American Healthcare REIT ("AHR") Announces Third Quarter 2025 Results; Increases Full Year 2025 Guidance

IRVINE, Calif., Nov. 6, 2025 /PRNewswire/ -- American Healthcare REIT, Inc. (the "Company," "we," "our," "management," or "us") (NYSE: AHR) announced today its third quarter 2025 results and is increasing full year 2025 guidance.

Key Highlights:

"I'm pleased with our ability to continue executing across all areas of our business," said Danny Prosky, the Company's President and Chief Executive Officer. "Organic growth continues to exceed historical levels, and across our operating portfolio, comprised of our ISHC and SHOP segments, we have benefited from strong secular demand tailwinds in the long-term care sector, highlighted by spot Same-Store SHOP occupancy currently being above 90%. On the capital allocation front, we continue to see favorable transaction activity, which we anticipate will allow us to add to the over $575 million of new acquisitions we've closed year-to-date in 2025."

Third Quarter 2025 and Year-To Date 2025 Results

The Company's Same-Store NOI growth results for the three and nine months ended September 30, 2025 are detailed below. Same-Store NOI growth results from its operating portfolio, comprised of ISHC and SHOP segments, led the Company's growth in the third quarter of 2025, compared to the same period in 2024, supported by disciplined revenue management that drove incremental occupancy gains and mid-single-digit RevPOR growth and proactive expense management by the Company's regional operating partners.

Three Months Ended September 30, 2025 Relative to Three Months Ended September 30, 2024

Segment

Same-Store NOI Growth

ISHC

21.7

Outpatient Medical

2.9

SHOP

25.3

Triple-Net Leased Properties

0.1

Total Portfolio

16.4

Nine Months Ended September 30, 2025 Relative to Nine Months Ended September 30, 2024

Segment

Same-Store NOI Growth

ISHC

20.0

Outpatient Medical

2.1

SHOP

25.4

Triple-Net Leased Properties

0.0

Total Portfolio

15.1

"Business fundamentals remain solid as we approach year-end, and we expect the demand tailwinds to persist into next year," said Gabe Willhite, the Company's Chief Operating Officer. "We've experienced record move-in activity across our operating portfolio during the spring and summer selling season, providing a strong foundation for occupancy and placing us in a great position for the historically slower winter months. We continue to anticipate Same-Store NOI growth above levels observed in past cycles within our operating portfolio as we execute on our revenue and expense management strategies to capitalize on the ongoing demand-supply imbalance supporting long-term care fundamentals."

Transactional Activity

During the three months ended September 30, 2025, the Company:

Subsequent to quarter end, the Company:

Following the Company's completed transaction activity during the three months ended September 30, 2025, and subsequent to quarter end, the Company maintains over $450 million of awarded deals within its investments pipeline, which include both existing deals and newly awarded deals since the Company's Second Quarter 2025 Earnings Release. The Company expects to close the deals within the pipeline by the end of the year or in early 2026, but it cannot guarantee, or provide certainty regarding timing on, the closings. Therefore, the Company is not including any additional transaction activity, including the awarded deals in its investments pipeline, beyond the transactions disclosed as completed in this section within its increased full-year 2025 guidance.

Development Activity

The Company started ten new development and expansion projects during the three months ended September 30, 2025. The Company's total in-process development and expansion pipeline is expected to cost approximately $176.9 million, of which $51.8 million has been spent as of September 30, 2025.

Capital Markets and Balance Sheet Activity

As of September 30, 2025, the Company's total consolidated indebtedness was $1.54 billion, and it had approximately $997.3 million of total liquidity, comprised of cash, undrawn capacity on its line of credit, and unsettled forward sales agreements. The Company's Net-Debt-to-Annualized Adjusted EBITDA as of September 30, 2025, was 3.5x.

During the three months ended September 30, 2025, the Company issued 3,554,525 shares of common stock to settle sales under a previously announced forward sales agreement for gross proceeds of approximately $127.8 million. The Company also issued an additional 2,888,225 shares of common stock for gross proceeds of approximately $116.3 million through its ATM Programs, at an average price of $40.25 per share. Additionally, during the three months ended September 30, 2025, the Company entered into new forward sales agreements to sell 6,474,000 shares of common stock for approximately $275.1 million in gross proceeds, which the Company has fully settled as of November 4, 2025.

"Strong organic growth, combined with solid execution across the capital markets and capital allocation fronts, is prompting an increase to our full-year 2025 total portfolio Same-Store NOI growth and NFFO per share guidance," said Brian Peay, the Company's Chief Financial Officer. "Our updated guidance at the midpoint now reflects expectations for over 20% growth in NFFO per share in 2025 compared to 2024, underscoring the positive demand fundamentals in our industry and the disciplined execution of AHR's team members. Importantly, we expect to achieve this level of growth while maintaining capacity to pursue attractive investments from our pipeline and continuing to improve our leverage metrics."

Full Year 2025 Guidance

The Company is increasing guidance for the year ending December 31, 2025 to reflect its improved outlook on operations, capital markets activity and capital allocation activity executed during the third quarter of 2025, as well as activity completed subsequent to quarter end. Guidance does not assume additional transaction or capital markets activity beyond the items previously disclosed or items disclosed in this earnings release. Updated guidance ranges are detailed in the table on the next page:

Full Year 2025 Guidance

Metric

Midpoint

Current FY 2025 Range

Prior FY 2025 Range

Net income per diluted share

$0.49

$0.47 to $0.50

$0.33 to $0.37

NAREIT FFO per diluted share

$1.73

$1.71 to $1.74

$1.57 to $1.61

NFFO per diluted share

$1.71

$1.69 to $1.72

$1.64 to $1.68

Total Portfolio SS NOI Growth

14.0 %

13.0% to 15.0%

11.0% to 14.0%

Segment-Level SS NOI Growth / (Decline):

ISHC

18.5 %

17.0% to 20.0%

15.0% to 19.0%

Outpatient Medical

2.2 %

2.0% to 2.4%

1.0% to 1.5%

SHOP

25.0 %

24.0% to 26.0%

20.0% to 24.0%

Triple-Net Leased Properties

0.0 %

(0.3%) to 0.3%

(0.8%) to (0.3%)

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

Distributions

As previously announced, the Company's Board of Directors declared a cash distribution for the quarter ended September 30, 2025 of $0.25 per share of its common stock. The third quarter distribution was paid in cash on or about October 17, 2025, to stockholders of record as of September 30, 2025.

Supplemental Information

The Company has disclosed supplemental information regarding its portfolio, financial position and results of operations as of, and for the three and nine months ended, September 30, 2025, and certain other information, which is available on the Investor Relations section of the Company's website at https://ir.americanhealthcarereit.com.

Conference Call and Webcast Information

The Company will host a webcast and conference call at 1:00 p.m. Eastern Time on November 7, 2025. During the conference call, Company executives will review third 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/520946196.

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

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

International Toll: +1 (646) 307-1963

Conference ID: 2930459

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

Forward-Looking Statements

Certain statements contained in this press release, including statements relating to the Company's expectations regarding its performance, interest expense savings, balance sheet, net income or loss attributable to common stockholders and per diluted share, NAREIT FFO attributable to common stockholders and per diluted share, NFFO attributable to common stockholders and per diluted share, total portfolio Same-Store NOI growth, segment-level Same-Store NOI growth or decline, occupancy, NOI growth, revenue growth, margin expansion, purchases and sales of assets, development plans, and plans for Trilogy 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 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.

Non-GAAP Financial Measures

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

EBITDA and Adjusted EBITDA

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

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

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

Net Operating Income

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 SHEETS

As of September 30, 2025 and December 31, 2024

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

September 30,

2025

December 31,

2024

ASSETS

Real estate investments, net

3,598,607

3,366,648

Debt security investment, net

91,992

91,264

Cash and cash equivalents

147,364

76,702

Restricted cash

36,999

46,599

Accounts and other receivables, net

188,604

211,104

Identified intangible assets, net

181,370

161,473

Goodwill

234,942

Operating lease right-of-use assets, net

140,701

163,987

Other assets, net

149,710

135,338

Total assets

4,770,289

4,488,057

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Liabilities:

Mortgage loans payable, net

971,401

982,071

Lines of credit and term loan, net

549,696

688,534

Accounts payable and accrued liabilities

298,052

258,324

Identified intangible liabilities, net

2,250

3,001

Financing obligations

34,135

34,870

Operating lease liabilities

141,276

165,239

Security deposits, prepaid rent and other liabilities

53,549

51,856

Total liabilities

2,050,359

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; 171,031,062

and 157,446,697 shares issued and outstanding as of September 30, 2025 and

December 31, 2024, respectively

1,702

1,564

Additional paid-in capital

4,201,924

3,720,268

Accumulated deficit

(1,523,335)

(1,458,089)

Accumulated other comprehensive loss

(2,114)

(2,512)

Total stockholders' equity

2,678,177

2,261,231

Noncontrolling interests

41,753

42,711

Total equity

2,719,930

2,303,942

Total liabilities, redeemable noncontrolling interests and equity

4,770,289

4,488,057

AMERICAN HEALTHCARE REIT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Three and Nine Months Ended September 30, 2025 and 2024

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

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Revenues:

Resident fees and services

532,058

476,834

1,530,519

1,386,965

Real estate revenue

40,879

46,980

125,524

140,963

Total revenues

572,937

523,814

1,656,043

1,527,928

Expenses:

Property operating expenses

454,530

417,128

1,313,238

1,223,321

Rental expenses

12,592

13,150

39,225

40,200

General and administrative

14,108

11,921

42,206

35,495

Transaction, transition and restructuring costs

3,537

1,808

6,334

Depreciation and amortization

49,181

44,246

132,236

132,277

Total expenses

530,461

489,982

1,528,713

1,437,627

Other income (expense):

Interest expense:

Interest expense, net

(20,392)

(30,395)

(65,969)

(97,429)

Gain (loss) in fair value of derivative financial instruments

166

(8,967)

(1,213)

(2,162)

Gain (loss) on dispositions of real estate investments, net

691

(4)

(2,344)

2,257

Impairment of real estate investments

(3,768)

—

(38,133)

—

Income (loss) from unconsolidated entities

462

(2,123)

(2,624)

(4,363)

Gain on re-measurement of previously held equity interest

14,580

—

14,580

—

Foreign currency (loss) gain

(977)

2,689

3,181

2,345

Other income, net

2,309

2,138

5,314

7,107

Total net other expense

(6,929)

(36,662)

(87,208)

(92,245)

Income (loss) before income taxes

35,547

(2,830)

40,122

(1,944)

Income tax benefit (expense)

21,092

(263)

19,756

(1,227)

Net income (loss)

56,639

(3,093)

59,878

(3,171)

Net income attributable to noncontrolling interests

(712)

(1,033)

(847)

(2,868)

Net income (loss) attributable to controlling interest

55,927

(4,126)

59,031

(6,039)

Net income (loss) per share of Common Stock, Class T

common stock and Class I common stock attributable

to controlling interest:

Basic

0.33

(0.03)

0.36

(0.05)

Diluted

0.33

(0.03)

0.36

(0.05)

Weighted average number of shares of Common Stock, Class

T common stock and Class I common stock outstanding:

Basic

169,010,301

133,732,745

162,188,510

122,893,049

Diluted

169,802,090

133,732,745

162,908,219

122,893,049

Net income (loss)

56,639

(3,093)

59,878

(3,171)

Other comprehensive (loss) income:

Foreign currency translation adjustments

(121)

303

398

272

Total other comprehensive (loss) income

(121)

303

398

272

Comprehensive income (loss)

56,518

(2,790)

60,276

(2,899)

Comprehensive income attributable to noncontrolling interests

(712)

(1,033)

(847)

(2,868)

Comprehensive income (loss) attributable to controlling

interest

55,806

(3,823)

59,429

(5,767)

AMERICAN HEALTHCARE REIT, INC.

NAREIT FFO and Normalized FFO Reconciliation

For the Three and Nine Months Ended September 30, 2025 and 2024

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

Three Months Ended

September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Net income (loss)

56,639

(3,093)

59,878

(3,171)

Depreciation and amortization related to real estate —

consolidated properties

49,115

44,208

131,980

132,163

Depreciation and amortization related to real estate —

unconsolidated entities

310

1,018

682

Impairment of real estate investments —

consolidated properties

3,768

—

38,133

—

(Gain) loss on dispositions of real estate investments, net —

consolidated properties

(691)

2,344

(2,257)

Gain on re-measurement of previously held equity interest

(14,580)

—

(14,580)

—

Net income attributable to noncontrolling interests

(712)

(1,033)

(847)

(2,868)

Depreciation, amortization, impairments, net gain/loss

on dispositions and gain on re-measurement — noncontrolling

interests

(521)

(4,756)

(2,216)

(15,865)

NAREIT FFO attributable to controlling interest

93,033

35,640

215,710

108,684

Transaction, transition and restructuring costs

3,537

1,808

6,334

Amortization of above- and below-market leases

295

432

1,063

1,277

Amortization of closing costs — debt security investment

238

Change in deferred rent

(485)

(598)

(1,877)

(1,743)

Non-cash impact of changes to equity instruments

3,429

2,630

9,170

7,330

Capitalized interest

(401)

(56)

(843)

(261)

(Gain) loss on debt and derivative extinguishments

(22)

572

1,784

1,852

(Gain) loss in fair value of derivative financial instruments

(166)

8,967

1,213

2,162

Foreign currency loss (gain)

977

(2,689)

(3,181)

(2,345)

Non-cash income tax benefit

(21,401)

—

(21,401)

—

Adjustments for unconsolidated entities

(1)

(71)

(319)

Adjustments for noncontrolling interests

211

(758)

139

(683)

Normalized FFO attributable to controlling interest

75,530

47,688

203,649

122,526

NAREIT FFO and Normalized FFO weighted average common

share outstanding — diluted

169,802,090

134,246,574

162,908,219

123,277,819

NAREIT FFO per common share attributable to controlling

interest — diluted

0.54

0.27

1.32

0.88

Normalized FFO per common share attributable to controlling

interest — diluted

0.44

0.36

1.25

1.00

AMERICAN HEALTHCARE REIT, INC.

Adjusted EBITDA Reconciliation

For the Three Months Ended September 30, 2025

(In thousands) (Unaudited)

Net income

56,639

Interest expense, net (including amortization of deferred financing costs, debt

discount/premium and loss on debt extinguishments)

20,392

Income tax benefit

(21,092)

Depreciation and amortization (including amortization of leased assets and

accretion of lease liabilities)

49,622

EBITDA

105,561

Income from unconsolidated entities

(462)

Straight line rent and amortization of above/below market leases

(631)

Non-cash impact of changes to equity instruments

3,429

Transaction, transition and restructuring costs

Gain on dispositions of real estate investments, net

(691)

Amortization of closing costs — debt security investment

Foreign currency loss

977

Gain in fair value of derivative financial instruments

(166)

Impairment of real estate investments

3,768

Gain on re-measurement of previously held equity interest

(14,580)

Non-recurring one-time items

1,044

Adjusted EBITDA

98,310

AMERICAN HEALTHCARE REIT, INC.

NOI and Cash NOI Reconciliation

For the Three and Nine Months Ended September 30, 2025 and 2024

(In thousands) (Unaudited)

Three Months Ended

September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Net income (loss)

56,639

(3,093)

59,878

(3,171)

General and administrative

14,108

11,921

42,206

35,495

Transaction, transition and restructuring costs

3,537

1,808

6,334

Depreciation and amortization

49,181

44,246

132,236

132,277

Interest expense

20,392

30,395

65,969

97,429

(Gain) loss in fair value of derivative financial instruments

(166)

8,967

1,213

2,162

(Gain) loss on dispositions of real estate investments, net

(691)

2,344

(2,257)

Impairment of real estate investments

3,768

—

38,133

—

(Income) loss from unconsolidated entities

(462)

2,123

2,624

4,363

Gain on re-measurement of previously held equity interest

(14,580)

—

(14,580)

—

Foreign currency loss (gain)

977

(2,689)

(3,181)

(2,345)

Other income, net

(2,309)

(2,138)

(5,314)

(7,107)

Income tax (benefit) expense

(21,092)

263

(19,756)

1,227

Net operating income

105,815

93,536

303,580

264,407

Straight line rent

(730)

(682)

(2,286)

(2,563)

Facility rental expense

7,030

7,619

21,807

24,347

Other non-cash adjustments

133

323

517

1,030

Cash NOI from dispositions

(102)

—

(716)

—

Cash NOI attributable to noncontrolling interests (1)

(251)

(261)

(758)

(731)

Cash NOI

111,895

100,535

322,144

286,490

____________

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

AMERICAN HEALTHCARE REIT, INC.

Same-Store NOI Reconciliation

For the Three and Nine Months Ended September 30, 2025 and 2024

(In thousands) (Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

ISHC

NOI

61,320

48,399

174,105

135,687

Facility rental expense

7,030

7,619

21,807

24,347

Cash NOI from dispositions

—

(472)

—

Cash NOI (1)

68,350

56,018

195,440

160,034

New acquisitions/dispositions/other (1)

(6,032)

(4,314)

(11,656)

(5,819)

Non-Core Properties (1)

—

(631)

(563)

(1,581)

Other normalizing adjustments (1)

1,044

974

1,044

974

Same-Store NOI (1)

63,362

52,047

184,265

153,608

Outpatient Medical

NOI

19,128

21,066

58,699

63,055

Straight line rent

(243)

(148)

(675)

(434)

Other non-cash adjustments

(85)

(162)

333

Cash NOI from dispositions

(127)

—

(332)

—

Cash NOI

18,673

21,005

57,530

62,954

Dispositions

—

(663)

—

(2,119)

Non-Core Properties

(87)

(2,284)

(2,508)

(6,954)

Same-Store NOI

18,586

18,058

55,022

53,881

SHOP

NOI

16,208

11,307

43,176

27,957

Cash NOI from dispositions

—

Cash NOI attributable to noncontrolling interests (2)

(58)

(71)

(185)

(170)

Cash NOI (2)

16,175

11,236

43,079

27,787

New acquisitions/dispositions

(4,595)

(2,472)

(10,736)

(3,804)

Development conversion

343

664

980

1,714

Non-Core Properties

161

440

505

Other normalizing adjustments

—

133

325

971

Same-Store NOI (2)

12,084

9,642

34,088

27,173

Triple-Net Leased Properties

NOI

9,159

12,764

27,600

37,708

Straight line rent

(487)

(534)

(1,611)

(2,129)

Other non-cash adjustments

218

236

679

697

Cash NOI attributable to noncontrolling interest (2)

(193)

(190)

(573)

(561)

Cash NOI

8,697

12,276

26,095

35,715

Debt security investment

(1,165)

(2,453)

(3,809)

(6,573)

Dispositions

—

(2,163)

—

(6,454)

Non-Core Properties

(157)

(296)

(461)

(872)

Same-Store NOI

7,375

7,364

21,825

21,816

AMERICAN HEALTHCARE REIT, INC.

Same-Store NOI Reconciliation - (Continued)

For the Three and Nine Months Ended September 30, 2025 and 2024

(In thousands) (Unaudited)

Three Months Ended

September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Total Portfolio

NOI

105,815

93,536

303,580

264,407

Straight line rent

(730)

(682)

(2,286)

(2,563)

Facility rental expense

7,030

7,619

21,807

24,347

Other non-cash adjustments

133

323

517

1,030

Cash NOI from dispositions

(102)

—

(716)

—

Cash NOI attributable to noncontrolling interests (2)

(251)

(261)

(758)

(731)

Cash NOI (1) (2)

111,895

100,535

322,144

286,490

Debt security investment

(1,165)

(2,453)

(3,809)

(6,573)

New acquisitions/dispositions/other (1)

(10,627)

(9,612)

(22,392)

(18,196)

Development conversion

343

664

980

1,714

Non-Core Properties (1)

(83)

(3,130)

(3,092)

(8,902)

Other normalizing adjustments (1)

1,044

1,107

1,369

1,945

Same-Store NOI (1) (2)

101,407

87,111

295,200

256,478

_________________

(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 Revenue Reconciliation

For the Three and Nine Months Ended September 30, 2025 and 2024

(In thousands) (Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

ISHC

GAAP revenue

449,719

409,626

1,296,908

1,196,522

Cash revenue from dispositions

—

(2,681)

—

Cash revenue (1)

449,719

409,626

1,294,227

1,196,522

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

(113,984)

(105,755)

(312,237)

(302,224)

Revenue attributable to Non-Core Properties (1)

—

(3,605)

(3,855)

(10,511)

Other normalizing revenue adjustments (1)

—

(1,236)

—

(1,236)

Same-Store revenue (1)

335,735

299,030

978,135

882,551

Outpatient Medical

GAAP revenue

31,181

33,715

95,629

101,464

Straight line rent

(243)

(148)

(675)

(434)

Other non-cash adjustments

(380)

(262)

(1,054)

(714)

Cash revenue from dispositions

(427)

—

(887)

—

Cash revenue

30,131

33,305

93,013

100,316

Revenue attributable to dispositions

—

(881)

—

(3,029)

Revenue attributable to Non-Core Properties

(772)

(4,097)

(6,171)

(12,523)

Same-Store revenue

29,359

28,327

86,842

84,764

SHOP

GAAP revenue

82,339

67,208

233,611

190,443

Cash revenue from dispositions

—

(166)

—

Cash revenue attributable to noncontrolling interests (2)

(278)

(263)

(824)

(769)

Cash revenue (2)

82,061

66,945

232,621

189,674

Revenue attributable to new acquisitions/dispositions

(24,187)

(13,912)

(62,879)

(34,394)

Revenue attributable to development conversion

(864)

(411)

(2,255)

(1,096)

Revenue attributable to Non-Core Properties

(877)

(1,034)

(2,816)

(2,701)

Other normalizing revenue adjustments

—

174

Same-Store revenue (2)

56,133

51,588

164,671

151,657

Triple-Net Leased Properties

GAAP revenue

9,698

13,265

29,895

39,499

Straight line rent

(487)

(534)

(1,611)

(2,129)

Other non-cash adjustments

200

217

624

640

Cash revenue from dispositions

(25)

—

(25)

—

Cash revenue attributable to noncontrolling interest (2)

(194)

(190)

(575)

(562)

Cash revenue

9,192

12,758

28,308

37,448

Debt security investment

(1,165)

(2,453)

(3,809)

(6,573)

Revenue attributable to dispositions

—

(2,169)

—

(6,507)

Revenue attributable to Non-Core Properties

(157)

(321)

(522)

(954)

Other normalizing revenue adjustments

—

(522)

—

Same-Store revenue

7,870

7,815

23,455

23,414

AMERICAN HEALTHCARE REIT, INC.

Same-Store Revenue Reconciliation - (Continued)

For the Three and Nine Months Ended September 30, 2025 and 2024

(In thousands) (Unaudited)

Three Months Ended

September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Total Portfolio

GAAP revenue

572,937

523,814

1,656,043

1,527,928

Straight line rent

(730)

(682)

(2,286)

(2,563)

Other non-cash adjustments

(180)

(45)

(430)

(74)

Cash revenue from dispositions

(452)

—

(3,759)

—

Cash revenue attributable to noncontrolling interests (2)

(472)

(453)

(1,399)

(1,331)

Cash revenue (1) (2)

571,103

522,634

1,648,169

1,523,960

Debt security investment

(1,165)

(2,453)

(3,809)

(6,573)

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

(138,171)

(122,717)

(375,116)

(346,154)

Revenue attributable to development conversion

(864)

(411)

(2,255)

(1,096)

Revenue attributable to Non-Core Properties (1)

(1,806)

(9,057)

(13,364)

(26,689)

Other normalizing revenue adjustments (1)

—

(1,236)

(522)

(1,062)

Same-Store revenue (1) (2)

429,097

386,760

1,253,103

1,142,386

________________

(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 Reconciliation

For the Year Ending December 31, 2025

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

Current Full Year

2025 Guidance

Prior Full Year

2025 Guidance

Low

High

Low

High

Net income attributable to common stockholders

$78.00

$83.00

$53.70

$60.50

Depreciation and amortization (1)

182.00

168.30

Gain on re-measurement of previously held equity interest (1)

(14.60)

—

Impairment and gains/losses from dispositions (1)

38.10

37.40

NAREIT FFO attributable to common stockholders

$283.50

$288.50

$259.40

$266.20

Amortization of other intangible assets/liabilities (1)

1.40

1.60

Change in deferred rent (1)

(2.40)

(2.80)

Non-cash impact of changes to equity plan (1) (2)

12.80

12.50

Non-cash income tax benefits (1)

(21.40)

—

Other adjustments (1) (3)

6.20

(0.40)

Normalized FFO attributable to common stockholders

$280.10

$285.10

$270.30

$277.10

Net income per common share — diluted

$0.47

$0.50

$0.33

$0.37

NAREIT FFO per common share — diluted

$1.71

$1.74

$1.57

$1.61

Normalized FFO per common share — diluted

$1.69

$1.72

$1.64

$1.68

NAREIT FFO and Normalized FFO weighted average

shares — diluted

165.9

165.0

Total Portfolio Same-Store NOI growth

13.0 %

15.0 %

11.0 %

14.0 %

Segment-Level Same-Store NOI growth / (decline):

ISHC

17.0 %

20.0 %

15.0 %

19.0 %

Outpatient Medical

2.0 %

2.4 %

1.0 %

1.5 %

SHOP

24.0 %

26.0 %

20.0 %

24.0 %

Triple-Net Leased Properties

(0.3) %

0.3 %

(0.8) %

(0.3) %

______________

(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.

Definitions

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

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

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 September 30, 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 September 30, 2025.

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

Contact: Alan Peterson

Email: investorrelations@ahcreit.com

SOURCE American Healthcare REIT, Inc.