AHR Board Re-Election Triggers New Restricted Stock Award

Rhea-AI Filing Summary

American Healthcare REIT (AHR) filed a Form 4 disclosing that director Scott A. Estes received 3,042 restricted common shares on June 25 2025 upon his re-election to the board.

The grant was made at $0 cost and will vest on June 25 2026. Following the award, Estes' direct ownership increased to 18,895 shares, implying the new grant represents roughly 19 % of his post-transaction holdings.

No derivative securities, sales, or open-market purchases were reported, and the filing contains no additional financial information or risk disclosures.

Positive

• Director Scott A. Estes acquired 3,042 restricted shares, increasing his direct ownership by approximately 19 % and strengthening board-shareholder alignment

Negative

• None.

Insights

Governance Specialist

TL;DR: Routine board equity grant; minimal market impact.

The filing documents a standard director compensation grant rather than an open-market insider purchase. While the award boosts alignment by expanding Estes' stake approximately 19 %, the absence of cash consideration or accompanying sales limits its signaling value. Such grants typically reflect scheduled board compensation cycles and do not alter the company’s operational outlook or capital structure. Accordingly, the disclosure is largely administrative and should have negligible influence on valuation or trading dynamics.

SEC 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

OMB APPROVAL

OMB Number:			3235-0287
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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^*

ESTES SCOTT A

(Last) (First) (Middle)

C/O AMERICAN HEALTHCARE REIT, INC.

18191 VON KARMAN AVE., STE. 300

(Street)

IRVINE CA 92612

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
06/25/2025

4. If Amendment, Date of 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

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	06/25/2025		A		3,042(1)	A	$0	18,895	D

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Upon his re-election as a director to the board of directors of the Issuer on June 25, 2025, the Reporting Person was granted 3,042 shares of restricted common stock on June 25, 2025. The reported shares of restricted common stock vest on June 25, 2026.

Remarks:

	/s/ SCOTT A. ESTES	06/27/2025
	** 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.

FAQ

How many American Healthcare REIT shares did director Scott A. Estes receive in the June 2025 Form 4?

The Form 4 reports a grant of 3,042 restricted common shares to Scott A. Estes.

On what date were the restricted shares granted to Scott A. Estes?

The shares were granted on June 25 2025 following his re-election to the board.

When do the newly granted AHR shares vest?

The restricted shares are scheduled to vest on June 25 2026.

What is Scott A. Estes’ total AHR share ownership after the reported transaction?

After the grant, Estes beneficially owns 18,895 common shares directly.