American Healthcare REIT, Inc. (AHR)

American Healthcare REIT, Inc. (formerly Griffin-American Healthcare REIT IV, Inc.) is a Maryland corporation and an internally-managed real estate investment trust that owns a diversified portfolio of clinical healthcare real estate. Its focus is medical office buildings (MOBs), senior housing, skilled nursing facilities (SNFs), hospitals and other healthcare-related facilities. The company also originates and acquires secured loans and other real estate-related investments on an infrequent and opportunistic basis, and has selectively developed properties. It became self-managed on October 1, 2021, when Griffin-American Healthcare REIT III merged with GAHR IV and the combined company acquired the business of its former external advisor's parent, American Healthcare Investors. It conducts substantially all of its operations through its operating partnership, American Healthcare REIT Holdings, LP, in which it held about 95.0% as of December 31, 2022.

The portfolio includes MOBs, senior housing, SNFs and hospitals, along with healthcare facilities operated under a RIDEA structure, which comprise its senior housing operating properties (SHOP) and its integrated senior health campuses. Integrated senior health campuses are developed and operated largely through its majority-owned subsidiary Trilogy Investors, LLC. As of March 17, 2023, the company owned and/or operated 314 buildings and integrated senior health campuses, about 19,957,000 square feet of gross leasable area, for an aggregate contract purchase price of $4.63 billion. It also held a real estate-related debt investment purchased for $60.4 million. During 2022 it expanded its integrated senior health campuses and SHOP segments by about $253.9 million through acquisitions and completed developments.

The properties are located throughout the United States, the United Kingdom and the Isle of Man, and the company is not limited geographically. It leases to healthcare tenants and operating partners, and it also operates senior housing and senior health campuses directly under the RIDEA structure. It seeks properties tied to strong local health systems and operators, in established markets with favorable supply and demand, such as growing populations and barriers to new construction. Its strategy centers on recovery from COVID-19 at senior housing, senior health campuses and SNFs, disciplined acquisitions, continued campus development through Trilogy, and stable MOB performance. The company continues to be affected by the COVID-19 pandemic, supply chain disruptions and labor shortages.

The company has a fully integrated management platform of approximately 113 employees. It has elected to be taxed as a REIT. It funds itself in part through a credit facility of up to $1.05 billion, entered into in January 2022, and a Trilogy credit agreement of up to $400 million. It has filed a registration statement for a proposed public offering and NYSE listing, which is not yet effective. Its principal executive offices are at 18191 Von Karman Avenue, Suite 300, Irvine, California.