STOCK TITAN

American Healthcare REIT (AHR) closes 13.25M-share forward stock offering for acquisitions

(High)
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

American Healthcare REIT, Inc. reported that on August 12, 2026 it closed a public offering of 13,250,000 shares of common stock, structured as a forward sale through Morgan Stanley, Citigroup and KeyBanc as underwriters, forward sellers and forward purchasers.

The underwriters received a 30‑day option to purchase up to 1,987,500 additional shares. Separate Forward Sale Agreements with the forward purchasers provide that the company may physically settle by delivering 13,250,000 shares on one or more dates it chooses no later than August 10, 2028, in exchange for cash based on the public offering price less underwriting discounts and commissions, subject to adjustments.

The company intends to contribute the net cash proceeds from settlement to its Operating Partnership for units of limited partnership interest, and the Operating Partnership intends to use those proceeds for a pending acquisition of a senior housing property portfolio, other potential future investments and general corporate purposes.

Positive

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Negative

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Filing Explained

Existing-holder dilution is tied to the company’s intended future share delivery; forward sellers have already sold borrowed shares to hedge.

The August 12, 2026 Form 8-K reports that forward sellers borrowed and sold 13,250,000 shares to hedge the forward purchasers’ obligations, while the company intends to deliver 13,250,000 shares for cash upon later settlement, no later than August 10, 2028.

If that intended physical settlement occurs, it would add shares to the total share count and reduce existing holders’ percentage ownership absent offsetting changes.

The offering was made under an effective Form S-3 shelf registration; that registration provides capacity for future sales, but the registration itself does not sell shares.

Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Shares in forward offering 13,250,000 shares Public offering of common stock on a forward basis closed August 12, 2026
Underwriters’ option 1,987,500 shares 30-day option to purchase additional common shares in connection with the offering
Latest settlement date August 10, 2028 Latest date for physical settlement of the Forward Sale Agreements
Par value per share $0.01 per share Par value of American Healthcare REIT common stock
Forward Sale Agreements financial
"we entered into separate forward sale agreements, or the Forward Sale Agreements"
A forward sale agreement is a deal where two parties agree today to sell and buy an asset at a set price on a future date. It’s like promising to sell your car to a friend next month at today's price, regardless of how the car's value changes. These agreements help businesses lock in prices and reduce uncertainty about future costs or income.
shelf registration statement on Form S-3 regulatory
"pursuant to our effective shelf registration statement on Form S-3"
A shelf registration statement on Form S-3 is a pre-approved filing with the Securities and Exchange Commission that lets an eligible public company register securities in advance and sell them later in one or more offerings without repeating the full registration process. Think of it like a pre-approved funding line: it gives management the flexibility to raise capital quickly when market conditions are right, a move that can affect share supply, dilution and investor returns, so investors monitor it as a signal of potential financing activity.
Operating Partnership financial
"American Healthcare REIT Holdings, LP, or our Operating Partnership"
An operating partnership is a separate legal entity set up to own and run a company’s core assets and day-to-day businesses, while investors hold interests indirectly through the parent company. Think of it like a dedicated garage that actually stores and services the cars while the owner keeps the dealership; it matters to investors because it affects how income, taxes, liability and voting rights are allocated and therefore can influence distributions and risk.
units of limited partnership interest financial
"in exchange for units of limited partnership interest in the Operating Partnership"
underwriting agreement financial
"entered into an underwriting agreement on August 10, 2026"
An underwriting agreement is a contract where a company selling new stocks or bonds hires financial firms to buy those securities and resell them to investors. It matters because the agreement sets the offering price, number of securities, fees and which party bears the risk if sales fall short—think of it as a promise that the sale will happen and a roadmap investors can use to understand how the new securities reach the market.

FAQ

What equity offering did American Healthcare REIT (AHR) complete on August 12, 2026?

American Healthcare REIT completed a public offering of 13,250,000 shares of common stock on August 12, 2026, structured as a forward sale through underwriters and forward purchasers including Morgan Stanley, Citigroup and KeyBanc under its effective shelf registration statement on Form S-3.

How is the American Healthcare REIT (AHR) August 2026 offering structured?

The transaction uses Forward Sale Agreements where forward sellers borrowed and sold 13,250,000 shares to hedge the forward purchasers. The company expects to deliver shares by physical settlement no later than August 10, 2028 in exchange for cash based on an adjusted forward sale price.

What underwriters are involved in American Healthcare REIT’s (AHR) August 2026 equity offering?

The offering involves Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and KeyBanc Capital Markets Inc. as underwriters, forward sellers and, through affiliates, forward purchasers under an underwriting agreement dated August 10, 2026, with a 30‑day option for additional shares.

How many additional shares can underwriters buy in American Healthcare REIT’s (AHR) offering?

Underwriters received a 30‑day option to purchase up to 1,987,500 additional shares of common stock. This option is in addition to the 13,250,000 shares initially offered on a forward basis under the August 10, 2026 underwriting agreement.

How will American Healthcare REIT (AHR) use proceeds from settling the Forward Sale Agreements?

The company intends to contribute net cash proceeds from settlement of the 13,250,000-share Forward Sale Agreements to its Operating Partnership for partnership units. The Operating Partnership plans to use those proceeds for a pending senior housing portfolio acquisition, potential future investments and general corporate purposes.

What is the latest date American Healthcare REIT (AHR) can settle its August 2026 Forward Sale Agreements?

American Healthcare REIT may physically settle the Forward Sale Agreements by delivering 13,250,000 shares on one or more dates it specifies occurring no later than August 10, 2028, or the next trading day if that date is not a trading day.

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0001632970false00016329702026-08-102026-08-10

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 10, 2026

 

 

American Healthcare REIT, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Maryland

001-41951

47-2887436

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

18191 Von Karman Avenue, Suite 300

 

Irvine, California

 

92612

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 949 270-9200

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common Stock, $0.01 par value per share

 

AHR

 

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 


Item 8.01 Other Events.

 

On August 12, 2026, we closed the public offering of 13,250,000 shares, or the Offering, of our common stock, $0.01 par value per share, or Common Stock. In connection with the Offering, we and American Healthcare REIT Holdings, LP, or our Operating Partnership, entered into an underwriting agreement on August 10, 2026, or the Underwriting Agreement, with Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and KeyBanc Capital Markets Inc., as underwriters, or in such capacities, the Underwriters, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and KeyBanc Capital Markets Inc., as forward sellers, or in such capacities, the Forward Sellers, and their respective affiliates thereof as forward purchasers, or in such capacities, the Forward Purchasers, relating to the offer and sale of 13,250,000 shares of Common Stock, on a forward basis. In connection with the Offering, the Underwriters were granted an option for 30 days to purchase up to 1,987,500 additional shares of Common Stock. The Underwriting Agreement contains customary representations, warranties and covenants among the parties. These representations, warranties and covenants are not representations of factual information to investors about us and our Operating Partnership or our or its subsidiaries, and the sale of Common Stock pursuant to the Underwriting Agreement is not a representation that there has not been any change in our condition or that of our Operating Partnership.

In connection with the Offering, on August 10, 2026, we entered into separate forward sale agreements, or the Forward Sale Agreements, with each of the Forward Purchasers.

In the Offering, the Forward Sellers borrowed and sold an aggregate of 13,250,000 shares of Common Stock on August 12, 2026 to hedge the Forward Purchasers’ obligations under the Forward Sale Agreements. We intend (subject to our right to elect cash or net share settlement subject to certain conditions) to deliver, upon physical settlement of the Forward Sale Agreements on one or more dates specified by us occurring no later than August 10, 2028 (or if such date is not a trading day, the next following trading day), an aggregate of 13,250,000 shares of Common Stock to the Forward Purchasers in exchange for cash proceeds per share equal to the applicable forward sale price, which will be the public offering price less the underwriting discounts and commissions and subject to certain adjustments as provided in the Forward Sale Agreements. We intend to contribute the net proceeds from the settlement of the Forward Sale Agreements to the Operating Partnership in exchange for units of limited partnership interest in the Operating Partnership, and the Operating Partnership intends to use such net proceeds for our pending acquisition of a portfolio of senior housing properties, as described in the preliminary prospectus supplement relating to the offering, potential future investments and general corporate purposes.

The shares were offered and sold in the Offering under a prospectus supplement and related prospectus filed with the Securities and Exchange Commission pursuant to our effective shelf registration statement on Form S-3 (File No. 333-281488). An opinion of Venable LLP with respect to the validity of shares of the Common Stock issued and sold in the Offering is filed herewith as Exhibit 5.1.

A copy of the Underwriting Agreement is attached hereto as Exhibit 1.1 and incorporated herein by reference, and copies of the Forward Sale Agreements are attached hereto as Exhibits 1.2, 1.3 and 1.4 and are incorporated herein by reference. The summaries of the Underwriting Agreement and the Forward Sale Agreements set forth herein are qualified in their entirety by reference to these exhibits.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

Description

1.1

Underwriting Agreement, dated as of August 10, 2026, among American Healthcare REIT, Inc. and the Operating Partnership, on the one hand, and Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and KeyBanc Capital Markets Inc., as Underwriters and Forward Sellers, and their respective affiliates thereof as Forward Purchasers, on the other hand*

1.2

 

Forward Confirmation, dated August 10, 2026, between American Healthcare REIT, Inc. and Morgan Stanley & Co. LLC (or its affiliate)*

1.3

 

Forward Confirmation, dated August 10, 2026, between American Healthcare REIT, Inc. and Citigroup Global Markets Inc. (or its affiliate)*

1.4

 

Forward Confirmation, dated August 10, 2026, between American Healthcare RETI, Inc. and KeyBanc Capital Markets Inc. (or its affiliate)*

5.1

 

Opinion of Venable LLP as to the legality of the Common Stock

23.1

 

Consent of Venable LLP (included in Exhibit 5.1)

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

* Certain information in this exhibit has been redacted pursuant to Item 601(a)(6) of Regulation S-K.

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

American Healthcare REIT, Inc.

 

 

 

 

Date:

August 12, 2026

By:

/s/ Jeffrey T. Hanson

 

 

 

Name: Jeffrey T. Hanson
Title: Chief Executive Officer and Chairman of the Board of Directors

 


Filing Exhibits & Attachments

6 documents