American Healthcare REIT Announces Third Quarter 2026 Results; Increases Full Year 2026 Guidance

American Healthcare REIT, Inc. (NYSE: AHR) (the “Company,” “we,” “our,” “us,” “management,” or “AHR”) is announcing today its third quarter 2026 results and increasing full year 2026 guidance.

Key Highlights

(all figures reported for the three months ended September 30, 2026 and percentage changes are compared to the same period in 2025 unless otherwise noted)

• GAAP net income attributable to controlling interest of $31.2 million, or $0.14 per diluted share.

• Normalized Funds From Operations attributable to controlling interest (“NFFO”) of $0.58 per diluted share.

• Achieved total portfolio Same-Store Net Operating Income (“Same-Store NOI”) growth of 13.8%.

• Achieved Same-Store NOI growth of 28.2% and 15.7% in its senior housing operating properties (“SHOP”) and integrated senior health campuses (“ISHC”) segments, respectively.

• Acquired approximately $1.69 billion of new investments within its SHOP segment. Since the beginning of 2026, the Company has completed approximately $2.07 billion in new investments.

• Increased total portfolio Same-Store NOI growth guidance to 12.0% to 14.0% and NFFO per diluted share guidance to $2.23 to $2.26 for the year ending December 31, 2026.

• Completed a follow-on common equity offering in August 2026, entering into forward sale agreements relating to 15,237,500 shares of common stock for approximately $819.0 million in gross proceeds.

• Entered into forward sale agreements pursuant to its at-the-market equity offering program (“ATM Program”), to sell 14,385,140 shares of common stock for approximately $780.5 million in gross proceeds. Subsequent to quarter end, we entered into additional forward sale agreements pursuant to its ATM Program to sell 1,522,952 shares of common stock for approximately $77.1 million in gross proceeds, assuming full physical settlement.

• As of November 5, 2026, pursuant to its ATM Program and its August 2026 follow-on common equity offering, the Company had unsettled forward sale agreements outstanding relating to 24,598,011 shares of common stock that would result in approximately $1.32 billion in gross proceeds assuming full physical settlement.

• Reported a 0.6x improvement in Net Debt-to-Annualized Adjusted EBITDA to 1.9x as of September 30, 2026, from 2.5x as of June 30, 2026.

• Strengthened the senior leadership team as Jeff Hanson was named Chief Executive Officer in addition to continuing to serve as Chairman, Gabe Willhite was elevated to President in addition to continuing to serve as Chief Operating Officer, and Scott Estes was appointed Lead Independent Director. The Company also added Aric Chang as Chief Financial Officer, Jon Crosier as Chief Technology Officer and Ann Lacey as Executive Vice President, Portfolio and Asset Management – Senior Housing.

• Published 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.

“We strengthened three things this quarter: the team, the portfolio and the platform that connects them,” said Jeff Hanson, the Company’s Chairman and Chief Executive Officer. “We added executive leadership across finance, asset management, and technology, added nearly $2.1 billion of new investments in 2026, and brought new operating partners onto a platform that pairs their local expertise with portfolio-wide collaborations among the top operators in the senior housing industry. Importantly, this growth has been ambitious but disciplined. Superior care quality drives resident outcomes, and resident outcomes drive our performance. Our goal remains to be the preferred capital partner for the best senior housing operators in America, and we believe we made great strides in furtherance of that objective this quarter.”

Third Quarter 2026 Results

The Company’s Same-Store NOI growth results for the three and nine months ended September 30, 2026 are detailed below. Same-Store NOI growth in the third quarter of 2026, compared to the same period in 2025, was led by the Company’s operating portfolio, comprised of its ISHC and SHOP segments, through strong pricing power driven by rate growth and effective expense control by its operating partners.

“Supply and demand dynamics alone do not guarantee success in this business,” said Gabe Willhite, AHR’s President and Chief Operating Officer. “Together with our roster of top regional operators, we executed on occupancy gains, dynamic pricing management and tight expense control to deliver 28.2% Same-Store NOI growth in SHOP and 15.7% in ISHC. We closed the third quarter with a solid foundation to enter the last quarter of 2026, which we believe should support growth entering 2027. The systems and standards we continue to support with our operating partners have propelled growth across our SHOP+ portfolio, which is comprised of our SHOP and ISHC segments.”

Transactional Activity

During the three months ended September 30, 2026, the Company:

• Acquired 17 new SHOP assets for approximately $1.69 billion, as previously announced. The properties are located in various states and will be managed and operated by new and existing regional operating partners.

• Funded a loan for seven properties for approximately $86.2 million with purchase options to acquire the properties, as previously announced. The properties are currently operated by one of the Company’s existing tenants who leases other buildings within its Triple-Net Leased Properties segment.

Following the Company’s completed transaction activity during the three months ended September 30, 2026, and subsequent to quarter end, the Company’s investment pipeline consists of over $1.0 billion which includes newly awarded deals and deals in the pipeline previously disclosed in the Company’s Second Quarter 2026 Earnings Release that have yet to close. While the Company expects to close the deals in its investment pipeline by the end of the first quarter in 2027, it cannot guarantee when or if these closings will take place. Therefore, the Company is not including any additional transaction activity, including the awarded deals in its investment pipeline, in its 2026 guidance, beyond the transactions disclosed as completed.

Development Activity

The Company’s total in-process development and expansion pipeline is expected to cost approximately $192.9 million, of which $88.2 million had been funded as of September 30, 2026.

Capital Markets and Balance Sheet Activity

As of September 30, 2026, the Company had total consolidated indebtedness of $1.38 billion and approximately $2.35 billion of total liquidity, comprised of cash and cash equivalents, undrawn capacity on its lines of credit, and expected gross proceeds from unsettled forward sale agreements, assuming full physical settlement. The Company’s Net-Debt-to-Annualized Adjusted EBITDA as of September 30, 2026, was 1.9x.

During the three months ended September 30, 2026, the Company entered into forward sale agreements pursuant to its ATM Program, to sell 14,385,140 shares of common stock for approximately $780.5 million in gross proceeds. Subsequent to quarter end, the Company entered into additional forward sale agreements pursuant to its ATM Program to sell 1,522,952 shares of common stock for approximately $77.1 million in gross proceeds, assuming full physical settlement.

The Company also completed a follow-on common equity offering in August 2026, entering into new forward sale agreements to issue 15,237,500 shares of common stock for gross proceeds of approximately $819.0 million.

During the three months ended September 30, 2026, the Company issued 36,833,346 shares of common stock to physically settle sales under forward sale agreements pursuant to its ATM Program and its May 2026 and August 2026 follow-on common equity offerings for gross proceeds of approximately $1.88 billion. Subsequent to quarter end, the Company issued an additional 589,179 shares of common stock to physically settle sales under forward sale agreements from its ATM Program and its August 2026 follow-on common equity offering for gross proceeds of approximately $31.2 million. As of November 5, 2026, pursuant to its ATM Program and its August 2026 follow-on common equity offering, the Company had unsettled forward sale agreements outstanding relating to 24,598,011 shares of common stock that would result in approximately $1.32 billion in gross proceeds assuming full physical settlement.

“I am honored to join AHR at a pivotal moment for the Company and sector. AHR’s focus resonated with me: to serve a rapidly growing senior population by supporting top operators who deliver the best care,” said Aric Chang, the Company’s Chief Financial Officer. “Our team and operating partners successfully executed on organic and external growth in the third quarter, which is why we are raising full-year guidance for Same-Store NOI growth and NFFO per diluted share. At the midpoint of revised guidance, we now expect 31% NFFO per diluted share growth over 2025, reflecting our continued focus on driving long-term shareholder value.”

Full Year 2026 Guidance

The Company is increasing NFFO per diluted share and Same-Store NOI growth guidance for the year ending December 31, 2026. The Company’s 2026 guidance does not assume additional transaction or capital markets activity beyond the transactions or activity disclosed herein as completed. Guidance ranges are detailed below:

Distributions

As previously announced, the Company’s Board of Directors declared a cash distribution for the quarter ended September 30, 2026 of $0.25 per share of its common stock. The third quarter distribution was paid in cash on October 16, 2026, to stockholders of record as of September 30, 2026.

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, 2026, 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 6, 2026. During the conference call, Company executives will review third quarter 2026 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/980250267.

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: +1 833-461-5787

International Toll: +1 585-542-9983

International Dial-Ins: https://help.events.q4inc.com/eahc/international-dial-in-numbers

Meeting ID: 980 250 267

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 and growth in 2027; full year 2026 guidance, including net income per diluted share, NAREIT FFO per diluted share, NFFO per diluted share, total portfolio Same-Store NOI growth, and segment-level Same-Store NOI growth and margin expansion; purchases and sales of assets, including the timing of the closing of deals in its investment pipeline; development plans; the settlement of forward sale agreements; emissions reduction targets and the benefits of additions to its management team, portfolio and platform 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, domestic legal and fiscal policies; geopolitical conditions and other risks disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed on February 27, 2026, and subsequent 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, Cash NOI, Pro-Rata Cash NOI and Same-Store NOI. The Company believes these non-GAAP financial measures are useful supplemental measures of its operating performance and are 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. In addition, management uses Net Debt-to-Annualized Adjusted EBITDA as a measure of our ability to service our debt. Finally, EBITDA and Adjusted EBITDA may not be comparable to similarly titled items reported by other REITs or other companies.

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 (NOI)

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 of 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.