Bloomberg: American Healthcare REIT is targeting a $700 million IPO that could be imminent

As Bloomberg reported on Tuesday, American Healthcare REIT is preparing for a significant move in the financial landscape, planning a $700 million initial public offering (IPO).

The REIT's primary operating partner is Louisville, Kentucky-based Trilogy Health Services, one of the nation's largest providers of skilled nursing and senior living services.

“Trilogy represents more than a third of American Healthcare REIT’s $4.4 billion portfolio and is the best-performing component,” AHR President and CEO Danny Prosky said in a November 2023 press release. At the time, American Healthcare REIT just announced a purchase agreement to fully take over the subsidiary Trilogy REIT Holdings.

After initially announcing its intention to file for an IPO in 2022, the REIT is close to launching the offering, possibly within the coming week, according to unnamed sources cited by Bloombergg. The REIT is reportedly aiming to raise $700 million through the IPO, although the details of the offering are subject to possible changes based on investor interest.

Proceeds from the IPO will be used to repay existing debt and potentially acquire healthcare properties. The New York Stock Exchange is expected to list the REIT under the ticker symbol AHR.

According to Bloomberg, the company is currently unlisted and is working with Bank of America, Citigroup, Morgan Stanley and KeyBanc Capital Markets on the IPO.

American Healthcare REIT was created in 2021 through the merger of Griffin-American Healthcare REIT III and Griffin-American Healthcare REIT IV and their acquisition of American Healthcare Investors.

The REIT currently manages a portfolio of nearly 300 properties spanning approximately 19.1 million square feet as of June, Bisnow reported. The company's asset valuation, reported in its most recent regulatory filing after the third quarter, is $4.6 billion.

A spokesperson for the REIT had not responded to Skilled Nursing News' request for comment at the time of publication, but Bloomberg reported that the company was in a quiet period and would not comment.