Welltower Extends CEO Contract & Announces New Organization Structure to Optimize & Grow its Premier Healthcare Real Estate P...
January 03 2017 - 4:48PM
Business Wire
Welltower Inc. (NYSE:HCN) today announced that the Board of
Directors has extended the tenure of Chief Executive Officer Thomas
J. DeRosa, who has successfully led the company since April 2014,
for an additional 3-year period through April 2020.
“Under Tom DeRosa’s leadership, Welltower is transforming its
premier portfolio of healthcare real estate to a unique
infrastructure platform at the forefront of aging population growth
trends and the drive to move healthcare to lower cost settings.
This strategy has delivered strong financial and operating results,
created a dramatic improvement in the company's balance sheet, and
increased our enterprise value to over $40 billion," said Jeffrey
Donahue, Non-executive Chairman of the Board of Directors. “At the
same time, Tom has also emerged as a global voice advocating for
how effective, modern real estate settings can promote wellness and
contribute to improved outcomes for providers and payors.”
Welltower today also announced a new organization structure to
support the continued growth of its healthcare real estate
portfolio. Commenting on the new organization structure, DeRosa
said: “Welltower has achieved exceptional growth over the past
several years as we have solidified our leadership position as the
owner of high-quality, healthcare real estate. As healthcare real
estate evolves into a mainstream asset class, we will continue to
focus on creating and sustaining best-in-class internal growth
combined with targeted and strategic investments in markets where
we have significant scale. We are introducing a new organizational
structure today that will effectively utilize the power of our
unique platform – capitalizing on our scale, access to data,
diversity of operating expertise and tremendous depth of talent. By
doing so, we are reinforcing our commitment to evolve with the
value creation opportunities present in a dynamic and changing
marketplace.”
The new organization will streamline decision making and create
a leaner, more integrated management structure for executing the
company’s strategy. The following members of its management team
will take on new and expanded roles, reporting directly to Mr.
DeRosa:
- Executive Vice President Mercedes Kerr,
who has led the company's business development activities in the
U.S., will assume additional responsibility for deal origination on
a global basis, including the company’s portfolio and operations in
Canada and the U.K. She will also oversee an asset management
function responsible for driving operating efficiencies across the
company’s portfolio. Tim Lordan has been promoted to the newly
created role of Senior Vice President - Asset Management, and will
report to Ms. Kerr.
- Executive Vice President and Chief
Financial Officer Scott Estes will continue to lead corporate
finance and investor relations along with portfolio risk
management. He will assume additional responsibilities for
information management. Accounting, Tax and Corporate
Communications will continue to report to Mr. Estes. Shankh Mitra,
Senior Vice President - Finance and Investments, will take on
additional responsibilities for oversight of the company’s
portfolio management and business analytics functions, reporting to
Mr. Estes.
- Justin Skiver, Senior Vice President -
Underwriting, will lead the company’s underwriting function.
- Christy Stone, Senior Vice President -
Human Capital, will continue to lead the company’s human capital
function.
- Matthew McQueen, Senior Vice President
and General Counsel, will continue to lead legal and enterprise
risk management and will assume additional responsibilities for
internal audit.
As a result of these changes, the role of Chief Investment
Officer, currently held by Scott Brinker, is being eliminated
effective as of today. In addition, Jeffrey Miller, Chief Operating
Officer, has decided to retire effective February 1, 2017 and the
Chief Operating Officer function will also be eliminated. The
Company thanks Mr. Brinker and Mr. Miller for their many years of
service and their significant contributions to its growth and
success to date.
“Welltower has a great team and a unique platform for funding
innovative, efficient healthcare infrastructure and promoting
wellness for the aging population,” CEO DeRosa commented. “The
quality of our real estate stands out more than ever as a
competitive advantage. I am confident our new organization
structure will enhance our opportunities to deliver superior
performance for our shareholders and our partners.”
Welltower will report its 2016 full-year financial results on
February 22, 2017.
About Welltower
Welltower Inc. (NYSE:HCN), an S&P 500 company headquartered
in Toledo, Ohio, is driving the transformation of healthcare
infrastructure. The company invests with leading seniors housing
operators, post-acute providers and health systems to fund the real
estate infrastructure needed to scale innovative care delivery
models and improve people’s wellness and overall healthcare
experience. Welltower™, a real estate investment trust (REIT), owns
more than 1,400 properties in major, high-growth markets in the
United States, Canada and the United Kingdom, consisting of seniors
housing and post-acute communities and outpatient medical
properties. More information is available at www.welltower.com.
Forward-Looking Statements and Risk Factors
This press release contains “forward-looking statements” as
defined in the Private Securities Litigation Reform Act of 1995.
When Welltower uses words such as “may,” “will,” “intend,”
“should,” “believe,” “expect,” “anticipate,” “project,” “estimate”
or similar expressions that do not relate solely to historical
matters, it is making forward-looking statements. In particular,
these forward-looking statements include, but are not limited to,
those relating to Welltower’s opportunities to acquire, develop or
sell properties; our ability to close anticipated acquisitions,
investments or dispositions on currently anticipated terms, or
within currently anticipated timeframes; the expected performance
of our operators/tenants and properties; our expected occupancy
rates; our ability to declare and to make distributions to
shareholders; our investment and financing opportunities and plans;
our continued qualification as a REIT; our ability to access
capital markets or other sources of funds; and our ability to meet
our earnings guidance. Forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties that may cause our actual results to differ
materially from our expectations discussed in the forward-looking
statements. This may be a result of various factors, including, but
not limited to: the status of the economy; the status of capital
markets, including availability and cost of capital; issues facing
the health care industry, including compliance with, and changes
to, regulations and payment policies, responding to government
investigations and punitive settlements and operators’/tenants’
difficulty in cost-effectively obtaining and maintaining adequate
liability and other insurance; changes in financing terms;
competition within the health care and seniors housing industries;
negative developments in the operating results or financial
condition of operators/tenants, including, but not limited to,
their ability to pay rent and repay loans; our ability to
transition or sell properties with profitable results; the failure
to make new investments or acquisitions as and when anticipated;
natural disasters and other acts of God affecting our properties;
our ability to re-lease space at similar rates as vacancies occur;
our ability to timely reinvest sale proceeds at similar rates to
assets sold; operator/tenant or joint venture partner bankruptcies
or insolvencies; the cooperation of joint venture partners;
government regulations affecting Medicare and Medicaid
reimbursement rates and operational requirements; liability or
contract claims by or against operators/tenants; unanticipated
difficulties and/or expenditures relating to future investments or
acquisitions; environmental laws affecting our properties; changes
in rules or practices governing our financial reporting; the
movement of U.S. and foreign currency exchange rates; our ability
to maintain our qualification as a REIT; key management personnel
recruitment and retention; and other risks described in our reports
filed from time to time with the Securities and Exchange
Commission. Finally, Welltower undertakes no obligation to update
or revise publicly any forward-looking statements, whether because
of new information, future events or otherwise, or to update the
reasons why actual results could differ from those projected in any
forward-looking statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20170103006328/en/
Welltower Inc.Barbara Montresor, 419-214-5798
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