TOLEDO, Ohio, Nov. 11, 2019 /PRNewswire/ -- Welltower Inc.
(NYSE: WELL) and Invesco Real Estate ("Invesco"), a global real
estate investment manager, today announced an $850 million joint venture partnership comprising
a portfolio of 35 medical office buildings spanning 2.6 million
square feet. The portfolio was previously wholly owned by
Welltower. The properties are 100% affiliated with health systems
and have a weighted average lease term of five years. With an
average age of 19 years, these properties have experienced strong
second generation leasing. Through this partnership, Welltower will
retain a 15% economic interest in the portfolio.
"We are excited to announce this new partnership with Invesco,
one of the world's preeminent institutional real estate investors,"
stated Shankh Mitra, Welltower's Executive Vice President and Chief
Investment Officer. "We are constantly striving to optimize
both sides of our balance sheet by accessing both public and
private capital in all market cycles. Welltower's relationship
driven investment approach contributes directly to the strength of
our platform, and we think this relationship with Invesco
will create significant value for our shareholders."
"We are very pleased to partner with Welltower through this
investment in their best-in-class medical office portfolio,"
commented Greg Kraus, Managing
Director and Head of Acquisitions at Invesco. "We share Welltower's
positive outlook on the health care space, and look forward to
expanding this relationship and our exposure in this growing
sector. It is important to partner with best-in-class owner
operators in the medical office sector and Invesco looks
forward to collaborating with Welltower, whose expertise in the
space via its health care and real estate platform will help
deliver significant value to our clients."
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 we
use words such as "may," "will," "intend," "should," "believe,"
"expect," "anticipate," "project," "pro forma," "estimate" or
similar expressions that do not relate solely to historical
matters, we are making forward-looking statements. In particular,
these forward-looking statements include, but are not limited to,
those relating to our 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,
we undertake 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 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, post-acute
communities and outpatient medical properties. For more
information, visit www.welltower.com.
About Invesco Ltd.
Invesco is a global independent
investment management firm dedicated to delivering an investment
experience that helps people get more out of life. Our 13
distinctive investment teams deliver a comprehensive range of
active, passive and alternative investment capabilities. With
offices in 25 countries, Invesco managed $1.1 trillion in assets on behalf of clients
worldwide as of August 31, 2019. For
more information, visit www.invesco.com.
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SOURCE Welltower Inc.