American Healthcare REIT Enters $873M Agreement to Buy Kensington Portfolio

What Happened
American Healthcare REIT, Inc. (AHR) announced on August 10, 2026 that, through its operating partnership, it entered into three purchase agreements to acquire the "Kensington Portfolio" — eight senior housing communities totaling 745 units in California, Maryland, New York and Virginia — for an aggregate purchase price of $873,000,000. The agreements (the Portfolio Agreement, the Kensington Park Agreement and the Bethesda Agreement) require Buyer deposits of $8,730,000 into escrow within three business days of the effective date; those deposits are non‑refundable except in specified termination scenarios. The Initial Closing under the Portfolio Agreement is scheduled for September 1, 2026 (with a one‑time extension option to October 15, 2026), while the Kensington Park and Bethesda closings are subject to additional conditions (including lender consent and a stabilization/net operating income condition) and may occur later in 2026 or early 2027.

Key Details

• Aggregate purchase price: $873,000,000 for 8 properties (745 units) across CA, MD, NY and VA.
• Initial Closing date (Portfolio Agreement): September 1, 2026; Buyer may extend to October 15, 2026 with additional deposit.
• Deposits: $8,730,000 total placed in escrow; deposits are applicable to purchase price and may be forfeited to sellers as liquidated damages if Buyer defaults and does not cure.
• Kensington Park special condition: Closing depends on lender consent to assume an existing loan (original principal $56,460,000); if consent not received by Dec 1, 2026, Buyer may close without assuming that loan by Feb 21, 2027.
• Bethesda special condition: Closing conditioned on achieving a certified minimum annualized net operating income for three consecutive full months (the "Stabilization Condition"), followed by a 30‑day reinstated due diligence period.

Why It Matters
This is a material acquisition for AHR that would add 745 senior‑housing units and require substantial capital. The company intends to fund the transaction with equity offerings (including proceeds from forward sale agreements), borrowings, assumed debt and cash on hand — which could affect leverage, liquidity and shareholder dilution depending on financing choices. Closings for two properties are contingent on lender consent and operational stabilization metrics, so the transaction is not assured and carries execution risk; deposits may be forfeited if AHR defaults. Investors should note the timing uncertainty and the multiple conditions to closing described in the filing.