Welltower Inc. completed the acquisition of remaining 15% stake in Real estate and management of all skilled nursing facilities from ProMedica Health Systems, Inc.
December 30, 2022
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Welltower Inc. (NYSE:WELL) entered into definitive agreement to acquire remaining 15% stake in Real estate and management of all skilled nursing facilities from ProMedica Health Systems, Inc. on November 7, 2022. Welltower will release ProMedica from its skilled nursing lease obligation. Concurrently, Welltower entered into a definitive agreement to sell the 147 skilled nursing facilities to an 85/15 joint venture between Welltower and Integra Health ("Integra"). Operations for the skilled nursing facilities will also transition to Integra Healthcare Properties. The definitive agreements do not include ProMedica's non-Welltower leased senior care centers located in Adrian and Monroe, Michigan, the skilled nursing and memory care facilities located on the ProMedica Flower Hospital campus in Sylvania, Ohio, and ProMedica'sHome Health and Hospice agencies. ProMedica will continue operating those centers and agencies, as well as its 58 Arden Courts memory care communities within its real estate joint venture with Welltower. Transaction is expected to close on December 19, 2022. The transactions are expected to be neutral to slightly accretive to Welltower's cash flow, leverage, and earnings. Jeff Kapp of Jones Day and Baker Hostetler are serving as legal counsel to ProMedica. Ankura and Houlihan Lokey are serving as ProMedica's financial advisor and investment banker, respectively.
Welltower Inc. (NYSE:WELL) completed the acquisition of remaining 15% stake in Real estate and management of all skilled nursing facilities from ProMedica Health Systems, Inc. in December 2022. Concurrently, Welltower transitioned nursing facilities to master leases with Integra Healthcare Properties.
Welltower Inc. is a real estate investment trust (REIT). The Company owns interests in properties concentrated in markets in the United States, Canada, and the United Kingdom (U.K.), consisting of seniors housing and post-acute communities and outpatient medical properties. The Company's segments include Seniors Housing Operating, Triple-net and Outpatient Medical. The Seniors Housing Operating segment properties include seniors apartments, assisted living, independent living/continuing care retirement communities, independent supportive living communities (Canada), care homes with and without nursing (U.K.), and combinations. The Triple-net segment invests in seniors housing and health care real estate through the acquisition and financing of primarily single tenant properties. Properties acquired are primarily leased under triple-net leases. The Company's Outpatient Medical segment properties are leased to multiple tenants.
Welltower Inc. completed the acquisition of remaining 15% stake in Real estate and management of all skilled nursing facilities from ProMedica Health Systems, Inc.
WELLTOWER INC. 
