American Healthcare REIT Names Public Storage’s Aric Chang Chief Financial Officer
The incoming CFO arrives from a research and capital markets background just as an unsettled equity forward and the senior housing portfolio it funds move onto his desk.
September 3, 2026
American Healthcare REIT has recruited Aric Chang from Public Storage as its next chief financial officer, moving on the same day that incumbent CFO Brian Peay notified the company of his decision to retire.
Chang, 47, steps into the role effective October 1, 2026, one day after Peay’s retirement takes effect, leaving no gap in the seat. The company stated that Peay’s decision does not stem from any disagreement over its operations, policies or practices.
The hire completes a near-total refresh of the Irvine, California-based healthcare landlord’s executive bench inside eight months, following the July reshuffle in which Jeffrey Hanson moved from interim to permanent chief executive and Gabe Willhite was elevated to president alongside his chief operating officer duties.
A Capital Markets Resume
Chang has served as chief financial officer for real estate at Public Storage since May 2023, a remit covering real estate and corporate finance, financial planning and analysis, investment underwriting and real estate data analytics. His earlier career runs through both sides of the REIT market:
- senior vice president for investor relations and capital markets at Rexford Industrial Realty;
- seven years at J.P. Morgan Asset Management as executive director for research and strategy, on a real estate platform overseeing more than $80 billion across equity and debt mandates;
- corporate finance and debt restructuring at mall owner Rouse Properties, ahead of its acquisition by Brookfield;
- REIT research at Green Street Advisors and at Oak Hill REIT Management, a long/short vehicle backed by the Robert M. Bass family office.
He holds an economics degree from Wharton and an M.B.A. from Columbia.
The weighting toward research and capital markets rather than operational accounting is worth noting given what awaits him: an equity forward sale struck in August that remains unsettled, with physical settlement anticipated within roughly two years, and the senior housing portfolio acquisition it was raised to fund.
Terms on Both Sides
Chang’s offer letter sets base salary at $500,000 with a target annual bonus of 100% of base, pro-rated for his 2026 service. Beginning in 2027 he becomes eligible for an annual long-term incentive award carrying a target grant date fair value of $1 million, split evenly between time-vesting restricted stock units and performance-based units. He also receives a $310,000 cash inducement within 30 days of his start date, plus coverage under the executive severance and change-in-control plan.
Peay is not leaving outright. He will serve as a non-employee consultant from his retirement date through April 15, 2027, and in exchange for a release of claims will collect a consulting payment equal to his base salary for the remainder of 2026, a 2026 short-term incentive payout at 150% of base salary, accelerated vesting on 18,159 restricted shares granted in February 2024, and $45,000 toward expected health continuation premiums. His remaining equity awards keep vesting through the consulting period.
