American Healthcare REIT, a healthcare REIT with 298 properties in the US and UK, announced terms for its IPO on Monday.
The Irvine, CA-based company plans to raise $756 million by offering 56 million shares at a price range of $12 to $15. Certain executives and directors intend to purchase $2 million worth of shares in the offering (<1% of the deal). At the midpoint of the proposed range, American Healthcare REIT would command a market value of $1.7 billion.
The company is an internally-managed REIT that acquires, owns, and operates a diversified portfolio of clinical healthcare real estate properties. American Healthcare REIT focuses primarily on medical offices, senior housing, nursing facilities, hospitals, and other healthcare-related facilities. The company is the ninth largest public reporting healthcare REIT, based on total assets. As of September 30, 2023, American Healthcare REIT owned and/or operated 298 buildings and integrated senior health campuses, representing an aggregate of approximately 18.9 million square feet of gross leasable area.
American Healthcare REIT was founded in 2014 and booked $1.8 billion in revenue for the 12 months ended September 30, 2023. It plans to list on the NYSE under the symbol AHR. BofA Securities, Morgan Stanley, KeyBanc Capital Markets, Citi, RBC Capital Markets, Barclays, and Truist Securities are the joint bookrunners on the deal. It is expected to price during the week of February 5, 2024.
