Welltower Enters Into Agreement To Acquire Premier West Coast Seniors Housing Portfolio From Vintage Senior Living For $1.15 Billion

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PR Newswire

TOLEDO, Ohio, Aug. 2, 2016

TOLEDO, Ohio, Aug. 2, 2016 /PRNewswire/ -- Welltower Inc. (NYSE: HCN) today announced it has entered into a definitive agreement to acquire a portfolio of properties operated by Vintage Senior Living for a purchase price of $1.15 billion. The transaction comprises 19 properties offering a combination of independent living, assisted living and memory care communities in premium locations concentrated in Southern and Northern California, including the Los Angeles and San Francisco metro markets, and in the state of Washington. Welltower will transition management of these communities to three of its best-in-class operating partners, Senior Resource Group (11 properties), Sunrise Senior Living (7 properties) and Silverado (1 property), once the acquisition has been completed.

"This acquisition reinforces our high-quality health care real estate portfolio and leading presence in two of the top U.S. metro markets," said Tom DeRosa, Chief Executive Officer of Welltower. "We have a unique platform for delivering operational improvements and driving value for our shareholders. Together with our operating partners, we are excited about the opportunities to provide the best senior care with a focus on wellness and innovation."

The acquisition expands Welltower's leadership in core West Coast markets, where the company has an extensive portfolio of seniors housing, post-acute care and outpatient medical properties and relationships with leading local operating partners. Inclusive of this acquisition, Welltower owns 114 health care properties in California, and will be the largest owner of seniors housing properties in both Southern and Northern California.

"These properties are in attractive markets including irreplaceable locations near San Francisco's Golden Gate Park and Nob Hill, with a growing population of seniors, favorable supply-and-demand fundamentals and high barriers to entry," said Scott Brinker, Welltower's Chief Investment Officer. "Our long-term partnership approach, business expertise and unmatched local scale give Welltower and its operating partners significant opportunities to enhance the services offered at the properties and create value for our shareholders."

Welltower's investment approach prioritizes premium assisted living and memory care communities that focus on wellness and its positive health care impact. The company's operating partners promote wellness through better nutrition, cognition and mobility; a sense of community and social interaction; and connectivity with health care providers to ensure better care, faster intervention and recovery, reduced risk of hospitalizations and more efficient care delivery.

Vintage Senior Living will continue to operate its communities until the purchase has been completed. The transaction is expected to close in tranches beginning in September 2016, and will be subject to lenders' approvals and customary regulatory approvals. Welltower and Vintage will work to ensure a smooth transition of management and operations to SRG, Sunrise and Silverado to provide seamless continuity for residents and staff.

For more information about the transaction, a presentation is available at www.welltower.com.

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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 more than 1,400 properties 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 Statement
This press release contains "forward-looking statements" as that term is 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. In particular, these forward-looking statements include, but are not limited to, those relating to the company's ability to close the Vintage transaction on currently anticipated terms, or within currently anticipated timeframes; the expected performance of the company's operators/tenants and properties; the company's expected occupancy rates; and the company'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 the company'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 Vintage transaction, including the receipt of regulatory approvals and lender or third-party consents; the respective parties' performance of their obligations under the Vintage transaction agreements; the receipt of applicable healthcare licenses and governmental approvals; unanticipated difficulties and/or expenditures relating to the Vintage 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; unanticipated difficulties and/or expenditures relating to future investments or acquisitions; and the company's ability to maintain its qualification as a REIT. Additional factors are discussed in the company's Annual Report on Form 10-K and in its other reports filed from time to time with the Securities and Exchange Commission. Finally, 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.

For Media Contact:
Barbara Montresor
419-247-2800
bmontresor@welltower.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/welltower-enters-into-agreement-to-acquire-premier-west-coast-seniors-housing-portfolio-from-vintage-senior-living-for-115-billion-300307323.html

SOURCE Welltower Inc.

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