TOLEDO, Ohio, July 26, 2018 /PRNewswire/ -- Welltower Inc.
(NYSE: WELL), a leading global provider of healthcare
infrastructure, and ProMedica, a mission-based, not-for-profit
healthcare system focused on improving health and well-being across
the care continuum, announced today the successful close of their
joint venture acquisition of Quality Care Properties, Inc. (NYSE:
QCP) and its principal tenants, HCR ManorCare and Arden Courts, the nation's second largest
provider of post-acute services and long-term care.
"Together with ProMedica, one of the largest and most innovative
health systems in the U.S., this acquisition of HCR ManorCare
provides us the platform to think differently about where
healthcare services are delivered, particularly with respect to the
aging of the population," said Tom
DeRosa, Chief Executive Officer of Welltower. "The close of
this transformative joint venture further validates our health
system strategy through which we leverage high-quality real estate
to optimize care delivery at lower costs sites of care while
remaining focused on improved outcomes."
Individuals in their 70s and 80s are the fastest growing segment
of the U.S. population, yet the current senior care environment is
fragmented, costly and inefficient. Nearly eight million patients
are using post-acute care services, presenting a significant
opportunity to coordinate those services with healthcare systems to
improve quality and reduce the overall cost of care.
"At the heart of this transaction is the need to shift care
delivery into new, more cost-effective settings as well as to
expand our unique wellness-focused strategy as we scale
nationally," said Randy Oostra,
ProMedica president and CEO. "This is our opportunity to redefine
the settings of effective care delivery outside of the hospital
walls for aging seniors and enhance our service offering to span
the entire continuum of care, including home health, post-acute
care and residential memory care."
A presentation with additional background on the strategic
opportunity this venture presents will be accessible on the
investor section of Welltower's website.
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 and ProMedica use words such as "may," "will," "intend,"
"should," "believe," "expect," "anticipate," "project," "estimate,"
or similar expressions that do not relate solely to historical
matters, they are making forward-looking statements. In particular,
these forward-looking statements include, but are not limited to,
those relating to the expected performance of Welltower, ProMedica,
and HCR ManorCare's operators/tenants and properties; Welltower,
ProMedica, and HCR ManorCare's expected occupancy rates; and
Welltower and ProMedica'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 and ProMedica's actual
results to differ materially from their expectations discussed in
the forward-looking statements. This may be a result of various
factors, including, but not limited to: unanticipated difficulties
and/or expenditures relating to the HCR ManorCare joint venture
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;
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 and
ProMedica 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 and post-acute communities and outpatient medical
properties. More information is available
at www.welltower.com.
(1) Pro forma underwriting based on HCR ManorCare
provided financial information.
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SOURCE Welltower Inc.