SEC FORM 4

SEC FORM 4SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

PEAY BRIAN

(Last)

(First)

(Middle)

C/O AMERICAN HEALTHCARE REIT, INC.

18191 VON KARMAN AVE, STE 300

(Street)

IRVINE

CALIFORNIA

92612

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
American Healthcare REIT, Inc. [ AHR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Financial Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/25/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/25/2026		M		13,727	A	⁽¹⁾	177,546	D
Common Stock	03/25/2026		F		6,985⁽²⁾	D	$48.25	170,561	D
Common Stock	03/25/2026		M		8,195	A	⁽¹⁾	178,756	D
Common Stock	03/25/2026		F		4,170⁽²⁾	D	$48.25	174,586	D
Common Stock								807	I	By Brian and Kristen Peay 2007 Trust DTD 06/26/2007⁽³⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Unit	⁽¹⁾	03/25/2026		M			13,727	⁽⁴⁾	⁽⁴⁾	Common Stock	13,727	$0	13,727	D
Restricted Stock Unit	⁽¹⁾	03/25/2026		M			8,195	⁽⁵⁾	⁽⁵⁾	Common Stock	8,195	$0	16,391	D
Restricted Stock Unit	⁽¹⁾	03/25/2026		A		15,114		⁽⁶⁾	⁽⁶⁾	Common Stock	15,114	$0	15,114	D

Explanation of Responses:

1. Each restricted stock unit ("RSU") converts into one share of the Issuer's common stock.

2. Shares withheld by the Issuer to satisfy the Reporting Person's tax obligations associated with the vesting of time-based RSUs on March 25, 2026.

3. The reported shares of common stock are held directly by Brian and Kristen Peay 2007 Trust DTD 06/26/2007, and indirectly by Mr. Peay and Kristen Peay, Trustees.

4. On March 25, 2024, the Issuer awarded the Reporting Person 41,181 time-based RSUs. The RSUs vest ratably on March 25, 2025, 2026 and 2027 (subject to continuous employment through each vesting date).

5. On March 25, 2025, the Issuer awarded the Reporting Person 24,586 time-based RSUs. The RSUs vest ratably on March 25, 2026, 2027 and 2028 (subject to continuous employment through each vesting date).

6. On March 25, 2026, the Issuer awarded the Reporting Person 15,114 time-based RSUs. The RSUs will vest ratably on March 10, 2027, 2028 and 2029 (subject to continuous employment through each vesting date).

	/s/ BRIAN S. PEAY	03/27/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

SEC Form 4 filed by Peay Brian