Overview

• U.S. healthcare real estate REIT's Q1 net income rebounded from prior yr loss

• Normalized FFO per share for Q1 rose over 30% yr/yr

• Company raised FY 2026 NFFO per share and same-store NOI growth guidance

Outlook

• Company raises 2026 NFFO per diluted share guidance to $2.03-$2.09 from $1.99-$2.05

• American Healthcare REIT lifts 2026 Same-Store NOI growth guidance to 9.0%-12.0% from 7.0%-11.0%

• Company says 2026 guidance excludes additional transaction or capital markets activity beyond completed deals

Result Drivers

• SENIOR HOUSING GROWTH - Strong Same-Store NOI growth in SHOP and ISHC segments led results, driven by revenue management and expense control

• ACQUISITIONS - New investments in senior housing operating properties added to portfolio growth

• BALANCE SHEET IMPROVEMENT - Lower Net Debt-to-Annualized Adjusted EBITDA supported financial flexibility

Company press release: ID:nPnMGbBza

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Income		$24.01 mln
Q1 Pretax Profit		$23.49 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the specialized reits peer group is "buy"

• Wall Street's median 12-month price target for American Healthcare REIT Inc is $58.00, about 16% above its May 6 closing price of $50.02

• The stock recently traded at 61 times the next 12-month earnings vs. a P/E of 65 three months ago

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