TOLEDO, Ohio, Feb 28, 2019 /PRNewswire/ -- Welltower
Inc. (NYSE: WELL) (the "Company") announced today that it has
completed the previously announced conversion of all of its
outstanding Series I Cumulative Convertible Perpetual Preferred
Stock (NYSE: HCN.PRI ) (the "Convertible Preferred Stock") into the
Company's common stock (NYSE: WELL) (the "Common Stock") pursuant
to the terms of the Convertible Preferred Stock. Capitalized
terms not otherwise defined in this notice have the meaning set
forth in the Certificate of Designation.
On February 20, 2019 the daily
volume-weighted average price of the Common Stock was $75.7962, which marked the 20th trading day in
the previous 30 consecutive trading days that the volume-weighted
average price of the Common Stock was above $73.388 (which is equal to 130% of the applicable
conversion price for the Convertible Preferred Stock), triggering
the right of the Company to elect to mandatorily convert all shares
of Convertible Preferred Stock into shares of Common Stock in
accordance with the terms of the Convertible Preferred Stock (the
"Mandatory Conversion"). Upon completion of the Mandatory
Conversion each share of Convertible Preferred Stock was converted
into 0.8857 shares of Common Stock. As of December 31, 2018, there were 14,369,965 shares
of Convertible Preferred Stock outstanding, which as of today, have
been fully converted to common equity. Following the conversion,
the Convertible Preferred Stock will be delisted from trading on
NYSE. "We are pleased to announce the successful conversion of our
Series I Preferred Stock, eliminating the most expensive legacy
component of Welltower's capital stack," said Tom DeRosa, CEO of Welltower. "This action
enhances Welltower's financial flexibility while further equitizing
the balance sheet to support our future growth which is driven by
our well recognized and differentiated strategy and vision for
transforming where health care is delivered."
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 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.
Forward-Looking Statements
This press release may contain "forward-looking" statements as
defined in the Private Securities Litigation Reform Act of
1995. When the Company 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 the Company's
actual results to differ materially from the Company'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 the prospectus supplement and accompanying
prospectus relating to the offering and filed with
the SEC and in the Company's reports filed from time to
time with the SEC. The Company 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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/welltower-announces-completion-of-the-mandatory-conversion-of-its-6-50-series-i-cumulative-convertible-perpetual-preferred-stock-300804700.html
SOURCE Welltower Inc.