American Healthcare REIT prices $712M common stock offering

American Healthcare REIT, Inc. (NYSE: AHR) announced the pricing of an underwritten public offering of 13,250,000 shares of common stock, with aggregate gross proceeds expected to reach approximately $712.2 million before deducting estimated offering expenses.

The offering is structured through forward sale agreements with Morgan Stanley, Citigroup, and KeyBanc Capital Markets, which are also acting as joint book-running managers. The company will not receive proceeds from the initial sale of shares by the forward purchasers. Instead, it expects to receive proceeds upon physical settlement of the forward sale agreements, which is anticipated within approximately 24 months from the date of the prospectus supplement.

The underwriters have been granted a 30-day option to purchase up to an additional 1,987,500 shares, which would bring the total to as many as 15,237,500 shares if exercised in full.

The offering is expected to close on August 12, 2026, subject to customary closing conditions.

According to the press release, the company plans to contribute net proceeds from the forward sale settlement to its operating partnership in exchange for operating partnership units. The operating partnership intends to use the funds toward a pending acquisition of a portfolio of senior housing properties, potential future investments, and general corporate purposes.

American Healthcare REIT owns and operates a portfolio of clinical healthcare real estate, including senior housing communities, skilled nursing facilities, and outpatient medical buildings in the United States, the United Kingdom, and the Isle of Man.

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