American Healthcare REIT Inc (AHR)

American Healthcare REIT to Present at Nareit’s REITweek: 2026 Investor ConferenceMay 28, 2026 4:15 PM
Business Wire American Healthcare REIT, Inc. (NYSE: AHR) announced today that Chairman and Interim Chief Executive Officer, Jeff Hanson, Chief Financial Officer, Brian Peay, Chief Operating Officer, Gabe Willhite, and Vice President of Investor Relations and Finance, Alan Peterson, will deliver a company presentation at Nareit’s REITweek: 2026 Investor Conference on Tuesday, June 2, 2026, from 11:00 a.m. to 11:30 a.m. Eastern Time. A live webcast of the presentation will be available at the following link. A replay will be available at the same link following the completion of the conference on June 2, 2026 for up to 60 days. 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, and outpatient medical buildings across the United States, and in the United Kingdom and the Isle of Man. View source version on businesswire.com: https://www.businesswire.com/news/home/20260528415444/en/ Investor Contact:
Alan Peterson
VP, Investor Relations & Finance
(949) 270-9200
investorrelations@ahcreit.com Media Contact:
Damon Elder
Spotlight Marketing Communications
(949) 427-1377
damon@spotlightmarcom.com Original: American Healthcare REIT to Present at Nareit’s REITweek: 2026 Investor Conference

American Healthcare REIT Announces Pricing of Public Offering of Common StockMay 20, 2026 9:49 PM
Business Wire American Healthcare REIT, Inc. (NYSE: AHR; the “Company”) announced today the pricing of an underwritten public offering of 14,000,000 shares of its common stock, all of which are being offered in connection with the forward sale agreement described below. The aggregate gross proceeds to the Company from the offering, before deducting estimated offering expenses, are expected to be approximately $705.6 million. The offering is expected to close May 22, 2026, subject to customary closing conditions. BofA Securities is acting as the underwriter for the offering. In connection with the offering, the Company entered into a forward sale agreement with BofA Securities (or an affiliate thereof) (the “forward purchaser”), with respect to 14,000,000 shares of the Company’s common stock. The underwriter has been granted a 30-day option, exercisable in whole or in part from time to time, to purchase up to an additional 2,100,000 shares of the Company’s common stock. If the option to purchase additional shares of the Company’s common stock is exercised, the Company expects to enter into an additional forward sale agreement with the forward purchaser in respect of the number of shares of the Company’s common stock that are subject to exercise of the option to purchase additional shares. In connection with the forward sale agreement and any additional forward sale agreement, the forward purchaser (or its affiliate) is expected to borrow from third parties and sell to the underwriter an aggregate of 14,000,000 shares of the Company’s common stock (or an aggregate of 16,100,000 shares of the Company’s common stock if the underwriter’s option to purchase additional shares is exercised in full). However, the forward purchaser (or its affiliate) is not required to borrow and sell such shares if, after using commercially reasonable efforts, the forward purchaser (or its affiliate) is unable to borrow such shares, or if borrowing costs exceed a specified threshold or if certain specified conditions have not been satisfied. If the forward purchaser (or its affiliate) does not deliver and sell all of the shares of the Company’s common stock to be sold by it to the underwriter, the Company will issue and sell to the underwriter a number of shares of its common stock equal to the number of shares that the forward purchaser (or its affiliate) did not deliver and sell, and the number of shares underlying the relevant forward sale agreement or such additional forward sale agreement will be decreased by the number of shares that the Company issues and sells. Pursuant to the terms of the forward sale agreement and any additional forward sale agreement, and subject to its right to elect cash or net share settlement, the Company intends to issue and sell, upon physical settlement of the forward sale agreement and any additional forward sale agreement, an aggregate of 14,000,000 shares of common stock (or an aggregate of up to 16,100,000 shares of common stock if the underwriter’s option to purchase additional shares is exercised in full) to the forward purchaser. The Company expects to physically settle the forward sale agreement and any additional forward sale agreement within approximately 24 months from the date of the prospectus supplement relating to the offering. Upon physical settlement of the forward sale agreement, the Company is entitled to receive cash proceeds per share equal to the applicable forward sale price, and will be subject to certain adjustments as provided in the forward sale agreement. The underwriter proposes to offer the shares of common stock from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices, subject to receipt and acceptance by it and subject to its right to reject any order in whole or in part. The Company will not receive any proceeds from the sale of shares of its common stock by the forward purchaser (or an affiliate thereof). The Company expects to contribute any net proceeds from the settlement of the forward sale agreement to the Company’s operating partnership in exchange for OP Units, and the Company expects the operating partnership to use such net proceeds for general corporate purposes, including potential future investments. All of the shares of common stock are being offered pursuant to the Company’s effective shelf registration statement filed with the Securities and Exchange Commission (the “SEC”). A final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC. When available, a copy of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained from BofA Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus Department, Email: dg.prospectus_requests@bofa.com; or by visiting the EDGAR database on the SEC’s web site at www.sec.gov. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. 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. Forward-Looking Statements Certain statements contained in this press release 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, risks disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and other 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260520224502/en/ Alan Peterson
VP, Investor Relations & Finance
(949) 270-9200
investorrelations@ahcreit.com Original: American Healthcare REIT Announces Pricing of Public Offering of Common Stock

American Healthcare REIT Announces Public Offering of Common StockMay 20, 2026 4:04 PM
Business Wire American Healthcare REIT, Inc. (NYSE: AHR; the “Company”) announced today that it has commenced an underwritten public offering of 14,000,000 shares of its common stock on a forward basis in connection with the forward sale agreement described below. BofA Securities is acting as the underwriter for the offering. In connection with the offering, the Company expects to enter into a forward sale agreement with BofA Securities (or an affiliate thereof) (the “forward purchaser”), with respect to 14,000,000 shares of the Company’s common stock. The underwriter expects to be granted a 30-day option, exercisable in whole or in part from time to time, to purchase up to an additional 2,100,000 shares of the Company’s common stock. If the option to purchase additional shares of the Company’s common stock is exercised, the Company expects to enter into an additional forward sale agreement with the forward purchaser in respect of the number of shares of the Company’s common stock that are subject to exercise of the option to purchase additional shares. In connection with the forward sale agreement and any additional forward sale agreement, the forward purchaser (or its affiliate) is expected to borrow from third parties and sell to the underwriter an aggregate of 14,000,000 shares of the Company’s common stock (or an aggregate of 16,100,000 shares of the Company’s common stock if the underwriter’s option to purchase additional shares is exercised in full). However, the forward purchaser (or its affiliate) is not required to borrow and sell such shares if, after using commercially reasonable efforts, the forward purchaser (or its affiliate) is unable to borrow such shares, or if borrowing costs exceed a specified threshold or if certain specified conditions have not been satisfied. If the forward purchaser (or its affiliate) does not deliver and sell all of the shares of the Company’s common stock to be sold by it to the underwriter, the Company will issue and sell to the underwriter a number of shares of its common stock equal to the number of shares that the forward purchaser (or its affiliate) did not deliver and sell, and the number of shares underlying the relevant forward sale agreement or such additional forward sale agreement will be decreased by the number of shares that the Company issues and sells. Pursuant to the terms of the forward sale agreement and any additional forward sale agreement, and subject to its right to elect cash or net share settlement, the Company intends to issue and sell, upon physical settlement of the forward sale agreement and any additional forward sale agreement, an aggregate of 14,000,000 shares of common stock (or an aggregate of up to 16,100,000 shares of common stock if the underwriter’s option to purchase additional shares is exercised in full) to the forward purchaser. The Company expects to physically settle the forward sale agreement and any additional forward sale agreement within approximately 24 months from the date of the prospectus supplement relating to the offering. Upon physical settlement of the forward sale agreement, the Company is entitled to receive cash proceeds per share equal to the applicable forward sale price, and will be subject to certain adjustments as provided in the forward sale agreement. The underwriter proposes to offer the shares of common stock from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices, subject to receipt and acceptance by it and subject to its right to reject any order in whole or in part. The Company will not receive any proceeds from the sale of shares of its common stock by the forward purchaser (or an affiliate thereof). The Company expects to contribute any net proceeds from the settlement of the forward sale agreement to the Company’s operating partnership in exchange for OP Units, and the Company expects the operating partnership to use such net proceeds for general corporate purposes, including potential future investments. All of the shares of common stock will be offered pursuant to the Company’s effective shelf registration statement filed with the Securities and Exchange Commission (the “SEC”). A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC. When available, a copy of the preliminary prospectus supplement and accompanying prospectus relating to the offering may be obtained from BofA Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus Department, Email: dg.prospectus_requests@bofa.com; or by visiting the EDGAR database on the SEC’s web site at www.sec.gov. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. 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. Forward-Looking Statements Certain statements contained in this press release 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, risks disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and other 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260520348233/en/ Alan Peterson
VP, Investor Relations & Finance
(949) 270-9200
investorrelations@ahcreit.com Original: American Healthcare REIT Announces Public Offering of Common Stock

American Healthcare REIT Announces First Quarter 2026 Results; Increases Full Year 2026 GuidanceMay 7, 2026 4:15 PM
PR Newswire (US) IRVINE, Calif., May 7, 2026 /PRNewswire/ -- American Healthcare REIT, Inc. (NYSE: AHR) (the "Company," "we," "our," or "AHR") is announcing today its first quarter 2026 results and increasing full year 2026 guidance. Key Highlights:Reported GAAP net income attributable to controlling interest of $23.7 million, or $0.13 per diluted share, for the three months ended March 31, 2026.Reported Normalized Funds From Operations attributable to common stockholders ("NFFO") of $0.50 per diluted share for the three months ended March 31, 2026, representing over 30% growth compared to the same period in 2025.Achieved total portfolio Same-Store Net Operating Income ("NOI") growth of 12.1% for the three months ended March 31, 2026, compared to the same period in 2025.Achieved Same-Store NOI growth of 19.7% and 14.5% for the three months ended March 31, 2026, from 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 March 31, 2026, the Company acquired approximately $162.8 million of new investments within its SHOP segment.    During the three months ended March 31, 2026, the Company entered into forward sale agreements pursuant to its at-the-market equity offering program ("ATM Program"), to sell 7,028,164 shares of common stock for approximately $357.4 million in gross proceeds. Subsequent to quarter end, the Company entered into additional forward sale agreements pursuant to its ATM Program to sell 2,561,583 shares of common stock for approximately $123.7 million in gross proceeds, assuming full physical settlement.During the three months ended March 31, 2026, the Company issued 3,974,731 shares of common stock to physically settle sales under previously announced forward sale agreements pursuant to its ATM Program and its November 2025 equity offering for gross proceeds of approximately $191.2 million. Subsequent to quarter end, the Company issued an additional 2,755,996 shares of common stock to physically settle sales under forward sale agreements from its ATM Program for gross proceeds of approximately $134.0 million. As of May 7, 2026, pursuant to its ATM Program, the Company had unsettled forward sale agreements outstanding relating to 10,498,207 shares of common stock that would result in approximately $527.4 million in gross proceeds assuming full physical settlement.Reported a 0.4x improvement in Net Debt-to-Annualized Adjusted EBITDA from 3.4x as of December 31, 2025 to 3.0x as of March 31, 2026.The Company is increasing total portfolio Same-Store NOI growth guidance to 9.0% to 12.0% and NFFO per diluted share guidance to $2.03 to $2.09 for the year ending December 31, 2026."Our first quarter results reflect another exceptionally strong period across our core metrics, including our ninth consecutive quarter of double-digit Same-Store NOI growth, efficient capital formation and accretive deployment, a strengthened balance sheet, and a raise to our full year 2026 Same-Store NOI growth and NFFO per share guidance," said Jeff Hanson, Chairman, Interim Chief Executive Officer and President. "These results reflect AHR's mission to deliver higher-quality care and superior resident and patient outcomes while serving as the most sought-after and trusted capital partner for the best operators in our industry."First Quarter 2026 ResultsThe Company's Same-Store NOI growth results for the three months ended March 31, 2026 are detailed below. Same-Store NOI growth in the first 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 March 31, 2026 Relative to Three Months Ended March 31, 2025
SegmentSame-Store NOI Growth
ISHC
14.5%SHOP
19.7%Outpatient Medical
1.6%Triple-Net Leased Properties
4.6%Total Portfolio
12.1%"Our senior housing portfolio delivered strong operating performance this quarter, with Trilogy once again distinguishing itself as a leader in the sector through the strength of its differentiated operating model," said Gabe Willhite, the Company's Chief Operating Officer. "The consistency and quality of Trilogy's results underscore the durability of its approach and its ability to drive sustained superior performance. Across the broader senior housing portfolio, we were able to drive continued NOI expansion by actively managing a range of operational and pricing levers, dynamically balancing them to optimize profitability and maximize total NOI. We remain confident in our ability to build on this momentum and deliver sustained earnings growth as we continue executing on these strategies."Transactional ActivityDuring the three months ended March 31, 2026, the Company:Acquired five new SHOP assets for approximately $117.5 million, as previously announced. The properties are located in California and Missouri, and will be managed and operated by two of the Company's existing regional operating partners.Acquired two new SHOP assets for approximately $45.3 million. The properties are located in Kansas and will be managed and operated by one of the Company's existing regional operating partners.Subsequent to the quarter ended March 31, 2026, the Company:Acquired six new SHOP assets for approximately $86.4 million. 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.Sold two Non-Core Properties for approximately $8.1 million within its Outpatient Medical and Triple-Net Leased Properties segments.Following the Company's completed transaction activity during the three months ended March 31, 2026, and subsequent to quarter end, the Company's investments pipeline consists of over $650 million which includes newly awarded deals and deals in the pipeline previously disclosed in the Company's Fourth Quarter 2025 Earnings Release that have yet to close. While the Company expects to close the deals in its investments pipeline by the end of 2026, it cannot guarantee when or if these closings will take place. Therefore, the Company is not including any additional transaction activity, including the awarded deals in its investments pipeline, in its 2026 guidance, beyond the transactions disclosed as completed.Development ActivityThe Company completed three and started two development projects during the three months ended March 31, 2026.The Company's total in-process development and expansion pipeline is expected to cost approximately $173.9 million, of which $52.4 million had been funded as of March 31, 2026.Capital Markets and Balance Sheet ActivityAs of March 31, 2026, the Company had total consolidated indebtedness of $1.53 billion and approximately $1.31 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 March 31, 2026, was 3.0x.During the three months ended March 31, 2026, the Company entered into forward sale agreements pursuant to its ATM Program, to sell 7,028,164 shares of common stock for approximately $357.4 million in gross proceeds, assuming full physical settlement. Subsequent to quarter end, the Company entered into additional forward sale agreements pursuant to its ATM Program to sell 2,561,583 shares of common stock for approximately $123.7 million in gross proceeds, assuming full physical settlement.During the three months ended March 31, 2026, the Company issued 3,974,731 shares of common stock to settle sales under previously discussed forward sale agreements from its ATM Program and its November 2025 equity offering for gross proceeds of approximately $191.2 million. Subsequent to quarter end, the Company issued an additional 2,755,996 shares of common stock to settle sales under forward sale agreements from its ATM Program for gross proceeds of approximately $134.0 million. As of May 7, 2026, pursuant to its ATM Program, the Company had unsettled forward sale agreements outstanding relating to 10,498,207 shares of common stock that would result in approximately $527.4 million in gross proceeds assuming full physical settlement.Additionally, subsequent to quarter end, 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."Our proactive hands-on asset management approach has led to solid financial performance at the start of 2026, allowing us to increase our Same-Store NOI growth and NFFO per diluted share guidance for the year," said Brian Peay, the Company's Chief Financial Officer. "Our updated Same-Store NOI growth guidance at the midpoint would suggest a third consecutive double-digit growth year for AHR. Additionally, we have supplemented that organic growth with accretive acquisitions utilizing capital we have sourced through our equity offering programs at attractive prices. With well over $1 billion available on our existing ATM program we plan to continue to utilize forward sale agreements to the extent that the stock continues to trade well, in addition to using the capacity on our line of credit, thereby de-risking the execution of new investments in our pipeline that we expect to close by the end of the year."Full Year 2026 GuidanceThe 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 GuidanceMetricMidpointCurrent FY 2026 RangePrior FY 2026 RangeNet income per diluted share$0.54$0.51 to $0.57$0.75 to $0.81NAREIT FFO per diluted share$1.96$1.93 to $1.99$1.93 to $1.99NFFO per diluted share$2.06$2.03 to $2.09$1.99 to $2.05Total Portfolio SS NOI Growth10.5 %9.0% to 12.0%7.0% to 11.0%Segment-Level SS NOI Growth:


ISHC13.0 %11.0% to 15.0%8.0% to 12.0%SHOP17.0 %15.0% to 19.0%15.0% to 19.0%Outpatient Medical1.0 %0.0% to 2.0%0.0% to 2.0%Triple-Net Leased Properties2.5 %2.0% to 3.0%2.0% to 3.0%Certain of the assumptions underlying the Company's 2026 guidance can be found within the Non-GAAP reconciliations in this earnings release and in the appendix of the Company's First 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.DistributionsAs previously announced, the Company's Board of Directors declared a cash distribution for the quarter ended March 31, 2026 of $0.25 per share of its common stock. The first quarter distribution was paid in cash on April 17, 2026, to stockholders of record as of March 31, 2026.Supplemental InformationThe Company has disclosed supplemental information regarding its portfolio, financial position and results of operations as of, and for the three months ended, March 31, 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 InformationThe Company will host a webcast and conference call at 1:00 p.m. Eastern Time on May 8, 2026. During the conference call, Company executives will review first 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/173789053.     To join the live telephone conference call, please dial one of the following numbers at least five minutes prior to the start time:United States (Local): +1 585 542 9983
United States (Toll-Free): +1 833 461 5787
International Dial-Ins: https://help.events.q4inc.com/eahc/international-dial-in-numbers  
Meeting ID: 173789053A 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 StatementsCertain statements contained in this press release, including statements relating to the Company's expectations regarding its performance, interest expense savings, balance sheet, net income or loss attributable to common stockholders and per diluted share, NAREIT FFO attributable to common stockholders and per diluted share, NFFO attributable to common stockholders and per diluted share, total portfolio Same-Store NOI growth, segment-level Same-Store NOI growth, occupancy, NOI growth, revenue growth, purchases and sales of assets, development plans, and the settlement of forward sale agreements may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in those acts. Such forward-looking statements generally can be identified by the use of forward-looking terminology, such as "may," "will," "can," "expect," "intend," "anticipate," "estimate," "believe," "continue," "possible," "initiatives," "focus," "seek," "objective," "goal," "strategy," "plan," "potential," "potentially," "preparing," "projected," "future," "long-term," "once," "should," "could," "would," "might," "uncertainty" or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Any such forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which the Company operates, and beliefs of, and assumptions made by, the Company's management and involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied therein, including, without limitation, changing macroeconomic conditions, domestic legal and fiscal policies, and geopolitical conditions and other risks disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 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 MeasuresThe Company's reported results are presented in accordance with GAAP. The Company also discloses the following non-GAAP financial measures: EBITDA, Adjusted EBITDA, Net Debt-to-Annualized Adjusted EBITDA, NAREIT FFO, NFFO, NOI and Same-Store NOI. The Company believes these non-GAAP financial measures are useful supplemental measures of its operating performance and used by investors and analysts to compare the operating performance of the Company between periods and to other REITs or companies on a consistent basis without having to account for differences caused by unanticipated and/or incalculable items. Definitions of the non-GAAP financial measures used herein and reconciliations to the most directly comparable financial measure calculated in accordance with GAAP can be found at the end of this earnings release. See below and "Definitions" for further information regarding the Company's non-GAAP financial measures.EBITDA and Adjusted EBITDAManagement uses earnings before interest, taxes, depreciation and amortization ("EBITDA") and Adjusted EBITDA to facilitate internal and external comparisons to our historical operating results and in making operating decisions. EBITDA and Adjusted EBITDA are widely used by investors, lenders, credit and equity analysts in the valuation, comparison, and investment recommendations of companies. Additionally, EBITDA and Adjusted EBITDA are utilized by our Board of Directors to evaluate management. Neither EBITDA nor Adjusted EBITDA represents net income (loss) or cash flows provided by operating activities as determined in accordance with GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the EBITDA and Adjusted EBITDA may not be comparable to similarly entitled items reported by other REITs or other companies. In addition, management uses Net Debt-to-Annualized Adjusted EBITDA as a measure of our ability to service our debt.NAREIT Funds from Operations (FFO) and Normalized Funds from Operations (NFFO)We believe that the use of FFO, which excludes the impact of real estate-related depreciation and amortization and impairments, provides a further understanding of our operating performance to investors, industry analysts and our management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses and interest costs, which may not be immediately apparent from net income (loss) as determined in accordance with GAAP. However, FFO and NFFO should not be construed to be (i) more relevant or accurate than the current GAAP methodology in calculating net income (loss) as an indicator of our operating performance, (ii) more relevant or accurate than GAAP cash flows from operations as an indicator of our liquidity or (iii) indicative of funds available to fund our cash needs, including our ability to make distributions to our stockholders. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP FFO and NFFO measures and the adjustments to GAAP in calculating FFO and NFFO. Presentation of this information is intended to provide useful information to investors, industry analysts and management as they compare the operating performance metrics used by the REIT industry, although it should be noted that some REITs may use different methods of calculating funds from operations and normalized funds from operations, so comparisons with such REITs may not be meaningful.Net Operating Income (NOI)We believe that NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI are appropriate supplemental performance measures to reflect the performance of our operating assets because NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI exclude certain items that are not associated with the operations of the properties. We believe that NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI are widely accepted measures of comparative operating performance in the real estate community and are useful to investors in understanding the profitability and operating performance of our property portfolio. However, our use of the terms NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing these amounts.NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI are not equivalent to our net income (loss) as determined under GAAP and may not be a useful measure in measuring operational income or cash flows. Furthermore, NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should not be considered as alternatives to net income (loss) as an indication of our operating performance or as an alternative to cash flows from operations as an indication of our liquidity. NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should not be construed to be more relevant or accurate than the GAAP methodology in calculating net income (loss). NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should be reviewed in conjunction with other measurements as an indication of our performance.About American Healthcare REIT, Inc.American Healthcare REIT, Inc. (NYSE: AHR) is a real estate investment trust that acquires, owns and operates a diversified portfolio of clinical healthcare real estate, focusing primarily on senior housing communities, skilled nursing facilities, and outpatient medical buildings across the United States, and in the United Kingdom and the Isle of Man.AMERICAN HEALTHCARE REIT, INC.CONDENSED CONSOLIDATED BALANCE SHEETSAs of March 31, 2026 and 2025(In thousands, except share and per share amounts) (Unaudited)




March 31,
2026

December 31,
2025
ASSETS
Real estate investments, net
$4,319,911

$4,183,419
Debt security investment, net

92,304


92,136
Cash and cash equivalents

119,380


114,836
Restricted cash

37,504


36,917
Accounts and other receivables, net

241,594


204,313
Identified intangible assets, net

250,424


253,236
Goodwill

234,942


234,942
Operating lease right-of-use assets, net

130,405


135,399
Other assets, net

172,194


171,028
Total assets
$5,598,658

$5,426,226







LIABILITIES AND EQUITY
Liabilities:





Mortgage loans payable, net
$962,375

$966,925
Lines of credit and term loan, net

549,818


549,761
Accounts payable and accrued liabilities

340,265


317,742
Identified intangible liabilities, net

1,978


2,110
Financing obligations

33,675


33,902
Operating lease liabilities

130,806


135,603
Security deposits, prepaid rent and other liabilities

58,386


59,568
Total liabilities

2,077,303


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; 700,000,000 shares authorized;
   189,942,357 and 185,911,442 shares issued and outstanding as of
   March 31, 2026 and December 31, 2025, respectively

1,894


1,852
Additional paid-in capital

5,065,446


4,880,169
Accumulated deficit

(1,583,441)


(1,559,279)
      Accumulated other comprehensive loss

(2,224)


(2,104)
Total stockholders' equity

3,481,675


3,320,638
Noncontrolling interests

39,680


39,977
Total equity

3,521,355


3,360,615
Total liabilities and equity
$5,598,658

$5,426,226
 AMERICAN HEALTHCARE REIT, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)For the Three Months Ended March 31, 2026 and 2025(In thousands, except share and per share amounts) (Unaudited)




Three Months Ended March 31,


2026

2025
Revenues:





Resident fees and services
$609,767

$497,176
Real estate revenue

41,007


43,427
Total revenues

650,774


540,603
Expenses:





Property operating expenses

512,171


432,423
Rental expenses

13,100


13,643
General and administrative

17,605


13,155
Transaction, transition and restructuring costs

1,971


1,837
Depreciation and amortization

67,062


41,114
Total expenses

611,909


502,172
Other income (expense):





Interest expense:





Interest expense, net

(18,796)


(22,945)
Gain (loss) in fair value of derivative financial instruments

1,527


(750)
Loss on dispositions of real estate investments, net

—


(359)
Impairment of real estate investments

(418)


(21,706)
Income (loss) from unconsolidated entities

792


(1,848)
Foreign currency (loss) gain

(819)


1,416
Other income, net

2,335


1,525
Total net other expense

(15,379)


(44,667)
Income (loss) before income taxes

23,486


(6,236)
Income tax benefit (expense)

525


(604)
Net income (loss)

24,011


(6,840)
Net (income) loss attributable to noncontrolling interests

(298)


36
Net income (loss) attributable to controlling interest
$23,713

$(6,804)
Net income (loss) per common share attributable to controlling interest:





Basic
$0.13

$(0.04)
Diluted
$0.13

$(0.04)
Weighted average number of common shares outstanding:





Basic

187,319,513


156,922,819
Diluted

187,970,438


156,922,819







Net income (loss)
$24,011

$(6,840)
Other comprehensive (loss) income:





Foreign currency translation adjustments

(120)


176
Total other comprehensive (loss) income

(120)


176
Comprehensive income (loss)

23,891


(6,664)
Comprehensive (income) loss attributable to noncontrolling interests

(298)


36
Comprehensive income (loss) attributable to controlling interest
$23,593

$(6,628)
 AMERICAN HEALTHCARE REIT, INC.NAREIT FFO and Normalized FFO ReconciliationFor the Three Months Ended March 31, 2026 and 2025(In thousands, except share and per share amounts) (Unaudited)


Three Months Ended March 31,


2026

2025
Net income (loss)
$24,011

$(6,840)
Depreciation and amortization related to real estate — consolidated properties

66,993


41,015
Depreciation and amortization related to real estate — unconsolidated entities

14


497
Impairment of real estate investments — consolidated properties

418


21,706
Loss on dispositions of real estate investments, net — consolidated properties

—


359
Net (income) loss attributable to noncontrolling interests

(298)


36
Depreciation, amortization, impairments and net loss on dispositions —
   noncontrolling interests

(784)


(892)
NAREIT FFO attributable to controlling interest
$90,354

$55,881







Transaction, transition and restructuring costs
$1,971

$1,837
Amortization of above- and below-market leases

330


413
Amortization of closing costs — debt security investment

12


37
Change in deferred rent

(582)


(672)
Non-cash impact of changes to equity instruments

4,858


2,551
Non-cash income tax benefit

(724)


—
Capitalized interest

(644)


(97)
Loss on debt extinguishments

—


508
(Gain) loss in fair value of derivative financial instruments

(1,527)


750
Foreign currency loss (gain)

819


(1,416)
Adjustments for unconsolidated entities

(1)


—
Adjustments for noncontrolling interests

(51)


(50)
Normalized FFO attributable to controlling interest
$94,815

$59,742
NAREIT FFO and Normalized FFO weighted average common
   share outstanding — diluted

187,970,438


157,428,446
NAREIT FFO per common share attributable to controlling
   interest — diluted
$0.48

$0.35
Normalized FFO per common share attributable to controlling
   interest — diluted
$0.50

$0.38
 AMERICAN HEALTHCARE REIT, INC.Adjusted EBITDA ReconciliationFor the Three Months Ended March 31, 2026(In thousands) (Unaudited) 


Net income
$24,011
Interest expense, net (including amortization of deferred financing costs and debt discount/premium)

18,796
Income tax benefit

(525)
Depreciation and amortization (including amortization of leased assets and
   accretion of lease liabilities)

67,506
EBITDA

109,788
Income from unconsolidated entities

(792)
Straight line rent and amortization of above/below market leases

(696)
Non-cash impact of changes to equity instruments

4,858
Transaction, transition and restructuring costs

1,971
Amortization of closing costs — debt security investment

12
Foreign currency loss

819
Gain in fair value of derivative financial instruments

(1,527)
Impairment of real estate investments

418
Adjusted EBITDA
$114,851
 AMERICAN HEALTHCARE REIT, INC.NOI and Cash NOI ReconciliationFor the Three Months Ended March 31, 2026 and 2025(In thousands) (Unaudited)




Three Months Ended March 31,


2026

2025
Net income (loss)
$24,011

$(6,840)
General and administrative

17,605


13,155
Transaction, transition and restructuring costs

1,971


1,837
Depreciation and amortization

67,062


41,114
Interest expense

18,796


22,945
(Gain) loss in fair value of derivative financial instruments

(1,527)


750
Loss on dispositions of real estate investments, net

—


359
Impairment of real estate investments

418


21,706
(Income) loss from unconsolidated entities

(792)


1,848
Foreign currency loss (gain)

819


(1,416)
Other income, net

(2,335)


(1,525)
Income tax (benefit) expense

(525)


604
Net operating income

125,503


94,537
Straight line rent

(780)


(735)
Facility rental expense

6,761


7,499
Other non-cash adjustments

14


202
Cash NOI from dispositions

10


(221)
Cash NOI attributable to noncontrolling interests (1)

(250)


(251)
Cash NOI (1)
$131,258

$101,031













(1)All periods are based upon current quarter's ownership percentage. AMERICAN HEALTHCARE REIT, INC.Same-Store Revenue ReconciliationFor the Three Months Ended March 31, 2026 and 2025(In thousands) (Unaudited)




Three Months Ended March 31,


2026

2025
ISHC





GAAP Revenue
$502,743

$428,692
Cash revenue from dispositions

—


(1,480)
Cash revenue

502,743


427,212
Revenue attributable to new acquisitions/dispositions/other

(160,081)


(106,563)
Revenue attributable to Non-Core Properties

(6,554)


(6,203)
Same-Store revenue
$336,108

$314,446







SHOP





GAAP Revenue
$107,024

$68,484
Cash revenue from dispositions

—


(166)
Cash revenue attributable to noncontrolling interests (1)

(287)


(270)
Cash revenue (1)

106,737


68,048
Revenue attributable to new acquisitions/dispositions

(34,027)


(413)
Revenue attributable to development conversion

(904)


(638)
Revenue attributable to Non-Core Properties

(607)


(589)
Same-Store revenue (1)
$71,199

$66,408







Outpatient Medical





GAAP Revenue
$30,842

$33,194
Straight line rent

(358)


(173)
Other non-cash adjustments

(491)


(324)
Cash revenue

29,993


32,697
Revenue attributable to dispositions

—


(2,996)
Revenue attributable to Non-Core Properties

(1,874)


(2,651)
Same-Store revenue
$28,119

$27,050







Triple-Net Leased Properties





GAAP Revenue
$10,165

$10,233
Straight line rent

(422)


(562)
Other non-cash adjustments

200


225
Cash revenue attributable to noncontrolling interest (1)

(194)


(190)
Cash revenue (1)

9,749


9,706
Debt security investment

(1,158)


(1,481)
Revenue attributable to dispositions

—


(26)
Revenue attributable to Non-Core Properties

(159)


(156)
Other normalizing revenue adjustments

(354)


(261)
Same-Store revenue (1)
$8,078

$7,782
 AMERICAN HEALTHCARE REIT, INC.Same-Store Revenue Reconciliation - (Continued)For the Three Months Ended March 31, 2026 and 2025(In thousands) (Unaudited)




Three Months Ended March 31,


2026

2025
Total Portfolio





GAAP Revenue
$650,774

$540,603
Straight line rent

(780)


(735)
Other non-cash adjustments

(291)


(99)
Cash revenue from dispositions

—


(1,646)
Cash revenue attributable to noncontrolling interests (1)

(481)


(460)
Cash revenue (1)

649,222


537,663
Debt security investment

(1,158)


(1,481)
Revenue attributable to new acquisitions/dispositions/other

(194,108)


(109,998)
Revenue attributable to development conversion

(904)


(638)
Revenue attributable to Non-Core Properties

(9,194)


(9,599)
Other normalizing revenue adjustments

(354)


(261)
Same-Store revenue (1)
$443,504

$415,686













(1)All periods are based upon current quarter's ownership percentage. AMERICAN HEALTHCARE REIT, INC.Same-Store NOI ReconciliationFor the Three Months Ended March 31, 2026 and 2025(In thousands) (Unaudited)




Three Months Ended March 31,


2026

2025
ISHC





NOI
$71,759

$52,991
Facility rental expense

6,761


7,499
Cash NOI from dispositions

—


(274)
Cash NOI

78,520


60,216
New acquisitions/dispositions/other

(9,933)


(337)
Non-Core Properties

(912)


(770)
Same-Store NOI
$67,675

$59,109














SHOP





NOI
$25,837

$11,762
Cash NOI from dispositions

—


55
Cash NOI attributable to noncontrolling interests (1)

(57)


(62)
Cash NOI (1)

25,780


11,755
New acquisitions/dispositions

(11,408)


194
Development conversion

330


360
Non-Core Properties

(66)


(82)
Same-Store NOI (1)
$14,636

$12,227














Outpatient Medical





NOI
$18,718

$20,509
Straight line rent

(358)


(173)
Other non-cash adjustments

(203)


(41)
Cash NOI from dispositions

10


(2)
Cash NOI

18,167


20,293
Dispositions

—


(1,585)
Non-Core Properties

(918)


(1,727)
Same-Store NOI
$17,249

$16,981







Triple-Net Leased Properties





NOI
$9,189

$9,275
Straight line rent

(422)


(562)
Other non-cash adjustments

217


243
Cash NOI attributable to noncontrolling interest (1)

(193)


(189)
Cash NOI (1)

8,791


8,767
Debt security investment

(1,158)


(1,481)
Dispositions

—


12
Non-Core Properties

(159)


(155)
Same-Store NOI (1)
$7,474

$7,143
 AMERICAN HEALTHCARE REIT, INC.Same-Store NOI Reconciliation - (Continued)For the Three Months Ended March 31, 2026 and 2025(In thousands) (Unaudited)




Three Months Ended March 31,


2026

2025
Total Portfolio





NOI
$125,503

$94,537
Straight line rent

(780)


(735)
Facility rental expense

6,761


7,499
Other non-cash adjustments

14


202
Cash NOI from dispositions

10


(221)
Cash NOI attributable to noncontrolling interests (1)

(250)


(251)
Cash NOI (1)

131,258


101,031
Debt security investment

(1,158)


(1,481)
New acquisitions/dispositions/other

(21,341)


(1,716)
Development conversion

330


360
Non-Core Properties

(2,055)


(2,734)
Same-Store NOI (1)
$107,034

$95,460













(1)All periods are based upon current quarter's ownership percentage. AMERICAN HEALTHCARE REIT, INC.Earnings Guidance ReconciliationFor 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
HighNet income attributable to common stockholders
$97.80
$109.08
$142.40
$153.49Depreciation and amortization (1)
271.00
271.00
225.90
225.90Impairment of real estate investments (1)
0.40
0.40
—
—NAREIT FFO attributable to common stockholders
$369.20
$380.48
$368.30
$379.39Amortization of other intangible assets/liabilities (1)
1.30
1.30
1.30
1.30Change in deferred rent (1)
(2.30)
(2.30)
(2.90)
(2.90)Non-cash impact of changes to equity plan (1) (2)
20.00
20.00
15.40
15.40Other adjustments (1) (3)
(0.01)
(0.01)
(2.20)
(2.20)Normalized FFO attributable to common stockholders
$388.19
$399.47
$379.90
$390.99Net income per common share — diluted
$0.51
$0.57
$0.75
$0.81NAREIT FFO per common share — diluted
$1.93
$1.99
$1.93
$1.99Normalized FFO per common share — diluted
$2.03
$2.09
$1.99
$2.05NAREIT FFO and Normalized FFO weighted average      
      shares — diluted
191.1
191.1
190.6
190.6Total Portfolio Same-Store NOI growth
9.0 %
12.0 %
7.0 %
11.0 %Segment-Level Same-Store NOI growth:







ISHC
11.0 %
15.0 %
8.0 %
12.0 %SHOP
15.0 %
19.0 %
15.0 %
19.0 %Outpatient Medical
0.0 %
2.0 %
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.DefinitionsAdjusted 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.
Annualized Adjusted EBITDA: Current period (shown as quarterly) Adjusted EBITDA multiplied by 4.
ATM Program: At-the-market equity offering program.
Cash NOI: NOI excluding the impact of, without duplication, (1) non-cash items such as straight-line rent and the amortization of lease intangibles, (2) third-party facility rent payments and (3) other items set forth in the Cash NOI reconciliation included herein. Both Cash NOI and Same-Store NOI include Pro-Rata ownership and other adjustments.
EBITDA: A non-GAAP financial measure that is defined as earnings before interest, taxes, depreciation and amortization.
GAAP Revenue: Revenue recognized in accordance with Generally Accepted Accounting Principles ("GAAP"), which includes straight line rent and other non-cash adjustments.
ISHC: Integrated senior health campuses include a range of senior care, including independent living, assisted living, memory care, skilled nursing services and certain ancillary businesses. Integrated senior health campuses are operated utilizing a RIDEA structure.
NAREIT FFO or FFO: Funds from operations attributable to controlling interest; a non-GAAP financial measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT (the "White Paper"). The White Paper defines FFO as net income (loss) computed in accordance with GAAP, excluding gains or losses from sales of certain real estate assets, gains or losses upon consolidation of a previously held equity interest, and impairment write-downs of certain real estate assets and investments, plus depreciation and amortization related to real estate, after adjustments for unconsolidated partnerships and joint ventures. While impairment charges are excluded from the calculation of FFO as described above, investors are cautioned that impairments are based on estimated future undiscounted cash flows. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO.
Net Debt: Total 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 First 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, impairments of real estate investments, impairments of intangible assets and goodwill, income or loss from unconsolidated entities, gain on re-measurement of previously held equity interest, foreign currency gain or loss, other income or expense and income tax benefit or expense.
Non-Core Properties: Assets that have been deemed not essential to generating future economic benefit or value to our day-to-day operations and/or are projected to be sold.
Normalized FFO or NFFO: FFO further adjusted for the following items included in the determination of GAAP net income (loss): transaction, transition and restructuring costs; amounts relating to changes in deferred rent and amortization of above and below-market leases (which are adjusted in order to reflect such payments from a GAAP accrual basis); the non-cash impact of changes to our equity instruments; non-cash or non-recurring income or expense; the noncash effect of income tax benefits or expenses; capitalized interest; impairments of intangible assets and goodwill; amortization of closing costs on debt investments; mark-to-market adjustments included in net income (loss); gains or losses included in net income (loss) from the extinguishment or sale of debt, hedges, foreign exchange, derivatives or securities holdings where trading of such holdings is not a fundamental attribute of the business plan; and after adjustments for consolidated and unconsolidated partnerships and joint ventures, with such adjustments calculated to reflect Normalized FFO on the same basis.
Occupancy: With respect to OM, the percentage of total rentable square feet leased and occupied, including month-to-month leases, as of the date reported. With respect to all other property types, occupancy represents average quarterly operating occupancy based on the most recent quarter of available data. The Company uses 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 March 31, 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.
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 March 31, 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.Contact: Alan Peterson
Email: investorrelations@ahcreit.com 
View original content to download multimedia:https://www.prnewswire.com/news-releases/american-healthcare-reit-announces-first-quarter-2026-results-increases-full-year-2026-guidance-302766075.htmlSOURCE American Healthcare REIT, Inc. Original: American Healthcare REIT Announces First Quarter 2026 Results; Increases Full Year 2026 Guidance

American Healthcare REIT Announces Dates for First Quarter 2026 Earnings Release and Conference CallApril 7, 2026 4:15 PM
PR Newswire (US)

IRVINE, Calif., April 7, 2026 /PRNewswire/ -- American Healthcare REIT, Inc. (the "Company") (NYSE: AHR) announced today that it will issue its first quarter 2026 earnings release on Thursday, May 7, 2026, after the close of trading.







A public conference call with a simultaneous webcast will be held on Friday, May 8, 2026, at 10:00 a.m. Pacific Time / 1:00 p.m. Eastern Time. During the conference call, company executives will review first 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/173789053 To join the live telephone conference call, please dial one of the following numbers at least five minutes prior to the start time:United States (Local): +1 585 542 9983
United States (Toll-Free): +1 833 461 5787
International Dial-Ins: https://help.events.q4inc.com/eahc/international-dial-in-numbers 
Meeting ID: 173789053A digital replay of the call will be available in the Investor Relations section of the Company's website at https://ir.americanhealthcarereit.com shortly after the conclusion of the call. The full text of the earnings report and supplemental data will be available immediately following the earnings release to the wire services on May 7, 2026, in the Investor Relations section of the Company's website at https://ir.americanhealthcarereit.com. 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.Investor Contact:  
Alan Peterson
VP, Investor Relations & Finance
(949) 270-9200
investorrelations@ahcreit.comMedia Contact:
Damon Elder
Spotlight Marketing Communications
(949) 427-1377
damon@spotlightmarcom.com



View original content to download multimedia:https://www.prnewswire.com/news-releases/american-healthcare-reit-announces-dates-for-first-quarter-2026-earnings-release-and-conference-call-302736219.htmlSOURCE American Healthcare REIT, Inc.

Original: American Healthcare REIT Announces Dates for First Quarter 2026 Earnings Release and Conference Call

American Healthcare REIT Declares First Quarter 2026 DistributionMarch 18, 2026 4:15 PM
PR Newswire (US)

IRVINE, Calif., March 18, 2026 /PRNewswire/ -- American Healthcare REIT, Inc. (NYSE: AHR) announced today that its board of directors has declared a quarterly distribution of $0.25 per share for the quarter ending March 31, 2026. The distribution will be payable in cash on or about April 17, 2026, to all holders of record of its common stock as of the close of business on March 31, 2026.







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.Investor Contact:  
Alan Peterson
VP, Investor Relations & Finance
(949) 270-9200
investorrelations@ahcreit.comMedia Contact:
Damon Elder
Spotlight Marketing Communications
(949) 427-1377
damon@spotlightmarcom.com



View original content to download multimedia:https://www.prnewswire.com/news-releases/american-healthcare-reit-declares-first-quarter-2026-distribution-302717939.htmlSOURCE American Healthcare REIT, Inc.

Original: American Healthcare REIT Declares First Quarter 2026 Distribution

American Healthcare REIT ("AHR") Announces Fourth Quarter 2025 and Full Year 2025 Results; Issues Full Year 2026 GuidanceFebruary 26, 2026 4:15 PM
PR Newswire (US)

IRVINE, Calif., Feb. 26, 2026 /PRNewswire/ -- American Healthcare REIT, Inc. (NYSE: AHR) (the "Company," "we," "our," "management," "us," or "AHR") is announcing today its fourth quarter and full year 2025 results and issuing full year 2026 guidance.







Key Highlights:Reported GAAP net income attributable to controlling interest of $10.8 million, or $0.06 per diluted share, for the three months ended December 31, 2025; and GAAP net income attributable to controlling interest of $69.8 million, or $0.42 per diluted share, for the year ended December 31, 2025.Reported Normalized Funds from Operations attributable to common stockholders ("NFFO") of $0.46 and $1.72 per diluted share for the three months and year ended December 31, 2025, respectively.Achieved total portfolio Same-Store Net Operating Income ("NOI") growth of 11.8% and 14.2% for the three months and year ended December 31, 2025, respectively, compared to the same periods in 2024.Achieved Same-Store NOI growth of 24.6% and 14.0% for the three months ended December 31, 2025, from its senior housing operating properties ("SHOP") and integrated senior health campuses ("ISHC") segments, respectively, compared to the same period in 2024. Achieved Same-Store NOI growth of 25.2% and 18.4% for the year ended December 31, 2025, from its SHOP and ISHC segments, respectively, compared to the same period in 2024.During the year ended December 31, 2025, the Company purchased over $950 million of new investments within its ISHC and SHOP segments. All of the assets acquired are operated by the Company's trusted regional operating partners, who continue to support AHR's mission of providing and facilitating high-quality care and health outcomes for residents.   During the three months ended December 31, 2025, the Company issued 6,474,000 shares of common stock to settle sales under previously announced forward sale agreements for gross proceeds of approximately $275.1 million through its at-the-market equity offering program ("ATM Program"). The Company also issued an additional 659,504 shares of common stock for gross proceeds of approximately $32.5 million through its ATM Program. Additionally, during the three months ended December 31, 2025 and thereafter through January 16, 2026, the Company entered into new forward sale agreements pursuant to its ATM Program to sell 7,454,289 shares of common stock for approximately $361.7 million in gross proceeds.Completed a forward follow-on common equity offering in November 2025, entering into forward sale agreements relating to 9,315,000 shares of common stock for approximately $447.1 million in gross proceeds with settlement dates of no later than May 20, 2027.Reported a 0.1x improvement to Net Debt-to-Annualized Adjusted EBITDA from 3.5x as of September 30, 2025 to 3.4x as of December 31, 2025.The Company is issuing total portfolio Same-Store NOI growth guidance of 7.0% to 11.0% and NFFO per diluted share guidance of $1.99 to $2.05 for the year ending December 31, 2026.Fourth Quarter 2025 and Full Year 2025 ResultsThe Company's Same-Store NOI growth results for the three months and year ended December 31, 2025 are detailed below. Same-Store NOI growth in the fourth quarter of 2025, compared to the same period in 2024, was led by the Company's operating portfolio, comprised of its ISHC and SHOP segments, through disciplined revenue management, increased occupancy, strong rate growth and effective expense control by its regional operating partners.Three Months Ended December 31, 2025 Relative to Three Months Ended December 31, 2024
SegmentSame-Store NOI Growth
ISHC
14.0%Outpatient Medical
2.2%SHOP
24.6%Triple-Net Leased Properties
1.8%Total Portfolio
11.8%



Year Ended December 31, 2025 Relative to Year Ended December 31, 2024
SegmentSame-Store NOI Growth
ISHC
18.4%Outpatient Medical
2.1%SHOP
25.2%Triple-Net Leased Properties
0.5%Total Portfolio
14.2%"2025 marked our second consecutive year with double-digit total portfolio Same-Store NOI growth as we continue to benefit from the unprecedented demand-and-supply fundamentals in the long-term care industry," said Gabe Willhite, the Company's Chief Operating Officer. "As we enter the new year, we remain focused and steadfast on establishing best-in-class revenue management practices across our operating portfolio, leveraging the platform we continue to invest in with Trilogy Management Services. Additionally, at these higher levels of occupancies, we continue to benefit from operating leverage from each new move-in, which should help us achieve another year of double-digit Same-Store NOI growth within our ISHC and SHOP segments."Transactional ActivityAs previously announced, during the year ended December 31, 2025, the Company completed over $950 million of acquisitions across its operating portfolio, including approximately $370.0 million within its ISHC segment and approximately $590.0 million within its SHOP segment. These investments were made in collaboration with the Company's trusted operating partners.During the three months ended December 31, 2025, the Company also sold two Non-Core Properties for gross proceeds of approximately $3.9 million.Subsequent to the year ended December 31, 2025, the Company:Acquired five new SHOP assets for approximately $117.5 million. The properties are located in California and Missouri, and all will be managed and operated by the Company's existing regional operating partners.Following the Company's completed transaction activity during the three months ended December 31, 2025 and subsequent to quarter end, the Company maintains over $230 million of awarded deals in its investments pipeline, including newly awarded deals and deals previously disclosed in the Company's Third Quarter 2025 Earnings Release that have yet to close. While the Company expects to close the deals in its investments pipeline by the end of 2026, it cannot guarantee when or if these closings will take place. Therefore, the Company is not including any additional transaction activity, including the awarded deals in its investments pipeline, in its 2026 guidance, beyond the transactions disclosed as completed in this section.Development ActivityThe Company's total in-process development and expansion pipeline is expected to cost approximately $178.0 million, of which $66.9 million had been funded as of December 31, 2025.Capital Markets and Balance Sheet ActivityAs of December 31, 2025, the Company had total consolidated indebtedness of $1.54 billion and approximately $1.14 billion of total liquidity, comprised of cash and cash equivalents, undrawn capacity on its lines of credit, and unsettled forward sale agreements. The Company's Net-Debt-to-Annualized Adjusted EBITDA as of December 31, 2025, was 3.4x.During the three months ended December 31, 2025, the Company issued 6,474,000 shares of common stock to settle sales under previously disclosed forward sale agreements for gross proceeds of approximately $275.1 million pursuant to its ATM Program. Additionally, the Company raised approximately $32.5 million in gross proceeds through direct issuances of 659,504 shares of its common stock under its ATM Program. Further, during the three months ended December 31, 2025, and subsequent to quarter end, the Company entered into new forward sale agreements under the ATM Program to issue 7,454,289 shares of common stock for approximately $361.7 million of gross proceeds.The Company also completed a forward equity follow-on offering in November 2025, entering into new forward sale agreements to issue 9,315,000 shares of common stock for gross proceeds of approximately $447.1 million by no later than May 20, 2027. As of February 26, 2026, under its ATM Program and in connection with its November 2025 follow-on common equity offering, the Company had entered into forward sale agreements relating to 5,910,853 shares of common stock that remain unsettled and would result in approximately $287.2 million in gross proceeds assuming full physical settlement."We achieved over 20% NFFO per share growth in 2025 compared to the prior year, marking a record year for AHR," said Brian Peay, the Company's Chief Financial Officer. "Looking ahead at 2026, we anticipate continued Same-Store NOI growth throughout our portfolio, which we expect will enable us to deliver another year of double-digit NFFO per share increases. We expect this growth to be led, once again, by our SHOP segment, which has been our fastest growing segment over the last two years and now is the second largest segment of our portfolio. We continue to source attractive equity capital under our ATM Program, which, in combination with our opportunistic follow-on common equity offering completed in November 2025, has allowed us to fully match fund all of our recent acquisitions and our in-process development pipeline."Full Year 2026 GuidanceThe Company is issuing guidance for the year ending December 31, 2026. The Company's 2026 guidance does not assume any additional transaction or capital markets activity beyond the transactions or activity disclosed herein as completed. Guidance ranges are detailed below:
Full Year 2026 GuidanceFull YearMetricMidpoint FY 2026 Range  2025 Results Net income per diluted share$0.78$0.75 to $0.81$0.42NAREIT FFO per diluted share$1.96$1.93 to $1.99$1.76NFFO per diluted share$2.02$1.99 to $2.05$1.72Total Portfolio SS NOI Growth9.0 %7.0% to 11.0%14.2 %Segment-Level SS NOI Growth:     


ISHC10.0 %8.0% to 12.0%18.4 %SHOP17.0 %15.0% to 19.0%25.2 %Outpatient Medical1.0 %0.0% to 2.0%2.1 %Triple-Net Leased Properties2.5 %2.0% to 3.0%0.5 %Certain of the assumptions underlying the Company's 2026 guidance can be found within the Non-GAAP reconciliations in this earnings release and in the appendix of the Company's Fourth Quarter 2025 Supplemental Financial Information ("Supplemental"). A reconciliation of net income (loss) calculated in accordance with GAAP to NAREIT FFO and NFFO can be found within the Non-GAAP reconciliations in this earnings release. Non-GAAP financial measures and other terms, as used in this earnings release, are also defined and further explained in the Supplemental. The Company is unable to provide, without unreasonable effort, guidance for the most comparable GAAP financial measures of total revenues and property operating and maintenance expenses. Additionally, a reconciliation of the forward-looking Non-GAAP financial measures of Same-Store NOI growth to the comparable GAAP financial measures cannot be provided without unreasonable effort because the Company is unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of the Company's ongoing operations. Such items include, but are not limited to, impairment on depreciated real estate assets, net gain or loss on sale of real estate assets, stock-based compensation, casualty loss, non-Same-Store revenue and non-Same-Store operating expenses. These items are uncertain, depend on various factors and could have a material impact on the Company's GAAP results for the guidance period.DistributionsAs previously announced, the Company's Board of Directors declared a cash distribution for the quarter ended December 31, 2025 of $0.25 per share of its common stock. The fourth quarter distribution was paid in cash on January 16, 2026, to stockholders of record as of December 31, 2025.Supplemental InformationThe Company has disclosed supplemental information regarding its portfolio, financial position and results of operations as of, and for the three months and year ended, December 31, 2025, and certain other information, which is available on the Investor Relations section of the Company's website at https://ir.americanhealthcarereit.com.Conference Call and Webcast InformationThe Company will host a webcast and conference call at 1:00 p.m. Eastern Time on February 27, 2026. During the conference call, Company executives will review fourth quarter 2025 results, discuss recent events and conduct a question-and-answer period.To join via webcast, investors may use the following link: https://events.q4inc.com/attendee/845972584.     To join the live telephone conference call, please dial one of the following numbers at least five minutes prior to the start time:North America - Toll-Free: (800) 715-9871
International Toll: +1 (646) 307-1963
Conference ID: 2930459A 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 StatementsCertain statements contained in this press release, including statements relating to the Company's expectations regarding its performance, interest expense savings, balance sheet, net income or loss attributable to common stockholders and per diluted share, NAREIT FFO attributable to common stockholders and per diluted share, NFFO attributable to common stockholders and per diluted share, total portfolio Same-Store NOI growth, segment-level Same-Store NOI growth, occupancy, NOI growth, revenue growth, purchases and sales of assets, development plans, and the settlement of forward sale agreements may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in those acts. Such forward-looking statements generally can be identified by the use of forward-looking terminology, such as "may," "will," "can," "expect," "intend," "anticipate," "estimate," "believe," "continue," "possible," "initiatives," "focus," "seek," "objective," "goal," "strategy," "plan," "potential," "potentially," "preparing," "projected," "future," "long-term," "once," "should," "could," "would," "might," "uncertainty" or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Any such forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which the Company operates, and beliefs of, and assumptions made by, the Company's management and involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied therein, including, without limitation, changing macroeconomic conditions, domestic legal and fiscal policies, and geopolitical conditions and other risks disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 28, 2025, and subsequent periodic reports filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statements contained in this release.Non-GAAP Financial MeasuresThe Company's reported results are presented in accordance with GAAP. The Company also discloses the following non-GAAP financial measures: EBITDA, Adjusted EBITDA, Net Debt-to-Annualized Adjusted EBITDA, NAREIT FFO, NFFO, NOI and Same-Store NOI. The Company believes these non-GAAP financial measures are useful supplemental measures of its operating performance and used by investors and analysts to compare the operating performance of the Company between periods and to other REITs or companies on a consistent basis without having to account for differences caused by unanticipated and/or incalculable items. Definitions of the non-GAAP financial measures used herein and reconciliations to the most directly comparable financial measure calculated in accordance with GAAP can be found at the end of this earnings release. See below and "Definitions" for further information regarding the Company's non-GAAP financial measures.EBITDA and Adjusted EBITDAManagement uses earnings before interest, taxes, depreciation and amortization ("EBITDA") and Adjusted EBITDA to facilitate internal and external comparisons to our historical operating results and in making operating decisions. EBITDA and Adjusted EBITDA are widely used by investors, lenders, credit and equity analysts in the valuation, comparison, and investment recommendations of companies. Additionally, EBITDA and Adjusted EBITDA are utilized by our Board of Directors to evaluate management. Neither EBITDA nor Adjusted EBITDA represents net income (loss) or cash flows provided by operating activities as determined in accordance with GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the EBITDA and Adjusted EBITDA may not be comparable to similarly entitled items reported by other REITs or other companies. In addition, management uses Net Debt-to-Annualized Adjusted EBITDA as a measure of our ability to service our debt.NAREIT Funds from Operations (FFO) and Normalized Funds from Operations (NFFO)We believe that the use of FFO, which excludes the impact of real estate-related depreciation and amortization and impairments, provides a further understanding of our operating performance to investors, industry analysts and our management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses and interest costs, which may not be immediately apparent from net income (loss) as determined in accordance with GAAP. However, FFO and NFFO should not be construed to be (i) more relevant or accurate than the current GAAP methodology in calculating net income (loss) as an indicator of our operating performance, (ii) more relevant or accurate than GAAP cash flows from operations as an indicator of our liquidity or (iii) indicative of funds available to fund our cash needs, including our ability to make distributions to our stockholders. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the Non-GAAP FFO and NFFO measures and the adjustments to GAAP in calculating FFO and NFFO. Presentation of this information is intended to provide useful information to investors, industry analysts and management as they compare the operating performance metrics used by the REIT industry, although it should be noted that some REITs may use different methods of calculating funds from operations and normalized funds from operations, so comparisons with such REITs may not be meaningful.Net Operating Income (NOI)We believe that NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI are appropriate supplemental performance measures to reflect the performance of our operating assets because NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI exclude certain items that are not associated with the operations of the properties. We believe that NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI are widely accepted measures of comparative operating performance in the real estate community and are useful to investors in understanding the profitability and operating performance of our property portfolio. However, our use of the terms NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing these amounts.NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI are not equivalent to our net income (loss) as determined under GAAP and may not be a useful measure in measuring operational income or cash flows. Furthermore, NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should not be considered as alternatives to net income (loss) as an indication of our operating performance or as an alternative to cash flows from operations as an indication of our liquidity. NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should not be construed to be more relevant or accurate than the GAAP methodology in calculating net income (loss). NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should be reviewed in conjunction with other measurements as an indication of our performance.About American Healthcare REIT, Inc.American Healthcare REIT, Inc. (NYSE: AHR) is a real estate investment trust that acquires, owns and operates a diversified portfolio of clinical healthcare real estate, focusing primarily on senior housing communities, skilled nursing facilities, and outpatient medical buildings across the United States, and in the United Kingdom and the Isle of Man.AMERICAN HEALTHCARE REIT, INC.CONSOLIDATED BALANCE SHEETSAs of December 31, 2025 and 2024(In thousands, except share and per share amounts) (Unaudited)





December 31,


2025

2024
ASSETS
Real estate investments, net
$4,183,419

$3,366,648
Debt security investment, net

92,136


91,264
Cash and cash equivalents

114,836


76,702
Restricted cash

36,917


46,599
Accounts and other receivables, net

204,313


211,104
Identified intangible assets, net

253,236


161,473
Goodwill

234,942


234,942
Operating lease right-of-use assets, net

135,399


163,987
Other assets, net

171,028


135,338
Total assets
$5,426,226

$4,488,057







LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:





Mortgage loans payable, net
$966,925

$982,071
Lines of credit and term loan, net

549,761


688,534
Accounts payable and accrued liabilities

317,742


258,324
Identified intangible liabilities, net

2,110


3,001
Financing obligations

33,902


34,870
Operating lease liabilities

135,603


165,239
Security deposits, prepaid rent and other liabilities

59,568


51,856
Total liabilities

2,065,611


2,183,895







Commitments and contingencies












Redeemable noncontrolling interests

—


220







Equity:





Stockholders' equity:





Preferred stock, $0.01 par value per share; 200,000,000 shares
   authorized; none issued and outstanding

—


—
Common Stock, $0.01 par value per share; 700,000,000 shares
   authorized; 185,911,442 and 157,446,697 shares issued and outstanding     
   as of December 31, 2025 and 2024, respectively

1,852


1,564
Additional paid-in capital

4,880,169


3,720,268
Accumulated deficit

(1,559,279)


(1,458,089)
      Accumulated other comprehensive loss

(2,104)


(2,512)
Total stockholders' equity

3,320,638


2,261,231
Noncontrolling interests

39,977


42,711
Total equity

3,360,615


2,303,942
Total liabilities, redeemable noncontrolling interests and equity
$5,426,226

$4,488,057
 AMERICAN HEALTHCARE REIT, INC.CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)For the Three Months and Years Ended December 31, 2025 and 2024(In thousands, except share and per share amounts) (Unaudited)


Three Months Ended December 31,

Year Ended December 31,


2025

2024

2025

2024
Revenues:











Resident fees and services
$563,987

$496,833

$2,094,506

$1,883,798
Real estate revenue

40,093


45,907


165,617


186,870
Total revenues

604,080


542,740


2,260,123


2,070,668
Expenses:











Property operating expenses

480,293


430,572


1,793,531


1,653,893
Rental expenses

12,207


13,039


51,432


53,239
General and administrative

16,529


12,064


58,735


47,559
Transaction, transition and restructuring costs

3,295


807


5,103


7,141
Depreciation and amortization

55,323


46,915


187,559


179,192
Total expenses

567,647


503,397


2,096,360


1,941,024
Other income (expense):











Interest expense:











Interest expense, net

(19,806)


(30,301)


(85,775)


(127,730)
Gain (loss) in fair value of derivative financial
   instruments

179


3,192


(1,034)


1,030
(Loss) gain on dispositions of real estate investments, net

(621)


2,956


(2,965)


5,213
Impairment of real estate investments

(11,802)


(45,755)


(49,935)


(45,755)
Income (loss) from unconsolidated entities

657


(2,505)


(1,967)


(6,868)
Gain on re-measurement of previously held equity
   interest

—


—


14,580


—
Foreign currency (loss) gain

(6)


(3,119)


3,175


(774)
Other income, net

3,491


4,246


8,805


11,353
Total net other expense

(27,908)


(71,286)


(115,116)


(163,531)
Income (loss) before income taxes

8,525


(31,943)


48,647


(33,887)
Income tax benefit (expense)

2,415


(486)


22,171


(1,713)
Net income (loss)

10,940


(32,429)


70,818


(35,600)
Net (income) loss attributable to noncontrolling interests

(165)


656


(1,012)


(2,212)
Net income (loss) attributable to controlling interest
$10,775

$(31,773)

$69,806

$(37,812)
Net income (loss) per share of Common Stock, Class T
   common stock and Class I common stock attributable
   to controlling interest:











Basic
$0.06

$(0.21)

$0.42

$(0.29)
Diluted
$0.06

$(0.21)

$0.42

$(0.29)
Weighted average number of shares of Common Stock,
   Class T common stock and Class I common stock
   outstanding:











Basic

177,530,237


153,702,650


166,055,466


130,637,539
Diluted

178,393,070


153,702,650


166,849,603


130,637,539













Net income (loss)
$10,940

$(32,429)

$70,818

$(35,600)
Other comprehensive income (loss):











Foreign currency translation adjustments

10


(359)


408


(87)
Total other comprehensive income (loss)

10


(359)


408


(87)
Comprehensive income (loss)

10,950


(32,788)


71,226


(35,687)
Comprehensive (income) loss attributable to
   noncontrolling interests

(165)


656


(1,012)


(2,212)
Comprehensive income (loss) attributable to controlling
   interest
$10,785

$(32,132)

$70,214

$(37,899)
 AMERICAN HEALTHCARE REIT, INC.NAREIT FFO and Normalized FFO ReconciliationFor the Three Months and Years Ended December 31, 2025 and 2024(In thousands, except share and per share amounts) (Unaudited)


Three Months Ended December 31,

Year Ended December 31,


2025

2024

2025

2024
Net income (loss)
$10,940

$(32,429)

$70,818

$(35,600)
Depreciation and amortization related to real estate —
   consolidated properties

55,257


46,877


187,237


179,040
Depreciation and amortization related to real estate —
   unconsolidated entities

16


504


1,034


1,186
Impairment of real estate investments — consolidated
   properties

11,802


45,755


49,935


45,755
Loss (gain) on dispositions of real estate investments, net —
   consolidated properties

621


(2,956)


2,965


(5,213)
Gain on re-measurement of previously held equity interest

—


—


(14,580)


—
Net (income) loss attributable to noncontrolling interests

(165)


656


(1,012)


(2,212)
Depreciation, amortization, impairments, net gain/loss on
   dispositions and gain on re-measurement — noncontrolling
   interests

(847)


(1,986)


(3,063)


(17,851)
NAREIT FFO attributable to controlling interest
$77,624

$56,421

$293,334

$165,105













Transaction, transition and restructuring costs
$3,295

$807

$5,103

$7,141
Amortization of above- and below-market leases

323


415


1,386


1,692
Amortization of closing costs — debt security investment

12


86


72


324
Change in deferred rent

(727)


(668)


(2,604)


(2,411)
Non-cash impact of changes to equity instruments

5,451


2,037


14,621


9,367
Capitalized interest

(641)


(73)


(1,484)


(334)
Loss on debt and derivative extinguishments

46


3,530


1,830


5,382
(Gain) loss in fair value of derivative financial instruments

(179)


(3,192)


1,034


(1,030)
Foreign currency loss (gain)

6


3,119


(3,175)


774
Non-cash income tax benefit

(2,298)


—


(23,699)


—
Adjustments for unconsolidated entities

—


(1)


4


(320)
Adjustments for noncontrolling interests

(72)


(85)


67


(768)
Normalized FFO attributable to controlling interest
$82,840

$62,396

$286,489

$184,922
NAREIT FFO and Normalized FFO weighted average common
   share outstanding — diluted

178,393,070


154,449,288


166,849,603


131,211,731
NAREIT FFO per common share attributable to controlling
   interest — diluted
$0.44

$0.37

$1.76

$1.26
Normalized FFO per common share attributable to controlling
   interest — diluted
$0.46

$0.40

$1.72

$1.41
 AMERICAN HEALTHCARE REIT, INC.Adjusted EBITDA ReconciliationFor the Three Months Ended December 31, 2025(In thousands) (Unaudited)
Net income
$10,940
Interest expense, net (including amortization of deferred financing costs, debt
   discount/premium and loss on debt extinguishments)

19,806
Income tax benefit

(2,415)
Depreciation and amortization (including amortization of leased assets and
   accretion of lease liabilities)

55,786
EBITDA

84,117
Income from unconsolidated entities

(657)
Straight line rent and amortization of above/below market leases

(867)
Non-cash impact of changes to equity instruments

5,451
Transaction, transition and restructuring costs

3,295
Loss on dispositions of real estate investments, net

621
Amortization of closing costs — debt security investment

12
Foreign currency loss

6
Gain in fair value of derivative financial instruments

(179)
Impairment of real estate investments

11,802
Non-recurring one-time items

(863)
Adjusted EBITDA
$102,738
 AMERICAN HEALTHCARE REIT, INC.NOI and Cash NOI ReconciliationFor the Three Months and Years Ended December 31, 2025 and 2024(In thousands) (Unaudited)


Three Months Ended
December 31,

Year Ended December 31,


2025

2024

2025

2024
Net income (loss)
$10,940

$(32,429)

$70,818

$(35,600)
General and administrative

16,529


12,064


58,735


47,559
Transaction, transition and restructuring costs

3,295


807


5,103


7,141
Depreciation and amortization

55,323


46,915


187,559


179,192
Interest expense

19,806


30,301


85,775


127,730
(Gain) loss in fair value of derivative financial instruments

(179)


(3,192)


1,034


(1,030)
Loss (gain) on dispositions of real estate investments, net

621


(2,956)


2,965


(5,213)
Impairment of real estate investments

11,802


45,755


49,935


45,755
(Income) loss from unconsolidated entities

(657)


2,505


1,967


6,868
Gain on re-measurement of previously held equity interest

—


—


(14,580)


—
Foreign currency loss (gain)

6


3,119


(3,175)


774
Other income, net

(3,491)


(4,246)


(8,805)


(11,353)
Income tax (benefit) expense

(2,415)


486


(22,171)


1,713
Net operating income

111,580


99,129


415,160


363,536
Straight line rent

(793)


(672)


(3,079)


(3,234)
Facility rental expense

6,849


7,642


28,656


31,989
Other non-cash adjustments

163


158


680


1,187
Cash NOI from dispositions

27


(2,508)


(689)


(2,508)
Cash NOI attributable to noncontrolling interests (1)

(250)


(271)


(1,008)


(1,002)
Cash NOI
$117,576

$103,478

$439,720

$389,968







(1)All periods are based upon current quarter's ownership percentage. AMERICAN HEALTHCARE REIT, INC.Same-Store Revenue ReconciliationFor the Three Months and Years Ended December 31, 2025 and 2024(In thousands) (Unaudited)


Three Months Ended
December 31,

Year Ended December 31,


2025

2024

2025

2024
ISHC











GAAP revenue
$467,027

$423,290

$1,763,935

$1,619,812
Cash revenue from dispositions

—


(1,774)


(2,681)


(1,774)
Cash revenue (1)

467,027


421,516


1,761,254


1,618,038
Revenue attributable to new acquisitions/dispositions/other (1)

(127,817)


(105,457)


(440,054)


(407,681)
Revenue attributable to Non-Core Properties (1)

—


(3,627)


(3,855)


(14,138)
Other normalizing revenue adjustments (1)

—


—


—


(1,236)
Same-Store revenue (1)
$339,210

$312,432

$1,317,345

$1,194,983













Outpatient Medical











GAAP revenue
$30,449

$33,276

$126,078

$134,740
Straight line rent

(363)


(134)


(1,038)


(568)
Other non-cash adjustments

(356)


(399)


(1,410)


(1,113)
Cash revenue from dispositions

(172)


(304)


(1,059)


(304)
Cash revenue

29,558


32,439


122,571


132,755
Revenue attributable to dispositions

1


—


1


(3,029)
Revenue attributable to Non-Core Properties

(566)


(3,910)


(6,737)


(16,433)
Same-Store revenue
$28,993

$28,529

$115,835

$113,293













SHOP











GAAP revenue
$96,960

$73,543

$330,571

$263,986
Cash revenue from dispositions

—


—


(166)


—
Cash revenue attributable to noncontrolling interests (2)

(276)


(272)


(1,100)


(1,041)
Cash revenue (2)

96,684


73,271


329,305


262,945
Revenue attributable to new acquisitions/dispositions

(38,281)


(18,916)


(101,160)


(53,310)
Revenue attributable to development conversion

(897)


(491)


(3,152)


(1,587)
Revenue attributable to Non-Core Properties

(532)


(1,044)


(3,348)


(3,745)
Other normalizing revenue adjustments

—


(94)


—


80
Same-Store revenue (2)
$56,974

$52,726

$221,645

$204,383













Triple-Net Leased Properties











GAAP revenue
$9,644

$12,631

$39,539

$52,130
Straight line rent

(430)


(538)


(2,041)


(2,666)
Other non-cash adjustments

200


220


824


859
Cash revenue from dispositions

—


(1,910)


(25)


(1,910)
Cash revenue attributable to noncontrolling interest (2)

(194)


(190)


(769)


(752)
Cash revenue

9,220


10,213


37,528


47,661
Debt security investment

(1,167)


(2,117)


(4,976)


(8,690)
Revenue attributable to dispositions

—


—


—


(6,507)
Revenue attributable to Non-Core Properties

(157)


(273)


(679)


(1,227)
Other normalizing revenue adjustments

—


—


(522)


—
Same-Store revenue
$7,896

$7,823

$31,351

$31,237
 AMERICAN HEALTHCARE REIT, INC.Same-Store Revenue Reconciliation - (Continued)For the Three Months and Years Ended December 31, 2025 and 2024(In thousands) (Unaudited)


Three Months Ended
December 31,

Year Ended December 31,


2025

2024

2025

2024
Total Portfolio











GAAP revenue
$604,080

$542,740

$2,260,123

$2,070,668
Straight line rent

(793)


(672)


(3,079)


(3,234)
Other non-cash adjustments

(156)


(179)


(586)


(254)
Cash revenue from dispositions

(172)


(3,988)


(3,931)


(3,988)
Cash revenue attributable to noncontrolling interests (2)

(470)


(462)


(1,869)


(1,793)
Cash revenue (1)  (2)

602,489


537,439


2,250,658


2,061,399
Debt security investment

(1,167)


(2,117)


(4,976)


(8,690)
Revenue attributable to new acquisitions/dispositions/other (1)

(166,097)


(124,373)


(541,213)


(470,527)
Revenue attributable to development conversion

(897)


(491)


(3,152)


(1,587)
Revenue attributable to Non-Core Properties (1)

(1,255)


(8,854)


(14,619)


(35,543)
Other normalizing revenue adjustments (1)

—


(94)


(522)


(1,156)
Same-Store revenue (1)  (2)
$433,073

$401,510

$1,686,176

$1,543,896











(1)Prior periods' information is presented to reflect the increase in ownership to 100% in the Company's ISHC segment effective September 2024.(2)All periods are based upon current quarter's ownership percentage. AMERICAN HEALTHCARE REIT, INC.Same-Store NOI ReconciliationFor the Three Months and Years Ended December 31, 2025 and 2024(In thousands) (Unaudited)


Three Months Ended
December 31,

Year Ended December 31,


2025

2024

2025

2024
ISHC











NOI
$62,897

$53,586

$237,002

$189,273
Facility rental expense

6,849


7,642


28,656


31,989
Cash NOI from dispositions

—


(341)


(472)


(341)
Cash NOI (1)

69,746


60,887


265,186


220,921
New acquisitions/dispositions/other (1)

(5,436)


(4,013)


(17,092)


(9,832)
Non-Core Properties (1)

—


(461)


(563)


(2,042)
Other normalizing adjustments (1)

—


—


1,044


974
Same-Store NOI (1)
$64,310

$56,413

$248,575

$210,021













Outpatient Medical











NOI
$18,717

$20,800

$77,416

$83,855
Straight line rent

(363)


(134)


(1,038)


(568)
Other non-cash adjustments

(55)


(81)


(217)


252
Cash NOI from dispositions

23


(261)


(309)


(261)
Cash NOI

18,322


20,324


75,852


83,278
Dispositions

—


—


—


(2,119)
Non-Core Properties

(99)


(2,160)


(2,607)


(9,113)
Other normalizing adjustments

337


—


337


—
Same-Store NOI
$18,560

$18,164

$73,582

$72,046













SHOP











NOI
$20,797

$12,675

$63,973

$40,632
Cash NOI from dispositions

4


—


92


—
Cash NOI attributable to noncontrolling interests (2)

(57)


(80)


(242)


(250)
Cash NOI (2)

20,744


12,595


63,823


40,382
New acquisitions/dispositions

(8,661)


(3,156)


(19,397)


(6,960)
Development conversion

301


576


1,281


2,290
Non-Core Properties

17


31


457


536
Other normalizing adjustments

—


(94)


325


877
Same-Store NOI (2)
$12,401

$9,952

$46,489

$37,125













Triple-Net Leased Properties











NOI
$9,169

$12,068

$36,769

$49,776
Straight line rent

(430)


(538)


(2,041)


(2,666)
Other non-cash adjustments

218


239


897


935
Cash NOI from dispositions

—


(1,906)


—


(1,906)
Cash NOI attributable to noncontrolling interest (2)

(193)


(191)


(766)


(752)
Cash NOI

8,764


9,672


34,859


45,387
Debt security investment

(1,167)


(2,117)


(4,976)


(8,690)
Dispositions

—


—


—


(6,454)
Non-Core Properties

(157)


(248)


(618)


(1,120)
Same-Store NOI
$7,440

$7,307

$29,265

$29,123
 AMERICAN HEALTHCARE REIT, INC.Same-Store NOI Reconciliation - (Continued)For the Three Months and Years Ended December 31, 2025 and 2024(In thousands) (Unaudited)


Three Months Ended
December 31,

Year Ended December 31,


2025

2024

2025

2024
Total Portfolio











NOI
$111,580

$99,129

$415,160

$363,536
Straight line rent

(793)


(672)


(3,079)


(3,234)
Facility rental expense

6,849


7,642


28,656


31,989
Other non-cash adjustments

163


158


680


1,187
Cash NOI from dispositions

27


(2,508)


(689)


(2,508)
Cash NOI attributable to noncontrolling interests (2)

(250)


(271)


(1,008)


(1,002)
Cash NOI (1)  (2)

117,576


103,478


439,720


389,968
Debt security investment

(1,167)


(2,117)


(4,976)


(8,690)
New acquisitions/dispositions/other (1)

(14,097)


(7,169)


(36,489)


(25,365)
Development conversion

301


576


1,281


2,290
Non-Core Properties (1)

(239)


(2,838)


(3,331)


(11,739)
Other normalizing adjustments (1)

337


(94)


1,706


1,851
Same-Store NOI (1)  (2)
$102,711

$91,836

$397,911

$348,315











(1)Prior periods' information is presented to reflect the increase in ownership to 100% in the Company's ISHC segment effective September 2024.(2)All periods are based upon current quarter's ownership percentage. AMERICAN HEALTHCARE REIT, INC.Earnings Guidance ReconciliationFor the Year Ending December 31, 2026(Dollars and shares in millions, except per share amounts) (Unaudited)


Full Year
2026 Guidance

Low
HighNet income attributable to common stockholders
$142.40
$153.49Depreciation and amortization (1)
225.90
225.90NAREIT FFO attributable to common stockholders
$368.30
$379.39Amortization of other intangible assets/liabilities (1)
1.30
1.30Change in deferred rent (1)
(2.90)
(2.90)Non-cash impact of changes to equity plan (1) (2)
15.40
15.40Other adjustments (1) (3)
(2.20)
(2.20)Normalized FFO attributable to common stockholders
$379.90
$390.99Net income per common share — diluted
$0.75
$0.81NAREIT FFO per common share — diluted
$1.93
$1.99Normalized FFO per common share — diluted
$1.99
$2.05NAREIT FFO and Normalized FFO weighted average      
      shares — diluted
190.6
190.6Total Portfolio Same-Store NOI growth
7.0 %
11.0 %Segment-Level Same-Store NOI growth:



ISHC
8.0 %
12.0 %SHOP
15.0 %
19.0 %Outpatient Medical
0.0 %
2.0 %Triple-Net Leased Properties
2.0 %
3.0 %










(1)Amounts presented net of noncontrolling interests' share and AHR's share of unconsolidated entities.(2)Amounts represent amortization of equity compensation and fair value adjustments to performance-based equity compensation.(3)Includes adjustments for capitalized interest, transaction, transition and restructuring costs, and additional items as noted in the Company's definition of NFFO. DefinitionsAdjusted EBITDA: EBITDA excluding the impact of income or loss from unconsolidated entities, straight line rent and amortization of above/below market leases, non-cash stock-based compensation expense, transaction, transition and restructuring costs, gain or loss on sales of real estate investments, unrealized foreign currency gain or loss, change in fair value of derivative financial instruments, impairments of real estate investments, impairments of intangible assets and goodwill, and non-recurring one-time items.
Annualized Adjusted EBITDA: Current period (shown as quarterly) Adjusted EBITDA multiplied by 4.
ATM Program: At-the-market equity offering program.
Cash NOI: NOI excluding the impact of, without duplication, (1) non-cash items such as straight-line rent and the amortization of lease intangibles, (2) third-party facility rent payments and (3) other items set forth in the Cash NOI reconciliation included herein. Both Cash NOI and Same-Store NOI include Pro-Rata ownership and other adjustments.
EBITDA: A Non-GAAP financial measure that is defined as earnings before interest, taxes, depreciation and amortization.
GAAP revenue: Revenue recognized in accordance with Generally Accepted Accounting Principles ("GAAP"), which includes straight line rent and other non-cash adjustments.
ISHC: Integrated senior health campuses include a range of senior care, including independent living, assisted living, memory care, skilled nursing services and certain ancillary businesses. Integrated senior health campuses are operated utilizing a RIDEA structure.
NAREIT FFO or FFO: Funds from operations attributable to controlling interest; a Non-GAAP financial measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT (the "White Paper"). The White Paper defines FFO as net income (loss) computed in accordance with GAAP, excluding gains or losses from sales of certain real estate assets, gains or losses upon consolidation of a previously held equity interest, and impairment write-downs of certain real estate assets and investments, plus depreciation and amortization related to real estate, after adjustments for unconsolidated partnerships and joint ventures. While impairment charges are excluded from the calculation of FFO as described above, investors are cautioned that impairments are based on estimated future undiscounted cash flows. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO.
Net Debt: Total long-term debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash related to debt.
NOI: Net operating income; a Non-GAAP financial measure that is defined as net income (loss), computed in accordance with GAAP, generated from properties before general and administrative expenses, transaction, transition and restructuring costs, depreciation and amortization, interest expense, gain or loss in fair value of derivative financial instruments, gain or loss on dispositions, impairments of real estate investments, impairments of intangible assets and goodwill, income or loss from unconsolidated entities, gain on re-measurement of previously held equity interest, foreign currency gain or loss, other income or expense and income tax benefit or expense.
Non-Core Properties: Assets that have been deemed not essential to generating future economic benefit or value to our day-to-day operations and/or are projected to be sold.
Normalized FFO or NFFO: FFO further adjusted for the following items included in the determination of GAAP net income (loss): transaction, transition and restructuring costs; amounts relating to changes in deferred rent and amortization of above and below-market leases (which are adjusted in order to reflect such payments from a GAAP accrual basis); the non-cash impact of changes to our equity instruments; non-cash or non-recurring income or expense; the noncash effect of income tax benefits or expenses; capitalized interest; impairments of intangible assets and goodwill; amortization of closing costs on debt investments; mark-to-market adjustments included in net income (loss); gains or losses included in net income (loss) from the extinguishment or sale of debt, hedges, foreign exchange, derivatives or securities holdings where trading of such holdings is not a fundamental attribute of the business plan; and after adjustments for consolidated and unconsolidated partnerships and joint ventures, with such adjustments calculated to reflect Normalized FFO on the same basis.
Occupancy: With respect to OM, the percentage of total rentable square feet leased and occupied, including month-to-month leases, as of the date reported. With respect to all other property types, occupancy represents average quarterly operating occupancy based on the most recent quarter of available data. The Company uses unaudited, periodic financial information provided solely by tenants to calculate occupancy and has not independently verified the information. Occupancy metrics are reflected at our Pro-Rata share.
Outpatient Medical or OM: Outpatient Medical buildings.
Pro-Rata: As of December 31, 2025, we owned and/or operated six buildings through entities of which we owned between 90.0% and 90.6% of the ownership interests. Because we have a controlling interest in these entities, these entities and the properties these entities own are consolidated in our financial statements in accordance with GAAP. However, while such properties are presented in our financial statements on a consolidated basis, we are only entitled to our Pro-Rata share of the net cash flows generated by such properties. As a result, we have presented certain property information herein based on our Pro-Rata ownership interest in these entities and the properties these entities own, as of the applicable date, and not on a consolidated basis. In such instances, information is noted as being presented on a "Pro-Rata share" basis.
RevPOR: Revenue per occupied room. RevPOR is calculated as total revenue generated by occupied rooms divided by the number of occupied rooms.
RIDEA: Used to describe properties within the portfolio that utilize the RIDEA structure as described in "RIDEA structure".
RIDEA structure: A structure permitted by the REIT Investment Diversification and Empowerment Act of 2007, pursuant to which we lease certain healthcare real estate properties to a wholly-owned taxable REIT subsidiary ("TRS"), which in turn contracts with an eligible independent contractor ("EIK") to operate such properties for a fee. Under this structure, the EIK receives management fees, and the TRS receives revenue from the operation of the healthcare real estate properties and retains, as profit, any revenue remaining after payment of expenses (including intercompany rent paid to us and any taxes at the TRS level) necessary to operate the property. Through the RIDEA structure, in addition to receiving rental revenue from the TRS, we retain any after-tax profit from the operation of the healthcare real estate properties and benefit from any improved operational performance while bearing the risk of any decline in operating performance at the properties.
Same-Store or SS: Properties owned or consolidated the full year in both comparison years and that are not otherwise excluded. Properties are excluded from Same-Store if they are: (1) sold, classified as held for sale or properties whose operations were classified as discontinued operations in accordance with GAAP; (2) impacted by materially disruptive events, such as flood or fire for an extensive period of time; or (3) scheduled to undergo or currently undergoing major expansions/renovations or business model transitions or have transitioned business models after the start of the prior comparison period.
Same-Store NOI or SS NOI: Cash NOI for our Same-Store properties. Same-Store NOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. Both Cash NOI and Same-Store NOI include ownership and other adjustments.
SHOP: Senior housing operating properties.
Square Feet or Sq. Ft.: Net rentable square feet calculated utilizing Building Owners and Managers Association measurement standards.
Total Debt: The principal balances of the Company's revolving credit facility, term loan and secured indebtedness as reported in the Company's consolidated financial statements.
Trilogy: Trilogy Investors, LLC; one of our consolidated subsidiaries, in which we indirectly own a 100% interest as of December 31, 2025.
Trilogy Management Services: Trilogy Management Services, LLC, an independent third-party operator that qualifies as an eligible independent contractor and manages all of the Company's integrated senior health campuses.
Triple-Net Leased: A lease where the tenant is responsible for making rent payments, maintaining the leased property, and paying property taxes and other expenses.



View original content to download multimedia:https://www.prnewswire.com/news-releases/american-healthcare-reit-ahr-announces-fourth-quarter-2025-and-full-year-2025-results-issues-full-year-2026-guidance-302698936.htmlSOURCE American Healthcare REIT, Inc.

Original: American Healthcare REIT ("AHR") Announces Fourth Quarter 2025 and Full Year 2025 Results; Issues Full Year 2026 Guidance

American Healthcare REIT to Present at Citi 2026 Global Property CEO ConferenceFebruary 25, 2026 4:15 PM
PR Newswire (US)

IRVINE, Calif., Feb. 25, 2026 /PRNewswire/ -- American Healthcare REIT, Inc. (NYSE: AHR), announced today that Chief Financial Officer, Brian S. Peay, Chief Operating Officer, Gabe M. Willhite, and VP of Investor Relations & Finance, Alan Peterson, will participate in a roundtable discussion at the Citi 2026 Global Property CEO Conference on Wednesday, March 4, 2026, from 8:10 to 8:45 a.m. Eastern Time. A live webcast of the presentation will be available at the following link. A replay will be available for one year utilizing the same link following the completion of the conference on March 4, 2026.







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.Investor Contact:Media Contact:Alan PetersonDamon ElderVP, Investor Relations & FinanceSpotlight Marketing Communications(949) 270-9200(949) 427-1377investorrelations@ahcreit.comdamon@spotlightmarcom.com 



View original content to download multimedia:https://www.prnewswire.com/news-releases/american-healthcare-reit-to-present-at-citi-2026-global-property-ceo-conference-302697397.htmlSOURCE American Healthcare REIT, Inc.

Original: American Healthcare REIT to Present at Citi 2026 Global Property CEO Conference

American Healthcare REIT Announces Chief Executive Officer and President Danny Prosky to Take Medical Leave of AbsenceFebruary 4, 2026 4:30 PM
PR Newswire (US)

IRVINE, Calif., Feb. 4, 2026 /PRNewswire/ -- American Healthcare REIT, Inc.  (NYSE: AHR) (the "Company," "we," "our," or "AHR") announced today that Danny Prosky, the Company's Chief Executive Officer and President, has taken a medical leave of absence, effective February 3, 2026, due to a recent medical event.







The Company's Board of Directors has appointed Jeffrey T. Hanson, the Chairman of the Company's Board, to serve as Interim Chief Executive Officer and President, effective February 3, 2026, during Mr. Prosky's absence. Mr. Hanson will work closely with AHR's senior leadership team to ensure continuity of operations and continued execution of the Company's strategic priorities."On behalf of the Board and the entire AHR organization, we extend our full support to Danny and his family during this time," said Jeffrey T. Hanson. "We are confident in the depth and experience of our senior leadership team, which is long-tenured and has a proven track record of executing on AHR's mission of facilitating high-quality care and health outcomes with our partners. I look forward to rejoining them in an interim capacity and supporting them as we continue to advance this mission."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.Investor Contact:  
Alan Peterson
VP, Investor Relations & Finance
(949) 270-9200
investorrelations@ahcreit.comMedia Contact:
Damon Elder
Spotlight Marketing Communications
(949) 427-1377
damon@spotlightmarcom.com 



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Original: American Healthcare REIT Announces Chief Executive Officer and President Danny Prosky to Take Medical Leave of Absence

TTM Technologies, Dutch Bros, Advanced Energy Industries, and American Healthcare REIT Set to Join S&P MidCap 400; Others to Join S&P SmallCap 600January 27, 2026 11:02 PM
PR Newswire (US)

NEW YORK, Jan. 27, 2026 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P MidCap 400, S&P SmallCap 600:
S&P SmallCap 600 constituent TTM Technologies Inc. (NASD: TTMI) will replace Civitas Resources Inc. (NYSE: CIVI) in the S&P MidCap 400, and Amneal Pharmaceuticals Inc. (NASD: AMRX) will replace TTM Technologies in the S&P SmallCap 600 effective prior to the opening of trading on Friday, January 30. S&P SmallCap 600 constituent SM Energy Co. (NYSE: SM) is acquiring Civitas Resources in a deal expected to be completed soon, pending final closing conditions. SM Energy will remain in the S&P SmallCap 600 post-merger.Dutch Bros Inc. (NYSE: BROS) will replace PotlatchDeltic Corp. (NASD: PCH) in the S&P MidCap 400 effective prior to the opening of trading on Monday, February 2. S&P MidCap 400 constituent Rayonier Inc. (NYSE: RYN) is acquiring PotlatchDeltic in a deal expected to be completed soon, pending final closing conditions. Rayonier will remain in the S&P MidCap 400 post-merger.S&P SmallCap 600 constituent Advanced Energy Industries Inc. (NASD: AEIS) will replace Comerica Inc. (NYSE: CMA) in the S&P MidCap 400, and Apellis Pharmaceuticals Inc. (NASD: APLS) will replace Advanced Energy Industries in the S&P SmallCap 600 effective prior to the opening of trading on Monday, February 2. S&P 500 constituent Fifth Third Bancorp (NASD: FITB) is acquiring Comerica in a deal expected to be completed soon, pending final closing conditions.American Healthcare REIT Inc. (NYSE: AHR) will replace Cadence Bank (NYSE: CADE) in the S&P MidCap 400 effective prior to the opening of trading on Monday, February 2. S&P 500 constituent Huntington Bancshares Inc. (NASD: HBAN) is acquiring Cadence Bank in a deal expected to be completed soon, pending final closing conditions.LegalZoom.com Inc. (NASD: LZ) will replace Elme Communities (NYSE: ELME) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, February 2. Elme Communities has announced ongoing liquidation activities and is no longer appropriate for the S&P SmallCap 600.Following is a summary of the changes that will take place prior to the open of trading on the effective date:Effective DateIndex Name       ActionCompany NameTickerGICS SectorJan 30, 2026S&P MidCap 400AdditionTTM TechnologiesTTMIInformation TechnologyJan 30, 2026S&P MidCap 400DeletionCivitas ResourcesCIVIEnergyJan 30, 2026S&P SmallCap 600AdditionAmneal PharmaceuticalsAMRXHealth CareJan 30, 2026S&P SmallCap 600DeletionTTM TechnologiesTTMIInformation TechnologyFeb 2, 2026S&P MidCap 400AdditionDutch BrosBROSConsumer DiscretionaryFeb 2, 2026S&P MidCap 400AdditionAdvanced Energy IndustriesAEISInformation TechnologyFeb 2, 2026S&P MidCap 400AdditionAmerican Healthcare REITAHRReal EstateFeb 2, 2026S&P MidCap 400DeletionComericaCMAFinancialsFeb 2, 2026S&P MidCap 400DeletionCadence BankCADEFinancialsFeb 2, 2026S&P MidCap 400DeletionPotlatchDelticPCHReal EstateFeb 2, 2026S&P SmallCap 600AdditionApellis PharmaceuticalsAPLSHealth CareFeb 2, 2026S&P SmallCap 600AdditionLegalZoom.comLZIndustrialsFeb 2, 2026S&P SmallCap 600DeletionAdvanced Energy IndustriesAEISInformation TechnologyFeb 2, 2026S&P SmallCap 600DeletionElme CommunitiesELMEReal EstateABOUT S&P DOW JONES INDICESS&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji/en/.FOR MORE INFORMATION:S&P Dow Jones Indices
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View original content:https://www.prnewswire.com/news-releases/ttm-technologies-dutch-bros-advanced-energy-industries-and-american-healthcare-reit-set-to-join-sp-midcap-400-others-to-join-sp-smallcap-600-302671845.htmlSOURCE S&P Dow Jones Indices

Original: TTM Technologies, Dutch Bros, Advanced Energy Industries, and American Healthcare REIT Set to Join S&P MidCap 400; Others to Join S&P SmallCap 600

$AHR
Mark Foster sells $2.5M??
Mark Foster serves as executive vice president, general counsel and secretary of American Healthcare REIT.
https://ir.americanhealthcarereit.com/financials/sec-filings/default.aspx

Nice slow and steady climb on this one.

Truist Securities Maintains Buy on American Healthcare REIT, Raises Price Target to $44

It's nice to see that we're back to even plus a few dollars. Danny boy and the rest of the board members (that raked in millions) are up almost 200%.

$AHR AMERICAN HEALTHCARE REIT, INC. Insider Officers
Danny Prosky
Mathieu Streiff
Brian Peay
Gabriel M. Willhite
Stefan K.L. Oh
Mark E. Foster

https://www.nasdaq.com/market-activity/stocks/ahr/insider-activity

Looking pretty good here..

https://wtop.com/news/2025/05/american-healthcare-reit-q1-earnings-snapshot-2/

https://www.nasdaq.com/market-activity/stocks/ahr/insider-activity

-----------------------------------------------------------------------------------------

It's true - $AHR - "The year is off to a solid start"...for Danny Prosky and Mathieu Streiff in particular. All of these people too:

AMERICAN HEALTHCARE REIT, INC. Insiders Officers
Brian Peay
Gabriel M. Willhite
Stefan K.L. Oh
Mark E. Foster

https://www.nasdaq.com/market-activity/stocks/ahr/insider-activity on 2/9/2024

It's true - $AHR - "The year is off to a solid start"...for Danny Prosky and Mathieu Streiff in particular. All of these people too:

AMERICAN HEALTHCARE REIT, INC. Insiders Officers
Brian Peay
Gabriel M. Willhite
Stefan K.L. Oh
Mark E. Foster

https://www.nasdaq.com/market-activity/stocks/ahr/insider-activity on 2/9/2024

https://ih.advfn.com/stock-market/NYSE/american-healthcare-reit-AHR/stock-news/94369641/time-for-american-healthcare-reit-investors-to-exp

Making a slow and steady comeback here...maybe us early investors will be back at 'break even' by end of year at this pace.

I just followed you. Since we're in the same boat, give me a follow back so we can keep an eye on it.

LFG $AHR
https://www.tradingview.com/news/mtnewswires.com:20240628:A3170022:0/

Wow...$16. Only 100%+ more to get back to pre-listing price.

Sounds like a company employee joined the board.

This looks like a safe investment. $AHR exceeds my expectations. Their success is really making me smile! 😃

"After completing our offering and listing event in February, our main focus is on delivering strong operating performance across our property segments. The year is off to a solid start, as we captured outsized growth within our RIDEA-operated assets due to the supply-demand imbalance present in the senior housing industry. Our assets are well positioned and staffed appropriately to capitalize on further near-term demand tailwinds, which we believe will drive additional occupancy gains and rate growth," said Danny Prosky, the Company's President and Chief Bullshitter.

Ummm...longtime loyal shareholders are down 55%. Not what I would call a solid start.

May 18, 2023
There can be no assurance if or when a liquidity event may occur, or what type of event it will be should it occur, but we remain diligent in preparing the company for the opportunity4.
Should you have any questions, please do not hesitate to reach out to our Investor Relations department at 844-460-9414. We will, of course, continue to report back to you regularly.
Danny Prosky
President and Chief Bullshitter

Yeah, right. One of many lies

Agree with all your posts, I was one of those early shareholders that lost 55% upon going public so share the pain and concern.

Wow...$AHR is really kicking...🙄. It would be nice if they could just break $14.
Still waiting for the so-called "lively discussion" to get going. 😴
Thieves.

Now that $AHR has raised over 3/4 BILLION dollars off the backs of their longtime shareholders to pay off their debt, now what? Are we just supposed to cross our fingers and toes and hope for the best? Where's the "lively discussion" on that?
I received no notice whatsoever of their plan to go public. The only thing I received was a letter, after the fact, about how excited they were about being listed with the big boys on the NYSE. I, on the other hand, am not excited about about the gaping hole they just blew in my retirement portfolio.

How about we discuss $AHR and its plan to care for the longtime shareholders that lost 55% value of their holdings upon going public?

Morgan Stanley Initiates Coverage On American Healthcares with Overweight Rating, Announces Price Target of $17

https://newsfilter.io/a/a47ecbc84bebea7b80393bfa427715d6

American Healthcare REIT to Present at Citi 2024 Global Property CEO Conference

https://www.stocktitan.net/news/AHR/american-healthcare-reit-to-present-at-citi-2024-global-property-ceo-wiv19amul809.html

American Healthcare REIT Adds Former Green Street Analyst to Lead Investor Relations

https://www.stocktitan.net/news/AHR/american-healthcare-reit-adds-former-green-street-analyst-to-lead-nhs6bh3esi3i.html

Post #1: Welcome to the new American Healthcare REIT Board. Looking forward to this being a lively discussion as this stock gets it feet under it. Please be respectful of others and let's keep this an informative forum.