American Healthcare REIT, Inc. 8-K

What Happened
American Healthcare REIT, Inc. (AHR) reported on April 7, 2026 that on April 1, 2026 it entered into a Second Amendment to its 2024 Credit Agreement (the “2026 Credit Agreement”). The amendment revises the company’s credit arrangements with Bank of America as administrative agent and several lenders and arrangers, creating an amended 2026 Credit Facility with a $550 million term loan and an $800 million available revolving facility (aggregate borrowing capacity $1.35 billion as of April 1, 2026). The revolver includes two extension options (to Oct 1, 2030 and Apr 1, 2031) subject to conditions; the term loan matures Jan 19, 2027 and is not extendable.

Key Details

• Revolving facility available amount: $800,000,000 (may be increased subject to agreement, up to a combined cap described in the amendment).
• Term loan principal: $550,000,000; term loan maturity: January 19, 2027 (no extension).
• Revolver maturity: April 1, 2030, with two potential extensions (first to Oct 1, 2030; second to Apr 1, 2031) subject to conditions and extension fee.
• Pricing and interest: loans bear interest at Daily Simple SOFR or Term SOFR plus an applicable margin, or Base Rate plus margin if SOFR is unavailable; facility fees are set by a Debt Ratings or Leverage-based pricing grid.
• The agreement contains customary affirmative and negative covenants and multiple financial covenants (e.g., Consolidated Leverage Ratio, Consolidated Secured/Unencumbered Leverage Ratios, Tangible Net Worth, Fixed Charge Coverage Ratio, Unencumbered Interest Coverage Ratio) and requires adding subsidiaries as guarantors if certain asset-value thresholds decline.

Why It Matters
The amendment provides increased short-term liquidity flexibility by raising the revolver to $800M and preserves a $550M term loan, clarifying maturity dates and pricing mechanisms. Investors should note the earlier maturity of the term loan (Jan 2027) versus the revolver (with extensions), and the covenant structure that could limit additional borrowings or require adding guarantor subsidiaries. In a default scenario the administrative agent may terminate commitments and accelerate repayment, so compliance with the new covenants and maturities will be important to monitor. The full amended credit agreement is filed as Exhibit 10.1 to the 8-K.