American Healthcare REIT, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>American Healthcare REIT, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

American Healthcare REIT, Inc. (AHR) filed a Annual Report (10-K) with the SEC on March 22, 2024. American Healthcare REIT, Inc. filed its 2023 Form 10-K on March 22, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 18191 Von Karman Avenue, Suite 300, Irvine, CA 92612. The company was formerly known as Griffin-American Healthcare REIT IV, Inc. The filing includes financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking American Healthcare REIT, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of American Healthcare REIT's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors assessing the company's stability and growth prospects. Understanding the historical financial data presented in this filing, including comparisons to prior years, is essential for evaluating the REIT's performance trends and making informed investment decisions.

Risk Assessment

Risk Level: medium — American Healthcare REIT, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. While it contains detailed financial information, it does not immediately highlight any significant new risks or positive developments beyond typical disclosures for a publicly traded company.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand the company's performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-22 — Filing Date (Date of submission)
• 133 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• American Healthcare REIT, Inc. (company) — Filer name
• 10-K (document) — Form type
• 2024-03-22 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 18191 Von Karman Avenue, Suite 300, Irvine, CA 92612 (address) — Business address
• Griffin-American Healthcare REIT IV, Inc. (company) — Former company name

FAQ

Industry Context

American Healthcare REIT, Inc. operates within the real estate investment trust (REIT) sector, specifically focusing on healthcare-related real estate. This sector is influenced by healthcare demand, regulatory changes, and real estate market conditions.

Regulatory Implications

As a REIT, the company is subject to various regulations governing real estate investment trusts and securities filings, including those mandated by the SEC.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management's discussion and analysis.
2. Analyze the company's portfolio composition and any disclosed strategies for property acquisition, development, or disposition.
3. Assess the risk factors section for potential challenges impacting the company's operations and financial performance.

Key Dates

• 2024-03-22: Filing of 2023 Form 10-K — Provides comprehensive annual financial and operational data for the fiscal year ending 2023.

Year-Over-Year Comparison

This is the initial filing data extracted for the 2023 10-K. Comparative data from the previous year's filing (2022 10-K) would be needed for a direct comparison.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share AHR New York Stock
• $31.40 — AV, of the registrant's common stock of $31.40 as of December 31, 2022. As of the last
• $604,872,000 — iates, for an aggregate market value of $604,872,000 and $1,458,214,000, respectively, assum
• $1,458,214,000 — regate market value of $604,872,000 and $1,458,214,000, respectively, assuming a market value
• $2,737,716,000 — 7 shares of common stock for a total of $2,737,716,000 since February 26, 2014 in our initial
• $772,800,000 — .01 par value per share, for a total of $772,800,000 in gross offering proceeds. Such amount
• $750,000,000 — wap agreements to hedge an aggregate of $750,000,000 of our variable-rate debt. During 2023
• $49,531,000 — rated senior health campuses segment by $49,531,000 primarily through the acquisition and e
• $194,640,000 — or an aggregate contract sales price of $194,640,000. On November 3, 2023, we entered into
• $1,150,000,000 — ate maximum borrowing capacity to up to $1,150,000,000 and extend the maturity date of the sen
• $1,050,000,000 — egate maximum principal amount of up to $1,050,000,000. As of March 22, 2024, we owned and/or
• $4,566,829,000 — an aggregate contract purchase price of $4,566,829,000. In addition, as of March 22, 2024, we
• $60,429,000 — e-related debt investment purchased for $60,429,000. Our principal executive offices are l

Filing Documents

• ahr-20231231.htm (10-K) — 5685KB
• ex42-2023xq410xkahr.htm (EX-4.2) — 63KB
• ex211-2023xq410xkahr.htm (EX-21.1) — 141KB
• ex231-2023xq410xkahr.htm (EX-23.1) — 2KB
• ex311-2023xq410xkahr.htm (EX-31.1) — 10KB
• ex312-2023xq410xkahr.htm (EX-31.2) — 10KB
• ex321-2023xq410xkahr.htm (EX-32.1) — 6KB
• ex322-2023xq410xkahr.htm (EX-32.2) — 6KB
• ex971-2023xq410xkahr.htm (EX-97.1) — 25KB
• ahr-20231231_g1.jpg (GRAPHIC) — 12KB
• ahr-20231231_g2.gif (GRAPHIC) — 10KB
• 0001632970-24-000039.txt (&nbsp;) — 26218KB
• ahr-20231231.xsd (EX-101.SCH) — 204KB
• ahr-20231231_cal.xml (EX-101.CAL) — 144KB
• ahr-20231231_def.xml (EX-101.DEF) — 942KB
• ahr-20231231_lab.xml (EX-101.LAB) — 1599KB
• ahr-20231231_pre.xml (EX-101.PRE) — 1259KB
• ahr-20231231_htm.xml (XML) — 4781KB

Risk Factors

Item 1A. Risk Factors 15

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 48

Cybersecurity

Item 1C. Cybersecurity 48

Properties

Item 2. Properties 50

Legal Proceedings

Item 3. Legal Proceedings 53

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 53 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 54

[Reserved]

Item 6. [Reserved] 55

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 56

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 73

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 74

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 74

Controls and Procedures

Item 9A. Controls and Procedures 75

Other Information

Item 9B. Other Information 75

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 75 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 76

Executive Compensation

Item 11. Executive Compensation 87

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 105

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 107

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 109 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 110

Form 10-K Summary

Item 16. Form 10-K Summary 192

SIGNATURES

SIGNATURES 193 2 Table of Contents PART I

Business

Item 1. Business. The use of the words "we," "us" or "our" refers to American Healthcare REIT, Inc. and its subsidiaries, including American Healthcare REIT Holdings, LP, except where otherwise noted. Company American Healthcare REIT, Inc., a Maryland corporation, is a self-managed real estate investment trust, or REIT, that acquires, owns and operates a diversified portfolio of clinical healthcare real estate properties, focusing primarily on outpatient medical buildings, senior housing, skilled nursing facilities, or SNFs, and other healthcare-related facilities. We have built a fully-integrated management platform, with approximately 110 employees, that operates clinical healthcare properties throughout the United States, the United Kingdom and the Isle of Man . We also operate healthcare-related facilities utilizing the structure permitted by the REIT Investment Diversification and Empowerment Act of 2007, which is commonly referred to as a "RIDEA" structure (the provisions of the Internal Revenue Code of 1986, as amended, or the Code, authorizing the RIDEA structure were enacted as part of the Housing and Economic Recovery Act of 2008). Our healthcare facilities operated under a RIDEA structure include our senior housing operating properties, or SHOP, and our integrated senior health campuses. We have originated and acquired secured loans and may also originate and acquire other real estate-related investments on an infrequent and opportunistic basis. We generally seek investments that produce current income; however, we have selectively developed, and may continue to selectively develop, healthcare real estate properties. We have elected to be taxed as a REIT for U.S. federal income tax purposes. We believe that we have been organized and operated, and we intend to continue to operate, in conformity with the requirements for qualification and taxation as a REIT under the Code. On October 1, 2021, Griffin-American Healthcare REIT III, Inc., or GAHR III, mer

View Full Filing

View this 10-K filing on SEC EDGAR