Principal funds disclose 3.8% American Healthcare REIT (AHR) stake in 13G/A

Rhea-AI Filing Summary

Principal Real Estate Investors LLC and Principal Global Investors LLC filed Amendment No. 3 to a Schedule 13G reporting their combined beneficial ownership of 7,089,180 shares of American Healthcare REIT, Inc. common stock, representing 3.8% of the class as of 12/31/2025.

All reported shares are held with shared voting and shared dispositive power, with no sole voting or dispositive authority. The filers state the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the company.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

American Healthcare REIT, Inc.

(Name of Issuer)

Common Stock, $0.01 par value per share

(Title of Class of Securities)

398182303

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 398182303

1

Names of Reporting Persons

PRINCIPAL REAL ESTATE INVESTORS, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,292,783.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,292,783.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,292,783.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.4 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 398182303

1

Names of Reporting Persons

PRINCIPAL GLOBAL INVESTORS

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 796,397.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 796,397.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

796,397.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.4 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: American Healthcare REIT, Inc.
(b)	Address of issuer's principal executive offices: 18191 VON KARMAN AVENUE, SUITE 300, IRVINE, CALIFORNIA 92612
Item 2.
(a)	Name of person filing: PRINCIPAL REAL ESTATE INVESTORS, LLC PRINCIPAL GLOBAL INVESTORS
(b)	Address or principal business office or, if none, residence: PRINCIPAL REAL ESTATE INVESTORS, LLC 711 HIGH STREET DES MOINES, Iowa 50392-0300 PRINCIPAL GLOBAL INVESTORS 711 HIGH STREET DES MOINES, Iowa 50392-0300
(c)	Citizenship: PRINCIPAL REAL ESTATE INVESTORS, LLC - DELAWARE PRINCIPAL GLOBAL INVESTORS - DELAWARE
(d)	Title of class of securities: Common Stock, $0.01 par value per share
(e)	CUSIP No.: 398182303
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 7,089,180
(b)	Percent of class: 3.8 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: PRINCIPAL REAL ESTATE INVESTORS, LLC - 0 PRINCIPAL GLOBAL INVESTORS - 0
	(ii) Shared power to vote or to direct the vote: PRINCIPAL REAL ESTATE INVESTORS, LLC - 6,292,783 PRINCIPAL GLOBAL INVESTORS - 796,397
	(iii) Sole power to dispose or to direct the disposition of: PRINCIPAL REAL ESTATE INVESTORS, LLC - 0 PRINCIPAL GLOBAL INVESTORS - 0
	(iv) Shared power to dispose or to direct the disposition of: PRINCIPAL REAL ESTATE INVESTORS, LLC - 6,292,783 PRINCIPAL GLOBAL INVESTORS - 796,397
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

PRINCIPAL REAL ESTATE INVESTORS, LLC

Signature:	/s/ J. Markham Penrod
Name/Title:	Chief Compliance Officer - North America, Principal Asset Management
Date:	02/05/2026

PRINCIPAL GLOBAL INVESTORS

Signature:	/s/ J. Markham Penrod
Name/Title:	Chief Compliance Officer - North America, Principal Asset Management
Date:	02/05/2026

Exhibit Information

This statement is filed by Principal Real Estate Investors LLC and Principal Global Investors LLC jointly pursuant to a Joint Filing Agreement, which is filed with this Schedule 13G as Exhibit 99.1.

FAQ

What ownership stake in AHR does the Schedule 13G/A report for Principal entities?

The filing reports that Principal Real Estate Investors LLC and Principal Global Investors LLC beneficially own 7,089,180 shares of American Healthcare REIT, Inc., representing 3.8% of the common stock as of December 31, 2025, with all shares held under shared voting and dispositive power.

Who are the reporting persons in the American Healthcare REIT (AHR) Schedule 13G/A?

The reporting persons are Principal Real Estate Investors LLC and Principal Global Investors LLC. Both are organized in Delaware and share the same principal business address at 711 High Street, Des Moines, Iowa 50392-0300, and file jointly under a Joint Filing Agreement attached as an exhibit.

How is voting power over AHR shares allocated for the reporting Principal entities?

The filing shows no sole voting power for either entity. Principal Real Estate Investors LLC has shared voting power over 6,292,783 shares, and Principal Global Investors LLC has shared voting power over 796,397 shares, matching their shared dispositive power over the same respective share amounts.

Does the Principal ownership in AHR exceed 5% of the outstanding common stock?

No. The Schedule 13G/A states that the combined beneficial ownership of 7,089,180 shares represents 3.8% of American Healthcare REIT’s common stock. Item 5 confirms that the reporting persons’ ownership is 5 percent or less of the class of securities reported.

What is the stated purpose of Principal’s holdings in American Healthcare REIT (AHR)?

The certification states the securities were acquired and are held in the ordinary course of business. The reporting persons affirm the holdings were not acquired and are not held to change or influence control of American Healthcare REIT or in connection with any such transaction.

What key dates are associated with this AHR Schedule 13G/A filing by Principal?

The date of the event requiring the filing is December 31, 2025. The certification and signatures by J. Markham Penrod, Chief Compliance Officer – North America, Principal Asset Management, are dated February 5, 2026, reflecting when the information was formally confirmed and signed.