TOLEDO, Ohio, Sep 07, 2010 (BUSINESS WIRE) --
Health Care REIT, Inc. (NYSE:HCN) today announced it has substantially completed its $817 million partnership with Merrill Gardens, LLC, which was previously announced on August 4, 2010. A total of 32 communities with $628.3 million investment balance closed effective September 1st, with the remaining 6 communities valued at $188.7 million expected to close by September 30th, pending lender consents.
More information regarding the Health Care REIT/Merrill Gardens partnership and transaction details can be found at www.hcreit.com/merrillgardens.
About Health Care REIT. Health Care REIT, Inc., an S&P 500 company with headquarters in Toledo, Ohio, is a real estate investment trust that invests across the full spectrum of senior housing and health care real estate. The company also provides an extensive array of property management and development services. As of June 30, 2010, the company's broadly diversified portfolio consisted of 625 properties in 39 states. More information is available on the company's website at www.hcreit.com.
Merrill Gardens, LLC is one of the top owner/operators of independent and assisted living retirement communities in the country and the largest in Washington State. The company consists of 56 communities in 10 states with the capacity to serve over 7,700 residents. The management and resources of the Seattle, Washington based company ensure high standards of service and a long-term commitment to lifestyle, quality, security and privacy in all Merrill Gardens communities. Merrill Gardens is a family-owned, private company that started with one community in 1993 and now has over 2,500 employees. The company is built on a strong foundation of family, community, long-term commitment and entrepreneurial spirit. For more information visit the company's website at www.merrillgardens.com.
This document 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, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. The company's expected results may not be achieved, and actual results may differ materially from expectations. This may be a result of various factors, including, but not limited to, obtaining certain lender consents and receiving applicable health care licenses and governmental approvals. 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. The company assumes no obligation to update or revise any forward-looking statements or to update the reasons why actual results could differ from those projected in any forward-looking statements.
SOURCE: Health Care REIT, Inc.
Health Care REIT, Inc.
Scott Estes, 419-247-2800
Mike Crabtree, 419-247-2800