CMG Partners and its affiliates have launched an unsolicited tender offer to purchase up to 500,000 shares of American Healthcare REIT Inc., a non-traded real estate investment trust formerly known as Griffin-American Healthcare REIT IV Inc., for $5.35 each.
American Healthcare REIT recently declared an estimated net asset value per share of $9.29 for its Class T and Class I shares, as of December 31, 2021. CMG’s offer price of $5.35 per share is 42 percent lower than the current NAV. The company has publicly expressed that one of their top goals is to list their shares on a national stock exchange.
In a letter to shareholders, the REIT recommended that they reject the CMG offer and not sell their shares.
“The board believes that the CMG offer represents an opportunistic attempt by CMG to purchase the shares at a low share price and make a profit, depriving stockholders who tender their shares of the potential opportunity to realize the long-term value of their investment in American Healthcare REIT,” the letter stated.
American Healthcare REIT oversees a 19.5 million-square-foot portfolio of 313 medical office buildings, skilled nursing facilities and integrated senior health campuses located in 36 states, the United Kingdom and the Isle of Man, in addition to a real estate-related investment. The gross investment value of the portfolio is approximately $4.2 billion.
In October 2021, the company completed a merger with affiliated REIT, Griffin-American Healthcare REIT III Inc. In conjunction with the merger, American Healthcare REIT became self-managed following the acquisition of American Healthcare Investors, the co-sponsor of both REITs.