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UPDATE, JAN. 29, 11 A.M. ET: American Healthcare REIT announced Monday it filed paperwork with the Securities and Exchange Commission to launch its public offering.
A private REIT focused on senior housing and assisted living properties is looking to raise hundreds of millions of dollars in an initial public offering.
American Healthcare REIT, which first announced that it planned to file for an IPO in 2022, could launch its offering as soon as next week, Bloomberg reports.
The REIT is looking to raise $700M in the IPO and is assessing investor interest, unidentified sources told Bloomberg. The size and timing of the offering may still change.
American Healthcare REIT, which is self-managed and run by CEO Danny Prosky, plans to use proceeds from the IPO to pay down existing debt and fund potential property acquisitions. Its ticker on the New York Stock Exchange is expected to be AHR.
American Healthcare REIT declined to comment to Bisnow for this story, citing a quiet period.
The firm is working with Bank of America, Citigroup, Morgan Stanley and KeyBanc Capital Markets on the move to go public, Bloomberg reported. Its nontraded status means it regularly discloses financial information to investors and the Securities and Exchange Commission, but retail investors are unable to acquire shares.
Its focus is owning and operating property types including medical offices, senior housing, hospitals and skilled nursing facilities. Its portfolio consisted of nearly 300 properties spanning about 19.1M SF as of June, down from 19.9M SF at the end of 2022.
In its most recent regulatory filing, which came after the third quarter, the company valued its assets at $4.6B.
The company was launched as the new entity that emerged from the merger of American Healthcare Investors and two nontraded REITs, Griffin-American Healthcare REIT III and IV, in 2021.
Last year, it entered into a purchase option to acquire all minority membership interest held by NorthStar Healthcare Income in Trilogy REIT Holdings, another REIT that owns and operates senior health campuses in Indiana, Ohio, Michigan and Kentucky.
American Healthcare REIT also has properties in Texas and Missouri, as well as in the UK and the Isle of Man, Bloomberg reported.
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