Here are a few brief analogies to describe American Healthcare REIT (AHR):

• American Healthcare REIT is like a Marriott or Hilton for healthcare, owning and operating a diverse portfolio of essential medical offices, hospitals, and senior living communities across the country.
• Imagine CVS Health or Walgreens Boots Alliance, but instead of running the pharmacies and clinics, American Healthcare REIT owns the actual buildings where crucial healthcare services happen, from doctor's offices to hospitals and senior care facilities.

• Medical Office Buildings (MOBs): Provides real estate for physicians' offices, examination rooms, and outpatient services, leased to healthcare providers.
• Integrated Senior Health Campuses: Offers multi-level senior care environments, including independent living, assisted living, memory care, and skilled nursing, operated through a RIDEA structure.
• Senior Housing Operating Portfolio (SHOP): Owns and operates independent living, assisted living, and memory care facilities through RIDEA structures.
• Leased Senior Housing Facilities: Provides senior housing real estate to third-party operators under long-term triple-net lease agreements.
• Skilled Nursing Facilities (SNFs): Offers real estate for skilled nursing care to third-party operators under triple-net lease agreements.
• Hospitals: Provides real estate for acute care, long-term acute care, specialty, and rehabilitation hospitals, typically under triple-net lease structures.

American Healthcare REIT (AHR) primarily serves individuals in its Integrated Senior Health Campuses and Senior Housing Operating Portfolio (SHOP) segments, which collectively account for over half of its portfolio by aggregate contract purchase price. In these segments, the company utilizes RIDEA structures, which means its financial performance is directly tied to the operational performance and payments from individual residents.

The major categories of individual customers it serves are:

1. Seniors requiring independent living: These residents typically seek a community environment with amenities and services, but generally require minimal assistance with daily activities.
2. Seniors requiring assisted living and/or memory care: These residents need assistance with daily activities such as eating, bathing, dressing, and medication management, and/or require specialized care for cognitive impairments like dementia.
3. Seniors requiring skilled nursing care: These residents are often higher acuity and require 24-hour nursing supervision, restorative, rehabilitative, or long-term custodial care.

Jeff Hanson, Chairman & Interim CEO

Jeff Hanson previously served as Chairman and CEO of American Healthcare REIT's predecessor companies, Griffin-American Healthcare REIT III and Griffin-American Healthcare REIT IV. He co-founded American Healthcare Investors (AHI) and was instrumental in building a global healthcare real estate investment firm. Hanson also served as Chairman and CEO of Griffin-American Healthcare REIT II, which he sold in December 2014 to NorthStar Realty Finance (now DigitalBridge) in a transaction valued at $4 billion. Before founding AHI, he was an executive officer of Grubb & Ellis Company, where he concurrently served as CEO of its investment management subsidiary, Grubb & Ellis Equity Advisors, and as Chairman and CEO of Grubb & Ellis Healthcare REIT II.

Brian Peay, Chief Financial Officer

Brian Peay previously held the position of CFO for American Healthcare Investors, LLC, Griffin-American Healthcare REIT III, and Griffin-American Healthcare REIT IV, entities that merged to form American Healthcare REIT in October 2021. He served as CFO of Veritas Investments, Inc., a private real estate investment management company with over $2 billion in assets under management. Prior to Veritas, Peay spent 15 years at Glenborough, LLC, a formerly NYSE-listed REIT, where he was Executive Vice President and CFO and played a key role in its sale to Morgan Stanley Real Estate Fund.

Danny Prosky, President & Chief Executive Officer (on medical leave)

Danny Prosky serves as President and Chief Executive Officer of American Healthcare REIT, Inc., and is a member of its board of directors. He previously held roles as President, Chief Operating Officer, and Director of Griffin-American Healthcare REIT III and Griffin-American Healthcare REIT IV. Prosky is a founder of American Healthcare Investors (AHI). He was involved in the sale of Griffin-American Healthcare REIT II for $4 billion to NorthStar Realty Finance (now DigitalBridge) in December 2014.

Gabriel M. Willhite, Chief Operating Officer

Gabriel M. Willhite currently serves as Chief Operating Officer for American Healthcare REIT, Inc. His prior roles include Executive Vice President, General Counsel with American Healthcare REIT, Inc., and American Healthcare Investors, LLC, and Assistant General Counsel — Transactions for Griffin-American Healthcare REIT III and Griffin-American Healthcare REIT IV. Before joining American Healthcare Investors in 2016, Willhite was legal counsel for Sabal Financial Group, L.P., a subsidiary of Oaktree Capital Management, where he managed portfolio acquisitions, financings, joint ventures, dispositions, and strategic workout transactions.

Stefan K. Oh, Chief Investment Officer

Stefan K. Oh serves as Chief Investment Officer for American Healthcare REIT. His prior roles include Executive Vice President, Investments with American Healthcare REIT and American Healthcare Investors, LLC, and various senior vice president and executive vice president positions in acquisitions for Griffin-American Healthcare REIT III and Griffin-American Healthcare REIT IV. Oh's career in commercial real estate began as an auditor at Ernst & Young LLP. He also served as Director of Asset Management & Acquisitions at Health Care Property Investors, Inc. (now HCP, Inc.), a publicly traded healthcare REIT. He helped launch Griffin-American Healthcare REIT II in 2009 as Senior Vice President-Acquisitions, remaining in that role until its $4.0 billion merger in December 2014.

• Direct Exposure to Operational Performance and Costs in RIDEA Structures: A significant portion of American Healthcare REIT's portfolio, specifically its Integrated Senior Health Campuses (35.5%) and SHOP (Senior Housing Operating Portfolio) facilities (17.9%), are operated under RIDEA structures. This arrangement means the company directly participates in the upside from improved operational performance but also bears the risk of any decline in operating performance. Consequently, AHR is directly exposed to fluctuating occupancy rates, rising labor costs, and other operational challenges inherent in managing senior care facilities, rather than simply collecting fixed rent payments. If these segments face operational difficulties, it would directly impact AHR's profitability.

• Dependence on Government Reimbursement Policies and Broader Healthcare Regulatory Changes: Several segments of AHR's portfolio, particularly Skilled Nursing Facilities (SNFs) (5.5%) and Hospitals (3.2%), are significantly reliant on payments from government programs such as Medicare and Medicaid, as well as private and third-party payors. Changes in these reimbursement policies, including potential cuts or stricter regulations, could adversely affect the financial viability of their tenants and operators in these segments. Even for leased properties, the financial health of the tenants, and thus their ability to meet lease obligations, is intrinsically linked to the stability and adequacy of healthcare reimbursement and the overall regulatory environment.

• Tenant Credit Risk and Potential for Default, particularly with master leases: While AHR diversifies its portfolio across various healthcare asset classes, it relies on the financial health and operational performance of its tenants to generate revenue from its leased properties (MOBs, Senior Housing—Leased, SNFs, and Hospitals). The company explicitly states that it commonly structures SNFs and Senior Housing—Leased assets under master leases covering multiple facilities. While this aims to diversify sources of rent within the master lease, it also concentrates risk to the financial stability of a single master tenant. If a significant tenant, especially one under a master lease covering several properties, experiences financial distress or defaults, it could lead to substantial revenue loss and operational challenges for AHR.

American Healthcare REIT (AHR) operates within several significant healthcare real estate markets primarily in the United States. The addressable markets for its main property types are as follows:

• Medical Office Buildings (MOBs): The U.S. medical office buildings market generated a revenue of approximately $14.08 billion in 2023 and is projected to reach about $22.04 billion by 2030.
• Senior Living (including Integrated Senior Health Campuses, SHOP, and Senior Housing—Leased): The U.S. senior living market size was valued at approximately $943.90 billion in 2025 and is expected to reach $1.33 trillion by 2033. Another estimate indicates the market was valued at $923.75 billion in 2023 and is projected to reach around $1.39 trillion by 2033.
• Skilled Nursing Facilities (SNFs): The U.S. skilled nursing facility market is projected to grow from an estimated $202.4 billion in 2025 to $279.9 billion by 2035. Another source estimated the market size at $199.72 billion in 2024, expected to reach $290.02 billion by 2033.
• Hospitals: The broader U.S. healthcare real estate market, which includes hospitals, was estimated at $1.32 trillion in 2024 and is projected to expand to $2.27 trillion by 2030. Hospital real estate accounted for a significant portion, holding a 32.80% market share within the global healthcare real estate market in 2025. Based on the U.S. healthcare real estate market size in 2024, the hospital real estate segment in the U.S. would be approximately $434 billion.

• Occupancy Gains and Margin Expansion in Senior Housing Operating Properties (SHOP) and Integrated Senior Health Campuses (ISHC): The company has demonstrated strong Same-Store Net Operating Income (NOI) growth in its SHOP and Integrated Senior Health Campuses (ISHC) segments, primarily fueled by increasing occupancy rates and expanding margins. For instance, the SHOP segment led growth with a 24.6% increase in same-store NOI in Q4 2025 and 25.2% for the full year 2025, with occupancy climbing to approximately 90.6%. Similarly, the Trilogy segment (part of ISHC) posted same-store NOI growth of 14.0% in Q4 and 18.4% for 2025. This trend is anticipated to continue, with SHOP expected to remain a primary growth engine heading into 2026.
• Strategic Acquisitions and Portfolio Expansion: American Healthcare REIT actively pursues acquisitions to grow its asset base. For example, in early 2024, the company closed on the acquisition of a senior housing portfolio in Oregon, consisting of 14 properties. Analysts also highlight the company's robust portfolio growth and expanding development pipeline as key drivers.
• Favorable Demographic Trends and Demand for Senior Care: The rising demand for senior care, propelled by an aging U.S. population, creates a strong underlying tailwind for AHR's properties. This demographic shift supports sustained revenue growth in its senior housing and integrated senior health campus segments by ensuring consistent demand for its services.
• Contractual Rent Escalations in Leased Properties: The company's Medical Office Buildings (MOBs), senior housing—leased, Skilled Nursing Facilities (SNFs), and hospital segments benefit from triple-net lease structures that generally include fixed annual rent escalations, historically ranging from 2% to 3% per year. These contractual increases provide a stable and predictable component of revenue growth.

Share Repurchases

• American Healthcare REIT terminated its Share Repurchase Plan (SRP) as of February 7, 2024, when its shares became freely tradable on the NYSE following its initial public offering.

Share Issuance

• On February 7, 2024, American Healthcare REIT completed its initial public offering (IPO) of 56 million common shares at $12.00 per share, with net proceeds intended to repay approximately $703.8 million of outstanding debt.
• In November 2025, the company commenced an underwritten public offering of 8.1 million shares of common stock through a forward sale agreement, with an option for underwriters to purchase up to an additional 1.215 million shares.
• In February 2026, American Healthcare REIT initiated a new at-the-market (ATM) equity offering program, authorizing the sale of up to $1.75 billion of common stock, replacing a prior program with $230.1 million in remaining capacity. A follow-on equity offering in late February 2026 raised approximately US$769.86 million.

Outbound Investments

• American Healthcare REIT completed over $950 million in new acquisitions during 2025, primarily focused on its Integrated Senior Health Campuses (ISHC) and Senior Housing Operating Properties (SHOP) segments.
• These 2025 acquisitions included approximately $370 million in the ISHC segment and about $590 million in the SHOP segment.
• The company aimed for a $300 million pipeline of acquisitions expected to close in 2025, specifically for its SHOP segment.

Capital Expenditures

• As of September 30, 2025, accrued developments and capital expenditures amounted to $27.347 million, increasing from $22.848 million as of September 30, 2024.
• Net proceeds from the February 2026 ATM program are expected to be used, in part, for capital expenditures.