Statement of Changes in Beneficial Ownership (Form 4)

FORM 4 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 that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES 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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1. Name and Address of Reporting Person * PEAY BRIAN 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 (Last) (First) (Middle) C/O AMERICAN HEALTHCARE REIT, INC., 18191 VON KARMAN AVE, STE 300 3. Date of Earliest Transaction (Month/Day/Year) 03/25/2026 (Street) IRVINE, CA 92612 4. If Amendment, Date Original Filed (Month/Day/Year) 6. Individual or Joint/Group Filing (Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) 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) Code V Amount (A) or (D) Price 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)

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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 Underlying Securities (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 of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

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

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
PEAY BRIAN C/O AMERICAN HEALTHCARE REIT, INC. 18191 VON KARMAN AVE, STE 300 IRVINE, CA 92612			Chief Financial Officer

Signatures

/s/ BRIAN S. PEAY		03/27/2026
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(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).

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