American Healthcare REIT Inc., a self-managed real estate investment trust that acquires, owns, and operates a diversified portfolio of clinical healthcare real estate properties, focusing primarily on medical office buildings, senior housing, skilled nursing facilities, hospitals and other healthcare-related facilities, announced the pricing of its public offering of 56 million shares of its common stock at $12.00 per share.
Shares of the common stock are expected to begin trading on the New York Stock Exchange today, Feb. 7, under the symbol “AHR.” AHR also granted 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.
AHR intends to use the net proceeds received from the offering to repay approximately $623.1 million of the amount outstanding under its credit facility.
AHR was formed by the 2021 merger of Griffin-American Healthcare REIT III, Griffin-American Healthcare REIT IV, and American Healthcare Investors. Investors in those non-traded REITs typically paid $10 per share of common stock. The company executed a one-for-four reverse stock split in November 2021, and last March adopted an updated estimated per share net asset value of the company’s common stock of $31.40, calculated as of Dec. 31, 2022.
As previously reported by The DI Wire, AHR will host a webcast on Feb. 12 at 4 pm Eastern Time to address questions that pre-offering stockholders may have about the offering and their respective investments. Register here.
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. Citizens JMP, Fifth Third Securities, Regions Securities LLC and Credit Agricole CIB are acting as co-managers for the offering.