American Healthcare REIT Inc. (NYSE: AHR) has appointed Aric Chang as Chief Financial Officer, effective October 1, 2026. Chang succeeds Brian Peay, who is retiring after 10 years in the role.

Chang joins from Public Storage (NYSE: PSA), where he serves as Chief Financial Officer, Real Estate. He brings more than two decades of experience across public company finance, investment, and operating partnerships. His career includes senior roles at New York Stock Exchange-listed REITs, real estate private equity, and REIT research.

Leadership Transition

Peay joined American Healthcare REIT in 2016 and served as CFO through a period of notable growth, including the company’s listing on the New York Stock Exchange. He will continue in the role through September 30, 2026.

Jeff Hanson, Chairman and Chief Executive Officer, stated that Chang’s combination of public company finance and investment experience makes him well suited to advance the company’s strategy. Hanson noted that Peay leaves the company in a position of strength with a solid financial foundation.

Gabe Willhite, President and Chief Operating Officer, emphasized that the next phase of value creation requires rigorous capital markets strategy. He highlighted Chang’s depth of investment and operating partner experience as particularly relevant to the business model.

Professional Background

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 oversaw approximately $16 billion of capital deployment across acquisitions, development, lending, and mergers and acquisitions.

Before joining Public Storage, Chang held senior finance positions at Rexford Industrial and Rouse Properties. He also served as an Executive Director at J.P. Morgan Asset Management from 2015 to 2022, where he was a member of the real estate investment committee and senior strategist for alternative property sectors.

What the Numbers Show

The scale of capital management disclosed in Chang’s background provides context for AHR’s growth ambitions. Having overseen $16 billion in capital deployment at Public Storage, Chang brings experience managing capital flows significantly larger than typical mid-market REIT transactions. This suggests a focus on scaling acquisition capacity and optimizing balance sheet efficiency as AHR expands its senior housing and skilled nursing portfolio.

Finance Team Structure

Chang will lead an experienced finance organization with substantial tenure at AHR. Key team members include:

• Kenny Lin, Executive Vice President, Deputy Chief Financial Officer and Chief Accounting Officer
• Charlynn H. Diapo, Senior Vice President, Accounting & Finance
• Alan Peterson, Vice President, Investor Relations & Finance

Chang holds a bachelor’s degree in economics from The Wharton School of the University of Pennsylvania and an MBA from Columbia Business School.

American Healthcare REIT Inc (NYSE: AHR) has closed six of the eight senior housing communities in its $873 million Kensington Senior Living portfolio. The initial closings total approximately $572 million, moving most of the transaction from pending to completed status.

The six properties comprise 464 units. Two more communities remain under definitive agreements and are expected to close in the fourth quarter, subject to specified conditions. The full portfolio totals 745 units.

Financing Structure and Share Count

AHR entered a large forward equity offering on Aug. 10, the same date it signed the Kensington acquisition agreements. The offering covered 13.25 million shares, and the underwriters later exercised their option for another 1.9875 million shares. That brings the offering-linked total to 15.2375 million shares.

These shares should not be treated as newly issued AHR shares today. Forward sellers borrowed and sold those shares into the market to hedge their obligations. AHR did not receive proceeds from those borrowed-share sales. The company intends, subject to alternative settlement rights, to physically settle by delivering shares to the forward purchasers in exchange for cash based on the applicable forward price. Settlement can occur on dates selected by AHR no later than Aug. 10, 2028.

Impact on NFFO Guidance

AHR’s current 2026 NFFO guidance predates the Kensington deal. The company raised guidance on Aug. 6 to $2.15 to $2.19 per diluted share, with a $2.17 midpoint. This guidance assumed no additional transactions or capital-markets activity beyond activity already disclosed as completed. Kensington was announced four days later.

The next per-share question is whether the earnings added by the portfolio absorb the common-share denominator created as the forward sales settle. AHR’s second-quarter common distribution was $0.25 per share, equal to $1.00 annualized. Against the $2.17 midpoint of 2026 NFFO guidance, that equals a 46.1% payout by DFB calculation.

That payout is a pre-Kensington reference point. It should not be read as the post-acquisition payout ratio because the Aug. 6 guidance excluded transaction and capital-markets activity that had not been completed at that time.

What the Numbers Show

The acquisition adds operating assets while physical settlement of the forward agreements can add common shares. Those changes move different sides of the per-share equation. The $873 million purchase price shows the scale of the portfolio. The forward agreements show how the common-share denominator can expand. The next post-deal NFFO-per-share update will show how much of that additional denominator the acquired earnings absorb.

The portfolio is concentrated in higher-acuity senior housing. About 93% of its beds were dedicated to assisted living and memory care as of June 30, according to the August prospectus. AHR also said it believes the portfolio will enhance its NFFO growth potential in year one. That is a management expectation, not a reported post-acquisition per-share result.