American Healthcare REIT launches public offering of 13.25M shares

American Healthcare REIT, Inc. (NYSE: AHR) has launched an underwritten public offering of 13,250,000 shares of common stock on a forward basis, according to a company statement.

Morgan Stanley, Citigroup, and KeyBanc Capital Markets are serving as joint book-running managers for the offering. 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 15,237,500 shares if exercised in full.

The company expects to enter into forward sale agreements with the three banks, or their affiliates, acting as forward purchasers. The forward sale agreements are expected to be physically settled within approximately 24 months from the date of the prospectus supplement.

The company will not receive proceeds from the initial sale of shares by the forward purchasers. Upon settlement of the forward sale agreements, the company intends to contribute net proceeds to its operating partnership in exchange for OP Units. The operating partnership is expected to use those proceeds toward a pending acquisition of a portfolio of senior housing properties, potential future investments, and general corporate purposes.

The shares are being offered under a shelf registration statement filed with the Securities and Exchange Commission. American Healthcare REIT owns and operates a portfolio of healthcare real estate including senior housing communities, skilled nursing facilities, and outpatient medical buildings in the United States, United Kingdom, and Isle of Man.

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