American Healthcare REIT sets 2026 CFO handover
American Healthcare REIT names a new CFO effective October 1, 2026 and details compensation and transition arrangements for both the incoming and retiring finance chief.
Rhea-AI Filing Summary
American Healthcare REIT, Inc. (AHR) reported a planned CFO transition and related compensation arrangements. Brian S. Peay will retire as Chief Financial Officer effective September 30, 2026 and will become a non-employee consultant through April 15, 2027. Aric Chang, currently Chief Financial Officer, Real Estate at Public Storage, has been appointed CFO effective October 1, 2026.
Chang’s employment terms include a $500,000 annual base salary, a target annual bonus equal to 100% of base salary (pro-rated for 2026), and beginning in 2027, an annual long-term incentive award with a target grant date fair value of $1,000,000 split between restricted stock units and performance-based restricted stock units, plus a one-time $310,000 cash inducement payment. Peay will receive consulting payments equal to his base salary through 2026, a 2026 short-term incentive payout equal to 150% of his 2026 base salary, accelerated vesting of 18,159 shares of restricted stock, and $45,000 as reimbursement for expected COBRA health premiums. The company states that Peay’s retirement is not due to any disagreement regarding operations, policies or practices.
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Filing Explained
Brian S. Peay’s outstanding equity awards will continue vesting during his consulting period from
8-K Event Classification
Key Figures
Key Terms
performance-based restricted stock units financial
Change in Control Plan financial
Regulation FD Disclosure regulatory
forward-looking statements regulatory
COBRA regulatory
real estate investment trust financial
FAQ
What executive leadership change did American Healthcare REIT (AHR) announce?
What are the key compensation terms for new AHR CFO Aric Chang?
What transition compensation will retiring AHR CFO Brian Peay receive?
What prior experience does incoming AHR CFO Aric Chang bring?
What disclosure did AHR make under Regulation FD in this 8-K?
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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
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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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officer; Compensatory Arrangements of Certain Officers.
On September 2, 2026, we announced the appointment of Aric Chang as our Chief Financial Officer, effective October 1, 2026, following the September 2, 2026 notification by Brian S. Peay of his decision to retire as Chief Financial Officer, effective September 30, 2026.
Aric Chang, age 47, has served as Chief Financial Officer, Real Estate at Public Storage (NYSE: PSA), an S&P 500 real estate company, since May 2023, where he has led teams spanning real estate and corporate finance, financial planning and analysis, investment underwriting and real estate data analytics. Mr. Chang’s career has spanned public and private markets since 2001. Prior to joining Public Storage in 2023, he held senior finance positions at multiple publicly traded real estate investment trust, or REITs, including Rexford Industrial Realty, Inc., an industrial REIT, where he served as Senior Vice President, Investor Relations and Capital Markets from August 2022 to April 2023, and Rouse Properties, Inc., a mall and retail REIT, where he managed corporate finance and debt restructuring from 2013 to 2015, prior to that company’s acquisition by Brookfield. From 2015 to August 2022, Mr. Chang served as Executive Director, Research & Strategy at J.P. Morgan Asset Management, a real estate investment platform managing over $80 billion of assets across multiple equity and debt strategies. Earlier in his career, he held senior REIT research roles at Green Street Advisors and Oak Hill REIT Management, a real estate long/short hedge fund sponsored by the Robert M. Bass family office. Mr. Chang holds a B.S. in Economics from the Wharton School at the University of Pennsylvania and an M.B.A. from Columbia Business School.
In connection with Mr. Chang’s appointment, following approval by our Board of Directors, or the Board, upon the recommendation of the Compensation Committee of the Board, or the Compensation Committee, we and Mr. Chang entered into an employment letter on September 2, 2026, or the Chang Offer Letter, memorializing the terms of his employment, which includes the following compensation elements: (i) an annual base salary of $500,000; (ii) a target annual bonus opportunity equal to 100% of Mr. Chang’s base salary, pro-rated based on his period of service during 2026; (iii) beginning in 2027, an annual long-term incentive award with a target grant date fair value of $1,000,000, delivered 50% in restricted stock units and 50% in performance-based restricted stock units and (iv) participation in the American Healthcare Opps Holdings, LLC Executive Severance and Change in Control Plan. Additionally, as an inducement for Mr. Chang to join our company, he will also receive a cash payment of $310,000, payable within 30 days following his start date. The description of the Chang Offer Letter is qualified in its entirety by the Chang Offer Letter attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
In order to support the transition of his duties, Mr. Peay will serve as a non-employee consultant from his retirement date through April 15, 2027, or the Consulting Period. Pursuant to the terms of a transition and separation agreement and general release between our company and Mr. Peay, dated September 2, 2026, or the Transition Agreement, as compensation for his services as a consultant and in exchange for a release of claims in favor of our company, Mr. Peay will receive a consulting payment equal to his base salary through the remainder of 2026, payout under our 2026 short-term incentive program equal to 150% of his 2026 base salary, accelerated vesting of 18,159 shares of restricted stock that were granted to Mr. Peay on February 9, 2024 and a payment of $45,000 as reimbursement for the expected health continuation premiums to be incurred by Mr. Peay under COBRA. In addition, Mr. Peay’s outstanding equity awards will continue to vest during the Consulting Period. The description of the Transition Agreement is qualified in its entirety by the Transition Agreement attached as Exhibit 10.2 to this Current Report on Form 8-K and incorporated herein by reference.
Mr. Peay’s decision to retire is not as a result of any disagreement with our company on any matter relating to our operations, policies or practices. There are no arrangements or understandings between Mr. Chang and any other persons pursuant to which he was selected as an officer of our company. There are no family relationships between Mr. Chang and any director or executive officer of our company and there are no transactions involving our company that would be required to report pursuant to Item 404(a) of Regulation S-K.
Item 7.01 Regulation FD Disclosure.
On September 2, 2026, we issued a press release relating to the matters described in Item 5.02 above. A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
The information contained in this Item 7.01, including Exhibit 99.1, is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits.
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10.1 |
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Employment Letter, dated as of September 2, 2026, by and between American Healthcare REIT, Inc. and Aric Chang* |
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Transition and Separation Agreement and General Release, dated September 2, 2026, by and among, American Healthcare REIT, Inc., American Healthcare Opps Holdings, LLC and Brian S. Peay^ |
99.1 |
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American Healthcare REIT, Inc. Press Release, September 2, 2026 |
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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.
^ Certain information in this exhibit has been redacted pursuant to Item 601(a)(5) 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.
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American Healthcare REIT, Inc. |
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September 2, 2026 |
By: |
/s/ Jeffrey T. Hanson |
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Name: Jeffrey T. Hanson |
Exhibit 99.1
American Healthcare REIT Names Aric Chang Chief Financial Officer
Chang joins from Public Storage, strengthening capital allocation and finance leadership
as AHR scales its operating platform
Chang succeeds Brian Peay, who is retiring following a decade of notable leadership;
appointment effective October 1, 2026
IRVINE, Calif., Sept. 2, 2026 – American Healthcare REIT, Inc. (NYSE: AHR) (the “Company” or “AHR”) today announced that Aric Chang has been appointed Chief Financial Officer, effective October 1, 2026. Chang succeeds Brian Peay, who is retiring after 10 years as Chief Financial Officer. Peay will continue to serve in the role through September 30, 2026.
Chang joins AHR from Public Storage (NYSE: PSA), an S&P 500 real estate company, where he serves as Chief Financial Officer, Real Estate. Across more than two decades in real estate, Chang has built a distinctive combination of public company finance, investment and operating partner experience. His career includes senior roles across New York Stock Exchange-listed REITs, real estate private equity, and REIT research, underscoring the breadth of expertise he brings to AHR.
“AHR is building a company where disciplined capital allocation, leading senior housing operating capabilities, strategic asset management and a modern data and technology platform reinforce one another to drive better resident care outcomes, leading to sustainable growth and long-term value creation,” said Jeff Hanson, Chairman and Chief Executive Officer. “Aric’s combination of public company finance, investment and operating partner experience makes him exceptionally well suited to advance that strategy, and we are delighted to welcome him to AHR.”
Peay joined the Company in 2016 and served as Chief Financial Officer through a period of notable growth and accomplishments, including the Company’s listing on the New York Stock Exchange. “Brian has played an important role in AHR’s growth and evolution, and he leaves the Company in a position of strength, with a solid financial foundation for the opportunities ahead,” Hanson added. “On behalf of the Board of Directors and the entire Company, I want to thank Brian for his service, leadership and partnership to AHR, and we wish him and his family the very best in retirement.”
At Public Storage, Chang leads real estate and corporate finance, financial planning and analysis, investment underwriting and real estate data analytics. During his tenure, he has overseen approximately $16 billion of capital deployment across acquisitions, development, lending and mergers and acquisitions.
“The next phase of AHR’s value creation requires continued exceptional capital allocation, a rigorous capital markets strategy and a finance organization poised to support growth across market cycles,” said Gabe Willhite, President and Chief Operating Officer. “Aric brings all of those capabilities, together with a depth of investment and operating partner experience that is particularly relevant to our business model. His appointment reflects the caliber of leadership we are building across AHR as we position the Company for its next decade of growth and performance.”
Chang’s career has spanned public and private real estate markets since 2001. Before Public Storage, he held senior finance positions at New York Stock Exchange-listed REITs, including Rexford Industrial, where he served as Senior Vice President, Investor Relations and Capital Markets, and Rouse Properties, a mall and retail REIT, where he managed corporate finance and debt restructuring before the company’s acquisition by Brookfield. Earlier in his career, he held senior REIT research roles at Green Street Advisors and Oak Hill REIT Management.
At J.P. Morgan Asset Management, a major investment platform with more than $80 billion of real estate assets under management, Chang served as an Executive Director and a member of the real estate investment committee from 2015 to 2022. He was also the senior strategist for alternative property sectors, with responsibility for operator selection, joint venture relationships and fundraising.
“I am excited to join AHR at a pivotal point in the Company’s evolution,” Chang said. “AHR has built a differentiated healthcare real estate platform with meaningful scale and a strong operating foundation, positioning the Company for compounding value creation. I look forward to working with Jeff, Gabe, the Board and the broader leadership team to further strengthen the Company’s financial and capital allocation capabilities, support disciplined growth and enable AHR to create durable shareholder value.”
Chang holds a bachelor’s degree in economics from The Wharton School of the University of Pennsylvania and an MBA from Columbia Business School.
Chang will lead an experienced finance organization with substantial tenure at AHR, including Kenny Lin, Executive Vice President, Deputy Chief Financial Officer and Chief Accounting Officer; Charlynn H. Diapo, Senior Vice President, Accounting & Finance; and Alan Peterson, Vice President, Investor Relations & Finance.
About American Healthcare REIT, Inc.
American Healthcare REIT, Inc. (NYSE: AHR) is a real estate investment trust that acquires, owns and operates a diversified portfolio of clinical healthcare real estate, focusing primarily on senior housing communities, skilled nursing facilities, and outpatient medical buildings across the United States, and in the United Kingdom and the Isle of Man.
Forward-Looking Statements
Certain statements contained in this press release, including statements relating to the Company's expectations regarding its performance, growth, long-term value and strategy may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in those acts. Such forward-looking statements generally can be identified by the use of forward-looking terminology, such as “may,” “will,” “can,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “possible,” “initiatives,” “focus,” “seek,” “objective,” “goal,” “strategy,” “plan,” “potential,” “potentially,” “preparing,” “projected,” “future,” “long-term,” “once,” “should,” “could,” “would,” “might,” “uncertainty” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Any such forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which the Company operates, and beliefs of, and assumptions made by, the Company's management and involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied therein, including, without limitation, changing macroeconomic conditions, domestic legal and fiscal policies, geopolitical conditions and other risks disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed on February 27, 2026, and subsequent periodic reports filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statements contained in this release.
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Investor Contact:
Alan Peterson
VP, Investor Relations & Finance
(949) 270-9200
investorrelations@ahcreit.com
Media Contact:
Damon Elder
Spotlight Marketing Communications
(949) 427-1377
damon@spotlightmarcom.com