Griffin-American Healthcare REIT funds merge to become American Healthcare REIT

Griffin-American Healthcare REIT III Inc. and Griffin-American Healthcare REIT IV became a single entity on Oct. 1, the real estate investment trust reiterated this week in its quarterly report at the Securities and Exchange Commission. The transaction created a $4.2 billion self-managed, diversified healthcare REIT, now called American Healthcare REIT Inc.

“We are delighted to have completed this merger and are excited about the future prospects of American Healthcare REIT,” said Danny Prosky, CEO and Chairman, in an October 1 statement. statement. “As a large, diversified, self-managed healthcare REIT, we believe we are strategically positioned to pursue a future listing or [initial public offering] on a national stock exchange that would provide liquidity to our existing shareholders and unlock greater opportunities for growth and value enhancement as a publicly traded company.

Alongside the merger, the previously announced acquisition of American Healthcare Investors, the co-sponsor of the two REITs, was completed. Also on October 1, GAHR III acquired a newly formed entity, American Healthcare Opps Holdings LLC, or NewCo, which the REIT calls the acquisition of AHI. The acquisition of AHI has been treated as a business combination for accounting purposes, with GAHR III being both the legal and accounting acquirer of NewCo.

American Healthcare REIT conducts substantially all of the operations through its operating partnership. Since the merger and acquisition of AHI, the REIT is self-managed and is no longer externally advised.

The REIT operates through six business segments: Integrated Senior Health Campuses, Skilled Nursing Facilities, Senior Housing – Leased, Senior Housing Operating Portfolio, Medical Office Buildings and Hospitals. As of September 30, the company owned and/or operated 312 integrated seniors health buildings and campuses, representing approximately 19.4 million square feet of gross leasable area, for an aggregate contract purchase price of $4.5 million. dollars, including the fair value of properties acquired. in the merger. Additionally, as of September 30, the REIT also owned a debt-related real estate investment purchased for $60.4 million.

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