American Healthcare REIT, the majority owner of Trilogy Health Services, is filing for an initial public offering.
The Irvine, California-based real estate investment trust (REIT) is seeking to list shares of common stock on the New York Stock Exchange as part of an initial public offering, according to a new filing with the U.S. Securities and Exchange Commission (SEC). USA Today first reported on the news Tuesday.
The company is still determining the number of shares of common stock to be offered and the public offering price per share of that offering.
American Healthcare REIT was formed in 2021 after the merger of two funds: Griffin-American Healthcare REIT III, Inc. and Griffin-American Healthcare REIT IV; and following the acquisition of substantially all of the business and operations of American Healthcare Investors.
The company’s current portfolio includes 313 medical office buildings, senior housing, skilled nursing facilities, hospitals and other healthcare facilities, in 36 states and the UK. It also indirectly owns a 72.9% stake in senior care operator Louisville, Kentucky-based Trilogy Health Services, which had 122 senior care campuses with the REIT as of June 30, according to public filings.
As of June 30, the company’s assets were valued at approximately $4.5 billion, making it the ninth largest REIT in the U.S., according to a Sept. 16 letter to shareholders.
“We believe that AHR is positioned well for the future, and that a public listing can provide the opportunity for AHR to access the public markets for growth capital while also providing liquidity to existing stockholders in the future,” CEO and President Danny Prosky wrote in the letter.
The letter continued: “AHR believes a public listing will enhance AHR’s ability to access the public capital markets for growth equity capital and strengthen its balance sheet while also providing an option for liquidity to existing stockholders in the future.”