EX-99.23ahr-ex99_2.htmEX-99.2 EX-99.2
Second Quarter 2026 Supplemental
Talamore Senior Living
Sun Prairie, WI
Exhibit 99.2
Disclaimers
Forward-Looking Statements
Certain statements contained in this supplemental, filed in conjunction with the Second Quarter 2026 Earnings Press Release, including statements relating to American Healthcare REIT, Inc.'s (the "Company") expectations regarding its performance, interest expense, balance sheet, full year 2026 guidance, including net income or loss attributable to common stockholders and per diluted share, NAREIT FFO attributable to common stockholders and per diluted share, NFFO attributable to common stockholders and per diluted share, NOI growth, total portfolio Same-Store NOI growth, segment-level Same-Store NOI growth, Occupancy, revenue growth, purchases, sales, and development of assets, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
The Company intends for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in those acts. Such forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “can,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “possible,” “initiatives,” “focus,” “seek,” “objective,” “goal,” “strategy,” “plan,” “potential,” “potentially,” “preparing,” “projected,” “future,” “long-term,” “once,” “should,” “could,” “would,” “might,” “uncertainty,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this supplemental. Any such forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which the Company operates and beliefs of, and assumptions made by, the Company's management and involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied therein, including, without limitation, changing macroeconomic conditions, domestic legal and fiscal policies, geopolitical conditions and other risks disclosed in the Company’s periodic reports as filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement.
Non-GAAP Financial Measures
The Company’s reported results are presented in accordance with generally accepted accounting principles in the United States ("GAAP"). The Company also discloses the following non-GAAP financial measures: EBITDA, Adjusted EBITDA, Net Debt-to-Annualized Adjusted EBITDA, NAREIT FFO, NFFO, NOI and Same-Store NOI. The Company believes these non-GAAP financial measures are useful supplemental measures of its operating performance and used by investors and analysts to compare the operating performance of the Company between periods and to other real estate investment trusts ("REITs") or companies on a consistent basis without having to account for differences caused by unanticipated and/or incalculable items. Definitions of the non-GAAP financial measures used herein and reconciliations to the most directly comparable financial measure calculated in accordance with GAAP can be found at the end of this supplemental. See below and the appendix for further information regarding the Company's non-GAAP financial measures.
EBITDA and Adjusted EBITDA
Management uses earnings before interest, taxes, depreciation and amortization (“EBITDA”) and Adjusted EBITDA to facilitate internal and external comparisons to our historical operating results and in making operating decisions. EBITDA and Adjusted EBITDA are widely used by investors, lenders, credit and equity analysts in the valuation, comparison, and investment recommendations of companies. Additionally, EBITDA and Adjusted EBITDA are utilized by our Board of Directors to evaluate management. Neither EBITDA nor Adjusted EBITDA represents net income (loss) or cash flows provided by operating activities as determined in accordance with GAAP and should not be considered as alternative measures of profitability or liquidity. In addition, management uses Net Debt-to-Annualized Adjusted EBITDA as a measure of our ability to service our debt. Finally, EBITDA and Adjusted EBITDA may not be comparable to similarly entitled items reported by other REITs or other companies.
NAREIT Funds from Operations (FFO) and Normalized Funds from Operations (NFFO)
We believe that the use of FFO, which excludes the impact of real estate-related depreciation and amortization and impairments, provides a further understanding of our operating performance to investors, industry analysts and our management, and when compared year over year, reflects the impact on our operations from trends in Occupancy rates, rental rates, operating costs, general and administrative expenses and interest costs, which may not be immediately apparent from net income (loss) as determined in accordance with GAAP. However, FFO and NFFO should not be construed to be (i) more relevant or accurate than the current GAAP methodology in calculating net income (loss) as an indicator of our operating performance, (ii) more relevant or accurate than GAAP cash flows from operations as an indicator of our liquidity or (iii) indicative of funds available to fund our cash needs, including our ability to make distributions to our stockholders.
The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP FFO and NFFO measures and the adjustments to GAAP in calculating FFO and NFFO. Presentation of this information is intended to provide useful information to investors, industry analysts and management as they compare the operating performance metrics used by the REIT industry, although it should be noted that some REITs may use different methods of calculating funds from operations and normalized funds from operations, so comparisons with such REITs may not be meaningful.
Net Operating Income (NOI)
We believe that NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI are appropriate supplemental performance measures to reflect the performance of our operating assets because NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI exclude certain items that are not associated with the operations of the properties. We believe that NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI are widely accepted measures of comparative operating performance in the real estate community and are useful to investors in understanding the profitability and operating performance of our property portfolio. However, our use of the terms NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing these amounts.
NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI are not equivalent to our net income (loss) as determined under GAAP and may not be a useful measure in measuring operational income or cash flows. Furthermore, NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should not be considered as alternatives to net income (loss) as an indication of our operating performance or as an alternative to cash flows from operations as an indication of our liquidity. NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should not be construed to be more relevant or accurate than the GAAP methodology in calculating net income (loss). NOI, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI should be reviewed in conjunction with other measurements as an indication of our performance.
American Healthcare REIT | Q2 2026 Supplemental | Page 2
Pro-Rata Annualized Cash NOI
Overview (as of June 30, 2026)
(dollars in thousands, except per share and Pro-Rata)
Portfolio Overview
Campuses/
Properties
Beds/
Units (1)
Leased % (2)
WALT
(years)
Annualized
Cash NOI (3)
Integrated Senior Health Campuses (ISHC)
148
15,097
89.5%
—
$338,332
59.2%
Senior Housing Operating Properties (SHOP)
92
8,042
88.8%
—
125,868
22.0%
Outpatient Medical (OM)
70
3,654
88.4%
5.0
73,124
12.8%
Triple-Net Leased Properties
17
1,364
90.5%
12.4
29,832
5.2%
Debt Security Investment
—
—
—
—
4,684
0.8%
Total
327
6.7
$571,840
100.0%
Same-Store NOI Performance (3)
Campuses /
Properties
Q2 2025
Q2 2026
%
Change
YTD
6/30/25
YTD
6/30/26
%
Change
ISHC
115
$61,450
$71,350
16.1%
$120,559
$139,025
15.3%
SHOP
64
13,355
16,087
20.5%
25,582
30,723
20.1%
OM
65
17,106
17,391
1.7%
34,087
34,640
1.6%
Triple-Net Leased Properties
17
7,307
7,458
2.1%
14,450
14,932
3.3%
Total
261
$99,218
$112,286
13.2%
$194,678
$219,320
12.7%
Earnings Metrics (3)
Q2 2025
Q2 2026
%
Change
YTD
6/30/2025
YTD
6/30/2026
%
Change
NAREIT FFO per share - diluted
$0.41
$0.51
24.4%
$0.77
$0.99
28.6%
Normalized FFO per share - diluted
$0.42
$0.54
28.6%
$0.80
$1.05
31.3%
Balance Sheet Metrics
Coverage
Interest Coverage Ratio
7.1X
Fixed Charge Coverage Ratio
5.5X
T1Net Debt-to-Annualized Adjusted EBITDA
2.5X
(1)
OM presents GLA in thousands, rather than Beds/Units.
(2)
Occupancy for ISHC, SHOP, and Triple-Net Leased Properties is reported as a quarterly average, while OM Occupancy is reported on a quarter-end spot basis. Triple-Net Leased Properties exclude Hospitals.
(3)
See reconciliations in the appendix of this supplemental. Annualized Cash NOI shown as current quarter Cash NOI multiplied by four.
Note: Except as otherwise noted, all data herein is presented on a consolidated basis. The contents of this supplemental are unaudited and totals may not add due to rounding.
American Healthcare REIT | Q2 2026 Supplemental | Page 3
Integrated Senior Health Campuses
(dollars in thousands)
Total Portfolio
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
YTD 6/30/25
YTD 6/30/26
Campuses
126
135
149
149
148
—
—
IL/AL/MC units
5,540
6,154
6,890
6,947
6,960
5,540
6,960
SNF beds
7,327
7,601
8,275
8,275
8,137
7,327
8,137
Consolidated total beds/units
12,867
13,755
15,165
15,222
15,097
12,867
15,097
Total average Occupancy
88.8%
89.6%
90.1%
89.9%
89.5%
88.6%
89.7%
IL/AL/MC average Occupancy
89.3%
91.4%
91.9%
90.4%
90.5%
88.4%
90.5%
SNF average Occupancy
88.5%
88.2%
88.7%
89.4%
88.6%
88.8%
89.0%
Cash revenue (1)
$428,149
$455,453
$472,577
$502,743
$510,809
$855,361
$1,013,552
Operating expenses
360,136
386,254
401,798
424,223
426,226
727,132
850,449
Cash NOI (1)
$68,013
$69,199
$70,779
$78,520
$84,583
$128,229
$163,103
Cash NOI Margin %
15.9%
15.2%
15.0%
15.6%
16.6%
15.0%
16.1%
Maintenance Capex
$3,711
$4,863
$5,026
$4,657
$5,606
$7,820
$10,263
Same-Store
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Q2 2026 vs
Q2 2025
YTD 6/30/25
YTD 6/30/26
YTD 2026 vs
YTD 2025
Campuses
115
115
115
115
115
115
115
Consolidated beds/units
11,709
11,711
11,708
11,710
11,721
11,709
11,721
Total average Occupancy
88.9%
90.1%
90.5%
91.2%
90.7%
180 bps
89.0%
90.9%
200 bps
IL/AL/MC average Occupancy
89.9%
91.7%
92.0%
91.9%
91.9%
200 bps
89.3%
91.9%
263 bps
SNF average Occupancy
88.2%
88.9%
89.3%
90.6%
89.9%
164 bps
88.7%
90.2%
152 bps
Same-Store revenue (1)
$317,152
$329,813
$333,382
$336,108
$337,499
6.4%
$631,598
$673,607
6.7%
Same-Store operating expenses
255,702
267,186
269,466
268,433
266,149
4.1%
511,039
534,582
4.6%
Compensation
162,463
168,737
174,823
170,418
172,096
5.9%
322,419
342,514
6.2%
Controllable (2)
82,842
88,503
87,008
88,210
84,131
1.6%
168,026
172,341
2.6%
Non-Controllable (3)
10,397
9,946
7,635
9,805
9,922
(4.6%)
20,594
19,727
(4.2%)
Same-Store NOI (1)
$61,450
$62,627
$63,916
$67,675
$71,350
16.1%
$120,559
$139,025
15.3%
Same-Store NOI Margin %
19.4%
19.0%
19.2%
20.1%
21.1%
177 bps
19.1%
20.6%
155 bps
(1)
See reconciliations in the appendix of this supplemental.
(2)
Controllable expenses include utilities, food, repairs and maintenance, and other operating expenses.
(3)
Non-Controllable expenses include property taxes and insurance.
American Healthcare REIT | Q2 2026 Supplemental | Page 4
ISHC Revenue per Payor and Bed Type
Consolidated
Average Daily Rate
% of Resident Days
% of Revenue
Q2 2025
Q2 2026
% change
Q2 2025
Q2 2026
Q2 2025
Q2 2026
Medicare
$687.60
$723.23
5.2%
11.7%
10.2%
23.0%
20.8%
Medicare Advantage
$572.21
$633.86
10.8%
7.2%
7.6%
11.9%
13.7%
Private
$404.32
$426.01
5.4%
11.2%
10.9%
12.9%
13.2%
Managed care/insurance
$431.79
$499.60
15.7%
0.3%
0.4%
0.4%
0.6%
Medicaid
$318.74
$316.09
(0.8%)
25.4%
23.5%
23.2%
20.9%
Total skilled nursing
$446.46
$465.66
4.3%
55.8%
52.6%
71.4%
69.2%
Total senior housing
$194.80
$201.82
3.6%
44.2%
47.4%
24.7%
27.0%
Ancillary revenue
$13.66
$13.78
0.9%
0.0%
0.0%
3.9%
3.8%
Total
$346.39
$351.50
1.5%
100.0%
100.0%
100.0%
100.0%
Quality Mix
74.6%
76.5%
76.8%
79.1%
Same-Store
Average Daily Rate
% of Resident Days
% of Revenue
Q2 2025
Q2 2026
% change
Q2 2025
Q2 2026
Q2 2025
Q2 2026
Medicare
$688.58
$725.69
5.4%
11.8%
10.9%
24.0%
22.4%
Medicare Advantage
$571.48
$619.31
8.4%
7.3%
8.1%
12.4%
14.3%
Private
$405.30
$428.22
5.7%
11.1%
11.6%
13.4%
14.1%
Managed care/insurance
$429.15
$513.57
19.7%
0.3%
0.4%
0.5%
0.6%
Medicaid
$320.86
$326.03
1.6%
25.1%
24.5%
23.9%
22.7%
Total skilled nursing
$449.14
$470.11
4.7%
55.6%
55.5%
74.2%
74.1%
Total senior housing
$195.61
$205.18
4.9%
44.4%
44.5%
25.8%
25.9%
Total (1)
$336.51
$352.17
4.7%
100.0%
100.0%
100.0%
100.0%
Quality Mix (1)
74.9%
75.5%
76.1%
77.3%
(1)
Does not include ancillary revenue.
American Healthcare REIT | Q2 2026 Supplemental | Page 5
Senior Housing Operating Properties
(dollars in thousands, except RevPOR and ExPOR, and Pro-Rata)
Total Portfolio
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
YTD 6/30/25
YTD 6/30/26
Properties
68
71
81
87
92
—
—
Consolidated total units
5,469
5,724
6,978
7,486
8,042
5,469
8,042
Consolidated average Occupancy
85.5%
87.4%
89.0%
88.9%
88.8%
85.5%
88.8%
Cash revenue (1)
$71,659
$76,327
$91,134
$106,737
$121,361
$139,707
$228,098
Operating expenses
57,649
61,001
71,423
80,957
89,894
113,942
170,851
Cash NOI (1)
$14,010
$15,326
$19,711
$25,780
$31,467
$25,765
$57,247
Cash NOI Margin %
19.6%
20.1%
21.6%
24.2%
25.9%
18.4%
25.1%
RevPOR
$5,166
$5,177
$5,300
$5,600
$5,754
$5,115
$5,681
ExPOR
$4,156
$4,138
$4,154
$4,247
$4,262
$4,173
$4,255
Consolidated Maintenance Capex
$3,489
$4,559
$5,144
$3,586
$4,552
$6,303
$8,138
Same-Store
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Q2 2026 vs
Q2 2025
YTD 6/30/25
YTD 6/30/26
FY 2026 vs
FY 2025
Properties
64
64
64
64
64
64
64
Consolidated units
5,098
5,103
5,103
5,107
5,107
5,098
5,107
Consolidated average Occupancy
85.9%
87.6%
89.0%
88.6%
88.7%
278 bps
86.0%
88.6%
267 bps
Same-Store revenue (1)
$67,330
$68,675
$69,917
$71,199
$72,295
7.4%
$133,738
$143,494
7.3%
Same-Store operating expenses
53,975
54,986
55,978
56,563
56,208
4.1%
108,156
112,771
4.3%
Compensation
32,845
33,413
33,959
34,333
34,369
4.6%
65,269
68,702
5.3%
Controllable (2)
18,076
18,492
18,759
19,097
18,750
3.7%
36,582
37,847
3.5%
Non-Controllable (3)
3,054
3,081
3,260
3,133
3,089
1.1%
6,305
6,222
(1.3%)
Same-Store NOI (1)
$13,355
$13,689
$13,939
$14,636
$16,087
20.5%
$25,582
$30,723
20.1%
Same-Store NOI Margin %
19.8%
19.9%
19.9%
20.6%
22.3%
242 bps
19.1%
21.4%
228 bps
RevPOR
$5,159
$5,161
$5,164
$5,281
$5,354
3.8%
$5,123
$5,318
3.8%
ExPOR
$4,136
$4,132
$4,134
$4,195
$4,163
0.7%
$4,143
$4,179
0.9%
(1)
See reconciliations in the appendix of this supplemental.
(2)
Controllable expenses include utilities, food, repairs and maintenance, and other operating expenses.
(3)
Non-Controllable expenses include property taxes and insurance.
American Healthcare REIT | Q2 2026 Supplemental | Page 6
OM by Location
Outpatient Medical
(dollars and square feet in thousands, except revenue per square foot and Cash NOI per square foot)
Total Portfolio
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
YTD 6/30/25
YTD 6/30/26
Properties
78
73
71
71
70
—
—
Consolidated GLA (sq ft)
3,952
3,825
3,685
3,685
3,654
3,952
3,654
Ending Occupancy
86.1%
86.5%
88.9%
88.2%
88.4%
86.1%
88.4%
Cash revenue (1)
$30,185
$30,131
$29,558
$29,993
$29,495
$62,882
$59,488
Operating expenses
11,621
11,458
11,236
11,826
11,214
24,025
23,040
Cash NOI (1)
$18,564
$18,673
$18,322
$18,167
$18,281
$38,857
$36,448
Cash NOI Margin %
61.5%
62.0%
62.0%
60.6%
62.0%
61.8%
61.3%
Revenue per square foot
$30.55
$31.51
$32.08
$32.56
$32.29
$31.82
$32.56
Cash NOI per square foot
$18.79
$19.53
$19.89
$19.72
$20.01
$19.66
$19.95
Maintenance Capex
$2,904
$4,924
$8,225
$2,107
$2,190
$10,259
$4,297
Same-Store
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Q2 2026 vs
Q2 2025
YTD 6/30/25
YTD 6/30/26
FY 2026 vs
FY 2025
Properties
65
65
65
65
65
65
65
Consolidated GLA (sq ft)
3,259
3,259
3,259
3,259
3,260
3,259
3,260
Ending Occupancy
93.5%
93.3%
93.4%
93.0%
92.6%
(87 bps)
93.5%
92.6%
(87 bps)
Same-Store revenue (1)
$27,015
$27,747
$27,627
$28,119
$27,722
2.6%
$54,065
$55,841
3.3%
Same-Store operating expenses
9,909
10,250
9,885
10,870
10,331
4.3%
19,978
21,201
6.1%
Same-Store NOI (1)
$17,106
$17,497
$17,742
$17,249
$17,391
1.7%
$34,087
$34,640
1.6%
Same-Store NOI Margin %
63.3%
63.1%
64.2%
61.3%
62.7%
(59 bps)
63.0%
62.0%
(101 bps)
Same-Store revenue per Sq. Ft.
$33.16
$34.06
$33.91
$34.51
$34.01
$33.18
$34.26
Same-Store NOI per square foot
$21.00
$21.48
$21.78
$21.17
$21.34
$20.92
$21.25
Tenants and occupancy metrics (as of June 30, 2026)
Tenants
ABR
%
S&P Credit Rating
Christus Good Shepherd Health System
$8,005
9.4%
A
Prime Healthcare
2,611
3.1%
B
Montefiore Medical Center
2,519
2.9%
BBB-
Atrius Health, Inc.
2,294
2.7%
A+
Cullman Regional Medical Center
1,987
2.3%
-
Remaining portfolio
68,045
79.6%
Various
Total
$85,461
100.0%
OM Absorption
Occupied Square Feet as of December 31, 2025
3,277
Expirations
(188)
Renewals
117
New leases
37
Adjustment/remeasurement
(3)
Dispositions
(10)
Occupied Square Feet as of June 30, 2026
3,230
Trailing 12-months Retention
65.2%
(1)
See reconciliations in the appendix of this supplemental.
American Healthcare REIT | Q2 2026 Supplemental | Page 7
Triple-Net Leased Properties
(dollars in thousands and Pro-Rata)
Total Portfolio
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
YTD 6/30/25
YTD 6/30/26
Properties
19
18
18
18
17
—
—
AL/MC beds/units
538
538
538
538
538
538
538
SNF beds
960
882
882
882
826
960
826
Consolidated total beds/units (1)
1,498
1,420
1,420
1,420
1,364
1,498
1,364
Average operator Occupancy (1)
89.3%
88.5%
89.2%
90.5%
90.5%
89.2%
90.5%
Cash revenue (2)
$8,247
$8,027
$8,053
$8,591
$8,119
$16,472
$16,710
Debt security investment
1,163
1,165
1,167
1,158
1,171
2,644
2,329
Operating expenses
779
495
456
958
661
1,718
1,619
Cash NOI (2)
$8,631
$8,697
$8,764
$8,791
$8,629
$17,398
$17,420
Cash NOI Margin %
91.7%
94.6%
95.1%
90.2%
92.9%
91.0%
91.5%
Same-Store
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Q2 2026 vs
Q2 2025
YTD 6/30/25
YTD 6/30/26
FY 2026 vs
FY 2025
Properties
17
17
17
17
17
17
17
Consolidated beds/units (1)
1,364
1,364
1,364
1,364
1,364
1,364
1,364
Average operator Occupancy (1)
88.9%
88.2%
89.1%
90.6%
90.5%
157 bps
88.9%
90.5%
160 bps
Same-Store revenue (2)
$7,803
$7,870
$7,896
$8,078
$8,119
4.0%
$15,585
$16,197
3.9%
Same-Store operating expenses
496
495
456
604
661
33.3%
1,135
1,265
11.5%
Same-Store NOI (2)
$7,307
$7,375
$7,440
$7,474
$7,458
2.1%
$14,450
$14,932
3.3%
Same-Store NOI Margin %
93.6%
93.7%
94.2%
92.5%
91.9%
(178 bps)
92.7%
92.2%
(53 bps)
Same-Store NOI (constant currency) (3)
$7,315
$7,371
$7,455
$7,471
$7,461
2.0%
$14,543
$14,932
2.7%
(1)
Facilities are 100% triple-net leased and operators' occupancies exclude Hospitals.
(2)
See reconciliations in the appendix of this supplemental.
(3)
To eliminate the impact of exchange rate movements, the Company calculates Same-Store NOI on a constant currency basis, a non-GAAP measure, which includes currency adjustment for UK properties at 6/30/2026 YTD average GBP/USD rate of 1.34.
American Healthcare REIT | Q2 2026 Supplemental | Page 8
Triple-Net Leased Properties Rent Coverage Stratification
Tenant EBITDAR Coverage
Contribution to Pro-Rata Cash NOI at each Coverage Stratification for Q2 2026 (1)
Coverage
Senior Housing-Leased
SNFs
Hospital
Total
WALT
(years)
Number of
Leases
< 0.80x
—
—
1.3%
1.3%
10.9
1
0.80x - 0.89x
—
—
—
—
—
—
0.90x - 0.99x
0.4%
—
—
0.4%
5.9
1
1.00x - 1.09x
—
1.3%
—
1.3%
15.0
1
1.10x - 1.19x
1.0%
—
—
1.0%
24.2
1
1.20x - 1.29x
—
—
—
—
—
—
1.30x - 1.39x
—
—
—
—
—
—
1.40x - 1.49x
—
—
—
—
—
—
1.50x - 1.59x
—
—
—
—
—
—
1.60x - 1.69x
—
—
—
—
—
—
1.70x - 1.79x
—
—
—
—
—
—
1.80x - 1.89x
—
—
—
—
—
—
1.90x - 1.99x
—
—
—
—
—
—
> 2.00x
—
0.9%
0.3%
1.2%
4.9
2
Total
1.4%
2.2%
1.6%
5.2%
12.4
6
Segment rent coverage (2)
1.09x
1.55x
1.08x
1.28x
Tenant Occupancy
89.9%
90.8%
N/A
90.5%
Tenant EBITDARM Coverage
Contribution to Pro-Rata Cash NOI at each Coverage Stratification for Q2 2026 (1)
Coverage
Senior Housing-Leased
SNFs
Hospital
Total
WALT
(years)
Number of
Leases
< 0.80x
—
—
1.3%
1.3%
10.9
1
0.80x - 0.89x
—
—
—
—
—
—
0.90x - 0.99x
—
—
—
—
—
—
1.00x - 1.09x
—
—
—
—
—
—
1.10x - 1.19x
0.4%
—
—
0.4%
5.9
1
1.20x - 1.29x
—
—
—
—
—
—
1.30x - 1.39x
—
—
—
—
—
—
1.40x - 1.49x
1.0%
—
—
1.0%
24.2
1
1.50x - 1.59x
—
—
—
—
—
—
1.60x - 1.69x
—
1.3%
—
1.3%
15.0
1
1.70x - 1.79x
—
—
—
—
—
—
1.80x - 1.89x
—
—
—
—
—
—
1.90x - 1.99x
—
—
—
—
—
—
> 2.00x
—
0.9%
0.3%
1.2%
4.9
2
Total
1.4%
2.2%
1.6%
5.2%
12.4
6
Segment rent coverage (2)
1.34x
2.04x
1.32x
1.62x
Tenant Occupancy
89.9%
90.8%
N/A
90.5%
(1)
Represents trailing twelve month coverage metrics as of March 31, 2026. Percentages are based on Pro-Rata Cash NOI for the three months ended June 30, 2026.
(2)
Represents combined coverage metrics for all leases within each property type and total segment.
American Healthcare REIT | Q2 2026 Supplemental | Page 9
Revenue and Lease Expiration (1)
(dollars in thousands, as of June 30, 2026)
OM
Triple-Net Leased Properties
Year
ABR (2)
%
of ABR
# of Expiring Leases
Total
Sq. Ft.
%
of GLA
ABR (2)
% of ABR
Interest Income (3)
Total
2026
$2,292
2.3%
29
122
3.7%
$—
0.0%
$—
0.0%
$2,292
1.6%
2027
8,561
8.7%
58
299
9.2%
—
0.0%
—
0.0%
8,561
6.2%
2028
14,381
14.6%
63
493
15.1%
—
0.0%
4,013
100.0%
18,394
13.2%
2029
14,629
14.8%
64
517
15.8%
—
0.0%
—
0.0%
14,629
10.5%
2030
11,541
11.7%
52
379
11.6%
5,779
15.8%
—
0.0%
17,320
12.5%
Thereafter
47,131
47.9%
128
1,453
44.6%
30,717
84.2%
—
0.0%
77,848
56.0%
Total
$98,535
100.0%
394
3,263
100.0%
$36,496
100.0%
$4,013
100.0%
$139,044
100.0%
(1)
Excludes ISHC and SHOP.
(2)
Total ABR expiring in the applicable year. Month-to-month leases are included as expirations in 2026.
(3)
Represents total interest income from debt security investment.
American Healthcare REIT | Q2 2026 Supplemental | Page 10
Debt Maturities and Principal Payments
(dollars in thousands, as of June 30, 2026)
Period
Lines of Credit
and Term
Loan
Mortgage
Loans
Payable
Combined
Debt
% of
Combined
Debt
Weighted
Average
Interest
Rate (2)_(3)
2026
$—
$64,192
$64,192
4.5%
3.50%
2027
550,000
56,182
606,182
42.1%
4.74%
2028
—
139,740
139,740
9.7%
4.40%
2029
—
16,963
16,963
1.2%
3.36%
2030
—
44,732
44,732
3.1%
4.51%
Thereafter (1)
—
568,261
568,261
39.4%
3.74%
Total
$550,000
$890,070
$1,440,070
100.0%
Weighted interest rate (2)_(3)
4.86%
3.84%
4.23%
Weighted average maturity (years)
0.6
19.7
12.4
Percentage of variable-rate debt
— %
— %
— %
(1)
Debt maturing after 2030 has a weighted average maturity date of April 2053 (27 Years).
(2)
Interest rates reflect two in-place swap derivatives for $350 million and $200 million with strikes at 3.51% and 3.52%, respectively, which mature on January 19, 2027.
(3)
Does not include interest rate impact from mortgage insurance premiums and equipment financing.
American Healthcare REIT | Q2 2026 Supplemental | Page 11
Year to Date 2026 Real Estate Acquisitions and Disposition
(dollars in thousands)
Acquisitions
Reportable Segment/Quarter
Number of Properties
Beds/Units
Gross Purchase Price
Average Cost per Bed/Unit
SHOP
Q1 2026
7
501
$162,750
$325
Q2 2026
5
558
$126,917
$227
Dispositions
Reportable Segment/Quarter
Number of Properties/ Campuses
Beds/Units/GLA (1)
Gross Proceeds
ISHC
Q2 2026
1
83
$14,150
OM
Q2 2026
1
32
$1,000
Triple-Net
Q2 2026
1
56
$7,100
(1)
OM presents GLA in thousands, rather than Beds/Units.
American Healthcare REIT | Q2 2026 Supplemental | Page 12
Real Estate Developments & Expansions
(dollars in thousands)
In-Process Pipeline
Development Timing
Project Name
State
Segment
Type of
Project
Beds/Units
Spent To
Date
Total
Expected
Cost
Construction
Start
Expected
Completion
Portage
MI
ISHC
New Campus
108
$23,634
$23,634
Q3 2024
Q3 2026
Mooresville
IN
ISHC
Wing Expansion
27
3,494
4,463
Q1 2025
Q3 2026
Scio Township
MI
ISHC
New Campus
109
11,899
26,651
Q3 2025
Q1 2027
Holly
MI
ISHC
New Campus
114
4,574
29,692
Q3 2025
Q4 2027
Lowell
IN
ISHC
IL Villas
50
2,881
13,627
Q3 2025
Q2 2027
Noblesville
IN
ISHC
IL Villas
32
4,379
10,401
Q3 2025
Q4 2026
Lafayette
IN
ISHC
IL Villas
8
773
2,505
Q3 2025
Q4 2026
LaGrange
KY
ISHC
IL Villas
26
3,606
8,791
Q3 2025
Q1 2027
Tiffin
OH
ISHC
IL Villas
30
1,280
8,429
Q3 2025
Q1 2027
Tiffin
OH
ISHC
Wing Expansion
18
804
2,968
Q3 2025
Q4 2026
Jasper
IN
ISHC
Wing Expansion
17
360
2,754
Q3 2025
Q2 2027
Warsaw
IN
ISHC
Wing Expansion
24
4,044
4,868
Q3 2025
Q4 2026
Waunakee
WI
ISHC
New Campus
176
2,280
19,283
Q1 2026
Q4 2027
Howell
MI
ISHC
Wing Expansion
36
2,346
2,346
Q1 2026
Q3 2026
Delaware City
OH
ISHC
New Campus
136
5,029
35,032
Q2 2026
Q1 2028
Sun Prairie
WI
ISHC
Wing Expansion
10
625
2,069
Q2 2026
Q4 2026
Total
921
$72,009
$197,513
Completed YTD Projects (1)
Project Name
State
Segment
Type of
Project
Beds/Units
Total Cost
Construction
Completion
Harrodsburg
KY
ISHC
IL Villas
32
$9,622
Q1 2026
Sylvania
OH
ISHC
IL Villas
26
8,741
Q1 2026
Ottawa
OH
ISHC
IL Villas
30
8,511
Q1 2026
Greenfield
IN
ISHC
IL Villas
16
4,731
Q2 2026
Total
104
$31,605
(1)
Certain projects that have been completed may not yet be stabilized.
American Healthcare REIT | Q2 2026 Supplemental | Page 13
2026 Guidance (1)
(dollars in millions, except per share)
FY 2026 NAREIT FFO and Normalized FFO Attributable to Common Stockholders Reconciliation
2026 Guidance
FY 2026
FY 2026 - per diluted share
Low
High
Low
High
Net income attributable to common stockholders
$108.5
$116.5
$0.54
$0.58
Depreciation and amortization (2)
$306.8
$306.8
1.52
1.52
Impairment and gain/losses from dispositions (2)
$(3.9)
$(3.9)
(0.02)
(0.02)
NAREIT FFO attributable to common stockholders
$411.4
$419.4
$2.04
$2.08
Amortization of other intangible assets/liabilities (2)
$1.3
$1.3
0.01
$0.01
Change in deferred rent (2)
$(1.6)
$(1.6)
(0.01)
$(0.01)
Non-cash impact of changes to equity plan (2)(3)
$21.9
$21.9
0.11
$0.11
Other adjustments (4)
$(0.2)
$(0.2)
(0.00)
$(0.00)
Normalized FFO attributable to common stockholders
$432.8
$440.8
$2.15
$2.19
Weighted average diluted shares (in millions)
201.3
201.3
FY 2026 Same-Store NOI Growth Guidance and Other Select Guidance Assumptions
T2Total Portfolio Same-Store NOI Growth Guidance
•
11.0% - 13.0%
Segment-Level Same-Store NOI Growth Guidance
•
ISHC: 13.0% - 16.0%
•
SHOP: 18.0% - 21.0%
•
Outpatient Medical: 0.0% - 1.0%
•
Triple-Net Leased Properties: 2.0 - 3.0%
Other Guidance Assumptions
•
General and administrative expenses of $74 million to $78 million
•
Interest expense of $75 million to $79 million
•
Other income, net of $5 million to $8 million
•
T3Expect to fund $150 million to $170 million for new development starts and on-going development projects
•
Does not assume additional acquisitions beyond the ~$1.4 billion closed YTD
(1)
The Company's guidance constitutes forward-looking statements within the meaning of the federal securities laws and is based on a number of assumptions that are subject to change and many of which are outside of the Company's control. Actual results may differ materially from the Company's expectations depending on factors discussed herein and in the Company's filings with the Securities and Exchange Commission. Totals may not add due to rounding. Non-GAAP financial measures and other terms, as used in this supplemental, are also defined and further explained in the appendix. The Company is unable to provide, without unreasonable effort, guidance for the most comparable GAAP financial measures of total revenues and property operating and maintenance expenses.
Additionally, a reconciliation of the forward-looking non-GAAP financial measures of Same-Store NOI growth to the comparable GAAP financial measures cannot be provided without unreasonable effort because the Company is unable to reasonably predict certain items contained in the GAAP measures, including non-recurring and infrequent items that are not indicative of the Company's ongoing operations. Such items include, but are not limited to, impairment on depreciated real estate assets, net gain or loss on sale of real estate assets, stock-based compensation, casualty loss, non-Same-Store revenue, and non-Same-Store operating expenses. These items are uncertain, depend on various factors, and could have a material impact on the Company's GAAP results for the guidance period. See reconciliations in the appendix of this presentation.
(2)
Amounts are presented net of noncontrolling interests' share and AHR's share of unconsolidated entities.
(3)
Amounts represent amortization of equity compensation and fair value adjustments to performance-based equity compensation.
(4)
Includes adjustments for capitalized interest, transaction, transition and restructuring costs and additional items as noted in the Company’s definition for NFFO.
American Healthcare REIT | Q2 2026 Supplemental | Page 14
Components of NAV (1)
(dollars and square feet in thousands)
Segment
Campuses/
Properties
Square
Feet
Total
Beds/Units
Q2 2026
Cash NOI (2)
Q2 2026 Annualized
Cash NOI (2)
ISHC
148
11,403
15,097
$84,583
$338,332
SHOP
92
7,322
8,042
31,522
126,088
Outpatient Medical
70
3,654
18,281
73,124
Triple-Net Leased Properties (3)
17
961
1,364
7,653
30,612
Total
327
23,340
24,503
$142,039
$568,156
Obligations
Pro-Rata
Consolidated
Weighted Avg.
Interest Rate
Mortgage debt
$890,070
$890,070
3.84%
Revolving LOC
—
—
4.69%
Term loan(4)
550,000
550,000
4.86%
Total debt
$1,440,070
$1,440,070
Cash, cash equivalents and restricted cash pertaining to debt
(180,167)
(180,300)
Net Debt
$1,259,903
$1,259,770
Other tangible liabilities, net:
Accounts payable and accrued liabilities
331,532
331,584
Other
60,543
60,624
Total other tangible liabilities, net
392,075
392,208
Financing
19,258
19,258
Lease obligations
124,850
124,859
Net obligations
$1,796,086
$1,796,095
Other Assets
Debt security investment, gross
$92,394
$92,394
Other tangible assets:
Accounts receivable
229,631
229,631
Capital expenditures
101,623
101,636
Inventory
20,511
20,511
Other
57,155
57,169
Total other tangible assets
408,920
408,947
Total other assets
$501,314
$501,341
Common Shares and OP Units Issued and Outstanding
Total common shares
194,689,026
194,689,026
Total OP Units
1,936,425
1,936,425
Total common shares and OP Units
196,625,451
196,625,451
(1)
Dollars, square feet and beds/units are presented on a consolidated basis as of June 30, 2026.
(2)
Cash NOI is adjusted to exclude non-recurring items for the three months ended June 30, 2026.
(3)
Excludes interest income from debt security investment.
(4)
Weighted average rates reflect in-place swap derivatives.
American Healthcare REIT | Q2 2026 Supplemental | Page 15
Ashford of Springville
Springville, UT
Second Quarter 2026
Supplemental Appendix
Non-GAAP Reconciliations
&
Defined Terms
American Healthcare REIT | Q2 2026 Supplemental | Page 16
NAREIT FFO/NFFO Reconciliation (1)
(in thousands, except shares and per share amounts)
Q2 2026
Q2 2025
YTD 6/30/26
YTD 6/30/25
Net income
$30,980
$10,079
$54,991
$3,239
Depreciation and amortization related to real estate — consolidated properties
72,056
41,850
139,049
82,865
Depreciation and amortization related to real estate — unconsolidated entities
14
506
28
1,003
Impairment of real estate investments — consolidated properties
1,719
12,659
2,137
34,365
(Gain) Loss on dispositions of real estate investments, net — consolidated properties
(5,647)
2,676
(5,647)
3,035
Net income attributable to noncontrolling interests
(374)
(171)
(672)
(135)
Depreciation, amortization, impairments and net gain/loss on dispositions — noncontrolling interests
(772)
(803)
(1,556)
(1,695)
NAREIT FFO attributable to controlling interest
97,976
66,796
188,330
122,677
Transaction, transition and restructuring costs
2,786
(79)
4,757
1,758
Amortization of above- and below-market leases
300
355
630
768
Amortization of closing costs — debt security investment
12
12
24
49
Change in deferred rent
(354)
(720)
(936)
(1,392)
Non-cash impact of changes to equity instruments
5,767
3,190
10,625
5,741
Non-cash income tax benefit
(223)
—
(947)
—
Capitalized interest
(711)
(345)
(1,355)
(442)
Loss on debt extinguishments
147
1,298
147
1,806
(Gain) loss in fair value of derivative financial instruments
(357)
629
(1,884)
1,379
Foreign currency (gain) loss
(75)
(2,742)
744
(4,158)
Adjustments for unconsolidated entities
—
5
(1)
5
Adjustments for noncontrolling interests
(79)
(22)
(130)
(72)
Normalized FFO attributable to controlling interest
$105,189
$68,377
$200,004
$128,119
NAREIT FFO and Normalized FFO weighted average common share outstanding — diluted
193,347,757
161,143,556
190,708,621
159,318,503
NAREIT FFO per common share attributable to controlling interest — diluted
$0.51
$0.41
$0.99
$0.77
Normalized FFO per common share attributable to controlling interest — diluted
$0.54
$0.42
$1.05
$0.80
Distributions paid to common stockholders
$47,609
$39,877
$94,431
$79,425
(1)
Totals may not add due to rounding.
American Healthcare REIT | Q2 2026 Supplemental | Page 17
Adjusted EBITDA, Coverage Ratios & Net Debt Reconciliation
(dollars in thousands)
Adjusted EBITDA Reconciliation
Q2 2026
Net income
$30,980
Interest expense, net (including amortization of deferred financing costs, amortization of debt
discount/premium and loss on debt extinguishments)
18,626
Income tax benefit
(3)
Depreciation and amortization (including amortization of leased assets and accretion of lease liabilities)
72,557
EBITDA
122,160
Income from unconsolidated entities
(892)
Straight line rent and amortization of above/below market leases
(486)
Non-cash impact of changes to equity instruments
5,767
Transaction, transition and restructuring costs
2,786
Gain on dispositions of real estate investments, net
(5,647)
Amortization of closing costs — debt security investment
12
Foreign currency gain
(75)
Gain in fair value of derivative financial instruments
(357)
Impairment of real estate investments
1,719
Adjusted EBITDA
$124,987
Coverage Ratios and Net Debt Reconciliation
Q2 2026
Interest Coverage Ratios
Interest expense(1)
$18,626
Capitalized interest
711
Loss on extinguishment of debt
(147)
Non-cash interest expense(2)
(1,599)
Total Interest
$17,591
Interest Coverage Ratio(3)
7.1X
Fixed Charges Coverage Ratio
Total interest
$17,591
Secured debt principal amortization
5,025
Total Fixed Charges
$22,616
Fixed Charge Coverage Ratio(3)
5.5X
Total debt
$1,440,070
Cash and cash equivalents
(156,896)
Restricted cash related to debt
(23,404)
Net Debt
$1,259,770
Net Debt-to-Annualized Adjusted EBITDA
2.5X
(1)
Includes approximately $1.5 million of cash interest expense from mortgage insurance premiums and equipment financing.
(2)
Non-cash interest expense includes amortization of loan fees and debt discount/premium.
(3)
Interest Coverage Ratio calculated as Adjusted EBITDA divided by Total Interest. Fixed Charges Coverage Ratio calculated as Adjusted EBITDA divided by Total Fixed Charges.
American Healthcare REIT | Q2 2026 Supplemental | Page 18
Same-Store Property Reconciliation
For the Six Months Ended June 30, 2026
ISHC
SHOP
OM
Triple-Net Leased
Properties
Total properties/campuses
148
92
70
17
Recent acquisition
(23)
(26)
—
—
Non-Core Properties
(1)
(1)
(5)
—
Expansion and development
(9)
(1)
—
—
Same-Store properties
115
64
65
17
American Healthcare REIT | Q2 2026 Supplemental | Page 19
Cash NOI Reconciliation
(in thousands)
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
YTD 6/30/25
YTD 6/30/26
Net income
$10,079
$56,639
$10,940
$24,011
$30,980
$3,239
$54,991
General and administrative
14,943
14,108
16,529
17,605
19,891
28,098
37,496
Transaction, transition and restructuring costs
(79)
50
3,295
1,971
2,786
1,758
4,757
Depreciation and amortization
41,941
49,181
55,323
67,062
72,125
83,055
139,187
Interest expense
22,632
20,392
19,806
18,796
18,626
45,577
37,422
Loss (gain) in fair value of derivative financial instruments
629
(166)
(179)
(1,527)
(357)
1,379
(1,884)
Loss (gain) on dispositions of real estate investments, net
2,676
(691)
621
—
(5,647)
3,035
(5,647)
Impairment of real estate investments
12,659
3,768
11,802
418
1,719
34,365
2,137
Loss (income) from unconsolidated entities
1,238
(462)
(657)
(792)
(892)
3,086
(1,684)
Gain on re-measurement of previously held equity interests
—
(14,580)
—
—
—
—
—
Foreign currency (gain) loss
(2,742)
977
6
819
(75)
(4,158)
744
Other income, net
(1,480)
(2,309)
(3,491)
(2,335)
(1,914)
(3,005)
(4,249)
Income tax expense (benefit)
732
(21,092)
(2,415)
(525)
(3)
1,336
(528)
Total NOI
103,228
105,815
111,580
125,503
137,239
197,765
262,742
Straight line rent
(821)
(730)
(793)
(780)
(503)
(1,556)
(1,283)
Facility rental expense
7,278
7,030
6,849
6,761
6,752
14,777
13,513
Other non-cash adjustments
182
133
163
14
77
384
91
Cash NOI from dispositions
(394)
(102)
27
10
(355)
(615)
(345)
Cash NOI attributable to noncontrolling interests (1)
(255)
(251)
(250)
(250)
(250)
(506)
(500)
Cash NOI (1)
$109,218
$111,895
$117,576
$131,258
$142,960
$210,249
$274,218
(1)
All periods are based upon current quarter's ownership percentage.
American Healthcare REIT | Q2 2026 Supplemental | Page 20
Same-Store Revenue Reconciliation
(in thousands)
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
YTD 6/30/25
YTD 6/30/26
Integrated Senior Health Campuses
GAAP Revenue
$429,350
$455,453
$472,577
$502,743
$512,878
$858,042
$1,015,621
Cash revenue from dispositions
(1,201)
—
—
—
(2,069)
(2,681)
(2,069)
Cash revenue
428,149
455,453
472,577
502,743
510,809
855,361
1,013,552
Revenue attributable to new acquisitions/dispositions/other
(104,597)
(118,985)
(132,515)
(160,081)
(169,742)
(211,160)
(329,823)
Revenue attributable to Non-Core Properties
(6,400)
(6,655)
(6,680)
(6,554)
(3,568)
(12,603)
(10,122)
Same-Store revenue
$317,152
$329,813
$333,382
$336,108
$337,499
$631,598
$673,607
SHOP
GAAP Revenue
$71,935
$76,605
$91,410
$107,024
$121,641
$140,419
$228,665
Cash revenue from dispositions
—
—
—
—
—
(166)
—
Cash revenue attributable to noncontrolling interests (1)
(276)
(278)
(276)
(287)
(280)
(546)
(567)
Cash revenue (1)
71,659
76,327
91,134
106,737
121,361
139,707
228,098
Revenue attributable to new acquisitions/dispositions
(2,996)
(6,208)
(19,788)
(34,027)
(47,447)
(3,409)
(81,474)
Revenue attributable to development conversion
(753)
(864)
(897)
(904)
(1,014)
(1,391)
(1,918)
Revenue attributable to Non-Core Properties
(580)
(580)
(532)
(607)
(605)
(1,169)
(1,212)
Same-Store revenue (1)
$67,330
$68,675
$69,917
$71,199
$72,295
$133,738
$143,494
Outpatient Medical
GAAP Revenue
$31,254
$31,181
$30,449
$30,842
$29,985
$64,448
$60,827
Straight line rent
(259)
(243)
(363)
(358)
(100)
(432)
(458)
Other non-cash adjustments
(350)
(380)
(356)
(491)
(389)
(674)
(880)
Cash revenue from dispositions
(460)
(427)
(172)
—
(1)
(460)
(1)
Cash revenue
30,185
30,131
29,558
29,993
29,495
62,882
59,488
Revenue attributable to dispositions
(894)
(154)
—
—
—
(3,890)
—
Revenue attributable to Non-Core Properties
(2,276)
(2,230)
(1,931)
(1,874)
(1,773)
(4,927)
(3,647)
Same-Store revenue
$27,015
$27,747
$27,627
$28,119
$27,722
$54,065
$55,841
Triple-Net Leased Properties
GAAP Revenue
$9,964
$9,698
$9,644
$10,165
$9,746
$20,197
$19,911
Straight line rent
(562)
(487)
(430)
(422)
(403)
(1,124)
(825)
Other non-cash adjustments
199
200
200
200
169
424
369
Cash revenue from dispositions
—
(25)
—
—
(27)
—
(27)
Cash revenue attributable to noncontrolling interest (1)
(191)
(194)
(194)
(194)
(195)
(381)
(389)
Cash revenue (1)
9,410
9,192
9,220
9,749
9,290
19,116
19,039
Debt security investment
(1,163)
(1,165)
(1,167)
(1,158)
(1,171)
(2,644)
(2,329)
Revenue attributable to dispositions
(26)
—
—
—
—
(52)
—
Revenue attributable to Non-Core Properties
(157)
(157)
(157)
(159)
—
(313)
(159)
Other normalizing revenue adjustments
(261)
—
—
(354)
—
(522)
(354)
Same-Store revenue (1)
$7,803
$7,870
$7,896
$8,078
$8,119
$15,585
$16,197
Total Portfolio
GAAP Revenue
$542,503
$572,937
$604,080
$650,774
$674,250
$1,083,106
$1,325,024
Straight line rent
(821)
(730)
(793)
(780)
(503)
(1,556)
(1,283)
Other non-cash adjustments
(151)
(180)
(156)
(291)
(220)
(250)
(511)
Cash revenue from dispositions
(1,661)
(452)
(172)
—
(2,097)
(3,307)
(2,097)
Cash revenue attributable to noncontrolling interests (1)
(467)
(472)
(470)
(481)
(475)
(927)
(956)
Cash revenue (1)
539,403
571,103
602,489
649,222
670,955
1,077,066
1,320,177
Debt security investment
(1,163)
(1,165)
(1,167)
(1,158)
(1,171)
(2,644)
(2,329)
Revenue attributable to new acquisitions/dispositions/other
(108,513)
(125,347)
(152,303)
(194,108)
(217,189)
(218,511)
(411,297)
Revenue attributable to development conversion
(753)
(864)
(897)
(904)
(1,014)
(1,391)
(1,918)
Revenue attributable to Non-Core Properties
(9,413)
(9,622)
(9,300)
(9,194)
(5,946)
(19,012)
(15,140)
Other normalizing revenue adjustments
(261)
—
—
(354)
—
(522)
(354)
Same-Store revenue (1)
$419,300
$434,105
$438,822
$443,504
$445,635
$834,986
$889,139
(1)
All periods are based upon current quarter's ownership percentage.
American Healthcare REIT | Q2 2026 Supplemental | Page 21
Same-Store NOI Reconciliation
(in thousands)
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
YTD 6/30/25
YTD 6/30/26
Integrated Senior Health Campuses
NOI
$60,934
$62,169
$63,930
$71,759
$78,159
$113,925
$149,918
Facility rental expense
7,278
7,030
6,849
6,761
6,752
14,777
13,513
Cash NOI from dispositions
(199)
—
—
—
(328)
(473)
(328)
Cash NOI
68,013
69,199
70,779
78,520
84,583
128,229
163,103
New acquisitions/dispositions/other
(5,589)
(6,538)
(5,852)
(9,933)
(12,727)
(5,926)
(22,660)
Non-Core Properties
(974)
(1,078)
(1,011)
(912)
(506)
(1,744)
(1,418)
Other normalizing adjustments
—
1,044
—
—
—
—
—
Same-Store NOI
$61,450
$62,627
$63,916
$67,675
$71,350
$120,559
$139,025
SHOP
NOI
$14,066
$15,359
$19,764
$25,837
$31,522
$25,828
$57,359
Cash NOI from dispositions
8
25
4
—
—
63
—
Cash NOI attributable to noncontrolling interests (1)
(64)
(58)
(57)
(57)
(55)
(126)
(112)
Cash NOI (1)
14,010
15,326
19,711
25,780
31,467
25,765
57,247
New acquisitions/dispositions
(1,044)
(1,921)
(6,089)
(11,408)
(15,329)
(850)
(26,737)
Development conversion
277
343
301
330
(19)
637
311
Non-Core Properties
(35)
(59)
16
(66)
(32)
(117)
(98)
Other normalizing adjustments
147
—
—
—
—
147
—
Same-Store NOI (1)
$13,355
$13,689
$13,939
$14,636
$16,087
$25,582
$30,723
Outpatient Medical
NOI
$19,062
$19,128
$18,717
$18,718
$18,492
$39,571
$37,210
Straight line rent
(259)
(243)
(363)
(358)
(100)
(432)
(458)
Other non-cash adjustments
(36)
(85)
(55)
(203)
(111)
(77)
(314)
Cash NOI from dispositions
(203)
(127)
23
10
-
(205)
10
Cash NOI
18,564
18,673
18,322
18,167
18,281
38,857
36,448
Dispositions
(261)
83
—
—
—
(1,846)
—
Non-Core Properties
(1,197)
(1,259)
(898)
(918)
(890)
(2,924)
(1,808)
Other normalizing adjustments
—
—
318
—
—
—
—
Same-Store NOI
$17,106
$17,497
$17,742
$17,249
$17,391
$34,087
$34,640
Triple-Net Leased Properties
NOI
$9,166
$9,159
$9,169
$9,189
$9,066
$18,441
$18,255
Straight line rent
(562)
(487)
(430)
(422)
(403)
(1,124)
(825)
Other non-cash adjustments
218
218
218
217
188
461
405
Cash NOI from dispositions
—
—
—
—
(27)
—
(27)
Cash NOI attributable to noncontrolling interest (1)
(191)
(193)
(193)
(193)
(195)
(380)
(388)
Cash NOI (1)
8,631
8,697
8,764
8,791
8,629
17,398
17,420
Debt security investment
(1,163)
(1,165)
(1,167)
(1,158)
(1,171)
(2,644)
(2,329)
Dispositions
(9)
—
—
—
—
3
—
Non-Core Properties
(152)
(157)
(157)
(159)
—
(307)
(159)
Same-Store NOI (1)
$7,307
$7,375
$7,440
$7,474
$7,458
$14,450
$14,932
Total Portfolio
NOI
$103,228
$105,815
$111,580
$125,503
$137,239
$197,765
$262,742
Straight line rent
(821)
(730)
(793)
(780)
(503)
(1,556)
(1,283)
Facility rental expense
7,278
7,030
6,849
6,761
6,752
14,777
13,513
Other non-cash adjustments
182
133
163
14
77
384
91
Cash NOI from dispositions
(394)
(102)
27
10
(355)
(615)
(345)
Cash NOI attributable to noncontrolling interests (1)
(255)
(251)
(250)
(250)
(250)
(506)
(500)
Cash NOI (1)
109,218
111,895
117,576
131,258
142,960
210,249
274,218
Debt security investment
(1,163)
(1,165)
(1,167)
(1,158)
(1,171)
(2,644)
(2,329)
New acquisitions/dispositions/other
(6,903)
(8,376)
(11,941)
(21,341)
(28,056)
(8,619)
(49,397)
Development conversion
277
343
301
330
(19)
637
311
Non-Core Properties
(2,358)
(2,553)
(2,050)
(2,055)
(1,428)
(5,092)
(3,483)
Other normalizing adjustments
147
1,044
318
—
—
147
—
Same-Store NOI (1)
$99,218
$101,188
$103,037
$107,034
$112,286
$194,678
$219,320
(1)
All periods are based upon current quarter's ownership percentage.
American Healthcare REIT | Q2 2026 Supplemental | Page 22
Defined Terms
•
Adjusted EBITDA: EBITDA excluding the impact of income or loss from unconsolidated entities, straight line rent and amortization of above/below market leases, non-cash impact of changes to equity instruments, transaction, transition and restructuring costs, gain or loss on sales of real estate investments, amortization of closing costs for debt security instrument, unrealized foreign currency gain or loss, change in fair value of derivative financial instruments, impairments of real estate investments, impairments of intangible assets and goodwill, and non-recurring one-time items.
•
Affiliated: An OM (as defined on the next page) that, as of a specified date, has 25.0% or more of its square footage occupied by at least one healthcare system.
•
AL: Assisted living units.
•
Annualized Adjusted EBITDA: Current period (shown as quarterly) Adjusted EBITDA multiplied by four.
•
ABR: Annualized Base Rent. ABR is calculated as contractual base rent for the last month of the applicable period multiplied by 12.
•
Cash NOI: NOI excluding the impact of, without duplication, (1) non-cash items such as straight-line rent and the amortization of lease intangibles, (2) third-party facility rent payments and (3) other items set forth in the Cash NOI reconciliation included herein. Both Cash NOI and Same-Store NOI include Pro-Rata ownership and other adjustments.
•
Cash NOI Margin: Calculated by dividing Cash NOI by cash revenue.
•
EBITDA: A non-GAAP financial measure that is defined as earnings before interest, taxes, depreciation and amortization.
•
EBITDAR: Earnings before interest, taxes, depreciation, amortization and facilities rent. We use unaudited, periodic financial information provided solely by tenants to calculate EBITDAR and have not independently verified the information.
•
EBITDAR Coverage: The ratio of EBITDAR to contractual rent for leases or interest and principal payments for loans. EBITDAR Coverage is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations.
•
EBITDARM: Earnings before interest, taxes, depreciation, amortization, facilities rent and management fees. We use unaudited, periodic financial information provided solely by tenants to calculate EBITDARM and have not independently verified the information.
•
EBITDARM Coverage: The ratio of EBITDARM to contractual rent for leases or interest and principal payments for loans. EBITDARM Coverage is a measure of a property’s ability to generate sufficient cash flows for the operator or borrower to pay rent and meet other obligations, assuming that management fees are not paid.
•
ExPOR: Expense per occupied unit. ExPOR is calculated as total expense generated by occupied units divided by the number of occupied units.
•
GAAP Revenue: Revenue recognized in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”), which includes straight line rent and other non-cash adjustments.
•
GLA: Gross leasable area.
•
Hospitals: Hospital properties typically will include acute care, long-term acute care, specialty and rehabilitation hospitals and generally will be leased to single tenants or operators under triple-net lease structures.
•
IL: Independent living units.
•
Integrated Senior Health Campuses or ISHC: Integrated senior health campuses include a range of senior care, including independent living, assisted living, memory care, skilled nursing services and certain ancillary businesses. Integrated senior health campuses are operated utilizing a RIDEA Structure (as defined on the next page).
•
Maintenance Capex: AHR-invested capital expenditures, whether routine or non-routine (including second generation tenant incentives and leasing commissions), that are not expected to generate incremental income for the Company.
•
MC: Memory-care units.
•
NAREIT FFO or FFO: Funds from operations attributable to controlling interest; a non-GAAP financial measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT (the “White Paper”). The White Paper defines FFO as net income (loss) computed in accordance with GAAP, excluding gains or losses from sales of certain real estate assets, gains or losses upon consolidation of a previously held equity interest, and impairment write-downs of certain real estate assets and investments, plus depreciation and amortization related to real estate, after adjustments for unconsolidated partnerships and joint ventures. While impairment charges are excluded from the calculation of FFO as described above, investors are cautioned that impairments are based on estimated future undiscounted cash flows. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO.
American Healthcare REIT | Q2 2026 Supplemental | Page 23
Defined Terms, continued
•
NAV: Net asset value.
•
Net Debt: Total Debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash related to debt.
•
NOI: Net operating income; a non-GAAP financial measure that is defined as net income (loss), computed in accordance with GAAP, generated from properties before general and administrative expenses, transaction, transition and restructuring costs, depreciation and amortization, interest expense, gain or loss in fair value of derivative financial instruments, gain or loss on dispositions, impairments of real estate investments, impairments of intangible assets and goodwill, income or loss from unconsolidated entities, gain on re-measurement of previously held equity interest, foreign currency gain or loss, other income or expense and income tax benefit or expense.
•
Non-Core Properties: Assets that have been deemed not essential to generating future economic benefit or value to our day-to-day operations and/or are scheduled to be sold.
•
Normalized FFO or NFFO: FFO further adjusted for the following items included in the determination of GAAP net income (loss): transaction, transition and restructuring costs; amounts relating to changes in deferred rent and amortization of above and below-market leases (which are adjusted in order to reflect such payments from a GAAP accrual basis); the non-cash impact of changes to our equity instruments; non-cash or non-recurring income or expense; the noncash effect of income tax benefits or expenses; capitalized interest; impairments of intangible assets and goodwill; amortization of closing costs on debt investments; mark-to-market adjustments included in net income (loss); gains or losses included in net income (loss) from the extinguishment or sale of debt, hedges, foreign exchange, derivatives or securities holdings where trading of such holdings is not a fundamental attribute of the business plan; and after adjustments for consolidated and unconsolidated partnerships and joint ventures, with such adjustments calculated to reflect Normalized FFO on the same basis.
•
Occupancy: With respect to OM, the percentage of total rentable square feet leased and occupied, including month-to-month leases, as of the date reported. With respect to all other property types, occupancy represents average quarterly operating occupancy based on the most recent quarter of available data. The Company uses unaudited, periodic financial information provided solely by tenants to calculate occupancy and has not independently verified the information.
•
OM: Outpatient Medical properties.
•
OP Unit: Units of limited partnership interest in the Operating Partnership, which are redeemable for cash or, at our election, shares of our common stock on a one-for-one basis, subject to certain adjustments.
•
Operating Partnership: American Healthcare REIT Holdings, LP, a Delaware limited partnership, through which we conduct substantially all of our business and of which Continental Merger Sub, LLC, a Delaware limited liability company and our wholly-owned subsidiary, is the sole general partner.
•
Pro-Rata: As of June 30, 2026, we owned and/or operated six other buildings through entities of which we owned between 90.0% and 90.6% of the ownership interests. Because we have a controlling interest in these entities, these entities and the properties these entities own are consolidated in our financial statements in accordance with GAAP. However, while such properties are presented in our financial statements on a consolidated basis, we are only entitled to our Pro-Rata share of the net cashflows generated by such properties. As a result, we have presented certain property information herein based on our Pro-Rata ownership interest in these entities and the properties these entities own, as of the applicable date, and not on a consolidated basis. In such instances, information is noted as being presented on a “Pro-Rata share” basis.
•
Quality Mix: Total number of Medicare, Managed Care, Medicare Advantage and private days or revenue divided by the total number of actual patient days or total revenue for all payor types within Skilled Nursing and Senior Housing beds in the ISHC segment.
•
Retention: The ratio of total renewed square feet and month-to-month leases retained to the total square feet expiring, excluding the square feet for tenant leases terminated and leases in assets expected to be sold for the trailing 12-months.
•
RevPOR: Revenue per occupied room. RevPOR is calculated as total revenue generated by occupied units divided by the number of occupied units.
•
RIDEA Structure: A structure permitted by the REIT Investment Diversification and Empowerment Act of 2007, pursuant to which we lease certain healthcare real estate properties to a wholly-owned taxable REIT subsidiary (TRS), which in turn contracts with an eligible independent contractor (EIK) to operate such properties for a fee. Under this structure, the EIK receives management fees, and the TRS receives revenue from the operation of the healthcare real estate properties and retains, as profit, any revenue remaining after payment of expenses (including intercompany rent paid to us and any taxes at the TRS level) necessary to operate the property. Through the RIDEA Structure, in addition to receiving rental revenue from the TRS, we retain any after-tax profit from the operation of the healthcare real estate properties and benefit from any improved operational performance while bearing the risk of any decline in operating performance at the properties.
American Healthcare REIT | Q2 2026 Supplemental | Page 24
Defined Terms, continued
•
Same-Store: Properties owned or consolidated the full year in both comparison years and that are not otherwise excluded. Properties are excluded from Same-Store if they are: (1) sold, classified as held for sale or properties whose operations were classified as discontinued operations in accordance with GAAP; (2) impacted by materially disruptive events, such as flood or fire for an extensive period of time; or (3) scheduled to undergo or currently undergoing major expansions/renovations or business model transitions or have transitioned business models after the start of the prior comparison period.
•
Same-Store NOI: Cash NOI for our Same-Store properties. Same-Store NOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. Both Cash NOI and Same-Store NOI include ownership and other adjustments.
•
Same-Store NOI Margin: Calculated by dividing Same-Store NOI by Same-Store revenue.
•
Senior Housing-Leased: Senior housing facilities cater to different segments of the elderly population based upon their personal needs and include assisted living, memory care and independent living. Residents of assisted living facilities typically require limited medical care and need assistance with eating, bathing, dressing and/or medication management, and those services can be provided by staff at the facility. Resident programs offered at such facilities may include transportation, social activities and exercise and fitness programs. Our Senior Housing-Leased properties are triple-net leased.
•
SHOP: Senior housing operating properties.
•
SNFs: Skilled nursing facilities.
•
Square Feet or Sq. Ft.: Net rentable square feet calculated utilizing building owners and managers association measurement standards.
•
Total Debt: The principal balances of the Company’s revolving credit facilities, term loan and secured indebtedness as reported in the Company’s consolidated financial statements.
•
Triple-Net Leased: A lease where the tenant is responsible for making rent payments, maintaining the leased property, and paying property taxes and other expenses.
•
WALT: Weighted average lease term.
American Healthcare REIT | Q2 2026 Supplemental | Page 25
https://www.americanhealthcarereit.com
18191 Von Karman Avenue, Suite 300
Irvine, California
American Healthcare REIT, Inc. (NYSE: AHR) is a real estate investment trust that acquires, owns and operates a diversified portfolio of clinical healthcare real estate, focusing primarily on senior housing communities, skilled nursing, and outpatient medical buildings across the United States, the United Kingdom and the Isle of Man.
American Healthcare REIT | Q2 2026 Supplemental | Page 26
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | — | 0 |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 7 | — | 0 |
| Recession recession, downturn, contraction, slowdown | 0 | — | 0 |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | — | 0 |
| Buybacks share repurchase, buyback program | 0 | — | 0 |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Not placed in the text
These quotes are stored with a score, but no passage here matches them closely enough to highlight. Rather than point at the wrong passage, they are listed as stored.
Theme · Portfolio Performance
“Same-Store NOI Growth for Q2 2026: ISHC 16.1%; SHOP 20.5%; OM 1.7%”
Theme · FFO Guidance
“FY 2026 NAREIT FFO attributable to common stockholders: $411.4 million - $419.4 million”
Theme · Segment Margins
“ISHC Cash NOI Margin: 16.6%; SHOP Cash NOI Margin: 25.9%”
Theme · Occupancy Trends
“ISHC average Occupancy: 89.5%; SHOP average Occupancy: 88.8%”
Theme · Acquisition Activity
“YTD 2026 Real Estate Acquisitions: SHOP Q1 2026 - 7 properties for $162,750”
Source: SEC EDGAR · public domain · Highlights by Palanor