American Healthcare REIT (AHR) investor relations material

Strategic focus and growth

• Capital allocation is centered on managed care through two RIDEA segments: Traditional SHOP and Trilogy, which together account for about 80% of NOI and are growing rapidly.

• Internal growth has led to industry-leading FFO per share growth of 20%+ for nine consecutive quarters, while net debt to EBITDA has been reduced to 3x.

• The awarded investment pipeline has expanded from $650 million to over $1 billion, prompting a recent capital raise to support further acquisitions.

• Expansion is focused on existing operators, with $250 million closed year-to-date and the pipeline entirely with established partners.

• The company is positioned to benefit from strong sector fundamentals, with high demand and limited supply driving a multi-year growth outlook.

Acquisition and portfolio strategy

• Emphasis is placed on partnering with high-quality operators, prioritizing operator quality over market or asset characteristics.

• Most pipeline deals are smaller, allowing for targeted, incremental growth and regional density.

• Larger portfolio acquisitions are only pursued when there is significant overlap with preferred operators or strategic markets.

• SHOP portfolio skews toward assisted living, with strong operator relationships and embedded growth expected to drive same-store NOI growth in 2026 and 2027.

• Recent acquisitions have focused on high-quality, Class A assets in strong markets, with a heavy weighting toward higher-acuity care.

Trilogy model and development approach

• Trilogy operates about 150 buildings with a unique full-continuum-of-care campus model, integrating IL, AL, memory care, and skilled nursing.

• Development is limited to three to five new campuses per year to avoid diluting operational focus and maintain high performance across the portfolio.

• Trilogy’s purpose-built campuses enable seamless resident transitions and high operational efficiency, supporting predictable returns.

• NOI margins for Trilogy are above 20%, with occupancy over 91%; margin flow-through is moderated by the needs-based, care-intensive nature of the business.

• The integrated model and limited new supply in skilled nursing create a strong competitive moat and long-term demand tailwinds.