---
schema_version: "secwatch.filing_event.v1"
accession: "0001632970-23-000095"
form_type: "8-K"
ticker: "AHR"
cik: "0001632970"
company_name: "American Healthcare REIT, Inc."
filed_at: "2023-11-07T23:59:59+00:00"
generated_at: "2026-06-08T15:35:26.282221+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# American Healthcare REIT acquires option to buy NorthStar's minority stake in Trilogy for up to $260M

## Summary
- Option to purchase remaining 48% membership interest in Trilogy REIT Holdings for $240.5M–$260M cash, depending on closing date, plus possible supplemental payment up to ~$21M.
- Option exercisable until Sep 30, 2025; can pay with cash and up to 90% convertible preferred stock (4.75% initial dividend, convertible after Jul 1, 2026).
- Trilogy (123 properties, >13,000 beds) represents >1/3 of AHR's $4.4B portfolio; Q2 2023 same-store occupancy up 380bps to 86.0%, same-store NOI up 16.9% YoY.
- Closing not subject to regulatory approvals; Buyer must meet conditions including at least $200M equity/asset sale proceeds and listing common stock on a national exchange.
- Option includes extension options and termination fees up to $15.6M; if exercised, AHR will own 100% of Trilogy REIT Holdings and indirectly 97.4% of Trilogy.

## SEC filing metadata
- accession: 0001632970-23-000095
- form_type: 8-K
- ticker: AHR
- cik: 0001632970
- company_name: American Healthcare REIT, Inc.
- filed_at: 2023-11-07T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1632970/000163297023000095/0001632970-23-000095-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1632970/000163297023000095/ahr-20231103.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001632970-23-000095
- JSON: https://secwatch.observer/filing/0001632970-23-000095.json
- Plain text: https://secwatch.observer/filing/0001632970-23-000095.txt

## Key facts
- Material Agreements
  American Healthcare REIT, Inc. entered into Membership Interest Purchase Agreement with NorthStar Healthcare Income Operating Partnership, LP and its subsidiary Trilogy Holdings NT-HCI, LLC valued at $240.5 million (effective 2023-11-03).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: NorthStar Healthcare Income Operating Partnership, LP and its subsidiary Trilogy Holdings NT-HCI, LLC
  - Value: $240.5 million
  - Effective: 2023-11-03
  source text: On November 3, 2023 (the “Agreement Date”), American Healthcare REIT, Inc. (“we”) and our subsidiary GAHC3 Trilogy JV, LLC (“Buyer”) entered into a Membership Interest Purchase Agreement (the “Option Agreement”) with NorthStar Healthcare Income Operating Partnership, LP and its subsidiary Trilogy Holdings NT-HCI, LLC (“Seller”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1632970/000163297023000095/0001632970-23-000095-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.