Page | 1 Press Release Irvine, CA – March 21, 2024 Contact: Alan Peterson Email: investorrelations@ahcreit.com American Healthcare REIT (“AHR”) Announces Fourth Quarter 2023 and Full Year 2023 Results; Issues Full Year 2024 Guidance American Healthcare REIT, Inc. (the “Company”) (NYSE: AHR) announced today its fourth quarter and full year 2023 results. Further, the Company reported various subsequent-to-quarter-end items. Key Highlights: • Reported GAAP net loss attributable to stockholders of $(0.42) and $(1.08) per basic and diluted share for the three and 12 months ended December 31, 2023. • Reported Normalized Funds from Operations attributable to stockholders (“NFFO”) of $0.38 and $1.40 per basic and diluted share for the three and 12 months ended December 31, 2023, respectively. • Achieved 5.2% and 7.7% total portfolio Same-Store (“SS”) revenue growth for the three and 12 months ended December 31, 2023, respectively, compared to the same periods in 2022 largely driven by occupancy gains in the Company’s RIDEA-operated assets. • Achieved year-over-year total portfolio Same-Store Net Operating Income (“NOI”) growth of 8.6%, highlighted by 27.2% and 14.0% Same-Store NOI growth from our SHOP and Integrated Senior Health Campuses (“ISHC”), respectively. • Disposed of approximately $195 million of Non-Core Properties across the Company’s Outpatient Medical and SHOP segments during the 12 months ended December 31, 2023. • Subsequent to year end, completed a public offering of 64.4 million shares of our common stock priced at $12.00 per share and listed our common stock on the New York Stock Exchange (“NYSE”) under the symbol “AHR”. • Subsequent to year end, paid down approximately $721 million of outstanding debt obligations carrying a weighted average interest rate of approximately 7.53% using the net proceeds from the public offering, meaningfully improving leverage metrics and providing the Company with additional capacity and flexibility. “We are proud of our 2023 operating results and have begun 2024 with a successful common stock offering and the listing of our common stock on the NYSE. As a publicly listed company, we are committed to being responsible stewards of capital for all our stockholders. The entire team at American Healthcare REIT is working diligently to ensure optimal performance across our entire portfolio,” said Danny Prosky, American Healthcare REIT’s President and CEO. EXHIBIT 99.1

Page | 2 Fourth Quarter and Full-Year 2023 Results “Our portfolio continues to recover since the onset of the pandemic, with the trajectory of revenue growth drivers all heading in the right direction. We have continued to see occupancy gains since the end of 2023. Our unique investment in Integrated Senior Health Campuses remains the most attractive part of our portfolio with operating performance metrics such as occupancy already surpassing pre- pandemic levels,” said Gabe Willhite, the Company’s Chief Operating Officer. SS NOI Growth Rates: Quarter Ended December 31, 2023 Relative to Quarter Ended December 31, 2022 Metric 4Q 2023 Actual ISHC Outpatient Medical SHOP Triple-Net Leased Total Portfolio 13.9% 2.3% 44.9% 3.5% 9.5% SS NOI Growth Rates: Year Ended December 31, 2023 Relative to Year Ended December 31, 2022 Metric FY 2023 Actual ISHC Outpatient Medical SHOP Triple-Net Leased Total Portfolio 14.0% 3.2% 27.2% 2.0% 8.6% Same-Store revenue for our RIDEA-operated assets grew by 6.0% and 8.9% during the three months and year ended December 31, 2023, respectively, compared to the same periods in 2022. Expense growth across our SHOP assets has moderated, partially due to recent operator transitions and normalizing compensation expenses as a result of less agency-labor usage across the portfolio. In aggregate, NOI growth remains well above historical levels across the portfolio, as margin and occupancy continue to recover from pandemic-era troughs. Full Year 2024 Guidance The Company has established the following guidance ranges for the year ending December 31, 2024: Full Year 2024 Guidance Metric FY 2023 Actual FY 2024 Range FY 2024 Midpoint NAREIT FFO per share Normalized FFO per share Total Portfolio SS NOI Growth: $0.99 $1.40 8.6% $1.13 to $1.19 $1.18 to $1.24 5.0% to 7.0% $1.16 $1.21 6.0% Certain of the assumptions underlying the Company’s 2024 outlook can be found within the Non-GAAP reconciliations in this earnings release and in the appendix of the Company’s Fourth Quarter 2023 Supplemental Financial Information (“Supplemental”). A reconciliation of Net 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. Within this release, we provide certain forward-looking non-GAAP financial information, which management uses for planning and measuring performance. We are not able to reconcile forward-looking non-GAAP measures to reported measures without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the actual impact or exact timing of items that may impact comparability throughout the year.

Page | 3 “We believe 2024 should be another year of occupancy gains within our SHOP segment that should support NOI growth and margin expansion. Looking at our ISHC segment, we expect occupancy to remain at or above pre-pandemic levels over the course of the year. In aggregate, our guidance estimates another year of mid-single-digit NOI growth across our entire diversified healthcare portfolio,” said Prosky. Transactional Activity During full year 2023, the Company completed a campus acquisition and three lease buyouts within its ISHC segment for total consideration of approximately $43.9 million, plus closing costs. We expect these acquisitions to generate a yield on cost of approximately 9.0%. During 2023, the Company sold 16 Non-Core outpatient medical facilities and six Non-Core SHOP facilities generating approximately $195 million in gross proceeds. Subsequent to quarter end, the Company continued to opportunistically dispose of Non-Core assets, and has sold an outpatient medical building in Marietta, Georgia and a SHOP facility in Menlo Park, California for approximately $11 million in aggregate gross proceeds. Additionally, as previously announced, on February 1, 2024, the Company closed on the acquisition of a senior housing portfolio in Oregon consisting of 856 beds across 12 facilities. The total consideration consisted of $94.5 million of assumed debt, plus closing costs, reflecting a price per bed of approximately $110,000. The assumed debt has a fixed interest rate of 4.54% and matures on January 1, 2028. The portfolio will be managed by Compass Senior Living through a RIDEA structure. The Company has a longstanding relationship with Compass Senior Living as a tenant in our triple-net leased segment and recognized the strength of the operator through the COVID-19 pandemic. The management agreement will be the Company’s first with Compass Senior Living expanding the Company’s high-quality operator relationships. Capital Markets and Balance Sheet Activity On December 21, 2023, the Company entered into a $200 million swap agreement relating to debt at the ISHC portfolio, swapping SOFR for a fixed rate of 4.40% on its variable-rate debt. This agreement was effective as of January 5, 2024. The Company now carries $750 million of interest rate swap agreements fixing SOFR at a weighted average interest rate of 4.16%. Subsequent to quarter end, the Company completed a public offering of 64.4 million shares of its common stock, raising gross proceeds of $772.8 million, and listed its common stock on the NYSE under the symbol “AHR”. This represented the largest REIT offering and listing event in the US since 20181. Net offering proceeds were used to pay down approximately $721 million of outstanding debt with a weighted average interest rate of 7.53%. As previously announced, as of February 16, 2024, the Company had $747 million of outstanding balances on its lines of credit and term loan, with a weighted average interest rate of 5.91% (taking into account the effect of swap instruments), and $803 million of undrawn capacity under its lines of credit and term loan. This significant reduction in outstanding debt has resulted in an improvement in the Company's leverage by meaningfully reducing near-term maturities and high-interest 1Per NAREIT based on data available since 2000, which can be found at: https://www.reit.com/data-research/reit-market-data/reit- capital-offerings

Page | 4 floating-rate debt. In aggregate, the pay downs will result in approximately $54 million in interest expense savings on an annualized basis. “After repaying approximately $721 million of indebtedness with the net proceeds from our January 2024 public equity offering, we estimate that we will be in the low 6x net-debt-to-adjusted-EBITDA range at March 31, 2024. As we look ahead, we will maintain a conservative approach to leverage, while being selective regarding external growth opportunities. The offering and debt repayment were transformative for our capital structure, and we believe that the embedded growth within our SHOP and ISHC segments will allow our leverage profile to continue to improve,” said Brian Peay, the Company’s Chief Financial Officer. Distribution As previously announced, the Company’s Board of Directors declared a regular quarterly cash distribution for the quarter ending March 31, 2024 of $0.25 per share of its common stock, Class T common stock and Class I common stock. The distribution is payable on or about April 19, 2024 to stockholders of record as of the close of business on March 28, 2024. Supplemental Information The Company has disclosed supplemental information regarding its portfolio, financial position and results of operations as of December 31, 2023 and for the quarter and year then ended, and certain other information, which is available on 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 March 22, 2023. During the conference call, Company executives will review fourth quarter and full year 2023 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/923600160. Alternatively, to join via telephone, please pre-register at the following link using the Conference ID 66737. A digital replay of the call will be available on our 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 portfolio growth, interest expense savings, balance sheet, net income or loss per share, FFO per share, NFFO per share, total portfolio Same-Store NOI growth, occupancy, NOI growth, revenue growth and margin expansion 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,”

Page | 5 “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, risks disclosed in the Company's 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. About American Healthcare REIT, Inc. American Healthcare REIT, Inc. is a self-managed real estate investment trust that acquires, owns and operates a diversified portfolio of clinical healthcare real estate properties, focusing primarily on outpatient medical buildings, senior housing, skilled nursing facilities and other healthcare-related facilities. Its properties are located in 36 states, the United Kingdom and the Isle of Man. For additional information, please visit www.AmericanHealthcareREIT.com.

Page | 6 AMERICAN HEALTHCARE REIT, INC. CONSOLIDATED BALANCE SHEETS As of December 31, 2023 and 2022 (In thousands, except share and per share amounts) (Unaudited) December 31, 2023 2022 ASSETS Real estate investments, net $ 3,425,438 $ 3,581,609 Debt security investment, net 86,935 83,000 Cash and cash equivalents 43,445 65,052 Restricted cash 47,337 46,854 Accounts and other receivables, net 185,379 137,501 Identified intangible assets, net 180,470 236,283 Goodwill 234,942 231,611 Operating lease right-of-use assets, net 227,846 276,342 Other assets, net 146,141 128,446 Total assets $ 4,577,933 $ 4,786,698 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Liabilities: Mortgage loans payable, net $ 1,302,396 $ 1,229,847 Lines of credit and term loan, net 1,223,967 1,281,794 Accounts payable and accrued liabilities 242,905 243,831 Identified intangible liabilities, net 6,095 10,837 Financing obligations 41,756 48,406 Operating lease liabilities 225,502 273,075 Security deposits, prepaid rent and other liabilities 76,134 49,545 Total liabilities 3,118,755 3,137,335 Redeemable noncontrolling interests 33,843 81,598 Equity: Stockholders’ equity: Preferred stock, $0.01 par value per share; 200,000,000 shares authorized; none issued and outstanding — — Class T common stock, $0.01 par value per share; 200,000,000 shares authorized; 19,552,856 and 19,535,095 shares issued and outstanding as of December 31, 2023 and 2022, respectively 194 194 Class I common stock, $0.01 par value per share; 800,000,000 shares authorized; 46,673,320 and 46,675,367 shares issued and outstanding as of December 31, 2023 and 2022, respectively 467 467 Additional paid-in capital 2,548,307 2,540,424 Accumulated deficit (1,276,222) (1,138,304) Accumulated other comprehensive loss (2,425) (2,690) Total stockholders’ equity 1,270,321 1,400,091 Noncontrolling interests 155,014 167,674 Total equity 1,425,335 1,567,765 Total liabilities, redeemable noncontrolling interests and equity $ 4,577,933 $ 4,786,698

Page | 7 AMERICAN HEALTHCARE REIT, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the Years Ended December 31, 2023, 2022 and 2021 (In thousands, except share and per share amounts) (Unaudited) Years Ended December 31, 2023 2022 2021 Revenues and grant income: Resident fees and services $ 1,668,742 $ 1,412,156 $ 1,123,935 Real estate revenue 190,401 205,344 141,368 Grant income 7,475 25,675 16,951 Total revenues and grant income 1,866,618 1,643,175 1,282,254 Expenses: Property operating expenses 1,502,310 1,281,526 1,030,193 Rental expenses 57,475 59,684 38,725 General and administrative 47,510 43,418 43,199 Business acquisition expenses 5,795 4,388 13,022 Depreciation and amortization 182,604 167,957 133,191 Total expenses 1,795,694 1,556,973 1,258,330 Other income (expense): Interest expense: Interest expense (including amortization of deferred financing costs, debt discount/premium and loss on debt extinguishments) (163,191) (105,956) (80,937) (Loss) gain in fair value of derivative financial instruments (926) 500 8,200 Gain (loss) on dispositions of real estate investments, net 32,472 5,481 (100) Impairment of real estate investments (13,899) (54,579) (3,335) Impairment of intangible assets and goodwill (10,520) (23,277) — (Loss) income from unconsolidated entities (1,718) 1,407 (1,355) Gain on re-measurement of previously held equity interests 726 19,567 — Foreign currency gain (loss) 2,307 (5,206) (564) Other income 7,601 3,064 1,854 Total net other expense (147,148) (158,999) (76,237) Loss before income taxes (76,224) (72,797) (52,313) Income tax expense (663) (586) (956) Net loss (76,887) (73,383) (53,269) Net loss (income) attributable to noncontrolling interests 5,418 (7,919) 5,475 Net loss attributable to controlling interest $ (71,469) $ (81,302) $ (47,794) Net loss per Class T and Class I common share attributable to controlling interest — basic and diluted $ (1.08) $ (1.24) $ (0.95) Weighted average number of Class T and Class I common shares outstanding — basic and diluted 66,047,114 65,807,868 50,081,140 Net loss $ (76,887) $ (73,383) $ (53,269) Other comprehensive income (loss): Foreign currency translation adjustments 265 (724) (65) Total other comprehensive income (loss) 265 (724) (65) Comprehensive loss (76,622) (74,107) (53,334) Comprehensive loss (income) attributable to noncontrolling interests 5,418 (7,919) 5,582 Comprehensive loss attributable to controlling interest $ (71,204) $ (82,026) $ (47,752)

Page | 8 AMERICAN HEALTHCARE REIT, INC. FFO and Normalized FFO Reconciliation For the Years Ended December 31, 2023, 2022 and 2021 (In thousands, except share and per share amounts) (Unaudited) Years Ended December 31, 2023 2022 2021 Net loss $ (76,887) $ (73,383) $ (53,269) Depreciation and amortization related to real estate — consolidated properties 182,452 167,860 133,191 Depreciation and amortization related to real estate — unconsolidated entities 401 1,102 3,116 Impairment of real estate investments — consolidated properties 13,899 54,579 3,335 (Gain) loss on dispositions of real estate investments, net — consolidated properties (32,472) (5,481) 100 Net loss (income) attributable to noncontrolling interests 5,418 (7,919) 5,475 Gain on re-measurement of previously held equity interests (726) (19,567) — Depreciation, amortization, impairments, net gain/loss on dispositions and gain on re-measurements — noncontrolling interests (26,518) (22,614) (22,270) NAREIT FFO attributable to controlling interest $ 65,567 $ 94,577 $ 69,678 Business acquisition expenses $ 5,795 $ 4,388 $ 13,022 Amortization of above- and below-market leases 9,744 2,596 953 Amortization of closing costs — debt security investments 278 237 201 Change in deferred rent 1,149 (3,355) (20) Non-cash impact of changes to equity instruments 5,621 3,909 1,008 Capitalized interest (163) (150) (628) Loss on debt extinguishments 345 5,166 2,655 Loss (gain) in fair value of derivative financial instruments 926 (500) (8,200) Foreign currency (gain) loss (2,307) 5,206 564 Impairment of intangible assets and goodwill 10,520 23,277 — Adjustments for unconsolidated entities (321) 113 573 Adjustments for noncontrolling interests (4,786) (3,530) (1,653) Normalized FFO attributable to controlling interest $ 92,368 $ 131,934 $ 78,153 Weighted average Class T and Class I common shares outstanding — basic and diluted 66,047,114 65,807,868 50,081,140 Net loss per Class T and Class I common share attributable to controlling interest — basic and diluted $ (1.08) $ (1.24) $ (0.95) NAREIT FFO per Class T and Class I common share attributable to controlling interest — basic and diluted $ 0.99 $ 1.44 $ 1.39 Normalized FFO per Class T and Class I common share attributable to controlling interest — basic and diluted $ 1.40 $ 2.00 $ 1.56

Page | 9 AMERICAN HEALTHCARE REIT, INC. FFO and Normalized FFO Reconciliation For the Three Months Ended December 31, 2023 and 2022 (In thousands, except share and per share amounts) (Unaudited) Three Months Ended December 31, 2023 2022 Net loss $ (30,959) $ (49,300) Depreciation and amortization related to real estate — consolidated properties 43,922 45,220 Depreciation and amortization related to real estate — unconsolidated entities 147 59 Impairment of real estate investments — consolidated properties 1,389 15,388 Gain on dispositions of real estate investments, net — consolidated properties (2,695) (2,685) Net loss attributable to noncontrolling interests 3,534 1,769 Depreciation, amortization, impairments, net gain on dispositions — noncontrolling interests (6,846) (7,704) NAREIT FFO attributable to controlling interest $ 8,492 $ 2,747 Business acquisition expenses $ 3,551 $ 2,227 Amortization of above- and below-market leases (2,489) 692 Amortization of closing costs – debt security investments 74 63 Change in deferred rent (89) (22) Non-cash impact of changes to equity instruments 1,377 1,250 Capitalized interest (36) (28) Loss on debt extinguishments — 128 Loss in fair value of derivative financial instruments 9,126 — Foreign currency gain (1,935) (3,483) Impairment of intangible assets and goodwill 10,520 23,277 Adjustments for unconsolidated entities 38 (49) Adjustments for noncontrolling interests (3,810) (1,452) Normalized FFO attributable to controlling interest $ 24,819 $ 25,350 Weighted average Class T and Class I common shares outstanding — basic and diluted 66,079,343 66,023,570 Net loss per Class T and Class I common share attributable to controlling interest — basic and diluted $ (0.42) $ (0.72) NAREIT FFO per Class T and Class I common share attributable to controlling interest — basic and diluted $ 0.13 $ 0.04 Normalized FFO per Class T and Class I common share attributable to controlling interest — basic and diluted $ 0.38 $ 0.38

Page | 10 AMERICAN HEALTHCARE REIT, INC. Cash NOI Reconciliation For the Three Months Ended and Years Ended December 31, 2023 and 2022 (In thousands) (Unaudited) Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 Net loss $ (30,959) $ (49,300) $ (76,887) $ (73,383) General and administrative 11,341 11,745 47,510 43,418 Business acquisition expenses 3,551 2,227 5,795 4,388 Depreciation and amortization 43,960 45,253 182,604 167,957 Interest expense 41,185 34,762 163,191 105,956 Loss (gain) in fair value of derivative financial instrument 9,126 — 926 (500) Gain on dispositions of real estate investments (2,695) (2,685) (32,472) (5,481) Impairment of real estate investments 1,389 15,388 13,899 54,579 Impairment of intangible assets and goodwill 10,520 23,277 10,520 23,277 Loss (income) from unconsolidated entities 794 273 1,718 (1,407) Gain on re-measurement of previously held equity interest — — (726) (19,567) Foreign currency (gain) loss (1,935) (3,483) (2,307) 5,206 Other income (1,649) (665) (7,601) (3,064) Income tax (benefit) expense (112) 87 663 586 Total NOI $ 84,516 $ 76,879 $ 306,833 $ 301,965 Grant Income (30) (2,959) (7,475) (25,675) Total NOI (excluding Grant Income) $ 84,486 $ 73,920 $ 299,358 $ 276,290 Straight line rent (584) (1,110) (3,481) (6,522) Facility rental expense 8,774 9,248 37,025 25,155 Other non-cash adjustments (2,397) 714 9,946 3,052 COVID subsidy — — (171) — Consolidated Cash NOI $ 90,279 $ 82,772 $ 342,677 $ 297,975 Cash NOI attributable to noncontrolling interests (1) (13,439) (11,804) (48,724) (39,084) Pro-Rata Cash NOI $ 76,840 $ 70,968 $ 293,953 $ 258,891 ___________ (1) All quarters are based upon current quarter's ownership percentage.

Page | 11 AMERICAN HEALTHCARE REIT, INC. Same-Store NOI Reconciliation For the Three Months Ended and Years Ended December 31, 2023 and 2022 (In thousands) (Unaudited) Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 ISHC Cash NOI $ 37,431 $ 32,859 $ 135,598 $ 108,376 New acquisitions/dispositions/transitions (12,385) (10,872) (46,204) (29,943) Same-Store NOI $ 25,046 $ 21,987 $ 89,394 $ 78,433 Outpatient Medical Cash NOI $ 20,813 $ 22,558 $ 87,993 $ 89,807 New acquisitions/dispositions/transitions (1) (2,205) (4,643) (9,028) Other normalizing adjustments — — — (39) Same-Store NOI $ 20,812 $ 20,353 $ 83,350 $ 80,740 SHOP Cash NOI $ 6,461 $ 2,684 $ 20,045 $ 9,358 New acquisitions/dispositions/transitions (2,336) 184 (3,793) 3,760 Non-Core Properties 115 176 242 831 Other normalizing adjustments 171 — 758 (387) Same-Store NOI $ 4,411 $ 3,044 $ 17,252 $ 13,562 Triple-Net Leased Properties Cash NOI $ 12,135 $ 12,867 $ 50,317 $ 51,350 Debt security investment (2,011) (1,944) (8,040) (7,818) New acquisitions/dispositions/transitions (545) (1,668) (4,541) (6,542) Same-Store NOI $ 9,579 $ 9,255 $ 37,736 $ 36,990 Total Cash NOI $ 76,840 $ 70,968 $ 293,953 $ 258,891 Debt security investment (2,011) (1,944) (8,040) (7,818) New acquisitions/dispositions/transitions (15,267) (14,561) (59,181) (41,753) Non-Core Properties 115 176 242 831 New acquisitions/dispositions/transitions 171 — 758 (426) Same-Store NOI $ 59,848 $ 54,639 $ 227,732 $ 209,725

Page | 12 AMERICAN HEALTHCARE REIT, INC. Same-Store Revenue Reconciliation For the Three Months Ended and Years Ended December 31, 2023 and 2022 (In thousands) (Unaudited) Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 ISHC GAAP revenue and Grant Income $ 384,993 $ 360,279 $ 1,489,355 $ 1,279,485 Grant Income (30) (2,959) (7,475) (24,820) Cash revenue attributable to noncontrolling interest (1) (99,846) (92,675) (384,347) (325,416) Cash revenue 285,117 264,645 1,097,533 929,249 Revenue attributable to non-Same-Store properties (135,193) (123,135) (516,746) (400,298) Same-Store revenue $ 149,924 $ 141,510 $ 580,787 $ 528,951 Outpatient Medical GAAP revenue $ 36,257 $ 36,919 $ 146,068 $ 148,717 Straight line rent (291) (382) (1,320) (3,292) Other non-cash adjustments (2,995) (113) (3,349) (469) Cash revenue attributable to noncontrolling interest (1) (156) (139) (592) (535) Cash revenue 32,815 36,285 140,807 144,421 Revenue attributable to non-Same-Store properties (32) (3,914) (8,201) (15,886) Other normalizing revenue adjustments — — — (104) Same-Store revenue $ 32,783 $ 32,371 $ 132,606 $ 128,431 SHOP GAAP revenue and Grant Income $ 48,321 $ 41,331 $ 186,862 $ 158,346 Grant Income — — — (855) Cash revenue attributable to noncontrolling interest (1) (271) (409) (1,287) (1,612) Cash revenue 48,050 40,922 185,575 155,879 Revenue attributable to non-Same-Store properties (14,059) (9,212) (53,624) (30,983) Revenue attributable to Non-Core Properties (539) (285) (1,923) (934) Other normalizing revenue adjustments — — (30) 66 Same-Store revenue $ 33,452 $ 31,425 $ 129,998 $ 124,028 Triple-Net Leased Properties GAAP revenue $ 13,010 $ 14,054 $ 44,333 $ 56,627 Straight line rent (293) (728) (2,161) (3,230) Other non-cash adjustments 206 460 11,833 1,820 Cash revenue attributable to noncontrolling interest (1) (186) (181) (738) (720) Cash revenue 12,737 13,605 53,267 54,497 Debt security investment (2,011) (1,944) (8,040) (7,818) Revenue attributable to non-Same-Store properties (572) (1,891) (5,113) (7,251) Other normalizing revenue adjustments — — — (178) Same-Store revenue $ 10,154 $ 9,770 $ 40,114 $ 39,250

Page | 13 AMERICAN HEALTHCARE REIT, INC. Same-Store Revenue Reconciliation For the Three Months Ended and Years Ended December 31, 2023 and 2022 (In thousands) (Unaudited) Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 Total GAAP revenue and Grant Income $ 482,581 $ 452,583 $ 1,866,618 $ 1,643,175 Straight line rent (584) (1,110) (3,481) (6,522) Other non-cash adjustments (2,789) 347 8,484 1,351 Grant Income (30) (2,959) (7,475) (25,675) Cash revenue attributable to noncontrolling interest (1) (100,459) (93,404) (386,964) (328,283) Cash revenue 378,719 355,457 1,477,182 1,284,046 Debt security investment (2,011) (1,944) (8,040) (7,818) Revenue attributable to non-Same-Store properties (149,856) (138,152) (583,684) (454,418) Revenue attributable to Non-Core Properties (539) (285) (1,923) (934) Other normalizing revenue adjustments — — (30) (216) Same-Store revenue $ 226,313 $ 215,076 $ 883,505 $ 820,660 ___________ (1) All quarters are based upon current quarter's ownership percentage.

Page | 14 AMERICAN HEALTHCARE REIT, INC. Earnings Outlook Reconciliation For the Year Ending December 31, 2024 (In millions, except per share amounts) (Unaudited) Low High Net (loss) income attributable to common stockholders $ (4.15) $ 3.19 Depreciation and amortization(1) 147.26 147.26 NAREIT FFO attributable to common stockholders $ 143.11 $ 150.45 Amortization other intangible assets(1) $ 1.66 $ 1.66 Change in deferred rent(1) (0.42) (0.42) Non-cash impact of changes to equity plan(1) 6.04 6.04 Other adjustments (0.80) (0.80) Normalized FFO attributable to common stockholders $ 149.58 $ 156.92 NAREIT FFO per common share $ 1.13 $ 1.19 Normalized FFO per common share $ 1.18 $ 1.24 Total Portfolio Same-Store NOI growth 5.00% 7.00% (1) Amounts presented net of noncontrolling interests' share and AHR's share of unconsolidated entities. The Company does not provide 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)/loss on sale of previously depreciated real estate assets, stock-based compensation, casualty loss, non-Same-Store revenues, 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.

Page | 15 Definitions Adjusted EBITDA: Adjusted EBITDA is defined as EBITDA excluding the impact of stock-based compensation expense, acquisition and pursuit costs, gain (loss) on sales of real estate, unrealized foreign currency gain (loss), change in fair value of financial instruments, impairment of real estate assets, lease termination revenue, non-recurring items, and adjusted for non-controlling interest. Affiliated: means an OM (as defined on the next page) that, as of a specified date, has 25.0% or more of its square footage occupied by at least one healthcare system. AL: refers to assisted living units. Annualized Adjusted EBITDA: current period (shown as quarterly) EBITDA multiplied by 4. Annualized Base Rent or ABR: contractual base rent for the last month of the applicable period multiplied by 12. Cash NOI: Cash NOI is defined as NOI but excluding the impact of, without duplication, (1) non-cash items such as straight-line rent and the amortization of lease intangibles, (2) third party facility rent payments and (3) other items set forth in the Cash NOI reconciliation included herein. Both Cash NOI and Same-Store NOI include ownership and other adjustments. EBITDA: EBITDA is a non-GAAP financial measure that is defined as earnings before interest, taxes, depreciation, and amortization. EBITDAR: Earnings before interest, taxes, depreciation, amortization and facilities rent. We use unaudited, periodic financial information provided solely by tenants to calculate EBITDAR and have not independently verified the information. EBITDAR Coverage: represents the ratio of EBITDAR to contractual rent for leases or interest and principal payments for loans. EBITDAR Coverage is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations. EBITDARM: Earnings before interest, taxes, depreciation, amortization, rent and management fees. We use unaudited, periodic financial information provided solely by tenants to calculate EBITDARM and have not independently verified the information. EBITDARM Coverage: represents the ratio of EBITDARM to contractual rent for leases or interest and principal payments for loans. EBITDARM coverage is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations, assuming that management fees are not paid. GAAP revenue: revenue recognized in accordance with Generally Accepted Accounting Principles (“GAAP”), which includes straight line rent and other non-cash adjustments. GLA: gross leasable area. Grant Income: stimulus funds granted to us through various federal and state government programs, such as the CARES Act, established for eligible healthcare providers to preserve liquidity in response to lost revenues and/or increased healthcare expenses associated with the COVID-19 pandemic; such grants are not loans and, as such, are not required to be repaid, subject to certain conditions.

Page | 16 Hospital: hospital properties typically will include acute care, long term acute care, specialty and rehabilitation hospitals and generally will be leased to single tenants or operators under triple-net lease structures. IL: refers to independent living units. Integrated senior health campuses or ISHC: Integrated senior health campuses include a range of senior care, including independent living, assisted living, memory care, skilled nursing services, and certain ancillary businesses. Integrated Senior Health Campuses are predominantly operated utilizing a RIDEA structure. Maintenance Capex: AHR-invested capital expenditures, whether routine or non-routine (including second generation tenant incentives and leasing commissions), that extend the useful life of a property but are not expected to generate incremental income for the Company. MC: refers to memory-care units. NAREIT FFO or FFO: funds from operations attributable to controlling interest is a non-GAAP financial measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT (the “White Paper”). The White Paper defines FFO as net income (loss) computed in accordance with GAAP, excluding gains or losses from sales of certain real estate assets, gains or losses upon consolidation of a previously held equity interest, and impairment write downs of certain real estate assets and investments, plus depreciation and amortization related to real estate, and after adjustments for unconsolidated partnerships and joint ventures. While impairment charges are excluded from the calculation of FFO as described above, investors are cautioned that impairments are based on estimated future undiscounted cash flows. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO. NAV: Net asset value. Net Debt: Total long-term debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash pertaining to debt. NOI: Net operating income is a non-GAAP financial measure that is defined as net income (loss), computed in accordance with GAAP, generated from properties before general and administrative expenses, business acquisition expenses, depreciation and amortization, interest expense, gain or loss on dispositions, impairment of real estate investments, impairment of goodwill, income or loss from unconsolidated entities, gain on re-measurement of previously held equity interest, foreign currency gain or loss, other income, and income tax benefit or expense. Non-Core Properties: assets that have been deemed not essential to generating future economic benefit or values to our day-to-day operations and/or are scheduled for closure or to be sold. Normalized FFO attributable to controlling interest or NFFO: Normalized FFO attributable to controlling interest is defined as FFO further adjusted for the following items included in the determination of GAAP net income (loss): expensed acquisition fees and costs, which we refer to as business acquisition expenses; amounts relating to changes in deferred rent and amortization of above and below-market leases (which are adjusted in order to reflect such payments from a GAAP accrual basis); the non-cash impact of changes to our equity instruments; non-cash or non-recurring income or expense; the noncash effect of income tax benefits or expenses; capitalized interest; impairment of

Page | 17 goodwill; amortization of closing costs on debt investments; mark-to-market adjustments included in net income (loss); gains or losses included in net income (loss) from the extinguishment or sale of debt, hedges, foreign exchange, derivatives or securities holdings where trading of such holdings is not a fundamental attribute of the business plan; and after adjustments for consolidated and unconsolidated partnerships and joint ventures, with such adjustments calculated to reflect Normalized FFO on the same basis. Occupancy: OM occupancy represents the percentage of total rentable square feet leased and occupied, including month-to-month leases, as of the date reported. Occupancy for all other property types represents average quarterly operating occupancy based on the most recent quarter of available data. The company uses unaudited, periodic financial information provided solely by tenants to calculate occupancy and has not independently verified the information. Occupancy metrics are reflected at our pro rata share. OM: Outpatient Medical Buildings. OP unit: units of limited partnership interest in the Operating Partnership, which are redeemable for cash or, at our election, shares of our common stock on a one-for-one basis, subject to certain adjustments. Operating Partnership: means American Healthcare REIT Holdings, LP, a Delaware limited partnership, through which we conduct substantially all of our business and of which Continental Merger Sub, LLC, a Delaware limited liability company and our wholly-owned subsidiary, is the sole general partner. Pro-Rata: As of December 31, 2023, we owned and/or operated our 125 integrated senior health campuses through entities of which we owned 74.1% of the ownership interests and 10 other buildings through entities of which we owned 86.0% to 98.0% of the ownership interests. Because we have a controlling interest in these entities, these entities and the properties these entities own are consolidated in our financial statements in accordance with GAAP. However, while such properties are presented in our financial statements on a consolidated basis, we are only entitled to our pro rata share of the net cash flows generated by such properties. As a result, we have presented certain property information in this supplemental presentation based on our pro rata ownership interest as of the applicable date in properties included in these entities and not on a consolidated basis. In such instances, information is noted as being presented on a “pro-rata share” basis. RevPOR: Revenue per occupied room. RevPOR is calculated as total revenue generated by occupied rooms divided by the number of occupied rooms. RIDEA: used to describe properties within the portfolio that utilize the RIDEA structure as described in “RIDEA structure”. RIDEA structure: a structure permitted by the REIT Investment Diversification and Empowerment Act of 2007, pursuant to which we lease certain healthcare real estate properties to a wholly-owned taxable REIT subsidiary (TRS), which in turn contracts with an eligible independent contractor (EIK) to operate such properties for a fee. Under this structure, the EIK receives management fees, and the TRS receives revenue from the operation of the healthcare real estate properties and retains, as profit, any revenue remaining after payment of expenses (including intercompany rent paid to us and any taxes at the TRS level) necessary to operate the property. Through the RIDEA structure, in addition to

Page | 18 receiving rental revenue from the TRS, we retain any after-tax profit from the operation of the healthcare real estate properties and benefit from any improved operational performance while bearing the risk of any decline in operating performance at the properties. Same-Store or SS: Properties owned and consolidated the full period in both comparison periods and that are not otherwise excluded. Properties are excluded from same-store if they are: (1) sold, classified as held for sale or properties whose operations were classified as discontinued operations in accordance with GAAP; (2) impacted by materially disruptive events such as flood or fire for an extensive period of time; or (3) and properties that are scheduled to undergo major expansions/renovation, business model transitions, or have transitioned business models after the start of the prior comparison period. Same-Store NOI or SS NOI: is defined as Cash NOI for our Same-Store properties. Same-Store NOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. Both Cash NOI and Same-Store NOI include ownership and other adjustments. Senior Housing-Leased: Senior housing facilities cater to different segments of the elderly population based upon their personal needs, and include assisted living, memory care, and independent living. Residents of assisted living facilities typically require limited medical care and need assistance with eating, bathing, dressing, and/or medication management and those services can be provided by staff at the facility. Resident programs offered at such facilities may include transportation, social activities, and exercise and fitness programs. Our Senior Housing-Leased properties are triple-net leased. SHOP: senior housing operating properties. SNFs: skilled nursing facilities. SOFR: The Secured Overnight Financing Rate (SOFR) is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities. SOFR as it relates to the Company is used as the benchmark rate for its floating-rate debt obligations. Square Feet or Sq. Ft.: Net rentable square feet calculated utilizing Building Owners and Managers Association measurement standards. Total Debt: The principal balances of the Company’s revolving credit facility, term loans, and secured indebtedness as reported in the Company’s consolidated financial statements. Trilogy: Trilogy Investors, LLC, one of our consolidated joint ventures, in which we indirectly owned a 74.1% interest as of December 31, 2023. Triple-net leased: a lease where the tenant is responsible for making rent payments, maintaining the leased property and paying property taxes and other expenses. Yield on cost: annualized in-place Cash NOI or EBITDAR divided by the aggregate investment cost and any debt being assumed.

Fourth Quarter 2023 Supplemental EXHIBIT 99.2

2 FORWARD-LOOKING STATEMENTS Certain statements contained in this supplemental, filed in conjunction with the Fourth Quarter 2023 Earnings Press Release, including statements relating to American Healthcare REIT, Inc.’s (the ”Company”) expectations regarding its portfolio growth, interest expense savings, balance sheet, net income per share, FFO per share, NFFO per share, total portfolio SS NOI growth, occupancy, NOI growth, revenue growth, and margin expansion, 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 this report is filed with the Securities and Exchange Commission (“SEC”). 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, risks disclosed in the Company’s periodic reports as filed with the SEC. Except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statements contained in this release. Disclaimers

3 Our Properties (as of 12/31/2023) (1) Bed/Units not reported for Outpatient Medical. Square Feet GLA in thousands shown instead. (2) ISHC and SHOP occupancies are quarter average, while Outpatient Medical and Triple-Net Leased Properties are quarter end spot occupancy. (3) Represents all property at pro-rata ownership, including ISHC, at 74.1% pro-rata share. (4) See reconciliations in the appendix of this presentation. Note: Except as otherwise noted, all data herein is presented on a consolidated basis. (dollars in thousands) Outpatient Medical 27.1% SHOP 8.4% ISHC 48.7% Triple-Net Leased Properties 13.2% Debt Security Investment 2.6% PRO-RATA ANNUALIZED NOI BREAKDOWN Number of Buildings/ Campuses Beds/Units(1) Leased % (2) Wtd Avg Lease Term (years) Annualized Cash NOI Annualized Cash NOI Integrated Senior Health Campuses (ISHC) 125 12,892 85.0% - 149,724$ 48.7% 202,160$ 56.0% Outpatient Medical 88 4,448 89.2% 5.2 83,252 27.1% 83,596 23.2% Senior Housing Operating Properties (SHOP) 55 4,453 80.4% - 25,844 8.4% 26,076 7.2% Triple-Net Leased Properties 28 2,599 100.0% 10.6 40,496 13.2% 41,240 11.4% Debt Security Investment - - - - 8,044 2.6% 8,044 2.2% Total 296 6.6 307,360$ 100.0% 361,116$ 100.0% Pro-Rata (3)(4) Consolidated (4)

4 Integrated Senior Health Campuses (ISHC) (1) Excludes Grant Income. (2) See reconciliations in the appendix of this presentation. (3) Controllable expenses include utilities, food, repairs and maintenance, and other operating expenses. (4) Non-Controllable expenses include property taxes and insurance. (dollars in thousands and Pro-Rata) Total Portfolio Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2022 2023 Properties 120 122 123 125 125 - - IL/AL/MC units 3,997 4,034 4,025 3,985 4,082 3,997 4,082 SNF beds 5,401 5,447 5,393 5,357 5,466 5,401 5,466 Pro-Rata total beds/units 9,398 9,481 9,418 9,342 9,548 9,398 9,548 Average occupancy 84.3% 84.2% 84.8% 86.2% 85.0% 81.8% 85.0% Revenues (1) 264,645$ 267,940$ 268,744$ 275,732$ 285,117$ 929,249$ 1,097,533$ Operating expenses 231,786 236,054 236,248 241,947 247,686 820,873 961,935 Cash NOI (1)(2) 32,859$ 31,886$ 32,496$ 33,785$ 37,431$ 108,376$ 135,598$ Cash NOI margin % 12.4% 11.9% 12.1% 12.3% 13.1% 11.7% 12.4% Maintenance Capex 2,331$ 3,408$ 3,904$ 2,763$ 2,385$ 10,906$ 12,460$ Same-Store Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2022 2023 Properties 85 85 85 85 85 85 85 Consolidated beds/units 8,565 8,613 8,511 8,449 8,626 8,534 8,549 Pro Rata beds/units 6,343 6,379 6,303 6,258 6,389 6,321 6,332 Average occupancy 84.9% 84.9% 85.9% 86.6% 85.5% 68 bps 82.7% 85.7% 301 bps Same-Store revenues (1)(2) 141,510$ 142,439$ 142,795$ 145,629$ 149,924$ 5.9% 528,951$ 580,787$ 9.8% Same-Store operating expenses 119,523 122,024 120,936 123,555 124,878 4.5% 450,518 491,393 9.1% Compensation 75,911 78,480 79,075 81,728 82,929 9.2% 286,456 322,212 12.5% Controllable (3) 39,179 39,178 37,582 37,379 37,605 (4.0%) 147,008 151,744 3.2% Non-Controllable (4) 4,433 4,366 4,279 4,448 4,344 (2.0%) 17,054 17,437 2.2% Same-Store NOI (1)(2) 21,987$ 20,415$ 21,859$ 22,074$ 25,046$ 13.9% 78,433$ 89,394$ 14.0% Same-Store NOI margin % 15.5% 14.3% 15.3% 15.2% 16.7% 117 bps 14.8% 15.4% 56 bps 2023 vs 2022 Q4 2023 vs Q4 2022

5 ISHC Revenue per Payor and Bed Type Q4 22 Q4 23 Q4 22 Q4 23 Q4 22 Q4 23 Private 322.40$ 362.67$ 12.4% 12.1% 13.1% 13.6% Managed Care / Insurance 368.56 389.82 0.3% 0.4% 0.4% 0.5% Medicaid 264.84 305.19 24.3% 24.2% 21.1% 22.8% Hospice Medicaid 283.34 297.08 3.9% 4.0% 3.6% 3.6% Medicare 644.31 651.96 14.1% 12.0% 29.7% 24.1% Medicare Advantage 523.21 536.78 3.8% 4.8% 6.6% 8.0% Total Skilled Nursing 386.54$ 408.90$ 58.8% 57.5% 74.5% 72.6% Total Senior Housing 159.97$ 175.41$ 41.2% 42.5% 21.6% 23.0% Ancillary Revenue 11.93$ 14.28$ 0.0% 0.0% 3.9% 4.4% Total, Including Ancillary Revenue 305.14$ 323.91$ 100.0% 100.0% 100.0% 100.0% Quality Mix 71.8% 71.8% 75.3% 73.5% % of Resident Days % of RevenueAverage Daily Rate

6 Outpatient Medical (1) See reconciliations in the appendix of this presentation. (dollars and square footage in thousands, except revenue per square foot and Cash NOI per square foot; dollars are Pro-Rata) Total Portfolio Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2022 2023 Properties 104 104 93 90 88 - - Consolidated GLA (sq ft) 4,964 4,963 4,744 4,517 4,448 4,964 4,448 Spot occupancy 89.0% 88.7% 89.7% 89.7% 89.2% 89.0% 89.2% Revenues 36,285$ 36,823$ 36,153$ 35,016$ 32,815$ 144,421$ 140,807$ Operating expenses 13,727 14,038 13,468 13,306 12,002 54,614 52,814 Cash NOI (1) 22,558$ 22,785$ 22,685$ 21,710$ 20,813$ 89,807$ 87,993$ Cash NOI margin % 62.2% 61.9% 62.7% 62.0% 63.4% 62.2% 62.5% Revenues per square foot 29.37$ 29.81$ 30.63$ 31.18$ 29.68$ 29.23$ 31.84$ Cash NOI per square foot 18.26$ 18.45$ 19.22$ 19.33$ 18.82$ 18.18$ 19.89$ Maintenance Capex 9,594$ 2,719$ 7,153$ 4,518$ 5,121$ 21,962$ 19,511$ Same-Store Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2022 2023 Properties 88 88 88 88 88 88 88 Consolidated GLA (sq ft) 4,432 4,431 4,431 4,449 4,448 4,432 4,448 Spot occupancy 89.3% 88.9% 89.6% 89.7% 89.2% (9 bps) 89.3% 89.2% (9 bps) Same-Store revenues (1) 32,371$ 33,008$ 33,160$ 33,655$ 32,783$ 1.3% 128,431$ 132,606$ 3.3% Same-Store operating expenses 12,018 12,409 12,189 12,687 11,971 (0.4%) 47,691 49,256 3.3% Same-Store NOI (1) 20,353$ 20,599$ 20,971$ 20,968$ 20,812$ 2.3% 80,740$ 83,350$ 3.2% Same-Store NOI margin % 62.9% 62.4% 63.2% 62.3% 63.5% 61 bps 62.9% 62.9% (1 bps) Same-Store revenue per square foot 29.37$ 29.95$ 30.09$ 30.44$ 29.65$ 29.13$ 29.98$ Same-Store NOI per square foot 18.46$ 18.69$ 19.03$ 18.96$ 18.82$ 18.31$ 18.84$ 2023 vs 2022 Q4 2023 vs Q4 2022

7 Trailing 12-month Retention 83.5% Outpatient Medical (as of 12/31/2023) (dollars and square footage in thousands) Tenants ABR on a Pro-Rata Basis % S&P Credit Rating Christus Good Shepherd Health System 7,450$ 7.5% A+ Mercy Health 4,461 4.5% A+ Prime Healthcare 4,041 4.1% B- Montefiore Medical Center 2,364 2.4% BBB- Atrius Health, Inc. 2,205 2.2% BBB Remaining Portfolio 78,191 79.3% Total 98,712$ 100.0% Absorption Occupied Square Feet as of December 31, 2022 4,419 Expirations (494) Renewals 401 New leases 168 Terminations (71) Adjustment/remeasurement 14 Dispositions (470) Occupied Square Feet as of December 31, 2023 3,967 Square Feet % On-Campus/Adjacent 1,946 43.8% Off-Campus Affiliated 1,402 31.5% Unaffiliated 1,100 24.7% Total 4,448 100.0%

8 Outpatient Medical (as of 12/31/2023) (dollars and square footage in thousands) (1) Includes future leases. (2) Amount is based on the total ABR expiring in the applicable year. Year # of Expiring Leases Total Sq. Ft. (1) % of GLA ABR (2) % of Total ABR Average Rent per Sq. Ft. 2024 113 532 13.4% 12,814$ 11.3% 24.09$ 2025 75 577 14.5% 15,782 14.0% 27.35 2026 45 211 5.3% 4,947 4.4% 23.45 2027 57 402 10.1% 11,036 9.8% 27.45 2028 59 523 13.1% 15,099 13.4% 28.87 Thereafter 165 1,739 43.6% 53,378 47.1% 30.69 Total 514 3,984 100.0% 113,056$ 100.0% 28.38$

9 (dollars in thousands, except RevPOR, and Pro-Rata) Total Portfolio Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2022 2023 Properties 51 51 47 46 55 - - IL/AL/MC units 4,731 4,702 4,008 3,929 4,318 4,731 4,318 SNF beds - 135 135 135 135 - 135 Total beds/units 4,731 4,837 4,143 4,064 4,453 4,731 4,453 Average occupancy 76.1% 75.7% 76.8% 79.3% 80.4% 73.7% 78.0% Revenues (1) 40,922$ 46,481$ 47,409$ 43,635$ 48,050$ 155,879$ 185,575$ Operating expenses (1) 38,238 41,619 43,491 38,831 41,589 146,521 165,530 Cash NOI (1)(4) 2,684$ 4,862$ 3,918$ 4,804$ 6,461$ 9,358$ 20,045$ Cash NOI margin % 6.6% 10.5% 8.3% 11.0% 13.4% 6.0% 10.8% RevPOR 4,231$ 4,224$ 4,443$ 4,529$ 4,631$ 4,284$ 4,452$ Maintenance Capex 488$ 326$ 839$ 217$ 793$ 1,568$ 2,175$ Same-Store Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2022 2023 Properties 36 36 36 36 36 36 36 Consolidated beds/units 2,941 2,941 2,941 2,941 2,940 2,943 2,941 Average occupancy 77.4% 77.2% 77.9% 78.7% 81.5% 415 bps 76.3% 78.8% 259 bps Same-Store revenues (1)(4) 31,425$ 32,003$ 32,346$ 32,197$ 33,452$ 6.5% 124,028$ 129,998$ 4.8% Same-Store operating expenses (1) 28,381 28,340 27,599 27,766 29,041 2.3% 110,466 112,746 2.1% Compensation 17,300 16,574 16,194 16,281 16,817 (2.8%) 65,610 65,866 0.4% Controllable (2) 9,111 9,603 9,115 9,222 10,020 10.0% 36,647 37,960 3.6% Non-Controllable (3) 1,970 2,163 2,290 2,263 2,204 11.9% 8,209 8,920 8.7% Same-Store NOI (1)(4) 3,044$ 3,663$ 4,747$ 4,431$ 4,411$ 44.9% 13,562$ 17,252$ 27.2% Same-Store NOI margin % 9.7% 11.4% 14.7% 13.8% 13.2% 350 bps 10.9% 13.3% 234 bps RevPOR 4,666$ 4,759$ 4,772$ 4,697$ 4,712$ 1.0% 4,666$ 4,734$ 1.4% 2023 vs 2022 Q4 2023 vs Q4 2022 Senior Housing Operating Properties (SHOP) (1) Excludes Grant Income and COVID subsidies. (2) Controllable expenses include utilities, food, repairs and maintenance, and other operating expenses. (3) Non-Controllable expenses include property taxes and insurance. (4) See reconciliations in the appendix of this presentation.

10 SHOP & ISHC Partners (as of 12/31/2023) (1) AHR owns 74.1% of Trilogy managed campuses except for two in Wisconsin, which are 100% wholly-owned. AHR owns 75.4% as of 2/1/2024. (2) Omega Senior Living’s remaining 2 buildings transitioned to Heritage Communities on 3/1/2024. Partner/Operator State Number of Buildings/Campuses Consolidated Beds/Units Pro-Rata Share Beds/Units Trilogy Management Services (1) KY,IN,MI,OH,WI 127 13,143 9,799 Senior Solutions Management Group AR,MS,TX,LA,MO 19 1,596 1,563 Priority Life Care IN, MI 15 1,042 1,042 Cogir Senior Living NC,CA,UT 12 693 693 Heritage Senior Living PA,VA 5 651 651 Omega Senior Living (2) NE 2 220 220 Total 180 17,345 13,968

11 Same-Store Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2022 2023 Properties 28 28 28 28 28 28 28 Consolidated beds/units 2,599 2,599 2,599 2,599 2,599 2,602 2,599 Average operator occupancy (1) 86.9% 88.3% 89.1% 89.1% 90.1% 319 bps 87.2% 89.1% 197 bps Same-Store revenues (3) 9,770$ 9,927$ 9,930$ 10,103$ 10,154$ 3.9% 39,250$ 40,114$ 2.2% Same-Store operating expenses 515 636 588 579 575 11.7% 2,260 2,378 5.2% Same-Store NOI (3) 9,255$ 9,291$ 9,342$ 9,524$ 9,579$ 3.5% 36,990$ 37,736$ 2.0% Same-Store NOI margin % 94.7% 93.6% 94.1% 94.3% 94.3% (39 bps) 94.2% 94.1% (17 bps) 2023 vs 2022 Q4 2023 vs Q4 2022 Triple-Net Leased (1) Facilities are 100% triple-net leased and operators' occupancies are one quarter in arrears and excludes hospitals. (2) Occupancy includes properties that transitioned to SHOP until the transition date. (3) See reconciliations in the appendix of this presentation. (dollars in thousands and Pro-Rata) Total Portfolio Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2022 2023 Properties 39 37 37 37 28 - - AL/MC beds/units 928 928 928 928 538 928 538 SNF beds 2,315 2,061 2,061 2,061 2,061 2,315 2,061 Total beds/units 3,243 2,989 2,989 2,989 2,599 3,243 2,599 Average operator occupancy (1)(2) 83.7% 85.8% 86.4% 86.3% 87.4% 84.2% 86.5% Revenues 11,661$ 11,732$ 11,299$ 11,470$ 10,726$ 46,680$ 45,227$ Debt security investment 1,944 1,970 2,045 2,014 2,011 7,817 8,040 Operating expenses 738 788 686 874 602 3,147 2,950 Cash NOI (3) 12,867$ 12,914$ 12,658$ 12,610$ 12,135$ 51,350$ 50,317$ Cash NOI margin % 94.6% 94.2% 94.9% 93.5% 95.3% 94.2% 94.5%

12 Triple-Net Leased Rent Payment Coverage Stratification⁽¹⁾ (1) Represents trailing twelve-month coverage metrics as of September 30, 2023. Percentages are based of consolidated AHR Cash NOI for the three months ended December 31, 2023. Excludes Vista Springs from Triple-Net Leased Properties, which transitioned to SHOP as of November 1, 2023. (2) Represents combined coverage metrics for all leases within each segment and total portfolio. Coverage Senior Housing- Leased SNFs Hospital Total Weighted Average Maturity (years) Number of Leases Senior Housing- Leased SNFs Hospital Total Weighted Average Maturity (years) Number of Leases < 0.80x - 0.2% 2.3% 2.5% 13.2 2 - - 2.3% 2.3% 13.4 1 0.80x - 0.89x 1.5% - - 1.5% 22.1 1 - - - - - - 0.90x - 0.99x - 2.7% - 2.7% 8.1 1 - - - - - - 1.00x - 1.09x 0.8% - - 0.8% 8.4 1 - - - - - - 1.10x - 1.19x - - - - - - 1.5% 0.2% - 1.7% 20.7 2 1.20x - 1.29x - - - - - - 0.8% - - 0.8% 8.4 1 1.30x - 1.39x - 2.8% - 2.8% 9.8 1 - - - - - - 1.40x - 1.49x - - - - - - - 2.7% - 2.7% 8.1 1 1.50x - 1.59x - 1.6% - 1.6% 6.8 1 - - - - - - 1.60x - 1.69x - - - - - - - - - - - - 1.70x - 1.79x - - - - - - - - - - - - 1.80x - 1.89x - - - - - - - 2.8% - 2.8% 9.8 1 1.90x - 1.99x - - - - - - - 1.6% - 1.6% 6.8 1 > 2.00x - - 0.5% 0.5% 9.9 1 - - 0.5% 0.5% 9.9 1 Total 2.3% 7.3% 2.8% 12.4% 10.6 8 2.3% 7.3% 2.8% 12.4% 10.6 8 Segment Rent Coverage (2) 0.97x 1.22x 1.76x 1.30x 1.19x 1.67x 1.98x 1.65x Tenant Occupancy 84.9% 91.5% N/A 90.1% 84.9% 91.5% N/A 90.1% Tenant EBITDARM Rent CoverageTenant EBITDAR Rent Coverage Contribution to Pro-Rata AHR Cash NOI at each Coverage Stratification for Q4 2023

13 Revenue and Lease Expiration(1) (as of 12/31/2023) (dollars in thousands) (1) Excludes ISHC and SHOP. (2) Amount is based on the total ABR expiring in the applicable year. Month-to-month leases are included as expirations in 2024. (3) Represents interest income from debt security investment. MED HOP H3DUK SENS F RID Year 2024 12,814$ 11.3% -$ 0.0% -$ 0.0% 12,814$ 7.8% 2025 15,782 14.0% - 0.0% 4,011 100.0% 19,793 12.1% 2026 4,947 4.4% - 0.0% - 0.0% 4,947 3.0% 2027 11,036 9.8% - 0.0% - 0.0% 11,036 6.7% 2028 15,099 13.4% - 0.0% - 0.0% 15,099 9.2% Thereafter 53,378 47.1% 46,867 100.0% - 0.0% 100,245 61.2% Total 113,056$ 100.0% 46,867$ 100.0% 4,011$ 100.0% 163,934$ 100.0% ABR of Expiring Leases (2) as % of Total ABR TotalOM Triple-Net Leased Interest Income (3)

14 Debt Maturities and Principal Payments (as of 12/31/2023) (1) We amended our line of credit on February 14, 2024. As a result, $364,900,000 from our revolving lines of credit mature in 2028. (2) Interest rates reflects two in place swap derivatives for $275M each that mature on January 19, 2026 with strike at 4.41% and 3.74%. (3) Excludes variable-rate debt with interest rate swaps in place. (dollars in thousands) Period % of Combined Pro-Rata Debt Weighted Average Interest Rate (2) 2024 $ - $ 311,445 $ (56,489) $ 254,956 11.4% 7.29% 2025 309,823 166,853 (93,883) 382,793 17.3% 6.85% 2026 364,900 171,432 (15,818) 520,514 23.5% 6.00% 2027 550,000 50,175 (12,694) 587,481 26.5% 5.67% 2028 - 16,421 (3,986) 12,435 0.6% 3.32% Thereafter - 609,987 (150,844) 459,143 20.7% 3.79% Total $ 1,224,723 $ 1,326,313 $ (333,714) $ 2,217,322 100.0% Weighted Interest Rate (2) 6.81% 4.72% 5.61% 5.74% Weighted average maturity (years) 2.3 15.1 15.0 8.0 Percent variable-rate debt(3) 55.1% 25.3% 44.8% 38.8% Debt maturing after 2028 has a weighted average maturity date of November 2051 (28 Years). Lines of Credit and Term Loan (1) Mortgage Loans Payable Noncontrolling Interests' Share of Mortgage Loans Payable, Lines of Credit and Term Loan Combined Pro-Rata Debt

15 Full Year 2023 Real Estate Acquisitions and Dispositions (1) Ownership percentage as of December 31, 2023. (2) Gross proceeds include noncontrolling interests’ share as applicable. (dollars and square footage in thousands) Acquisitions Reportable Segment Number of Buildings/ Campuses Units/Beds Ownership Percentage(1) Purchase Price Pro Rata Purchase Price Average Cost per Unit/Bed Integrated Senior Health Campuses 1 65 74.1% 11,000$ 8,147$ 169$ Integrated Senior Health Campuses - Lease buyouts 3 246 74.1% 32,883$ 24,354$ 134$ Dispositions Reportable Segment Number of Buildings/ Campuses Units/Beds/GLA Gross Proceeds(2) Property Debt SHOP 6 918 53,530$ $ — Outpatient Medical 16 533 141,110$ (26,856)$

16 2024 Guidance(1) (1) Company's guidance constitutes forward-looking statements within the meaning of the federal securities laws and is based on a number of assumptions that are subject to change and many of which are outside of the Company's control. Actual results may differ materially from the Company's expectations depending on factors discussed herein and in the Company's filings with the Securities and Exchange Commission. Totals may not add due to rounding. See reconciliations in the appendix of this presentation. (2) Amounts presented net of noncontrolling interests' share and AHR's share of unconsolidated entities. FFO Attributable to Common Stockholders Projected FY 2024 Total Portfolio Same -Store NOI Growth • 5.0% - 7.0% (dollars in millions, except per share) Low High Low High Net income attributable to common stockholders (4.15)$ 3.19$ (0.03)$ 0.03$ Depreciation and amortization (2) 147.26 147.26 1.16 1.16 NAREIT FFO attributable to common stockholders 143.11$ 150.45$ 1.13$ 1.19$ Amortization of other intangible assets/liabities (2) 1.66 1.66 0.01 0.01 Change in deferred rent(2) (0.42) (0.42) (0.00) (0.00) Non-cash impact of changes to equity plan (2) 6.04 6.04 0.05 0.05 Other adjustments (0.80) (0.80) (0.01) (0.01) Normalized FFO attributable to common stockholders 149.58$ 156.92$ 1.18$ 1.24$ Weighted average diluted shares (in millions) 126.6 126.6 FY 2024 FY 2024 - per share

17 Obligations (Outstanding principal balance as of 12/31/23 at AHR & OP Unit share) AHR ISHC Total AHR ISHC Total AHR ISHC Total Mortgage Debt 393,550$ 932,763$ 1,326,313$ 382,119$ 690,838$ 1,072,957$ 4.45% 4.83% 4.70% Revolving LOC 364,900 309,823 674,723 364,900 229,466 594,366 7.11% 8.20% 7.53% Term Loan 550,000 - 550,000 550,000 - 550,000 5.83% 5.83% Total Debt 1,308,450$ 1,242,586$ 2,551,036$ 1,297,019$ 920,304$ 2,217,323$ Cash, cash equivalents and restricted cash pertaining to debt (33,154) (56,173) (89,327) (32,943) (41,604) (74,547) Net Debt 1,275,296$ 1,186,413$ 2,461,709$ 1,264,076$ 878,700$ 2,142,776$ Other tangible liabilities, net: Accounts payable & accrued liabilities 78,034 163,252 241,286 77,725 120,910 198,635 Other 20,212 28,220 48,432 20,047 20,901 40,948 Other tangible liabilities, net 98,246 191,472 289,718 97,772 141,811 239,583 Financing - 41,656 41,656 - 30,852 30,852 Lease obligations 16,855 208,647 225,502 16,855 154,531 171,386 Net obligations 1,390,397$ 1,628,188$ 3,018,585$ 1,378,703$ 1,205,894$ 2,584,597$ Other Assets Debt security investment 86,447$ -$ 86,447$ 86,447$ -$ 86,447$ Other tangible assets: Accounts receivable 14,631 170,748 185,379 14,512 126,462 140,974 Capital expenditures 10,852 30,908 41,760 10,848 22,892 33,740 Inventory - 19,472 19,472 - 14,422 14,422 Other 7,056 23,155 30,211 7,034 17,149 24,183 Total other tangible assets 32,539 244,283 276,822 32,394 180,925 213,319 Sold assets/assets expected to be sold 63,863 - 63,863 63,863 - 63,863 Total other assets 182,849$ 244,283$ 427,132$ 182,704$ 180,925$ 363,629$ Common Shares & OP Units Outstanding Total Shares 66,226,176 66,226,176 Total OP units 3,501,976 3,501,976 Total Shares and Units 69,728,152 69,728,152 Weighted Avg. Rate Pro-RataConsolidated Pro-Rata Components of NAV(1) (1) Dollars and square feet in thousands. Dollars, square feet and beds/units are at AHR pro rata ownership as of 12/31/2023. (2) Cash NOI is adjusted to exclude nonrecurring items. (3) Excludes interest income from debt security investment. Comments: • Paid down ~$721 million of outstanding debt with an interest rate of 7.53% subsequent to quarter ended December 31, 2023. • As of February 16, 2024, the Company had $747 million outstanding of its lines of credit and term loan. • As of February 1, 2024, the Company owns 75.4% of Trilogy managed campuses. • As of March 15, 2024, the total shares and OP units outstanding were 135,099,943. Segment # of Buildings/ Campus SQ FT Total Beds/Units Q4 2023 Cash NOI (2) Q4 2023 Annualized Cash NOI (2) ISHC 125 6,838 9,548 37,431$ 149,724$ Outpatient Medical 84 4,230 20,031 80,124 SHOP - Grouped by Avg Occupancy >80% 33 2,242 2,861 5,706 22,824 60%-80% 9 848 844 934 3,736 <60% 12 593 693 (852) (3,408) Triple-Net Leased Properties (3) 27 1,381 2,599 9,220 36,880 Total 290 16,132 16,545 72,470$ 289,880$

18 Fourth Quarter 2023 Supplemental Appendix Non-GAAP Reconciliations and Defined Terms

19 FFO / NFFO Reconciliation(1) (dollars in thousands, except per share) (1) Totals may not add due to rounding. Q4 2022 Q4 2023 2022 2023 Net loss (49,300)$ (30,959)$ (73,383)$ (76,887)$ Depreciation and amortization related to real estate — consolidated properties 45,220 43,922 167,860 182,452 Depreciation and amortization related to real estate — unconsolidated entities 59 147 1,102 401 Impairment of real estate investments — consolidated properties 15,388 1,389 54,579 13,899 Gain on dispositions of real estate investments, net — consolidated properties (2,685) (2,695) (5,481) (32,472) Net loss (income) attributable to noncontrolling interests 1,769 3,534 (7,919) 5,418 Gain on re-measurement of previously held equity interests - - (19,567) (726) Depreciation, amortization, impairments, net gain on dispositions and gain on re- measurements - noncontrolling interests (7,704) (6,846) (22,614) (26,518) NAREIT FFO attributable to controlling interest 2,747$ 8,492$ 94,577$ 65,567$ Business acquisition expenses 2,227 3,551 4,388 5,795 Amortization of above- and below-market leases 692 (2,489) 2,596 9,744 Amortization of closing costs — debt security investments 63 74 237 278 Change in deferred rent (22) (89) (3,355) 1,149 Non-cash impact of changes to equity instruments 1,250 1,377 3,909 5,621 Capitalized interest (28) (36) (150) (163) Loss on debt extinguishments 128 - 5,166 345 Loss (gain) in fair value of derivative financial instruments - 9,126 (500) 926 Foreign currency (gain) loss (3,483) (1,935) 5,206 (2,307) Impairment of intangible assets and goodwill 23,277 10,520 23,277 10,520 Adjustments for unconsolidated entities (49) 38 113 (321) Adjustments for noncontrolling interests (1,452) (3,810) (3,530) (4,786) Normalized FFO (NFFO) attributable to controlling interest 25,350$ 24,819$ 131,934$ 92,368$ NAREIT FFO per share 0.04$ 0.13$ 1.44$ 0.99$ NFFO per share 0.38$ 0.38$ 2.00$ 1.40$ Distributions paid to common stockholders 26,425$ 16,599$ 87,934$ 76,284$ Weighted average common shares outstanding — basic and diluted 66,023,570 66,079,343 65,807,868 66,047,114 QTD YTD

20 EBITDA Reconciliation (dollars in thousands) YTD 2023 Net loss $ (30,959) $ (76,887) Adjustments: Loss from unconsolidated entities 794 1,718 Interest expense (including amortization of deferred financing costs, debt discount/premium and loss on debt extinguishments) 41,185 163,191 Income tax (benefit) expense (112) 663 Depreciation and amortization (including amortization of above/below market leases and right-of-use assets and accretion of lease liabilities) 42,064 194,732 Straight line rent (584) (3,480) Foreign currency gain (1,935) (2,307) Gain in fair value of derivative financial instruments 9,126 926 Impairments on real estate assets investments 1,389 13,899 Impairments on intangible asset 10,520 10,520 EBITDA $ 71,488 $ 302,975 Non-cash stock-based compensation expense 1,377 5,621 Business acquisition expenses 3,551 5,795 Gain on dispositions of real estate investments (2,695) (32,472) Non-recurring one-time items (1,644) (1,029) Adjusted EBITDA $ 72,077 $ 280,890 Q4 2023

21 Coverage Ratios and Net Debt Reconciliation (1) (1) The details of the Adjusted proforma EBITDA calculation can be found on the previous page. (2) Non-cash interest expense includes amortization of loan fees and above and below-market debt. (3) Adjusted EBITDA Interest Coverage ratio calculated as period Adjusted EBITDA divided by Total Interest. Adjusted EBITDA Fixed Charges Coverage ratio calculated as period Adjusted EBITDA divided by Total Fixed Charges. (dollars in thousands) YTD 2023 Interest Coverage Ratios Interest Expense $ 41,185 $ 163,191 Capitalized Interest 36 163 Non-Cash Interest Expense(2) (3,149) (11,189) Total Interest $ 38,072 $ 152,165 Interest Coverage Ratio(3) 1.9X 1.8X Fixed Charges Coverage Ratios Total Interest $ 38,072 $ 152,165 Secured Debt Principal Amortization 3,358 17,970 Total Fixed Charges $ 41,430 $ 170,135 Fixed Charge Coverage Ratio(3) 1.7X 1.7X Total debt $ 2,551,036 Adjustments: Cash and cash equivalents (43,445) Restricted cash pertaining to debt (45,882) Net debt $ 2,461,709 Net Debt / Annualized Adjusted EBITDA 8.5X 8.8X Q4 2023

22 Same-Store Property Reconciliation (1) Includes two Central Wisconsin properties that transitioned from SNF to SHOP on March 1, 2023 and nine Michigan properties that transitioned from Triple-Net Leased to SHOP on November 1, 2023. (2) ISHC includes 12 expansions, nine investment developments, one development start up and one adjacent OM property. For the Quarter Ended 12/31/2023 Integrated Senior Health Campuses Outpatient Medical SHOP Triple-Net Leased Properties Total properties 125 88 55 28 Recent acquisition/development conversions (17) - (7) - Non-Core Properties - - (1) - Transitions (1) - - (11) - Other (2) (23) - - - Same-Store properties 85 88 36 28 For the Year Ended 12/31/2023 Integrated Senior Health Campuses Outpatient Medical SHOP Triple-Net Leased Properties Total properties 125 88 55 28 Recent acquisition/development conversions (17) - (7) - Non-Core Properties - - (1) - Transitions (1) - - (11) - Other (2) (23) - - - Same-Store properties 85 88 36 28

23 Cash NOI Reconciliation (1) All quarters are based upon current quarter’s ownership percentage. (dollars in thousands) Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2022 2023 Net loss (49,300)$ (27,615)$ (11,867)$ (6,446)$ (30,959)$ (73,383)$ (76,887)$ General and administrative 11,745 13,053 11,774 11,342 11,341 43,418 47,510 Business acquisition expenses 2,227 332 888 1,024 3,551 4,388 5,795 Depreciation and amortization 45,253 44,670 44,701 49,273 43,960 167,957 182,604 Interest expense 34,762 39,011 40,990 42,005 41,185 105,956 163,191 Loss (gain) in fair value of derivative financial instrument - 195 (4,993) (3,402) 9,126 (500) 926 (Gain) loss on dispositions of real estate investments (2,685) 132 2,072 (31,981) (2,695) (5,481) (32,472) Impairment of real estate investments 15,388 - - 12,510 1,389 54,579 13,899 Impairment of intangible assets and goodwill 23,277 - - - 10,520 23,277 10,520 Loss (income) from unconsolidated entities 273 306 113 505 794 (1,407) 1,718 Gain on re-measurement of previously held equity interest - (726) - - - (19,567) (726) Foreign currency (gain) loss (3,483) (1,008) (1,068) 1,704 (1,935) 5,206 (2,307) Other income (665) (1,608) (2,589) (1,755) (1,649) (3,064) (7,601) Income tax expense (benefit) 87 143 348 284 (112) 586 663 Total NOI 76,879$ 66,885$ 80,369$ 75,063$ 84,516$ 301,965$ 306,833$ Grant Income (2,959) - (6,381) (1,064) (30) (25,675) (7,475) Total NOI (excluding Grant Income) 73,920$ 66,885$ 73,988$ 73,999$ 84,486$ 276,290$ 299,358$ Straight line rent (1,110) (1,090) (993) (814) (584) (6,522) (3,481) Facility rental expense 9,248 9,645 9,717 8,889 8,774 25,155 37,025 Other non-cash adjustments 714 8,614 718 3,011 (2,397) 3,052 9,946 COVID subsidy - (143) - (28) - - (171) Consolidated Cash NOI 82,772$ 83,911$ 83,430$ 85,057$ 90,279$ 297,975$ 342,677$ Cash NOI attributable to noncontrolling interest (1) (11,804) (11,464) (11,673) (12,148) (13,439) (39,084) (48,724) Pro-Rata Cash NOI 70,968$ 72,447$ 71,757$ 72,909$ 76,840$ 258,891$ 293,953$

24 Same-Store NOI Reconciliation (dollars in thousands and Pro-Rata) Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2022 2023 Integrated Senior Health Campuses Cash NOI 32,859$ 31,886$ 32,496$ 33,785$ 37,431$ 108,376$ 135,598$ New acquisitions/dispositions/transitions (10,872) (11,471) (10,637) (11,711) (12,385) (29,943) (46,204) Same-Store NOI 21,987$ 20,415$ 21,859$ 22,074$ 25,046$ 78,433$ 89,394$ Outpatient Medical Cash NOI 22,558$ 22,785$ 22,685$ 21,710$ 20,813$ 89,807$ 87,993$ New acquisitions/dispositions/transitions (2,205) (2,186) (1,714) (742) (1) (9,028) (4,643) Other normalizing adjustments - - - - - (39) - Same-Store NOI 20,353$ 20,599$ 20,971$ 20,968$ 20,812$ 80,740$ 83,350$ SHOP Cash NOI 2,684$ 4,862$ 3,918$ 4,804$ 6,461$ 9,358$ 20,045$ New acquisitions/dispositions/transitions 184 (1,189) 497 (765) (2,336) 3,760 (3,793) Non-Core Properties 176 95 (29) 61 115 831 242 Other normalizing adjustments - (105) 361 331 171 (387) 758 Same-Store NOI 3,044$ 3,663$ 4,747$ 4,431$ 4,411$ 13,562$ 17,252$ Triple-Net Leased Properties Cash NOI 12,867$ 12,914$ 12,658$ 12,610$ 12,135$ 51,350$ 50,317$ Debt security investment (1,944) (1,970) (2,045) (2,014) (2,011) (7,818) (8,040) New acquisitions/dispositions/transitions (1,668) (1,653) (1,271) (1,072) (545) (6,542) (4,541) Same-Store NOI 9,255$ 9,291$ 9,342$ 9,524$ 9,579$ 36,990$ 37,736$ Total Cash NOI 70,968$ 72,447$ 71,757$ 72,909$ 76,840$ 258,891$ 293,953$ Debt security investment (1,944) (1,970) (2,045) (2,014) (2,011) (7,818) (8,040) New acquisitions/dispositions/transitions (14,561) (16,499) (13,125) (14,290) (15,267) (41,753) (59,181) Non-Core Properties 176 95 (29) 61 115 831 242 Other normalizing adjustments - (105) 361 331 171 (426) 758 Same-Store NOI 54,639$ 53,968$ 56,919$ 56,997$ 59,848$ 209,725$ 227,732$

25 (dollars in thousands) Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2022 2023 Integrated Senior Health Campuses GAAP revenue and Grant Income 360,279$ 361,770$ 369,237$ 373,355$ 384,993$ 1,279,485$ 1,489,355$ Grant Income (2,959) - (6,381) (1,064) (30) (24,820) (7,475) Cash revenue attributable to noncontrolling interest (1) (92,675) (93,830) (94,112) (96,559) (99,846) (325,416) (384,347) Cash revenue 264,645$ 267,940$ 268,744$ 275,732$ 285,117$ 929,249$ 1,097,533$ Revenue attributable to non-Same-Store properties (123,135) (125,501) (125,949) (130,103) (135,193) (400,298) (516,746) Same-Store revenue 141,510$ 142,439$ 142,795$ 145,629$ 149,924$ 528,951$ 580,787$ Outpatient Medical GAAP revenue 36,919$ 37,483$ 36,640$ 35,688$ 36,257$ 148,717$ 146,068$ Straight line rent (382) (393) (327) (309) (291) (3,292) (1,320) Other non-cash adjustments (113) (119) (19) (216) (2,995) (469) (3,349) Cash revenue attributable to noncontrolling interest (1) (139) (148) (141) (147) (156) (535) (592) Cash revenue 36,285$ 36,823$ 36,153$ 35,016$ 32,815$ 144,421$ 140,807$ Revenue attributable to non-Same-Store properties (3,914) (3,815) (2,993) (1,361) (32) (15,886) (8,201) Other normalizing revenue adjustments - - - - - (104) - Same-Store revenue 32,371$ 33,008$ 33,160$ 33,655$ 32,783$ 128,431$ 132,606$ SHOP GAAP revenue and Grant Income 41,331$ 46,860$ 47,766$ 43,915$ 48,321$ 158,346$ 186,862$ Grant Income - - - - - (855) - Cash revenue attributable to noncontrolling interest (1) (409) (379) (357) (280) (271) (1,612) (1,287) Cash revenue 40,922$ 46,481$ 47,409$ 43,635$ 48,050$ 155,879$ 185,575$ Revenue attributable to non-Same-Store properties (9,212) (14,079) (14,581) (10,905) (14,059) (30,983) (53,624) Revenue attributable to Non-Core Properties (285) (369) (482) (533) (539) (934) (1,923) Other normalizing revenue adjustments - (30) - - - 66 (30) Same-Store revenue 31,425$ 32,003$ 32,346$ 32,197$ 33,452$ 124,028$ 129,998$ Same-Store Revenue Reconciliation (1/2) (1) All quarters are based upon current quarter’s ownership percentage.

26 (dollars in thousands) Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 2022 2023 Triple-Net Leased Properties GAAP revenue 14,054$ 6,113$ 13,928$ 11,282$ 13,010$ 56,627$ 44,333$ Straight line rent (728) (697) (666) (505) (293) (3,230) (2,161) Other non-cash adjustments 460 8,468 266 2,893 206 1,820 11,833 Cash revenue attributable to noncontrolling interest (1) (181) (182) (184) (186) (186) (720) (738) Cash revenue 13,605$ 13,702$ 13,344$ 13,484$ 12,737$ 54,497$ 53,267$ Debt security investment (1,944) (1,970) (2,045) (2,014) (2,011) (7,818) (8,040) Revenue attributable to non-Same-Store properties (1,891) (1,805) (1,369) (1,367) (572) (7,251) (5,113) Other normalizing revenue adjustments - - - - - (178) - Same-Store revenue 9,770$ 9,927$ 9,930$ 10,103$ 10,154$ 39,250$ 40,114$ Total GAAP revenue and Grant Income 452,583$ 452,226$ 467,571$ 464,240$ 482,581$ 1,643,175$ 1,866,618$ Straight line rent (1,110) (1,090) (993) (814) (584) (6,522) (3,481) Other non-cash adjustments 347 8,349 247 2,677 (2,789) 1,351 8,484 Grant Income (2,959) - (6,381) (1,064) (30) (25,675) (7,475) Cash revenue attributable to noncontrolling interest (1) (93,404) (94,539) (94,794) (97,172) (100,459) (328,283) (386,964) Cash revenue 355,457$ 364,946$ 365,650$ 367,867$ 378,719$ 1,284,046$ 1,477,182$ Debt security investment (1,944) (1,970) (2,045) (2,014) (2,011) (7,818) (8,040) Revenue attributable to non-Same-Store properties (138,152) (145,200) (144,892) (143,736) (149,856) (454,418) (583,684) Revenue attributable to Non-Core Properties (285) (369) (482) (533) (539) (934) (1,923) Other normalizing revenue adjustments - (30) - - - (216) (30) Same-Store revenue 215,076$ 217,377$ 218,231$ 221,584$ 226,313$ 820,660$ 883,505$ Same-Store Revenue Reconciliation (2/2) (1) All quarters are based upon current quarter’s ownership percentage.

27 2024 Earnings Guidance Reconciliation (1) Amounts presented net of noncontrolling interests' share and AHR's share of unconsolidated entities. The foregoing projections reflect management's view of current and future market conditions. There can be no assurance that the Company's actual results will not differ materially from the estimates set forth above. Except as otherwise required by law, the Company assumes no, and hereby disclaims any, obligation to update any of the foregoing projections as a result of new information or new or future developments. The Company does not provide 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)/loss on sale of previously depreciated real estate assets, stock-based compensation, casualty loss, non-Same-Store revenues, 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. (dollars in millions, except per share) Low High Net income attributable to common stockholders (4.15)$ 3.19$ Depreciation and amortization (1) 147.26 147.26 NAREIT FFO attributable to common stockholders 143.11$ 150.45$ Amortization of other intangible assets/liabities (1) 1.66$ 1.66$ Change in deferred rent(1) (0.42) (0.42) Non-cash impact of changes to equity plan (1) 6.04 6.04 Other adjustments (0.80) (0.80) Normalized FFO attributable to common stockholders 149.58 156.92 NAREIT FFO per common share 1.13$ 1.19$ Normalized FFO per common share 1.18$ 1.24$ Total Portfolio Same-Store NOI Growth 5.00% 7.00% Weighted Avg. Shares Outstanding (in millions) 126.6 126.6

28 • Adjusted EBITDA: Adjusted EBITDA is defined as EBITDA excluding the impact of stock-based compensation expense, acquisition and pursuit costs, gain (loss) on sales of real estate, unrealized foreign currency gain (loss), change in fair value of financial instruments, impairment of real estate assets, lease termination revenue, non- recurring items, and adjusted for non-controlling interest. • Affiliated: means an OM (as defined on the next page) that, as of a specified date, has 25.0% or more of its square footage occupied by at least one healthcare system. • AL: refers to assisted living units. • Annualized Adjusted EBITDA: current period (shown as quarterly) EBITDA multiplied by 4. • Annualized Base Rent or ABR: contractual base rent for the last month of the applicable period multiplied by 12. • Cash NOI: Cash NOI is defined as NOI but excluding the impact of, without duplication, (1) non-cash items such as straight-line rent and the amortization of lease intangibles, (2) third party facility rent payments and (3) other items set forth in the Cash NOI reconciliation included herein. Both Cash NOI and Same-Store NOI include ownership and other adjustments. • EBITDA: EBITDA is a non-GAAP financial measure that is defined as earnings before interest, taxes, depreciation, and amortization. • EBITDAR: Earnings before interest, taxes, depreciation, amortization and facilities rent. We use unaudited, periodic financial information provided solely by tenants to calculate EBITDAR and have not independently verified the information. • EBITDAR Coverage: represents the ratio of EBITDAR to contractual rent for leases or interest and principal payments for loans. EBITDAR Coverage is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations. • EBITDARM: Earnings before interest, taxes, depreciation, amortization, rent and management fees. We use unaudited, periodic financial information provided solely by tenants to calculate EBITDARM and have not independently verified the information. • EBITDARM Coverage: represents the ratio of EBITDARM to contractual rent for leases or interest and principal payments for loans. EBITDARM coverage is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations, assuming that management fees are not paid. • GAAP revenue: revenue recognized in accordance with Generally Accepted Accounting Principles (“GAAP”), which includes straight line rent and other non-cash adjustments. • GLA: gross leasable area. • Grant Income: stimulus funds granted to us through various federal and state government programs, such as the CARES Act, established for eligible healthcare providers to preserve liquidity in response to lost revenues and/or increased healthcare expenses associated with the COVID-19 pandemic; such grants are not loans and, as such, are not required to be repaid, subject to certain conditions. • Hospital: hospital properties typically will include acute care, long term acute care, specialty and rehabilitation hospitals and generally will be leased to single tenants or operators under triple-net lease structures. • IL: refers to independent living units. • Integrated senior health campuses or ISHC: Integrated senior health campuses include a range of senior care, including independent living, assisted living, memory care, skilled nursing services, and certain ancillary businesses. Integrated Senior Health Campuses are predominantly operated utilizing a RIDEA structure. • Maintenance Capex: AHR-invested capital expenditures, whether routine or non-routine (including second generation tenant incentives and leasing commissions), that extend the useful life of a property but are not expected to generate incremental income for the Company. • MC: refers to memory-care units. • NAREIT FFO or FFO: funds from operations attributable to controlling interest is a non-GAAP financial measure, consistent with the standards established by the White Paper on FFO approved by the Board of Governors of NAREIT (the “White Paper”). The White Paper defines FFO as net income (loss) computed in accordance with GAAP, excluding gains or losses from sales of certain real estate assets, gains or losses upon consolidation of a previously held equity interest, and impairment write downs of certain real estate assets and investments, plus depreciation and amortization related to real estate, and after adjustments for unconsolidated partnerships and joint ventures. While impairment charges are excluded from the calculation of FFO as described above, investors are cautioned that impairments are based on estimated future undiscounted cash flows. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO. Defined Terms

29 • NAV: Net asset value. • Net Debt: Total long-term debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash pertaining to debt. • NOI: Net operating income is a non-GAAP financial measure that is defined as net income (loss), computed in accordance with GAAP, generated from properties before general and administrative expenses, business acquisition expenses, depreciation and amortization, interest expense, gain or loss on dispositions, impairment of real estate investments, impairment of goodwill, income or loss from unconsolidated entities, gain on re-measurement of previously held equity interest, foreign currency gain or loss, other income, and income tax benefit or expense. • Non-Core Properties: assets that have been deemed not essential to generating future economic benefit or values to our day-to-day operations and/or are scheduled for closure or to be sold. • Normalized FFO attributable to controlling interest or NFFO: Normalized FFO attributable to controlling interest is defined as FFO further adjusted for the following items included in the determination of GAAP net income (loss): expensed acquisition fees and costs, which we refer to as business acquisition expenses; amounts relating to changes in deferred rent and amortization of above and below-market leases (which are adjusted in order to reflect such payments from a GAAP accrual basis); the non-cash impact of changes to our equity instruments; non-cash or non-recurring income or expense; the noncash effect of income tax benefits or expenses; capitalized interest; impairment of goodwill; amortization of closing costs on debt investments; mark-to-market adjustments included in net income (loss); gains or losses included in net income (loss) from the extinguishment or sale of debt, hedges, foreign exchange, derivatives or securities holdings where trading of such holdings is not a fundamental attribute of the business plan; and after adjustments for consolidated and unconsolidated partnerships and joint ventures, with such adjustments calculated to reflect Normalized FFO on the same basis. • Occupancy: OM occupancy represents the percentage of total rentable square feet leased and occupied, including month-to-month leases, as of the date reported. Occupancy for all other property types represents average quarterly operating occupancy based on the most recent quarter of available data. The company uses unaudited, periodic financial information provided solely by tenants to calculate occupancy and has not independently verified the information. Occupancy metrics are reflected at our pro rata share. • OM: Outpatient Medical Buildings. • OP unit: units of limited partnership interest in the Operating Partnership, which are redeemable for cash or, at our election, shares of our common stock on a one-for- one basis, subject to certain adjustments. • Operating Partnership: means American Healthcare REIT Holdings, LP, a Delaware limited partnership, through which we conduct substantially all of our business and of which Continental Merger Sub, LLC, a Delaware limited liability company and our wholly-owned subsidiary, is the sole general partner. • Pro-Rata: As of December 31, 2023, we owned and/or operated our 125 integrated senior health campuses through entities of which we owned 74.1% of the ownership interests and 10 other buildings through entities of which we owned 86.0% to 98.0% of the ownership interests. Because we have a controlling interest in these entities, these entities and the properties these entities own are consolidated in our financial statements in accordance with GAAP. However, while such properties are presented in our financial statements on a consolidated basis, we are only entitled to our pro rata share of the net cash flows generated by such properties. As a result, we have presented certain property information in this supplemental presentation based on our pro rata ownership interest as of the applicable date in properties included in these entities and not on a consolidated basis. In such instances, information is noted as being presented on a “pro-rata share” basis. • Quality Mix: Total number of Medicare, Managed Care, Medicare Advantage and private days of revenue divided by the total number of actual patient days or total revenue for all payor types within Skilled Nursing and Senior Housing beds in the ISHC segment. • Retention: The ratio of total renewed square feet and month-to-month leases retained to the total square feet expiring, excluding the square feet for tenant leases terminated and leases in assets expected to be sold for the trailing 12-months. • RevPOR: Revenue per occupied room. RevPOR is calculated as total revenue generated by occupied rooms divided by the number of occupied rooms. • RIDEA: used to describe properties within the portfolio that utilize the RIDEA structure as described in “RIDEA structure”. Defined Terms

30 • RIDEA structure: a structure permitted by the REIT Investment Diversification and Empowerment Act of 2007, pursuant to which we lease certain healthcare real estate properties to a wholly-owned TRS, which in turn contracts with an EIK to operate such properties for a fee. Under this structure, the EIK receives management fees, and the TRS receives revenue from the operation of the healthcare real estate properties and retains, as profit, any revenue remaining after payment of expenses (including intercompany rent paid to us and any taxes at the TRS level) necessary to operate the property. Through the RIDEA structure, in addition to receiving rental revenue from the TRS, we retain any after-tax profit from the operation of the healthcare real estate properties and benefit from any improved operational performance while bearing the risk of any decline in operating performance at the properties. • Same-Store or SS: Properties owned and consolidated the full period in both comparison periods and that are not otherwise excluded. Properties are excluded from same-store if they are: (1) sold, classified as held for sale or properties whose operations were classified as discontinued operations in accordance with GAAP; (2) impacted by materially disruptive events such as flood or fire for an extensive period of time; or (3) and properties that are scheduled to undergo major expansions/renovation, business model transitions, or have transitioned business models after the start of the prior comparison period. • Same-Store NOI or SS NOI: is defined as Cash NOI for our Same-Store properties. Same-Store NOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. Both Cash NOI and Same-Store NOI include ownership and other adjustments. • Senior Housing-Leased: Senior housing facilities cater to different segments of the elderly population based upon their personal needs, and include assisted living, memory care, and independent living. Residents of assisted living facilities typically require limited medical care and need assistance with eating, bathing, dressing, and/or medication management and those services can be provided by staff at the facility. Resident programs offered at such facilities may include transportation, social activities, and exercise and fitness programs. Our Senior Housing-Leased properties are triple-net leased. • SHOP: senior housing operating properties. • SNFs: skilled nursing facilities. • SOFR: The Secured Overnight Financing Rate (SOFR) is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities. SOFR as it relates to the Company is used as the benchmark rate for its floating-rate debt obligations. • Square Feet or Sq. Ft.: Net rentable square feet calculated utilizing Building Owners and Managers Association measurement standards. • Total Debt: The principal balances of the Company’s revolving credit facility, term loans, and secured indebtedness as reported in the Company’s consolidated financial statements. • Trilogy: Trilogy Investors, LLC, one of our consolidated joint ventures, in which we indirectly owned a 74.1% interest as of December 31, 2023. • Triple-net leased: a lease where the tenant is responsible for making rent payments, maintaining the leased property and paying property taxes and other expenses. • Yield on cost: annualized in-place Cash NOI or EBITDAR divided by the aggregate investment cost and any debt being assumed. Defined Terms