secwatch.observer — SEC 8-K summary
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Issuer:     American Healthcare REIT, Inc. (AHR)
CIK:        0001632970
Form:       8-K
Filed at:   2023-11-07T23:59:59+00:00
Accession:  0001632970-23-000095
Event type: m_and_a
Sentiment:  positive
Materiality: 0.80
Item codes: 1.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1632970/000163297023000095/0001632970-23-000095-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1632970/000163297023000095/ahr-20231103.htm
  HTML page:      https://secwatch.observer/filing/0001632970-23-000095

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