アメリカンヘルスケアREITの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

現行レポート

1934年米国証券取引所法第13条または第15条(d)に基づき

報告日（報告された最も古いイベントの日付）：2024年3月21日

American Healthcare REIT, Inc.

(定款に明記された登録者の正確な名称)

メリーランド

001-41951

47-2887436

(会社設立の州またはその他の管轄区域)

(CommissionFile Number)

(I.R.S. EmployerIdentification No.)

18191 カリフォルニア州アーバイン、フォンカルマン通り、スイート300

92612

(主要経営陣の住所)

(Zip Code)

登録者の電話番号（市外局番を含む(949) 270-9200

Not Applicable

(旧姓または旧住所（前回の報告から変更されている場合)

Form8-Kの提出が、以下の条項のいずれかに基づく登録者の提出義務を同時に満たすことを意図している場合は、以下の該当するチェックボックスをチェックしてください：


☐			証券法に基づく規則425に従った書面によるコミュニケーション（17 cfr 230.425)


☐			取引所法の下でのルール14a-12（17 cfr 240.14a-12）に基づく資料の勧誘。)


☐			取引所法の規則14d-2(b)に基づく開始前のコミュニケーション（17 cfr 240.14d-2(b))


☐			証券取引法の規則13e-4(c)に基づく開始前のコミュニケーション（17 cfr 240.13e-4(c))

法第12条(b)に従って登録された証券：

Title of each class

Trading Symbol(s)

登録されている各取引所の名称

普通株式、1株当たりの額面0.01ドル

AHR

New York Stock Exchange

登録者が1933年証券法規則405（本章230.405節）または1934年証券取引法規則12b-2（本章240.12b-2節）で定義される新興成長企業であるかどうかをチェックマークで示す。

Emerging growth company ☐

新興成長企業の場合、登録者が取引所法第13条(a)に従い提供される新規または改訂された財務会計基準に準拠するための移行期間の延長を利用しないことを選択した場合は、チェックマークで示す。☐

Item 2.02 営業成績および財務状況

2024年3月21日、当社は2023年12月31日現在の財政状態、およびその時点で終了した四半期および年度の業績を発表する決算発表を行いました。この業績発表資料のコピーは、本フォーム 8-K カレント・レポートの別紙 99.1 として添付されており、参照することにより本書に組み込まれます。

Item 7.01 Regulation FD Disclosure

2024年3月21日、当社は2023年12月31日に終了した四半期および年度に関する補足データを発表した。この補足データのコピーは本フォーム 8-K カレント・レポートの別紙 99.2 として添付されており、参照することにより本書に組み込まれる。

本項目7.01に含まれる情報は、別紙99.2および参照により本項目に組み込まれるものを含め、「提供」されるものであり、改正1934年証券取引法第18条の目的上「提出」されたものとはみなされず、または同条の法的義務の対象となるものでもなく、また、かかる情報は、改正1933年証券法に基づく提出書類において参照により組み込まれたものとはみなされない。

Item 9.01 財務諸表および添付資料

(d) 出展物


Exhibit No.						Description

99.1						アメリカン・ヘルスケア・リート投資法人2024年3月21日付決算発表リリース
99.2						アメリカン・ヘルスケア・リート2023年第4四半期補足
104						カバーページインタラクティブデータファイル（inline xbrlドキュメントに埋め込まれています。)

SIGNATURES

1934年証券取引法の要件に従い、登録者は本報告書に正式に権限を付与された署名者により、登録者を代表して署名させた。



						American Healthcare REIT, Inc.
March 21, 2024
						By:/s/ Danny Prosky
						Name: Danny Prosky
						タイトル最高経営責任者兼社長

EX-99.1 2 exhibit991earningsreleas.htm EX-99.1 exhibit991earningsreleas

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.

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