		—		—		(25)		(27)		(25)
Cash revenue attributable to noncontrolling interest (1)		(198)		(195)		(194)		(194)		(194)		(587)		(575)
Cash revenue (1)		10,752		9,290		9,749		9,220		9,192		29,791		28,308
Debt investments (2)		(2,771)		(1,171)		(1,158)		(1,167)		(1,165)		(5,100)		(3,809)
Revenue attributable to dispositions		—		—		—		—		—		—		(52)
Revenue attributable to Non-Core Properties		—		—		(159)		(157)		(157)		(159)		(470)
Other normalizing revenue adjustments		—		—		(354)		—		—		(354)		(522)
Same-Store revenue (1)		$7,981		$8,119		$8,078		$7,896		$7,870		$24,178		$23,455
Total Portfolio
GAAP Revenue		$742,149		$674,250		$650,774		$604,080		$572,937		$2,067,173		$1,656,043
Straight line rent		(297)		(503)		(780)		(793)		(730)		(1,580)		(2,286)
Other non-cash adjustments		538		(220)		(291)		(156)		(180)		27		(430)
Cash revenue from dispositions		1		(2,097)		—		(172)		(452)		(2,096)		(3,759)
Cash revenue attributable to noncontrolling interests (1)		(2,127)		(475)		(481)		(470)		(472)		(3,083)		(1,399)
Cash revenue (1)		740,264		670,955		649,222		602,489		571,103		2,060,441		1,648,169
Debt investments (2)		(2,771)		(1,171)		(1,158)		(1,167)		(1,165)		(5,100)		(3,809)
Revenue attributable to new acquisitions/dispositions/other		(265,769)		(217,189)		(194,108)		(152,303)		(125,347)		(677,066)		(343,858)
Revenue attributable to development conversion		(1,105)		(1,014)		(904)		(897)		(864)		(3,023)		(2,255)
Revenue attributable to Non-Core Properties		(6,013)		(5,946)		(9,194)		(9,300)		(9,622)		(21,153)		(28,634)
Other normalizing revenue adjustments		(7,772)		—		(354)		—		—		(8,126)		(522)
Same-Store revenue (1)		$456,834		$445,635		$443,504		$438,822		$434,105		$1,345,973		$1,269,091

(1)	All periods are based upon current quarter's ownership percentage.
(2)	Relates to debt security investment and debt investment within Triple-Net Leased Properties.

American Healthcare REIT | Q3 2026 Supplemental | Page 22

Same-Store NOI Reconciliation

(in thousands)

		Q3 2026		Q2 2026		Q1 2026		Q4 2025		Q3 2025		YTD 9/30/26		YTD 9/30/25
Integrated Senior Health Campuses
NOI		$90,047		$78,159		$71,759		$63,930		$62,168		$239,965		$176,093
Facility rental expense		6,752		6,752		6,761		6,849		7,030		20,265		21,807
Cash NOI from dispositions		—		(328)		—		—		1		(328)		(472)
Cash NOI		96,799		84,583		78,520		70,779		69,199		259,902		197,428
New acquisitions/dispositions/other		(16,039)		(12,727)		(9,933)		(5,852)		(6,538)		(38,699)		(12,464)
Non-Core Properties		(510)		(506)		(912)		(1,011)		(1,078)		(1,928)		(2,822)
Other normalizing adjustments		(7,772)		—		—		—		1,044		(7,772)		1,044
Same-Store NOI		$72,478		$71,350		$67,675		$63,916		$62,627		$211,503		$183,186
SHOP
NOI		$46,209		$31,522		$25,837		$19,764		$15,360		$103,568		$41,188
Other non-cash adjustments		102		—		—		—		—		102		—
Cash NOI from dispositions		—		—		—		4		24		—		88
Cash NOI attributable to noncontrolling interests (1)		(536)		(55)		(57)		(57)		(58)		(648)		(185)
Cash NOI (1)		45,775		31,467		25,780		19,711		15,326		103,022		41,091
New acquisitions/dispositions		(28,092)		(15,329)		(11,408)		(6,089)		(1,921)		(54,829)		(2,771)
Development conversion		(104)		(19)		330		301		343		207		980
Non-Core Properties		(24)		(32)		(66)		16		(59)		(122)		(176)
Other normalizing adjustments		—		—		—		—		—		—		147
Same-Store NOI (1)		$17,555		$16,087		$14,636		$13,939		$13,689		$48,278		$39,271
Outpatient Medical
NOI		$18,573		$18,492		$18,718		$18,717		$19,128		$55,783		$58,699
Straight line rent		24		(100)		(358)		(363)		(243)		(434)		(675)
Other non-cash adjustments		(68)		(111)		(203)		(55)		(85)		(382)		(162)
Cash NOI from dispositions		(6)		—		10		23		(127)		4		(332)
Cash NOI		18,523		18,281		18,167		18,322		18,673		54,971		57,530
Dispositions		—		—		—		—		83		—		(1,763)
Non-Core Properties		(956)		(890)		(918)		(898)		(1,259)		(2,764)		(4,183)
Other normalizing adjustments		—		—		—		318		—		—		—
Same-Store NOI		$17,567		$17,391		$17,249		$17,742		$17,497		$52,207		$51,584
Triple-Net Leased Properties
NOI		$9,966		$9,066		$9,189		$9,169		$9,159		$28,221		$27,600
Straight line rent		(321)		(403)		(422)		(430)		(487)		(1,146)		(1,611)
Other non-cash adjustments		900		188		217		218		218		1,305		679
Cash NOI from dispositions		—		(27)		—		—		—		(27)		—
Cash NOI attributable to noncontrolling interest (1)		(198)		(195)		(193)		(193)		(193)		(586)		(573)
Cash NOI (1)		10,347		8,629		8,791		8,764		8,697		27,767		26,095
Debt investments (2)		(2,771)		(1,171)		(1,158)		(1,167)		(1,165)		(5,100)		(3,809)
Dispositions		—		—		—		—		—		—		3
Non-Core Properties		—		—		(159)		(157)		(157)		(159)		(464)
Same-Store NOI (1)		$7,576		$7,458		$7,474		$7,440		$7,375		$22,508		$21,825
Total Portfolio
NOI		$164,795		$137,239		$125,503		$111,580		$105,815		$427,537		$303,580
Straight line rent		(297)		(503)		(780)		(793)		(730)		(1,580)		(2,286)
Facility rental expense		6,752		6,752		6,761		6,849		7,030		20,265		21,807
Other non-cash adjustments		934		77		14		163		133		1,025		517
Cash NOI from dispositions		(6)		(355)		10		27		(102)		(351)		(716)
Cash NOI attributable to noncontrolling interests (1)		(734)		(250)		(250)		(250)		(251)		(1,234)		(758)
Cash NOI (1)		171,444		142,960		131,258		117,576		111,895		445,662		322,144
Debt investments (2)		(2,771)		(1,171)		(1,158)		(1,167)		(1,165)		(5,100)		(3,809)
New acquisitions/dispositions/other		(44,131)		(28,056)		(21,341)		(11,941)		(8,376)		(93,528)		(16,995)
Development conversion		(104)		(19)		330		301		343		207		980
Non-Core Properties		(1,490)		(1,428)		(2,055)		(2,050)		(2,553)		(4,973)		(7,645)
Other normalizing adjustments		(7,772)		—		—		318		1,044		(7,772)		1,191
Same-Store NOI (1)		$115,176		$112,286		$107,034		$103,037		$101,188		$334,496		$295,866

(1)	All periods are based upon current quarter's ownership percentage.
(2)	Relates to debt security investment and debt investment within Triple-Net Leased Properties.

American Healthcare REIT | Q3 2026 Supplemental | Page 23

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 impact of changes to equity instruments, transaction, transition and restructuring costs, gain or loss on dispositions of real estate investments, amortization of direct origination and closing costs on debt 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 and/or 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 four.

•Annualized Cash NOI: Current quarter Cash NOI multiplied by four.

•ABR: Annualized Base Rent. ABR is calculated as 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.

•Cash NOI Margin: Calculated by dividing Cash NOI by cash revenue.

•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.

•ExPOR: Expense per occupied unit. ExPOR is calculated as total expense generated by occupied units divided by the number of occupied units.

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

•GLA: Gross leasable area.

•Hospitals: 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 (as defined on the next page).

•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.

American Healthcare REIT | Q3 2026 Supplemental | Page 24

Defined Terms, continued

•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 dispositions 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 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 of real estate investments, impairment of real estate investments, impairment 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 non-cash effect of income tax benefits or expenses; capitalized interest; impairment of intangible assets and goodwill; amortization of direct origination and 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 properties.

•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 September 30, 2026, we owned and/or operated buildings/properties through entities of which we owned less than 100% 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 units divided by the number of occupied units.

American Healthcare REIT | Q3 2026 Supplemental | Page 25

Defined Terms, continued

•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: 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: 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.

•Same-Store NOI Margin: Calculated by dividing Same-Store NOI by Same-Store revenue.

•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.

•SHOP+: Consists of the SHOP and ISHC segments.

•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 facilities, term loan and secured indebtedness as reported in the Company’s consolidated financial statements.

•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.

•WALT: Weighted average lease term.

American Healthcare REIT | Q3 2026 Supplemental | Page 26

https://www.americanhealthcarereit.com

18191 Von Karman Avenue, Suite 300

Irvine, California

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, and outpatient medical buildings across the United States, and in the United Kingdom and the Isle of Man.

American Healthcare REIT | Q3 2026 Supplemental | Page 27

Filing Exhibits & Attachments

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