TOLEDO, Ohio, July 29, 2021 /PRNewswire/
-- Welltower® Inc. (NYSE: WELL) today
announced the formation of a new strategic joint venture with
Aspect Health, a fully-integrated real estate developer, concierge
property manager, investor, and advisor focused on leading
innovation in healthcare strategy and real estate development. The
partnership will bring together Aspect Health's deep expertise in
design and development while leveraging Welltower's data analytics
platform to deliver the next generation of healthcare facilities
that elevate the patient and physician experience. The joint
venture partnership includes an investment in Aspect Health's
existing portfolio of six properties and a medical office building
under construction which are located in high barrier to entry
markets in the New York City
metropolitan area. Additionally, the companies have agreed to
a ten-year exclusivity agreement on future development
opportunities. The existing portfolio consists of multi-tenanted
Class A medical office buildings, including ambulatory surgery
centers, predominantly ground-up developed by Aspect Health. The
98% occupied portfolio is 100% triple-net leased to leading
hospitals and physician groups with a weighted average lease term
of approximately 12 years. Welltower and Aspect's first development
partnership will be a 60,000 square foot outpatient medical
building located just outside of New York
City. The property will be master leased to a leading health
system for 20 years and is expected to commence construction in
early 2022.
"Our new strategic partnership with Aspect Health enables us to
add a highly experienced developer and operator of healthcare real
estate in the greater New York
City region. Aspect Health's depth of local relationships
complements that of Welltower and our vision of bringing innovation
and transformation to healthcare real estate solutions is closely
aligned," said Shankh Mitra, CEO and CIO of Welltower. "We are
delighted to be working with Chris and the Aspect team and are
excited to execute on a number of long-term growth opportunities
which will benefit all of our stakeholders."
"We formed Aspect Health because we saw a need to address the
rapid transformation that's causing dysfunction and inefficiencies
at the intersection of healthcare and real estate," said
Christopher Smith, CEO of Aspect
Health. Aspect Health advises healthcare leaders to leverage real
estate as part of their overall business strategy by developing
comprehensive solutions that go well beyond the physical space.
Smith continued, "Welltower's strategic partnership and data
analytics capabilities perfectly complement our advisory and
concierge strategy to design and develop advanced healthcare
facilities using the latest research and technologies to deliver a
significantly better overall experience — not only for patients,
but for the providers who care for them and the health systems that
serve them. Welltower is the gold standard and provides scale
for the existing development platform."
Forward-Looking Statement
This press release may
contain "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.
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 SEC. 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 Aspect Health, LLC
Aspect Health is
headquartered in Westport, Conn.
and offers a vertically integrated slate of full-service real
estate solutions including advisory services, site selection,
entitlement, design, development and construction, acquisition,
property, and asset management. The company is led by a management
team with more than 225 years of combined experience that has owned
and managed more than eight million square feet of healthcare,
hotel, industrial, residential, retail and office real estate.
Aspect Health has significant market share in its core geographic
region of Connecticut with a
future strategic focus on expanding throughout the surrounding
Northeast region between New York
and Boston. For more information
visit https://www.aspecthealthre.com.
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.
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SOURCE Welltower Inc.