American Healthcare REIT, a healthcare REIT with 313 properties in the US and UK, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
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 June 30, 2022, American Healthcare REIT owned and/or operated 313 buildings and integrated senior health campuses, representing an aggregate of approximately 19.5 million square feet of gross leasable area.
During the six month ended 6/30/2022, revenue increased 28% to $764 million. Gross margin expanded 639 bps to 24%. Adjusted EBITDA increased 87% to $129 million, and adj. EBITDA margin rose 536 bps to 17%.
Primary shareholders include co-founder, CEO, and Director Danny Prosky, EVP and Director Mathieu Streiff, co-founder and Chairman Jeffrey Hanson, CFO Brian Peay, and EVP Stefan Oh.
The Irvine, CA-based company was founded in 2014 and booked $1.4 billion in revenue for the 12 months ended June 30, 2022. It plans to list on the NYSE under the symbol AHR. BofA Securities, Citi, and KeyBanc Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
