American Healthcare REIT is expanding its presence in senior housing, increasing its projected investment pipeline to $800 million from $650 million in May. The company has completed $1.4 billion in new deals this year.
The company finalized $126.9 million in new senior housing operating portfolio investments during the second quarter. These acquisitions lowered the average age of its properties from 29 years to 21 years, as shown in recent earnings materials.
Hanson described the current market as a rare opportunity. He stated the company is acting with careful urgency across four key areas: accelerating acquisitions, hiring new talent, strengthening relationships with operators, and using Trilogy Health Services’ platform to boost performance.
Hanson emphasized the timing during the earnings call.
Development pipeline reaches $197.5 million
The company is also growing its development efforts. Its in-process pipeline now stands at $197.5 million, with $72 million already spent by June 30. Projects include five new Trilogy campuses under construction and 30 existing communities with land for villa expansions.
A memory care center in Warsaw, Indiana, stands out as a test for neuroscience-based dementia care. President and COO Gabe Willhite said it could become a model for the entire portfolio.
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Willhite expressed hope that the approach would later extend beyond Trilogy.
Same-store net operating income in the senior housing segment rose 20.5% year-over-year in the second quarter. In June, the company bought five properties for $126.9 million. By early July, it had added another 10 for about $1 billion.
Chief Investment Officer Stefan Oh noted that half of these deals came from off-market opportunities, providing early access to high-quality properties in dense suburban or infill markets.
Leadership change announced
The expansion coincides with Hanson taking over as CEO following Danny Prosky’s retirement.
By June 30, American Healthcare REIT owned 327 properties, including 148 integrated senior health campuses, 92 senior housing communities, 70 outpatient medical buildings, and 17 triple-net lease assets. The shift toward newer, higher-quality assets aligns with a broader industry move toward modern living environments for older adults.
Most new deals are concentrated in markets with strong population growth and limited new construction, a strategy designed to protect the portfolio from oversupply risks in the coming years.
