American Healthcare REIT, Inc. BofA NY Global Real Estate Conference 2026

Yes. Thank you, Farrell. Great to be here with everybody. In addition to the gentlemen on my right and on my left, we also have our lead independent director on my left in the back, Scott Estes, who many of you probably know served as Welltower's CFO for 12 years. So he's been an incredible value add, being on our board for the past four and a half years. In terms of AHR, those of you who may be less familiar with the company, we're a dedicated healthcare REIT that's essentially focused exclusively in our RIDEA vertical, which is obviously the high growth sector of the healthcare industry and the real estate industry in general these days. It represents well over 80% of our NOI growing rapidly. That's by design. It's been an incredible year for the company.

We continue to post industry leading internal as well as external growth, and we've managed this year particularly to scale the operating platform meaningfully, both ahead of and in conjunction with robust and disciplined external growth. In terms of performance, many of you are probably aware, in Q2, we did increase guidance, yet again. This time it was over 5%, and that translates at the midpoint into FFO per share growth this year over last year of 26%, which leads the entire industry sector by a fairly wide margin. I think that the next closest peer is 21%, and we've been able to do so, and this is what we're very proud of, while de-leveraging materially at the same time.

We took 3 times net debt to EBITDA at the end of Q1 down to 2.5 times, and continuing to drop again while we're driving robust external growth. I think the last thing that we would mention is the performance of the company and all the same store NOI metrics that continue in most respects to lead the industry. They're largely driven and continue to be driven by increasing revenue, expanding margins, and increasingly widening operating spreads. So the business is incredible, and we're really grateful for the way AHR is positioned.

You want to lead off, Gabe?

Yeah. Thank you for hitting that, Farrell. What we saw so far in 2026 is an expanding opportunity set of really great assets and unique operating partnerships that are going to take us to the next level. So of that $2 billion, the average vintage 2019, they are all very new continuum of care assets that are larger, meaning you have AL, IL, memory care all under one roof. It is easier to cross-sell between those sectors, and it drives occupancies higher and margins wider. Our main strategy for growth, because of our size, we are about a $13 billion market cap company, is do onesie, twosie acquisitions that bolt onto existing operator relationships in the markets we are already in.

The hardest part of this entire business is finding the right operators, actually having access to them, and making them better than they would be if they were not a part of your platform.

That is the key to success in senior housing in a nutshell. If you pair the right operator with the right asset, you get outsized performance. Once you have already identified the right operator, build a regional concentration. Adding one or two buildings to their existing platform is very easy, and it's a low risk way to grow their scale and to grow our business. In certain rare circumstances, there are operators who are new to us from a financial relationship, but known to us for probably decades. We have an asset management team that's been in the business for, in some cases, three decades, and they know everybody in the industry.

When a rare opportunity to partner with a Kensington comes up, who has never had a REIT capital partner before, and they have options on who they pick, we stand out because we're the preferred capital partner for an operator like that, because we're focused on the quality of care first, the resident experience, the employee experience, and we're aligned on what matters most. We saw Kensington as that. By the way, that's an $873 million deal. Super infill locations that are incredibly hard to replicate with a typical entitlement process and a land assemblage process that took five to eight years. That's us playing offense and defense at the same time, right? You're growing a portfolio with a great asset, but you're also buying assets that are going to have a long runway for growth and have a wide competitive moat, just really hard to compete.

That Kensington deal, I think, is a great example of how we're going to execute, and like I said, $873 million of which about $570 million is closed. The remainder is supposed to close at the end of the year. It's not just a one-time transaction. Kensington has developed seven of the eight assets that we bought. They have three more that are in the pipeline. We would love to be a partner with them on future developments one way or another, and we look for that in every operator relationship, not just a one-time transaction where it's getting the assets and growing for growth's sake. It's building a strategic relationship that can add value to AHR's platform over time.

I'd add the LCB or the Berkshire, that synonymous portfolio that we took down in early August, and LCB manages. They built five of the eight. They manage seven of the eight for us, and there are a lot of commonalities between both the Kensington and the Berkshire deal.

That's right. A, in terms of the process, relationships, longstanding decades-long relationships, went not just up to the senior management team in both those deals, but actually up to our board.

We were outbid on both those deals, but we were deemed not the highest price, but the best partner.