American Healthcare REIT (AHR) Investor presentation summary

Portfolio performance and growth

• Achieved 11.8% same-store total portfolio NOI growth in Q4 2025, with ISHC/Trilogy at 14.0% and SHOP at 24.6% growth compared to Q4 2024.

• Outpatient medical segment reported 92.0% same-store occupancy, and triple-net leased EBITDAR coverage was 1.37x as of September 30, 2025.

• Full-year 2026 same-store NOI growth guidance: total portfolio 7.0%-11.0%, ISHC 8.0%-12.0%, SHOP 15.0%-19.0%, outpatient medical 0.0%-2.0%, triple-net leased 2.0%-3.0%.

• 76.9% of pro-rata cash NOI in Q4 2025 came from managed segments (ISHC & SHOP).

• Portfolio includes 319 properties: 147 ISHC, 83 SHOP, 71 outpatient medical, and 18 triple-net leased properties.

Market trends and demand drivers

• U.S. population aged 80+ is expected to grow by over 700,000 annually through 2030, while senior housing supply growth remains historically low.

• Senior housing development pace is lagging demand, potentially resulting in a $275 billion supply shortfall by 2030.

• Construction financing and costs have tightened, further constraining new supply.

Operating model and competitive advantages

• ISHC/Trilogy campuses offer a full continuum of care with a mix of senior housing and skilled nursing, averaging 12.6 years in age and 90.1% occupancy.

• Trilogy's integrated campus model enables operational efficiencies, high private pay mix, and built-in referral sources.

• SHOP segment focuses on needs-based care, with 82% of units in assisted living and memory care, and 90.6% same-store occupancy.

• Strong partnerships with high-quality regional operators drive performance and growth.