The parent organization of one of the nation’s largest nursing home chains filed paperwork for an initial public offering in what could set a record for transactions of its kind.
American Healthcare REIT is the majority owner of nursing home properties operated by Kentucky-based Trilogy Health Services, which was at the center of a USA TODAY investigation into nursing home deaths during the height of the pandemic.
The real estate investment trust would be traded on the New York Stock Exchange and could raise millions of dollars in the initial public offering.
USA TODAY reported in March that the chain’s 113 facilities collectively reported some of the worst death rates in the nation to the federal government. After publication, the chain revised its figures and cut its death toll by 42%, although it still ranked among the worst performers during COVID-19’s winter 2020 surge.
The REIT acknowledged to investors in its filing Friday with the Securities and Exchange Commission that it has faced downward financial pressure due to the pandemic, inflation and worker shortages. But its COVID-19 death rates compared to peers has not been reflected in communications to investors.
The scale of the death revisions prompted a review by the Centers for Medicare and Medicaid Services, which one of the agency’s chief medical officers called “concerning.” Spokesperson Elaine Kanellis…