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 three months ended September 30, 2026, compared to $0.44 per diluted share in the prior year period.
• 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.
• Total revenues were $742.1 million for the three months ended September 30, 2026, compared to $572.9 million in the prior year period.
• Net Debt-to-Annualized Adjusted EBITDA improved to 1.9x as of September 30, 2026, 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 as of September 30, 2026, comprised of cash, undrawn credit capacity, and expected proceeds from unsettled forward sale agreements.
• Issued 36.8 million shares of common stock during the three months ended September 30, 2026, for gross proceeds of approximately $1.88 billion.
• Reported $164.8 million in Net Operating Income (NOI) for the three months ended September 30, 2026, compared to $105.8 million in the prior year period.

Guidance and Future Outlook

• Increased full year 2026 NFFO per diluted share guidance to a range of $2.23 to $2.26 (midpoint $2.245), up from a prior range of $2.15 to $2.19.
• Increased full year 2026 Total Portfolio Same-Store NOI growth guidance to a range of 12.0% to 14.0% (midpoint 13.0%), up from a prior range of 11.0% to 13.0%.
• Increased full year 2026 Net income per diluted share guidance to a range of $0.59 to $0.62 (midpoint $0.605), up from a 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 a prior range of $2.04 to $2.08.
• Segment-level Same-Store NOI growth guidance for 2026: 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.
• Investment pipeline consists of over $1.0 billion, with expectations to close deals 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

• SHOP segment achieved Same-Store NOI growth of 28.2% for the three months ended September 30, 2026.
• ISHC segment achieved Same-Store NOI growth of 15.7% for the three months ended September 30, 2026.
• Outpatient Medical segment achieved Same-Store NOI growth of 0.4% for the three months ended September 30, 2026.
• Triple-Net Leased Properties segment achieved Same-Store NOI growth of 2.7% for the three months ended September 30, 2026.
• Acquired approximately $1.69 billion of new investments within 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 three months ended September 30, 2026.
• Funded a loan for seven properties for approximately $86.2 million with purchase options during the three months ended September 30, 2026.

Market and Competitive Landscape

• Management attributes Same-Store NOI growth to strong pricing power driven by rate growth and effective expense control by operating partners.
• Growth was supported by occupancy gains, dynamic pricing management, and tight expense control.
• The Company positions itself as the preferred capital partner for top senior housing operators in America.
• The SHOP+ portfolio, comprising SHOP and ISHC segments, has been propelled by systems and standards supported with operating partners.

Risks and Challenges

• Forward-looking statements regarding performance, guidance, and transaction timing involve risks and uncertainties that could cause actual results to differ materially.
• 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.
• The Company is unable to provide guidance for GAAP total revenues and property operating expenses without unreasonable effort due to uncertainty regarding non-recurring items.
• Risks include changing macroeconomic, domestic legal, and fiscal policies, as well as geopolitical conditions.

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 and bringing new operating partners onto the platform.
• Gabe Willhite, President and COO, noted that supply and demand dynamics alone do not guarantee success, emphasizing the execution of occupancy gains and expense control.
• Aric Chang, CFO, highlighted the successful execution of organic and external growth as the reason for raising full-year guidance and the focus on driving long-term shareholder value.
• Management described the growth as "ambitious but disciplined," linking superior care quality to resident outcomes and 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 into forward sale agreements under the ATM Program for 14,385,140 shares for approximately $780.5 million in gross proceeds during the quarter.
• Subsequent to quarter end, entered into 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 relating to 24,598,011 shares, resulting in approximately $1.32 billion in gross proceeds assuming full physical settlement.
• Strengthened senior leadership team: Jeff Hanson named CEO (in addition to Chairman), Gabe Willhite elevated to President (in addition to COO), Scott Estes appointed Lead Independent Director, Aric Chang appointed CFO, Jon Crosier appointed CTO, and Ann Lacey appointed EVP, Portfolio and Asset Management – Senior Housing.
• Declared a cash distribution of $0.25 per share for the quarter ended September 30, 2026, paid on October 16, 2026.
• 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.
• Recognized for workplace quality and corporate trust by Great Place To Work, Newsweek, U.S. News & World Report, and Fortune.
• Stock compensation expense included $4.6 million related to accelerated vesting and modification of equity awards in connection with CEO and CFO transitions.
• Received $8.8 million in non-recurring Ohio Medicaid quality incentive payments (HB 479) included in resident fees and services revenue.