American Healthcare REIT — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported GAAP net income attributable to controlling interest of $31.2 million ($0.14 per diluted share) for the three months ended September 30, 2026, compared to $55.9 million ($0.33 per diluted share) in the same period in 2025.
• Reported Normalized Funds From Operations (NFFO) attributable to controlling interest of $0.58 per diluted share for the quarter.
• Achieved total portfolio Same-Store Net Operating Income (NOI) growth of 13.8% for the three months ended September 30, 2026, compared to the same period in 2025.
• Segment-level Same-Store NOI growth for the quarter was 28.2% for Senior Housing Operating Properties (SHOP) and 15.7% for Integrated Senior Health Campuses (ISHC).
• Total portfolio Same-Store NOI growth for the nine months ended September 30, 2026, was 13.1% compared to the same period in 2025.
• Reported Net Debt-to-Annualized Adjusted EBITDA of 1.9x as of September 30, 2026, an improvement from 2.5x as of June 30, 2026.
• Total consolidated indebtedness was $1.38 billion as of September 30, 2026.
• Total liquidity was approximately $2.35 billion, comprised of cash and cash equivalents, undrawn credit line capacity, and expected gross proceeds from unsettled forward sale agreements.
• Real estate investments, net, increased to $5.95 billion as of September 30, 2026, from $4.18 billion as of December 31, 2025.
• Total assets were $7.61 billion as of September 30, 2026, compared to $5.43 billion as of December 31, 2025.

Guidance and Future Outlook:

• Increased full-year 2026 Same-Store NOI growth guidance to a range of 12.0% to 14.0% (midpoint 13.0%), up from the prior range of 11.0% to 13.0%.
• Increased full-year 2026 NFFO per diluted share guidance to a range of $2.23 to $2.26 (midpoint $2.245), up from the prior range of $2.15 to $2.19.
• Increased full-year 2026 Net income per diluted share guidance to a range of $0.59 to $0.62 (midpoint $0.605), up from the prior range of $0.54 to $0.58.
• Increased full-year 2026 NAREIT FFO per diluted share guidance to a range of $2.13 to $2.16 (midpoint $2.145), up from the prior range of $2.04 to $2.08.
• Segment-level full-year 2026 Same-Store NOI growth guidance: ISHC (14.5% to 16.5%), SHOP (23.0% to 26.0%), Outpatient Medical (0.5% to 1.0%), and Triple-Net Leased Properties (2.5% to 3.5%).
• Management expects 31% NFFO per diluted share growth over 2025 at the midpoint of the revised guidance.
• The investment pipeline consists of over $1.0 billion, with expected closings by the end of the first quarter of 2027; these are not included in 2026 guidance.
• Total in-process development and expansion pipeline is expected to cost approximately $192.9 million, with $88.2 million funded as of September 30, 2026.

Business Segments and Product Lines:

• Acquired approximately $1.69 billion of new investments in the SHOP segment during the three months ended September 30, 2026.
• Completed approximately $2.07 billion in new investments since the beginning of 2026.
• Acquired 17 new SHOP assets during the quarter, located in various states and managed by new and existing regional operating partners.
• Funded a loan for seven properties for approximately $86.2 million with purchase options; these properties are operated by an existing tenant in the Triple-Net Leased Properties segment.
• SHOP segment Same-Store NOI growth was 28.2% for the quarter and 22.9% for the nine months ended September 30, 2026.
• ISHC segment Same-Store NOI growth was 15.7% for the quarter and 15.5% for the nine months ended September 30, 2026.
• Outpatient Medical segment Same-Store NOI growth was 0.4% for the quarter and 1.2% for the nine months ended September 30, 2026.
• Triple-Net Leased Properties segment Same-Store NOI growth was 2.7% for the quarter and 3.1% for the nine months ended September 30, 2026.

Market and Competitive Landscape:

• Management attributes growth to strong pricing power driven by rate growth and effective expense control by operating partners.
• The company focuses on a platform pairing local expertise of top operators with portfolio-wide collaborations in the senior housing industry.
• The company aims to be the preferred capital partner for the best senior housing operators in America.
• Recognized for workplace quality and corporate trust by Great Place To Work, Newsweek, U.S. News & World Report, and Fortune.

Risks and Challenges:

• The company notes that supply and demand dynamics alone do not guarantee success; execution on occupancy, pricing, and expense control is required.
• Forward-looking statements regarding performance, guidance, and transaction closings involve risks and uncertainties that could cause actual results to differ materially, including macroeconomic conditions, legal policies, and geopolitical conditions.
• The company cannot guarantee when or if deals in its investment pipeline will close.
• Guidance does not assume additional transaction or capital markets activity beyond disclosed completed transactions.

Management Commentary and Tone:

• Jeff Hanson, Chairman and CEO, stated the company strengthened the team, portfolio, and platform, adding nearly $2.1 billion in new investments in 2026.
• Gabe Willhite, President and COO, highlighted that systems and standards supported by operating partners propelled growth across the SHOP+ portfolio.
• Aric Chang, CFO, expressed honor in joining at a pivotal moment and noted the team successfully executed on organic and external growth.
• Management described the growth as "ambitious but disciplined," linking superior care quality to resident outcomes and financial performance.

Other Key Points:

• Completed a follow-on common equity offering in August 2026, entering forward sale agreements for 15,237,500 shares for approximately $819.0 million in gross proceeds.
• Entered forward sale agreements under the ATM Program to sell 14,385,140 shares for approximately $780.5 million in gross proceeds during the quarter.
• Subsequent to quarter end, entered additional ATM forward sale agreements for 1,522,952 shares for approximately $77.1 million in gross proceeds.
• As of November 5, 2026, had unsettled forward sale agreements outstanding for 24,598,011 shares, resulting in approximately $1.32 billion in gross proceeds assuming full physical settlement.
• Issued 36,833,346 shares during the quarter to physically settle forward sale agreements for approximately $1.88 billion in gross proceeds.
• Board declared a cash distribution of $0.25 per share for the quarter ended September 30, 2026, paid on October 16, 2026.
• Appointed new senior leadership: Jeff Hanson as CEO (in addition to Chairman), Gabe Willhite as President (in addition to COO), Scott Estes as Lead Independent Director, Aric Chang as CFO, Jon Crosier as CTO, and Ann Lacey as Executive Vice President, Portfolio and Asset Management – Senior Housing.
• Published a 2025 Corporate Responsibility report committing to a 25% reduction in greenhouse gas Scope 1 and 2 emissions intensity by 2033 from a 2024 base year.
• Received certain Ohio Medicaid quality incentive payments (HB 479) included in resident fees and services revenue for the ISHC segment, which are not reflective of ongoing operating performance.