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- Departure of CFO (new) — The current CFO is retiring, triggering the departure-of-CFO red flag.
American Healthcare REIT appoints Aric Chang as CFO, succeeding Brian Peay who retires Sept 30
Filed September 2, 2026 · Period ending September 2, 2026 · ~1 min read
Key Changes
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Aric Chang, formerly CFO of Real Estate at Public Storage, becomes CFO effective Oct 1, 2026.
Item 5.02 verify on EDGAR → -
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Brian Peay retires as CFO on Sept 30, 2026; company says not due to any disagreement.
Item 5.02 verify on EDGAR → -
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Chang's pay: $500,000 base, 100% target bonus (pro-rated 2026), and from 2027 a $1,000,000 target LTI split 50/50 RSUs and PSUs.
Item 5.02 verify on EDGAR → -
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Chang also gets a one-time $310,000 cash signing payment within 30 days of start.
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Peay's transition: consulting through Apr 15, 2027, base salary through 2026, 150% STI payout, accelerated vesting of 18,159 shares, and $45,000 COBRA reimbursement.
Item 5.02 verify on EDGAR →
Summary
American Healthcare REIT announced that Brian Peay will retire as Chief Financial Officer effective September 30, 2026, and that Aric Chang will succeed him on October 1, 2026. Chang joins from Public Storage, where he was CFO of Real Estate, and brings over two decades of real estate finance experience. The company states Peay's retirement is not due to any disagreement on operations, policies, or practices.
The CFO transition is a key governance event for investors. Chang's compensation package includes a $500,000 base salary, a target bonus of 100% of base salary (pro-rated for 2026), and starting in 2027 an annual long-term incentive award with a target value of $1,000,000 split evenly between restricted stock units and performance-based restricted stock units. He also receives a one-time cash payment of $310,000.
Peay will remain as a consultant through April 15, 2027, and his transition package includes base salary through 2026, a 2026 short-term incentive payout of 150% of base salary, accelerated vesting of 18,159 restricted shares, and $45,000 for COBRA premiums. While the company frames the change as a planned retirement, the departure of a long-tenured CFO is a notable event that warrants attention. Investors will want to monitor how Chang's leadership affects financial strategy and capital allocation, particularly given his background in large-scale capital deployment at Public Storage.
Section-by-Section Diff
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
AHR appoints Aric Chang as CFO effective Oct 1, 2026, succeeding Brian Peay who retires Sep 30, 2026.
Added in current filing · verify on EDGAR →
Brian S. Peay of his decision to retire as Chief Financial Officer, effective September 30, 2026
Brian Peay will retire as CFO on September 30, 2026. The company states his retirement is not due to any disagreement on operations, policies, or practices.
Event · Exhibit 99.1
AHR appoints Aric Chang as CFO effective Oct 1, 2026, succeeding Brian Peay who is retiring.
Added in current filing · view on EDGAR →
Aric Chang has been appointed Chief Financial Officer, effective October 1, 2026.
Aric Chang, currently CFO of Real Estate at Public Storage, will become AHR's CFO on October 1, 2026. He brings over two decades of real estate finance experience across public REITs, private equity, and REIT research.
Added in current filing · view on EDGAR →
Chang succeeds Brian Peay, who is retiring after 10 years as Chief Financial Officer.
Brian Peay is retiring after a decade as CFO and will remain in the role through September 30, 2026, ensuring a transition period. The company credits him with leadership through its NYSE listing and growth.
Added in current filing · view on EDGAR →
During his tenure, he has overseen approximately $16 billion of capital deployment across acquisitions, development, lending and mergers and acquisitions.
At Public Storage, Chang led real estate and corporate finance, FP&A, investment underwriting, and data analytics, overseeing roughly $16 billion in capital deployment. He previously held senior roles at Rexford Industrial, Rouse Properties, and J.P. Morgan Asset Management.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 3, 2026 · How we verify