The board of American Healthcare REIT Inc., a non-traded real estate investment trust formerly known as Griffin-American Healthcare REIT IV Inc., has appointed Scott Estes as an independent director and a member of the audit committee. Following his appointment, the board will be comprised of 10 directors, seven of whom are independent.
In October 2021, the company merged with affiliated REIT, Griffin-American Healthcare REIT III Inc. and became self-managed following the acquisition of American Healthcare Investors, the co-sponsor of both REITs. American Healthcare REIT has publicly expressed its goal of a planned future listing on a national stock exchange.
Estes served as chief financial officer of Welltower Inc. (NYSE: WELL), an S&P 500 constituent real estate investment trust focused on healthcare infrastructure, from March 2006 to October 2017. His 14-year tenure with the company began in 2003 as vice president of finance. According to the company, Estes was “significantly involved” in the management of capital allocation in support of Welltower’s growth, with direct oversight of capital markets transactions which raised more than $14 billion of equity capital and $10 billion of unsecured debt capital.
“We are pleased to welcome Scott Estes to the American Healthcare REIT board,” said Danny Prosky, president, chief executive officer and director. “Scott’s extensive experience in the healthcare real estate space as the former chief financial officer of Welltower, the largest publicly traded healthcare REIT in the country, as well as his lengthy service as a member of the boards of two other NYSE-listed real estate investment trusts, will prove invaluable to American Healthcare REIT as we grow our business and pursue our strategic plan on behalf of our fellow stockholders.”
Prior to joining Welltower, Estes served as a senior equity research analyst and vice president with Deutsche Bank Securities, a financial services firm, with primary coverage of the healthcare REIT and healthcare services industry sub-sectors. Additionally, he served as a vice president in Bank of America Securities’ equity research department, as well as an associate analyst and assistant vice president in Morgan Stanley’s equity research department, where, in both positions, he covered the healthcare REIT and healthcare services industry sub-sectors.
Since July 2017, Estes has served as a member of the board and audit committee chairman of JBG SMITH Properties, an NYSE-listed REIT that owns, operates, invests in and develops a portfolio of mixed-use properties in and around Washington. D.C. Additionally, since June 2018, he has served as an independent director and audit committee chairman of Essential Properties Realty Trust, an NYSE-listed REIT that acquires, owns and manages a portfolio primarily comprised of single-tenant properties that are net leased on a long-term basis to companies operating service-oriented or experience-based businesses.
“Our board selected Scott to serve as a director based on his impressive financial and business expertise, particularly in his capacity as chief financial officer of one of the largest publicly traded healthcare REITs in the world,” said Jeff Hanson, chairman of the board. “We believe his experience in the oversight of financial reporting, capital markets and capital raising, corporate finance and accounting, treasury, tax and audit functions, as well as his previous service on the boards of directors of two other NYSE-listed REITs, will deliver significant value to our company and stockholders, particularly in his role as a member of our audit committee.”
In other company news, American Healthcare REIT recently reported its financial results for the second quarter of 2022.
American Healthcare REIT, Inc., a self-managed, publicly registered, healthcare real estate investment trust, owns and manages a portfolio of healthcare real estate assets totaling approximately 19.5 million square feet, with a gross investment value of approximately $4.3 billion. As of June 30, 2022, the international portfolio included 313 buildings comprised of medical office buildings, senior housing communities, skilled nursing facilities, and other real estate-related investments across 36 states, the United Kingdom and the Isle of Man.