American Healthcare REIT, Inc. 10-K

Item 9A. Controls and Procedures. Evaluation of Disclosure Controls and Procedures We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports under the Securities Exchange Act of 1934, as amended, or the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the rules and forms, and that such information is accumulated and communicated to us, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, we recognize that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, as ours are designed to do, and we necessarily are required to apply our judgment in evaluating whether the benefits of the controls and procedures that we adopt outweigh their costs. As required by Rules 13a-15(b) and 15d-15(b) of the Exchange Act, an evaluation as of December 31, 2024 was conducted under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures, as of December 31, 2024, were effective at the reasonable assurance level. Management’s Annual Report on Internal Control over Financial Reporting Our management is responsible for establishing and maintaining adequate internal control over our financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Under the supervision, and with the participation, of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control-Integrated Framework issued in 2013 by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our evaluation under the Internal Control-Integrated Framework issued in 2013, our management concluded that our internal control over financial reporting was effective as of December 31, 2024. Changes in Internal Control over Financial Reporting There were no changes in internal control over financial reporting that occurred during the fiscal quarter ended December 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Attestation Report of the Independent Registered Public Accounting Firm Deloitte & Touche LLP, an independent registered public accounting firm, has audited our consolidated financial statements and has issued the following report on the effectiveness of our internal control over financial reporting. 69 Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholders and the Board of Directors of American Healthcare REIT, Inc. Opinion on Internal Control over Financial Reporting We have audited the internal control over financial reporting of American Healthcare REIT, Inc. and subsidiaries (the "Company") as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2024, of the Company and our report dated February 28, 2025, expressed an unqualified opinion on those financial statements. Basis for Opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ Deloitte & Touche LLP Costa Mesa, California February 28, 2025 Item 9B. Other Information. Securities Trading Plans of Directors and Officers During the three months ended December 31, 2024, none of our directors or officers adopted or terminated a Rule 10b5-1 trading plan or adopted or terminated a non-Rule 10b5-1 trading arrangement (as each term is defined in Item 408(a) of Regulation S-K). Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. Not applicable. 70 Table of Contents PART III Item 10. Directors, Executive Officers and Corporate Governance. We have an Amended and Restated Insider Trading Compliance Policy governing the purchase, sale, and other dispositions of our securities by our directors, officers and employees, and by our company, that is reasonably designed to promote compliance with insider trading laws, rules and regulations, and applicable listing standards. This description is qualified by reference to our Amended and Restated Insider Trading Compliance Policy, which is filed with this Annual Report on Form 10-K as Exhibit 19.1 The rest of the information required by this item is incorporated by reference to our definitive proxy statement to be filed within 120 days after the end of fiscal year 2024 with respect to our 2025 annual meeting of stockholders. Item 11. Executive Compensation. The information required by this item is incorporated by reference to our definitive proxy statement to be filed within 120 days after the end of fiscal year 2024 with respect to our 2025 annual meeting of stockholders. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. The information required by this item is incorporated by reference to our definitive proxy statement to be filed within 120 days after the end of fiscal year 2024 with respect to our 2025 annual meeting of stockholders. Item 13. Certain Relationships and Related Transactions, and Director Independence. The information required by this item is incorporated by reference to our definitive proxy statement to be filed within 120 days after the end of fiscal year 2024 with respect to our 2025 annual meeting of stockholders. Item 14. Principal Accountant Fees and Services. The information required by this item is incorporated by reference to our definitive proxy statement to be filed within 120 days after the end of fiscal year 2024 with respect to our 2025 annual meeting of stockholders. 71 Table of Contents PART IV Item 15. Exhibits, Financial Statement Schedules. (a)(1) Financial Statements: INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Page Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34 ) 73 Consolidated Balance Sheets as of December 31, 2024 and 2023 75 Consolidated Statements of Operations and Comprehensive Loss for the Years Ended December 31, 2024, 2023 and 2022 77 Consolidated Statements of Equity for the Years Ended December 31, 2024, 2023 and 2022 78 Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022 81 Notes to Consolidated Financial Statements 83 (a)(2) Financial Statement Schedule: The following financial statement schedule for the year ended December 31, 2024 is submitted herewith: Page Real Estate and Accumulated Depreciation (Schedule III) 128 All schedules other than the one listed above have been omitted as the required information is inapplicable or the information is presented in our consolidated financial statements or related notes. (a)(3) Exhibits: Page The exhibits listed in this section are included, or incorporated by reference, in this annual report. 142 (b) Exhibits: See Item 15(a)(3) above. (c) Financial Statement Schedule: See Item 15(a)(2) above. 72 Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholders and the Board of Directors of American Healthcare REIT, Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of American Healthcare REIT, Inc. and subsidiaries (the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of operations and comprehensive loss, equity, and cash flows, for each of the three years in the period ended December 31, 2024, and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 28, 2025, expressed an unqualified opinion on the Company’s internal control over financial reporting. Basis for Opinion These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Impairment of Long-Lived Assets relating to real estate investments, net — Refer to Notes 2 and 3 to the financial statements Critical Audit Matter Description The Company periodically evaluates long-lived assets, primarily consisting of investments in real estate that are carried at historical cost less accumulated depreciation, for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. In performing this evaluation, the Company considers industry or economic trends, significant underperformance of the real estate investments relative to historical or projected future operating results, and significant change in the extent or manner in which the asset is used or significant physical change in the asset. If indicators of impairment of long-lived assets are present, the Company evaluates the carrying value of the related real estate investment in relation to the future undiscounted cash flows of the underlying operations for recoverability based on underlying management assumptions; including, capitalization rates, estimates for future revenue and operating expenses, the period of time the property is held for investment, among other factors. For the year ended December 31, 2024, impairment indicators arose for certain real estate investments and as a result, recoverability assessments were performed. 73 Table of Contents The Company adjusts the net book value of real estate investments to fair value if the sum of the expected future undiscounted cash flows, including sales proceeds, is less than carrying value. The Company recognizes an impairment loss at the time any such determination is made. Determining the fair value of real estate investments when measuring impairment loss involves significant management judgment and may involve the use of; comparable market transactions, negotiations with prospective buyers, or discounted future cash flow analysis subject to the assumptions discussed above, as well the application of market discount rates to such cash flows. For the year ended December 31, 2024, the Company recognized aggregate impairment losses of $45,755,000 related to real estate investments. We identified the impairment of real estate investments as a critical audit matter because of the significant estimates and assumptions management makes in (i) identifying whether indicators of impairment were present, (ii) determining the undiscounted cash flows for real estate investments when evaluating real estate investments for recoverability, and (iii) determining the fair value of real estate investments when measuring impairment loss. Performing audit procedures to evaluate the reasonableness of significant estimates and assumptions required a high degree of auditor judgment and an increased extent of effort in evaluating the audit evidence related to (1) management’s identification of significant underperformance of real estate investments relative to historical or projected future operating results or significant change in the extent or manner in which the asset is used in determining if indicators of impairment are present (2) management’s assumptions for capitalization rates and estimates of future cash flows, and property holding periods in the undiscounted cash flows used in evaluating recoverability and (3) how management utilized discounted cash flow analysis to estimate fair value in measuring impairment losses. How the Critical Audit Matter Was Addressed in the Audit Our audit procedures related to the evaluation of real estate investments, net for impairment included the following, among others: • We tested the effectiveness of controls over the Company’s process for evaluating impairment of real estate investments, including controls over management’s process for (1) identifying events and changes in circumstances indicating that the carrying amounts of the real estate investments may not be recoverable and (2) management’s review controls over cash flow analysis inputs and market based assumptions as a part of the recoverability assessment of real estate investments with potential impairment and the measurement of the fair value of impaired real estate investments. • We evaluated the Company’s assessment of impairment indicators by evaluating the reasonableness of management’s assessment of events and changes in circumstances indicating that the carrying amounts of the real estate investments may not be recoverable including: (1) significant underperformance of the real estate investments relative to historical or projected future operating results and (2) significant changes in the extent or manner in which the asset is used or significant physical change in the asset. • We evaluated management’s determination of undiscounted cash flows used in evaluating recoverability by (1) evaluating the source information used by management, (2) testing the mathematical accuracy of the undiscounted cash flow models, and (3) evaluating management’s significant assumptions, such as; capitalization rates, estimated future revenues and operating expenses and property holding periods by obtaining property specific leasing and operating expense data, as well as independent market data focused on similar property types and geographic locations. • We involved our fair value specialists, on a sample basis, to assist in evaluating management’s valuation methodology and certain significant assumptions utilized by management to determine the fair value of real estate investments to measure impairment losses used within the discounted cash flow analysis such as (1) estimates of future revenues and operating expenses, (2) capitalization rates and (3) discount rates. • We performed sensitivity analyses to measure the impact of changes in significant assumptions such as capitalization rates, and variances between the forecasted cash flows and historical actual results on cash flow analysis used by management to test for recoverability and/or estimate fair value of real estate investments. /s/ Deloitte & Touche LLP Costa Mesa, California February 28, 2025 We have served as the Company's auditor since 2013. 74 Table of Contents AMERICAN HEALTHCARE REIT, INC. CONSOLIDATED BALANCE SHEETS As of December 31, 2024 and 2023 (In thousands, except share and per share amounts) December 31, 2024 2023 ASSETS Real estate investments, net $ 3,366,648 $ 3,425,438 Debt security investment, net 91,264 86,935 Cash and cash equivalents 76,702 43,445 Restricted cash 46,599 47,337 Accounts and other receivables, net 211,104 185,379 Identified intangible assets, net 161,473 180,470 Goodwill 234,942 234,942 Operating lease right-of-use assets, net 163,987 227,846 Other assets, net 135,338 146,141 Total assets $ 4,488,057 $ 4,577,933 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Liabilities: Mortgage loans payable, net(1) $ 982,071 $ 1,302,396 Lines of credit and term loan, net(1) 688,534 1,223,967 Accounts payable and accrued liabilities(1) 258,324 242,905 Identified intangible liabilities, net 3,001 6,095 Financing obligations(1) 34,870 41,756 Operating lease liabilities(1) 165,239 225,502 Security deposits, prepaid rent and other liabilities(1) 51,856 76,134 Total liabilities 2,183,895 3,118,755 Commitments and contingencies (Note 11) Redeemable noncontrolling interests (Note 12) 220 33,843 Equity: Stockholders’ equity: Preferred stock, $ 0.01 par value per share; 200,000,000 shares authorized; no ne issued and outstanding — — Common Stock, $ 0.01 par value per share; 700,000,000 shares authorized; 157,446,697 shares issued and outstanding as of December 31, 2024 and none issued and outstanding as of December 31, 2023 1,564 — Class T common stock, $ 0.01 par value per share; 200,000,000 shares authorized; none issued and outstanding as of December 31, 2024 and 19,552,856 shares issued and outstanding as of December 31, 2023 — 194 Class I common stock, $ 0.01 par value per share; 100,000,000 shares authorized; none issued and outstanding as of December 31, 2024 and 46,673,320 shares issued and outstanding as of December 31, 2023 — 467 Additional paid-in capital 3,720,268 2,548,307 Accumulated deficit ( 1,458,089 ) ( 1,276,222 ) Accumulated other comprehensive loss ( 2,512 ) ( 2,425 ) Total stockholders’ equity 2,261,231 1,270,321 Noncontrolling interests (Note 13) 42,711 155,014 Total equity 2,303,942 1,425,335 Total liabilities, redeemable noncontrolling interests and equity $ 4,488,057 $ 4,577,933 75 Table of Contents AMERICAN HEALTHCARE REIT, INC. CONSOLIDATED BALANCE SHEETS — (Continued) As of December 31, 2024 and 2023 (In thousands) ___________ (1) Such liabilities of American Healthcare REIT, Inc. represented liabilities of American Healthcare REIT Holdings, LP or its consolidated subsidiaries as of December 31, 2024 and 2023. American Healthcare REIT Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of American Healthcare REIT, Inc. The creditors of American Healthcare REIT Holdings, LP or its consolidated subsidiaries do not have recourse against American Healthcare REIT, Inc., except for the 2024 Credit Facility, as defined in Note 9, held by American Healthcare REIT Holdings, LP in the amount of $ 689,000 as of December 31, 2024 and the 2022 Credit Facility, as defined in Note 9, held by American Healthcare REIT Holdings, LP in the amount of $ 914,900 as of December 31, 2023, which were guaranteed by American Healthcare REIT, Inc. The accompanying notes are an integral part of these consolidated financial statements. 76 Table of Contents AMERICAN HEALTHCARE REIT, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the Years Ended December 31, 2024, 2023 and 2022 (In thousands, except share and per share amounts) Year Ended December 31, 2024 2023 2022 Revenues and grant income: Resident fees and services $ 1,883,798 $ 1,668,742 $ 1,412,156 Real estate revenue 186,870 190,401 205,344 Grant income — 7,475 25,675 Total revenues and grant income 2,070,668 1,866,618 1,643,175 Expenses: Property operating expenses 1,653,893 1,502,310 1,281,526 Rental expenses 53,239 57,475 59,684 General and administrative 47,559 47,510 43,418 Business acquisition expenses 7,141 5,795 4,388 Depreciation and amortization 179,192 182,604 167,957 Total expenses 1,941,024 1,795,694 1,556,973 Other income (expense): Interest expense: Interest expense ( 127,730 ) ( 163,191 ) ( 105,956 ) Gain (loss) in fair value of derivative financial instruments 1,030 ( 926 ) 500 Gain on dispositions of real estate investments, net 5,213 32,472 5,481 Impairment of real estate investments ( 45,755 ) ( 13,899 ) ( 54,579 ) Impairment of intangible assets and goodwill — ( 10,520 ) ( 23,277 ) (Loss) income from unconsolidated entities ( 6,868 ) ( 1,718 ) 1,407 Gain on re-measurement of previously held equity interests — 726 19,567 Foreign currency (loss) gain ( 774 ) 2,307 ( 5,206 ) Other income, net 11,353 7,601 3,064 Total net other expense ( 163,531 ) ( 147,148 ) ( 158,999 ) Loss before income taxes ( 33,887 ) ( 76,224 ) ( 72,797 ) Income tax expense ( 1,713 ) ( 663 ) ( 586 ) Net loss ( 35,600 ) ( 76,887 ) ( 73,383 ) Net (income) loss attributable to noncontrolling interests ( 2,212 ) 5,418 ( 7,919 ) Net loss attributable to controlling interest $ ( 37,812 ) $ ( 71,469 ) $ ( 81,302 ) Net loss per share of Common Stock, Class T common stock and Class I common stock attributable to controlling interest: Basic $ ( 0.29 ) $ ( 1.08 ) $ ( 1.24 ) Diluted $ ( 0.29 ) $ ( 1.08 ) $ ( 1.24 ) Weighted average number of shares of Common Stock, Class T common stock and Class I common stock outstanding: Basic 130,637,539 66,047,114 65,807,868 Diluted 130,637,539 66,047,114 65,807,868 Net loss $ ( 35,600 ) $ ( 76,887 ) $ ( 73,383 ) Other comprehensive (loss) income: Foreign currency translation adjustments ( 87 ) 265 ( 724 ) Total other comprehensive (loss) income ( 87 ) 265 ( 724 ) Comprehensive loss ( 35,687 ) ( 76,622 ) ( 74,107 ) Comprehensive (income) loss attributable to noncontrolling interests ( 2,212 ) 5,418 ( 7,919 ) Comprehensive loss attributable to controlling interest $ ( 37,899 ) $ ( 71,204 ) $ ( 82,026 ) The accompanying notes are an integral part of these consolidated financial statements. 77 Table of Contents AMERICAN HEALTHCARE REIT, INC. CONSOLIDATED STATEMENTS OF EQUITY For the Years Ended December 31, 2024, 2023 and 2022 (In thousands, except share and per share amounts) Stockholders’ Equity Common Stock Class T Common Stock Class I Common Stock Number of Shares Amount Number of Shares Amount Number of Shares Amount Additional Paid-In Capital Accumulated Deficit Accumulated Other Comprehensive Loss Total Stockholders’ Equity Non- controlling Interests Total Equity BALANCE — December 31, 2021 — $ — 19,294,102 $ 193 46,463,902 $ 465 $ 2,533,904 $ ( 951,303 ) $ ( 1,966 ) $ 1,581,293 $ 175,553 $ 1,756,846 Offering costs — common stock — — — — — — ( 2 ) — — ( 2 ) — ( 2 ) Issuance of common stock under the DRIP — — 327,648 1 665,316 7 36,804 — — 36,812 — 36,812 Issuance of nonvested restricted common stock — — 18,689 1 — — ( 1 ) — — — — — Amortization of nonvested restricted common stock and stock units — — — — — — 3,935 — — 3,935 — 3,935 Stock based compensation — — — — — — — — — — 83 83 Repurchase of common stock — — ( 105,344 ) ( 1 ) ( 453,851 ) ( 5 ) ( 20,693 ) — — ( 20,699 ) — ( 20,699 ) Distributions to noncontrolling interests — — — — — — — — — — ( 13,985 ) ( 13,985 ) Adjustment to noncontrolling interest in connection with the Merger — — — — — — ( 1,173 ) — — ( 1,173 ) 1,173 — (1) Reclassification of noncontrolling interests to mezzanine equity — — — — — — — — — — ( 83 ) ( 83 ) Adjustment to value of redeemable noncontrolling interests — — — — — — ( 13,353 ) — — ( 13,353 ) ( 3,391 ) ( 16,744 ) Purchase of redeemable noncontrolling interest — — — — — — 1,003 — — 1,003 — 1,003 Distributions declared ($ 1.60 per share) — — — — — — — ( 105,699 ) — ( 105,699 ) — ( 105,699 ) Net (loss) income — — — — — — — ( 81,302 ) — ( 81,302 ) 8,324 ( 72,978 ) (2) Other comprehensive loss — — — — — — — — ( 724 ) ( 724 ) — ( 724 ) BALANCE — December 31, 2022 — $ — 19,535,095 $ 194 46,675,367 $ 467 $ 2,540,424 $ ( 1,138,304 ) $ ( 2,690 ) $ 1,400,091 $ 167,674 $ 1,567,765 Issuance of nonvested restricted common stock — — 26,156 — — — — — — — — — Vested restricted common stock and stock units (3) — — 4,120 — — — ( 72 ) — — ( 72 ) — ( 72 ) Amortization of nonvested restricted common stock and stock units — — — — — — 5,385 — — 5,385 — 5,385 Stock based compensation — — — — — — — — — — 83 83 Repurchase of common stock — — ( 12,515 ) — ( 2,047 ) — ( 469 ) — — ( 469 ) — ( 469 ) 78 Table of Contents AMERICAN HEALTHCARE REIT, INC. CONSOLIDATED STATEMENTS OF EQUITY — (Continued) For the Years Ended December 31, 2024, 2023 and 2022 (In thousands, except share and per share amounts) Stockholders’ Equity Common Stock Class T Common Stock Class I Common Stock Number of Shares Amount Number of Shares Amount Number of Shares Amount Additional Paid-In Capital Accumulated Deficit Accumulated Other Comprehensive Loss Total Stockholders’ Equity Non- controlling Interests Total Equity Distributions to noncontrolling interests — $ — — $ — — $ — $ — $ — $ — $ — $ ( 8,210 ) $ ( 8,210 ) Reclassification of noncontrolling interests to mezzanine equity — — — — — — — — — — ( 83 ) ( 83 ) Adjustment to value of redeemable noncontrolling interests — — — — — — 3,039 — — 3,039 ( 95 ) 2,944 Distributions declared ($ 1.00 per share) — — — — — — — ( 66,449 ) — ( 66,449 ) — ( 66,449 ) Net loss — — — — — — — ( 71,469 ) — ( 71,469 ) ( 4,355 ) ( 75,824 ) (2) Other comprehensive income — — — — — — — — 265 265 — 265 BALANCE — December 31, 2023 — $ — 19,552,856 $ 194 46,673,320 $ 467 $ 2,548,307 $ ( 1,276,222 ) $ ( 2,425 ) $ 1,270,321 $ 155,014 $ 1,425,335 Issuance of common stock in offerings 88,695,531 886 — — — — 1,363,370 — — 1,364,256 — 1,364,256 Offering costs — common stock — — — — — — ( 76,289 ) — — ( 76,289 ) — ( 76,289 ) Issuance of common stock from the redemption of partnership units 1,497,759 15 — — — — 31,279 — — 31,294 ( 31,294 ) — Issuance of nonvested restricted common stock 1,001,102 — — — — — — — — — — — Conversion of Class T and Class I common stock 66,274,793 662 ( 19,601,476 ) ( 195 ) ( 46,673,320 ) ( 467 ) — — — — — — Vested restricted common stock and stock units (3) ( 22,488 ) 1 49,051 1 — — ( 640 ) — — ( 638 ) — ( 638 ) Amortization of nonvested restricted common stock and stock units — — — — — — 9,346 — — 9,346 — 9,346 Stock based compensation — — — — — — — — — — 21 21 Repurchase of common stock — — ( 431 ) — — — ( 14 ) — — ( 14 ) — ( 14 ) Purchase of noncontrolling interests — — — — — — ( 162,541 ) — — ( 162,541 ) ( 95,901 ) ( 258,442 ) Distributions to noncontrolling interests — — — — — — — — — — ( 3,242 ) ( 3,242 ) Reclassification of noncontrolling interests from mezzanine equity, net — — — — — — — — — — 15,282 15,282 Adjustment to value of redeemable noncontrolling interests — — — — — — 7,450 — — 7,450 268 7,718 79 Table of Contents AMERICAN HEALTHCARE REIT, INC. CONSOLIDATED STATEMENTS OF EQUITY — (Continued) For the Years Ended December 31, 2024, 2023 and 2022 (In thousands, except share and per share amounts) Stockholders’ Equity Common Stock Class T Common Stock Class I Common Stock Number of Shares Amount Number of Shares Amount Number of Shares Amount Additional Paid-In Capital Accumulated Deficit Accumulated Other Comprehensive Loss Total Stockholders’ Equity Non- controlling Interests Total Equity Distributions declared ($ 1.00 per share) — $ — — $ — — $ — $ — $ ( 144,055 ) $ — $ ( 144,055 ) $ — $ ( 144,055 ) Net (loss) income — — — — — — — ( 37,812 ) — ( 37,812 ) 2,563 ( 35,249 ) (2) Other comprehensive loss — — — — — — — — ( 87 ) ( 87 ) — ( 87 ) BALANCE — December 31, 2024 157,446,697 $ 1,564 — $ — — $ — $ 3,720,268 $ ( 1,458,089 ) $ ( 2,512 ) $ 2,261,231 $ 42,711 $ 2,303,942 ___________ (1) In connection with the Merger, as defined and discussed in Note 1, on October 1, 2021, a wholly-owned subsidiary of Griffin-American Healthcare REIT IV Holdings, LP sold its 6.0 % interest in Trilogy REIT Holdings, LLC to Griffin-American Healthcare REIT III, Inc. (2) For the years ended December 31, 2024, 2023 and 2022, amounts exclude $( 351 ), $( 1,063 ) and $( 405 ), respectively, of net loss attributable to redeemable noncontrolling interests. See Note 12, Redeemable Noncontrolling Interests, for a further discussion. (3) The amounts are shown net of common stock withheld to satisfy employee minimum tax withholding requirements in connection with the vesting of restricted common stock and stock units. See Note 13, Equity — Equity Compensation Plans, for a further discussion. The accompanying notes are an integral part of these consolidated financial statements. 80 Table of Contents AMERICAN HEALTHCARE REIT, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2024, 2023 and 2022 (In thousands) Year Ended December 31, 2024 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ ( 35,600 ) $ ( 76,887 ) $ ( 73,383 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 179,192 182,604 167,957 Other amortization 42,445 54,692 32,643 Deferred rent ( 3,234 ) ( 3,480 ) ( 6,520 ) Stock based compensation 9,870 5,468 3,909 Gain on dispositions of real estate investments, net ( 5,213 ) ( 32,472 ) ( 5,481 ) Impairment of real estate investments 45,755 13,899 54,579 Impairment of intangible assets and goodwill — 10,520 23,277 Loss (income) from unconsolidated entities 6,868 1,718 ( 1,407 ) Gain on re-measurement of previously held equity interests — ( 726 ) ( 19,567 ) Foreign currency loss (gain) 780 ( 2,282 ) 4,893 Loss on extinguishments of debt 4,936 345 5,166 Change in fair value of derivative financial instruments ( 1,030 ) 926 ( 500 ) Changes in operating assets and liabilities: Accounts and other receivables ( 23,745 ) ( 34,724 ) ( 4,457 ) Other assets ( 9,461 ) ( 4,166 ) ( 8,303 ) Accounts payable and accrued liabilities ( 653 ) 15,427 14,062 Accounts payable due to affiliates — — ( 184 ) Operating lease liabilities ( 33,263 ) ( 36,609 ) ( 24,699 ) Security deposits, prepaid rent and other liabilities ( 1,560 ) 4,282 ( 14,217 ) Net cash provided by operating activities 176,087 98,535 147,768 CASH FLOWS FROM INVESTING ACTIVITIES Developments and capital expenditures ( 91,940 ) ( 99,791 ) ( 71,520 ) Acquisitions of real estate investments ( 60,352 ) ( 45,382 ) ( 73,229 ) Proceeds from dispositions of real estate investments 141,272 184,532 48,297 Acquisitions of previously held equity interests — ( 335 ) ( 13,714 ) Investments in unconsolidated entities ( 235 ) ( 12,592 ) ( 4,858 ) Distributions in excess of earnings from unconsolidated entity 126 — — Issuances of real estate notes receivable ( 28,123 ) ( 20,962 ) ( 3,000 ) Principal repayments on real estate notes receivable 30,008 6,082 — Real estate and other deposits 510 ( 2,156 ) ( 554 ) Net cash (used in) provided by investing activities ( 8,734 ) 9,396 ( 118,578 ) CASH FLOWS FROM FINANCING ACTIVITIES Borrowings under mortgage loans payable 63,017 160,442 120,057 Payments on mortgage loans payable ( 515,245 ) ( 101,457 ) ( 125,454 ) Borrowings under the lines of credit and term loan 891,300 401,450 1,160,400 Payments on the lines of credit and term loan ( 1,426,991 ) ( 459,361 ) ( 1,104,400 ) Borrowings under financing obligations — 16,283 25,900 Payments on financing and other obligations ( 7,532 ) ( 34,943 ) ( 13,677 ) Deferred financing costs ( 8,748 ) ( 5,311 ) ( 7,550 ) Debt extinguishment costs ( 2,259 ) ( 269 ) ( 3,243 ) Proceeds from issuance of common stock in offerings 1,364,256 — — Payment of offering costs ( 72,721 ) ( 1,487 ) ( 2,084 ) Distributions paid to common stockholders ( 120,895 ) ( 76,284 ) ( 51,122 ) Repurchase of common stock ( 14 ) ( 469 ) ( 20,699 ) Payments to taxing authorities in connection with common stock directly withheld from employees ( 639 ) ( 72 ) — Contributions from noncontrolling interests — — 273 81 Table of Contents AMERICAN HEALTHCARE REIT, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS — (Continued) For the Years Ended December 31, 2024, 2023 and 2022 (In thousands) Year Ended December 31, 2024 2023 2022 Distributions to noncontrolling interests $ ( 3,620 ) $ ( 10,103 ) $ ( 15,869 ) Purchases of noncontrolling interests ( 258,442 ) — — Redemptions of noncontrolling interests and stock warrants ( 36,083 ) ( 17,150 ) ( 4,679 ) Security deposits ( 127 ) ( 331 ) ( 777 ) Net cash used in financing activities ( 134,743 ) ( 129,062 ) ( 42,924 ) NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH $ 32,610 $ ( 21,131 ) $ ( 13,734 ) EFFECT OF FOREIGN CURRENCY TRANSLATION ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH ( 91 ) 7 154 CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period 90,782 111,906 125,486 CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period $ 123,301 $ 90,782 $ 111,906 RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH Beginning of period: Cash and cash equivalents $ 43,445 $ 65,052 $ 81,597 Restricted cash 47,337 46,854 43,889 Cash, cash equivalents and restricted cash $ 90,782 $ 111,906 $ 125,486 End of period: Cash and cash equivalents $ 76,702 $ 43,445 $ 65,052 Restricted cash 46,599 47,337 46,854 Cash, cash equivalents and restricted cash $ 123,301 $ 90,782 $ 111,906 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid for: Interest $ 116,285 $ 152,669 $ 88,682 Income taxes $ 1,320 $ 1,297 $ 1,131 SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES Accrued developments and capital expenditures $ 22,644 $ 24,881 $ 30,211 Capital expenditures from financing and other obligations $ 472 $ 5,413 $ 2,465 Tenant improvement overage $ 4,852 $ 2,402 $ 1,408 Acquisitions of real estate investments with assumed mortgage loans payable, net of debt discount $ 127,254 $ — $ 104,561 Assumption of mortgage loan payable for development $ — $ 10,884 $ — Issuance of common stock under the DRIP $ — $ — $ 36,812 Issuance of common stock from the redemption of operating partnership units $ 31,294 $ — $ — Reclassification of noncontrolling interests from (to) mezzanine equity, net $ 15,282 $ — $ ( 83 ) Distributions declared but not paid $ 40,375 $ 17,590 $ 27,950 Accrued repurchase of redeemable noncontrolling interest $ — $ 25,312 $ — Accrued offering costs $ 136 $ 1,619 $ 1,256 The following represents the net increase (decrease) in certain assets and liabilities in connection with our acquisitions and dispositions of investments: Accounts and other receivables $ 654 $ ( 1,784 ) $ 2,410 Issuances of notes receivable $ 3,900 $ — $ 5,000 Other assets, net $ ( 7,699 ) $ ( 3,740 ) $ ( 12,337 ) Mortgage loans payable, net $ — $ — $ 33,241 Accounts payable and accrued liabilities $ ( 2,662 ) $ ( 1,560 ) $ 15,674 Security deposits, prepaid rent and other liabilities $ ( 391 ) $ ( 907 ) $ 15,919 The accompanying notes are an integral part of these consolidated financial statements. 82 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended December 31, 2024, 2023 and 2022 The use of the words “we,” “us” or “our” refers to American Healthcare REIT, Inc. and its subsidiaries, including American Healthcare REIT Holdings, LP, except where otherwise noted. 1. Organization and Description of Business Overview and Background American Healthcare REIT, Inc., a Maryland corporation, is a self-managed real estate investment trust, or REIT, that acquires, owns and operates a diversified portfolio of clinical healthcare real estate properties, focusing primarily on outpatient medical buildings, senior housing, skilled nursing facilities, or SNFs, and other healthcare-related facilities. We have built a fully-integrated management platform that operates clinical healthcare properties throughout the United States, the United Kingdom and the Isle of Man. We own and operate our integrated senior health campuses and senior housing operating properties, or SHOP, utilizing the structure permitted by the REIT Investment Diversification and Empowerment Act of 2007, which is commonly referred to as a “RIDEA” structure. We have also originated and acquired secured loans and may acquire other real estate-related investments in the future on an infrequent and opportunistic basis. We generally seek investments that produce current income; however, we have selectively developed, and may continue to selectively develop, healthcare real estate properties. We have elected to be taxed as a REIT for U.S. federal income tax purposes. We believe that we have been organized and operated, and we intend to continue to operate, in conformity with the requirements for qualification and taxation as a REIT under the Code. On October 1, 2021, Griffin-American Healthcare REIT III, Inc., or GAHR III, merged with and into a wholly-owned subsidiary, or Merger Sub, of Griffin-American Healthcare REIT IV, Inc., or GAHR IV, with Merger Sub being the surviving company, which we refer to as the REIT Merger, and our operating partnership, Griffin-American Healthcare REIT IV Holdings, LP, merged with and into Griffin-American Healthcare REIT III Holdings, LP, or the Surviving Partnership, with the Surviving Partnership being the surviving entity, which we refer to as the Partnership Merger and, together with the REIT Merger, the Merger. Following the Merger on October 1, 2021, our company was renamed American Healthcare REIT, Inc. and the Surviving Partnership was renamed American Healthcare REIT Holdings, LP, or our operating partnership. Also on October 1, 2021, immediately prior to the consummation of the Merger, GAHR III acquired a newly formed entity, American Healthcare Opps Holdings, LLC, which we refer to as the AHI Acquisition, pursuant to a contribution and exchange agreement dated June 23, 2021. Following the Merger and the AHI Acquisition, our company became self-managed. Operating Partnership We conduct substantially all of our operations through our operating partnership, and we are the sole general partner of our operating partnership. As of December 31, 2023, we owned 95.0 % of the operating partnership units, or OP units, in our operating partnership, and the remaining 5.0 % OP units were owned by the following limited partners: (i) AHI Group Holdings, LLC, which is owned and controlled by Jeffrey T. Hanson, the non-executive Chairman of our board of directors, or our board, Danny Prosky, our Chief Executive Officer, President and director, and Mathieu B. Streiff, one of our non-executive directors; (ii) Platform Healthcare Investor T-II, LLC; (iii) Flaherty Trust; and (iv) a wholly owned subsidiary of Griffin Capital Company, LLC, or Griffin Capital. On August 19, 2024 and October 18, 2024, Platform Healthcare Investor T-II, LLC and Flaherty Trust, respectively, redeemed all of their OP units in exchange for 1,216,571 shares and 211,306 shares, respectively, of our Common Stock on a one-for-one basis and, as a result, are no longer limited partners of our operating partnership. On December 6, 2024, Griffin Capital redeemed a portion of its OP units in exchange 69,882 shares of our Common Stock on a one-for-one basis. As of December 31, 2024, we owned 98.7 % of the OP units in our operating partnership, and the remaining 1.3 % of the OP units were owned by the remaining limited partners. See Note 12, Redeemable Noncontrolling Interests, and Note 13, Equity — Noncontrolling Interests in Total Equity, for a further discussion of the ownership in our operating partnership. Public Offerings and Listing On February 9, 2024, pursuant to a Registration Statement filed with the United States Securities and Exchange Commission, or SEC, on Form S-11 (File No. 333-267464), as amended, we closed our underwritten public offering, or the February 2024 Offering, through which we issued 64,400,000 shares of Common Stock, for a total of $ 772,800,000 in gross offering proceeds. Such amounts include the exercise in full of the underwriters’ overallotment option to purchase up to an additional 8,400,000 shares of Common Stock. We listed these shares of Common Stock on the New York Stock Exchange, or NYSE, under the trading symbol “AHR” and began trading on February 7, 2024. 83 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Following the closing of the February 2024 Offering and until August 5, 2024, we presented our Common Stock, Class T common stock and Class I common stock, as separate classes of common stock within our consolidated balance sheets and consolidated statements of equity. Any references to Common Stock in this Annual Report on Form 10-K refer to our NYSE-listed shares of common stock, whereas Class T common stock and Class I common stock refer to our historical non-listed shares of common stock. This applies to all historical periods presented herein. On August 5, 2024, 180 days after the listing of our Common Stock on the NYSE, each share of our Class T common stock and Class I common stock automatically converted into one share of our listed Common Stock. On September 20, 2024, we closed our follow-on underwritten public offering, or the September 2024 Offering, under a prospectus supplement and related prospectus filed with the SEC pursuant to our effective shelf Registration Statement on Form S-3 (File No. 333-281488). Through the September 2024 Offering, we issued 20,010,000 shares of Common Stock, for a total of $ 471,236,000 in gross offering proceeds. Such amounts include the exercise in full of the underwriters’ overallotment option to purchase up to an additional 2,610,000 shares of Common Stock. These shares are also listed on the NYSE under the trading symbol “AHR” and began trading on September 19, 2024. On November 18, 2024, we entered into a sales agreement and established an at-the-market equity offering program, or ATM Offering, under a prospectus supplement and related prospectus filed with the SEC pursuant to our effective shelf Registration Statement on Form S-3 (File No. 333-281488), pursuant to which we may, from time to time, offer and sell shares of Common Stock having an aggregate gross sales price of up to $ 500,000,000 . Shares sold through the ATM Offering may be offered and sold in amounts to be determined by us from time to time, and are sold in negotiated transactions at market prices prevailing at the time of sale in accordance with Rule 415 under the Securities Act of 1933, as amended. During the year ended December 31, 2024, we sold an aggregate of 4,285,531 shares of Common Stock under the ATM Offering for gross proceeds of $ 120,220,000 at an average gross price of $ 28.05 per share. As of December 31, 2024, the remaining amount available under ATM Offering for future sales of Common Stock was $ 379,780,000 . See Note 13, Equity — Common Stock, for a further discussion of our public offerings. Our Real Estate Investments Portfolio We currently operate through four reportable business segments: integrated senior health campuses, outpatient medical, or OM, SHOP and triple-net leased properties. As of December 31, 2024, we owned and/or operated 314 buildings and integrated senior health campuses representing approximately 19,155,000 square feet of gross leasable area, or GLA, for an aggregate contract purchase price of $ 4,533,212,000 . In addition, as of December 31, 2024, we also owned a real estate-related debt investment purchased for $ 60,429,000 . 2. Summary of Significant Accounting Policies The summary of significant accounting policies presented below is designed to assist in understanding our accompanying consolidated financial statements. Such consolidated financial statements and the accompanying notes thereto are the representations of our management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America, or GAAP, in all material respects, and have been consistently applied in preparing our accompanying consolidated financial statements. Basis of Presentation Our accompanying consolidated financial statements include our accounts and those of our operating partnership, the wholly-owned subsidiaries of our operating partnership and all non-wholly owned subsidiaries in which we have control, as well as any VIEs, in which we are the primary beneficiary. The portion of equity in any subsidiary that is not wholly owned by us is presented in our accompanying consolidated financial statements as a noncontrolling interest. We evaluate our ability to control an entity, and whether the entity is a VIE and we are the primary beneficiary, by considering substantive terms of the arrangement and identifying which enterprise has the power to direct the activities of the entity that most significantly impacts the entity’s economic performance. We operate and intend to continue to operate in an umbrella partnership REIT structure in which our operating partnership, wholly-owned subsidiaries of our operating partnership and all non-wholly owned subsidiaries of which we have control will own substantially all of the interests in properties acquired on our behalf. We are the sole general partner of our operating partnership and as of December 31, 2024 and 2023, we owned a 98.7 % and 95.0 %, respectively, general partnership interest therein, and the remaining 1.3 % and 5.0 %, respectively, partnership interest was owned by the limited partners. 84 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The accounts of our operating partnership are consolidated in our accompanying consolidated financial statements because we are the sole general partner of our operating partnership and have unilateral control over its management and major operating decisions (even if additional limited partners are admitted to our operating partnership). All intercompany accounts and transactions are eliminated in consolidation. Use of Estimates The preparation of our accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities, at the date of our consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include, but are not limited to, the initial and recurring valuation of certain assets acquired and liabilities assumed through property acquisitions including through business combinations, goodwill and its impairment, revenues and grant income, allowance for credit losses, impairment of long-lived and intangible assets and contingencies. These estimates are made and evaluated on an on-going basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates, perhaps in material adverse ways, and those estimates could be different under different assumptions or conditions. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of all highly liquid investments with a maturity of three months or less when purchased. Restricted cash primarily comprises lender required accounts for property taxes, tenant improvements, capital improvements and insurance, which are restricted as to use or withdrawal. Leases Lessee : We determine if a contract is a lease upon inception of the lease and maintain a distinction between finance and operating leases. Pursuant to Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 842, Leases , or ASC Topic 842, lessees are required to recognize the following for all leases with terms greater than 12 months at the commencement date: (i) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease; and (ii) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The lease liability is calculated by using either the implicit rate of the lease or the incremental borrowing rate. The accretion of lease liabilities and amortization expense on right-of-use assets for our operating leases are included in rental expenses, property operating expenses or general and administrative expenses in our accompanying consolidated statements of operations and comprehensive loss. Operating lease liabilities are calculated using our incremental borrowing rate based on the information available as of the lease commencement date. For our finance leases, the accretion of lease liabilities are included in interest expense and the amortization expense on right-of-use assets are included in depreciation and amortization in our accompanying consolidated statements of operations and comprehensive loss. Further, finance lease assets are included within real estate investments, net and finance lease liabilities are included within financing obligations in our accompanying consolidated balance sheets. Lessor : Pursuant to ASC Topic 842, lessors bifurcate lease revenues into lease components and non-lease components and separately recognize and disclose non-lease components that are executory in nature. Lease components continue to be recognized on a straight-line basis over the lease term and certain non-lease components may be accounted for under the revenue recognition guidance in ASC Topic 606, Revenue from Contracts with Customers, or ASC Topic 606. See the “Revenue Recognition” section below. ASC Topic 842 also provides for a practical expedient package that permits lessors to not separate non-lease components from the associated lease component if certain conditions are met. In addition, such practical expedient causes an entity to assess whether a contract is predominately lease- or service-based, and recognize the revenue from the entire contract under the relevant accounting guidance. We recognize revenue for our OM buildings and triple-net leased properties segments as real estate revenue. Minimum annual rental revenue is recognized on a straight-line basis over the term of the related lease (including rent holidays). Differences between real estate revenue recognized and cash amounts contractually due from tenants under the lease agreements are recorded to deferred rent receivable, which is included in other assets, net in our accompanying consolidated balance sheets. Tenant reimbursement revenue, which comprises additional amounts recoverable from tenants for common area maintenance expenses and certain other recoverable expenses, are considered non-lease components and variable lease payments. We qualified for and elected the practical expedient as outlined above to combine the non-lease component with the lease component, which is the predominant component, and therefore the non-lease component is recognized as part of real estate revenue. In addition, as lessors, we exclude certain lessor costs (i.e., 85 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) property taxes and insurance) paid directly by a lessee to third parties on our behalf from our measurement of variable lease revenue and associated expense (i.e., no gross up of revenue and expense for these costs); and include lessor costs that we paid and are reimbursed by the lessee in our measurement of variable lease revenue and associated expense (i.e., gross up revenue and expense for these costs). At our RIDEA facilities, we offer residents room and board (lease component), standard meals and healthcare services (non-lease component) and certain ancillary services that are not contemplated in the lease with each resident (i.e., laundry, guest meals, etc.). For our RIDEA facilities, we recognize revenue under ASC Topic 606 as resident fees and services, based on our predominance assessment from electing the practical expedient outlined above. See the “Revenue Recognition” section below. See Note 17, Leases, for a further discussion of our leases. Revenue Recognition Real Estate Revenue We recognize real estate revenue in accordance with ASC Topic 842. See the “Leases” section above. Resident Fees and Services Revenue We recognize resident fees and services revenue in accordance with ASC Topic 606. A significant portion of resident fees and services revenue represents healthcare service revenue that is reported at the amount that we expect to be entitled to in exchange for providing patient care, including ancillary services. These amounts are due from patients, third-party payors (including health insurers and government programs), other healthcare facilities, and others and includes variable consideration for retroactive revenue adjustments due to settlement of audits, reviews, and investigations. Generally, we bill the patients, third-party payors and other healthcare facilities several days after the services are performed. Revenue is recognized as performance obligations are satisfied. Consistent with healthcare industry accounting practices, any changes to these governmental revenue estimates are recorded in the period the change or adjustment becomes known based on final settlement. Any differences between recorded revenues and subsequent adjustments are reflected in operations in the year finalized. Performance obligations are determined based on the nature of the services provided by us. Revenue for performance obligations satisfied over time is recognized based on actual charges incurred in relation to total expected (or actual) charges. This method provides a depiction of the transfer of services over the term of the performance obligation based on the inputs needed to satisfy the obligation. Generally, performance obligations satisfied over time relate to patients receiving long-term healthcare services, including rehabilitation services. We measure the performance obligation from admission into the facility to the point when we are no longer required to provide services to that patient. Revenue for performance obligations satisfied at a point in time is recognized when goods or services are provided and we do not believe we are required to provide additional goods or services to the patient. Generally, performance obligations satisfied at a point in time relate to sales of our pharmaceuticals business or to sales of ancillary supplies. Because all of our performance obligations relate to contracts with a duration of less than one year, we have elected to apply the optional exemption provided in ASC Topic 606 and, therefore, are not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. The performance obligations for these contracts are generally completed within months of the end of the reporting period. We determine the transaction price based on standard charges for goods and services provided, reduced, where applicable, by contractual adjustments provided to third-party payors, implicit price concessions provided to uninsured patients, and estimates of goods to be returned. We also determine the estimates of contractual adjustments based on Medicare and Medicaid pricing tables and historical experience. We determine the estimate of implicit price concessions based on the historical collection experience with each class of payor. Agreements with third-party payors typically provide for payments at amounts less than established charges. The following is a summary of the payment arrangements with major third-party payors: • Medicare: Certain healthcare services are paid at prospectively determined rates based on cost-reimbursement methodologies subject to certain limits. 86 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) • Medicaid: Reimbursements for Medicaid services are generally paid at prospectively determined rates. In the state of Indiana, we participate in an Upper Payment Limit program, or IGT, with various county hospital partners, which provides supplemental Medicaid payments to SNFs that are licensed to non-state, government-owned entities such as county hospital districts. We have operational responsibility through management agreements for facilities retained by the county hospital districts including this IGT. The licenses and management agreements between the nursing center division and hospital districts are terminable by either party to restore the previous licensed status. • Other: Payment agreements with certain commercial insurance carriers, health maintenance organizations and preferred provider organizations provide for payment using prospectively determined rates per discharge, discounts from established charges and prospectively determined periodic rates. Laws and regulations concerning government programs, including Medicare and Medicaid, are complex and subject to varying interpretation. As a result of investigations by governmental agencies, various healthcare organizations have received requests for information and notices regarding alleged noncompliance with those laws and regulations, which, in some instances, have resulted in organizations entering into significant settlement agreements. Compliance with such laws and regulations may also be subject to future government review and interpretation as well as significant regulatory action, including fines, penalties and potential exclusion from the related programs. There can be no assurance that regulatory authorities will not challenge our compliance with these laws and regulations, and it is not possible to determine the impact such claims or penalties would have upon us, if any. Settlements with third-party payors for retroactive adjustments due to audits, reviews or investigations are considered variable consideration and are included in the determination of the estimated transaction price for providing patient care. These settlements are estimated based on the terms of the payment agreement with the payor, correspondence from the payor and our historical settlement activity, including an assessment to ensure that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the retroactive adjustment is subsequently resolved. Estimated settlements are adjusted in future periods as adjustments become known (that is, new information becomes available), or as years are settled or are no longer subject to such audits, reviews and investigations. Adjustments arising from a change in the transaction price were not significant for the years ended December 31, 2024, 2023 and 2022. Disaggregation of Resident Fees and Services Revenue We disaggregate revenue from contracts with customers according to lines of business and payor classes. The transfer of goods and services may occur at a point in time or over time; in other words, revenue may be recognized over the course of the underlying contract, or may occur at a single point in time based upon a single transfer of control. This distinction is discussed in further detail below. We determine that disaggregating revenue into these categories achieves the disclosure objective to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. 87 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The following tables disaggregate our resident fees and services revenue by line of business, according to whether such revenue is recognized at a point in time or over time, for the years then ended (in thousands): Integrated Senior Health Campuses SHOP(1) Total 2024: Over time $ 1,334,415 $ 257,254 $ 1,591,669 Point in time 285,397 6,732 292,129 Total resident fees and services $ 1,619,812 $ 263,986 $ 1,883,798 2023: Over time $ 1,216,647 $ 182,200 $ 1,398,847 Point in time 265,233 4,662 269,895 Total resident fees and services $ 1,481,880 $ 186,862 $ 1,668,742 2022: Over time $ 1,019,198 $ 154,268 $ 1,173,466 Point in time 235,467 3,223 238,690 Total resident fees and services $ 1,254,665 $ 157,491 $ 1,412,156 The following tables disaggregate our resident fees and services revenue by payor class for the years then ended (in thousands): Integrated Senior Health Campuses SHOP(1) Total 2024: Private and other payors $ 636,643 $ 222,381 $ 859,024 Medicare 605,094 6,167 611,261 Medicaid 378,075 35,438 413,513 Total resident fees and services $ 1,619,812 $ 263,986 $ 1,883,798 2023: Private and other payors $ 696,147 $ 174,439 $ 870,586 Medicare 477,338 2,808 480,146 Medicaid 308,395 9,615 318,010 Total resident fees and services $ 1,481,880 $ 186,862 $ 1,668,742 2022: Private and other payors $ 582,448 $ 144,771 $ 727,219 Medicare 429,129 — 429,129 Medicaid 243,088 12,720 255,808 Total resident fees and services $ 1,254,665 $ 157,491 $ 1,412,156 ___________ (1) Includes fees for basic housing, as well as fees for assisted living or skilled nursing care. We record revenue when services are rendered at amounts billable to individual residents. Residency agreements are generally for a term of 30 days, with resident fees billed monthly in advance. For residents under reimbursement arrangements with third-party payors, including Medicaid, Medicare and private insurers, revenue is recorded based on contractually agreed-upon amounts or rates on a daily, per resident basis or as services are performed. 88 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Accounts Receivable, Net — Resident Fees and Services Revenue The beginning and ending balances of accounts receivable, net — resident fees and services are as follows (in thousands): Private and Other Payors Medicare Medicaid Total Beginning balance — January 1, 2024 $ 66,218 $ 51,260 $ 30,799 $ 148,277 Ending balance — December 31, 2024 69,198 57,807 39,966 166,971 Increase $ 2,980 $ 6,547 $ 9,167 $ 18,694 Deferred Revenue — Resident Fees and Services Revenue Deferred revenue is included in security deposits, prepaid rent and other liabilities in our accompanying consolidated balance sheets. The beginning and ending balances of deferred revenue — resident fees and services, almost all of which relates to private and other payors, are as follows (in thousands): Total Beginning balance — January 1, 2024 $ 23,372 Ending balance — December 31, 2024 24,727 Increase $ 1,355 Financing Component We have elected a practical expedient allowed under ASC Topic 606 and, therefore, we do not adjust the promised amount of consideration from patients and third-party payors for the effects of a significant financing component due to our expectation that the period between the time the service is provided to a patient and the time that the patient or a third-party payor pays for that service will be one year or less. Contract Costs We have applied the practical expedient provided by FASB ASC Topic 340, Other Assets and Deferred Costs , and, therefore, all incremental customer contract acquisition costs are expensed as they are incurred since the amortization period of the asset that we otherwise would have recognized is one year or less in duration. Resident and Tenant Receivables and Allowances Resident receivables, which are related to resident fees and services revenue, are carried net of an allowance for credit losses. An allowance is maintained for estimated losses resulting from the inability of residents and payors to meet the contractual obligations under their lease or service agreements. Substantially all of such allowances are recorded as direct reductions of resident fees and services revenue as contractual adjustments provided to third-party payors or implicit price concessions in our accompanying consolidated statements of operations and comprehensive loss. Our determination of the adequacy of these allowances is based primarily upon evaluations of historical loss experience, the residents’ financial condition, security deposits, cash collection patterns by payor and by state, current economic conditions, future expectations in estimating credit losses and other relevant factors. Tenant receivables, which are related to real estate revenue, and unbilled deferred rent receivables are reduced for amounts where collectability is not probable, which are recognized as direct reductions of real estate revenue in our accompanying consolidated statements of operations and comprehensive loss. The following is a summary of our adjustments to allowances for the periods presented below (in thousands): Year Ended December 31, 2024 2023 Beginning balance $ 17,037 $ 14,071 Additional allowances 29,004 20,774 Write-offs ( 18,063 ) ( 8,778 ) Recoveries collected or adjustments ( 5,396 ) ( 9,030 ) Ending balance $ 22,582 $ 17,037 89 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Real Estate Investments Purchase Price Allocation Upon the acquisition of real estate properties or entities owning real estate properties, we determine whether the transaction is a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the assets acquired and liabilities assumed are not a business, we account for the transaction as an asset acquisition. Under both methods, we recognize the identifiable assets acquired and liabilities assumed; however, for a transaction accounted for as an asset acquisition, we capitalize transaction costs and allocate the purchase price using a relative fair value method allocating all accumulated costs, whereas for a transaction accounted for as a business combination, we immediately expense transaction costs incurred associated with the business combination and allocate the purchase price based on the estimated fair value of each separately identifiable asset and liability. See Note 3, Real Estate Investments, Net — Acquisitions of Real Estate Investments, and Note 4, Business Combinations, for a further discussion. We, with assistance from independent valuation specialists, measure the fair value of tangible and identified intangible assets and liabilities, as applicable, based on their respective fair values for acquired properties. Our method for allocating the purchase price to acquired investments in real estate requires us to make subjective assessments for determining fair value of the assets acquired and liabilities assumed. This includes determining the value of the buildings, land, leasehold interests, furniture, fixtures and equipment, above- or below-market rent, in-place leases, master leases, tenant improvements, above- or below-market debt assumed and noncontrolling interest in the acquiree, if any. These estimates require significant judgment and in some cases involve complex calculations. These allocation assessments directly impact our results of operations, as amounts allocated to certain assets and liabilities have different depreciation or amortization lives. In addition, we amortize the value assigned to above- or below-market rent as a component of revenue, unlike in-place leases and other intangibles, which we include in depreciation and amortization in our accompanying consolidated statements of operations and comprehensive loss. The determination of the fair value of land is based upon comparable sales data. In cases where a leasehold interest in the land is acquired, only the above/below market consideration is necessary where the value of the leasehold interest is determined by discounting the difference between the contract ground lease payments and a market ground lease payment back to a present value as of the acquisition date. The fair value of buildings is based upon our determination of the value under two methods: (i) as if it were to be replaced and vacant using cost data; and (ii) also using a residual technique based on discounted cash flow models, as vacant. Factors considered by us include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. We also recognize the fair value of furniture, fixtures and equipment on the premises, as well as the above- or below-market rent, the value of in-place leases, master leases, above- or below-market debt and derivative financial instruments assumed. The value of the above- or below-market component of the acquired in-place leases is determined based upon the present value (using a discount rate that reflects the risks associated with the acquired leases) of the difference between: (i) the level payment equivalent of the contract rent paid pursuant to the lease; and (ii) our estimate of market rent payments taking into account the expected market rent growth. In the case of leases with options, a case-by-case analysis is performed based on all facts and circumstances of the specific lease to determine whether the option will be assumed to be exercised. The amounts related to above-market leases are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized as a decrease to real estate revenue over the remaining non-cancelable lease term of the acquired leases with each property. The amounts related to below-market leases are included in identified intangible liabilities, net in our accompanying consolidated balance sheets and are amortized as an increase to real estate revenue over the remaining non-cancelable lease term plus any below-market renewal options of the acquired leases with each property. The value of in-place lease costs are based on management’s evaluation of the specific characteristics of the tenant’s lease and our overall relationship with the tenants. Characteristics considered by us in allocating these values include the nature and extent of the credit quality and expectations of lease renewals, among other factors. The in-place lease intangible represents the value related to the economic benefit for acquiring a property with in-place leases as opposed to a vacant property, which is evaluated based on a review of comparable leases for a similar property, terms and conditions for marketing and executing new leases, and implied in the difference between the value of the whole property “as is” and “as vacant.” The net amounts related to in-place lease costs are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized as an increase to depreciation and amortization expense over the average downtime of the acquired leases with each property. The net amounts related to the value of tenant relationships, if any, are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized as an increase to depreciation and amortization expense over the average remaining non-cancelable lease term of the acquired leases plus the market renewal lease term. The value of a master lease, if any, in which a previous owner or a tenant is relieved of specific rental obligations as additional space is leased, 90 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) is determined by discounting the expected real estate revenue associated with the master lease space over the assumed lease-up period. The value of above- or below-market debt is determined based upon the present value of the difference between the cash flow stream of the assumed mortgage and the cash flow stream of a market rate mortgage at the time of assumption. The net value of above- or below-market debt is included in mortgage loans payable, net in our accompanying consolidated balance sheets and is amortized as an increase or decrease to interest expense, as applicable, over the remaining term of the assumed mortgage. The values of contingent consideration assets and liabilities are analyzed at the time of acquisition. For contingent purchase options, the fair market value of the acquired asset is compared to the specified option price at the exercise date. If the option price is below market, it is assumed to be exercised and the difference between the fair market value and the option price is discounted to the present value at the time of acquisition. The value of noncontrolling interests are estimated by applying the income approach based on a discounted cash flow analysis. Real Estate Investments, Net We carry our operating properties at our historical cost less accumulated depreciation. The cost of operating properties includes the cost of land and completed buildings and related improvements, including those related to financing obligations. Expenditures that increase the service life of properties are capitalized and the cost of maintenance and repairs is charged to expense as incurred. The cost of buildings and capital improvements is depreciated on a straight-line basis over the estimated useful lives of the buildings and capital improvements, up to 39 years, and the cost for tenant improvements is depreciated over the shorter of the lease term or useful life, up to 34 years. The cost of furniture, fixtures and equipment is depreciated over the estimated useful life, up to 28 years. When depreciable property is retired, replaced or disposed of, the related cost and accumulated depreciation is removed from the accounts and any gain or loss is reflected in earnings. As part of the leasing process, we may provide the lessee with an allowance for the construction of leasehold improvements. These leasehold improvements are capitalized and recorded as tenant improvements and depreciated over the shorter of the useful life of the improvements or the lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event we are not considered the owner of the improvements, the allowance is considered to be a lease inducement and is included in other assets, net in our accompanying consolidated balance sheets. Lease inducement is amortized over the lease term as a reduction of real estate revenue on a straight-line basis. Factors considered during this evaluation include, among other things, who holds legal title to the improvements as well as other controlling rights provided by the lease agreement and provisions for substantiation of such costs (e.g ., unilateral control of the tenant space during the build-out process). Determination of the appropriate accounting for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the individual tenant lease. Recognition of lease revenue commences when the lessee is given possession of the leased space upon completion of tenant improvements when we are the owner of the leasehold improvements. However, when the leasehold improvements are owned by the tenant, the lease inception date (and the date on which recognition of lease revenue commences) is the date the tenant obtains possession of the leased space for purposes of constructing its leasehold improvements. Goodwill Goodwill represents the excess of consideration paid over the fair value of underlying identifiable net assets of a business acquired in a business combination. Our goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. We take a qualitative approach, as applicable, to consider whether an impairment of goodwill exists prior to quantitatively determining the fair value of the reporting unit in step one of the impairment test. When step one of the impairment test is utilized, we compare the fair value of a reporting unit with its carrying amount. We recognize an impairment loss to the extent the carrying value of goodwill exceeds the implied value in the current period. See Note 18, Segment Reporting, for a further discussion of goodwill allocation by segment and impairment of goodwill. 91 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Impairment of Long-Lived Assets and Intangible Assets We periodically evaluate our long-lived assets, primarily consisting of investments in real estate that we carry at our historical cost less accumulated depreciation, for impairment when events or changes in circumstances indicate that its carrying value may not be recoverable. We consider the following indicators, among others, in our evaluation of impairment: • significant negative industry or economic trends; • a significant underperformance relative to historical or projected future operating results; and • a significant change in the extent or manner in which the asset is used or significant physical change in the asset. If indicators of impairment of our long-lived assets are present, we evaluate the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying operations. In performing this evaluation, we consider market conditions and our current intentions with respect to holding or disposing of the asset. We adjust the net book value of properties we lease to others and other long-lived assets to fair value if the sum of the expected future undiscounted cash flows, including sales proceeds, is less than carrying value. We recognize an impairment loss at the time we make any such determination. Determining the fair value of real estate assets when measuring impairments involves significant judgment and generally utilizes comparable market transactions, negotiations with prospective buyers, or discounted future cash flow analyses subject to the capitalization and growth rates and other assumptions discussed above, as well the application of market discount rates to such cash flows. Our ability to accurately predict future operating results and resulting cash flows, and estimate fair values, impacts the timing and recognition of impairments. While we believe our assumptions are reasonable, changes in these assumptions may have a material impact on our consolidated financial statements. We test indefinite-lived intangible assets, other than goodwill, for impairment at least annually, and more frequently if indicators arise. We first assess qualitative factors to determine the likelihood that the fair value of the reporting group is less than its carrying value. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized. Fair values of other indefinite-lived intangible assets are usually determined based on discounted cash flows or appraised values, as appropriate. If impairment indicators arise with respect to intangible assets with finite useful lives, we evaluate impairment by comparing the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset. If the estimated future undiscounted net cash flows are less than the carrying amount of the asset, then we estimate the fair value of the asset and compare the estimated fair value to the intangible asset’s carrying value. For all of our reporting units, we recognize any shortfall from carrying value as an impairment loss in the current period. See Note 3, Real Estate Investments, Net — Impairment of Real Estate Investments, for a further discussion of impairment of long-lived assets. See Note 6, Identified Intangible Assets and Liabilities, for a further discussion of impairment of intangible assets. Properties Held for Sale A property or a group of properties is reported in discontinued operations in our consolidated statements of operations and comprehensive loss for current and prior periods if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when either: (i) the component has been disposed of or (ii) is classified as held for sale. At such time as a property is held for sale, such property is carried at the lower of: (i) its carrying amount or (ii) fair value less costs to sell. In addition, a property being held for sale ceases to be depreciated. We classify operating properties as property held for sale in the period in which all of the following criteria are met: • management, having the authority to approve the action, commits to a plan to sell the asset; • the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets; • an active program to locate a buyer or buyers and other actions required to complete the plan to sell the asset has been initiated; • the sale of the asset is probable and the transfer of the asset is expected to qualify for recognition as a completed sale within one year; • the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and 92 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) • given the actions required to complete the plan to sell the asset, it is unlikely that significant changes to the plan would be made or that the plan would be withdrawn. We did not have any properties held for sale as of December 31, 2024. Our properties held for sale as of December 31, 2023 of $ 3,477,000 were included in other assets, net in our accompanying consolidated balance sheets. We did not recognize impairment charges on properties held for sale for the years ended December 31, 2024, 2023 and 2022. For the year ended December 31, 2024, we disposed of one of our SHOP included in properties held for sale for a contract sales price of $ 4,500,000 and recognized a gain on sale of $ 645,000 . For the year ended December 31, 2023, we did not dispose of any held for sale properties. For the year ended December 31, 2022, we disposed of two integrated senior health campuses included in properties held for sale for an aggregate contract sales price of $ 18,700,000 and recognized an aggregate net gain on sale of $ 3,421,000 . Debt Security Investment, Net We classify our marketable debt security investment as held-to-maturity because we have the positive intent and ability to hold the security to maturity, and we have not recorded any unrealized holding gains or losses on such investment. Our held-to-maturity security is recorded at amortized cost and adjusted for the amortization of premiums or discounts through maturity. See Note 5, Debt Security Investment, Net, for a further discussion. Derivative Financial Instruments We are exposed to the effect of interest rate changes in the normal course of business. We seek to mitigate these risks by following established risk management policies and procedures, which include the occasional use of derivatives. Our primary strategy in entering into derivative contracts, such as fixed-rate interest rate swaps and interest rate caps, is to add stability to interest expense and to manage our exposure to interest rate movements by effectively converting a portion of our variable-rate debt to fixed-rate debt. We do not enter into derivative instruments for speculative purposes. Derivatives are recognized as either other assets or other liabilities in our accompanying consolidated balance sheets and are measured at fair value. We do not designate our derivative instruments as hedge instruments as defined by guidance under ASC Topic 815, Derivatives and Hedges , or ASC Topic 815, which allows for gains and losses on derivatives designated as hedges to be offset by the change in value of the hedged items or to be deferred in other comprehensive income (loss). Changes in the fair value of our derivative financial instruments are recorded as a component of interest expense in gain or loss in fair value of derivative financial instruments in our accompanying consolidated statements of operations and comprehensive loss. See Note 10, Derivative Financial Instruments, and Note 15, Fair Value Measurements, for a further discussion of our derivative financial instruments. Fair Value Measurements The fair value of certain assets and liabilities is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, we follow a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of our reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and our reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the 93 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. See Note 15, Fair Value Measurements, for a further discussion. Other Assets, Net Other assets, net primarily consists of deferred rent receivables, prepaid expenses and deposits, inventory, investments in unconsolidated entities, deferred financing costs related to our lines of credit, deferred tax assets, lease inducements and lease commissions. Prepaid expenses are amortized over the related contract periods. Inventory consists primarily of pharmaceutical and medical supplies and is stated at the lower of cost (first-in, first-out) or market. Deferred financing costs relate to our lines of credit, which include amounts paid to lenders and others to obtain such financing. Such costs are amortized using the straight-line method over the term of the related loan, which approximates the effective interest rate method. Amortization of deferred financing costs related to our lines of credit is included in interest expense in our accompanying consolidated statements of operations and comprehensive loss. Lease commissions are amortized using the straight-line method over the term of the related lease. We report investments in unconsolidated entities using the equity method of accounting when we have the ability to exercise significant influence over the operating and financial policies. Under the equity method, our share of the investee’s earnings or losses is included in our accompanying consolidated statements of operations and comprehensive loss. We generally do not recognize equity method losses when such losses exceed our net equity method investment balance unless we have committed to provide such investee additional financial support or guaranteed its obligations. To the extent that our cost basis is different from the basis reflected at the entity level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in our share of equity in earnings of the entity. The initial carrying value of investments in unconsolidated entities is based on the amount paid to purchase the entity interest or the estimated fair value of the assets prior to the sale of interests in the entity. We have elected to follow the cumulative earnings approach when classifying distributions received from equity method investments in our consolidated statements of cash flows, whereby any distributions received up to the amount of cumulative equity earnings will be considered a return on investment and classified in operating activities and any excess distributions would be considered a return of investment and classified in investing activities. We evaluate our equity method investments for impairment based upon a comparison of the estimated fair value of the equity method investment to its carrying value. When we determine a decline in the estimated fair value of such an investment below its carrying value is other-than-temporary, an impairment is recorded. See Note 7, Other Assets, for a further discussion. Accounts Payable and Accrued Liabilities As of December 31, 2024 and 2023, accounts payable and accrued liabilities primarily include insurance reserves of $ 47,578,000 and $ 44,548,000 , respectively, reimbursement of payroll-related costs to the managers of our SHOP and integrated senior health campuses of $ 45,438,000 and $ 42,698,000 , respectively, accrued distributions of $ 40,375,000 and $ 17,590,000 , respectively, accrued property taxes of $ 23,540,000 and $ 23,549,000 , respectively, and accrued developments and capital expenditures to unaffiliated third parties of $ 22,644,000 and $ 24,881,000 , respectively. Stock Based Compensation We follow ASC Topic 718, Compensation — Stock Compensation , or ASC Topic 718, to account for our stock compensation pursuant to the Second Amended and Restated 2015 Incentive Plan, or the AHR Incentive Plan, using the fair value method, which requires an estimate of fair value of the award at the time of grant and recognition of compensation expense on a straight-line basis over the requisite service period of the awards. Forfeitures of stock based awards are recognized as an adjustment to compensation expense as they occur. Awards granted under the AHR Incentive Plan consist of restricted stock or units issued to our executive officers and employees, in addition to restricted stock issued to our directors. See Note 13, Equity — Equity Compensation Plans, for a further discussion of awards granted under the AHR Incentive Plan. Foreign Currency We have real estate investments in the United Kingdom, or UK, and Isle of Man for which the functional currency is the UK Pound Sterling, or GBP. We translate the results of operations of our foreign real estate investments into United States Dollars, or USD, using the average currency rates of exchange in effect during the period, and we translate assets and liabilities using the currency exchange rate in effect at the end of the period. The resulting foreign currency translation adjustments are 94 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) included in accumulated other comprehensive loss, a component of stockholders’ equity, in our accompanying consolidated balance sheets. Certain balance sheet items, primarily equity and capital-related accounts, are reflected at the historical currency exchange rates. We also have intercompany notes and payables denominated in GBP with our UK subsidiaries. Gains or losses resulting from remeasuring such intercompany notes and payables into USD at the end of each reporting period are reflected in our accompanying consolidated statements of operations and comprehensive loss. When such intercompany notes and payables are deemed to be of a long-term investment nature, they will be reflected in accumulated other comprehensive loss in our accompanying consolidated balance sheets. Gains or losses resulting from foreign currency transactions are remeasured into USD at the rates of exchange prevailing on the date of the transactions. The effects of transaction gains or losses are included in our accompanying consolidated statements of operations and comprehensive loss. Income Taxes We qualify, and elect to be taxed, as a REIT under the Code, and we intend to continue to qualify to be taxed as a REIT. To maintain our qualification as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute to our stockholders a minimum of 90.0% of our annual taxable income, excluding net capital gains. We generally will not be subject to U.S. federal income taxes if we distribute 100% of our taxable income each year to our stockholders. If we fail to maintain our qualification as a REIT in any taxable year, we will then be subject to U.S. federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for U.S. federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants us relief under certain statutory provisions. Such an event could have a material adverse effect on our net income and net cash available for distribution to our stockholders. We may be subject to certain state and local income taxes on our income, property or net worth in some jurisdictions, and, in certain circumstances, we may also be subject to federal excise taxes on undistributed income. In addition, certain activities that we undertake are conducted by subsidiaries, which we elected to be treated as taxable REIT subsidiaries, or TRS, to allow us to provide services that would otherwise be considered impermissible for REITs. Also, we have real estate investments in the UK and Isle of Man, which do not accord REIT status to United States REITs under their tax laws. Accordingly, we recognize an income tax benefit or expense for the federal, state and local income taxes incurred by our TRS and foreign income taxes on our real estate investments in the UK and Isle of Man. We account for deferred income taxes using the asset and liability method and recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our financial statements or tax returns. Under this method, we determine deferred tax assets and liabilities based on the temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets reflect the impact of the future deductibility of operating loss carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes us to change our judgment about the realizability of the related deferred tax asset, is included in income tax benefit or expense in our accompanying consolidated statements of operations and comprehensive loss when such changes occur. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes us to change our judgment about expected future tax consequences of events, is recorded in income tax benefit or expense in our accompanying consolidated statements of operations and comprehensive loss. Net deferred tax assets are included in other assets, or net deferred tax liabilities are included in security deposits, prepaid rent and other liabilities, in our accompanying consolidated balance sheets. See Note 16, Income Taxes, for a further discussion. 95 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Segment Disclosure We segregate our operations into reporting segments in order to assess the performance of our business in the same way that management reviews our performance, evaluates our business and makes operating decisions. Accordingly, we determined that we operate through four operating segments: integrated senior health campuses, OM, SHOP and triple-net leased properties. These operating segments are also our reportable segments. See Note 18, Segment Reporting, for a further discussion. GLA and Other Measures GLA and other measures used to describe real estate investments included in our accompanying consolidated financial statements are presented on an unaudited basis. Recently Issued Accounting Pronouncements In August 2023, the Financial Accounting Standard Board, or FASB, issued Accounting Standard Update, or ASU, 2023-05, Business Combinations — Joint Venture Formations (Subtopic 805- 60): Recognition and Initial Measurement, or ASU 2023-05. ASU 2023-05 applies to the initial formation of a “joint venture” or a “corporate joint venture” as defined in the accounting literature and requires a joint venture to apply a new basis of accounting by initially measuring and recognizing all contributions received upon its formation at fair value. In particular, a joint venture will measure its total assets and liabilities upon formation as the fair value of the joint venture as a whole, which would equal the fair value of all of the joint venture’s outstanding equity interests. The new guidance does not change the definition of a joint venture, the accounting by the investors for their investments in a joint venture (e.g., equity method accounting) or the accounting by a joint venture for contributions received after its formation. ASU 2023-05 is applied prospectively and is effective for all newly-formed joint venture entities with a formation date on or after January 1, 2025. Early adoption is permitted. We adopted ASU 2023-05 on January 1, 2025, which did not have a material impact to our consolidated financial statements and disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, or ASU 2023-07, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. Such disclosure amendments include the requirement for public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and is applied retrospectively to all prior periods presented in the financial statements. We adopted ASU 2023-07 beginning with this Annual Report on Form 10-K. We provided additional disclosures with regard to our significant segment expenses in the notes to our consolidated financial statements, and no other changes to our consolidated financial statements are required as a result of such adoption. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, or ASU 2023-09, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted and should be applied prospectively; however, retrospective application is permitted. We expect to include additional tax disclosures in the notes to our financial statements upon our adoption of ASU 2023-09 beginning with our 2025 Annual Report on Form 10-K, and no other changes to our existing disclosures or consolidated financial statements are expected to result from the adoption of such standard. In March 2024, the SEC adopted final rules, The Enhancement and Standardization of Climate-Related Disclosures for Investors. The final rules require a registrant to disclose, among other things: material climate-related risks; activities to mitigate or adapt to such risks, as well as a quantitative and qualitative description of material expenditures incurred and material impacts on financial estimates and assumptions that directly result from such mitigation or adaptation activities; material capitalized costs, expenses and losses incurred as a result of severe weather events and other natural conditions; information about the registrant’s board of directors’ oversight of climate-related risks and management’s role in managing material climate-related risks; and information on any climate-related targets or goals that are material to the registrant’s business, results of operations or financial condition. The rules require registrants to provide such climate-related disclosures in their annual reports, beginning with annual reports for the year ending December 31, 2025, for calendar-year-end large accelerated filers. In April 2024, the SEC stayed the final rules in response to legal challenges to the rules. The outcome of this 96 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) litigation, and any compliance deadlines, are currently unknown. We are currently evaluating this guidance to determine the impact to our consolidated financial statement disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, or ASU 2024-03. Further, in January 2025, the FASB issued ASU 2025-01, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date , or ASU 2025-01. ASU 2024-03 requires new financial statement disclosure to be provided in the notes to the financial statements in a tabular presentation related to the disaggregation of certain expense captions presented on the face of the income statement within continuing operations that include expense categories such as: (i) purchases of inventory; (ii) employee compensation; (iii) depreciation; and (iv) intangible asset amortization. ASU 2024-03 and ASU 2025-01 are effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted and may be applied retrospectively or prospectively. We are currently evaluating this guidance to determine the impact on our consolidated financial statement disclosures beginning with our 2027 Annual Report on Form 10-K. 3. Real Estate Investments, Net Our real estate investments, net consisted of the following as of December 31, 2024 and 2023 (in thousands): December 31, 2024 2023 Building, improvements and construction in process $ 3,619,555 $ 3,604,299 Land and improvements 353,317 335,946 Furniture, fixtures and equipment 262,742 237,350 4,235,614 4,177,595 Less: accumulated depreciation ( 868,966 ) ( 752,157 ) $ 3,366,648 $ 3,425,438 Depreciation expense for the years ended December 31, 2024, 2023 and 2022 was $ 151,340,000 , $ 147,587,000 and $ 141,257,000 , respectively. The following is a summary of our capital expenditures by reportable segment for the periods presented below (in thousands): Year Ended December 31, 2024 2023 2022 Integrated senior health campuses $ 44,131 $ 64,011 $ 30,926 OM 21,650 24,296 32,373 SHOP 21,272 12,244 9,280 Triple-net leased properties 509 420 4 Total $ 87,562 $ 100,971 $ 72,583 Included in the capital expenditure amounts above are costs for the development and expansion of our integrated senior health campuses. For the year ended December 31, 2024, we completed the development of one integrated senior health campus costing $ 18,969,000 and incurred $ 11,730,000 to expand three of our existing integrated senior health campuses. For the year ended December 31, 2023, we incurred $ 4,988,000 to expand three of our existing integrated senior health campuses. For the year ended December 31, 2022, we exercised our right to purchase a leased property that cost $ 15,462,000 to develop and incurred a total cost of $ 7,543,000 to expand three of our existing integrated senior health campuses. 97 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Acquisitions of Real Estate Investments 2024 Acquisitions of Real Estate Investments For the year ended December 31, 2024, we, through Trilogy Investors, LLC, or Trilogy, acquired four land parcels in Michigan for an aggregate contract purchase price of $ 5,821,000 , plus closing costs, for the future development of integrated senior health campuses. In addition, using cash and a borrowing on our line of credit, we, through Trilogy, acquired three previously leased campuses located in Kentucky and Ohio. The following is a summary of such property acquisitions, which are included in our integrated senior health campuses segment (in thousands): Location Date Acquired Contract Purchase Price Line of Credit Miami Township, OH 04/17/24 $ 16,595 $ 16,600 Tiffin, OH 04/17/24 12,380 12,400 La Grange, KY 04/22/24 16,866 16,000 Total $ 45,841 $ 45,000 We accounted for such acquisitions of land and real estate investments completed during the year ended December 31, 2024, as asset acquisitions. The following table summarizes the purchase price of such assets acquired at the time of acquisition based on their relative fair values and adjusted for $ 40,854,000 operating lease right-of-use assets and $ 37,999,000 operating lease liabilities (in thousands): Location 2024 Acquisitions Building and improvements $ 50,251 Land 5,514 Total assets acquired $ 55,765 2023 Acquisitions of Real Estate Investments For the year ended December 31, 2023, using cash on hand and debt financing, we, through a majority-owned subsidiary of Trilogy, completed the acquisition of one integrated senior health campus. The following is a summary of such property acquisition (in thousands): Location Date Acquired Contract Purchase Price Mortgage Loan Payable Louisville, KY 02/15/23 $ 11,000 $ 7,700 In addition, on June 30, 2023, we, through a majority-owned subsidiary of Trilogy, acquired a land parcel in Ohio for a contract purchase price of $ 660,000 , plus closing costs, for the future expansion of an existing integrated senior health campus. 98 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) For the year ended December 31, 2023, using cash on hand and debt financing, we, through a majority-owned subsidiary of Trilogy, acquired three previously leased campuses located in Indiana and Ohio. The following is a summary of such acquisitions, which are included in our integrated senior health campuses segment (in thousands): Location Date Acquired Contract Purchase Price Mortgage Loan Payable Financing Obligation Washington, IN 07/13/23 $ 14,200 $ 12,212 $ — Tell City, IN 07/13/23 2,400 1,988 — New Albany, OH 07/13/23 16,283 — 16,283 Total $ 32,883 $ 14,200 $ 16,283 We accounted for our acquisitions of land and real estate investments completed during the year ended December 31, 2023 as asset acquisitions. The following table summarizes the purchase price of such assets acquired at the time of acquisition based on their relative fair values and adjusted for $ 28,623,000 operating lease right-of-use assets and $ 30,498,000 operating lease liabilities (in thousands): 2023 Acquisitions Building and improvements $ 38,517 Land 4,917 Total assets acquired $ 43,434 2022 Acquisitions of Real Estate Investments For the year ended December 31, 2022, using cash on hand and debt financing, we, through a majority-owned subsidiary of Trilogy, exercised purchase options to acquire four previously leased campuses located in Indiana and Kentucky for an aggregate contract purchase price of $ 54,805,000 , which investments are included in our integrated senior health campus segment. We financed such acquisitions with cash on hand and a mortgage loan payable with a principal balance of $ 52,725,000 . In addition, for the year ended December 31, 2022, we, through a majority-owned subsidiary of Trilogy, acquired land parcels in Indiana and Kentucky for the future development and expansion of our integrated senior health campuses for an aggregate contract purchase price of $ 1,020,000 , plus closing costs. We accounted for our acquisitions of land and real estate investments completed during the year ended December 31, 2022 as asset acquisitions. The following table summarizes the purchase price of such assets acquired at the time of acquisition based on their relative fair values and adjusted for $ 37,464,000 operating lease right-of-use assets and $ 36,326,000 operating lease liabilities (in thousands): 2022 Acquisitions Building and improvements $ 49,645 Land and improvements 8,885 Total assets acquired $ 58,530 99 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Dispositions of Real Estate Investments 2024 Dispositions of Real Estate Investments For the twelve months ended December 31, 2024, we disposed of four OM buildings, one integrated senior health campus and eight triple-net leased properties. We recognized a total aggregate net gain on such dispositions of $ 5,217,000 . The following is a summary of such dispositions (dollars in thousands): Location Number of Buildings Type Date Disposed Contract Sales Price Marietta, GA 1 OM 01/16/24 $ 6,674 Homewood, AL 1 OM 03/18/24 4,462 Middletown, OH 1 OM 10/16/24 19,400 Zanesville, OH 1 Integrated Senior Health Campuses 12/01/24 17,000 Florissant, Kansas City, Milan, Moberly, Salisbury, Sedalia, St. Elizabeth and Trenton, MO 8 Triple-net Leased Properties 12/19/24 87,500 Marysville, OH 1 OM 12/20/24 16,000 Total 13 $ 151,036 2023 Dispositions of Real Estate Investments For the year ended December 31, 2023, we disposed of six SHOP and 16 OM buildings. We recognized a total aggregate net gain on such dispositions of $ 32,717,000 . The following is a summary of such dispositions (dollars in thousands): Location Number of Buildings Type Date Disposed Contract Sales Price Pinellas Park, FL(1) 1 SHOP 02/01/23 $ 7,730 Olympia Fields, IL 1 OM 04/10/23 3,750 Auburn, CA 1 OM 04/26/23 7,050 Pottsville, PA 1 OM 04/26/23 6,000 New London, CT 1 OM 05/24/23 4,200 Stratford, CT 1 OM 05/24/23 4,800 Westbrook, CT 1 OM 05/24/23 7,250 Lakeland, FL(1) 1 SHOP 06/01/23 7,080 Winter Haven, FL(1) 1 SHOP 06/01/23 17,500 Acworth, GA 3 OM 06/14/23 8,775 Lithonia, GA 1 OM 06/14/23 3,445 Stockbridge, GA 1 OM 06/14/23 2,430 Lake Placid, FL(1) 1 SHOP 06/30/23 5,620 Brooksville, FL(1) 1 SHOP 06/30/23 7,800 Spring Hill, FL(1) 1 SHOP 08/01/23 7,800 Morristown, NJ 1 OM 08/09/23 62,210 Evendale, OH 1 OM 08/29/23 11,900 Longview, TX 1 OM 09/19/23 1,500 Naperville, IL 2 OM 10/03/23 17,800 Total 22 $ 194,640 ___________ (1) See Note 12, Redeemable Noncontrolling Interests, for information about the ownership of the Central Florida Senior Housing Portfolio. 100 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) 2022 Dispositions of Real Estate Investments For the year ended December 31, 2022, we disposed of three SHOP and one OM building. We recognized a total aggregate net gain on such dispositions of $ 1,370,000 . The following is a summary of such dispositions (dollars in thousands): Location Number of Buildings Type Date Disposed Contract Sales Price Brooksville, FL(1) 1 SHOP 11/15/22 $ 2,640 Sanford, FL(1) 1 SHOP 12/15/22 3,750 Memphis, TN 1 OM 12/20/22 9,600 Bradenton FL(1) 1 SHOP 12/30/22 7,215 Total 4 $ 23,205 ___________ (1) See Note 12, Redeemable Noncontrolling Interests, for information about the ownership of the Central Florida Senior Housing Portfolio. Sale of Controlling Interests in Developments On February 8, 2022, we sold approximately 74.0 % of our ownership interests in several real estate development assets within our integrated senior health campuses segment for an aggregate sales price of $ 19,622,000 , and we recognized an aggregate gain on sale of $ 683,000 for the year ended December 31, 2022. At the time of sale, we retained approximately 26.0 % ownership interests in such real estate development assets. As of both December 31, 2024 and 2023, we own approximately 49.0 % ownership interests, respectively, in such real estate development assets, which interests are accounted for as investments in unconsolidated entities within other assets, net in our accompanying consolidated balance sheets. For the years ended December 31, 2024 and 2023, and from February 8, 2022 through December 31, 2022, our interests in the net earnings or losses of such unconsolidated entities were included in income or loss from unconsolidated entities in our accompanying consolidated statements of operations and comprehensive loss. See Note 4, Business Combinations, for a discussion of real estate investment acquisitions accounted for business combinations for the years ended December 31, 2024, 2023 and 2022. Impairment of Real Estate Investments For the year ended December 31, 2024, as we continue to evaluate our properties based on their historical operating performance and our expected holding period, we have determined that six of our OM buildings, two of our integrated senior health campuses and two of our SHOP were impaired and recognized an aggregate impairment charge of $ 45,755,000 , which reduced the total aggregate carrying value of such assets to $ 50,784,000 . The fair value of two of our impaired integrated senior health campuses, one impaired OM building and one SHOP was determined by the sales price from an executed purchase and sale agreement with a third-party buyer, which was considered a Level 2 measurement within the fair value hierarchy. The fair value of the other five impaired OM buildings was determined by a third-party appraiser using a discounted cash flow valuation method where the most significant inputs that were used to determine the fair value of such properties were the capitalization rates and the discount rates. The capitalization rates for such impaired OM buildings ranged between 7.0 % to 8.3 %, with a weighted average of 7.8 %. The discount rates for such impaired OM buildings ranged between 9.8 % to 11.0 %, with a weighted average of 10.2 %. The fair value of one impaired SHOP building was determined by a third-party appraiser using a direct capitalization valuation approach where the most significant input that was used to determine its fair value was the capitalization rate of 8.3 %. These aforementioned inputs were considered Level 3 measurements within the fair value hierarchy. For the year ended December 31, 2023, as we continue to evaluate additional non-strategic properties for sale, we determined that two of our SHOP and one of our OM buildings were impaired and recognized an aggregate impairment charge of $ 13,899,000 , which reduced the total aggregate carrying value of such assets to $ 20,439,000 . The remaining $ 3,477,000 carrying value of one such SHOP was then reclassified to properties held for sale during the third quarter of 2023, and sold in January 2024. See Note 2, Summary of Significant Accounting Policies — Properties Held for Sale, for a further discussion of such disposition. Further, the fair value of such impaired SHOP was based on its projected sales price from an independent third party letter of intent, and the fair value of such impaired OM was determined by the sales price from an executed purchase and 101 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) sale agreement with a third-party buyer, which values were considered Level 2 measurements within the fair value hierarchy. The fair value of the other impaired SHOP was determined by a third-party appraiser based on the sales comparison approach with the most significant inputs based on a price per unit and price per square foot analysis within the area for similar types of assets. The ranges of these inputs were $ 190,000 to $ 200,000 per unit and $ 250 to $ 260 per square foot, which were considered Level 3 measurements within the fair value hierarchy. For the year ended December 31, 2022, we determined that 12 SHOP were impaired and recognized an aggregate impairment charge of $ 54,579,000 , which reduced the total aggregate carrying value of such assets to $ 81,149,000 . We disposed of three of such impaired SHOP during the fourth quarter of 2022, and disposed of five of such impaired SHOP during the year of 2023, as discussed in the “Dispositions of Real Estate Investments” section above. The fair value of one of our impaired SHOP was determined by the sales price from an executed purchase and sale agreement with a third-party buyer, which was considered a Level 2 measurement within the fair value hierarchy. The fair values of our remaining 11 impaired SHOP were based on their projected sales prices, which were considered Level 2 measurements within the fair value hierarchy. 4. Business Combinations 2024 Business Combinations On February 1, 2024, we acquired a portfolio of 14 senior housing properties in Oregon from an unaffiliated third party, which properties are included in our SHOP segment. These properties are part of the underlying collateral pool of real estate assets securing our debt security investment, as defined and described in Note 5, Debt Security Investment, Net. We acquired such properties by assuming the outstanding principal balance of each related mortgage loan payable from one of the borrowers since such borrower was in default. The aggregated principal balance of such assumed mortgage loans payable was $ 94,461,000 at the time of acquisition. No cash consideration was exchanged as part of the transaction; however, we incurred transaction costs of $ 2,636,000 related to the acquisition of such properties. See Note 5 for a further discussion. On September 3, 2024, we acquired a portfolio of five senior housing properties in Washington from an unaffiliated third party, which properties are included in our SHOP segment. These properties are also part of the underlying collateral pool of real estate assets securing our debt security investment. We acquired such properties by assuming the outstanding principal balance of each related mortgage loan payable from one of the borrowers since such borrower was in default. The aggregated principal balance of such assumed mortgage loans payable was $ 36,178,000 at the time of acquisition. No cash consideration was exchanged as part of the transaction; however, we incurred transaction costs of $ 2,904,000 related to the acquisition of such properties. See Note 5, for a further discussion. On October 1, 2024, using cash on hand and a borrowing on our line of credit, we completed the acquisition of one SHOP building in Georgia from an unaffiliated third party. The contract purchase price of such property was $ 8,200,000 including closing costs of $ 185,000 related to the acquisition of such property. 2023 Business Combination On February 15, 2023, we, through Trilogy, acquired from an unaffiliated third party, a 60.0 % controlling interest in a privately held company, Memory Care Partners, LLC, or MCP, that operated integrated senior health campuses located in Kentucky. The contract purchase price for the acquisition of MCP was $ 900,000 , which was acquired using cash on hand. Prior to such acquisition, we owned a 40.0 % interest in MCP, which was accounted for as an equity method investment and was included in investments in unconsolidated entities within other assets, net in our accompanying consolidated balance sheet as of December 31, 2022. In connection with the acquisition of the remaining interest in MCP, we now own a 100 % controlling interest in MCP. As a result, we re-measured the fair value of our previously held equity interest in MCP and recognized a gain on re-measurement of $ 726,000 in our accompanying consolidated statements of operations and comprehensive loss. 2022 Business Combinations On January 3, 2022, we, through a majority-owned subsidiary of Trilogy, acquired an integrated senior health campus in Kentucky from an unaffiliated third party. The contract purchase price for such property acquisition was $ 27,790,000 plus immaterial transaction costs. We acquired such property using cash on hand and placed a mortgage loan payable of $ 20,800,000 on the property at the time of acquisition. On April 1, 2022, we, through a majority-owned subsidiary of Trilogy, acquired a 50.0 % interest in a pharmaceutical business in Florida from an unaffiliated third party and incurred transaction costs of $ 938,000 . Prior to such pharmaceutical business acquisition, we, through a majority-owned subsidiary of Trilogy, owned the other 50.0 % interest in such business, 102 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) which was accounted for as an equity method investment. Therefore, through March 31, 2022, our 50.0 % interest in the net earnings or losses of such unconsolidated entity was included in income or loss from unconsolidated entities in our accompanying consolidated statements of operations and comprehensive loss. On August 1, 2022, we, through a majority-owned subsidiary of Trilogy, acquired a 50.0 % controlling interest in a privately held company, RHS Partners, LLC, or RHS, that owns and/or operates 16 integrated senior health campuses located in Indiana, from an unaffiliated third party. The contract purchase price for the acquisition of RHS was $ 36,661,000 plus immaterial closing costs, which was primarily acquired using cash on hand. Prior to such acquisition, we owned a 50.0 % interest in RHS, which was accounted for as an equity method investment and was included in investments in unconsolidated entities within other assets, net in our accompanying consolidated balance sheet as of December 31, 2021. Therefore, through July 31, 2022, our 50.0 % equity interest in the net earnings or losses of RHS was included in income or loss from unconsolidated entities in our accompanying consolidated statements of operations and comprehensive loss. In connection with the acquisition of the remaining interest in RHS, we now own a 100 % controlling interest in RHS. As a result, we re-measured the fair value of our previously held equity interest in RHS and recognized a gain on re-measurement of $ 19,567,000 in our accompanying consolidated statements of operations and comprehensive loss. On December 5, 2022, we acquired a portfolio of seven senior housing facilities in Texas from an unaffiliated third party, which facilities are included in our SHOP segment. These facilities are part of the underlying collateral pool of real estate assets securing our debt security investment. We acquired the seven facilities by assuming the outstanding principal balance of each related mortgage loan payable from one of the borrowers as such borrower was in default on the required debt payments. The aggregated principal balance of such assumed mortgage loans payable was $ 110,627,000 at the time of acquisition. No cash consideration was exchanged as part of the transactions; however, we incurred transaction costs of $ 1,895,000 related to the acquisition of such facilities. See Note 5 for a further discussion. Based on quantitative and qualitative considerations, such business combinations were not material to us individually or in the aggregate and therefore, pro forma financial information is not provided. The fair values of the assets acquired and liabilities assumed were preliminary estimates at acquisition. Any necessary adjustments are finalized within one year from the date of acquisition. The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed of our business combinations for the periods presented below (in thousands): Year Ended December 31, 2024 2023 2022 Building and improvements $ 95,076 $ — $ 163,166 Land 20,962 — 20,514 In-place leases 19,416 — 18,834 Goodwill — 3,331 44,990 Furniture, fixtures and equipment — 39 1,936 Cash and restricted cash — 565 12,331 Accounts receivable 343 — 19,472 Other assets 379 66 1,798 Certificates of need — — 3,567 Operating lease right-of-use assets — — 153,777 Total assets acquired 136,176 4,001 440,385 Mortgage loans payable (including debt discount of $ 3,385 , $ 0 and $ 6,066 , respectively) ( 127,254 ) — ( 149,861 ) Accounts payable and accrued liabilities ( 144 ) ( 1,676 ) ( 16,012 ) Financing obligations — ( 12 ) ( 65 ) Security deposits, prepaid rent and other liabilities ( 15 ) ( 812 ) ( 15,994 ) Operating lease liabilities — — ( 161,121 ) Total liabilities assumed ( 127,413 ) ( 2,500 ) ( 343,053 ) Net assets acquired $ 8,763 $ 1,501 $ 97,332 103 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) 5. Debt Security Investment, Net Our investment in a commercial mortgage-backed debt security, or debt security, bears an interest rate on the stated principal amount thereof equal to 4.24 % per annum, the terms of which security provide for monthly interest-only payments. The debt security matures on August 25, 2025 at an aggregate stated amount of $ 93,433,000 , resulting in an anticipated yield-to-maturity of 10.0 % per annum. The debt security was issued by an unaffiliated mortgage trust and represents a 10.0 % beneficial ownership interest in such mortgage trust. The debt security is subordinate to all other interests in the mortgage trust and is not guaranteed by a government-sponsored entity. On each of December 5, 2022, February 1, 2024 and September 3, 2024, we acquired a portfolio of seven senior housing properties in Texas, 14 senior housing properties in Oregon and five senior housing properties in Washington, respectively, from unaffiliated third parties, which are included in the underlying collateral pool of real estate assets securing our debt security investment. We acquired such properties by assuming the outstanding principal balance of each related mortgage loan payable from one of the borrowers since such borrower was in default. We did not grant any concessions to such borrower, and the carrying value of our debt security investment at the time of acquisition did not exceed the fair value of such properties. See Note 4, Business Combinations, for a further discussion of such acquisitions. As of December 31, 2024 and 2023, the carrying amount of our debt security investment was $ 91,264,000 and $ 86,935,000 , respectively, net of unamortized closing costs of $ 165,000 and $ 489,000 , respectively. Accretion on the debt security for the years ended December 31, 2024, 2023 and 2022 was $ 4,653,000 , $ 4,213,000 and $ 3,922,000 , respectively, which is recorded as an increase to real estate revenue in our accompanying consolidated statements of operations and comprehensive loss. Amortization expense of closing costs for the years ended December 31, 2024, 2023 and 2022 was $ 324,000 , $ 278,000 and $ 237,000 , respectively, which is recorded as a decrease to real estate revenue in our accompanying consolidated statements of operations and comprehensive loss. We evaluated credit quality indicators such as the agency ratings and the underlying collateral of such investment in order to determine expected future credit loss. No credit loss was recorded for the years ended December 31, 2024, 2023 and 2022. 6. Identified Intangible Assets and Liabilities Identified intangible assets, net and identified intangible liabilities, net consisted of the following as of December 31, 2024 and 2023 (dollars in thousands): December 31, 2024 2023 Amortized intangible assets: In-place leases, net of accumulated amortization of $ 41,764 and $ 35,437 as of December 31, 2024 and 2023, respectively (with a weighted average remaining life of 5.9 years and 7.7 years as of December 31, 2024 and 2023, respectively) $ 28,906 $ 42,615 Above-market leases, net of accumulated amortization of $ 8,309 and $ 7,079 as of December 31, 2024 and 2023, respectively (with a weighted average remaining life of 6.9 years and 7.5 years as of December 31, 2024 and 2023, respectively) 12,700 15,905 Customer relationships, net of accumulated amortization of $ 934 as of December 31, 2023 (with a weighted average remaining life of 12.7 years as of December 31, 2023) — 1,906 Unamortized intangible assets: Certificates of need 99,600 99,777 Trade names 20,267 20,267 Total identified intangible assets, net $ 161,473 $ 180,470 Amortized intangible liabilities: Below-market leases, net of accumulated amortization of $ 2,442 and $ 2,831 as of December 31, 2024 and 2023, respectively (with a weighted average remaining life of 5.0 years and 7.2 years as of December 31, 2024 and 2023, respectively) $ 3,001 $ 6,095 Total identified intangible liabilities, net $ 3,001 $ 6,095 Amortization expense on identified intangible assets for the years ended December 31, 2024, 2023 and 2022 was $ 27,951,000 , $ 46,601,000 and $ 28,378,000 , respectively, which included $ 2,765,000 , $ 14,278,000 and $ 4,444,000 , respectively, of amortization recorded as a decrease to real estate revenue for above-market leases in our accompanying 104 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) consolidated statements of operations and comprehensive loss. In June 2024, we closed a pharmacy within our integrated senior health campuses segment, which resulted in the write-off of the remaining customer relationship intangible asset of $ 1,831,000 related to such pharmacy. In March 2023, we transitioned the SNFs within our Central Wisconsin Senior Care Portfolio from triple-net leased properties to a managed portfolio utilizing a RIDEA structure, which resulted in a full amortization of $ 8,073,000 of above-market leases and $ 885,000 of in-place leases. In addition, we fully amortized $ 2,756,000 of above-market leases and $ 5,750,000 of in-place leases in connection with the transition of the senior housing facilities within our Michigan ALF Portfolio from triple-net leased properties to a managed portfolio utilizing a RIDEA structure in November 2023. For the years ended December 31, 2024 and 2022, we did not recognize any impairment losses with respect to trade name intangible assets. For the year ended December 31, 2023, we recognized an impairment loss of approximately $ 10,520,000 related to the write-off of trade name intangible assets at ancillary business units within Trilogy. Amortization expense on below-market leases for the years ended December 31, 2024, 2023 and 2022 was $ 1,073,000 , $ 4,534,000 and $ 1,848,000 , respectively, which is recorded as an increase to real estate revenue in our accompanying consolidated statements of operations and comprehensive loss. In connection with the transition of our senior housing facilities within our Michigan ALF Portfolio from triple-net leased properties to a managed portfolio utilizing a RIDEA structure in November 2023, we fully amortized $ 112,000 of below-market leases. The aggregate weighted average remaining life of the identified intangible assets was 6.2 years and 7.8 years as of December 31, 2024 and 2023, respectively. The aggregate weighted average remaining life of the identified intangible liabilities was 5.0 years and 7.2 years as of December 31, 2024 and 2023, respectively. As of December 31, 2024, estimated amortization expense on the identified intangible assets and liabilities for each of the next five years ending December 31 and thereafter was as follows (in thousands): Amortization Expense Year Intangible Assets Intangible Liabilities 2025 $ 12,553 $ ( 725 ) 2026 6,217 ( 609 ) 2027 5,708 ( 594 ) 2028 4,665 ( 478 ) 2029 3,919 ( 338 ) Thereafter 8,544 ( 257 ) Total $ 41,606 $ ( 3,001 ) 105 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) 7. Other Assets Other assets, net consisted of the following as of December 31, 2024 and 2023 (dollars in thousands): December 31, 2024 2023 Deferred rent receivables $ 47,520 $ 47,540 Prepaid expenses, deposits, other assets and deferred tax assets, net 29,859 33,204 Inventory — finished goods 19,477 19,472 Lease commissions, net of accumulated amortization of $ 8,270 and $ 7,231 as of December 31, 2024 and 2023, respectively 17,680 17,565 Investments in unconsolidated entities 13,924 20,611 Deferred financing costs, net of accumulated amortization of $ 9,224 and $ 8,494 as of December 31, 2024 and 2023, respectively 3,760 3,830 Lease inducement, net of accumulated amortization of $ 2,895 and $ 2,544 as of December 31, 2024 and 2023, respectively (with a weighted average remaining life of 5.9 years and 6.9 years as of December 31, 2024 and 2023, respectively) 2,105 2,456 Derivative financial instruments 1,013 1,463 Total $ 135,338 $ 146,141 Deferred financing costs included in other assets, net were related to the Trilogy Credit Facility, as defined in Note 9, Lines of Credit and Term Loan, as well as the senior unsecured revolving credit facility portions of the 2022 Credit Facility and 2024 Credit Facility. In February 2024, in connection with the replacement of the 2022 Credit Facility with the 2024 Credit Facility, we incurred an aggregate loss of $ 565,000 on the extinguishment of part of the senior unsecured revolving credit facility, which formed part of the 2022 Credit Facility. Such loss on extinguishment of debt is recorded as an increase to interest expense in our accompanying consolidated statements of operations and comprehensive loss, and was due to the partial write-off of unamortized deferred financing costs related to the senior unsecured revolving credit facility portion of the 2022 Credit Facility. See Note 9 for a further discussion of our lines of credit. Amortization expense on lease inducement for each of the years ended December 31, 2024, 2023 and 2022 was $ 351,000 and is recorded as a decrease to real estate revenue in our accompanying consolidated statements of operations and comprehensive loss. For the years ended December 31, 2024, 2023 and 2022, we did no t incur any impairment losses with respect to our investments in unconsolidated entities. 8. Mortgage Loans Payable, Net Mortgage loans payable, net consisted of the following as of December 31, 2024 and 2023 (dollars in thousands): December 31, 2024 2023 Total fixed-rate debt ( 89 loans and 76 loans as of December 31, 2024 and 2023, respectively) $ 1,004,724 $ 990,325 Total variable-rate debt ( zero loans and 13 loans as of December 31, 2024 and 2023, respectively) — 335,988 Total fixed- and variable-rate debt 1,004,724 1,326,313 Less: deferred financing costs, net ( 10,007 ) ( 9,713 ) Add: premium 103 167 Less: discount ( 12,749 ) ( 14,371 ) Mortgage loans payable, net $ 982,071 $ 1,302,396 Based on interest rates in effect as of December 31, 2024 and 2023, effective interest rates on mortgage loans payable ranged from 2.21 % to 5.99 % per annum and 2.21 % to 8.46 % per annum, respectively, with a weighted average effective interest rate of 3.67 % and 4.72 %, respectively. We are required by the terms of certain loan documents to meet certain reporting requirements and covenants, such as net worth ratios, fixed charge coverage ratios and leverage ratios. 106 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The following table reflects the changes in the carrying amount of mortgage loans payable, net for periods presented below (in thousands): Year Ended December 31, 2024 2023 Beginning balance $ 1,302,396 $ 1,229,847 Additions: Borrowings under mortgage loans payable 63,017 160,442 Assumption of mortgage loans payable due to acquisitions of real estate investments, net 127,254 10,884 Amortization of deferred financing costs 2,561 2,284 Amortization of discount/premium on mortgage loans payable, net 4,944 3,549 Deductions: Scheduled principal payments on mortgage loans payable ( 154,719 ) ( 64,792 ) Early payoff of mortgage loans payable ( 360,526 ) ( 9,809 ) Payoff of a mortgage loan payable due to disposition of real estate investment — ( 26,856 ) Deferred financing costs ( 2,856 ) ( 3,153 ) Ending balance $ 982,071 $ 1,302,396 Amortization of deferred financing costs and amortization of discount/premium on mortgage loans payable is included in interest expense in our accompanying consolidated statements of operations and comprehensive loss. For the year ended December 31, 2024, we incurred an aggregate loss on the early extinguishment of mortgage loans payable of $ 4,402,000 , which is recorded as an increase to interest expense in our accompanying consolidated statements of operations and comprehensive loss. Such aggregate loss was primarily related to the payoff of mortgage loans payable in February 2024 of approximately $ 176,145,000 using the net proceeds from the February 2024 Offering and the payoff of mortgage loans payable in December 2024 primarily using the net proceeds from the ATM offering. For the year ended December 31, 2023, we incurred a loss on the early extinguishment of a mortgage loan payable of $ 345,000 , which was related to the payoff of a mortgage loan payable due to the disposition of the underlying real estate investment in August 2023. For the year ended December 31, 2022, we incurred an aggregate loss on the early extinguishment of mortgage loans payable of $ 2,005,000 . Such aggregate loss was primarily related to the payoff of a mortgage loan payable due to the disposition of a real estate investment in September 2022, the payoff of a construction loan in December 2022 and the write-off of unamortized loan discount related to eight mortgage loans payable that we refinanced on January 1, 2022 that were due to mature in 2044 through 2052. As of December 31, 2024, the principal payments due on our mortgage loans payable for each of the next five years ending December 31 and thereafter were as follows (in thousands): Year Amount 2025 $ 32,327 2026 159,437 2027 57,791 2028 139,961 2029 16,948 Thereafter 598,260 Total $ 1,004,724 9. Lines of Credit and Term Loan 2022 Credit Facility We, through our operating partnership, as borrower, and certain of our subsidiaries, or the subsidiary guarantors, and our company collectively as guarantors, were party to an amended agreement, or the 2022 Credit Agreement, with Bank of America, N.A., or Bank of America, KeyBank National Association, or KeyBank, Citizens Bank, National Association, or Citizens Bank, and the lenders named therein, which provided for a credit facility with an aggregate maximum principal amount up to $ 1,050,000,000 , or the 2022 Credit Facility. The 2022 Credit Facility consisted of a senior unsecured revolving credit facility in the initial aggregate amount of $ 500,000,000 and a senior unsecured term loan facility in the initial aggregate amount 107 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) of $ 550,000,000 . Unless defined herein, all capitalized terms under this “2022 Credit Facility” subsection are defined in the 2022 Credit Agreement. In January 2022, in connection with entering into the 2022 Credit Agreement, we incurred an aggregate $ 3,161,000 loss on the extinguishment of a portion of senior unsecured term loan related to former credit facilities. Such loss on extinguishment of debt is recorded as an increase to interest expense in our accompanying consolidated statements of operations and comprehensive loss, and primarily consisted of lender fees we paid to obtain the 2022 Credit Facility. The 2022 Credit Facility bore interest at varying rates based upon, at our option, (i) Daily SOFR, plus the Applicable Rate for Daily SOFR Rate Loans or (ii) the Term SOFR, plus the Applicable Rate for Term SOFR Rate Loans. If, under the terms of the 2022 Credit Agreement, there was an inability to determine the Daily SOFR or the Term SOFR then the 2022 Credit Facility bore interest at a rate per annum equal to the Base Rate plus the Applicable Rate for Base Rate Loans. The loans could have been repaid in whole or in part without prepayment premium or penalty, subject to certain conditions. As of December 31, 2023, borrowings outstanding under the 2022 Credit Facility totaled $ 914,900,000 , and the weighted average interest rate on such borrowings outstanding was 7.08 % per annum. As of December 31, 2023, we entered into interest rate swaps to mitigate the risk associated with the entire $ 550,000,000 outstanding borrowing amount of our term loan. See Note 10, Derivative Financial Instruments, for a further discussion. Under the terms of the 2022 Credit Agreement, the revolving loans would have matured on January 19, 2026, and the term loan would have matured on January 19, 2027. On February 14, 2024, the 2022 Credit Agreement was amended and restated in its entirety. See below for a further discussion. 2024 Credit Facility We, through our operating partnership, as borrower, and certain of our subsidiaries, or the subsidiary guarantors, and our company, collectively as guarantors, are party to an amended loan agreement, or the 2024 Credit Agreement, that amended, restated, superseded and replaced the 2022 Credit Agreement with Bank of America, KeyBank, Citizens Bank and a syndicate of other banks, as lenders, to obtain a credit facility with an aggregate maximum principal amount up to $ 1,150,000,000 , or the 2024 Credit Facility. The 2024 Credit Facility consists of a senior unsecured revolving credit facility in the initial aggregate amount of $ 600,000,000 and a senior unsecured term loan facility in the initial aggregate amount of $ 550,000,000 . The proceeds of loans made under the 2024 Credit Facility may be used for general corporate purposes including for working capital, capital expenditures, refinancing existing indebtedness and other corporate purposes not inconsistent with obligations under the 2024 Credit Agreement. We may also obtain up to $ 25,000,000 in the form of standby letters of credit pursuant to the 2024 Credit Facility. Unless defined herein, all capitalized terms under this “2024 Credit Facility” subsection are defined in the 2024 Credit Agreement. Under the terms of the 2024 Credit Agreement, the Revolving Loans mature on February 14, 2028, and may be extended for one 12-month period, subject to the satisfaction of certain conditions, including payment of an extension fee. The Term Loan matures on January 19, 2027, and may not be extended. The maximum principal amount of the 2024 Credit Facility may be increased by an aggregate incremental amount of $ 600,000,000 , subject to: (i) the terms of the 2024 Credit Agreement and (ii) at least five business days’ prior written notice to Bank of America. At our option, the 2024 Credit Facility bears interest at varying rates based upon (i) Daily SOFR, plus the Applicable Rate for Daily SOFR Rate Loans or (ii) Term SOFR, plus the Applicable Rate for Term SOFR Rate Loans. If, under the terms of the 2024 Credit Agreement, there is an inability to determine the Daily SOFR or the Term SOFR, then the 2024 Credit Facility will bear interest at a rate per annum equal to the Base Rate plus the Applicable Rate for Base Rate Loans. The loans may be repaid in whole or in part without prepayment premium or penalty, subject to certain conditions. We are required to pay a fee on the unused portion of the lenders’ commitments under the 2024 Credit Agreement computed at (a) 0.25 % per annum if the actual daily Commitment Utilization Percentage for such quarter is less than or equal to 50 % and (b) 0.20 % per annum if the actual daily Commitment Utilization Percentage for such quarter is greater than 50 %, which fee shall be computed on the actual daily amount of the Available Commitments during the period for which payment is made and payable in arrears on a quarterly basis. The 2024 Credit Agreement requires us to add additional subsidiaries as guarantors in the event the value of the assets owned by the subsidiary guarantors falls below a certain threshold as set forth in the 2024 Credit Agreement. In the event of default, Bank of America has the right to terminate the commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions under the 2024 Credit Agreement and to accelerate the payment on any unpaid principal amount of all outstanding loans and all interest accrued and unpaid thereon. 108 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) As of December 31, 2024, our aggregate borrowing capacity under the 2024 Credit Facility was $ 1,150,000,000 , excluding the $ 25,000,000 standby letters of credit described above. As of December 31, 2024, borrowings outstanding under the 2024 Credit Facility totaled $ 689,000,000 ($ 688,502,000 , net of deferred financing costs related to the senior unsecured term loan facility portion of the 2024 Credit Facility), and the weighted average interest rate on such borrowings outstanding was 5.67 % per annum. Trilogy Credit Facility We, through Trilogy RER, LLC, are party to an amended loan agreement, or the Trilogy Credit Agreement, by and among certain subsidiaries of Trilogy OpCo, LLC, Trilogy RER, LLC, and Trilogy Pro Services, LLC; KeyBank; CIT Bank, N.A.; Regions Bank; KeyBanc Capital Markets, Inc.; Regions Capital Markets; Bank of America; The Huntington National Bank; and a syndicate of other banks, as lenders named therein, with respect to a senior secured revolving credit facility that had an aggregate maximum principal amount of $ 400,000,000 , consisting of: (i) a $ 365,000,000 secured revolver supported by real estate assets and ancillary business cash flow and (ii) a $ 35,000,000 accounts receivable revolving credit facility supported by eligible accounts receivable, or the Trilogy Credit Facility. The proceeds of the Trilogy Credit Facility may be used for acquisitions, debt repayment and general corporate purposes. The maximum principal amount of the Trilogy Credit Facility could be increased by up to $ 100,000,000 , for a total principal amount of $ 500,000,000 , subject to certain conditions. Unless defined herein, all capitalized terms under this “Trilogy Credit Facility” subsection are defined in the Trilogy Credit Agreement, as amended. The Trilogy Credit Facility is due to mature on June 5, 2025. At our option, the Trilogy Credit Facility bears interest at per annum rates equal to (a) SOFR, plus 2.75 % for SOFR Rate Loans and (b) for Base Rate Loans, 1.75 % plus the highest of: (i) the fluctuating rate per annum of interest in effect for such day as established from time to time by KeyBank as its prime rate, (ii) 0.50 % above the Federal Funds Effective Rate and (iii) 1.00 % above one-month Adjusted Term SOFR. On December 21, 2023, we, through Trilogy RER, LLC, entered into an interest rate swap transaction to mitigate the risk with respect to $ 200,000,000 of our borrowings under the Trilogy Credit Facility, and we subsequently terminated such swap contract on September 20, 2024. See Note 10, Derivative Financial Instruments, for a further discussion. As of both December 31, 2024 and 2023, our aggregate borrowing capacity under the Trilogy Credit Facility was $ 400,000,000 . As of December 31, 2024 and 2023, borrowings outstanding under the Trilogy Credit Facility totaled $ 32,000 and $ 309,823,000 , respectively, and the weighted average interest rate on such borrowings outstanding was 7.30 % and 8.20 % per annum, respectively. 10. Derivative Financial Instruments We use derivative financial instruments to manage interest rate risk associated with variable-rate debt. We recorded such derivative financial instruments in our accompanying consolidated balance sheets as either an asset or a liability, as applicable, measured at fair value. The following table lists the derivative financial instruments held by us as of December 31, 2024 and 2023, which were included in other assets and other liabilities in our accompanying consolidated balance sheets (dollars in thousands): Fair Value December 31, Instrument Notional Amount Index Interest Rate Effective Date Maturity Date 2024 2023 Swap $ 275,000 One Month Term SOFR 3.74 % 02/01/23 01/19/26 $ 1,013 $ 1,463 Swap $ 275,000 One Month Term SOFR 4.41 % 08/08/23 01/19/26 ( 909 ) ( 2,178 ) Swap $ 200,000 One Month Term SOFR 4.40 % 01/05/24 06/05/25 — ( 211 ) $ 104 $ ( 926 ) As of both December 31, 2024 and 2023, none of our derivative financial instruments were designated as hedges. Derivative financial instruments not designated as hedges are not speculative and are used to manage our exposure to interest rate movements, but do not meet the strict hedge accounting requirements. On September 20, 2024, we terminated one interest rate swap that would have matured on June 5, 2025 and had a notional amount of $ 200,000,000 . We paid a fee of $ 415,000 related to such contract termination, which is recorded as loss on the early extinguishment of derivatives and included as an increase to interest expense in our accompanying consolidated statements of operations and comprehensive loss. For the years 109 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) ended December 31, 2024, 2023, and 2022, respectively, we recorded a net gain (loss) in the fair value of derivative financial instruments of $ 1,030,000 , $( 926,000 ) and $ 500,000 , respectively, as a decrease/(increase) to total interest expense in our accompanying consolidated statements of operations and comprehensive loss related to the change in the fair value of our derivative financial instruments. See Note 15, Fair Value Measurements, for a further discussion of the fair value of our derivative financial instruments. 11. Commitments and Contingencies Litigation We are not presently subject to any material litigation nor, to our knowledge, is any material litigation threatened against us, which, if determined unfavorably to us, would have a material adverse effect on our consolidated financial position, results of operations or cash flows. Environmental Matters We follow a policy of monitoring our properties for the presence of hazardous or toxic substances. While there can be no assurance that a material environmental liability does not exist at our properties, we are not currently aware of any environmental liability with respect to our properties that would have a material adverse effect on our consolidated financial position, results of operations or cash flows. Further, we are not aware of any material environmental liability or any unasserted claim or assessment with respect to an environmental liability that we believe would require additional disclosure or the recording of a loss contingency. Other Our other commitments and contingencies include the usual obligations of real estate owners and operators in the normal course of business, which include calls/puts to sell/acquire properties. In our view, these matters are not expected to have a material adverse effect on our consolidated financial position, results of operations or cash flows. 12. Redeemable Noncontrolling Interests As of December 31, 2024 and 2023, we, through our direct and indirect subsidiaries, owned a 98.7 % and 95.0 %, respectively, general partnership interest in our operating partnership, and the remaining 1.3 % and 5.0 %, respectively, limited partnership interest in our operating partnership was owned by limited partners. Some of the limited partnership units outstanding, which accounted for approximately 1.0 % of our total operating partnership units outstanding, as of December 31, 2023 had redemption features outside of our control and were accounted for as redeemable noncontrolling interests presented outside of permanent equity in our accompanying consolidated balance sheet. As a result of the closing of the February 2024 Offering and listing of our Common Stock on the NYSE, such redemption features are no longer outside of our control, and we reclassified the carrying amount of such interests as of such date to noncontrolling interests in total equity in our accompanying consolidated balance sheet. Further, additional paid-in capital was adjusted to reflect such change in presentation of limited partners interests. See Note 13, Equity — Noncontrolling Interests in Total Equity, for a further discussion. As of December 31, 2023, we, through Trilogy REIT Holdings LLC, or Trilogy REIT Holdings, in which we indirectly held a 76.0 % ownership interest, owned approximately 97.5 % of the outstanding equity interests of Trilogy. As of December 31, 2023, certain members of Trilogy’s management and certain members of an advisory committee to Trilogy’s board of directors owned approximately 2.5 % of the outstanding equity interests of Trilogy. We accounted for such equity interests as redeemable noncontrolling interests or other liabilities in our accompanying consolidated balance sheets in accordance with ASC Topic 480-10-S99-3A, given certain features associated with such equity interests. For the year ended December 31, 2023, we redeemed the equity interests owned by certain members of Trilogy’s management for an aggregate of $ 17,150,000 . As of December 31, 2023, we reclassified the balance of the remaining equity interest owned by such member of Trilogy’s advisory committee from redeemable noncontrolling interest to other liabilities in our accompanying consolidated balance sheet. In January 2024, we redeemed equity interests in Trilogy that were accounted for as other liabilities and owned by a member of Trilogy’s advisory committee for $ 25,312,000 in cash. In April 2024, we redeemed all the remaining equity interests in Trilogy owned by members of Trilogy management and certain members of Trilogy’s advisory committee, including the redemption of Trilogy Profit Interests, as defined and described at Note 13, Equity — Noncontrolling Interests in Total Equity — Other Noncontrolling Interests, for an aggregate $ 10,771,000 in cash. As of December 31, 2024, there were no outstanding equity interests of Trilogy owned by members of Trilogy’s management or members of Trilogy’s advisory committee. 110 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) As of December 31, 2024 and 2023, we own, through our operating partnership, approximately 98.0 % of the joint ventures with an affiliate of Meridian Senior Living, LLC, or Meridian, that own Pinnacle Beaumont ALF and Pinnacle Warrenton ALF and owned Central Florida Senior Housing Portfolio, which was held until its disposition in 2023 and 2022. See Note 3, Real Estate Investments, Net — Dispositions of Real Estate Investments, for a discussion of such dispositions. The noncontrolling interests held by Meridian have redemption features outside of our control and are accounted for as redeemable noncontrolling interests in our accompanying consolidated balance sheets. We record the carrying amount of redeemable noncontrolling interests at the greater of: (i) the initial carrying amount, increased or decreased for the noncontrolling interests’ share of net income or loss and distributions or (ii) the redemption value. The changes in the carrying amount of redeemable noncontrolling interests consisted of the following for the periods presented below (in thousands): Year Ended December 31, 2024 2023 Beginning balance $ 33,843 $ 81,598 Reclassification from equity 21 83 Reclassification to equity ( 15,303 ) — Reclassification to other liabilities — ( 25,312 ) Distributions ( 3 ) ( 1,369 ) Redemption of redeemable noncontrolling interests ( 10,771 ) ( 17,150 ) Adjustment to redemption value ( 7,216 ) ( 2,944 ) Net loss attributable to redeemable noncontrolling interests ( 351 ) ( 1,063 ) Ending balance $ 220 $ 33,843 13. Equity Preferred Stock Pursuant to our charter, we are authorized to issue 200,000,000 shares of our preferred stock, $ 0.01 par value per share. As of both December 31, 2024 and 2023, no shares of preferred stock were issued and outstanding. Common Stock Pursuant to our charter, as amended, we are authorized to issue 1,000,000,000 shares of our common stock, $ 0.01 par value per share, whereby 200,000,000 shares are classified as Class T common stock and 100,000,000 shares were classified as Class I common stock. On January 26, 2024, we further amended our charter to reclassify shares of our Class I common stock such that 200,000,000 shares are classified as Class T common stock, 100,000,000 shares are classified as Class I common stock and 700,000,000 shares are classified as Common Stock without any designation as to class or series. We issued an aggregate 65,445,557 shares of our non-listed classes of common stock, for a total of $ 2,737,716,000 in gross offering proceeds, since February 26, 2014 in our initial public offerings and our distribution reinvestment plan, or DRIP, offerings. Our initial public offerings were terminated as of April 2019. On October 4, 2021, our board authorized the reinstatement of our distribution reinvestment plan, as amended, or the AHR DRIP, to offer up to $ 100,000,000 of shares of our common stock pursuant to a Registration Statement on Form S-3 under the Securities Act filed by Griffin-American Healthcare REIT IV, Inc., or the AHR DRIP Offering. See the “Distribution Reinvestment Plan” section below for a further discussion. On February 9, 2024, we closed the February 2024 Offering and issued 64,400,000 shares of Common Stock, $ 0.01 par value per share, for a total of $ 772,800,000 in gross offering proceeds, including the exercise in full of the underwriters’ overallotment option to purchase up to an additional 8,400,000 shares of Common Stock. In conjunction with the February 2024 Offering, such shares of Common Stock were listed on the NYSE and began trading on February 7, 2024. We received $ 724,625,000 in net offering proceeds, after deducting the underwriting discount, which was primarily used to repay $ 176,145,000 of mortgage loans payable and $ 545,010,000 on our lines of credit in February 2024. The underwriting discount and other costs related to the February 2024 Offering were offset against gross proceeds received and included as a component of additional paid-in capital in our accompanying consolidated balance sheet as of December 31, 2024. 111 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Our Class T common stock and Class I common stock were identical to our Common Stock, except that such shares were not listed on the NYSE or any other national securities exchange. On August 5, 2024, 180 days after the listing of our Common Stock shares on the NYSE, each share of our Class T common stock and Class I common stock automatically, and without any stockholder action, converted into one share of our listed Common Stock. On September 20, 2024, we closed the September 2024 Offering and issued 20,010,000 shares of Common Stock, $ 0.01 par value per share, for a total of $ 471,236,000 in gross offering proceeds, including the exercise in full of the underwriters’ overallotment option to purchase up to an additional 2,610,000 shares of Common Stock. In conjunction with the September 2024 Offering, such shares of Common Stock were listed on the NYSE and began trading on September 19, 2024. We received $ 451,207,000 in net offering proceeds, after deducting the underwriting discount, which was used to: (i) exercise our option to purchase our joint venture partner’s 24.0 % minority membership interest in Trilogy REIT Holdings; (ii) repay $ 116,000,000 of borrowings outstanding under the Trilogy Credit Facility; and (iii) repay $ 78,000,000 of borrowings outstanding under the 2024 Credit Facility. See “Noncontrolling Interests in Total Equity – Membership Interest in Trilogy REIT Holdings” section below for a further discussion of the purchase of such joint venture interest. The underwriting discount and other costs related to the September 2024 Offering were offset against gross proceeds received and included as a component of additional paid-in capital in our accompanying consolidated balance sheet as of December 31, 2024. On November 18, 2024, we entered into a sales agreement with BofA Securities, Inc., Barclays Capital Inc., Citigroup Global Markets Inc., Citizens JMP Securities, LLC, Credit Agricole Securities (USA) Inc., Fifth Third Securities, Inc., KeyBanc Capital Markets Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, Regions Securities LLC and Truist Securities, Inc., or each, an Agent, and, collectively, the Agents, and established an ATM Offering, pursuant to which we may, from time to time, offer and sell shares of Common Stock, $ 0.01 par value per share, having an aggregate gross sales price of up to $ 500,000,000 through (i) the Agents acting as our sales agents, or directly to the Agents as principals; or (ii) the Agents acting as forward sellers. The ATM Offering also allows us to enter into forward sale agreements, which give us the ability to lock in a share price on the sale of Common Stock at the time a forward sale agreement becomes effective. Shares sold through the ATM Offering may be offered and sold in amounts to be determined by us. Actual offers and sales, if any, will depend on a variety of factors to be determined by us and the Agents from time to time, including, among other things, market conditions, the trading price of Common Stock, capital needs and determinations by us of the appropriate sources of our funding. During the year ended December 31, 2024, we sold an aggregate of 4,285,531 shares of Common Stock under the ATM Offering for gross proceeds of $ 120,220,000 at an average gross price of $ 28.05 per share. As of December 31, 2024, the remaining amount available under ATM Offering for future sales of Common Stock was $ 379,780,000 . During the year ended December 31, 2024, we did not utilize the forward feature of the ATM Offering. Distribution Reinvestment Plan Our DRIP allowed our stockholders to elect to reinvest an amount equal to the distributions declared on their shares of common stock in additional shares of our common stock in lieu of receiving cash distributions. In November 2022, our board suspended the DRIP offering beginning with the distributions declared for the quarter ended December 31, 2022. As a result of the suspension of the DRIP offering, stockholders who were current participants in the DRIP were paid distributions in cash. In February 2025, our board approved the termination of our DRIP. For the years ended December 31, 2024 and 2023, there were no distributions reinvested and no shares of our common stock were issued pursuant to our DRIP offerings. For the year ended December 31, 2022, $ 36,812,000 in distributions were reinvested and 992,964 shares of our common stock were issued pursuant to our DRIP offerings. As of December 31, 2024, a total of $ 91,448,000 in distributions were reinvested that resulted in 2,431,695 shares of common stock being issued pursuant to the AHR DRIP Offering. 112 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Share Repurchase Plan Our share repurchase plan allowed for repurchases of shares of our common stock by us when certain criteria are met. Share repurchases were made at the sole discretion of our board. Funds for the repurchase of shares of our common stock came from the cumulative proceeds we received from the sale of shares of our common stock pursuant to our DRIP offerings. On November 14, 2022, our board suspended our share repurchase plan beginning with share repurchase requests for the quarter ending December 31, 2022. As a result of the listing of our Common Stock on the NYSE on February 7, 2024, the share purchase plan terminated pursuant to its own terms. For the year ended December 31, 2024, we did no t repurchase any shares of our common stock pursuant to our share repurchase plan. For the years ended December 31, 2023 and 2022, we repurchased 1,681 and 559,195 shares of our common stock, respectively, for an aggregate of $ 62,000 and $ 20,699,000 , respectively, at an average repurchase price of $ 37.16 and $ 37.02 per share, respectively, pursuant to our share repurchase plan. For the year ended December 31, 2023, such repurchase requests were submitted prior to the suspension of our share repurchase plan. For the year ended December 31, 2022, all shares were repurchased using the cumulative proceeds we received from the sale of shares of our common stock pursuant to our DRIP offerings. Noncontrolling Interests in Total Equity Membership Interest in Trilogy REIT Holdings As of December 31, 2023, Trilogy REIT Holdings owned approximately 97.5 % of Trilogy. We were the indirect owner of a 76.0 % interest in Trilogy REIT Holdings pursuant to an amended joint venture agreement with an indirect, wholly-owned subsidiary of NorthStar Healthcare Income, Inc., or NHI. We serve as the managing member of Trilogy REIT Holdings. As of December 31, 2023, NHI indirectly owned a 24.0 % membership interest in Trilogy REIT Holdings, and as such, for the year ended December 31, 2023, 24.0 % of the net earnings of Trilogy REIT Holdings were allocated to noncontrolling interests. On November 3, 2023, we entered into a Membership Interest Purchase Agreement, or the MIPA, with subsidiaries of NHI, which provided us with the option to purchase the 24.0 % minority membership interest in Trilogy REIT Holdings. On September 20, 2024, using the net proceeds from the September 2024 Offering, we exercised our option to purchase the 24.0 % minority membership interest in Trilogy REIT Holdings that was owned by NHI, for a total all-cash purchase price of $ 258,001,000 . Such purchase price reflects a “base” purchase price of $ 247,000,000 and a supplemental payment of approximately $ 11,001,000 relating to NHI’s pro-rata share of Trilogy REIT Holdings’ budgeted distributions to its members during the period prior to exercise relative to NHI’s actual distributions received during that period. In connection with such purchase and as of September 20, 2024, we own 100 % of Trilogy REIT Holdings and indirectly own 100 % of Trilogy. Previously, from January 1, 2024 through September 19, 2024, 24.0 % of the net earnings of Trilogy REIT Holdings were allocated to noncontrolling interests. Other Noncontrolling Interests In connection with our acquisition and operation of Trilogy, profit interest units in Trilogy, or the Profit Interests, were issued to Trilogy Management Services, LLC and independent directors of Trilogy, both unaffiliated third parties that manage or direct the day-to-day operations of Trilogy. The Profit Interests consisted of time-based or performance-based commitments. The time-based Profit Interests were measured at their grant date fair value and vested in increments of 20.0 % on each anniversary of the respective grant date over a five year period. We amortized the time-based Profit Interests on a straight-line basis over the vesting periods, which were recorded to general and administrative expenses in our accompanying consolidated statements of operations and comprehensive loss. The performance-based Profit Interests were measured at their fair value on the adoption date of ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting , using a modified retrospective approach, were subject to a performance commitment and would have vested upon liquidity events as defined in the Profit Interests agreements. The nonvested awards were presented as noncontrolling interests in total equity in our accompanying consolidated balance sheets, and were re-classified to redeemable noncontrolling interests upon vesting as they had redemption features outside of our control similar to the common stock units held by Trilogy’s management. See Note 12, Redeemable Noncontrolling Interests, for a further discussion. 113 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) In April 2024, we redeemed all the remaining Profit Interests for cash. See Note 12, Redeemable Noncontrolling Interests, for a further discussion of our redemption of the Profit Interests. For the years ended December 31, 2024 and 2023, we recognized stock compensation expense related to the time-based Profit Interests of $ 21,000 and $ 83,000 , respectively. One of our consolidated subsidiaries issued non-voting preferred shares of beneficial interests to qualified investors for total proceeds of $ 125,000 . These preferred shares of beneficial interests are entitled to receive cumulative preferential cash dividends at the rate of 12.5 % per annum. We classify the value of the subsidiary’s preferred shares of beneficial interests as noncontrolling interests in our accompanying consolidated balance sheets and the dividends of the preferred shares of beneficial interests in net income or loss attributable to noncontrolling interests in our accompanying consolidated statements of operations and comprehensive loss. As of December 31, 2023, we owned an 86.0 % interest in a consolidated limited liability company that owned Lakeview IN Medical Plaza. On February 6, 2024, we purchased the remaining 14.0 % membership interest in the consolidated limited liability company that owned Lakeview IN Medical Plaza from an unaffiliated third party for a contract purchase price of $ 441,000 . In connection with such purchase and as of such date, we own a 100 % interest in such limited liability company. As such, from January 1, 2024 through February 5, 2024, and for the years ended December 31, 2023 and 2022, 14.0 % of the net earnings of Lakeview IN Medical Plaza were allocated to noncontrolling interests. As of both December 31, 2024 and 2023, we owned a 90.6 % membership interest in a consolidated limited liability company that owns Southlake TX Hospital. As such, 9.4 % of the net earnings of Southlake TX Hospital were allocated to noncontrolling interests in our accompanying consolidated statements of operations and comprehensive loss for the years ended December 31, 2024, 2023 and 2022. As of both December 31, 2024 and 2023, we owned an 90.0 % interest in a joint venture that owns the Louisiana Senior Housing Portfolio. As such, 10.0 % of the net earnings of the joint venture were allocated to noncontrolling interests in our accompanying consolidated statements of operations and comprehensive loss for the years ended December 31, 2024, 2023 and 2022. As discussed in Note 1, Organization and Description of Business, as of December 31, 2024 and 2023, we, through our direct and indirect subsidiaries, owned a 98.7 % and 95.0 %, respectively, general partnership interest in our operating partnership and the remaining 1.3 % and 5.0 %, respectively, OP units in our operating partnership were owned by limited partners. Some of the limited partnership units outstanding, which accounted for approximately 1.0 % of our total operating partnership units outstanding as of December 31, 2023, had redemption features outside of our control and were accounted for as redeemable noncontrolling interests presented outside of permanent equity in our accompanying consolidated balance sheet. As a result of the closing of the February 2024 Offering and the listing of our Common Stock on the NYSE, such redemption features are no longer outside of our control and we reclassified the remaining carrying amount of such redeemable noncontrolling interests as of such date to noncontrolling interests in total equity. On August 19, 2024 and October 18, 2024, Platform Healthcare Investor T-II, LLC and Flaherty Trust, respectively, redeemed all of their OP units in exchange for 1,216,571 shares and 211,306 shares, respectively, of our Common Stock on a one -for-one basis and, as a result, are no longer limited partners of our operating partnership. On December 6, 2024, Griffin Capital redeemed a portion of OP units in exchange for 69,882 shares of our Common Stock on a one -for-one basis. Therefore, as of December 31, 2024, 1.3 % of our total operating partnership units outstanding is presented as noncontrolling interests in total equity in our accompanying consolidated balance sheet. See Note 12, Redeemable Noncontrolling Interests, for a further discussion. Equity Compensation Plans AHR Incentive Plan Pursuant to the AHR Incentive Plan, our board (with respect to options and restricted shares of common stock granted to independent directors) or our compensation committee (with respect to any other award) may grant options, restricted shares of common stock, stock purchase rights, stock appreciation rights or other awards to our independent directors, officers, employees and consultants. The AHR Incentive Plan terminates on June 15, 2033, and the maximum number of shares of our common stock that may be issued pursuant to such plan is 4,000,000 shares. Restricted common stock Pursuant to the AHR Incentive Plan, through December 31, 2024, we granted an aggregate of 1,316,561 shares of our restricted common stock, or RSAs, as defined in the AHR Incentive Plan. RSAs were granted to our independent directors in connection with their initial election or re-election to our board or in consideration of their past services rendered, as well as to 114 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) certain executive officers and key employees. The number of RSAs granted through December 31, 2024 above includes an aggregate of 972,222 RSAs we granted in February 2024 to independent directors, executive officers and certain employees upon completion of the February 2024 Offering. RSAs generally have a vesting period of up to four years and are subject to continuous service through the vesting dates. Restricted stock units Pursuant to the AHR Incentive Plan, through December 31, 2024, we granted to our executive officers an aggregate 320,780 of performance-based restricted stock units, or PBUs, representing the right to receive shares of our common stock upon vesting. We also granted to our executive officers and certain employees 408,033 time-based restricted stock units, or TBUs, representing the right to receive shares of our common stock upon vesting. PBUs and TBUs are collectively referred to as RSUs. RSUs granted to executive officers and employees, generally have a vesting period of up to three years and are subject to continuous service through the vesting dates and any performance conditions, as applicable. A summary of the status of our nonvested RSAs and RSUs as of December 31, 2024 and 2023 and the changes for the years ended December 31, 2024 and 2023 is presented below: Number of Nonvested RSAs Weighted Average Grant Date Fair Value —RSAs Number of Nonvested RSUs Weighted Average Grant Date Fair Value —RSUs Balance — December 31, 2022 183,240 $ 36.97 48,553 $ 37.16 Granted 26,156 $ 31.83 191,728 $ 31.40 Vested ( 62,352 ) $ 37.11 ( 6,400 ) (1) $ 37.16 Forfeited — $ — ( 5,800 ) $ 32.57 Balance — December 31, 2023 147,044 $ 35.99 228,081 $ 32.43 Granted 1,001,102 $ 13.50 477,008 $ 14.57 Vested ( 145,987 ) (1) $ 35.98 ( 54,010 ) (1) $ 31.98 Forfeited/cancelled ( 6 ) $ 36.90 ( 727 ) $ 37.16 Balance — December 31, 2024 1,002,153 $ 13.53 650,352 $ 19.36 ___________ (1) During the years ended December 31, 2024 and 2023, amount includes an aggregate 27,447 shares and 2,280 shares, respectively, of common stock that were withheld to satisfy employee tax withholding requirements associated with the vesting of RSAs and RSUs. For the years ended December 31, 2024, 2023 and 2022, we recognized stock compensation expense related to awards granted pursuant to the AHR Incentive Plan of $ 9,346,000 , $ 5,385,000 and $ 3,935,000 , respectively. Such expense was based on the grant date fair value for time-based awards and for performance-based awards that are probable of vesting, which fair value calculation used the most recently published estimated per share net asset value for awards granted prior to the February 2024 Offering, and the closing market price of our listed Common Stock commencing with awards granted effective as of the February 2024 Offering date. Stock compensation expense is included in general and administrative expenses in our accompanying consolidated statements of operations and comprehensive loss. Employee Stock Purchase Plan In November 2024, we adopted the 2024 Employee Stock Purchase Plan, or the ESPP, pursuant to which eligible employees may purchase shares of our Common Stock at a purchase price equal to the lesser of 85.0 % of the fair market value of a share on the applicable enrollment date for such offering period or on the applicable exercise date. The maximum number of shares of our common stock that may be issued pursuant to the ESPP is 1,000,000 shares. As of December 31, 2024, no shares were purchased or issued under the ESPP. 115 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) 14. Related Party Transactions Registration Rights Agreement Upon consummation of the AHI Acquisition, GAHR III and the Surviving Partnership entered into a registration rights agreement, or the Registration Rights Agreement, with Griffin-American Strategic Holdings, LLC, or HoldCo, pursuant to which, subject to certain limitations therein, as promptly as practicable following the later of the expiration of (i) the period commencing on the closing of the AHI Acquisition and ending upon the earliest to occur of (a) the second anniversary date of the issuance of the Surviving Partnership OP units issued in connection with the AHI Acquisition, (b) a change of control of Merger Sub and (c) the listing of shares of our common stock on a national securities exchange, or the Lock-Up Period; and (ii) the date on which we are eligible to file a registration statement (but in any event no later than 180 days after such date), we, as the indirect parent company of the Surviving Partnership, were required to file a shelf registration statement with the SEC under the Securities Act covering the resale of the shares of our Class I common stock issued or issuable in redemption of the Surviving Partnership OP units that the Surviving Partnership issued as consideration in the AHI Acquisition. The Registration Rights Agreement also granted HoldCo (or any successor holder of such shares) demand rights to request additional registration statement filings as well as “piggyback” registration rights, in each case on or after the expiration of the Lock-Up Period. In connection with the Merger, we assumed from GAHR III the Registration Rights Agreement and GAHR III’s obligations thereunder in their entirety. In connection with the 2024 February Offering, the Holders (as defined in the Registration Rights Agreement) had agreed that, without the prior written consent of the representatives on behalf of the underwriters of the February 2024 Offering, during the period ending 180 days after the date of listing of our common stock for trading on a national securities exchange, they would not, and would not publicly disclose an intention to, directly or indirectly, among others, subject to certain exceptions, exercise their registration rights under the Registration Rights Agreement. On August 12, 2024, following the expiration of the Lock-Up Period, we filed the shelf registration statement with the SEC pursuant to the Registration Rights Agreement. 15. Fair Value Measurements Assets and Liabilities Reported at Fair Value The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2024, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Derivative financial instrument $ — $ 1,013 $ — $ 1,013 Total assets at fair value $ — $ 1,013 $ — $ 1,013 Liabilities: Derivative financial instrument $ — $ ( 909 ) $ — $ ( 909 ) Total liabilities at fair value $ — $ ( 909 ) $ — $ ( 909 ) 116 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The table below presents our assets and liabilities measured at fair value on a recurring basis as of December 31, 2023, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Derivative financial instrument $ — $ 1,463 $ — $ 1,463 Total assets at fair value $ — $ 1,463 $ — $ 1,463 Liabilities: Derivative financial instruments $ — $ ( 2,389 ) $ — $ ( 2,389 ) Total liabilities at fair value $ — $ ( 2,389 ) $ — $ ( 2,389 ) There were no transfers into and out of fair value measurement levels during the years ended December 31, 2024 and 2023. Warrants As of December 31, 2024 and 2023, we did not have any warrants outstanding. During the fourth quarter of 2022, we redeemed all the warrants in common units held by certain members of Trilogy’s management for $ 678,000 in cash, and as a result, we did not have any warrants outstanding as of December 31, 2022. Such warrants had redemption features similar to the common units held by members of Trilogy’s management. Derivative Financial Instruments We entered into interest rate swaps to manage interest rate risk associated with variable-rate debt. The valuation of these instruments was determined using widely accepted valuation techniques including a discounted cash flow analysis on the expected cash flows of each derivative. Such valuation reflected the contractual terms of the derivatives, including the period to maturity, and used observable market-based inputs, including interest rate curves, as well as option volatility. The fair values of our interest rate swaps were determined by netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts were based on an expectation of future interest rates derived from observable market interest rate curves. We incorporated credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Although we determined that the majority of the inputs used to value our derivative financial instruments fell within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with this instrument utilized Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by us and our counterparty. However, as of December 31, 2024 and 2023, we assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of our derivatives. As a result, we determined that our derivative valuations in their entirety were classified in Level 2 of the fair value hierarchy. Financial Instruments Disclosed at Fair Value Our accompanying consolidated balance sheets include the following financial instruments: debt security investment, cash and cash equivalents, restricted cash, accounts and other receivables, accounts payable and accrued liabilities, mortgage loans payable and borrowings under our lines of credit and term loan. We consider the carrying values of cash and cash equivalents, restricted cash, accounts and other receivables and accounts payable and accrued liabilities to approximate the fair value for these financial instruments based upon an evaluation of the underlying characteristics and market data, in light of the short period of time between origination of the instruments and their expected realization. The fair values of such financial instruments are classified in Level 2 of the fair value hierarchy. 117 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The fair value of our debt security investment is estimated using a discounted cash flow analysis using interest rates available to us for investments with similar terms and maturities. The fair values of our mortgage loans payable and our lines of credit and term loan are estimated using discounted cash flow analyses using borrowing rates available to us for debt instruments with similar terms and maturities. We have determined that the valuations of our debt security investment, mortgage loans payable and lines of credit and term loan are classified in Level 2 within the fair value hierarchy. The carrying amounts and estimated fair values of such financial instruments as of December 31, 2024 and 2023 were as follows (in thousands): December 31, 2024 2023 Carrying Amount(1) Fair Value Carrying Amount(1) Fair Value Financial Assets: Debt security investment $ 91,264 $ 93,369 $ 86,935 $ 93,304 Financial Liabilities: Mortgage loans payable $ 982,071 $ 858,102 $ 1,302,396 $ 1,185,260 Lines of credit and term loan $ 684,774 $ 688,945 $ 1,220,137 $ 1,225,890 ___________ (1) Carrying amount is net of any discount/premium and unamortized deferred financing costs. 16. Income Taxes As a REIT, we generally will not be subject to U.S. federal income tax on taxable income that we distribute to our stockholders. We have elected to treat certain of our consolidated subsidiaries as TRS pursuant to the Code. TRS may participate in services that would otherwise be considered impermissible for REITs and are subject to federal and state income tax at regular corporate tax rates. The components of income or loss before taxes for the periods presented below were as follows (in thousands): Year Ended December 31, 2024 2023 2022 Domestic $ ( 35,480 ) $ ( 75,843 ) $ ( 72,510 ) Foreign 1,593 ( 381 ) ( 287 ) Loss before income taxes $ ( 33,887 ) $ ( 76,224 ) $ ( 72,797 ) The components of income tax benefit or expense for the periods presented below were as follows (in thousands): Year Ended December 31, 2024 2023 2022 Federal deferred $ ( 13,023 ) $ ( 655 ) $ ( 8,176 ) State deferred ( 2,847 ) 210 ( 2,099 ) Federal current 248 10 — State current 657 ( 3 ) — Foreign current 808 656 586 Valuation allowances 15,870 445 10,275 Total income tax expense $ 1,713 $ 663 $ 586 Current Income Tax Federal and state income taxes are generally a function of the level of income recognized by our TRS. Foreign income taxes are generally a function of our income on our real estate located in the UK and Isle of Man. 118 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Deferred Taxes Deferred income tax is generally a function of the period’s temporary differences (primarily basis differences between tax and financial reporting for real estate assets and equity investments) and generation of tax net operating loss, or NOL, that may be realized in future periods depending on sufficient taxable income. We recognize the effects of an uncertain tax position on the financial statements, when it is more likely than not, based on the technical merits of the tax position, that such a position will be sustained upon examination by the relevant tax authorities. If the tax benefit meets the “more likely than not” threshold, the measurement of the tax benefit will be based on our estimate of the ultimate tax benefit to be sustained if audited by the taxing authority. As of both December 31, 2024 and 2023, we did not have any tax benefits or liabilities for uncertain tax positions that we believe should be recognized in our accompanying consolidated financial statements. We assess the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. A valuation allowance is established if we believe it is more likely than not that all or a portion of the deferred tax assets are not realizable. As of both December 31, 2024 and 2023, our valuation allowance fully reserves the net deferred tax assets due to historical losses and inherent uncertainty of future income. We will continue to monitor industry and economic conditions, and our ability to generate taxable income based on our business plan and available tax planning strategies, which would allow us to utilize the tax benefits of the net deferred tax assets and thereby allow us to reverse all, or a portion of, our valuation allowance in the future. Any increases or decreases to the deferred income tax assets or liabilities are reflected in income tax (expense) benefit in our accompanying consolidated statements of operations and comprehensive loss. The components of deferred tax assets and liabilities as of December 31, 2024 and 2023 were as follows (in thousands): December 31, 2024 2023 Deferred income tax assets: Fixed assets and intangibles $ 8,442 $ 7,297 Expense accruals and other 11,445 10,535 Net operating loss and other carry forwards 68,914 57,011 Reserves and accruals 7,941 8,119 Allowances for accounts receivable 3,736 2,878 Investments in unconsolidated entities 440 75 Total deferred income tax assets $ 100,918 $ 85,915 Deferred income tax liabilities: Fixed assets and intangibles $ ( 12,114 ) $ ( 12,892 ) Other — temporary differences ( 2,517 ) ( 2,608 ) Total deferred income tax liabilities $ ( 14,631 ) $ ( 15,500 ) Net deferred income tax assets before valuation allowance $ 86,287 $ 70,415 Valuation allowances ( 86,287 ) ( 70,415 ) Net deferred income tax assets (liabilities) $ — $ — As of December 31, 2024 and 2023, we had a NOL carryforward of $ 253,346,000 and $ 203,320,000 , respectively, related to our TRS. These amounts can be used to offset future taxable income, if any. The NOL carryforwards incurred before January 1, 2018 will begin to expire starting 2035, and NOL carryforwards incurred after December 31, 2017 will be carried forward indefinitely. 119 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Tax Treatment of Distributions (Unaudited) For U.S. federal income tax purposes, distributions to stockholders are characterized as ordinary income, capital gain distributions or nontaxable distributions. Nontaxable distributions will reduce United States stockholders’ basis (but not below zero) in their shares. The following table reflects the income tax treatment for distributions reportable for the periods presented below (dollars in thousands): Year Ended December 31, 2024 2023 2022 Ordinary income $ 89,325 74.6 % $ 2,208 2.9 % $ 40,745 46.5 % Capital gain 8,769 7.3 — — — — Return of capital 21,629 18.1 73,614 97.1 46,890 53.5 $ 119,723 100 % $ 75,822 100 % $ 87,635 100 % Amounts listed above do not include distributions paid on nonvested RSAs and RSUs, which have been separately reported. 17. Leases Lessor We have operating leases with tenants that expire at various dates through 2050. For the years ended December 31, 2024, 2023 and 2022, we recognized $ 180,783,000 , $ 185,064,000 and $ 200,526,000 , respectively, of revenues related to operating lease payments, of which $ 36,729,000 , $ 38,415,000 , and $ 39,278,000 , respectively, was for variable lease payments. As of December 31, 2024, the following table sets forth the undiscounted cash flows for future minimum base rents due under operating leases for each of the next five years ending December 31 and thereafter for properties that we wholly own (in thousands): Year Amount 2025 $ 121,861 2026 114,402 2027 108,149 2028 95,945 2029 83,341 Thereafter 454,817 Total $ 978,515 Lessee We lease certain land, buildings, furniture, fixtures, campus and office equipment and automobiles. We have lease agreements with lease and non-lease components, which are generally accounted for separately. Most leases include one or more options to renew, with renewal terms that generally can extend at various dates through 2107, excluding extension options. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Certain of our lease agreements include rental payments that are adjusted periodically based on the United States Bureau of Labor Statistics’ Consumer Price Index and may also include other variable lease costs (i.e., common area maintenance, property taxes and insurance). Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. 120 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The components of lease costs were as follows (in thousands): Year Ended December 31, Lease Cost Classification 2024 2023 2022 Operating lease cost(1) Property operating expenses, rental expenses or general and administrative expenses $ 38,346 $ 44,141 $ 30,566 Finance lease cost Amortization of leased assets Depreciation and amortization 2,146 1,360 1,249 Interest on lease liabilities Interest expense 566 353 261 Sublease income Resident fees and services revenue or other income ( 580 ) ( 572 ) ( 693 ) Total lease cost $ 40,478 $ 45,282 $ 31,383 ___________ (1) Includes short-term leases and variable lease costs, which are immaterial. Additional information related to our leases for the periods presented below was as follows (dollars in thousands): December 31, Lease Term and Discount Rate 2024 2023 2022 Weighted average remaining lease term (in years) Operating leases 11.0 12.2 12.8 Finance leases 3.8 1.5 2.3 Weighted average discount rate Operating leases 5.85 % 5.76 % 5.69 % Finance leases 10.60 % 7.78 % 7.66 % Year Ended December 31, Supplemental Disclosure of Cash Flows Information 2024 2023 2022 Operating cash outflows related to finance leases $ 566 $ 353 $ 262 Financing cash outflows related to finance leases $ 81 $ 62 $ 54 Right-of-use assets obtained in exchange for operating lease liabilities $ 4,322 $ 6,153 $ 173,832 Operating Leases As of December 31, 2024, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for each of the next five years ending December 31 and thereafter, as well as the reconciliation of those cash flows to operating lease liabilities on our accompanying consolidated balance sheet (in thousands): Year Amount 2025 $ 31,073 2026 30,791 2027 31,764 2028 31,714 2029 29,494 Thereafter 94,926 Total undiscounted operating lease payments 249,762 Less: interest 84,523 Present value of operating lease liabilities $ 165,239 121 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Finance Leases As of December 31, 2024, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for each of the next five years ending December 31 and thereafter, as well as a reconciliation of those cash flows to finance lease liabilities (in thousands): Year Amount 2025 $ 68 2026 37 2027 37 2028 22 2029 — Thereafter — Total undiscounted finance lease payments 164 Less: interest 25 Present value of finance lease liabilities $ 139 18. Segment Reporting Our chief operating decision maker, or CODM, who is our Chief Executive Officer and President, evaluates our business and makes resource allocations based on four operating segments: integrated senior health campuses, OM, SHOP and triple-net leased properties. These operating segments are also our reportable segments. Our OM buildings are typically leased to multiple tenants under separate leases, thus requiring active management and responsibility for many of the associated operating expenses (much of which are, or can effectively be, passed through to the tenants). Our integrated senior health campuses each provide a range of independent living, assisted living, memory care, skilled nursing services and certain ancillary businesses that are owned and operated utilizing a RIDEA structure. Our triple-net leased properties segment includes senior housing, skilled nursing facilities and hospital investments, which are single-tenant properties for which we lease the properties to unaffiliated tenants under triple-net and generally master leases that transfer the obligation for all property operating costs (including maintenance, repairs, taxes, insurance and capital expenditures) to the tenant. In addition, our triple-net leased properties segment includes our debt security investment. Our SHOP segment includes senior housing, which may provide assisted living care, independent living, memory care or skilled nursing services that are owned and operated utilizing a RIDEA structure. Our CODM evaluates the performance of our combined properties in each reportable segment and determines how to allocate resources to those segments, primarily based on net operating income, or NOI, for each segment. NOI excludes certain items that are not associated with the operations of our properties. Our CODM also primarily uses NOI for each segment in the annual budget and forecasting process. Further, our CODM considers budget-to-actual variances in NOI on a quarterly basis when making decisions about the allocation of operating and capital resources to each segment. We define segment NOI as total revenues and grant income, less property operating expenses and rental expenses, which excludes depreciation and amortization, general and administrative expenses, business acquisition expenses, interest expense, gain or loss in fair value of derivative financial instruments, gain or loss on dispositions of real estate investments, impairment of real estate investments, impairment of intangible assets and goodwill, income or loss from unconsolidated entities, gain on re-measurement of previously held equity interests, foreign currency gain or loss, other income or expense and income tax benefit or expense for each segment. We believe that segment NOI serves as an appropriate supplemental performance measure to net income (loss) because it allows investors and our management to measure unlevered property-level operating results and to compare our operating results to the operating results of other real estate companies and between periods on a consistent basis. We also believe that NOI is a widely accepted measure of comparative operating performance in the real estate community. However, our use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount. Interest expense, depreciation and amortization and other expenses not attributable to individual properties are not allocated to individual segments for purposes of assessing segment performance. Non-segment assets primarily consist of corporate assets, including cash and cash equivalents, deferred financing costs, operating lease right-of-use asset and other assets not attributable to individual properties. 122 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Summary information for our reportable segments, including a summary of segment operating expenses, during the years ended December 31, 2024, 2023 and 2022 was as follows (in thousands): Integrated Senior Health Campuses SHOP OM Triple-Net Leased Properties Year Ended December 31, 2024 Revenues: Resident fees and services $ 1,619,812 $ 263,986 $ — $ — $ 1,883,798 Real estate revenue — — 134,740 52,130 186,870 Total revenues 1,619,812 263,986 134,740 52,130 2,070,668 Less(1): Compensation expense 848,630 132,982 — — Controllable expenses(2) 511,122 74,198 — — Non-controllable expenses(3) 38,798 16,174 — — Facility rental expense(4) 31,989 — — — Other segment items(5) — — 50,885 2,354 Segment net operating income $ 189,273 $ 40,632 $ 83,855 $ 49,776 $ 363,536 General and administrative $ 47,559 Business acquisition expenses 7,141 Depreciation and amortization 179,192 Interest expense: Interest expense ( 127,730 ) Gain in fair value of derivative financial instruments 1,030 Gain on dispositions of real estate investments, net 5,213 Impairment of real estate investments ( 45,755 ) Loss from unconsolidated entities ( 6,868 ) Foreign currency loss ( 774 ) Other income, net 11,353 Loss before income taxes ( 33,887 ) Income tax expense ( 1,713 ) Net loss $ ( 35,600 ) 123 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Integrated Senior Health Campuses SHOP OM Triple-Net Leased Properties Year Ended December 31, 2023 Revenues and grant income: Resident fees and services $ 1,481,880 $ 186,862 $ — $ — $ 1,668,742 Real estate revenue — — 146,068 44,333 190,401 Grant income 7,475 — — — 7,475 Total revenues and grant income 1,489,355 186,862 146,068 44,333 1,866,618 Less(1): Compensation expense 788,733 95,922 — — Controllable expenses(2) 472,210 56,863 — — Non-controllable expenses(3) 37,849 13,708 — — Facility rental expense(4) 37,025 — — — Other segment items(5) — — 54,457 3,018 Segment net operating income $ 153,538 $ 20,369 $ 91,611 $ 41,315 $ 306,833 General and administrative $ 47,510 Business acquisition expenses 5,795 Depreciation and amortization 182,604 Interest expense: Interest expense ( 163,191 ) Loss in fair value of derivative financial instruments ( 926 ) Gain on dispositions of real estate investments, net 32,472 Impairment of real estate investments ( 13,899 ) Impairment of intangible assets ( 10,520 ) Loss from unconsolidated entities ( 1,718 ) Gain on re-measurement of previously held equity interest 726 Foreign currency gain 2,307 Other income 7,601 Loss before income taxes ( 76,224 ) Income tax expense ( 663 ) Net loss $ ( 76,887 ) 124 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Integrated Senior Health Campuses SHOP OM Triple-Net Leased Properties Year Ended December 31, 2022 Revenues and grant income: Resident fees and services $ 1,254,665 $ 157,491 $ — $ — $ 1,412,156 Real estate revenue — — 148,717 56,627 205,344 Grant income 24,820 855 — — 25,675 Total revenues and grant income 1,279,485 158,346 148,717 56,627 1,643,175 Less(1): Compensation expense 657,321 84,541 — — Controllable expenses(2) 417,184 50,917 — — Non-controllable expenses(3) 33,820 12,588 — — Facility rental expense(4) 25,155 — — — Other segment items(5) — — 56,390 3,294 Segment net operating income $ 146,005 $ 10,300 $ 92,327 $ 53,333 $ 301,965 General and administrative $ 43,418 Business acquisition expenses 4,388 Depreciation and amortization 167,957 Interest expense: Interest expense ( 105,956 ) Gain in fair value of derivative financial instruments, net 500 Gain on dispositions of real estate investments 5,481 Impairment of real estate investments ( 54,579 ) Impairment of goodwill ( 23,277 ) Income from unconsolidated entities 1,407 Gain on re-measurement of previously held equity interest 19,567 Foreign currency loss ( 5,206 ) Other income 3,064 Loss before income taxes ( 72,797 ) Income tax expense ( 586 ) Net loss $ ( 73,383 ) ___________ (1) The significant expense categories and amounts below align with the segment-level information that is regularly provided to our chief operating decision maker. (2) Controllable expenses include utilities, food, repairs and maintenance, and other operating expenses. (3) Non-controllable expenses include property taxes and insurance. (4) Facility rental expense relates to properties subject to operating leases. (5) Other segment items for the following reportable segments primarily includes: • OM — property taxes, insurance, utilities, management fees and certain overhead expenses. • Triple-Net Leased Properties — property taxes and insurance. 125 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Total assets by reportable segment as of December 31, 2024 and 2023 were as follows (in thousands): December 31, 2024 2023 Integrated senior health campuses $ 2,202,582 $ 2,197,762 OM 1,140,785 1,232,310 SHOP 729,466 630,373 Triple-net leased properties 401,782 502,836 Other 13,442 14,652 Total assets $ 4,488,057 $ 4,577,933 As of and for the years ended December 31, 2024 and 2023, goodwill by reportable segment was as follows (in thousands): Integrated Senior Health Campuses OM Triple-Net Leased Properties Total Balance — December 31, 2022 $ 164,846 $ 47,812 $ 18,953 $ 231,611 Goodwill acquired 3,331 — — 3,331 Balance — December 31, 2023 $ 168,177 $ 47,812 $ 18,953 $ 234,942 Goodwill acquired — — — — Balance — December 31, 2024 $ 168,177 $ 47,812 $ 18,953 $ 234,942 During the year ended December 31, 2022, we performed the quantitative step one test of the goodwill impairment guidance for each of our reporting units in connection with our annual assessments of goodwill. The fair value of each reporting unit was determined based on various methodologies, including the income approach and the market approach models. For the year ended December 31, 2022, we determined that the fair value of the reporting unit under the SHOP reporting segment compared to its carrying value, including goodwill, was lower than its carrying value. As a result, goodwill pertaining to our SHOP reporting segment was fully impaired and we recognized an impairment loss of $ 23,277,000 in our accompanying consolidated statements of operations and comprehensive loss for the year ended December 31, 2022. Therefore, as of December 31, 2024, 2023 and 2022, we did not have any remaining goodwill associated with our SHOP reporting segment. Our portfolio of properties and other investments are located in the United States, the UK and Isle of Man. Revenues and grant income and assets are attributed to the country in which the property is physically located. The following is a summary of geographic information for our operations for the periods presented (in thousands): Year Ended December 31, 2024 2023 2022 Revenues and grant income: United States $ 2,064,038 $ 1,861,954 $ 1,638,557 International 6,630 4,664 4,618 $ 2,070,668 $ 1,866,618 $ 1,643,175 The following is a summary of real estate investments, net by geographic regions as of December 31, 2024 and 2023 (in thousands): December 31, 2024 2023 Real estate investments, net: United States $ 3,324,982 $ 3,382,115 International 41,666 43,323 $ 3,366,648 $ 3,425,438 126 Table of Contents AMERICAN HEALTHCARE REIT, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) 19. Concentration of Credit Risk Financial instruments that potentially subject us to a concentration of credit risk are primarily our debt security investment, cash and cash equivalents, restricted cash and accounts and other receivables. We are exposed to credit risk with respect to our debt security investment, but we believe collection of the outstanding amount is probable. Cash and cash equivalents are generally invested in investment-grade, short-term instruments with a maturity of three months or less when purchased. We have cash and cash equivalents in financial institutions that are insured by the Federal Deposit Insurance Corporation, or FDIC. As of December 31, 2024 and 2023, we had cash and cash equivalents in excess of FDIC insured limits. We believe this risk is not significant. Concentration of credit risk with respect to accounts receivable from tenants and residents is limited. We perform credit evaluations of prospective tenants and security deposits are obtained at the time of property acquisition and upon lease execution. Based on leases as of December 31, 2024, properties in two states in the United States accounted for 10.0 % or more of our total consolidated property portfolio’s annualized base rent or annualized NOI, which is based on contractual base rent from leases in effect for our non-RIDEA properties and annualized NOI for our SHOP and integrated senior health campuses as of December 31, 2024. Properties located in Indiana and Ohio accounted for 35.6 % and 11.8 %, respectively, of our total consolidated property portfolio’s annualized base rent or annualized NOI. Accordingly, there is a geographic concentration of risk subject to fluctuations in each state’s economy. Based on leases in effect as of December 31, 2024, our integrated senior health campuses, OM, SHOP and triple-net leased properties accounted for 54.1 %, 24.7 %, 13.5 % and 7.7 %, respectively, of our total consolidated property portfolio’s annualized base rent or annualized NOI. As of December 31, 2024, no ne of our tenants at our properties accounted for 10.0 % or more of our total consolidated property portfolio’s annualized base rent or annualized NOI . 20. Earnings Per Share Basic earnings (loss) per share for all periods presented are computed by dividing net income (loss) applicable to common stock by the weighted average number of shares of our common stock outstanding during the period. Diluted earnings (loss) per share are computed based on the weighted average number of shares of our common stock and all dilutive securities, if any. TBUs, nonvested shares of our RSAs and limited OP units are participating securities and give rise to potentially dilutive shares of our common stock. For the years ended December 31, 2024, 2023, and 2022, 2,004,216 , 3,501,976 and 3,501,976 limited OP units, respectively, were excluded from the computation of diluted earnings (loss) per share because such units were anti-dilutive during these periods. For the years ended December 31, 2024, 2023 and 2022, 1,002,153 , 147,044 and 183,240 nonvested RSAs, respectively, were excluded from the computation of diluted earnings (loss) per share because such restricted stock awards were anti-dilutive during these periods. For the years ended December 31, 2024, 2023 and 2022, 341,098 , 157,329 and 19,200 nonvested TBUs, respectively, were excluded from the computation of diluted earnings (loss) per share because such restricted stock awards were anti-dilutive during these periods. For the years ended December 31, 2024, 2023, and 2022, 309,254 , 70,751 , and 29,352 nonvested PBUs, respectively, were treated as contingently issuable shares pursuant to ASC Topic 718, Compensation — Stock Compensation . Such contingently issuable shares were excluded from the computation of diluted earnings (loss) per share because they were anti-dilutive during the period. 127 Table of Contents AMERICAN HEALTHCARE REIT, INC. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2024 (in thousands) Initial Cost to Company Gross Amount of Which Carried at Close of Period(e) Description(a) Encumbrances Land and Improvements Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land and Improvements Buildings and Improvements Total(d) Accumulated Depreciation (f)(g) Date of Construction Date Acquired Integrated Senior Health Campuses (ISHC) Homewood Health Campus Lebanon, IN $ 8,125 $ 973 $ 9,702 $ 3,055 $ 1,161 $ 12,569 $ 13,730 $ ( 2,747 ) 2000 12/01/15 Ashford Place Health Campus Shelbyville, IN 5,487 664 12,662 1,468 869 13,925 14,794 ( 3,551 ) 2004 12/01/15 Mill Pond Health Campus Greencastle, IN 6,492 1,576 8,124 754 1,629 8,825 10,454 ( 2,174 ) 2005 12/01/15 St. Andrews Health Campus Batesville, IN 4,096 552 8,213 877 772 8,870 9,642 ( 2,261 ) 2005 12/01/15 Hampton Oaks Health Campus Scottsburg, IN 5,767 720 8,145 853 852 8,866 9,718 ( 2,301 ) 2006 12/01/15 Forest Park Health Campus Richmond, IN 6,297 535 9,399 1,136 652 10,418 11,070 ( 2,634 ) 2007 12/01/15 The Maples at Waterford Crossing Goshen, IN 5,381 344 8,027 2,342 516 10,197 10,713 ( 2,051 ) 2006 12/01/15 Morrison Woods Health Campus Muncie, IN 26,675 1,903 21,806 1,461 1,922 23,248 25,170 ( 4,771 ) 2008/2022 12/01/15, 09/14/16 and 03/03/21 Woodbridge Health Campus Logansport, IN 7,692 228 11,812 883 545 12,378 12,923 ( 3,058 ) 2003 12/01/15 Bridgepointe Health Campus Vincennes, IN 6,590 747 7,469 2,047 917 9,346 10,263 ( 2,190 ) 2002/2022 12/01/15 Greenleaf Living Center Elkhart, IN 10,559 492 12,157 1,294 521 13,422 13,943 ( 3,284 ) 2000 12/01/15 Forest Glen Health Campus Springfield, OH 8,753 846 12,754 ( 3,067 ) 1,055 9,478 10,533 ( 3,553 ) 2007 12/01/15 The Meadows of Kalida Health Campus Kalida, OH 7,287 298 7,628 642 394 8,174 8,568 ( 1,990 ) 2007 12/01/15 The Heritage Findlay, OH 11,909 1,312 13,475 2,122 1,494 15,415 16,909 ( 3,543 ) 1975 12/01/15 Genoa Retirement Village Genoa, OH 7,721 881 8,113 1,779 1,054 9,719 10,773 ( 2,410 ) 1985 12/01/15 Waterford Crossing Goshen, IN 7,303 344 4,381 1,197 349 5,573 5,922 ( 1,361 ) 2004 12/01/15 St. Elizabeth Healthcare Delphi, IN 8,050 522 5,463 5,818 665 11,138 11,803 ( 2,625 ) 1986 12/01/15 128 Table of Contents AMERICAN HEALTHCARE REIT, INC. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued) December 31, 2024 (in thousands) Initial Cost to Company Gross Amount of Which Carried at Close of Period(e) Description(a) Encumbrances Land and Improvements Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land and Improvements Buildings and Improvements Total(d) Accumulated Depreciation (f)(g) Date of Construction Date Acquired Cumberland Pointe West Lafayette, IN $ 8,522 $ 1,645 $ 13,696 $ 925 $ 1,905 $ 14,361 $ 16,266 $ ( 3,951 ) 1980 12/01/15 Franciscan Healthcare Center Louisville, KY 9,560 808 8,439 4,259 1,019 12,487 13,506 ( 3,059 ) 1975 12/01/15 Blair Ridge Health Campus Peru, IN 7,112 734 11,648 1,459 802 13,039 13,841 ( 3,563 ) 2001 12/01/15 Glen Oaks Health Campus New Castle, IN 4,703 384 8,189 583 419 8,737 9,156 ( 2,028 ) 2011 12/01/15 Covered Bridge Health Campus Seymour, IN — 386 9,699 1,228 80 11,233 11,313 ( 2,788 ) 2002 12/01/15 Stonebridge Health Campus Bedford, IN 9,197 1,087 7,965 2,610 1,178 10,484 11,662 ( 2,261 ) 2004 12/01/15 RiverOaks Health Campus Princeton, IN 13,698 440 8,953 2,887 771 11,509 12,280 ( 2,589 ) 2004 12/01/15 Park Terrace Health Campus Louisville, KY — 2,177 7,626 2,984 2,177 10,610 12,787 ( 2,537 ) 1977 12/01/15 Cobblestone Crossing Terre Haute, IN — 1,462 13,860 6,071 1,644 19,749 21,393 ( 4,722 ) 2008 12/01/15 Creasy Springs Health Campus Lafayette, IN 15,181 2,111 14,337 6,426 2,512 20,362 22,874 ( 4,866 ) 2010 12/01/15 Avalon Springs Health Campus Valparaiso, IN 16,513 1,542 14,107 1,082 1,607 15,124 16,731 ( 3,527 ) 2012 12/01/15 Prairie Lakes Health Campus Noblesville, IN 8,329 2,204 13,227 1,105 2,360 14,176 16,536 ( 3,378 ) 2010 12/01/15 RidgeWood Health Campus Lawrenceburg, IN 13,000 1,240 16,118 579 1,275 16,662 17,937 ( 3,946 ) 2009 12/01/15 Westport Place Health Campus Louisville, KY 15,280 1,245 9,946 1,393 1,262 11,322 12,584 ( 2,621 ) 2011 12/01/15 Amber Manor Care Center Petersburg, IN 5,269 446 6,063 623 515 6,617 7,132 ( 1,716 ) 1990 12/01/15 The Meadows of Leipsic Health Campus Leipsic, OH — 1,242 6,988 1,113 1,483 7,860 9,343 ( 2,078 ) 1986 12/01/15 Springview Manor Lima, OH — 260 3,968 663 408 4,483 4,891 ( 1,149 ) 1978 12/01/15 Willows at Bellevue Bellevue, OH 15,463 587 15,575 1,597 790 16,969 17,759 ( 4,281 ) 2008 12/01/15 Briar Hill Health Campus North Baltimore, OH — 673 2,688 604 756 3,209 3,965 ( 907 ) 1977 12/01/15 Cypress Pointe Health Campus Englewood, OH — 921 10,291 11,960 1,855 21,317 23,172 ( 4,010 ) 2010 12/01/15 129 Table of Contents AMERICAN HEALTHCARE REIT, INC. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued) December 31, 2024 (in thousands) Initial Cost to Company Gross Amount of Which Carried at Close of Period(e) Description(a) Encumbrances Land and Improvements Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land and Improvements Buildings and Improvements Total(d) Accumulated Depreciation (f)(g) Date of Construction Date Acquired The Oaks at NorthPointe Woods Battle Creek, MI $ — $ 567 $ 12,716 $ 1,378 $ 668 $ 13,993 $ 14,661 $ ( 3,138 ) 2008 12/01/15 Westlake Health Campus Commerce, MI 13,495 815 13,502 290 601 14,006 14,607 ( 3,370 ) 2011 12/01/15 Springhurst Health Campus Greenfield, IN 18,774 931 14,114 4,434 2,330 17,149 19,479 ( 5,013 ) 2007 12/01/15 and 05/16/17 Glen Ridge Health Campus Louisville, KY — 1,208 9,771 2,627 1,442 12,164 13,606 ( 3,213 ) 2006 12/01/15 St. Mary Healthcare Lafayette, IN 4,941 348 2,710 472 393 3,137 3,530 ( 810 ) 1969 12/01/15 The Oaks at Woodfield Grand Blanc, MI 14,762 897 12,270 717 1,138 12,746 13,884 ( 3,185 ) 2012 12/01/15 Stonegate Health Campus Lapeer, MI 10,889 538 13,159 520 809 13,408 14,217 ( 3,326 ) 2012 12/01/15 Senior Living at Forest Ridge New Castle, IN — 204 5,470 563 325 5,912 6,237 ( 1,438 ) 2005 12/01/15 River Terrace Health Campus Madison, IN — — 13,378 4,718 76 18,020 18,096 ( 4,558 ) 2016 03/28/16 St. Charles Health Campus Jasper, IN 10,803 467 14,532 2,480 595 16,884 17,479 ( 4,276 ) 2000 06/24/16 and 06/30/16 Bethany Pointe Health Campus Anderson, IN 18,520 2,337 26,524 3,008 2,550 29,319 31,869 ( 7,455 ) 1999 06/30/16 River Pointe Health Campus Evansville, IN 13,298 1,118 14,736 2,156 1,358 16,652 18,010 ( 4,363 ) 1999 06/30/16 Waterford Place Health Campus Kokomo, IN 14,078 1,219 18,557 10,429 1,943 28,262 30,205 ( 5,502 ) 2000/2022 06/30/16 Autumn Woods Health Campus New Albany, IN 18,515 1,016 13,414 2,009 1,177 15,262 16,439 ( 4,209 ) 2000 06/30/16 Oakwood Health Campus Tell City, IN 8,642 783 11,880 1,916 881 13,698 14,579 ( 3,657 ) 2000 06/30/16 Cedar Ridge Health Campus Cynthiana, KY — 102 8,435 3,791 205 12,123 12,328 ( 3,753 ) 2005 06/30/16 Aspen Place Health Campus Greensburg, IN 9,004 980 10,970 975 1,212 11,713 12,925 ( 3,061 ) 2012 08/16/16 The Willows at East Lansing East Lansing, MI 15,559 1,449 15,161 1,816 1,524 16,902 18,426 ( 4,505 ) 2014 08/16/16 The Willows at Howell Howell, MI — 1,051 12,099 6,794 1,168 18,776 19,944 ( 3,981 ) 2015 08/16/16 The Willows at Okemos Okemos, MI 7,131 1,171 12,326 1,049 1,229 13,317 14,546 ( 3,572 ) 2014 08/16/16 130 Table of Contents AMERICAN HEALTHCARE REIT, INC. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued) December 31, 2024 (in thousands) Initial Cost to Company Gross Amount of Which Carried at Close of Period(e) Description(a) Encumbrances Land and Improvements Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land and Improvements Buildings and Improvements Total(d) Accumulated Depreciation (f)(g) Date of Construction Date Acquired Shelby Crossing Health Campus Macomb, MI $ 16,351 $ 2,533 $ 18,440 $ 2,420 $ 2,622 $ 20,771 $ 23,393 $ ( 5,892 ) 2013 08/16/16 Village Green Healthcare Center Greenville, OH 6,627 355 9,696 ( 1,264 ) 448 8,339 8,787 ( 2,694 ) 2014 08/16/16 The Oaks at Bethesda Zanesville, OH 4,329 714 10,791 980 812 11,673 12,485 ( 3,029 ) 2013 08/16/16 White Oak Health Campus Monticello, IN 19,929 1,005 13,207 444 1,006 13,650 14,656 ( 2,651 ) 2010 09/23/16 and 07/30/20 Woodmont Health Campus Boonville, IN 7,433 790 9,633 1,322 1,010 10,735 11,745 ( 2,906 ) 2000 02/01/17 Silver Oaks Health Campus Columbus, IN — 1,776 21,420 1,586 8 24,774 24,782 ( 6,253 ) 2001 02/01/17 Thornton Terrace Health Campus Hanover, IN 5,268 764 9,209 2,146 873 11,246 12,119 ( 2,763 ) 2003 02/01/17 The Willows at Hamburg Lexington, KY 10,968 1,740 13,422 1,898 1,810 15,250 17,060 ( 3,457 ) 2012 02/01/17 The Willows at Willard Willard, OH — 610 12,256 10,019 223 22,662 22,885 ( 5,019 ) 2012 02/01/17 Westlake Health Campus — Commerce Villa Commerce, MI — 261 6,610 1,270 553 7,588 8,141 ( 1,708 ) 2017 11/17/17 Orchard Grove Health Campus Romeo, MI 14,815 2,065 11,510 18,261 3,568 28,268 31,836 ( 4,783 ) 2016 07/20/18 and 11/30/17 The Lakes at Monclova Monclova, OH 18,651 2,869 12,855 10,409 3,186 22,947 26,133 ( 4,611 ) 2013 12/01/17 The Meadows of Ottawa Ottawa, OH — 695 7,752 1,353 728 9,072 9,800 ( 2,045 ) 2014 12/15/17 Valley View Healthcare Center Fremont, OH 10,015 930 7,635 1,764 1,107 9,222 10,329 ( 1,612 ) 2017 07/20/18 Novi Lakes Health Campus Novi, MI 11,908 1,654 7,494 2,832 1,702 10,278 11,980 ( 2,820 ) 2016 07/20/18 The Willows at Fritz Farm Lexington, KY 8,730 1,538 8,637 471 1,563 9,083 10,646 ( 1,565 ) 2017 07/20/18 Paddock Springs Warsaw, IN — 488 — 10,709 671 10,526 11,197 ( 1,738 ) 2019 02/14/19 Harrison Springs Health Campus Corydon, IN — 2,017 11,487 5,941 2,305 17,140 19,445 ( 2,315 ) 2016/2022 09/05/19 131 Table of Contents AMERICAN HEALTHCARE REIT, INC. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued) December 31, 2024 (in thousands) Initial Cost to Company Gross Amount of Which Carried at Close of Period(e) Description(a) Encumbrances Land and Improvements Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land and Improvements Buildings and Improvements Total(d) Accumulated Depreciation (f)(g) Date of Construction Date Acquired The Cloister at Silvercrest New Albany, IN $ — $ 139 $ 634 $ 6 $ 139 $ 640 $ 779 $ ( 86 ) 1940 10/01/19 Trilogy Healthcare of Ferdinand II, LLC Ferdinand, IN — — — 14,677 — 14,677 14,677 ( 1,925 ) 2019 11/19/19 Oaks at Byron Center Byron Center, MI — 2,000 — 15,948 2,193 15,755 17,948 ( 1,958 ) 2020 07/08/20 Forest Springs Health Campus Louisville, KY — 964 16,691 446 1,022 17,079 18,101 ( 2,160 ) 2015 07/30/20 Trilogy Real Estate Gahanna, LLC Gahanna, OH — 1,146 — 16,753 1,218 16,681 17,899 ( 1,793 ) 2020 11/13/20 Gateway Springs Health Campus Hamilton, OH — 1,277 10,923 1,769 1,453 12,516 13,969 ( 1,364 ) 2020 12/28/20 Orchard Pointe Health Campus Kendallville, IN 10,079 1,806 9,243 61 1,808 9,302 11,110 ( 1,354 ) 2016 01/19/21 The Meadows of Delphos Delphos, OH — 2,345 8,150 110 2,382 8,223 10,605 ( 1,543 ) 2018 01/19/21 The Springs of Lima Lima, OH — 2,397 9,638 53 2,403 9,685 12,088 ( 1,637 ) 2018 01/19/21 Wooded Glen Springfield, OH — 2,803 11,928 70 2,827 11,974 14,801 ( 1,933 ) 2018 01/19/21 The Lakes of Sylvania Sylvania, OH — 3,208 15,059 1,563 3,265 16,565 19,830 ( 2,520 ) 2017 01/19/21 The Glen Union Township, OH — 2,789 12,343 61 2,789 12,404 15,193 ( 1,924 ) 2018 01/19/21 The Oaks of Belmont Grand Rapids, MI — 767 17,043 239 1,101 16,948 18,049 ( 1,839 ) 2021 03/13/21 Harrison Trial Health Campus Harrison, OH — 1,750 17,114 125 2,048 16,941 18,989 ( 1,747 ) 2021 04/28/21 Cedar Creek Health Campus Lowell, IN — 2,326 12,650 841 2,864 12,953 15,817 ( 1,198 ) 2014 07/07/21 The Willows at Springhurst Louisville, KY 20,799 1,876 12,595 147 1,952 12,666 14,618 ( 1,122 ) 1979 01/01/22 Louisville, KY — 1,184 6,483 225 1,184 6,708 7,892 ( 599 ) 1979 01/01/22 The Willows at Harrodsburg Harrodsburg, KY — 918 10,181 2,873 1,594 12,378 13,972 ( 930 ) 2018 05/20/22 North River Health Campus Evansville, IN — 2,614 15,031 164 2,644 15,165 17,809 ( 1,431 ) 2017 05/20/22 The Springs at Stony Brook Louisville, KY — 2,265 14,077 347 2,265 14,424 16,689 ( 1,195 ) 2018 05/20/22 132 Table of Contents AMERICAN HEALTHCARE REIT, INC. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued) December 31, 2024 (in thousands) Initial Cost to Company Gross Amount of Which Carried at Close of Period(e) Description(a) Encumbrances Land and Improvements Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land and Improvements Buildings and Improvements Total(d) Accumulated Depreciation (f)(g) Date of Construction Date Acquired Pickerington Health Campus Pickerington, OH $ — $ 860 $ 15,575 $ 30 $ 880 $ 15,585 $ 16,465 $ ( 2,129 ) 2019 05/20/22 Mt. Washington Development Project Mt. Washington, KY — 2,054 10,225 52 2,062 10,269 12,331 ( 946 ) 2020 05/20/22 Silvercrest Health Center New Albany, IN 20,056 1,920 24,965 615 1,938 25,562 27,500 ( 1,758 ) 2013 08/01/22 The Springs of Mooresville Mooresville, IN 13,715 1,460 12,617 299 1,476 12,900 14,376 ( 878 ) 2016 08/01/22 Hearthstone Health Campus Bloomington, IN 18,817 2,140 16,928 782 2,192 17,658 19,850 ( 1,293 ) 2014 08/01/22 The Legacy at English Station Louisville, KY — 912 10,139 67 914 10,204 11,118 ( 536 ) 2016 02/15/23 The Villages at Oak Ridge Washington, IN — 1,483 11,551 3,380 1,558 14,856 16,414 ( 579 ) 2015 07/13/23 Smith's Mill Health Campus New Albany, OH — 1,323 15,271 73 1,323 15,344 16,667 ( 768 ) 2019 07/13/23 Oakwood Health Center Villas Tell City, IN — 535 1,555 261 541 1,810 2,351 ( 120 ) 2013 07/13/23 The Willows at Tiffin Tiffin, OH — 318 12,848 22 318 12,870 13,188 ( 255 ) 2019 04/17/24 The Springs at Oldham Reserve La Grange, KY — 987 17,817 36 987 17,853 18,840 ( 332 ) 2023 04/22/24 Vienna Springs Health Campus Miami Township, OH — 1,016 16,934 17 1,016 16,951 17,967 ( 326 ) 2021 04/17/24 Trilogy Real Estate Bowling Green Bowling Green, OH 18,885 925 15,870 2,464 925 18,334 19,259 ( 405 ) 2024 02/01/24 Leased properties(c) 1,130 84,944 167,256 2,043 251,287 253,330 ( 140,455 ) ISHC Total $ 701,797 $ 126,173 $ 1,287,513 $ 431,347 $ 141,328 $ 1,703,705 $ 1,845,033 $ ( 421,765 ) Senior Housing Operation Properties (SHOP) Delta Valley ALF Portfolio Springdale, AR $ — $ 891 $ 6,538 $ ( 516 ) $ 891 $ 6,022 $ 6,913 $ ( 1,680 ) 1998/2005 01/08/15 Batesville, MS — 331 5,103 ( 267 ) 331 4,836 5,167 ( 1,423 ) 1999/2005 09/11/14 Cleveland, MS — 348 6,369 ( 903 ) 348 5,466 5,814 ( 1,607 ) 2004 09/11/14 North Carolina ALF Portfolio Clemmons, NC — 596 13,237 ( 166 ) 596 13,071 13,667 ( 3,724 ) 2014 06/29/15 Garner, NC — 1,723 11,517 333 1,723 11,850 13,573 ( 2,432 ) 2014 03/27/19 Huntersville, NC — 2,033 11,494 222 2,033 11,716 13,749 ( 2,985 ) 2015 01/18/17 Matthews, NC — 949 12,537 220 949 12,757 13,706 ( 2,702 ) 2017 08/30/18 133 Table of Contents AMERICAN HEALTHCARE REIT, INC. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued) December 31, 2024 (in thousands) Initial Cost to Company Gross Amount of Which Carried at Close of Period(e) Description(a) Encumbrances Land and Improvements Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land and Improvements Buildings and Improvements Total(d) Accumulated Depreciation (f)(g) Date of Construction Date Acquired Mooresville, NC $ — $ 835 $ 15,894 $ ( 189 ) $ 835 $ 15,705 $ 16,540 $ ( 4,433 ) 2012 01/28/15 Raleigh, NC — 1,069 21,235 ( 305 ) 1,069 20,930 21,999 ( 5,652 ) 2013 01/28/15 Wake Forest, NC — 772 13,596 ( 284 ) 772 13,312 14,084 ( 3,571 ) 2014 06/29/15 Mountain Crest Senior Housing Portfolio Elkhart, IN — 793 6,009 699 793 6,708 7,501 ( 2,169 ) 1997 05/14/15 Elkhart, IN — 782 6,760 946 782 7,706 8,488 ( 2,577 ) 2000 05/14/15 Hobart, IN — 604 11,529 ( 751 ) — 11,382 11,382 ( 3,544 ) 2008 05/14/15 LaPorte, IN — 392 14,894 ( 5,906 ) — 9,380 9,380 ( 4,522 ) 2008 05/14/15 Mishawaka, IN — 3,670 14,416 3,597 3,670 18,013 21,683 ( 4,891 ) 1978 07/14/15 Niles, MI — 404 5,050 881 404 5,931 6,335 ( 1,989 ) 2000 06/11/15 and 11/20/15 Nebraska Senior Housing Portfolio Bennington, NE — 981 20,427 1,985 981 22,412 23,393 ( 6,064 ) 2009 05/29/15 Omaha, NE — 1,274 38,619 2,450 1,274 41,069 42,343 ( 10,734 ) 2000 05/29/15 Pennsylvania Senior Housing Portfolio Bethlehem, PA — 1,542 22,249 1,800 1,542 24,049 25,591 ( 6,992 ) 2005 06/30/15 Boyertown, PA 22,932 480 25,544 1,056 480 26,600 27,080 ( 7,255 ) 2000 06/30/15 York, PA 12,432 972 29,860 1,852 972 31,712 32,684 ( 8,279 ) 1986 06/30/15 Richmond VA ALF North Chesterfield, VA — 2,146 56,671 1,663 2,146 58,334 60,480 ( 14,637 ) 2009 09/11/15 Pennsylvania Senior Housing Portfolio II Palmyra, PA 19,114 835 24,424 1,303 835 25,727 26,562 ( 7,197 ) 2007 02/01/16 Lafayette Assisted Living Portfolio Lafayette, LA — 1,206 9,076 756 1,206 9,832 11,038 ( 874 ) 1996 10/01/21 Lafayette, LA — 1,039 4,684 267 1,039 4,951 5,990 ( 476 ) 2014 10/01/21 Northern California Senior Housing Portfolio Belmont, CA — 10,491 9,650 ( 5,716 ) 10,491 3,934 14,425 ( 966 ) 1958/2000 10/01/21 Central Wisconsin Senior Care Portfolio Sun Prairie, WI — 543 2,587 677 543 3,264 3,807 ( 365 ) 1960/2006 10/01/21 Waunakee, WI — 2,171 10,198 1,296 2,171 11,494 13,665 ( 1,210 ) 1974/2005 10/01/21 Pinnacle Beaumont ALF Beaumont, TX — 1,775 17,541 ( 13,935 ) — 5,381 5,381 ( 1,541 ) 2012 10/01/21 Pinnacle Warrenton ALF Warrenton, MO — 514 7,059 ( 2,215 ) — 5,358 5,358 ( 690 ) 1986 10/01/21 Michigan ALF Portfolio Grand Rapids, MI — 1,196 8,955 290 1,196 9,245 10,441 ( 898 ) 1953/2016 10/01/21 134 Table of Contents AMERICAN HEALTHCARE REIT, INC. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued) December 31, 2024 (in thousands) Initial Cost to Company Gross Amount of Which Carried at Close of Period(e) Description(a) Encumbrances Land and Improvements Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land and Improvements Buildings and Improvements Total(d) Accumulated Depreciation (f)(g) Date of Construction Date Acquired Grand Rapids, MI $ 9,398 $ 1,291 $ 11,308 $ 215 $ 1,291 $ 11,523 $ 12,814 $ ( 1,126 ) 1989 10/01/21 Holland, MI — 716 6,534 13 716 6,547 7,263 ( 748 ) 2007/2017 10/01/21 Howell, MI — 836 4,202 266 836 4,468 5,304 ( 429 ) 2003 10/01/21 Lansing, MI — 1,300 11,629 ( 8,566 ) 1,300 3,063 4,363 ( 1,113 ) 1988/2015 10/01/21 Wyoming, MI — 1,343 13,347 248 1,343 13,595 14,938 ( 1,277 ) 1964/2016 10/01/21 Catalina West Haven ALF West Haven, UT — 1,936 10,415 390 1,936 10,805 12,741 ( 1,033 ) 2012 10/01/21 Louisiana Senior Housing Portfolio Gonzales, LA — 1,123 5,668 241 1,123 5,909 7,032 ( 599 ) 1996 10/01/21 Monroe, LA — 834 4,037 489 834 4,526 5,360 ( 430 ) 1994 10/01/21 New Iberia, LA — 952 5,257 100 952 5,357 6,309 ( 522 ) 1996 10/01/21 Shreveport, LA — 1,177 6,810 175 1,177 6,985 8,162 ( 642 ) 1996 10/01/21 Slidell, LA — 801 4,348 301 801 4,649 5,450 ( 480 ) 1996 10/01/21 Catalina Madera ALF Madera, CA — 1,312 15,299 550 1,312 15,849 17,161 ( 1,498 ) 2005 10/01/21 AHR Texas ALF Portfolio Cedar Park, TX — 1,347 5,250 201 1,347 5,451 6,798 ( 408 ) 1998 12/05/22 Corpus Christi, TX — 1,229 12,663 275 1,229 12,938 14,167 ( 911 ) 1997 12/05/22 League City, TX — 1,435 15,475 761 1,435 16,236 17,671 ( 1,011 ) 1999 12/05/22 Round Rock, TX — 2,124 14,895 153 2,124 15,048 17,172 ( 950 ) 1997 12/05/22 Sugarland, TX — 2,674 12,751 504 2,674 13,255 15,929 ( 887 ) 1999 12/05/22 Temple, TX — 1,819 11,090 350 1,819 11,440 13,259 ( 791 ) 1998 12/05/22 Tyler, TX — 1,131 10,510 206 1,131 10,716 11,847 ( 764 ) 1998 12/05/22 AHR Albany OR, LLC Albany, OR 9,700 478 4,185 160 478 4,345 4,823 ( 118 ) 2002 02/01/24 AHR Baker City OR, LLC Baker City, OR 4,381 957 3,717 689 957 4,406 5,363 ( 130 ) 1999 02/01/24 AHR Eugene OR, LLC Eugene, OR 11,789 1,614 6,857 359 1,614 7,216 8,830 ( 237 ) 2000 02/01/24 AHR Grants Pass OR, LLC Grants Pass, OR 7,014 888 5,319 423 888 5,742 6,630 ( 170 ) 1996 02/01/24 AHR Hood River OR, LLC Hood River, OR 8,730 1,804 5,531 189 1,804 5,720 7,524 ( 190 ) 2001 02/01/24 AHR Junction City OR, LLC Junction City, OR 4,226 598 2,740 468 598 3,208 3,806 ( 94 ) 1981 02/01/24 AHR La Grande OR, LLC La Grande, OR 6,783 757 5,042 355 757 5,397 6,154 ( 196 ) 2000 02/01/24 135 Table of Contents AMERICAN HEALTHCARE REIT, INC. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued) December 31, 2024 (in thousands) Initial Cost to Company Gross Amount of Which Carried at Close of Period(e) Description(a) Encumbrances Land and Improvements Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land and Improvements Buildings and Improvements Total(d) Accumulated Depreciation (f)(g) Date of Construction Date Acquired AHR McMinnville (AL) OR, LLC Mcminnville, OR $ 6,785 $ 1,844 $ 6,642 $ 102 $ 1,844 $ 6,744 $ 8,588 $ ( 222 ) 2001 02/01/24 AHR McMinnville (IL) OR, LLC Mcminnville, OR 3,208 710 2,717 6 710 2,723 3,433 ( 86 ) 2001 02/01/24 AHR Rogue River OR, LLC Rogue River, OR 4,079 709 2,650 217 709 2,867 3,576 ( 100 ) 2000 02/01/24 AHR Roseburg MC OR, LLC Roseburg, OR 13,004 508 6,934 11 508 6,945 7,453 ( 205 ) 1999 02/01/24 AHR Roseburg SH OR, LLC Roseburg, OR 10,446 448 6,385 51 448 6,436 6,884 ( 185 ) 1999 02/01/24 AHR Seaside OR, LLC Seaside, OR 564 2,292 2,810 83 2,292 2,893 5,185 ( 122 ) 1990 02/01/24 AHR Woodburn OR, LLC Woodburn, OR 3,752 603 2,820 51 603 2,871 3,474 ( 78 ) 1995 02/01/24 AHR Battle Ground WA, LLC Battle Ground, WA 8,782 1,177 4,331 2 1,177 4,333 5,510 ( 50 ) 2002 09/03/24 AHR Port Orchard MC WA, LLC Port Orchard, WA 6,029 732 4,729 — 732 4,729 5,461 ( 47 ) 1999 09/03/24 AHR Wenatchee AL OR, LLC Wenatchee, WA 7,537 841 5,442 22 841 5,464 6,305 ( 54 ) 2005 09/03/24 AHR Wenatchee MC OR, LLC Wenatchee, WA 6,846 1,137 7,442 1 1,137 7,443 8,580 ( 74 ) 2002 09/03/24 AHR College Place MC WA, LLC College Place, WA 6,984 910 6,236 — 910 6,236 7,146 ( 55 ) 1999 09/03/24 AHR Regal Pointe of East Cobb, LLC Marietta, GA — 1,956 4,545 115 1,956 4,660 6,616 ( 37 ) 1997 10/01/24 SHOP Total $ 194,515 $ 89,700 $ 742,284 $ ( 8,684 ) $ 86,415 $ 736,885 $ 823,300 $ ( 136,148 ) Outpatient Medical (OM) Wichita KS OM Wichita, KS $ — $ 943 $ 6,288 $ 835 $ 943 $ 7,123 $ 8,066 $ ( 2,575 ) 1980/1996 09/04/14 Lee’s Summit MO OM Lee’s Summit, MO — 1,045 5,068 1,683 1,045 6,751 7,796 ( 2,425 ) 2006 09/18/14 Carolina Commons OM Indian Land, SC — 1,028 9,430 4,899 1,028 14,329 15,357 ( 5,239 ) 2009 10/15/14 Mount Olympia OM Portfolio Mount Dora, FL — 393 5,633 ( 876 ) 393 4,757 5,150 ( 1,750 ) 2009 12/04/14 East Texas OM Portfolio Longview, TX — — 19,942 9,673 — 29,615 29,615 ( 7,300 ) 2008 12/12/14 Longview, TX — 759 1,696 140 759 1,836 2,595 ( 982 ) 1998 12/12/14 136 Table of Contents AMERICAN HEALTHCARE REIT, INC. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued) December 31, 2024 (in thousands) Initial Cost to Company Gross Amount of Which Carried at Close of Period(e) Description(a) Encumbrances Land and Improvements Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land and Improvements Buildings and Improvements Total(d) Accumulated Depreciation (f)(g) Date of Construction Date Acquired Longview, TX $ — $ — $ 8,027 $ 175 $ — $ 8,202 $ 8,202 $ ( 2,745 ) 2004 12/12/14 Longview, TX — — 696 146 — 842 842 ( 369 ) 1956 12/12/14 Longview, TX — — 27,601 5,992 — 33,593 33,593 ( 11,424 ) 1985/1993/ 2004 12/12/14 Marshall, TX — 368 1,711 110 368 1,821 2,189 ( 930 ) 1970 12/12/14 Premier OM Novi, MI — 644 10,420 1,884 644 12,304 12,948 ( 4,196 ) 2006 12/19/14 Independence OM Portfolio Southgate, KY — 411 11,005 2,548 411 13,553 13,964 ( 4,566 ) 1988 01/13/15 Somerville, MA — 1,509 46,775 6,518 1,509 53,293 54,802 ( 14,550 ) 1985 01/13/15 Verona, NJ — 1,683 9,405 2,450 1,683 11,855 13,538 ( 3,532 ) 1970 01/13/15 Bronx, NY — — 19,593 3,611 — 23,204 23,204 ( 6,953 ) 1987/1988 01/26/15 King of Prussia PA OM King of Prussia, PA — 3,427 13,849 ( 211 ) 3,427 13,638 17,065 ( 6,875 ) 1946/2000 01/21/15 Orange Star Medical Portfolio Durango, CO — 623 14,166 483 623 14,649 15,272 ( 4,086 ) 2004 02/26/15 Durango, CO — 788 10,467 1,674 788 12,141 12,929 ( 3,531 ) 2004 02/26/15 Friendswood, TX — 500 7,664 1,285 500 8,949 9,449 ( 2,666 ) 2008 02/26/15 Keller, TX — 1,604 7,912 1,297 1,604 9,209 10,813 ( 2,763 ) 2011 02/26/15 Wharton, TX — 259 10,590 384 259 10,974 11,233 ( 3,482 ) 1987 02/26/15 Kingwood OM Portfolio Kingwood, TX — 820 8,589 696 820 9,285 10,105 ( 2,740 ) 2005 03/11/15 Kingwood, TX — 781 3,943 64 781 4,007 4,788 ( 1,249 ) 2008 03/11/15 Mt Juliet TN OM Mount Juliet, TN — 1,188 10,720 1,009 1,188 11,729 12,917 ( 3,212 ) 2012 03/17/15 Paoli PA Medical Plaza Paoli, PA — 2,313 12,447 8,998 2,313 21,445 23,758 ( 7,205 ) 1951 04/10/15 Paoli, PA — 1,668 7,357 3,277 1,668 10,634 12,302 ( 3,325 ) 1975 04/10/15 Glen Burnie MD OM Glen Burnie, MD — 2,692 14,095 6,067 2,692 20,162 22,854 ( 6,483 ) 1981 05/06/15 Marietta GA OM Marietta, GA — 1,347 10,947 709 1,347 11,656 13,003 ( 3,366 ) 2002 05/07/15 Southern Illinois OM Portfolio Waterloo, IL — 94 1,977 — 94 1,977 2,071 ( 666 ) 2015 07/01/15 Waterloo, IL — 738 6,332 ( 2,130 ) 738 4,202 4,940 ( 2,198 ) 1995 07/01/15, 12/19/17 and 04/17/18 Waterloo, IL — 200 2,648 ( 543 ) 200 2,105 2,305 ( 794 ) 2011 07/01/15 Napa Medical Center Napa, CA — 1,176 13,328 2,348 1,176 15,676 16,852 ( 5,283 ) 1980 07/02/15 137 Table of Contents AMERICAN HEALTHCARE REIT, INC. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued) December 31, 2024 (in thousands) Initial Cost to Company Gross Amount of Which Carried at Close of Period(e) Description(a) Encumbrances Land and Improvements Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land and Improvements Buildings and Improvements Total(d) Accumulated Depreciation (f)(g) Date of Construction Date Acquired Chesterfield Corporate Plaza Chesterfield, MO $ — $ 8,030 $ 24,533 $ 4,414 $ 8,030 $ 28,947 $ 36,977 $ ( 9,945 ) 1989 08/14/15 Stockbridge GA OM II Stockbridge, GA — 499 8,353 1,989 485 10,356 10,841 ( 2,793 ) 2006 12/03/15 Lakeview IN Medical Plaza Indianapolis, IN — 2,375 15,911 10,344 2,375 26,255 28,630 ( 8,427 ) 1987 01/21/16 Snellville GA OM Snellville, GA — 332 7,781 2,325 318 10,120 10,438 ( 2,930 ) 2005 02/05/16 Stockbridge GA OM III Stockbridge, GA — 606 7,924 1,984 606 9,908 10,514 ( 2,920 ) 2007 03/29/16 Joplin MO OM Joplin, MO — 1,245 9,860 ( 113 ) 1,245 9,747 10,992 ( 2,656 ) 2000 05/10/16 Austell GA OM Austell, GA — 663 10,547 224 663 10,771 11,434 ( 2,810 ) 2008 05/25/16 Voorhees NJ OM Voorhees, NJ — 1,727 8,451 2,795 1,727 11,246 12,973 ( 3,058 ) 2008 07/08/16 Norwich CT OM Portfolio Norwich, CT — 403 1,601 1,251 403 2,852 3,255 ( 1,263 ) 2014 12/16/16 Norwich, CT — 804 12,094 1,900 804 13,994 14,798 ( 3,392 ) 1999 12/16/16 Middletown OH OM II Middletown, OH — — 3,949 ( 1,584 ) — 2,365 2,365 ( 942 ) 2007 12/20/17 Charlottesville OM Charlottesville, VA — 4,902 19,741 484 4,902 20,225 25,127 ( 2,269 ) 2001 10/01/21 Rochester Hills OM Rochester Hills, MI 1,446 2,218 8,380 1,218 2,218 9,598 11,816 ( 1,331 ) 1990 10/01/21 Cullman OM III Cullman, AL — — 19,224 ( 618 ) — 18,606 18,606 ( 1,571 ) 2010 10/01/21 Iron OM Portfolio Cullman, AL — — 14,799 1,390 — 16,189 16,189 ( 2,311 ) 1994 10/01/21 Cullman, AL — — 12,287 326 — 12,613 12,613 ( 1,574 ) 1998 10/01/21 Sylacauga, AL — — 11,273 2,161 — 13,434 13,434 ( 1,409 ) 1997 10/01/21 Mint Hill OM Mint Hill, NC — — 24,110 151 — 24,261 24,261 ( 2,523 ) 2007 10/01/21 Battle Creek OM Battle Creek, MI — 1,156 7,910 69 1,156 7,979 9,135 ( 1,241 ) 1996 10/01/21 Reno OM Reno, NV — — 82,515 1,248 — 83,763 83,763 ( 8,675 ) 2005 10/01/21 Athens OM Portfolio Athens, GA — 860 7,989 1,284 860 9,273 10,133 ( 981 ) 2006 10/01/21 Athens, GA — 1,106 11,531 ( 423 ) 1,106 11,108 12,214 ( 1,046 ) 2006 10/01/21 Lawrenceville OM Lawrenceville, GA — 1,663 12,019 250 1,663 12,269 13,932 ( 1,355 ) 2005 10/01/21 Roseburg OM Roseburg, OR — — 28,140 129 — 28,269 28,269 ( 3,141 ) 2003 10/01/21 Fairfield County OM Trumbull, CT — 2,797 10,400 667 2,797 11,067 13,864 ( 1,593 ) 1987 10/01/21 Sauk Prairie OM Prairie du Sac, WI — 2,044 19,669 1,843 2,044 21,512 23,556 ( 2,509 ) 2014 10/01/21 Surprise OM Surprise, AZ — 1,827 10,968 472 1,827 11,440 13,267 ( 1,284 ) 2012 10/01/21 Southfield OM Southfield, MI 5,273 1,634 16,550 1,521 1,634 18,071 19,705 ( 2,499 ) 1975/2014 10/01/21 Grand Junction OM Grand Junction, CO — 2,460 34,188 48 2,460 34,236 36,696 ( 3,707 ) 2013 10/01/21 Edmonds OM Edmonds, WA — 4,523 22,414 421 4,523 22,835 27,358 ( 2,610 ) 1991/2008 10/01/21 138 Table of Contents AMERICAN HEALTHCARE REIT, INC. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued) December 31, 2024 (in thousands) Initial Cost to Company Gross Amount of Which Carried at Close of Period(e) Description(a) Encumbrances Land and Improvements Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land and Improvements Buildings and Improvements Total(d) Accumulated Depreciation (f)(g) Date of Construction Date Acquired Glendale OM Glendale, WI $ — $ 665 $ 6,782 $ 376 $ 665 $ 7,158 $ 7,823 $ ( 945 ) 2004 10/01/21 Flemington OM Portfolio Flemington, NJ — 1,419 11,110 961 1,419 12,071 13,490 ( 1,457 ) 2002 10/01/21 Flemington, NJ — 578 3,340 319 578 3,659 4,237 ( 541 ) 1993 10/01/21 Lawrenceville OM II Lawrenceville, GA — 1,058 9,709 2,399 1,058 12,108 13,166 ( 1,524 ) 1990 10/01/21 Mill Creek OM Mill Creek, WA — 1,344 7,516 535 1,344 8,051 9,395 ( 890 ) 1991 10/01/21 Modesto OM Modesto, CA — — 16,065 614 — 16,679 16,679 ( 1,893 ) 1991/2016 10/01/21 Lithonia OM Lithonia, GA — 1,676 10,871 1,221 1,676 12,092 13,768 ( 1,602 ) 2015 10/01/21 Great Nord OM Portfolio Tinley Park, IL — — 15,423 1,176 — 16,599 16,599 ( 1,976 ) 2002 10/01/21 Chesterton, IN — 743 9,070 627 743 9,697 10,440 ( 1,113 ) 2007 10/01/21 Crown Point, IN — 265 5,467 — 265 5,467 5,732 ( 652 ) 2005 10/01/21 Plymouth, MN — 1,491 12,994 971 1,491 13,965 15,456 ( 1,497 ) 2014 10/01/21 Overland Park OM Overland Park, KS — 2,803 23,639 678 2,803 24,317 27,120 ( 2,742 ) 2017 10/01/21 Bloomington OM Bloomington, IL — 2,114 17,363 — 2,114 17,363 19,477 ( 1,591 ) 1990 10/01/21 Haverhill OM Haverhill, MA — 1,393 15,477 243 1,393 15,720 17,113 ( 2,106 ) 1987 10/01/21 Fresno OM Fresno, CA — 1,536 8,964 419 1,536 9,383 10,919 ( 1,245 ) 2007 10/01/21 Colorado Foothills OM Portfolio Arvada, CO — 695 6,369 286 695 6,655 7,350 ( 995 ) 1979 10/01/21 Centennial, CO — 873 11,233 633 873 11,866 12,739 ( 1,521 ) 1979 10/01/21 Colorado Springs, CO — 2,225 12,520 1,588 2,225 14,108 16,333 ( 1,605 ) 1999 10/01/21 OM Total $ 6,719 $ 93,753 $ 1,029,344 $ 116,411 $ 93,725 $ 1,145,783 $ 1,239,508 $ ( 240,120 ) Triple-Net Leased Properties Southlake TX Hospital Southlake, TX $ 88,807 $ 5,089 $ 108,517 $ — $ 5,089 $ 108,517 $ 113,606 $ ( 29,335 ) 2013 12/04/14 Crown Senior Care Portfolio Peel, Isle of Man — 1,147 6,845 81 1,147 6,926 8,073 ( 1,918 ) 2015 09/15/15 Aberdeen, UK — 1,994 5,945 840 1,994 6,785 8,779 ( 1,466 ) 1986 11/15/16 Felixstowe, UK — 693 5,711 506 693 6,217 6,910 ( 1,506 ) 2010/2011 11/15/16 Felixstowe, UK — 523 2,503 338 523 2,841 3,364 ( 774 ) 2010/2011 11/15/16 Salisbury, UK — 1,229 11,802 55 1,229 11,857 13,086 ( 3,280 ) 2015 12/08/15 St. Albans, UK — 1,156 12,154 672 1,156 12,826 13,982 ( 3,582 ) 2015 10/08/15 Washington DC SNF Washington, DC — 1,194 34,200 — 1,194 34,200 35,394 ( 10,086 ) 1983 10/29/15 Fox Grape SNF Portfolio Braintree, MA — 1,844 10,847 31 1,844 10,878 12,722 ( 2,625 ) 2015 07/01/16 139 Table of Contents AMERICAN HEALTHCARE REIT, INC. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued) December 31, 2024 (in thousands) Initial Cost to Company Gross Amount of Which Carried at Close of Period(e) Description(a) Encumbrances Land and Improvements Buildings and Improvements Cost Capitalized Subsequent to Acquisition(b) Land and Improvements Buildings and Improvements Total(d) Accumulated Depreciation (f)(g) Date of Construction Date Acquired Brighton, MA $ — $ 779 $ 2,661 $ 334 $ 779 $ 2,995 $ 3,774 $ ( 792 ) 1982 07/01/16 Duxbury, MA — 2,921 11,244 1,933 2,921 13,177 16,098 ( 3,604 ) 1983 07/01/16 Hingham, MA — 2,316 17,390 ( 166 ) 2,316 17,224 19,540 ( 4,160 ) 1990 07/01/16 Quincy, MA 12,886 3,537 13,697 600 3,537 14,297 17,834 ( 3,347 ) 1995 11/01/16 SW Illinois Senior Housing Portfolio Columbia, IL — 1,117 9,700 — 1,117 9,700 10,817 ( 924 ) 2007 10/01/21 Columbia, IL — 147 2,106 — 147 2,106 2,253 ( 194 ) 1999 10/01/21 Millstadt, IL — 259 3,980 — 259 3,980 4,239 ( 370 ) 2004 10/01/21 Red Bud, IL — 690 5,175 — 690 5,175 5,865 ( 479 ) 2006 10/01/21 Waterloo, IL — 934 8,932 — 934 8,932 9,866 ( 831 ) 2012 10/01/21 West Des Moines SNF West Des Moines, IA — 509 3,813 — 509 3,813 4,322 ( 375 ) 2004 10/01/21 Triple-Net Leased Properties Total $ 101,693 $ 28,078 $ 277,222 $ 5,224 $ 28,078 $ 282,446 $ 310,524 $ ( 69,648 ) Summary ISHC $ 701,797 $ 126,173 $ 1,287,513 $ 431,347 $ 141,328 $ 1,703,705 $ 1,845,033 $ ( 421,765 ) SHOP 194,515 89,700 742,284 ( 8,684 ) 86,415 736,885 823,300 ( 136,148 ) OM 6,719 93,753 1,029,344 116,411 93,725 1,145,783 1,239,508 ( 240,120 ) Triple-Net Leased Properties 101,693 28,078 277,222 5,224 28,078 282,446 310,524 ( 69,648 ) Construction in progress — 3,193 2,641 11,415 3,771 12,314 16,085 ( 884 ) Other — — — — — 1,164 1,164 ( 401 ) Total $ 1,004,724 $ 340,897 $ 3,339,004 $ 555,713 $ 353,317 $ 3,882,297 $ 4,235,614 $ ( 868,966 ) ___________ (a) We own 100 % of our properties as of December 31, 2024, with the exception of our investments in Southlake TX Hospital, Pinnacle Beaumont ALF, Pinnacle Warrenton ALF and Louisiana Senior Housing Portfolio. (b) The cost capitalized subsequent to acquisition is shown net of dispositions and impairments (c) Represents furniture, fixtures, equipment, land and improvements associated with properties under operating leases. 140 Table of Contents AMERICAN HEALTHCARE REIT, INC. SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION — (Continued) December 31, 2024 (in thousands) (d) The changes in total real estate for the years ended December 31, 2024, 2023 and 2022 are as follows (in thousands): Amount Balance — December 31, 2021 $ 4,038,572 Acquisitions 254,947 Additions 72,802 Dispositions and impairments ( 123,841 ) Foreign currency translation adjustment ( 6,033 ) Balance — December 31, 2022 $ 4,236,447 Acquisitions $ 55,658 Additions 97,667 Dispositions and impairments ( 214,906 ) Foreign currency translation adjustment 2,729 Balance — December 31, 2023 $ 4,177,595 Acquisitions $ 172,811 Additions 90,312 Dispositions and impairments ( 204,269 ) Foreign currency translation adjustment ( 835 ) Balance — December 31, 2024 $ 4,235,614 (e) As of December 31, 2024, the unaudited aggregate cost of our properties was $ 4,237,345 for U.S. federal income tax purposes. (f) The changes in accumulated depreciation for the years ended December 31, 2024, 2023 and 2022 are as follows (in thousands): Amount Balance — December 31, 2021 $ 523,886 Additions 141,257 Dispositions and impairments ( 9,355 ) Foreign currency translation adjustment ( 950 ) Balance — December 31, 2022 $ 654,838 Additions $ 147,587 Dispositions and impairments ( 50,790 ) Foreign currency translation adjustment 522 Balance — December 31, 2023 $ 752,157 Additions $ 151,351 Dispositions and impairments ( 34,341 ) Foreign currency translation adjustment ( 201 ) Balance — December 31, 2024 $ 868,966 (g) The cost of buildings and capital improvements is depreciated on a straight-line basis over the estimated useful lives of the buildings and capital improvements, up to 39 years, and the cost of tenant improvements is depreciated over the shorter of the lease term or useful life, up to 34 years. The cost of furniture, fixtures and equipment is depreciated over the estimated useful life, up to 28 years. 141 Table of Contents AMERICAN HEALTHCARE REIT, INC. EXHIBITS LIST December 31, 2024 The following exhibits are included, or incorporated by reference, in this Annual Report on Form 10-K for the period ended December 31, 2024 (and are numbered in accordance with Item 601 of Regulation S-K). 2.1 Agreement and Plan of Merger, dated June 23, 2021, by and among Griffin-American Healthcare REIT IV, Inc., Griffin-American Healthcare REIT IV Holdings, LP, Continental Merger Sub, LLC, Griffin-American Healthcare REIT III, Inc. and Griffin-American Healthcare REIT III Holdings, LP (included as Exhibit 2.1 to our Current Report on Form 8-K (File No. 000-55775) filed June 24, 2021 and incorporated herein by reference) 3.1 Fourth Articles of Amendment and Restatement of Griffin-American Healthcare REIT IV, Inc., dated October 1, 2021 (included as Exhibit 3.1 to our Current Report on Form 8-K (File No. 000-55775) filed October 1, 2021 and incorporated herein by reference) 3.2 Articles of Amendment (Reverse Stock Split) of American Healthcare REIT, Inc., dated November 15 2022 (included as Exhibit 3.1 to our Current Report on Form 8-K (File No. 000-55775) filed November 16. 2022 and incorporated herein by reference) 3.3 Articles of Amendment (Par Value Decrease) of American Healthcare REIT, Inc., dated November 15 2022 (included as Exhibit 3.2 to our Current Report on Form 8-K (File No. 000-55775) filed November 16. 2022 and incorporated herein by reference) 3.4 Articles Supplementary (Common Stock Reclassification) of American Healthcare REIT, Inc., dated January 26, 2024 (included as Exhibit 3.1 to our Current Report on Form 8-K (File No. 000-55775) filed January 30, 2024 and incorporated herein by reference) 3.5 Articles Supplementary (Subtitle 8 Opt-Out) of American Healthcare REIT, Inc., dated February 7, 2024 (included as Exhibit 3.1 to our Current Report on Form 8-K (File No. 001-41951) filed February 12. 2024 and incorporated herein by reference) 3.6 Second Amended and Restated Bylaws of American Healthcare REIT, Inc. (included as Exhibit 3.1 to our Current Report on Form 8-K (File No. 001- 41951 ) filed February 24 , 2025 and incorporated herein by reference) 4.1 Amended and Restated Distribution Reinvestment Plan of Griffin-American Healthcare REIT IV, Inc. (included as Exhibit 4.6 to our Registration Statement on Form S-3 (File No. 333-229301) filed January 18, 2019 and incorporated herein by reference) 4.2* Description of Registrant’s Securities 4.3 Statement regarding restrictions on transferability of shares of common stock (to appear on stock certificate or to be sent upon request and without charge to stockholders issued shares without certificates) (included as Exhibit 4.1 to our Registration Statement on Form S-11 (File No. 333-267464) filed on January 2, 2024 and incorporated herein by reference) 10.1† American Healthcare REIT, Inc. Second Amended and Restated 2015 Incentive Plan, effective as of June 15, 2023 (included as Exhibit 10.1 to our Quarterly Report on Form 10-Q (File No. 000-55775) filed August 14, 2023 and incorporated herein by reference) 10.2 First Amended and Restated Senior Secured Credit Agreement dated as of September 5, 2019, among Trilogy RER, LLC, and certain subsidiaries of Trilogy RER, LLC, Trilogy OpCo, LLC and Trilogy Pro Services, LLC, KeyBank National Association and the other lenders which are parties thereto from time to time, CIT Bank, N.A., Regions Bank, KeyBanc Capital Markets, Inc., Regions Capital Markets, Bank of America, N.A. and The Huntington National Bank (included as Exhibit 10.1 to Griffin-American Healthcare REIT III, Inc.’s Current Report on Form 8-K (File No. 000-55434) filed September 11, 2019 and incorporated herein by reference) 10.3 Unconditional Guaranty of Payment dated as of September 5, 2019, by Trilogy Investors, LLC, Trilogy Healthcare Holdings, Inc., Trilogy Pro Services, LLC and Trilogy OpCo, LLC for the benefit of KeyBank National Association and the other lenders which are parties thereto from time to time, CIT Bank, N.A., Regions Bank, KeyBanc Capital Markets, Inc., Regions Capital Markets, Bank of America, N.A. and The Huntington National Bank (included as Exhibit 10.2 to Griffin-American Healthcare REIT III, Inc.’s Current Report on Form 8-K (File No. 000-55434) filed September 11, 2019 and incorporated herein by reference) 142 Table of Contents AMERICAN HEALTHCARE REIT, INC. EXHIBITS LIST — (Continued) December 31, 2024 10.4 First Amendment to the First Amended and Restated Senior Secured Credit Agreement and dated as of April 30, 2021, among Trilogy RER, LLC, and certain subsidiaries of Trilogy RER, LLC, Trilogy OpCo, LLC and Trilogy Pro Services, LLC, KeyBank National Association and the other lenders which are parties thereto from time to time, CIT Bank, N.A., Regions Bank, KeyBanc Capital Markets, Inc., Regions Capital Markets, Bank of America, N.A. and The Huntington National Bank (included as Exhibit 10.4 to our Annual Report on Form 10-K (File No. 000-55775) filed March 17, 2023 and incorporated herein by reference) 10.5 Second Amendment to the First Amended and Restated Senior Secured Credit Agreement and dated as of September 29, 2021, among Trilogy RER, LLC, and certain subsidiaries of Trilogy RER, LLC, Trilogy OpCo, LLC and Trilogy Pro Services, LLC, KeyBank National Association and the other lenders which are parties thereto from time to time, CIT Bank, N.A., Regions Bank, KeyBanc Capital Markets, Inc., Regions Capital Markets, Bank of America, N.A. and The Huntington National Bank (included as Exhibit 10.5 to our Annual Report on Form 10-K (File No. 000-55775) filed March 17, 2023 and incorporated herein by reference) 10.6 Third Amendment to the First Amended and Restated Senior Secured Credit Agreement and Amendment to Unconditional Guaranty of Payment and Performance dated as of December 20, 2022, among Trilogy RER, LLC, and certain subsidiaries of Trilogy RER, LLC, Trilogy OpCo, LLC and Trilogy Pro Services, LLC, KeyBank National Association and the other lenders which are parties thereto from time to time, CIT Bank, N.A., Regions Bank, KeyBanc Capital Markets, Inc., Regions Capital Markets, Bank of America, N.A. and The Huntington National Bank (included as Exhibit 10.6 to our Annual Report on Form 10-K (File No. 000-55775) filed March 17, 2023 and incorporated herein by reference) 10.7† Form of Indemnification Agreement (included as Exhibit 10.1 to our Current Report on Form 8-K (File No. 000-55775) filed October 1, 2021 and incorporated herein by reference) 10.8 Second Amended and Restated Agreement of Limited Partnership of American Healthcare REIT Holdings, LP, dated October 1, 2021 (included as Exhibit 10.1 to our Current Report on Form 8-K (File No. 000-55775) filed October 5, 2021 and incorporated by reference) 10.9 Amended and Restated Share Repurchase Plan (included as Exhibit 10.2 to our Current Report on Form 8-K (File No. 000-55775) filed October 5, 2021 and incorporated herein by reference) 10.10 Registration Rights Agreement, dated October 1, 2021, by and between Griffin-American Healthcare REIT III, Inc. and Griffin-American Healthcare REIT III Holdings, LP (included as Exhibit 10.1 to Griffin-American Healthcare REIT III, Inc’s Current Report on Form 8-K (File No. 000-55434) filed October 1, 2021 and incorporated herein by reference) 10.11† American Healthcare Opps Holdings, LLC Executive Severance and Change in Control Plan, effective as of November 18, 2021 (included as Exhibit 10.12 to our Annual Report on Form 10-K (File No. 000-55775) filed March 25, 2022 and incorporated herein by reference) 10.12 Eighth Amended and Restated Limited Liability Company Agreement of Trilogy REIT Holdings, LLC dated as of December 31, 2021, entered into by and among Trilogy Real Estate Investment Trust, Trilogy Management Services, LLC and Members, effective as of December 31, 2021 (included as Exhibit 10.13 to our Annual Report on Form 10-K (File No. 000-55775) filed March 25, 2022 and incorporated herein by reference) 10.13 Second Amended and Restated Credit Agreement, dated February 14, 2024, by and among American Healthcare REIT Holdings, LP, American Healthcare REIT, Inc., and certain subsidiaries and Bank of America, N.A., KeyBank, National Association, Citizens Bank, National Association, Bank of the West, Barclays Banks PLC, Credit Agricole Corporate and Investment Bank, Fifth Third Bank, National Association, Morgan Stanley Bank, N.A., Truist Bank, Regions Bank, Royal Bank of Canada, KeyBanc Capital Markets and BofA Securities, Inc. (included as Exhibit 10.1 to our Current Report on Form 8-K (File No. 001-41951) filed February 21, 2024 and incorporated herein by reference) 10.14 Fourth Amendment to the First Amended and Restated Senior Secured Credit Agreement, dated as of March 30, 2023, among Trilogy RER, LLC and certain subsidiaries of Trilogy RER, LLC, Trilogy Investors, LLC, Trilogy Healthcare Holdings, Inc., Trilogy OpCo, LLC and Trilogy Pro Services, LLC, KeyBank National Association and the other lenders which are parties thereto from time to time (included as Exhibit 10.2 to our Quarterly Report on Form 10-Q (File No. 000-55775) filed May 15, 2023 and incorporated herein by reference) 143 Table of Contents AMERICAN HEALTHCARE REIT, INC. EXHIBITS LIST — (Continued) December 31, 2024 10.15 Fifth Amendment to the First Amended and Restated Senior Secured Credit Agreement, dated as of December 21, 2023, by and among Trilogy RER, LLC and certain subsidiaries of Trilogy RER, LLC, Trilogy Investors, LLC, Trilogy Healthcare Holdings, Inc., Trilogy OpCo, LLC and Trilogy Pro Services, LLC, KeyBank National Association and the other lenders which are parties thereto from time to time (included as Exhibit 10.25 to Pre- Effective Amendment No. 3 to our Registration Statement on Form S-11 (File No. 333-267464) filed January 2, 2024 and incorporated herein by reference) 10.16† Form of Executive Listing Equity Award Agreement (incorporated by reference to Exhibit 10.26 to the Pre-Effective Amendment No. 4 to American Healthcare REIT, Inc.'s Registration Statement on Form S-11 (No. 333-267464) filed on January 29, 2024) 10.17† Form of Independent Director Listing Equity Award Agreement (incorporated by reference to Exhibit 10.27 to the Pre-Effective Amendment No. 4 to American Healthcare REIT, Inc.'s Registration Statement on Form S-11 (No. 333-267464) filed on January 29, 2024) 10.18† American Healthcare REIT, Inc. 2024 Employee Stock Purchase Plan, effective as of November 7, 2024 (included as Appendix B to the Registrant’s Definitive Proxy Statement on Form DEF 14A (File No. 001-41951), filed August 28, 2024 and incorporated herein by reference) 10.19 Sixth Amendment to the First Amended and Restated Senior Secured Credit Agreement, dated as of May 21, 2024, among Trilogy RER, LLC, Trilogy Investors, LLC, Trilogy Healthcare Holdings, Inc., Trilogy OpCo, LLC and Trilogy Pro Services, LLC, KeyBank National Association and the other lenders which are parties thereto from time to time (included as Exhibit 10.3 to our Quarterly Report on Form 10-Q (File No. 000-41951) filed August 9, 2024 and incorporated herein by reference) 10.20* First Amendment to Second Amended and Restated Credit Agreement, dated December 9, 2024, by and among American Healthcare REIT Holdings, LP, American Healthcare REIT, Inc., and certain subsidiaries and Bank of America, N.A., KeyBank, National Association, Citizens Bank, National Association, Bank of the West, Barclays Banks PLC, Credit Agricole Corporate and Investment Bank, Fifth Third Bank, National Association, Morgan Stanley Bank, N.A., Truist Bank, Regions Bank, Royal Bank of Canada, KeyBanc Capital Markets and BofA Securities, Inc. 19.1* American Healthcare REIT, Inc. Amended and Restated Insider Trading Compliance Policy 21.1* Subsidiaries of American Healthcare REIT, Inc. 23.1* Consent of Deloitte & Touche LLP 31.1* Certification of Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 31.2* Certification of Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 32.1** Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002 32.2** Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002 97.1 American Healthcare REIT, Inc. Policy on Recoupment of Incentive Compensation (included as Exhibit 97.1 to our Annual Report on Form 10-K (File No. 001-41951) filed March 22, 2024 and incorporated herein by reference) 101.INS* Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL Document 101.SCH* Inline XBRL Taxonomy Extension Schema Document 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document 104* Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) _________ 144 Table of Contents AMERICAN HEALTHCARE REIT, INC. EXHIBITS LIST — (Continued) December 31, 2024 * Filed herewith. ** Furnished herewith. In accordance with Item 601(b)(32) of Regulation S-K, this Exhibit is not deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. Such certifications will not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent that the registrant specifically incorporates it by reference. † Management contract or compensatory plan or arrangement. 145 Table of Contents Item 16. Form 10-K Summary. None. 146 Table of Contents SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. American Healthcare REIT, Inc. (Registrant) By /s/ D ANNY P ROSKY Chief Executive Officer and President Danny Prosky Date: February 28, 2025 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By /s/ D ANNY P ROSKY Chief Executive Officer, President and Director Danny Prosky (Principal Executive Officer) Date: February 28, 2025 By /s/ B RIAN S. P EAY Chief Financial Officer Brian S. Peay (Principal Financial Officer and Principal Accounting Officer) Date: February 28, 2025 By /s/ J EFFREY T. H ANSON Non-Executive Chairman of the Board of Directors Jeffrey T. Hanson Date: February 28, 2025 By /s/ M ATHIEU B. S TREIFF Director Mathieu B. Streiff Date: February 28, 2025 By /s/ S COTT A. E STES Independent Director Scott Estes Date: February 28, 2025 147 Table of Contents By /s/ B RIAN J. F LORNES Independent Director Brian J. Flornes Date: February 28, 2025 By /s/ D IANNE H URLEY Independent Director Dianne Hurley Date: February 28, 2025 By /s/ M ARVIN R. O’Q UINN Independent Director Marvin R. O’Quinn Date: February 28, 2025 By /s/ V ALERIE R ICHARDSON Independent Director Valerie Richardson Date: February 28, 2025 By /s/ W ILBUR H. S MITH III Independent Director Wilbur H. Smith III Date: February 28, 2025 148