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American Healthcare REIT Enters Purchase Agreement for Seniors Operator 

Irvine-based American Healthcare REIT, Inc. (AHR) has entered into a purchase agreement to acquire all of the minority membership interest held by NorthStar Healthcare Income in Trilogy REIT Holdings, LLC. The agreement allows AHR to exercise its purchase option at any time before Sept. 30, 2025, at an all-cash price ranging from $240.5 million to $260 million. 

Founded in 1997, Trilogy is a leading owner-operator of purpose-built integrated senior health campuses throughout Indiana, Ohio, Michigan and Kentucky. As of June 30, it operated 123 properties comprised of more than 13,000 beds. 

“Trilogy constitutes more than a third of American Healthcare REIT’s $4.4- billion portfolio and is the strongest performing component,” said Danny Prosky, president and CEO of AHR. “Trilogy is one of the nation’s finest senior care operators, as evidenced by its remarkable recovery from the COVID pandemic, which battered the senior care industry.” 


Inside The Story

American Healthcare REIT

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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