American Healthcare REIT, Inc. and its Operating Partnership entered into a new ATM Equity Offering Sales Agreement on February 27, 2026. The agreement allows for the offer and sale of common stock with an aggregate gross sales price of up to $1.75 billion. This new agreement replaces a prior ATM program, dated August 8, 2025, under which $230,139,575 remained unsold at the time of termination. Shares may be sold through a syndicate of agents (BofA Securities, Barclays, Citigroup, Citizens JMP, Credit Agricole, Fifth Third, KeyBanc, Morgan Stanley, RBC, Regions, Truist) as sales agents, forward sellers, or directly to them as principals. Sales can occur in negotiated transactions, including block trades, or as at-the-market offerings at prevailing market prices. Agents will receive a commission not exceeding 2.0% of the gross sales price of shares sold through them. The company may also enter into separate forward sale agreements with Forward Purchasers, who will borrow and sell shares to hedge their exposure, with the company physically settling these agreements later. Net proceeds from the offering and any forward sale agreements will be contributed to the Operating Partnership in exchange for limited partnership units. The Operating Partnership expects to use these net proceeds for general corporate purposes, including repaying or repurchasing indebtedness, working capital, capital expenditures, and potential future investments.