American Healthcare REIT (NYSE: AHR) boosts 2026 NFFO and NOI guidance

Rhea-AI Filing Summary

American Healthcare REIT, Inc. delivered strong Q2 2026 results, reporting GAAP net income attributable to controlling interest of $30.6 million, or $0.16 per diluted share, on total revenues of $674.3 million. NAREIT FFO per diluted share was $0.51 and Normalized FFO $0.54, increases of 24.4% and 28.6% year over year.

Total portfolio Same-Store NOI grew 13.2%, led by senior housing operating properties and integrated senior health campuses with 20.5% and 16.1% growth. The company completed $126.9 million of SHOP acquisitions in the quarter and $1.4 billion year to date, then post‑quarter acquired 10 additional SHOP assets for about $1.0 billion and funded an $86.2 million loan with purchase options.

Leverage improved, with Net Debt‑to‑Annualized Adjusted EBITDA declining to 2.5x and liquidity of approximately $2.6 billion. Management raised 2026 guidance, including NFFO per diluted share to $2.15–$2.19 and total portfolio Same-Store NOI growth to 11.0%–13.0%, and paid a $0.25 per‑share quarterly dividend.

Positive

• Normalized FFO per diluted share rose 28.6% year over year in Q2 2026 to $0.54, alongside a 24.4% increase in NAREIT FFO per diluted share to $0.51.
• Total portfolio Same-Store NOI grew 13.2% in Q2 2026, with 20.5% growth in SHOP and 16.1% in ISHC, marking what management described as the tenth consecutive quarter of double-digit Same-Store NOI growth.
• 2026 Normalized FFO guidance was raised over 5% at the midpoint to $2.15–$2.19 per diluted share, and total portfolio Same-Store NOI growth guidance increased to 11.0%–13.0%.
• Net Debt‑to‑Annualized Adjusted EBITDA improved to 2.5x from 3.0x as of March 31, 2026, while total liquidity reached approximately $2.6 billion, reflecting a stronger balance sheet.

Negative

• None.

Filing Explained

As of August 6, 2026, 12,246,596 shares remained in unsettled forward-sale agreements; physical settlement would increase the common share count.

This Form 8-K furnishes the company’s second-quarter 2026 earnings release and supplemental data, reporting results and capital-markets activity as of August 6, 2026. Its material holder consequence is that the company has issued additional common shares and still has unsettled forward-sale agreements that would add shares if physically settled.

An at-the-market program allows an issuer to sell new shares gradually into the open market at prevailing prices. The balance sheet reports 194,689,026 common shares issued and outstanding at June 30, 2026, versus 185,911,442 at December 31, 2025.

During the quarter, the company issued 4,704,556 shares for approximately $228.7 million in gross proceeds; after quarter-end, it issued 23,334,350 additional shares for approximately $1.18 billion. As of August 6, 2026, unsettled forward-sale agreements covered 12,246,596 shares and would produce approximately $630.5 million in gross proceeds assuming full physical settlement.

Issuing additional shares increases the total share count and reduces an existing holder’s percentage ownership absent offsetting changes, so the completed issuance is dilutive in structure and the unsettled agreements represent further conditional dilution. The filing’s next relevant state change is physical settlement of those forward-sale agreements.

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, and exhibit attachments filed with this report.

Key Figures

Q2 2026 net income attributable to controlling interest: $30.6 million Q2 2026 diluted EPS: $0.16 per share Q2 2026 Normalized FFO per diluted share: $0.54 +5 more

8 metrics

Q2 2026 net income attributable to controlling interest $30.6 million Three months ended June 30, 2026

Q2 2026 diluted EPS $0.16 per share Net income per common share attributable to controlling interest, diluted

Q2 2026 Normalized FFO per diluted share $0.54 Normalized FFO per share, three months ended June 30, 2026

Q2 2026 total revenues $674.3 million Total revenues for the three months ended June 30, 2026

Q2 2026 total portfolio Same-Store NOI growth 13.2% Growth relative to the three months ended June 30, 2025

Net Debt-to-Annualized Adjusted EBITDA 2.5x As of June 30, 2026

2026 NFFO per diluted share guidance range $2.15–$2.19 Full year 2026 guidance

Q2 2026 dividend per share $0.25 Cash distribution for the quarter ended June 30, 2026

Key Terms

Normalized FFO, Same-Store NOI, RIDEA structure, Net Debt-to-Annualized Adjusted EBITDA, +2 more

6 terms

Normalized FFO financial

"Normalized FFO per common share attributable to controlling interest — diluted"

Normalized FFO is a cash-focused measure of a real estate company's recurring operating performance, adjusted to remove one-time gains, losses, or unusual items so results reflect what the business typically earns. Think of it like reporting a restaurant’s average monthly sales after removing a single big catering event or a rare repair bill: it gives investors a clearer, apples-to-apples view of ongoing cash generation used to pay dividends and value the company.

Same-Store NOI financial

"Total portfolio Same-Store NOI growth guidance to 11.0% to 13.0%"

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.

RIDEA structure regulatory

"Integrated senior health campuses are operated utilizing a RIDEA structure"

Net Debt-to-Annualized Adjusted EBITDA financial

"The Company's Net-Debt-to-Annualized Adjusted EBITDA as of June 30, 2026, was 2.5x"

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.

At-the-market equity offering program financial

"entered into forward sale agreements pursuant to its ATM Program"

A program that lets a company sell newly issued shares directly into the open market at whatever the current trading price is, usually through a broker, and do so gradually over time instead of all at once. Investors care because it can dilute existing ownership and put steady selling pressure on the stock price, while giving the company a flexible, on-demand way to raise cash — like adding small amounts of water to a pool rather than dumping in a bucket.

Triple-Net Leased financial

"Triple-Net Leased: A lease where the tenant is responsible for rent and property expenses"

A triple-net leased property is one where the occupier pays the base rent plus most operating costs—typically property taxes, insurance, and routine maintenance—so the owner receives mostly rent without handling those bills. For investors, this setup can provide steadier, lower-overhead income and clearer cash-flow forecasts, while concentrating expense and inflation risk on the occupier; think of it like renting out a car but the renter also pays fuel, insurance and routine repairs.

Earnings Snapshot

GAAP net income attributable to controlling interest: $30.6 million · Guidance included

three and six months ended June 30, 2026

GAAP net income attributable to controlling interest $30.6 million up from $9.9 million in Q2 2025

Diluted EPS $0.16 up from $0.06 in Q2 2025

NAREIT FFO per diluted share $0.51 24.4% increase versus Q2 2025

Normalized FFO per diluted share $0.54 28.6% increase versus Q2 2025

Total portfolio Same-Store NOI growth 13.2% growth relative to the three months ended June 30, 2025

Guidance

For 2026, management raised net income per diluted share guidance to $0.54–$0.58, NAREIT FFO per diluted share to $2.04–$2.08, Normalized FFO per diluted share to $2.15–$2.19, and total portfolio Same-Store NOI growth to 11.0%–13.0%, with higher ISHC and SHOP Same-Store NOI ranges.

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Understanding 8-K Material Events →

Available on EDGAR 08/06/2026 - 04:18 PM Accepted by SEC EDGAR 08/06/2026 - 04:17 PM Learn about SEC filing dates

FAQ

What were American Healthcare REIT (AHR)'s Q2 2026 earnings per share?

American Healthcare REIT reported diluted net income of $0.16 per share for Q2 2026. NAREIT FFO per diluted share was $0.51 and Normalized FFO was $0.54, representing 24.4% and 28.6% year-over-year increases based on the company’s FFO reconciliation.

How did Same-Store NOI perform for AHR in Q2 2026?

Total portfolio Same-Store NOI grew 13.2% in Q2 2026 versus Q2 2025. Growth was led by SHOP at 20.5% and ISHC at 16.1%, while outpatient medical and triple-net segments increased 1.7% and 2.1%, respectively, according to the Same-Store NOI reconciliation.

What guidance did American Healthcare REIT (AHR) provide for full-year 2026?

American Healthcare REIT raised 2026 Normalized FFO guidance to $2.15–$2.19 per diluted share. It now targets NAREIT FFO of $2.04–$2.08, net income of $0.54–$0.58 per diluted share, and total portfolio Same-Store NOI growth of 11.0%–13.0%.

What capital markets activities has AHR undertaken in 2026 so far?

In 2026, AHR entered forward sale agreements for 16,100,000 follow-on offering shares for about $811.4 million and ATM Program forwards for 8,786,880 and 4,706,002 shares. It also physically settled 4,704,556 shares for $228.7 million and 23,334,350 shares for about $1.18 billion.

What is American Healthcare REIT (AHR)'s leverage and liquidity as of June 30, 2026?

As of June 30, 2026, AHR had $1.4 billion of total consolidated indebtedness and about $2.6 billion of liquidity, including cash, undrawn credit capacity and expected forward proceeds. Net Debt‑to‑Annualized Adjusted EBITDA stood at 2.5x.

What dividend did American Healthcare REIT (AHR) pay for Q2 2026?

For the quarter ended June 30, 2026, the board declared a $0.25 per share cash distribution on common stock. The second-quarter dividend was paid on July 17, 2026 to stockholders of record as of June 30, 2026.

How large is AHR's senior housing and healthcare real estate platform after recent acquisitions?

As of June 30, 2026, AHR’s portfolio comprised 327 properties, including 148 integrated senior health campuses and 92 SHOP assets. Annualized Cash NOI was $571.8 million, with ISHC and SHOP contributing about 59.2% and 22.0%, respectively.

0001632970false00016329702026-08-062026-08-06

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): August 06, 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 August 6, 2026, we issued an earnings release announcing our financial position as of June 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 August 6, 2026, we released certain supplemental data for the quarter ended June 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.

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 August 6, 2026
99.2		American Healthcare REIT, Inc. Second 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:	August 6, 2026	By:	/s/ Jeffrey T. Hanson
			Jeffrey T. Hanson, Chief Executive Officer

EExhibit 99.1

Press Release
Irvine, CA – August 6, 2026	Contact: Alan Peterson Email: investorrelations@ahcreit.com

American Healthcare REIT Announces Second 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 second quarter 2026 results and increasing full year 2026 guidance.

Key Highlights:

•Reported GAAP net income attributable to controlling interest of $30.6 million, or $0.16 per diluted share, for the three months ended June 30, 2026.

•Reported Normalized Funds From Operations attributable to controlling interest (“NFFO”) of $0.54 per diluted share for the three months ended June 30, 2026.

•Achieved total portfolio Same-Store Net Operating Income (“NOI”) growth of 13.2% for the three months ended June 30, 2026, compared to the same period in 2025.

•Achieved Same-Store NOI growth of 20.5% and 16.1% for the three months ended June 30, 2026, in its senior housing operating properties (“SHOP”) and integrated senior health campuses (“ISHC”) segments, respectively, compared to the same period in 2025.

•During the three months ended June 30, 2026, the Company acquired approximately $126.9 million of new investments within its SHOP segment. Since the beginning of 2026, the Company has completed $1.4 billion in new investments.

•The Company is increasing total portfolio Same-Store NOI growth guidance to 11.0% to 13.0% and NFFO per diluted share guidance to $2.15 to $2.19 for the year ending December 31, 2026, over a 5% increase versus the prior NFFO per diluted share guidance at the midpoint.

•Completed a follow-on common equity offering in May 2026, entering into forward sale agreements relating to 16,100,000 shares of common stock for approximately $811.4 million in gross proceeds.

•During the three months ended June 30, 2026, the Company entered into forward sale agreements pursuant to its at-the-market equity offering program ("ATM Program"), to sell 8,786,880 shares of common stock for approximately $433.2 million in gross proceeds. Subsequent to quarter end, the Company entered into additional forward sale agreements pursuant to its ATM Program to sell 4,706,002 shares of common stock for approximately $254.7 million in gross proceeds, assuming full physical settlement.

•During the three months ended June 30, 2026, the Company issued 4,704,556 shares of common stock to physically settle sales under previously announced forward sale agreements pursuant to its ATM Program for gross proceeds of approximately $228.7 million. Subsequent to quarter end, the Company issued an additional 23,334,350 shares of common stock to physically settle sales under forward sale agreements from its ATM Program and its May 2026 follow-on common equity offering for gross proceeds of approximately $1.18 billion. As of August 6, 2026, pursuant to its ATM Program and its May 2026 follow-on common equity offering, the Company had unsettled forward sale agreements outstanding relating to 12,246,596 shares of common stock that would result in approximately $630.5 million in gross proceeds assuming full physical settlement.

•Reported a 0.5x improvement in Net Debt-to-Annualized Adjusted EBITDA from 3.0x as of March 31, 2026, to 2.5x as of June 30, 2026.

"Our results this quarter reflect a deliberate strategy: concentrate capital in senior housing and care, partner with operators who deliver quality outcomes, and support them with our platform that improves how those assets perform," said Jeff Hanson, the Company's Chairman and Chief Executive Officer. "That approach produced our tenth consecutive quarter of double-digit Same-Store NOI growth. We combined that strong organic growth with over $1.4 billion in new investments year-to-date. Our conviction in this opportunity is not new. We have been building toward it for years. What has strengthened is our capacity to act on it at scale. Our underwriting standards have not changed; what has changed is the quality and depth of the opportunities available to us, which reflects our strengthening position as the industry's partner of choice.

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Second Quarter 2026 Results

The Company’s Same-Store NOI growth results for the three and six months ended June 30, 2026 are detailed below. Same-Store NOI growth in the second 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 disciplined revenue management and effective expense control by its regional operating partners.

Three Months Ended June 30, 2026 Relative to Three Months Ended June 30, 2025
Segment	Same-Store NOI Growth
ISHC		16.1	%
SHOP		20.5	%
Outpatient Medical		1.7	%
Triple-Net Leased Properties		2.1	%
Total Portfolio		13.2	%

Six Months Ended June 30, 2026 Relative to Six Months Ended June 30, 2025
Segment	Same-Store NOI Growth
ISHC		15.3	%
SHOP		20.1	%
Outpatient Medical		1.6	%
Triple-Net Leased Properties		3.3	%
Total Portfolio		12.7	%

"This quarter was operating execution, not just favorable conditions," said Gabe Willhite, AHR's President and Chief Operating Officer. "Same-Store occupancy gains year-over-year, dynamic revenue management, and expense discipline turned into 20.5% same-store NOI growth in SHOP and 16.1% in ISHC. We are extending our platform capabilities to our regional operating partners to facilitate growth, and we expect that work to compound through the second half.”

Transactional Activity

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

•Acquired four new SHOP assets for approximately $86.4 million, as previously announced. The properties are located in Georgia and South Carolina and will be managed and operated by one of the Company's existing regional operating partners.

•Acquired one new SHOP asset for approximately $40.5 million. The property is located in Minnesota and will be managed by one of the Company's existing regional operating partners.

•Sold three Non-Core Properties for approximately $22.3 million within various segments, of which two property sales for $8.1 million were previously announced.

Subsequent to the quarter ended June 30, 2026, the Company:

•Acquired 10 new SHOP assets for approximately $1.0 billion. 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. The properties are currently operated by one of the Company's existing tenants who leases other buildings within its Triple-Net Leased Properties segments.

Following the Company's completed transaction activity during the three months ended June 30, 2026, and subsequent to quarter end, the Company's investments pipeline consists of over $800 million which includes newly awarded deals and deals in the pipeline previously disclosed in the Company's First Quarter 2026 Earnings Release that have yet to close. While the Company expects to close the deals in its investments pipeline by the end of 2026, it cannot guarantee when or if these closings will take place. Therefore, the Company is not including any additional transaction activity, including the awarded deals in its investments pipeline, in its 2026 guidance, beyond the transactions disclosed as completed.

Page | 2

Development Activity

The Company's total in-process development and expansion pipeline is expected to cost approximately $197.5 million, of which $72.0 million had been funded as of June 30, 2026.

Capital Markets and Balance Sheet Activity

As of June 30, 2026, the Company had total consolidated indebtedness of $1.4 billion and approximately $2.6 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 June 30, 2026, was 2.5x.

During the three months ended June 30, 2026, as previously announced, the Company amended its credit facility by increasing the size of the unsecured revolving credit facility portion from $600 million to $800 million, thereby increasing the total aggregate credit facility including term loan to $1.35 billion. The revolving portion of the credit facility now matures on April 1, 2030, and may be extended for two 6-month periods, subject to certain conditions. Further, the Company may increase the aggregate incremental amount of the entire credit facility from $1.35 billion to $1.85 billion, subject to certain terms and conditions. The Company's existing unsecured term loan facility within the credit facility in the initial aggregate amount of $550 million remains unchanged.

During the three months ended June 30, 2026, the Company entered into forward sale agreements pursuant to its ATM Program, to sell 8,786,880 shares of common stock for approximately $433.2 million in gross proceeds. Subsequent to quarter end, the Company entered into additional forward sale agreements pursuant to its ATM Program to sell 4,706,002 shares of common stock for approximately $254.7 million in gross proceeds, assuming full physical settlement.

The Company also completed a follow-on common equity offering in May 2026, entering into new forward sale agreements to issue 16,100,000 shares of common stock for gross proceeds of approximately $811.4 million.

During the three months ended June 30, 2026, the Company issued 4,704,556 shares of common stock to physically settle sales under previously announced forward sale agreements pursuant to its ATM Program for gross proceeds of approximately $228.7 million. Subsequent to quarter end, the Company issued an additional 23,334,350 shares of common stock to physically settle sales under forward sale agreements from its ATM Program and its May 2026 follow-on common equity offering for gross proceeds of approximately $1.18 billion. As of August 6, 2026, pursuant to its ATM Program and its May 2026 follow-on common equity offering, the Company had unsettled forward sale agreements outstanding relating to 12,246,596 shares of common stock that would result in approximately $630.5 million in gross proceeds assuming full physical settlement.

"With strong results in the first half and expectation of carrying that momentum through the second half we are raising full-year guidance for both NFFO per diluted share and Same-Store NOI growth," said Chief Financial Officer Brian Peay. "NFFO per diluted share is now expected to be between $2.15 to $2.19 in 2026, which would translate to over 25% per share growth versus 2025. Additionally, we funded our acquisitions with forward equity we prudently raised and still improved Net Debt-to-Adjusted EBITDA by half a turn during the quarter."

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 any additional transaction or capital markets activity beyond the transactions or activity disclosed herein as completed. Guidance ranges are detailed below:

	Full Year 2026 Guidance
Metric	Midpoint	Current FY 2026 Range	Prior FY 2026 Range
Net income per diluted share	$0.56	$0.54 to $0.58	$0.51 to $0.57
NAREIT FFO per diluted share	$2.06	$2.04 to $2.08	$1.93 to $1.99
NFFO per diluted share	$2.17	$2.15 to $2.19	$2.03 to $2.09
Total Portfolio SS NOI Growth	12.0%	11.0% to 13.0%	9.0% to 12.0%
Segment-Level SS NOI Growth:
ISHC	14.5%	13.0% to 16.0%	11.0% to 15.0%
SHOP	19.5%	18.0% to 21.0%	15.0% to 19.0%
Outpatient Medical	0.5%	0.0% to 1.0%	0.0% to 2.0%
Triple-Net Leased Properties	2.5%	2.0% to 3.0%	2.0% to 3.0%

Page | 3

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

Distributions

As previously announced, the Company’s Board of Directors declared a cash distribution for the quarter ended June 30, 2026 of $0.25 per share of its common stock. The second quarter distribution was paid in cash on July 17, 2026, to stockholders of record as of June 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 six months ended, June 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 August 7, 2026. During the conference call, Company executives will review second 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/449803626.

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: 449 803 626

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; 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; and asset and revenue management strategy 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 conditions, domestic legal and fiscal policies, geopolitical

Page | 4

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.

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 and Same-Store NOI. The Company believes these non-GAAP financial measures are useful supplemental measures of its operating performance and used by investors and analysts to compare the operating performance of the Company between periods and to other REITs or companies on a consistent basis without having to account for differences caused by unanticipated and/or incalculable items. Definitions of the non-GAAP financial measures used herein and reconciliations to the most directly comparable financial measure calculated in accordance with GAAP can be found at the end of this earnings release. See below and "Definitions" for further information regarding the Company's non-GAAP financial measures.

EBITDA and Adjusted EBITDA

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

Page | 5

as an indication of our operating performance or as an alternative to cash flows from operations as an indication of our liquidity. NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should not be construed to be more relevant or accurate than the GAAP methodology in calculating net income (loss). NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should be reviewed in conjunction with other measurements as an indication of our performance.

About American Healthcare REIT, Inc.

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

Page | 6

AMERICAN HEALTHCARE REIT, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

As of June 30, 2026 and December 31, 2025

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

		June 30, 2026				December 31, 2025
ASSETS
Real estate investments, net		$	4,418,501			$	4,183,419
Debt security investment, net			92,463				92,136
Cash and cash equivalents			156,896				114,836
Restricted cash			34,726				36,917
Accounts and other receivables, net			229,631				204,313
Identified intangible assets, net			237,235				253,236
Goodwill			234,942				234,942
Operating lease right-of-use assets, net			124,383				135,399
Other assets, net			175,141				171,028
Total assets		$	5,703,918			$	5,426,226
LIABILITIES AND EQUITY
Liabilities:
Mortgage loans payable, net		$	873,352			$	966,925
Lines of credit and term loan, net			549,872				549,761
Accounts payable and accrued liabilities			332,145				317,742
Identified intangible liabilities, net			1,848				2,110
Financing obligations			19,327				33,902
Operating lease liabilities			124,859				135,603
Security deposits, prepaid rent and other liabilities			60,624				59,568
Total liabilities			1,962,027				2,065,611
Commitments and contingencies
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;    194,689,026 and 185,911,442 shares issued and outstanding as of    June 30, 2026 and December 31, 2025, respectively			1,942				1,852
Additional paid-in capital			5,296,586				4,880,169
Accumulated deficit			(1,601,768	)			(1,559,279	)
Accumulated other comprehensive loss			(2,213	)			(2,104	)
Total stockholders’ equity			3,694,547				3,320,638
Noncontrolling interests			47,344				39,977
Total equity			3,741,891				3,360,615
Total liabilities and equity		$	5,703,918			$	5,426,226

Page | 7

AMERICAN HEALTHCARE REIT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

For the Three and Six Months Ended June 30, 2026 and 2025

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

		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Revenues:
Resident fees and services		$	634,519			$	501,285			$	1,244,286			$	998,461
Real estate revenue			39,731				41,218				80,738				84,645
Total revenues			674,250				542,503				1,325,024				1,083,106
Expenses:
Property operating expenses			524,838				426,285				1,037,009				858,708
Rental expenses			12,173				12,990				25,273				26,633
General and administrative			19,891				14,943				37,496				28,098
Transaction, transition and restructuring costs			2,786				(79	)			4,757				1,758
Depreciation and amortization			72,125				41,941				139,187				83,055
Total expenses			631,813				496,080				1,243,722				998,252
Other income (expense):
Interest expense:
Interest expense, net			(18,626	)			(22,632	)			(37,422	)			(45,577	)
Gain (loss) in fair value of derivative financial instruments			357				(629	)			1,884				(1,379	)
Gain (loss) on dispositions of real estate investments, net			5,647				(2,676	)			5,647				(3,035	)
Impairment of real estate investments			(1,719	)			(12,659	)			(2,137	)			(34,365	)
Income (loss) from unconsolidated entities			892				(1,238	)			1,684				(3,086	)
Foreign currency gain (loss)			75				2,742				(744	)			4,158
Other income, net			1,914				1,480				4,249				3,005
Total net other expense			(11,460	)			(35,612	)			(26,839	)			(80,279	)
Income before income taxes			30,977				10,811				54,463				4,575
Income tax benefit (expense)			3				(732	)			528				(1,336	)
Net income			30,980				10,079				54,991				3,239
Net income attributable to noncontrolling interests			(374	)			(171	)			(672	)			(135	)
Net income attributable to controlling interest		$	30,606			$	9,908			$	54,319			$	3,104
Net income per common share attributable to controlling    interest:
Basic		$	0.16			$	0.06			$	0.29			$	0.02
Diluted		$	0.16			$	0.06			$	0.28			$	0.02
Weighted average number of common shares outstanding:
Basic			192,711,623				160,499,581				190,030,463				158,721,080
Diluted			193,347,757				161,143,556				190,708,621				159,318,503
Net income		$	30,980			$	10,079			$	54,991			$	3,239
Other comprehensive income (loss):
Foreign currency translation adjustments			11				343				(109	)			519
Total other comprehensive income (loss)			11				343				(109	)			519
Comprehensive income			30,991				10,422				54,882				3,758
Comprehensive income attributable to noncontrolling    interests			(374	)			(171	)			(672	)			(135	)
Comprehensive income attributable to controlling interest		$	30,617			$	10,251			$	54,210			$	3,623

Page | 8

AMERICAN HEALTHCARE REIT, INC.

NAREIT FFO and Normalized FFO Reconciliation

For the Three and Six Months Ended June 30, 2026 and 2025

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

		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Net income		$	30,980			$	10,079			$	54,991			$	3,239
Depreciation and amortization related to real estate —    consolidated properties			72,056				41,850				139,049				82,865
Depreciation and amortization related to real estate —    unconsolidated entities			14				506				28				1,003
Impairment of real estate investments —    consolidated properties			1,719				12,659				2,137				34,365
(Gain) loss on dispositions of real estate investments, net —    consolidated properties			(5,647	)			2,676				(5,647	)			3,035
Net income attributable to noncontrolling interests			(374	)			(171	)			(672	)			(135	)
Depreciation, amortization, impairments and net gain/loss on    dispositions — noncontrolling interests			(772	)			(803	)			(1,556	)			(1,695	)
NAREIT FFO attributable to controlling interest		$	97,976			$	66,796			$	188,330			$	122,677
Transaction, transition and restructuring costs		$	2,786			$	(79	)		$	4,757			$	1,758
Amortization of above- and below-market leases			300				355				630				768
Amortization of closing costs — debt security investment			12				12				24				49
Change in deferred rent			(354	)			(720	)			(936	)			(1,392	)
Non-cash impact of changes to equity instruments			5,767				3,190				10,625				5,741
Non-cash income tax benefit			(223	)			—				(947	)			—
Capitalized interest			(711	)			(345	)			(1,355	)			(442	)
Loss on debt extinguishments			147				1,298				147				1,806
(Gain) loss in fair value of derivative financial instruments			(357	)			629				(1,884	)			1,379
Foreign currency (gain) loss			(75	)			(2,742	)			744				(4,158	)
Adjustments for unconsolidated entities			—				5				(1	)			5
Adjustments for noncontrolling interests			(79	)			(22	)			(130	)			(72	)
Normalized FFO attributable to controlling interest		$	105,189			$	68,377			$	200,004			$	128,119
NAREIT FFO and Normalized FFO weighted average common    share outstanding — diluted			193,347,757				161,143,556				190,708,621				159,318,503
NAREIT FFO per common share attributable to controlling    interest — diluted		$	0.51			$	0.41			$	0.99			$	0.77
Normalized FFO per common share attributable to controlling    interest — diluted		$	0.54			$	0.42			$	1.05			$	0.80

Page | 9

AMERICAN HEALTHCARE REIT, INC.

Adjusted EBITDA Reconciliation

For the Three Months Ended June 30, 2026

(In thousands) (Unaudited)

Net income		$	30,980
Interest expense, net (including amortization of deferred financing costs, amortization of debt   discount/premium and loss on debt extinguishments)			18,626
Income tax benefit			(3	)
Depreciation and amortization (including amortization of leased assets and accretion of lease liabilities)			72,557
EBITDA			122,160
Income from unconsolidated entities			(892	)
Straight line rent and amortization of above/below market leases			(486	)
Non-cash impact of changes to equity instruments			5,767
Transaction, transition and restructuring costs			2,786
Gain on dispositions of real estate investments, net			(5,647	)
Amortization of closing costs — debt security investment			12
Foreign currency gain			(75	)
Gain in fair value of derivative financial instruments			(357	)
Impairment of real estate investments			1,719
Adjusted EBITDA		$	124,987

Page | 10

AMERICAN HEALTHCARE REIT, INC.

NOI and Cash NOI Reconciliation

For the Three and Six Months Ended June 30, 2026 and 2025

(In thousands) (Unaudited)

		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Net income		$	30,980			$	10,079			$	54,991			$	3,239
General and administrative			19,891				14,943				37,496				28,098
Transaction, transition and restructuring costs			2,786				(79	)			4,757				1,758
Depreciation and amortization			72,125				41,941				139,187				83,055
Interest expense			18,626				22,632				37,422				45,577
(Gain) loss in fair value of derivative financial instruments			(357	)			629				(1,884	)			1,379
(Gain) loss on dispositions of real estate investments, net			(5,647	)			2,676				(5,647	)			3,035
Impairment of real estate investments			1,719				12,659				2,137				34,365
(Income) loss from unconsolidated entities			(892	)			1,238				(1,684	)			3,086
Foreign currency (gain) loss			(75	)			(2,742	)			744				(4,158	)
Other income, net			(1,914	)			(1,480	)			(4,249	)			(3,005	)
Income tax (benefit) expense			(3	)			732				(528	)			1,336
Net operating income			137,239				103,228				262,742				197,765
Straight line rent			(503	)			(821	)			(1,283	)			(1,556	)
Facility rental expense			6,752				7,278				13,513				14,777
Other non-cash adjustments			77				182				91				384
Cash NOI from dispositions			(355	)			(394	)			(345	)			(615	)
Cash NOI attributable to noncontrolling interests (1)			(250	)			(255	)			(500	)			(506	)
Cash NOI (1)		$	142,960			$	109,218			$	274,218			$	210,249

(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 Six Months Ended June 30, 2026 and 2025

(In thousands) (Unaudited)

		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
ISHC
GAAP Revenue		$	512,878			$	429,350			$	1,015,621			$	858,042
Cash revenue from dispositions			(2,069	)			(1,201	)			(2,069	)			(2,681	)
Cash revenue			510,809				428,149				1,013,552				855,361
Revenue attributable to new acquisitions/dispositions/other			(169,742	)			(104,597	)			(329,823	)			(211,160	)
Revenue attributable to Non-Core Properties			(3,568	)			(6,400	)			(10,122	)			(12,603	)
Same-Store revenue		$	337,499			$	317,152			$	673,607			$	631,598
SHOP
GAAP Revenue		$	121,641			$	71,935			$	228,665			$	140,419
Cash revenue from dispositions			—				—				—				(166	)
Cash revenue attributable to noncontrolling interests (1)			(280	)			(276	)			(567	)			(546	)
Cash revenue (1)			121,361				71,659				228,098				139,707
Revenue attributable to new acquisitions/dispositions			(47,447	)			(2,996	)			(81,474	)			(3,409	)
Revenue attributable to development conversion			(1,014	)			(753	)			(1,918	)			(1,391	)
Revenue attributable to Non-Core Properties			(605	)			(580	)			(1,212	)			(1,169	)
Same-Store revenue (1)		$	72,295			$	67,330			$	143,494			$	133,738
Outpatient Medical
GAAP Revenue		$	29,985			$	31,254			$	60,827			$	64,448
Straight line rent			(100	)			(259	)			(458	)			(432	)
Other non-cash adjustments			(389	)			(350	)			(880	)			(674	)
Cash revenue from dispositions			(1	)			(460	)			(1	)			(460	)
Cash revenue			29,495				30,185				59,488				62,882
Revenue attributable to dispositions			—				(894	)			—				(3,890	)
Revenue attributable to Non-Core Properties			(1,773	)			(2,276	)			(3,647	)			(4,927	)
Same-Store revenue		$	27,722			$	27,015			$	55,841			$	54,065
Triple-Net Leased Properties
GAAP Revenue		$	9,746			$	9,964			$	19,911			$	20,197
Straight line rent			(403	)			(562	)			(825	)			(1,124	)
Other non-cash adjustments			169				199				369				424
Cash revenue from dispositions			(27	)			—				(27	)			—
Cash revenue attributable to noncontrolling interest (1)			(195	)			(191	)			(389	)			(381	)
Cash revenue (1)			9,290				9,410				19,039				19,116
Debt security investment			(1,171	)			(1,163	)			(2,329	)			(2,644	)
Revenue attributable to dispositions			—				(26	)			—				(52	)
Revenue attributable to Non-Core Properties			—				(157	)			(159	)			(313	)
Other normalizing revenue adjustments			—				(261	)			(354	)			(522	)
Same-Store revenue (1)		$	8,119			$	7,803			$	16,197			$	15,585

Page | 12

AMERICAN HEALTHCARE REIT, INC.

Same-Store Revenue Reconciliation - (Continued)

For the Three and Six Months Ended June 30, 2026 and 2025

(In thousands) (Unaudited)

		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Total Portfolio
GAAP Revenue		$	674,250			$	542,503			$	1,325,024			$	1,083,106
Straight line rent			(503	)			(821	)			(1,283	)			(1,556	)
Other non-cash adjustments			(220	)			(151	)			(511	)			(250	)
Cash revenue from dispositions			(2,097	)			(1,661	)			(2,097	)			(3,307	)
Cash revenue attributable to noncontrolling interests (1)			(475	)			(467	)			(956	)			(927	)
Cash revenue (1)			670,955				539,403				1,320,177				1,077,066
Debt security investment			(1,171	)			(1,163	)			(2,329	)			(2,644	)
Revenue attributable to new acquisitions/dispositions/other			(217,189	)			(108,513	)			(411,297	)			(218,511	)
Revenue attributable to development conversion			(1,014	)			(753	)			(1,918	)			(1,391	)
Revenue attributable to Non-Core Properties			(5,946	)			(9,413	)			(15,140	)			(19,012	)
Other normalizing revenue adjustments			—				(261	)			(354	)			(522	)
Same-Store revenue (1)		$	445,635			$	419,300			$	889,139			$	834,986

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

Page | 13

AMERICAN HEALTHCARE REIT, INC.

Same-Store NOI Reconciliation

For the Three and Six Months Ended June 30, 2026 and 2025

(In thousands) (Unaudited)

		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
ISHC
NOI		$	78,159			$	60,934			$	149,918			$	113,925
Facility rental expense			6,752				7,278				13,513				14,777
Cash NOI from dispositions			(328	)			(199	)			(328	)			(473	)
Cash NOI			84,583				68,013				163,103				128,229
New acquisitions/dispositions/other			(12,727	)			(5,589	)			(22,660	)			(5,926	)
Non-Core Properties			(506	)			(974	)			(1,418	)			(1,744	)
Same-Store NOI		$	71,350			$	61,450			$	139,025			$	120,559
SHOP
NOI		$	31,522			$	14,066			$	57,359			$	25,828
Cash NOI from dispositions			—				8				—				63
Cash NOI attributable to noncontrolling interests (1)			(55	)			(64	)			(112	)			(126	)
Cash NOI (1)			31,467				14,010				57,247				25,765
New acquisitions/dispositions			(15,329	)			(1,044	)			(26,737	)			(850	)
Development conversion			(19	)			277				311				637
Non-Core Properties			(32	)			(35	)			(98	)			(117	)
Other normalizing adjustments			—				147				—				147
Same-Store NOI (1)		$	16,087			$	13,355			$	30,723			$	25,582
Outpatient Medical
NOI		$	18,492			$	19,062			$	37,210			$	39,571
Straight line rent			(100	)			(259	)			(458	)			(432	)
Other non-cash adjustments			(111	)			(36	)			(314	)			(77	)
Cash NOI from dispositions			—				(203	)			10				(205	)
Cash NOI			18,281				18,564				36,448				38,857
Dispositions			—				(261	)			—				(1,846	)
Non-Core Properties			(890	)			(1,197	)			(1,808	)			(2,924	)
Same-Store NOI		$	17,391			$	17,106			$	34,640			$	34,087
Triple-Net Leased Properties
NOI		$	9,066			$	9,166			$	18,255			$	18,441
Straight line rent			(403	)			(562	)			(825	)			(1,124	)
Other non-cash adjustments			188				218				405				461
Cash NOI from dispositions			(27	)			—				(27	)			—
Cash NOI attributable to noncontrolling interest (1)			(195	)			(191	)			(388	)			(380	)
Cash NOI (1)			8,629				8,631				17,420				17,398
Debt security investment			(1,171	)			(1,163	)			(2,329	)			(2,644	)
Dispositions			—				(9	)			—				3
Non-Core Properties			—				(152	)			(159	)			(307	)
Same-Store NOI (1)		$	7,458			$	7,307			$	14,932			$	14,450

Page | 14

AMERICAN HEALTHCARE REIT, INC.

Same-Store NOI Reconciliation - (Continued)

For the Three and Six Months Ended June 30, 2026 and 2025

(In thousands) (Unaudited)

		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Total Portfolio
NOI		$	137,239			$	103,228			$	262,742			$	197,765
Straight line rent			(503	)			(821	)			(1,283	)			(1,556	)
Facility rental expense			6,752				7,278				13,513				14,777
Other non-cash adjustments			77				182				91				384
Cash NOI from dispositions			(355	)			(394	)			(345	)			(615	)
Cash NOI attributable to noncontrolling interests (1)			(250	)			(255	)			(500	)			(506	)
Cash NOI (1)			142,960				109,218				274,218				210,249
Debt security investment			(1,171	)			(1,163	)			(2,329	)			(2,644	)
New acquisitions/dispositions/other			(28,056	)			(6,903	)			(49,397	)			(8,619	)
Development conversion			(19	)			277				311				637
Non-Core Properties			(1,428	)			(2,358	)			(3,483	)			(5,092	)
Other normalizing adjustments			—				147				—				147
Same-Store NOI (1)		$	112,286			$	99,218			$	219,320			$	194,678

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

Page | 15

AMERICAN HEALTHCARE REIT, INC.

Earnings Guidance Reconciliation

For the Year Ending December 31, 2026

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

		Full Year 2026 Guidance				Prior Full Year 2026 Guidance
		Low		High		Low		High
Net income attributable to common stockholders		$108.5		$116.5		$97.8		$109.1
Depreciation and amortization (1)		306.8		306.8		271.0		271.0
Impairment and gains/losses from dispositions (1)		(3.9)		(3.9)		0.4		0.4
NAREIT FFO attributable to common stockholders		$411.4		$419.4		$369.2		$380.5
Amortization of other intangible assets/liabilities (1)		1.3		1.3		1.3		1.3
Change in deferred rent (1)		(1.6)		(1.6)		(2.3)		(2.3)
Non-cash impact of changes to equity plan (1) (2)		21.9		21.9		20.0		20.0
Other adjustments (1) (3)		(0.2)		(0.2)		(0.0)		(0.0)
Normalized FFO attributable to common stockholders		$432.8		$440.8		$388.2		$399.5
Net income per common share — diluted		$0.54		$0.58		$0.51		$0.57
NAREIT FFO per common share — diluted		$2.04		$2.08		$1.93		$1.99
Normalized FFO per common share — diluted		$2.15		$2.19		$2.03		$2.09
NAREIT FFO and Normalized FFO weighted average       shares — diluted		201.3		201.3		191.1		191.1
Total Portfolio Same-Store NOI growth		11.0%		13.0%		9.0%		12.0%
Segment-Level Same-Store NOI growth:
ISHC		13.0%		16.0%		11.0%		15.0%
SHOP		18.0%		21.0%		15.0%		19.0%
Outpatient Medical		0.0%		1.0%		0.0%		2.0%
Triple-Net Leased Properties		2.0%		3.0%		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 closing costs for debt security instrument, unrealized foreign currency gain or loss, change in fair value of derivative financial instruments, impairments of real estate investments, impairments of intangible assets and goodwill, and non-recurring one-time items.

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

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

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

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

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

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

•NAREIT FFO or FFO: Funds from operations attributable to controlling interest; a non-GAAP financial measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT (the “White Paper”). The White Paper defines FFO as net income (loss) computed in accordance with GAAP, excluding gains or losses from 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 Second 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 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 buildings.

•Pro-Rata: As of June 30, 2026, we owned and/or operated six buildings through entities of which we owned between 90.0% and 90.6% of the ownership interests. Because we have a controlling interest in these entities, these entities and the properties these entities own are consolidated in our financial statements in accordance with GAAP. However, while such properties are presented in our financial statements on a consolidated basis, we are only entitled to our Pro-Rata share of the net cash flows generated by such properties. As a result, we have presented certain property information herein based on our Pro-Rata ownership interest in these entities and the properties these entities own, as of the applicable date, and not on a consolidated basis. In such instances, information is noted as being presented on a “Pro-Rata share” basis.

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 June 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

Second Quarter 2026 Supplemental

Talamore Senior Living

Sun Prairie, WI

Exhibit 99.2

Disclaimers

Forward-Looking Statements

Certain statements contained in this supplemental, filed in conjunction with the Second 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, 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 conditions, domestic legal and fiscal policies, geopolitical conditions and other risks disclosed in the Company’s periodic reports as filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement.

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 and Same-Store NOI. The Company believes these non-GAAP financial measures are useful supplemental measures of its operating performance and used by investors and analysts to compare the operating performance of the Company between periods and to other 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 entitled 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 in measuring operational income or cash flows. Furthermore, NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should not be considered as alternatives to net income (loss) as an indication of our operating performance or as an alternative to cash flows from operations as an indication of our liquidity. NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should not be construed to be more relevant or accurate than the GAAP methodology in calculating net income (loss). NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should be reviewed in conjunction with other measurements as an indication of our performance.

American Healthcare REIT | Q2 2026 Supplemental | Page 2

Pro-Rata Annualized Cash NOI

Overview (as of June 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)		148		15,097		89.5%		—		$338,332		59.2%
Senior Housing Operating Properties (SHOP)		92		8,042		88.8%		—		125,868		22.0%
Outpatient Medical (OM)		70		3,654		88.4%		5.0		73,124		12.8%
Triple-Net Leased Properties		17		1,364		90.5%		12.4		29,832		5.2%
Debt Security Investment		—		—		—		—		4,684		0.8%
Total		327						6.7		$571,840		100.0%

Same-Store NOI Performance (3)

		Campuses / Properties		Q2 2025		Q2 2026		% Change		YTD 6/30/25		YTD 6/30/26		% Change
ISHC		115		$61,450		$71,350		16.1%		$120,559		$139,025		15.3%
SHOP		64		13,355		16,087		20.5%		25,582		30,723		20.1%
OM		65		17,106		17,391		1.7%		34,087		34,640		1.6%
Triple-Net Leased Properties		17		7,307		7,458		2.1%		14,450		14,932		3.3%
Total		261		$99,218		$112,286		13.2%		$194,678		$219,320		12.7%

Earnings Metrics (3)

	Q2 2025		Q2 2026		% Change		YTD 6/30/2025		YTD 6/30/2026		% Change
NAREIT FFO per share - diluted	$0.41		$0.51		24.4%		$0.77		$0.99		28.6%
Normalized FFO per share - diluted	$0.42		$0.54		28.6%		$0.80		$1.05		31.3%

Balance Sheet Metrics

	Coverage
Interest Coverage Ratio	7.1X
Fixed Charge Coverage Ratio	5.5X
Net Debt-to-Annualized Adjusted EBITDA	2.5X

(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.

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 | Q2 2026 Supplemental | Page 3

Integrated Senior Health Campuses

(dollars in thousands)

Total Portfolio

		Q2 2025		Q3 2025		Q4 2025		Q1 2026		Q2 2026					YTD 6/30/25		YTD 6/30/26
Campuses		126		135		149		149		148					—		—
IL/AL/MC units		5,540		6,154		6,890		6,947		6,960					5,540		6,960
SNF beds		7,327		7,601		8,275		8,275		8,137					7,327		8,137
Consolidated total beds/units		12,867		13,755		15,165		15,222		15,097					12,867		15,097
Total average Occupancy		88.8%		89.6%		90.1%		89.9%		89.5%					88.6%		89.7%
IL/AL/MC average Occupancy		89.3%		91.4%		91.9%		90.4%		90.5%					88.4%		90.5%
SNF average Occupancy		88.5%		88.2%		88.7%		89.4%		88.6%					88.8%		89.0%
Cash revenue (1)		$428,149		$455,453		$472,577		$502,743		$510,809					$855,361		$1,013,552
Operating expenses		360,136		386,254		401,798		424,223		426,226					727,132		850,449
Cash NOI (1)		$68,013		$69,199		$70,779		$78,520		$84,583					$128,229		$163,103
Cash NOI Margin %		15.9%		15.2%		15.0%		15.6%		16.6%					15.0%		16.1%
Maintenance Capex		$3,711		$4,863		$5,026		$4,657		$5,606					$7,820		$10,263

Same-Store

		Q2 2025		Q3 2025		Q4 2025		Q1 2026		Q2 2026		Q2 2026 vs Q2 2025			YTD 6/30/25		YTD 6/30/26		YTD 2026 vs YTD 2025
Campuses		115		115		115		115		115					115		115
Consolidated beds/units		11,709		11,711		11,708		11,710		11,721					11,709		11,721
Total average Occupancy		88.9%		90.1%		90.5%		91.2%		90.7%		180 bps			89.0%		90.9%		200 bps
IL/AL/MC average Occupancy		89.9%		91.7%		92.0%		91.9%		91.9%		200 bps			89.3%		91.9%		263 bps
SNF average Occupancy		88.2%		88.9%		89.3%		90.6%		89.9%		164 bps			88.7%		90.2%		152 bps
Same-Store revenue (1)		$317,152		$329,813		$333,382		$336,108		$337,499		6.4%			$631,598		$673,607		6.7%
Same-Store operating expenses		255,702		267,186		269,466		268,433		266,149		4.1%			511,039		534,582		4.6%
Compensation		162,463		168,737		174,823		170,418		172,096		5.9%			322,419		342,514		6.2%
Controllable (2)		82,842		88,503		87,008		88,210		84,131		1.6%			168,026		172,341		2.6%
Non-Controllable (3)		10,397		9,946		7,635		9,805		9,922		(4.6%)			20,594		19,727		(4.2%)
Same-Store NOI (1)		$61,450		$62,627		$63,916		$67,675		$71,350		16.1%			$120,559		$139,025		15.3%
Same-Store NOI Margin %		19.4%		19.0%		19.2%		20.1%		21.1%		177 bps			19.1%		20.6%		155 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 | Q2 2026 Supplemental | Page 4

ISHC Revenue per Payor and Bed Type

Consolidated

	Average Daily Rate						% of Resident Days				% of Revenue
	Q2 2025		Q2 2026		% change		Q2 2025		Q2 2026		Q2 2025		Q2 2026
Medicare	$687.60		$723.23		5.2%		11.7%		10.2%		23.0%		20.8%
Medicare Advantage	$572.21		$633.86		10.8%		7.2%		7.6%		11.9%		13.7%
Private	$404.32		$426.01		5.4%		11.2%		10.9%		12.9%		13.2%
Managed care/insurance	$431.79		$499.60		15.7%		0.3%		0.4%		0.4%		0.6%
Medicaid	$318.74		$316.09		(0.8%)		25.4%		23.5%		23.2%		20.9%
Total skilled nursing	$446.46		$465.66		4.3%		55.8%		52.6%		71.4%		69.2%
Total senior housing	$194.80		$201.82		3.6%		44.2%		47.4%		24.7%		27.0%
Ancillary revenue	$13.66		$13.78		0.9%		0.0%		0.0%		3.9%		3.8%
Total	$346.39		$351.50		1.5%		100.0%		100.0%		100.0%		100.0%
Quality Mix							74.6%		76.5%		76.8%		79.1%

Same-Store

	Average Daily Rate						% of Resident Days				% of Revenue
	Q2 2025		Q2 2026		% change		Q2 2025		Q2 2026		Q2 2025		Q2 2026
Medicare	$688.58		$725.69		5.4%		11.8%		10.9%		24.0%		22.4%
Medicare Advantage	$571.48		$619.31		8.4%		7.3%		8.1%		12.4%		14.3%
Private	$405.30		$428.22		5.7%		11.1%		11.6%		13.4%		14.1%
Managed care/insurance	$429.15		$513.57		19.7%		0.3%		0.4%		0.5%		0.6%
Medicaid	$320.86		$326.03		1.6%		25.1%		24.5%		23.9%		22.7%
Total skilled nursing	$449.14		$470.11		4.7%		55.6%		55.5%		74.2%		74.1%
Total senior housing	$195.61		$205.18		4.9%		44.4%		44.5%		25.8%		25.9%
Total (1)	$336.51		$352.17		4.7%		100.0%		100.0%		100.0%		100.0%
Quality Mix (1)							74.9%		75.5%		76.1%		77.3%

(1)Does not include ancillary revenue.

American Healthcare REIT | Q2 2026 Supplemental | Page 5

Senior Housing Operating Properties

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

Total Portfolio

		Q2 2025		Q3 2025		Q4 2025		Q1 2026		Q2 2026					YTD 6/30/25		YTD 6/30/26
Properties		68		71		81		87		92					—		—
Consolidated total units		5,469		5,724		6,978		7,486		8,042					5,469		8,042
Consolidated average Occupancy		85.5%		87.4%		89.0%		88.9%		88.8%					85.5%		88.8%
Cash revenue (1)		$71,659		$76,327		$91,134		$106,737		$121,361					$139,707		$228,098
Operating expenses		57,649		61,001		71,423		80,957		89,894					113,942		170,851
Cash NOI (1)		$14,010		$15,326		$19,711		$25,780		$31,467					$25,765		$57,247
Cash NOI Margin %		19.6%		20.1%		21.6%		24.2%		25.9%					18.4%		25.1%
RevPOR		$5,166		$5,177		$5,300		$5,600		$5,754					$5,115		$5,681
ExPOR		$4,156		$4,138		$4,154		$4,247		$4,262					$4,173		$4,255
Consolidated Maintenance Capex		$3,489		$4,559		$5,144		$3,586		$4,552					$6,303		$8,138

Same-Store

		Q2 2025		Q3 2025		Q4 2025		Q1 2026		Q2 2026		Q2 2026 vs Q2 2025			YTD 6/30/25		YTD 6/30/26		FY 2026 vs FY 2025
Properties		64		64		64		64		64					64		64
Consolidated units		5,098		5,103		5,103		5,107		5,107					5,098		5,107
Consolidated average Occupancy		85.9%		87.6%		89.0%		88.6%		88.7%		278 bps			86.0%		88.6%		267 bps
Same-Store revenue (1)		$67,330		$68,675		$69,917		$71,199		$72,295		7.4%			$133,738		$143,494		7.3%
Same-Store operating expenses		53,975		54,986		55,978		56,563		56,208		4.1%			108,156		112,771		4.3%
Compensation		32,845		33,413		33,959		34,333		34,369		4.6%			65,269		68,702		5.3%
Controllable (2)		18,076		18,492		18,759		19,097		18,750		3.7%			36,582		37,847		3.5%
Non-Controllable (3)		3,054		3,081		3,260		3,133		3,089		1.1%			6,305		6,222		(1.3%)
Same-Store NOI (1)		$13,355		$13,689		$13,939		$14,636		$16,087		20.5%			$25,582		$30,723		20.1%
Same-Store NOI Margin %		19.8%		19.9%		19.9%		20.6%		22.3%		242 bps			19.1%		21.4%		228 bps
RevPOR		$5,159		$5,161		$5,164		$5,281		$5,354		3.8%			$5,123		$5,318		3.8%
ExPOR		$4,136		$4,132		$4,134		$4,195		$4,163		0.7%			$4,143		$4,179		0.9%

(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 | Q2 2026 Supplemental | Page 6

OM by Location

Outpatient Medical

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

Total Portfolio

		Q2 2025		Q3 2025		Q4 2025		Q1 2026		Q2 2026					YTD 6/30/25		YTD 6/30/26
Properties		78		73		71		71		70					—		—
Consolidated GLA (sq ft)		3,952		3,825		3,685		3,685		3,654					3,952		3,654
Ending Occupancy		86.1%		86.5%		88.9%		88.2%		88.4%					86.1%		88.4%
Cash revenue (1)		$30,185		$30,131		$29,558		$29,993		$29,495					$62,882		$59,488
Operating expenses		11,621		11,458		11,236		11,826		11,214					24,025		23,040
Cash NOI (1)		$18,564		$18,673		$18,322		$18,167		$18,281					$38,857		$36,448
Cash NOI Margin %		61.5%		62.0%		62.0%		60.6%		62.0%					61.8%		61.3%
Revenue per square foot		$30.55		$31.51		$32.08		$32.56		$32.29					$31.82		$32.56
Cash NOI per square foot		$18.79		$19.53		$19.89		$19.72		$20.01					$19.66		$19.95
Maintenance Capex		$2,904		$4,924		$8,225		$2,107		$2,190					$10,259		$4,297

Same-Store

		Q2 2025		Q3 2025		Q4 2025		Q1 2026		Q2 2026		Q2 2026 vs Q2 2025			YTD 6/30/25		YTD 6/30/26		FY 2026 vs FY 2025
Properties		65		65		65		65		65					65		65
Consolidated GLA (sq ft)		3,259		3,259		3,259		3,259		3,260					3,259		3,260
Ending Occupancy		93.5%		93.3%		93.4%		93.0%		92.6%		(87 bps)			93.5%		92.6%		(87 bps)
Same-Store revenue (1)		$27,015		$27,747		$27,627		$28,119		$27,722		2.6%			$54,065		$55,841		3.3%
Same-Store operating expenses		9,909		10,250		9,885		10,870		10,331		4.3%			19,978		21,201		6.1%
Same-Store NOI (1)		$17,106		$17,497		$17,742		$17,249		$17,391		1.7%			$34,087		$34,640		1.6%
Same-Store NOI Margin %		63.3%		63.1%		64.2%		61.3%		62.7%		(59 bps)			63.0%		62.0%		(101 bps)
Same-Store revenue per Sq. Ft.		$33.16		$34.06		$33.91		$34.51		$34.01					$33.18		$34.26
Same-Store NOI per square foot		$21.00		$21.48		$21.78		$21.17		$21.34					$20.92		$21.25

Tenants and occupancy metrics (as of June 30, 2026)

Tenants	ABR		%		S&P Credit Rating
Christus Good Shepherd Health System	$8,005		9.4%		A
Prime Healthcare	2,611		3.1%		B
Montefiore Medical Center	2,519		2.9%		BBB-
Atrius Health, Inc.	2,294		2.7%		A+
Cullman Regional Medical Center	1,987		2.3%		-
Remaining portfolio	68,045		79.6%		Various
Total	$85,461		100.0%

OM Absorption
Occupied Square Feet as of December 31, 2025	3,277
Expirations	(188)
Renewals	117
New leases	37
Adjustment/remeasurement	(3)
Dispositions	(10)
Occupied Square Feet as of June 30, 2026	3,230
Trailing 12-months Retention	65.2%

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

American Healthcare REIT | Q2 2026 Supplemental | Page 7

Triple-Net Leased Properties

(dollars in thousands and Pro-Rata)

Total Portfolio

		Q2 2025		Q3 2025		Q4 2025		Q1 2026		Q2 2026					YTD 6/30/25		YTD 6/30/26
Properties		19		18		18		18		17					—		—
AL/MC beds/units		538		538		538		538		538					538		538
SNF beds		960		882		882		882		826					960		826
Consolidated total beds/units (1)		1,498		1,420		1,420		1,420		1,364					1,498		1,364
Average operator Occupancy (1)		89.3%		88.5%		89.2%		90.5%		90.5%					89.2%		90.5%
Cash revenue (2)		$8,247		$8,027		$8,053		$8,591		$8,119					$16,472		$16,710
Debt security investment		1,163		1,165		1,167		1,158		1,171					2,644		2,329
Operating expenses		779		495		456		958		661					1,718		1,619
Cash NOI (2)		$8,631		$8,697		$8,764		$8,791		$8,629					$17,398		$17,420
Cash NOI Margin %		91.7%		94.6%		95.1%		90.2%		92.9%					91.0%		91.5%

Same-Store

		Q2 2025		Q3 2025		Q4 2025		Q1 2026		Q2 2026		Q2 2026 vs Q2 2025			YTD 6/30/25		YTD 6/30/26		FY 2026 vs FY 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)		88.9%		88.2%		89.1%		90.6%		90.5%		157 bps			88.9%		90.5%		160 bps
Same-Store revenue (2)		$7,803		$7,870		$7,896		$8,078		$8,119		4.0%			$15,585		$16,197		3.9%
Same-Store operating expenses		496		495		456		604		661		33.3%			1,135		1,265		11.5%
Same-Store NOI (2)		$7,307		$7,375		$7,440		$7,474		$7,458		2.1%			$14,450		$14,932		3.3%
Same-Store NOI Margin %		93.6%		93.7%		94.2%		92.5%		91.9%		(178 bps)			92.7%		92.2%		(53 bps)
Same-Store NOI (constant currency) (3)		$7,315		$7,371		$7,455		$7,471		$7,461		2.0%			$14,543		$14,932		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 6/30/2026 YTD average GBP/USD rate of 1.34.

American Healthcare REIT | Q2 2026 Supplemental | Page 8

Triple-Net Leased Properties Rent Coverage Stratification

Tenant EBITDAR Coverage

	Contribution to Pro-Rata Cash NOI at each Coverage Stratification for Q2 2026 (1)
Coverage	Senior Housing-Leased	SNFs	Hospital	Total	WALT (years)	Number of Leases
< 0.80x	—	—	1.3%	1.3%	10.9	1
0.80x - 0.89x	—	—	—	—	—	—
0.90x - 0.99x	0.4%	—	—	0.4%	5.9	1
1.00x - 1.09x	—	1.3%	—	1.3%	15.0	1
1.10x - 1.19x	1.0%	—	—	1.0%	24.2	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	—	0.9%	0.3%	1.2%	4.9	2
Total	1.4%	2.2%	1.6%	5.2%	12.4	6
Segment rent coverage (2)	1.09x	1.55x	1.08x	1.28x
Tenant Occupancy	89.9%	90.8%	N/A	90.5%

Tenant EBITDARM Coverage

	Contribution to Pro-Rata Cash NOI at each Coverage Stratification for Q2 2026 (1)
Coverage	Senior Housing-Leased	SNFs	Hospital	Total	WALT (years)	Number of Leases
< 0.80x	—	—	1.3%	1.3%	10.9	1
0.80x - 0.89x	—	—	—	—	—	—
0.90x - 0.99x	—	—	—	—	—	—
1.00x - 1.09x	—	—	—	—	—	—
1.10x - 1.19x	0.4%	—	—	0.4%	5.9	1
1.20x - 1.29x	—	—	—	—	—	—
1.30x - 1.39x	—	—	—	—	—	—
1.40x - 1.49x	1.0%	—	—	1.0%	24.2	1
1.50x - 1.59x	—	—	—	—	—	—
1.60x - 1.69x	—	1.3%	—	1.3%	15.0	1
1.70x - 1.79x	—	—	—	—	—	—
1.80x - 1.89x	—	—	—	—	—	—
1.90x - 1.99x	—	—	—	—	—	—
> 2.00x	—	0.9%	0.3%	1.2%	4.9	2
Total	1.4%	2.2%	1.6%	5.2%	12.4	6
Segment rent coverage (2)	1.34x	2.04x	1.32x	1.62x
Tenant Occupancy	89.9%	90.8%	N/A	90.5%

(1)Represents trailing twelve month coverage metrics as of March 31, 2026. Percentages are based on Pro-Rata Cash NOI for the three months ended June 30, 2026.

(2)Represents combined coverage metrics for all leases within each property type and total segment.

American Healthcare REIT | Q2 2026 Supplemental | Page 9

Revenue and Lease Expiration (1)

(dollars in thousands, as of June 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		$2,292	2.3%		29	122		3.7%		$—	0.0%		$—	0.0%		$2,292	1.6%
2027		8,561	8.7%		58	299		9.2%		—	0.0%		—	0.0%		8,561	6.2%
2028		14,381	14.6%		63	493		15.1%		—	0.0%		4,013	100.0%		18,394	13.2%
2029		14,629	14.8%		64	517		15.8%		—	0.0%		—	0.0%		14,629	10.5%
2030		11,541	11.7%		52	379		11.6%		5,779	15.8%		—	0.0%		17,320	12.5%
Thereafter		47,131	47.9%		128	1,453		44.6%		30,717	84.2%		—	0.0%		77,848	56.0%
Total		$98,535	100.0%		394	3,263		100.0%		$36,496	100.0%		$4,013	100.0%		$139,044	100.0%

(1)Excludes ISHC and SHOP.

(2)Total ABR expiring in the applicable year. Month-to-month leases are included as expirations in 2026.

(3)Represents total interest income from debt security investment.

American Healthcare REIT | Q2 2026 Supplemental | Page 10

Debt Maturities and Principal Payments

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

Period		Lines of Credit and Term Loan		Mortgage Loans Payable		Combined Debt		% of Combined Debt		Weighted Average Interest Rate (2)_(3)
2026		$—		$64,192		$64,192		4.5%		3.50%
2027		550,000		56,182		606,182		42.1%		4.74%
2028		—		139,740		139,740		9.7%		4.40%
2029		—		16,963		16,963		1.2%		3.36%
2030		—		44,732		44,732		3.1%		4.51%
Thereafter (1)		—		568,261		568,261		39.4%		3.74%
Total		$550,000		$890,070		$1,440,070		100.0%
Weighted interest rate (2)_(3)		4.86%		3.84%		4.23%
Weighted average maturity (years)		0.6		19.7		12.4
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 | Q2 2026 Supplemental | Page 11

Year to Date 2026 Real Estate Acquisitions and Disposition

(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

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
Q2 2026		1		56		$7,100

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

American Healthcare REIT | Q2 2026 Supplemental | Page 12

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

$23,634

$23,634

Q3 2024

Q3 2026

Mooresville

IN

ISHC

Wing Expansion

27

3,494

4,463

Q1 2025

Q3 2026

Scio Township

MI

ISHC

New Campus

109

11,899

26,651

Q3 2025

Q1 2027

Holly

MI

ISHC

New Campus

114

4,574

29,692

Q3 2025

Q4 2027

Lowell

IN

ISHC

IL Villas

50

2,881

13,627

Q3 2025

Q2 2027

Noblesville

IN

ISHC

IL Villas

32

4,379

10,401

Q3 2025

Q4 2026

Lafayette

IN

ISHC

IL Villas

8

773

2,505

Q3 2025

Q4 2026

LaGrange

KY

ISHC

IL Villas

26

3,606

8,791

Q3 2025

Q1 2027

Tiffin

OH

ISHC

IL Villas

30

1,280

8,429

Q3 2025

Q1 2027

Tiffin

OH

ISHC

Wing Expansion

18

804

2,968

Q3 2025

Q4 2026

Jasper

IN

ISHC

Wing Expansion

17

360

2,754

Q3 2025

Q2 2027

Warsaw

IN

ISHC

Wing Expansion

24

4,044

4,868

Q3 2025

Q4 2026

Waunakee

WI

ISHC

New Campus

176

2,280

19,283

Q1 2026

Q4 2027

Howell

MI

ISHC

Wing Expansion

36

2,346

2,346

Q1 2026

Q3 2026

Delaware City

OH

ISHC

New Campus

136

5,029

35,032

Q2 2026

Q1 2028

Sun Prairie

WI

ISHC

Wing Expansion

10

625

2,069

Q2 2026

Q4 2026

Total

921

$72,009

$197,513

Completed YTD 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

Total

104

$31,605

(1)Certain projects that have been completed may not yet be stabilized.

American Healthcare REIT | Q2 2026 Supplemental | Page 13

2026 Guidance (1)

(dollars in millions, except per share)

FY 2026 NAREIT FFO and Normalized FFO Attributable to Common Stockholders Reconciliation

			2026 Guidance
	FY 2026				FY 2026 - per diluted share
	Low		High		Low		High
Net income attributable to common stockholders	$108.5		$116.5		$0.54		$0.58
Depreciation and amortization  (2)	$306.8		$306.8		1.52		1.52
Impairment and gain/losses from dispositions (2)	$(3.9)		$(3.9)		(0.02)		(0.02)
NAREIT FFO attributable to common stockholders	$411.4		$419.4		$2.04		$2.08
Amortization of other intangible assets/liabilities  (2)	$1.3		$1.3		0.01		$0.01
Change in deferred rent (2)	$(1.6)		$(1.6)		(0.01)		$(0.01)
Non-cash impact of changes to equity plan (2)(3)	$21.9		$21.9		0.11		$0.11
Other adjustments  (4)	$(0.2)		$(0.2)		(0.00)		$(0.00)
Normalized FFO attributable to common stockholders	$432.8		$440.8		$2.15		$2.19
Weighted average diluted shares (in millions)	201.3		201.3

FY 2026 Same-Store NOI Growth Guidance and Other Select Guidance Assumptions

Total Portfolio Same-Store NOI Growth Guidance

•11.0% - 13.0%

Segment-Level Same-Store NOI Growth Guidance

•ISHC: 13.0% - 16.0%

•SHOP: 18.0% - 21.0%

•Outpatient Medical: 0.0% - 1.0%

•Triple-Net Leased Properties: 2.0 - 3.0%

Other Guidance Assumptions

•General and administrative expenses of $74 million to $78 million

•Interest expense of $75 million to $79 million

•Other income, net of $5 million to $8 million

•Expect to fund $150 million to $170 million for new development starts and on-going development projects

•Does not assume additional acquisitions beyond the ~$1.4 billion 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)Amounts are presented net of noncontrolling interests' share and AHR's share of unconsolidated entities.

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

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

American Healthcare REIT | Q2 2026 Supplemental | Page 14

Components of NAV (1)

(dollars and square feet in thousands)

Segment		Campuses/ Properties	Square Feet	Total Beds/Units	Q2 2026 Cash NOI (2)	Q2 2026 Annualized Cash NOI (2)
ISHC		148	11,403	15,097	$84,583	$338,332
SHOP		92	7,322	8,042	31,522	126,088
Outpatient Medical		70	3,654		18,281	73,124
Triple-Net Leased Properties (3)		17	961	1,364	7,653	30,612
Total		327	23,340	24,503	$142,039	$568,156

Obligations		Pro-Rata		Consolidated		Weighted Avg. Interest Rate
Mortgage debt		$890,070		$890,070		3.84%
Revolving LOC		—		—		4.69%
Term loan(4)		550,000		550,000		4.86%
Total debt		$1,440,070		$1,440,070
Cash, cash equivalents and restricted cash pertaining to debt		(180,167)		(180,300)
Net Debt		$1,259,903		$1,259,770
Other tangible liabilities, net:
Accounts payable and accrued liabilities		331,532		331,584
Other		60,543		60,624
Total other tangible liabilities, net		392,075		392,208
Financing		19,258		19,258
Lease obligations		124,850		124,859
Net obligations		$1,796,086		$1,796,095
Other Assets
Debt security investment, gross		$92,394		$92,394
Other tangible assets:
Accounts receivable		229,631		229,631
Capital expenditures		101,623		101,636
Inventory		20,511		20,511
Other		57,155		57,169
Total other tangible assets		408,920		408,947
Total other assets		$501,314		$501,341
Common Shares and OP Units Issued and Outstanding
Total common shares		194,689,026		194,689,026
Total OP Units		1,936,425		1,936,425
Total common shares and OP Units		196,625,451		196,625,451

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

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

(3)Excludes interest income from debt security investment.

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

American Healthcare REIT | Q2 2026 Supplemental | Page 15

Ashford of Springville

Springville, UT

Second Quarter 2026

Supplemental Appendix

Non-GAAP Reconciliations

&

Defined Terms

American Healthcare REIT | Q2 2026 Supplemental | Page 16

NAREIT FFO/NFFO Reconciliation (1)

(in thousands, except shares and per share amounts)

		Q2 2026		Q2 2025		YTD 6/30/26		YTD 6/30/25
Net income		$30,980		$10,079		$54,991		$3,239
Depreciation and amortization related to real estate — consolidated properties		72,056		41,850		139,049		82,865
Depreciation and amortization related to real estate — unconsolidated entities		14		506		28		1,003
Impairment of real estate investments — consolidated properties		1,719		12,659		2,137		34,365
(Gain) Loss on dispositions of real estate investments, net — consolidated properties		(5,647)		2,676		(5,647)		3,035
Net income attributable to noncontrolling interests		(374)		(171)		(672)		(135)
Depreciation, amortization, impairments and net gain/loss on dispositions — noncontrolling interests		(772)		(803)		(1,556)		(1,695)
NAREIT FFO attributable to controlling interest		97,976		66,796		188,330		122,677
Transaction, transition and restructuring costs		2,786		(79)		4,757		1,758
Amortization of above- and below-market leases		300		355		630		768
Amortization of closing costs — debt security investment		12		12		24		49
Change in deferred rent		(354)		(720)		(936)		(1,392)
Non-cash impact of changes to equity instruments		5,767		3,190		10,625		5,741
Non-cash income tax benefit		(223)		—		(947)		—
Capitalized interest		(711)		(345)		(1,355)		(442)
Loss on debt extinguishments		147		1,298		147		1,806
(Gain) loss in fair value of derivative financial instruments		(357)		629		(1,884)		1,379
Foreign currency (gain) loss		(75)		(2,742)		744		(4,158)
Adjustments for unconsolidated entities		—		5		(1)		5
Adjustments for noncontrolling interests		(79)		(22)		(130)		(72)
Normalized FFO attributable to controlling interest		$105,189		$68,377		$200,004		$128,119
NAREIT FFO and Normalized FFO weighted average common share outstanding — diluted		193,347,757		161,143,556		190,708,621		159,318,503
NAREIT FFO per common share attributable to controlling interest — diluted		$0.51		$0.41		$0.99		$0.77
Normalized FFO per common share attributable to controlling interest — diluted		$0.54		$0.42		$1.05		$0.80
Distributions paid to common stockholders		$47,609		$39,877		$94,431		$79,425

(1)Totals may not add due to rounding.

American Healthcare REIT | Q2 2026 Supplemental | Page 17

Adjusted EBITDA, Coverage Ratios & Net Debt Reconciliation

(dollars in thousands)

Adjusted EBITDA Reconciliation

	Q2 2026
Net income	$30,980
Interest expense, net (including amortization of deferred financing costs, amortization of debt   discount/premium and loss on debt extinguishments)	18,626
Income tax benefit	(3)
Depreciation and amortization (including amortization of leased assets and accretion of lease liabilities)	72,557
EBITDA	122,160
Income from unconsolidated entities	(892)
Straight line rent and amortization of above/below market leases	(486)
Non-cash impact of changes to equity instruments	5,767
Transaction, transition and restructuring costs	2,786
Gain on dispositions of real estate investments, net	(5,647)
Amortization of closing costs — debt security investment	12
Foreign currency gain	(75)
Gain in fair value of derivative financial instruments	(357)
Impairment of real estate investments	1,719
Adjusted EBITDA	$124,987

Coverage Ratios and Net Debt Reconciliation

	Q2 2026
Interest Coverage Ratios
Interest expense(1)	$18,626
Capitalized interest	711
Loss on extinguishment of debt	(147)
Non-cash interest expense(2)	(1,599)
Total Interest	$17,591
Interest Coverage Ratio(3)	7.1X
Fixed Charges Coverage Ratio
Total interest	$17,591
Secured debt principal amortization	5,025
Total Fixed Charges	$22,616
Fixed Charge Coverage Ratio(3)	5.5X
Total debt	$1,440,070
Cash and cash equivalents	(156,896)
Restricted cash related to debt	(23,404)
Net Debt	$1,259,770
Net Debt-to-Annualized Adjusted EBITDA	2.5X

(1)Includes approximately $1.5 million of cash interest expense from 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 Charges Coverage Ratio calculated as Adjusted EBITDA divided by Total Fixed Charges.

American Healthcare REIT | Q2 2026 Supplemental | Page 18

Same-Store Property Reconciliation

For the Six Months Ended June 30, 2026

	ISHC		SHOP		OM		Triple-Net Leased Properties
Total properties/campuses	148		92		70		17
Recent acquisition	(23)		(26)		—		—
Non-Core Properties	(1)		(1)		(5)		—
Expansion and development	(9)		(1)		—		—
Same-Store properties	115		64		65		17

American Healthcare REIT | Q2 2026 Supplemental | Page 19

Cash NOI Reconciliation

(in thousands)

	Q2 2025		Q3 2025		Q4 2025		Q1 2026		Q2 2026		YTD 6/30/25		YTD 6/30/26
Net income	$10,079		$56,639		$10,940		$24,011		$30,980		$3,239		$54,991
General and administrative	14,943		14,108		16,529		17,605		19,891		28,098		37,496
Transaction, transition and restructuring costs	(79)		50		3,295		1,971		2,786		1,758		4,757
Depreciation and amortization	41,941		49,181		55,323		67,062		72,125		83,055		139,187
Interest expense	22,632		20,392		19,806		18,796		18,626		45,577		37,422
Loss (gain) in fair value of derivative financial instruments	629		(166)		(179)		(1,527)		(357)		1,379		(1,884)
Loss (gain) on dispositions of real estate investments, net	2,676		(691)		621		—		(5,647)		3,035		(5,647)
Impairment of real estate investments	12,659		3,768		11,802		418		1,719		34,365		2,137
Loss (income) from unconsolidated entities	1,238		(462)		(657)		(792)		(892)		3,086		(1,684)
Gain on re-measurement of previously held equity interests	—		(14,580)		—		—		—		—		—
Foreign currency (gain) loss	(2,742)		977		6		819		(75)		(4,158)		744
Other income, net	(1,480)		(2,309)		(3,491)		(2,335)		(1,914)		(3,005)		(4,249)
Income tax expense (benefit)	732		(21,092)		(2,415)		(525)		(3)		1,336		(528)
Total NOI	103,228		105,815		111,580		125,503		137,239		197,765		262,742
Straight line rent	(821)		(730)		(793)		(780)		(503)		(1,556)		(1,283)
Facility rental expense	7,278		7,030		6,849		6,761		6,752		14,777		13,513
Other non-cash adjustments	182		133		163		14		77		384		91
Cash NOI from dispositions	(394)		(102)		27		10		(355)		(615)		(345)
Cash NOI attributable to noncontrolling interests (1)	(255)		(251)		(250)		(250)		(250)		(506)		(500)
Cash NOI (1)	$109,218		$111,895		$117,576		$131,258		$142,960		$210,249		$274,218

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

American Healthcare REIT | Q2 2026 Supplemental | Page 20

Same-Store Revenue Reconciliation

(in thousands)

		Q2 2025		Q3 2025		Q4 2025		Q1 2026		Q2 2026		YTD 6/30/25		YTD 6/30/26
Integrated Senior Health Campuses
GAAP Revenue		$429,350		$455,453		$472,577		$502,743		$512,878		$858,042		$1,015,621
Cash revenue from dispositions		(1,201)		—		—		—		(2,069)		(2,681)		(2,069)
Cash revenue		428,149		455,453		472,577		502,743		510,809		855,361		1,013,552
Revenue attributable to new acquisitions/dispositions/other		(104,597)		(118,985)		(132,515)		(160,081)		(169,742)		(211,160)		(329,823)
Revenue attributable to Non-Core Properties		(6,400)		(6,655)		(6,680)		(6,554)		(3,568)		(12,603)		(10,122)
Same-Store revenue		$317,152		$329,813		$333,382		$336,108		$337,499		$631,598		$673,607
SHOP
GAAP Revenue		$71,935		$76,605		$91,410		$107,024		$121,641		$140,419		$228,665
Cash revenue from dispositions		—		—		—		—		—		(166)		—
Cash revenue attributable to noncontrolling interests (1)		(276)		(278)		(276)		(287)		(280)		(546)		(567)
Cash revenue (1)		71,659		76,327		91,134		106,737		121,361		139,707		228,098
Revenue attributable to new acquisitions/dispositions		(2,996)		(6,208)		(19,788)		(34,027)		(47,447)		(3,409)		(81,474)
Revenue attributable to development conversion		(753)		(864)		(897)		(904)		(1,014)		(1,391)		(1,918)
Revenue attributable to Non-Core Properties		(580)		(580)		(532)		(607)		(605)		(1,169)		(1,212)
Same-Store revenue (1)		$67,330		$68,675		$69,917		$71,199		$72,295		$133,738		$143,494
Outpatient Medical
GAAP Revenue		$31,254		$31,181		$30,449		$30,842		$29,985		$64,448		$60,827
Straight line rent		(259)		(243)		(363)		(358)		(100)		(432)		(458)
Other non-cash adjustments		(350)		(380)		(356)		(491)		(389)		(674)		(880)
Cash revenue from dispositions		(460)		(427)		(172)		—		(1)		(460)		(1)
Cash revenue		30,185		30,131		29,558		29,993		29,495		62,882		59,488
Revenue attributable to dispositions		(894)		(154)		—		—		—		(3,890)		—
Revenue attributable to Non-Core Properties		(2,276)		(2,230)		(1,931)		(1,874)		(1,773)		(4,927)		(3,647)
Same-Store revenue		$27,015		$27,747		$27,627		$28,119		$27,722		$54,065		$55,841
Triple-Net Leased Properties
GAAP Revenue		$9,964		$9,698		$9,644		$10,165		$9,746		$20,197		$19,911
Straight line rent		(562)		(487)		(430)		(422)		(403)		(1,124)		(825)
Other non-cash adjustments		199		200		200		200		169		424		369
Cash revenue from dispositions		—		(25)		—		—		(27)		—		(27)
Cash revenue attributable to noncontrolling interest (1)		(191)		(194)		(194)		(194)		(195)		(381)		(389)
Cash revenue (1)		9,410		9,192		9,220		9,749		9,290		19,116		19,039
Debt security investment		(1,163)		(1,165)		(1,167)		(1,158)		(1,171)		(2,644)		(2,329)
Revenue attributable to dispositions		(26)		—		—		—		—		(52)		—
Revenue attributable to Non-Core Properties		(157)		(157)		(157)		(159)		—		(313)		(159)
Other normalizing revenue adjustments		(261)		—		—		(354)		—		(522)		(354)
Same-Store revenue (1)		$7,803		$7,870		$7,896		$8,078		$8,119		$15,585		$16,197
Total Portfolio
GAAP Revenue		$542,503		$572,937		$604,080		$650,774		$674,250		$1,083,106		$1,325,024
Straight line rent		(821)		(730)		(793)		(780)		(503)		(1,556)		(1,283)
Other non-cash adjustments		(151)		(180)		(156)		(291)		(220)		(250)		(511)
Cash revenue from dispositions		(1,661)		(452)		(172)		—		(2,097)		(3,307)		(2,097)
Cash revenue attributable to noncontrolling interests (1)		(467)		(472)		(470)		(481)		(475)		(927)		(956)
Cash revenue (1)		539,403		571,103		602,489		649,222		670,955		1,077,066		1,320,177
Debt security investment		(1,163)		(1,165)		(1,167)		(1,158)		(1,171)		(2,644)		(2,329)
Revenue attributable to new acquisitions/dispositions/other		(108,513)		(125,347)		(152,303)		(194,108)		(217,189)		(218,511)		(411,297)
Revenue attributable to development conversion		(753)		(864)		(897)		(904)		(1,014)		(1,391)		(1,918)
Revenue attributable to Non-Core Properties		(9,413)		(9,622)		(9,300)		(9,194)		(5,946)		(19,012)		(15,140)
Other normalizing revenue adjustments		(261)		—		—		(354)		—		(522)		(354)
Same-Store revenue (1)		$419,300		$434,105		$438,822		$443,504		$445,635		$834,986		$889,139

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

American Healthcare REIT | Q2 2026 Supplemental | Page 21

Same-Store NOI Reconciliation

(in thousands)

		Q2 2025		Q3 2025		Q4 2025		Q1 2026		Q2 2026		YTD 6/30/25		YTD 6/30/26
Integrated Senior Health Campuses
NOI		$60,934		$62,169		$63,930		$71,759		$78,159		$113,925		$149,918
Facility rental expense		7,278		7,030		6,849		6,761		6,752		14,777		13,513
Cash NOI from dispositions		(199)		—		—		—		(328)		(473)		(328)
Cash NOI		68,013		69,199		70,779		78,520		84,583		128,229		163,103
New acquisitions/dispositions/other		(5,589)		(6,538)		(5,852)		(9,933)		(12,727)		(5,926)		(22,660)
Non-Core Properties		(974)		(1,078)		(1,011)		(912)		(506)		(1,744)		(1,418)
Other normalizing adjustments		—		1,044		—		—		—		—		—
Same-Store NOI		$61,450		$62,627		$63,916		$67,675		$71,350		$120,559		$139,025
SHOP
NOI		$14,066		$15,359		$19,764		$25,837		$31,522		$25,828		$57,359
Cash NOI from dispositions		8		25		4		—		—		63		—
Cash NOI attributable to noncontrolling interests (1)		(64)		(58)		(57)		(57)		(55)		(126)		(112)
Cash NOI (1)		14,010		15,326		19,711		25,780		31,467		25,765		57,247
New acquisitions/dispositions		(1,044)		(1,921)		(6,089)		(11,408)		(15,329)		(850)		(26,737)
Development conversion		277		343		301		330		(19)		637		311
Non-Core Properties		(35)		(59)		16		(66)		(32)		(117)		(98)
Other normalizing adjustments		147		—		—		—		—		147		—
Same-Store NOI (1)		$13,355		$13,689		$13,939		$14,636		$16,087		$25,582		$30,723
Outpatient Medical
NOI		$19,062		$19,128		$18,717		$18,718		$18,492		$39,571		$37,210
Straight line rent		(259)		(243)		(363)		(358)		(100)		(432)		(458)
Other non-cash adjustments		(36)		(85)		(55)		(203)		(111)		(77)		(314)
Cash NOI from dispositions		(203)		(127)		23		10		-		(205)		10
Cash NOI		18,564		18,673		18,322		18,167		18,281		38,857		36,448
Dispositions		(261)		83		—		—		—		(1,846)		—
Non-Core Properties		(1,197)		(1,259)		(898)		(918)		(890)		(2,924)		(1,808)
Other normalizing adjustments		—		—		318		—		—		—		—
Same-Store NOI		$17,106		$17,497		$17,742		$17,249		$17,391		$34,087		$34,640
Triple-Net Leased Properties
NOI		$9,166		$9,159		$9,169		$9,189		$9,066		$18,441		$18,255
Straight line rent		(562)		(487)		(430)		(422)		(403)		(1,124)		(825)
Other non-cash adjustments		218		218		218		217		188		461		405
Cash NOI from dispositions		—		—		—		—		(27)		—		(27)
Cash NOI attributable to noncontrolling interest (1)		(191)		(193)		(193)		(193)		(195)		(380)		(388)
Cash NOI (1)		8,631		8,697		8,764		8,791		8,629		17,398		17,420
Debt security investment		(1,163)		(1,165)		(1,167)		(1,158)		(1,171)		(2,644)		(2,329)
Dispositions		(9)		—		—		—		—		3		—
Non-Core Properties		(152)		(157)		(157)		(159)		—		(307)		(159)
Same-Store NOI (1)		$7,307		$7,375		$7,440		$7,474		$7,458		$14,450		$14,932
Total Portfolio
NOI		$103,228		$105,815		$111,580		$125,503		$137,239		$197,765		$262,742
Straight line rent		(821)		(730)		(793)		(780)		(503)		(1,556)		(1,283)
Facility rental expense		7,278		7,030		6,849		6,761		6,752		14,777		13,513
Other non-cash adjustments		182		133		163		14		77		384		91
Cash NOI from dispositions		(394)		(102)		27		10		(355)		(615)		(345)
Cash NOI attributable to noncontrolling interests (1)		(255)		(251)		(250)		(250)		(250)		(506)		(500)
Cash NOI (1)		109,218		111,895		117,576		131,258		142,960		210,249		274,218
Debt security investment		(1,163)		(1,165)		(1,167)		(1,158)		(1,171)		(2,644)		(2,329)
New acquisitions/dispositions/other		(6,903)		(8,376)		(11,941)		(21,341)		(28,056)		(8,619)		(49,397)
Development conversion		277		343		301		330		(19)		637		311
Non-Core Properties		(2,358)		(2,553)		(2,050)		(2,055)		(1,428)		(5,092)		(3,483)
Other normalizing adjustments		147		1,044		318		—		—		147		—
Same-Store NOI (1)		$99,218		$101,188		$103,037		$107,034		$112,286		$194,678		$219,320

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

American Healthcare REIT | Q2 2026 Supplemental | Page 22

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 sales of real estate investments, amortization of closing costs for debt security instrument, unrealized foreign currency gain or loss, change in fair value of derivative financial instruments, impairments of real estate investments, impairments of intangible assets and goodwill, and non-recurring one-time items.

•Affiliated: An OM (as defined on the next page) that, as of a specified date, has 25.0% or more of its square footage occupied by at least one healthcare system.

•AL: Assisted living units.

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

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

American Healthcare REIT | Q2 2026 Supplemental | Page 23

Defined Terms, continued

•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, impairments of real estate investments, impairments of intangible assets and goodwill, income or loss from unconsolidated entities, gain on re-measurement of previously held equity interest, foreign currency gain or loss, other income or expense and income tax benefit or expense.

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

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

•Occupancy: With respect to OM, the percentage of total rentable square feet leased and occupied, including month-to-month leases, as of the date reported. With respect to all other property types, occupancy represents average quarterly operating occupancy based on the most recent quarter of available data. The Company uses unaudited, periodic financial information provided solely by tenants to calculate occupancy and has not independently verified the information.

•OM: Outpatient Medical 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 June 30, 2026, we owned and/or operated six other buildings through entities of which we owned between 90.0% and 90.6% of the ownership interests. Because we have a controlling interest in these entities, these entities and the properties these entities own are consolidated in our financial statements in accordance with GAAP. However, while such properties are presented in our financial statements on a consolidated basis, we are only entitled to our Pro-Rata share of the net cashflows 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.

•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.

American Healthcare REIT | Q2 2026 Supplemental | Page 24

Defined Terms, continued

•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.

•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 | Q2 2026 Supplemental | Page 25

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, the United Kingdom and the Isle of Man.

American Healthcare REIT | Q2 2026 Supplemental | Page 26

Filing Exhibits & Attachments

3 documents

Press Releases

• EX-99.1 EX-99.1 1.5 MB
• EX-99.2 EX-99.2 2.7 MB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 24.5 KB