TOLEDO, Ohio, Sept. 20, 2017 /PRNewswire/
-- Welltower Inc. (NYSE: HCN) announces the
donation of its state-of-the-art, LEED-certified office
buildings and approximately 100 acres of land for the benefit
of The University of Toledo. This transformational gift, at an
estimated value of more than $30
million, is made possible through an innovative real estate
agreement that transfers the company's extensive Toledo property at 4500 Dorr Street to The
University of Toledo Foundation.
Welltower's corporate headquarters will remain in Toledo, where it has been located since 1986.
As part of the agreement, Welltower will continue to occupy the
4500 Dorr Street North Building. The University of Toledo and the UT Foundation will
evaluate the optimal uses for the gifted real estate to advance the
University's mission.
"We are thrilled to make this transformational gift to The
University of Toledo," said Tom
DeRosa, Welltower's Chief Executive Officer. "As
the global leader in health care real estate, we are positioning
Welltower for growth and optimizing our own real estate footprint.
We have more space than we need, and are focused on running the
business more efficiently. This led us to consider more productive,
community-minded uses of the campus. The University of Toledo is the ideal choice, and we
are delighted to partner with them in such a meaningful and
progressive way. It is a fitting tribute to our company's
founders, Fritz Wolfe and
Bruce Thompson, to donate the
building and grounds to an institution that so profoundly impacts
the region and the community that the Wolfe and Thompson families
loved dearly. We are honored to open the gates of this
incredible campus to broader uses that will benefit the University
and the Toledo community for
generations to come."
"We are grateful for this generous gift from Welltower, which
affirms the important role of The University
of Toledo to positively impact our community. This
Toledo-based global company chose
to invest in UT because of our capacity to contribute to the growth
and development of our region, and we are thankful for their
support," said Sharon L. Gaber,
president of The University of Toledo.
"This is the largest gift in the University's history and provides
a unique opportunity to explore potential uses for this space that
would best serve the University and the community, and contribute
to our goal to be one of the top public, national, research
universities."
The donation by Welltower includes the 4500 Dorr Street Main
Building's 140,000 square feet of office space, which will be
repurposed by the UT Foundation, and the approximately 31,000
square foot North Building to be leased by Welltower as its
corporate headquarters and office space for its Toledo-based employees. As a result,
Welltower will significantly reduce the cost associated with its
corporate headquarters. Final transfer of the real estate and
implementation of the lease-back structure are expected to occur by
the middle of 2018. The company also plans to open an office in
New York City in 2018. This adds
an important local presence to support the company's significant
East Coast portfolio, and will function similarly to other regional
offices in London, Toronto, Jupiter and Beverly Hills.
Additionally, the company has real estate management offices in
Atlanta, Dallas, Minneapolis, St.
Louis and Phoenix.
About Welltower
Welltower Inc. (NYSE: HCN), an S&P 500 company headquartered
in Toledo, Ohio, is driving the
transformation of health care 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 health care experience. Welltower™, a real estate
investment trust (REIT), owns interests in properties concentrated
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
http://welltower.com/.
About The University of
Toledo
The University of Toledo,
established in 1872, is a diverse, public metropolitan research
university committed to the success of its students and the
northwest Ohio community. The
University is home to more than 20,000 students across 13 colleges
offering a wide array of undergraduate majors and graduate and
professional programs in business, education, engineering, law,
medicine, nursing and pharmacy. The UT Rockets compete in Division
I athletics with nearly 350 student athletes winning on the field
and in the classroom breaking records for GPA achievement. The
University has earned acclaim for its expertise in advanced
renewable energy, environmental sciences, astronomical and
biomedical research discoveries. For more information, visit
utoledo.edu.
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 investment opportunities
and plans with The University of Toledo
and its Foundation. Forward-looking statements are not guarantees
of future performance and involve risks and uncertainties that may
cause Welltower's actual results to differ materially from its
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; not closing the transaction with The
University of Toledo and its
Foundation; unanticipated difficulties and/or expenditures relating
to future investments or acquisitions; Welltower's ability to
maintain its qualification as a REIT; and other risks described in
Welltower's Annual Report on Form 10-K and in its other 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.
CONTACT:
For Welltower: Katherine
Colquitt, 202-468-2855, Media@Welltower.com;
For The University of Toledo:
Meghan Cunningham, 419-530-2410,
Meghan.Cunningham@utoledo.edu
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SOURCE Welltower Inc.