American Healthcare REIT (AHR) is a self-managed REIT that owns and operates a portfolio of clinical healthcare real estate focused on senior housing and skilled nursing facilities across the U.S. AHR's largest segment is its Integrated Senior Health Campus portfolio, operated under the Trilogy brand, which offers a full continuum of care on a single campus — independent living, assisted living, memory care, and skilled nursing — allowing residents to age in place as their care needs increase. AHR also owns a Senior Housing Operating Properties (SHOP) portfolio of standalone senior housing and SNFs run by third-party regional operators. Both Trilogy and SHOP operate under a RIDEA structure, meaning AHR participates directly in operating upside and downside through taxable REIT subsidiaries, rather than simply collecting rent. Revenue in these segments comes from resident fees — skilled nursing beds are reimbursed by Medicare, Medicare Advantage, and Medicaid, while assisted living and independent living are primarily private pay. NOI is driven by occupancy, pricing, payer mix, and labor cost management. AHR also owns a smaller portfolio of outpatient medical buildings leased to healthcare providers under long-term triple-net-style leases, though AHR has been selling these assets and redeploying capital into senior housing. AHR grows through organic occupancy and pricing gains in its RIDEA segments, and through acquisitions and new Trilogy campus development. AHR funds growth via retained earnings, ATM equity issuances, and revolving credit.