American Healthcare REIT extends credit facility, lifts to $1.15 billion

By Wendy Van Sickle

Columbus, Ohio, Feb. 21 – American Healthcare REIT, Inc. amended its existing credit facility, extending its maturity date and increasing its size to up to $1.15 billion, according to a news release.

The credit facility consists of an unsecured revolver in the initial amount of $600 million and an unsecured term loan facility in the initial amount of $550 million. The revolving portion of the credit facility now matures on Feb. 14, 2028 and may be extended for one 12-month period, subject to conditions.

The term loan portion now matures on Jan. 19, 2027.

The amended credit facility will allow for increased flexibility as the company evaluates opportunities, while maintaining the strength of its capital structure since its recently completed underwritten public offering of common stock and the listing of its common stock on the New York Stock Exchange, the company said.

Since the closing of the offering on Feb. 9, the company has repaid about $721 million of outstanding debt with a weighted average interest rate of 7.53%. As of Feb. 16, the company had $747 million of outstanding balances on its lines of credit and term loan, with a weighted average interest rate of 5.91%, taking into account the effect of swap instruments, and $803 million of total availability under its lines of credit and term loan. This reduction in outstanding debt will result in about $54 million in interest expense savings on an annualized basis.

The company is the product of a merger between Griffin-American Healthcare REIT III, Inc. and Griffin-American Healthcare REIT IV, Inc.

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