Leases (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Lease Payments to be Received

As of March 31, 2026, the following table sets forth the undiscounted cash flows for future minimum base rents due under operating leases for the remaining nine months ending December 31, 2026 and for each of the next four years ending December 31 and thereafter for properties that we wholly own (in thousands):


Year	Amount
2026	$	88,027
2027		113,863
2028		104,281
2029		92,903
2030		81,234
Thereafter		437,709
Total	$	918,017

Schedule of Lease Costs

The components of lease costs were as follows (in thousands):


		Three Months Ended March 31,
Lease Cost	Classification	2026			2025
Operating lease cost(1)	Property operating expenses, rental expenses or general and administrative expenses	$	8,197		$	8,941
Finance lease cost:
Amortization of leased assets	Depreciation and amortization		6			17
Interest on lease liabilities	Interest expense		2			4
Sublease income	Resident fees and services revenue or other income		(53	)		(141	)
Total lease cost		$	8,152		$	8,821

(1)

Includes short-term leases and variable lease costs, which are immaterial.

Additional information related to our leases for the periods presented below was as follows (dollars in thousands):


Lease Term and Discount Rate	March 31, 2026			December 31, 2025
Weighted average remaining lease term (in years):
Operating leases		11.4			11.4
Finance leases		3.3			3.6
Weighted average discount rate:
Operating leases		5.85	%		5.85	%
Finance leases		11.25	%		11.25	%


	Three Months Ended March 31,
Supplemental Disclosure of Cash Flows Information	2026		2025
Operating cash outflows related to finance leases	$	2	$	4
Financing cash outflows related to finance leases	$	7	$	14
Right-of-use assets obtained in exchange for operating lease liabilities	$	185	$	1,281

Schedule of Operating Lease Liabilities

As of March 31, 2026, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for the remaining nine months ending December 31, 2026 and for each of the next four years ending December 31 and thereafter, as well as the reconciliation of those cash flows to operating lease liabilities on our accompanying condensed consolidated balance sheet (in thousands):


Year	Amount
2026	$	21,326
2027		29,138
2028		29,467
2029		28,563
2030		26,673
Thereafter		68,862
Total undiscounted operating lease payments		204,029
Less: interest		(73,223	)
Present value of operating lease liabilities	$	130,806

Schedule of Finance Lease Liabilities and Financing Obligations

As of March 31, 2026, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for the remaining nine months ending December 31, 2026 and for each of the next four years ending December 31 and thereafter, as well as a reconciliation of those cash flows to finance lease liabilities and financing obligations (in thousands):


Year	Amount
2026	$	3,111
2027		3,905
2028		3,556
2029		32,458
2030		92
Thereafter		—
Total undiscounted payments		43,122
Less: interest		(9,447	)
Present value of finance lease liabilities and financing obligations	$	33,675

American Healthcare REIT, Inc. 10-Q