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

• Reported GAAP net income attributable to controlling interest of $55.9 million, or $0.33 per diluted share, for the three months ended September 30, 2025.
• Reported Normalized Funds from Operations attributable to common stockholders ("NFFO") of $0.44 per diluted share for the three months ended September 30, 2025.
• Achieved total portfolio Same-Store Net Operating Income ("NOI") growth of 16.4% for the three months ended September 30, 2025, compared to the same period in 2024.
• Achieved 25.3% and 21.7% Same-Store NOI growth during the three months ended September 30, 2025, from its senior housing operating properties ("SHOP") and integrated senior health campuses ("ISHC"), respectively, compared to the same period in 2024.
• During the three months ended September 30, 2025, the Company closed on approximately $210.8 million of acquisitions. Year-to-date 2025, the Company has closed on over $575 million of new acquisitions.
• During the three months ended September 30, 2025, the Company issued 3,554,525 shares of common stock to settle sales under previously announced forward sales agreements 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 at-the-market equity offering programs ("ATM Programs"). 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.
• Increasing total portfolio Same-Store NOI growth guidance for the year ending December 31, 2025, by 150 basis points at the midpoint from a range of 11.0% to 14.0% to a revised range of 13.0% to 15.0%, primarily due to operating results in its ISHC and SHOP segments during the three months ended September 30, 2025.
• Increasing NFFO guidance for the year ending December 31, 2025, by $0.045 at the midpoint from a range of $1.64 to $1.68 to a revised range of $1.69 to $1.72, due to increased expectations for full year 2025 NOI growth for its Same-Store portfolio and recent accretive capital markets and capital allocation activity.
• Reported a 0.2x improvement to Net Debt-to-Annualized Adjusted EBITDA from 3.7x as of June 30, 2025 to 3.5x as of September 30, 2025.
• Published AHR's inaugural Corporate Responsibility Report outlining its corporate responsibility program and future initiatives.

"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.

"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:

• As previously announced, purchased its partners' 51% outstanding interests in an unconsolidated joint venture including five pre-stabilized campuses. The recently developed campuses contain 704 beds and will continue to be operated by Trilogy Management Services ("TMS"). Four of the campuses opened within the last year and are not yet stabilized. Total consideration for the acquisition of its partners' 51% interests, including the extinguishment of all partnership-level debt, was approximately $118.4 million
• As previously announced, acquired four new long-term care assets within the Company's ISHC property segment for approximately $65.3 million. These properties were operated by TMS prior to the Company's acquisition, and will continue to be operated by TMS.
• Acquired three SHOP assets for approximately $66.0 million, including two previously announced acquisitions for $33.5 million. The properties are managed by the Company's regional operating partners, Great Lakes Management and Compass Senior Living.
• Completed a previously announced lease buyout within its ISHC segment for approximately $7.3 million.
• Sold six non-core properties for gross proceeds of approximately $13.0 million, including one previously announced disposition for gross proceeds of approximately $1.8 million.

Subsequent to quarter end, the Company:

• Acquired seven new high-quality SHOP assets for approximately $274.0 million. Three of the acquired properties are located in Minnesota and Wisconsin and will be managed and operated by Great Lakes Management. To manage the other four properties, located in California and Utah, the Company has formally established a new regional operating relationship with WellQuest Living.
• Completed a $12.3 million lease buyout within the Company's ISHC segment.

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:

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.