American Healthcare REIT Acquires Remaining Minority Membership Interest in Trilogy REIT Holdings; Becomes Sole Owner of Trilogy REIT Holdings
American Healthcare REIT, Inc. (NYSE: AHR) has acquired the remaining 24% minority membership interest in Trilogy REIT Holdings, for approximately $258 million. This acquisition makes AHR the sole owner of Trilogy Holdings and its Integrated Senior Health Campuses (ISHC). The transaction was funded using net proceeds from AHR's recent equity offering, with the remaining funds used to repay approximately $194.0 million of debt on its lines of credit.
Based on Q2 2024 results, assuming the acquisition had closed at the beginning of that period, the ISHC segment would have comprised about 55.3% of AHR's total portfolio cash net operating income. Danny Prosky, AHR's President and CEO, stated that the acquisition was completed in an accretive and leverage neutral manner, potentially leading to further accretion and increased borrowing capacity.
American Healthcare REIT, Inc. (NYSE: AHR) ha acquisito il restante 24% di partecipazione minoritaria in Trilogy REIT Holdings, per circa 258 milioni di dollari. Questa acquisizione rende AHR il proprietario unico di Trilogy Holdings e dei suoi Campus Sanitari Integrati per Anziani (ISHC). La transazione è stata finanziata utilizzando il ricavato netto dall'offerta di azioni recente di AHR, con i fondi rimanenti utilizzati per restituire circa 194,0 milioni di dollari di debito sulle sue linee di credito.
In base ai risultati del secondo trimestre del 2024, assumendo che l'acquisizione fosse stata completata all'inizio di quel periodo, il segmento ISHC avrebbe rappresentato circa il 55,3% del reddito operativo netto totale del portafoglio di AHR. Danny Prosky, Presidente e CEO di AHR, ha dichiarato che l'acquisizione è stata completata in modo accretivo e neutro rispetto all'indebitamento, il che potrebbe portare a ulteriore accrescimento e maggiore capacità di indebitamento.
American Healthcare REIT, Inc. (NYSE: AHR) ha adquirido el 24% restante de participación minoritaria en Trilogy REIT Holdings, por aproximadamente 258 millones de dólares. Esta adquisición convierte a AHR en el único propietario de Trilogy Holdings y sus Campus de Salud Integrada para Ancianos (ISHC). La transacción se financió utilizando los ingresos netos de la reciente oferta de acciones de AHR, con los fondos restantes utilizados para pagar aproximadamente 194,0 millones de dólares de deuda en sus líneas de crédito.
Según los resultados del segundo trimestre de 2024, suponiendo que la adquisición se hubiera cerrado al inicio de ese período, el segmento ISHC habría representado aproximadamente el 55,3% de los ingresos operativos netos totales del portafolio de AHR. Danny Prosky, Presidente y CEO de AHR, declaró que la adquisición se completó de manera acretiva y neutral respecto al apalancamiento, lo que potencialmente podría llevar a un mayor incremento y una mayor capacidad de endeudamiento.
American Healthcare REIT, Inc. (NYSE: AHR)는 Trilogy REIT Holdings의 남은 24% 소수 지분을 인수했습니다, 약 2억 5800만 달러에. 이번 인수로 AHR는 Trilogy Holdings의 단독 소유자가 되었습니다 그리고 그 통합 노인 건강 캠퍼스(ISHC). 이 거래는 AHR의 최근 주식 공모에서 발생한 순수익을 사용하여 자금을 조달하였으며, 남은 자금은 약 1억 9400만 달러의 부채를 상환하는 데 사용되었습니다.
2024년 2분기 결과에 따르면, 인수가 해당 기간의 초기에 완료되었다고 가정할 경우, ISHC 부문은 AHR의 전체 포트폴리오 순 운영 수익의 약 55.3%를 차지했을 것입니다. AHR의 회장 겸 CEO인 Danny Prosky는 인수가 가치를 높이고 레버리지에 중립적인 방식으로 완료되었다고 설명하며, 이는 추가적인 가치 상승과 차입 능력 향상으로 이어질 가능성이 있다고 밝혔습니다.
American Healthcare REIT, Inc. (NYSE: AHR) a acquis le 24% restant d'intérêt minoritaire dans Trilogy REIT Holdings, pour environ 258 millions de dollars. Cette acquisition fait d'AHR le propriétaire unique de Trilogy Holdings et de ses Campus de Santé Intégrés pour Seniors (ISHC). La transaction a été financée par les recettes nettes provenant de l'offre d'actions récente d'AHR, les fonds restants ayant été utilisés pour rembourser environ 194,0 millions de dollars de dettes sur ses lignes de crédit.
Sur la base des résultats du deuxième trimestre 2024, en supposant que l'acquisition avait été conclue au début de cette période, le segment ISHC aurait représenté environ 55,3% des revenus nets d'exploitation du portefeuille total d'AHR. Danny Prosky, président et PDG d'AHR, a déclaré que l'acquisition avait été réalisée de manière accrétive et neutre en matière d'endettement, ce qui pourrait potentiellement conduire à une nouvelle hausse et à une capacité d'emprunt accrue.
American Healthcare REIT, Inc. (NYSE: AHR) hat die verbleibenden 24% Minderheitsbeteiligung an Trilogy REIT Holdings für etwa 258 Millionen Dollar erworben. Diese Akquisition macht AHR zum alleinigen Eigentümer von Trilogy Holdings und seinen Integrierten Altenpflege-Campus (ISHC). Die Transaktion wurde mit den Nettoeinnahmen aus AHRs kürzlicher Aktienemission finanziert, wobei die verbleibenden Mittel verwendet wurden, um etwa 194,0 Millionen Dollar Schulden auf seinen Kreditlinien zurückzuzahlen.
Basierend auf den Ergebnissen des zweiten Quartals 2024, unter der Annahme, dass die Akquisition zu Beginn dieses Zeitraums abgeschlossen wurde, hätte das ISHC-Segment etwa 55,3% des gesamten Portfoliobetriebseinkommens von AHR ausgemacht. Danny Prosky, Präsident und CEO von AHR, erklärte, dass die Akquisition auf wertsteigernde und schuldenneutrale Weise abgeschlossen wurde, was potenziell zu weiterer Wertsteigerung und erhöhtem Kreditspielraum führen könnte.
- Acquisition of remaining 24% minority interest in Trilogy REIT Holdings for $258 million
- Became sole owner of Trilogy Holdings and Integrated Senior Health Campuses
- ISHC segment would comprise 55.3% of total portfolio cash net operating income
- Repayment of $194.0 million debt on lines of credit
- Acquisition completed in an accretive and leverage neutral manner
- Significant cash outlay of $258 million for the acquisition
- Increased exposure to the ISHC segment, potentially reducing portfolio diversification
Insights
The acquisition of the remaining 24% minority stake in Trilogy REIT Holdings for
- Funded through a recent equity offering, maintaining leverage neutrality
- Additional proceeds used to pay down
$194 million in debt, improving the balance sheet - Potential for accretion due to full ownership and debt reduction
The strategic benefits include enhanced operational control, simplified corporate structure and improved financial flexibility. However, investors should monitor how this increased exposure to the ISHC segment affects AHR's overall risk profile and growth strategy in the competitive healthcare REIT market.
This acquisition marks a pivotal moment for American Healthcare REIT in the senior living sector. By becoming the sole owner of Trilogy Holdings, AHR gains complete control over a significant portion of its portfolio, potentially enabling more efficient decision-making and streamlined operations. The ISHC segment's dominance in AHR's portfolio (
The transaction's timing and execution appear strategic, leveraging a recent equity offering to fund the purchase without increasing leverage. This approach demonstrates financial prudence and may enhance investor confidence. However, the increased concentration in ISHCs also amplifies AHR's exposure to sector-specific risks, such as regulatory changes, staffing challenges and occupancy fluctuations common in senior living facilities. Investors should closely monitor how AHR navigates these challenges and capitalizes on the "potential future growth opportunities" mentioned by CEO Danny Prosky.
- On September 20, 2024, the Company acquired the
24% minority membership interest for a total all-cash purchase price of approximately$258 million $247 million $11 million - The Company funded the acquisition using net proceeds from its equity offering that also closed on September 20, 2024, and the Company used the remaining net proceeds from the equity offering to repay approximately
$194.0 million - Based on the Company's results for the three months ended June 30, 2024, and assuming the Company had closed the acquisition as of the first day of such period, the Company's ISHC segment would have comprised approximately
55.3% of the Company's total portfolio cash net operating income for such period.
"We are excited to have completed the acquisition of our joint venture partner's
About American Healthcare REIT, Inc.
American Healthcare REIT, Inc. is a self-managed real estate investment trust that acquires, owns and operates a diversified portfolio of clinical healthcare real estate properties, focusing primarily on outpatient medical buildings, senior housing, skilled nursing facilities and other healthcare-related facilities. Its properties are located in
Forward-Looking Statements
Certain statements contained in this press release 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, risks disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and other 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.
Contact: | Alan Peterson |
VP, Investor Relations & Finance | |
(949) 270-9200 | |
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SOURCE American Healthcare REIT, Inc.
FAQ
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