American Healthcare REIT, Inc. (NYSE: AHR) acquired eight Class A senior housing communities for approximately $696 million, establishing a substantial presence in supply-constrained East Coast markets.

The transaction marks the REIT’s first meaningful footprint in the Northeast senior housing market and initiates a new operating relationship with LCB Senior Living ("LCB"). The eight communities comprise 867 units across Massachusetts, Connecticut, New Jersey, Pennsylvania, Delaware, and Georgia.

Transaction Structure

The assets were part of a larger ten-community portfolio marketed together by multiple sellers. AHR secured the entire opportunity but executed a disciplined capital allocation strategy by acquiring only the eight assets it deemed core to its strategy.

AHR assigned its purchase agreements for the two non-target communities to another leading institutional investor at AHR’s allocated basis. This structure allowed the sellers to execute a broader portfolio sale while enabling AHR to avoid compromising its capital discipline. The acquisition of the eight target communities concluded in early August, with the institutional investor completing its separate acquisition in late August.

Jeff Hanson, Chairman and Chief Executive Officer, described the process as an example of disciplined capital allocation supported by strong execution, noting that the solution required neither walking away from a strategic opportunity nor compromising capital allocation standards.

Portfolio Details and Operating Partners

The acquired communities were built between 2020 and 2022. Five were developed and managed by LCB, while two were transitioned to LCB from previous operators upon closing. The remaining community, The Holbrook of Sugar Hill in Georgia, is developed and managed by Holbrook Life, which will continue as manager. LCB Senior Living operates seven of the eight communities.

Stefan Oh, Chief Investment Officer, emphasized that long-term value is created by combining real estate that is difficult to replicate with best-in-class operating partners in markets where supply is genuinely constrained due to land availability and entitlement complexity.

LCB Senior Living, based in Norwood, Mass., develops, owns, and operates luxury senior housing communities across New England and the Mid-Atlantic regions. Gabe Willhite, President and Chief Operating Officer, stated that LCB fits the profile of regional operators AHR is building its portfolio around, citing deep local knowledge and a culture prioritizing superior resident care.

Investment Pipeline Context

These investments were included in AHR’s disclosed closings of $1.4 billion in its Q2 earnings release. Since then, AHR has completed in excess of $600 million in additional investments, bringing total year-to-date investments to more than $2.0 billion.

The Company’s awarded investment pipeline stands at approximately $675 million, which it expects to close with match-funded equity proceeds from unsettled forward agreements.

Newmark Group, Inc., acted as real estate advisor for the transaction.

What the Numbers Show

The acquisition price of $696 million for 867 units implies an average per-unit cost of approximately $802,768. This metric highlights the premium nature of the Class A assets acquired in affluent suburban markets such as Westport, Connecticut, and Philadelphia’s Main Line, where land scarcity drives up entry costs compared to national averages for older or secondary-market senior housing stock.

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.