American Healthcare REIT fell short of its targeted initial public offering (IPO) amount, raising $672 million.
The Irvine, California-based real estate investment trust was aiming to raise up to $840 million.
Shares were sold at the bottom of a marketed range, adding to a run of modest performances as more companies moved ahead with new listings, according to a Bloomberg article on American Healthcare shares’ public offering.
The REIT’s IPO is one of 10 on US exchanges this week, including a biotechnology firm, an insurer and a Mexican grocery chain, reports said.
American Healthcare sold 56 million shares for $12 each on Tuesday, after marketing them for $12 and $15, according to Bloomberg. The REIT has a market value of about $1.5 billion based on outstanding shares listed in filings with the U.S. Securities and Exchange Commission (SEC).
Shares began trading on Wednesday on the New York Stock Exchange under the symbol AHR. The offering is expected to close on Feb. 9, the company said in a statement.
The company announced in 2022 that it filed for an IPO, adding terms toward the end of January; leadership plans to use the proceeds to pay down debt.
American Healthcare owns and operates skilled nursing facilities, medical office buildings, senior housing, and hospitals, with almost 300 properties across 36 states. The REIT also has properties in the UK and Isle of Man.
Its assets are valued at about $4.6 billion as of Sept. 30, according to the Bloomberg report. The offering is led by Bank of America and Morgan Stanley.
American Healthcare’s primary operating partner is Louisville, Ky.-based Trilogy Health Services, which is one of the nation’s largest skilled nursing and senior living providers.
Companies featured in this article:
American Healthcare REIT, Bloomberg, Trilogy Health Services
