The American Healthcare REIT Board of Directors will remain neutral on an unsolicited third-party bid mini-tender offer from Comrit Investments 1, according to a Tuesday filing with the Securities and Exchange Commision.
Comrit offered to purchase up to an aggregate of 306,044 shares of AHR’s Class T and Class I common stock “at a low price of $13.07 per share,” AHR CEO, President and Director Danny Prosky wrote in a letter to shareholders.
Prosky told shareholders that the offer did not come from AHR. The offer is approximately 58% less than the board’s most recent estimated net asset value of Class T and Class common stock of $31.40 per share as of Dec. 31, he said.
The CEO called the Comrit offer “opportunistic,” but acknowledged that some stockholders “may need near-term liquidity in light of the current financial markets and lack of certainty regarding the timing of any potential AHR public offering or other liquidity event.”
In August 2021, Comrit offered to purchase up to an aggregate of 936,037 shares of AHR’s Class T or Class I common stock at $6.41 per share. At that time, the board recommended that stockholders not accept the Comrit offer or tender their shares.
Irvine, CA-based American Healthcare REIT was formed in November after the merger of Griffin-American Healthcare REIT III Inc. and Griffin-American Healthcare REIT IV. The company’s $4.2 billion portfolio includes 312 buildings and campuses, including senior living communities (11,390 beds; 36.8% of the portfolio’s gross investment value), skilled nursing facilities (9,673 beds; 23.7%), medical office buildings (34.2%) and hospitals (3.5%) across 36 states and the United Kingdom.
