American Healthcare REIT has officially announced its plans to launch an initial public offering (IPO) on the New York Stock Exchange, with a target of raising up to $840 million.
The real estate investment trust, known as American Healthcare REIT, made the announcement on January 29th, revealing that it intends to offer its shares at an initial stock price ranging between $12 and $15 per share.
Following its approval on the New York Stock Exchange, the company’s shares will trade under the ticker symbol AHR.
American Healthcare REIT also plans to grant underwriters a 30-day option to purchase up to an additional 8.4 million shares of its common stock to cover potential over allotments. The net proceeds from the IPO, estimated at $703.8 million assuming pricing at the mid-point of the range, will be used to repay outstanding amounts under its credit facility.
The company boasts a substantial portfolio of about 300 senior housing and care, hospital, and healthcare buildings across 36 states in the U.S. and in the UK. Additionally, approximately a third of the company’s senior housing and care portfolio is attributed to Trilogy Health Services, a major player in senior living and skilled nursing provision.
This IPO follows the initial filing made by American Healthcare REIT in 2022. The REIT was formed in 2021 through the merger of Griffin-American Healthcare REIT III and Griffin-American Healthcare REIT IV, along with the acquisition of American Healthcare Investors.
