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American Healthcare REIT Listing Appears Imminent

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, is seeking to raise about $700 million in an initial public offering, according to people familiar with the situation as first reported by Bloomberg.

The Irvine, Calif.-based senior housing and assisted living property owner could start gauging investor interest in the listing as soon as next week, the people said, asking not to be identified as the information is private. The company is a non-traded, real estate investment trust, which is required to make regular filings and only infrequently trades over the counter.

Details of the IPO such as size and timing could still change, the people said. A representative for American Healthcare REIT declined to comment.

The self-managed REIT’s IPO is set to be among the first batch of listings testing the still-nascent rebound in the IPO market. They include KKR & Co.-backed BrightSpring Health Services Inc., which is aiming to raise as much as $1.36 billion from the sale of shares and convertible securities as soon as Jan. 25.

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.

The investment vehicle acquires, owns, and operates a portfolio of properties such as medical office buildings, senior housing, skilled nursing facilities and hospitals, according to the filing. It has nearly 300 properties in states including Indiana, Michigan, Missouri, Ohio and Texas, and values its assets at about $4.6 billion as of Sept. 30, 2023, the filing shows. It also has properties in the United Kingdom and the Isle of Man.

The shares are set to trade on the New York Stock Exchange under the ticker symbol AHR.

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