Regulatory and Reimbursement Changes: The healthcare industry is subject to extensive and evolving federal, state, and local laws and regulations, including changes to Medicare and Medicaid reimbursement policies, which could negatively impact AHR's tenants' financial condition and their ability to pay rent.

Interest Rate Fluctuations: As a REIT, AHR's profitability is sensitive to interest rate changes, which can affect borrowing costs for new acquisitions and existing debt, influence property valuations, and impact the overall cost of capital.

Tenant Financial Distress and Defaults: A significant portion of AHR's revenue comes from rent payments from healthcare operators; the financial health and operating performance of these tenants, particularly their ability to manage expenses, staffing shortages, and competitive pressures, directly impacts AHR's ability to collect rent and maintain occupancy.