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American Healthcare REIT Launches $700 Million Public Offering Priced at $12 to $15 Per Share

American Healthcare REIT Launches $700 Million Public Offering Priced at $12 to $15 Per Share. American Healthcare REIT, Non-traded REIT, nontraded REIT, NYSE, alternative investments, AHR

American Healthcare REIT Inc., a non-traded real estate investment trust formed by the 2021 merger of Griffin-American Healthcare REIT III, Griffin-American Healthcare REIT IV, and American Healthcare Investors, announced this morning the launch of a public offering of 56 million shares of common stock that is expected to raise upwards of $700 million.

The company says the offering price is expected to be between $12.00 and $15.00 per share. It also announced that it expects to grant the underwriters a 30-day option to purchase up to an additional 8.4 million shares of its common stock to cover overallotments, if any.

As The DI Wire previously reported, American Healthcare REIT filed a Form S-11 with the SEC in September 2022, with plans for a proposed underwritten public offering connected with the potential listing of its common stock on the New York Stock Exchange.

In conjunction with the launch of the offering, the company reported that its common stock has been approved for listing, subject to official notice of issuance, on the New York Stock Exchange under the symbol “AHR.” The company gave no indication when its stock would start trading or what, if any, trade restrictions would be imposed upon current shareholders. However, it is expected that AHR will list on the NYSE in the coming days.

AHR said it intends to use the net proceeds received from the offering to repay approximately $703.8 million of the amount outstanding under its credit facility assuming pricing at the mid-point of the range.

BofA Securities and Morgan Stanley are acting as lead book-running managers for the offering. KeyBanc Capital Markets, Citigroup, RBC Capital Markets, Barclays and Truist Securities are acting as bookrunners for the offering. JMP Securities, A Citizens Company, Fifth Third Securities, Regions Securities LLC and Credit Agricole CIB are acting as co-managers for the offering.

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