American Healthcare REIT, Inc.

Company overview

• Maryland corporation, self-managed and taxed as a REIT.
• Acquires, owns, and operates a diversified portfolio of clinical healthcare real estate.
• Core focus areas: senior housing, skilled nursing facilities (SNFs), outpatient medical (OM) buildings, and other healthcare-related facilities.
• Owns and operates integrated senior health campuses (ISHC) and senior-housing operating properties (SHOP) under a RIDEA structure.
• May originate and acquire secured loans and pursue other real estate-related investments opportunistically.
• Operates through its operating partnership, American Healthcare REIT Holdings, LP (AHRI Holdings, LP).

Size and locations

• Integrated management platform with approximately 121 employees (as of December 31, 2025).
• Primary geographic footprint in the United States; operations also in the United Kingdom and the Isle of Man.

Public listing and corporate structure

• Completed a registered offering (Form S-11) in February 2024: issued 64,400,000 shares of Common Stock for gross proceeds of $772.8 million, including exercise of the underwriters’ overallotment option for up to 8,400,000 shares.
• Shares listed on the NYSE under the ticker AHR (began trading February 7, 2024).
• Following the offering, Common Stock, Class T common stock, and Class I common stock were presented as separate classes; on August 5, 2024, Class T and Class I converted automatically to listed Common Stock.
• Principal executive offices: 18191 Von Karman Avenue, Suite 300, Irvine, California 92612. Telephone: (949) 270-9200.
• Website: www.AmericanHealthcareREIT.com (website not incorporated by reference in filings).

Operating partnership and ownership

• Conducts substantially all operations through American Healthcare REIT Holdings, LP; the company is the sole general partner.
• Ownership of OP units: company owned 99.0% (2025) and 98.7% (2024); remaining OP units held by limited partners.
• Limited partners include:
  • AHI Group Holdings, LLC (owned/controlled by Jeffrey T. Hanson, Chairman/Interim CEO and President, and Danny Prosky, CEO/President and director; Prosky is on medical leave of absence).
  • A wholly-owned subsidiary of Griffin Capital Company, LLC.
• See Note 11 (Redeemable Noncontrolling Interests) and Note 12 (Equity — Noncontrolling Interests) in the annual report for further discussion.

Business objectives and growth strategy

• Objectives: grow earnings and cash flows, maintain financial flexibility, increase portfolio value, and generate attractive risk-adjusted returns while funding regular cash distributions to stockholders.
• Growth strategies:
  • Pursue disciplined, targeted acquisitions to diversify the portfolio.
  • Selectively develop and expand ISHC with experienced development partners.
  • Drive organic growth in long-term care through ISHC and SHOP, supported by favorable supply-demand dynamics.
  • Actively position the balance sheet to support growth.

Investment approach and portfolio profile

• Invests directly or with third parties; may dispose of non-core properties.
• Focuses on investments that produce current income and selectively develops real estate.
• Investments may be at various development stages, including unimproved land, redevelopments, newly constructed properties, or lease-ups.
• Geography and portfolio size are driven by market conditions and availability of debt financing.

Real estate asset types and structures

• Primary categories: ISHC, senior housing, OM buildings, SNFs, and other healthcare facilities operated via a RIDEA structure.
• Other potential investments: long-term acute care, surgery centers, memory care, specialty medical and diagnostic facilities, hospitals, laboratories, and pharmaceutical/medical manufacturing facilities.
• Investments typically take fee title or long-term leasehold forms and may be held directly or via joint ventures, LLCs, partnerships, or other co-ownerships.
• May exercise purchase options on leased properties.
• Through a taxable REIT subsidiary (TRS), the company may engage operators to manage facilities, with the TRS bearing operational risks.

Development and construction

• Pursues opportunistic development for ISHC and other segments, sometimes with joint venture partners.
• Development may be funded by the company and/or partners; construction is performed by independent contractors.
• Development can reduce total cost compared with acquiring completed assets.

Leasing and operating terms

• Non-RIDEA leases typically require tenants to pay or reimburse operating expenses (taxes, utilities, insurance, maintenance, etc.).
• For multi-tenant properties, the landlord generally remains responsible for certain capital improvements (e.g., roof, major structural elements).
• Lease terms often exceed five years, with renewal options common.
• Resident leases at SHOP/ISHC under RIDEA are usually one year or less, allowing operators to adjust rents to market conditions.

Joint ventures, lending, and other investments

• May form joint ventures, general partnerships, and other arrangements with institutions, operators, developers, and investors.
• May use leverage or operate unleveraged; not limited to specific counts or sizes of investments.
• Not involved in tenant-in-common (TIC) arrangements.
• May make real estate-related loans, including first/second mortgages, mezzanine loans, bridge loans, mortgage participations, and seller financing.
• Loan evaluation considers loan-to-value, cash flows, liquidity, borrower creditworthiness, and, for mezzanine loans, the borrower’s ability to acquire the underlying property.

Financing and risk management

• Uses unsecured and secured debt to fund acquisitions and investments; may use cash when appropriate.
• Uses interest-rate derivatives (fixed-rate swaps and caps) to stabilize interest expense and manage interest-rate risk.
• Seeks financing on favorable terms and may refinance to optimize cash flows, distributions, and growth, subject to debt terms and strategic needs.

Dispositions and holding horizon

• Generally targets long-term holdings but may sell assets to improve diversification, pursue more attractive opportunities, address impairments or major tenant defaults, or raise capital.

Tax status and distributions

• Has elected REIT status for U.S. federal income tax purposes since 2016.
• REIT qualification depends on ongoing compliance with tax-code requirements related to income sources, asset composition, distributions, and ownership concentration.
• Distributions to stockholders may be taxed as ordinary income, return of capital, or capital gains, depending on earnings and profits.
• Some activities are conducted through TRSs, which are taxable entities.
• The board determines quarterly distributions based on funds available, financial condition, capital needs, tax considerations, debt covenants, and other factors.

Selected metrics and contact

• Employees: approximately 121 (as of December 31, 2025).
• Public offering: 64.4 million shares issued; gross proceeds of $772.8 million; underwriters’ overallotment exercised for 8.4 million shares.
• OP unit ownership (year-end 2025): company owned 99.0% of OP units; limited partners held 1.0% (AHI Group Holdings, LLC) and a subsidiary of Griffin Capital Company, LLC held a stake.
• Headquarters: 18191 Von Karman Avenue, Suite 300, Irvine, California 92612. Phone: (949) 270-9200.
• Website: www.AmericanHealthcareREIT.com.

Additional information

• See the company’s filings (including Note 11 and Note 12) for further detail on redeemable noncontrolling interests and noncontrolling interests.
• Securities filings and the company website provide additional detail on the offering, class conversions, and ongoing disclosures.