Principal Real Estate & Global Investors Hold 9.62M AHR Shares

Rhea-AI Filing Summary

Principal Real Estate Investors, LLC and Principal Global Investors jointly report beneficial ownership of 9,622,200 shares of American Healthcare REIT, Inc. (AHR), representing 6.0% of the outstanding class. The filing breaks ownership down as 8,505,227 shares (5.3%) held with shared voting and dispositive power by Principal Real Estate Investors and 1,116,973 shares (0.7%) held with shared voting and dispositive power by Principal Global Investors. Both reporting persons indicate no sole voting or dispositive power and classify themselves as an IA (investment adviser).

The filing includes a certification that the securities are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Insights

Financial Analyst

TL;DR Institutional investors report a combined 6.0% stake in AHR, signaling meaningful passive ownership but no control intent.

The combined 9,622,200-share position is above the 5% reporting threshold and therefore material for shareholder-register monitoring. Ownership is reported as shared voting and dispositive power with no sole power, implying the firms act through joint or pooled arrangements rather than holding individual controlling stakes. The certification that holdings are in the ordinary course and not intended to influence control reduces immediate governance concerns, although the position size is large enough to attract attention from investors and proxy advisors.

Corporate Governance Expert

TL;DR The filing shows passive institutional holdings above 5% with explicit certification against control-seeking intent.

The reporting classification as an IA and the signed certification indicate the filers position themselves as fiduciary/asset-management entities holding shares on behalf of clients or funds. Shared voting and dispositive power suggests decisions may be coordinated internally across affiliated investment vehicles. From a governance perspective, because the filers explicitly state the holdings are not intended to change control, this should be treated as monitored but non-aggressive ownership unless future amendments indicate activism or increased voting influence.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

American Healthcare REIT, Inc.

(Name of Issuer)

Common Stock, $0.01 par value per share

(Title of Class of Securities)

398182303

(CUSIP Number)

06/30/2025

(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 8,505,227.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,505,227.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,505,227.00

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)

5.3 %

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 1,116,973.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,116,973.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,116,973.00

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)

0.7 %

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: 9,622,200
(b)	Percent of class: 6.0 %
(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 - 8,505,227 PRINCIPAL GLOBAL INVESTORS - 1,116,973
	(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 - 8,505,227 PRINCIPAL GLOBAL INVESTORS - 1,116,973
Item 5.	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:	08/08/2025

PRINCIPAL GLOBAL INVESTORS

Signature:	/s/ J. Markham Penrod
Name/Title:	Chief Compliance Officer - North America, Principal Asset Management
Date:	08/08/2025

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.