TOLEDO, Ohio, Jan. 2, 2018 /PRNewswire/ -- Welltower
Inc. (NYSE:HCN) today announced it has entered into a
definitive agreement to acquire a portfolio of rental continuing
care retirement communities ("CCRCs"). The transaction comprises
four communities offering a full continuum of care including
independent living, assisted living, memory care and post-acute
care concentrated in attractive markets within the Washington D.C., Miami and Charlottesville MSAs.
The portfolio is currently managed by Sunrise under triple-net
leases. Welltower will acquire the landlord's ownership interest
for $368 million and will transition
the communities to a RIDEA structure to deliver next generation
care. Welltower has closed on one of the communities with the
remaining three to follow in the first quarter of 2018. This
investment is projected to generate a nominal year one cap rate of
7%.
"We are pleased to announce the acquisition of this unique
portfolio. Only Welltower, with our superior relationship
investment model, is able to source, execute and unlock immediate
value in off market investments such as this," said Tom DeRosa, CEO of Welltower. "These assets,
located in top markets, represent both an enhancement to our
Sunrise portfolio and a significant above market return for our
shareholders."
Sunrise and Welltower Relationship
Founded in 1981 and headquartered in McLean, Virginia, Sunrise Senior Living operates more
than 300 communities in the United
States, Canada and the United Kingdom, with a total
unit capacity of over 30,000. Welltower has over $6 billion of investments with Sunrise
Senior Living.
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 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 ability to close the
Seniors Housing Property Trust transaction on currently anticipated
terms, or within currently anticipated timeframes; the expected
performance of Welltower's operators/tenants and properties;
Welltower's expected occupancy rates; and Welltower's ability to
access capital markets or other sources of funds. 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 satisfaction of closing
conditions to the Seniors Housing Property Trust transaction,
including the receipt of regulatory approvals and lender or
third-party consents; the respective parties' performance of their
obligations under the Seniors Housing Property Trust transaction
agreements; the receipt of applicable healthcare licenses and
governmental approvals; unanticipated difficulties and/or
expenditures relating to the Seniors Housing Property Trust
transaction; the status of the economy; the status of capital
markets, including availability and cost of capital; 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; natural
disasters and other acts of God affecting Welltower's properties;
operator/tenant or joint venture partner bankruptcies or
insolvencies; the cooperation of joint venture partners; and other
risks described in Welltower's 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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SOURCE Welltower Inc.