A detailed elastogasdynamic model of a preloaded three-pad air foil journal bearing is presented. Bump and top foil deflections are herein calculated with a nonlinear beamshell theory according to Reissner. The two-dimensional pressure distribution in each bearing pad is described by the Reynolds equation for compressible fluids. The assembly preload is calculated by simulating the assembly process of top foil, bump foil, and shaft. Most advantageously, there is no need for the definition of an initial radial clearance in the presented model. With this model, the influence of the assembly preload on the static bearing hysteresis as well as on the aerodynamic bearing performance is investigated. For the purpose of model validation, the predicted hysteresis curves are compared with measured curves. The numerically predicted and the measured hysteresis curves show a good agreement. The numerical predictions exhibit that the assembly preload increases the elastic foil structural stiffness (in particular for moderate shaft displacements) and the bearing damping. It is observed that the effect of the fluid film on the overall bearing stiffness depends on the assembly preload: For lightly preloaded bearings, the fluid film affects the overall bearing stiffness considerably, while for heavily preloaded bearings the effect is rather small for a wide range of reaction forces. Furthermore, it is shown that the assembly preload increases the friction torque significantly.