American Healthcare REIT, Inc. (NYSE: AHR)

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 throughout the United States, and in the United Kingdom and the Isle of Man. The company focuses primarily on senior housing, skilled nursing facilities, outpatient medical buildings, and other healthcare-related facilities. It operates an integrated management platform with approximately 121 employees as of December 31, 2025.

American Healthcare REIT, Inc. generates revenue primarily through leasing its real estate properties to third-party tenants and operators. Revenue streams include rental income from triple-net leased properties, operating income from properties managed under a RIDEA structure via its taxable REIT subsidiaries, and interest income from real estate-related investments such as mortgage loans. The company serves a broad base of healthcare providers, including hospitals, physician practices, senior housing operators, and skilled nursing facility operators.

The company operates through the following segments: Integrated Senior Health Campuses (ISHC), Outpatient Medical (OM), Senior Housing Operating Properties (SHOP), and triple-net leased properties.

• Integrated Senior Health Campuses: This segment provides a continuum of care for residents requiring increasing levels of care, including independent living, assisted living, memory care, skilled nursing, and certain ancillary services within a single campus setting. As of December 31, 2025, the company owned and/or operated 147 ISHC properties. Predominantly all of these facilities are operated utilizing a RIDEA structure, allowing the company to participate in operational upside while bearing the risk of performance declines.

• Outpatient Medical: This segment includes 74 outpatient medical buildings leased to third parties as of December 31, 2025. These properties are similar to commercial office buildings but require specialized infrastructure to accommodate physicians’ offices, examination rooms, pharmacies, hospital ancillary service space, and outpatient services such as diagnostic centers, rehabilitation clinics, and outpatient surgery operating rooms. The buildings are typically multi-tenant properties leased to healthcare providers under leases that provide for recovery of certain operating expenses and capital expenditures, with initial terms of five to 15 years and fixed annual rent escalations historically ranging from 2% to 3% per year.

• Senior Housing Operating Properties: As of December 31, 2025, the company owned and operated 97 senior housing and skilled nursing facilities in this segment. These facilities cater to different segments of the elderly population and include independent living, assisted living, memory care, and skilled nursing services. Services are primarily paid for by residents directly or through private insurance, making them less reliant on government reimbursement programs such as Medicaid and Medicare. The SHOP segment is operated utilizing RIDEA structures, allowing participation in operational upside while bearing performance risk.

• Triple-Net Leased Properties: This segment includes senior housing, skilled nursing facilities, and hospitals leased to tenants under triple-net or absolute-net leases. As of December 31, 2025, the company owned six skilled nursing facilities, 11 senior housing facilities, one wholly-owned hospital, and one hospital in which it holds an approximately 90.6% interest within this segment. Tenants in these properties are obligated to pay all property-related expenses, including maintenance, utilities, repairs, taxes, insurance, and capital expenditures. Leases typically have initial terms ranging from 14 to 29 years with fixed annual rent escalations historically ranging from 2% to 3% per year and require minimum lease coverage ratios.

American Healthcare REIT, Inc. operates in a competitive landscape with other real estate investment trusts and private investors focused on healthcare real estate. The company differentiates itself through its focus on quality, location, strong local health systems and operating partners, predictable capital needs, and cash flow generation. Its ability to invest across the healthcare real estate spectrum and utilize the RIDEA structure provides flexibility in capturing operational improvements while managing risk.

The company’s customer base includes healthcare providers such as hospitals, physician practices, senior housing operators, and skilled nursing facility operators. Specific tenant names are not disclosed in the filing, but the company leases properties to single tenants or operators under long-term agreements, particularly in its triple-net leased properties segment, and relies on third-party operators to manage its RIDEA-structured properties.