American Healthcare REIT

President and CEO Danny Prosky and CIO Brian Peay lead the investment function together with a team that has operated together through multiple predecessor vehicles since 2012. Prosky, who was a founding partner at the external sponsor American Healthcare Investors, now heads the internalized entity that absorbed the management company during its February 2024 IPO. Major portfolio decisions — particularly segment allocation between the integrated senior health and triple-net portfolios — typically run through an investment committee that includes the firm's independent directors.

The firm sources acquisitions primarily through long-standing relationships with regional senior housing operators and medical office developers, a network formed during more than a decade of running the non-traded REIT sponsor platform. Its Sun Belt and West Coast footprint concentrates deal flow in markets with favorable demographics and certificate-of-need dynamics. The IPO internalization added an institutional dry-powder vehicle that can now issue operating partnership units, a tax-efficient acquisition currency that the legacy non-traded structure lacked.

American Healthcare REIT uses a RIDEA structure in its integrated senior health segment, which means the REIT can own and indirectly operate senior housing facilities rather than simply leasing them to a separate tenant. The firm's captive management affiliate, Integrated Healthcare Properties, runs a large portion of these communities, allowing the REIT to capture both rent and operating income. This structure makes quarterly earnings more sensitive to occupancy rates and labor costs than a standard triple-net lease REIT.

It is a multi-asset healthcare real estate investor divided into three formal segments: integrated senior health facilities (including independent living, assisted living, and memory care), shopmed outpatient medical (medical office buildings and ambulatory surgery centers), and a triple-net leased portfolio of skilled nursing and hospital assets. This segmentation formally splits the portfolio based on revenue structure — operating income for the first two, rent checks for the third — a transparency feature that came into focus after the 2024 IPO.

No. The firm started as a non-traded REIT sponsor platform run by an external advisor, first raising capital from retail investors through the Griffin-American Healthcare REIT III and IV vehicles from 2013 onward. These non-traded REITs were notoriously high-fee structures with limited liquidity. The firm addressed this structure in a single step in February 2024: it listed on the NYSE, internalized management, and consolidated the legacy vehicles into one publicly traded entity, thereby eliminating the external advisor fee drag.

The firm does not invest in acute-care hospitals on an operating basis — its few hospital assets are held in the triple-net leased segment, meaning it collects fixed rent without exposure to operating margins. It also does not actively deploy in life-science lab space or biotech office conversions, a sector that other large healthcare REITs like Healthpeak and Alexandria have emphasized. The portfolio is consciously built around clinical care delivery and senior living rather than pharmaceutical R&D real estate.

The 2024 IPO internalized management and installed a standard independent board, but the shareholder registry still reflects the non-traded legacy — many original retail investors hold shares from the Griffin-American REIT mergers, and the firm carried significant goodwill and intangible asset write-downs through the transaction. The conversion also left the firm with a smaller institutional float than a traditional IPO-supported REIT, though the elimination of the external advisor expense is a structural governance improvement.