TOLEDO, Ohio, March 2, 2021 /PRNewswire/ -- ProMedica and
Welltower (NYSE:WELL) today announced two transactions to
strengthen and expand their strong existing partnership while
maintaining an unwavering focus on patient care and clinical
outcomes. The transactions serve to enhance the quality of
the Welltower/ProMedica joint venture ("JV") portfolio and position
it for continued growth going forward.
First, the JV will divest a 25 property portfolio of
non-strategic skilled nursing facilities for $265 million. The properties, which were
acquired through the formation of the Welltower/ProMedica
partnership in 2018, are in eight states and have an average age of
41 years.
Second, nine PowerBack rehabilitation facilities, operated by
Genesis HealthCare (NYSE: GEN), will be contributed into
Welltower's JV with ProMedica and master leased to ProMedica.
The properties are mostly purpose-built state-of-the-art
rehabilitation facilities, with numerous amenities. Reimbursements
are received primarily from Medicare and commercial insurance
providers. The PowerBack facilities are intended to enhance
ProMedica's post-acute capabilities by enabling the health system
to further strengthen its ability to work with referral sources and
provide the care needed by patients and their families in these
markets. The facilities will be rebranded as ProMedica Senior
Care, as part of the successful launch of that brand in
October 2020.
"ProMedica has the unique opportunity to improve its senior care
portfolio through these two important transactions," said
Randy Oostra, ProMedica president
and CEO. "The transactions are a testament to the strong
partnership we have formed with Welltower and our shared focus on
innovation and quality patient care. Moreover, the
transactions announced today with Welltower follow other recently
announced partnerships that collectively allow ProMedica to
strengthen its position in strategic markets. Most importantly, we
will be able to expand the high-quality care our communities have
come to expect from us. Additionally, we look forward to welcoming
the highly-capable and talented staff that will be joining the
ProMedica family."
"We are delighted to expand our partnership with ProMedica and
enhance the quality and growth profile of our joint venture through
these transactions," said Shankh Mitra, Welltower CEO. "We
shared lofty aspirations with ProMedica at the outset of our
relationship and are pleased to announce that our expectations have
been exceeded. Our strategic partnership fueled ProMedica's
acquisition of HCR ManorCare, which allowed ProMedica to become one
of the largest not-for-profit health systems in the country and
achieve nearly $100 million of
integration-related synergies since that acquisition closed in
2018. The changing health care environment requires
innovative partnerships, such as the one established between
ProMedica and Welltower. We are looking forward to the
opportunities these transactions will generate as we continue to
demonstrate how we're challenging the traditional care
models."
Forward Looking Statement
This press release may contain forward-looking statements.
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.
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 Welltower's expectations
discussed in the forward-looking statements. This may be a
result of various factors, including, but not limited to, those
factors discussed in Welltower's reports filed from time to time
with the Securities and Exchange Commission. 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.
About ProMedica
ProMedica is a mission-based, not-for-profit health and
well-being organization headquartered in Toledo, Ohio. It serves communities in 28
states. The organization offers acute and ambulatory care, an
insurance company with a dental plan, and post-acute and academic
business lines. The organization has more than 49,000 employees, 12
hospitals, 2,500+ physicians and advanced practice providers with
privileges, 1,000+ healthcare providers employed by ProMedica
Physicians, a health plan, and 335+ assisted living facilities,
skilled nursing centers, memory care communities, outpatient
rehabilitation clinics, and hospice and home health care agencies.
Driven by its Mission to improve your health and well-being,
ProMedica has been nationally recognized for its advocacy programs
and efforts to address social determinants of health. For more
information about ProMedica, please visit
www.promedica.org/aboutus.
About Welltower
Welltower Inc. (NYSE: WELL), 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/.
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SOURCE Welltower Inc.