American Healthcare REIT, Inc.

As of December 31, 2025, our principal executive offices are located at 18191 Von Karman Avenue, Suite 300, Irvine, California 92612. We believe our existing leased facilities are in good condition and suitable for the conduct of our business.

Real Estate Investments

As of December 31, 2025, we operated through four reportable business segments: ISHC, OM, SHOP and triple-net leased properties. We own and/or operate 100% of our properties as of December 31, 2025, with the exception of our investments in Southlake TX Hospital and Louisiana Senior Housing Portfolio. See Note 11, Redeemable Noncontrolling Interests, and Note 12, Equity — Noncontrolling Interests in Total Equity, to the Consolidated Financial Statements that are part of this Annual Report on Form 10-K, for a further discussion of our noncontrolling interests. The following table presents certain additional information about our real estate investments as of December 31, 2025 (square feet and dollars in thousands):

(1)

With the exception of our SHOP and ISHC, amount is based on annualized contractual base rent from leases as of December 31, 2025. For our SHOP and ISHC, amount is based on annualized NOI, a non-GAAP financial measure, due to the characteristics of the RIDEA structure. See Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations — Net Operating Income, for a further discussion of NOI.

(2)

Leased percentage includes all third-party leased space at our non-RIDEA properties (including master leases), except for our SHOP and ISHC where leased percentage represents resident occupancy on the available units/beds therein.

(3)

Weighted average leased percentage excludes our ISHC and SHOP.

We own fee simple interests in all of our land, buildings and campuses, except for the following properties that are located on land that is subject to ground leases: (a) 18 OM buildings; (b) five ISHC; and (c) one SNF, in each case, for which we own fee simple interests in the building and other improvements on such properties. Additionally, we own and operate 15 ISHC that were leased to Trilogy by third parties.

The following information generally applies to our properties:

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we believe all of our properties are adequately covered by insurance and are suitable for their intended purposes;

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we have no plans for any material renovations, improvements or development with respect to any of our properties, except in accordance with planned budgets and within our ISHC segment;

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our properties are located in markets where we are subject to competition for attracting new tenants and residents, as well as retaining current tenants and residents; and

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depreciation is provided on a straight-line basis over the estimated useful lives of the buildings and capital improvements, up to 39 years, over the shorter of the lease term or useful lives of the tenant improvements, up to 34 years, and over the estimated useful life of furniture, fixtures and equipment, up to 28 years.

For additional information regarding our real estate investments, see Schedule III, Real Estate and Accumulated Depreciation, to the Consolidated Financial Statements that are a part of this Annual Report on Form 10-K.

Lease Expirations

Substantially all of our leases with residents at our SHOP and ISHC are for a term of one year or less. The following table presents the sensitivity of our annual base rent due to lease expirations for the next 10 years and thereafter at our properties as of December 31, 2025, excluding our SHOP and ISHC (square feet and dollars in thousands):

(1)

Amount is based on the total annual contractual base rent expiring in the applicable year, based on leases as of December 31, 2025.

Geographic Diversification/Concentration Table

The following table lists our property locations and provides certain information regarding our portfolio’s geographic diversification/concentration as of December 31, 2025 (square feet and dollars in thousands):

(1)

Amount is based on contractual base rent from leases as of December 31, 2025, with the exception of our SHOP and ISHC, which amount is based on annualized NOI due to the characteristics of the RIDEA structure. See Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations — Net Operating Income, for a further discussion of NOI.

Indebtedness

For a discussion of our indebtedness, see Note 7, Mortgage Loans Payable, and Note 8, Lines of Credit and Term Loan, to the Consolidated Financial Statements that are a part of this Annual Report on Form 10-K.