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, focusing primarily on senior housing, skilled nursing facilities, outpatient medical buildings and other healthcare related facilities.

The company operates a fully integrated management platform with approximately 121 employees as of December 31, 2025 and manages properties throughout the United States, the United Kingdom and the Isle of Man.

It also originates and acquires secured loans and may pursue other real estate-related investments on an infrequent and opportunistic basis, seeking investments that produce current income while selectively developing healthcare real estate.

The company generates revenue primarily through rental income from its triple net leased properties, through operating income from its RIDEA structured senior housing and outpatient medical facilities, and through interest income from its secured loan investments.

Revenue is also derived from property management fees and ancillary services provided to tenants and operators across its portfolio.

The company operates through the following reportable business segments: Integrated Senior Health Campuses, Outpatient Medical, Senior Housing Operating Properties and Triple Net Leased Properties.

• Integrated Senior Health Campuses: This segment owns and/or operates 147 integrated senior health campuses that provide independent living, assisted living, memory care, skilled nursing and ancillary services within a single campus, primarily focusing on need driven senior care and charging market rents in lieu of entry fees, with most facilities operated under a RIDEA structure that allows the company to benefit from improved operational performance while bearing the risk of decline.

• Outpatient Medical: This segment owns 74 outpatient medical buildings that are leased to third parties, providing specialized infrastructure for physicians offices, examination rooms, pharmacies, hospital ancillary space and outpatient services such as diagnostic centers, rehabilitation clinics and outpatient surgery rooms, typically multi tenant and leased to hospitals and physician practices under leases that recover certain operating expenses and capital expenditures with initial terms of five to fifteen years and fixed annual rent escalations historically ranging from two to three percent per year.

• Senior Housing Operating Properties: This segment owns and operates 97 senior housing and skilled nursing facilities that offer independent living, assisted living, memory care or skilled nursing services, serving residents who need assistance with activities such as eating, bathing, dressing and medication management, with services primarily paid by residents directly or through private insurance, and the facilities are operated under a RIDEA structure that allows the company to participate in operational upside while bearing downside 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 that require tenants to pay all property related expenses such as maintenance, utilities, repairs, taxes, insurance and capital expenditures; as of December 31, 2025 it owned six skilled nursing facilities leased to single tenants under triple net leases with initial terms of fifteen to sixteen years and fixed annual rent escalations historically ranging from two to three percent per year, eleven senior housing facilities leased to single tenants under triple net leases with initial terms of fourteen to fifteen years and fixed annual rent escalations historically averaging two point five percent per year, and one wholly owned hospital plus one hospital in which it holds approximately ninety point six percent interest, all leased under triple net structures with initial terms ranging from twenty one to twenty nine years and fixed annual rent escalations historically averaging two percent per year.

American Healthcare REIT, Inc. competes with other healthcare real estate investment trusts, private equity firms and real estate companies that seek similar assets such as senior housing, skilled nursing, outpatient medical and triple net leased properties; its competitive advantages stem from a focus on high quality properties in markets with strong demand fundamentals, its integrated management platform that enables active asset oversight, its use of the RIDEA structure to capture operational upside while managing risk, and its disciplined acquisition and development approach that targets locations with barriers to new supply and strong local health systems.

The company serves a diverse range of healthcare providers, including hospital systems, physician practices, senior housing operators, skilled nursing facility operators and other healthcare service providers that lease its properties or operate them under RIDEA structures.