TOLEDO, Ohio & TORONTO--(BUSINESS WIRE)--Oct. 26, 2015--
Welltower Inc. (“Welltower”) (NYSE:HCN) and Revera Inc. (“Revera”) today
announced that they completed the previously announced acquisition of
Regal Lifestyle Communities Inc. ("Regal") (TSX:RLC) through an existing
75/25 joint venture (JV) for CAD$12.00 per share in cash, or a total
enterprise value of approximately CAD$764 million.
This Smart News Release features multimedia. View the full release here:
http://www.businesswire.com/news/home/20151026006210/en/
The Regal portfolio includes 23 high-quality, private-pay seniors
housing communities with over 3,600 units (13 communities in Ontario,
seven in Quebec, and one each in British Columbia, Saskatchewan and
Newfoundland). The portfolio is concentrated in major Canadian markets
where Revera and Welltower have a substantial footprint. Approximately
83% of the portfolio’s net operating income is derived in Toronto,
Montreal, Ottawa and Vancouver. The initial cash yield is anticipated to
be 6.1%.
Welltower and Revera formed a joint venture in May 2013, when Welltower
acquired 47 seniors housing communities from Revera for CAD$1.34
billion (CAD$1.0 billion for Welltower’s 75% stake). Since that time,
the joint venture has grown significantly, consistent with Welltower and
Revera’s strategy. Including the acquisition of Regal, the JV is
comprised of 94 communities with gross investments of CAD$2.8 billion.
Additionally, Revera and Welltower jointly own the Sunrise Senior Living
management company, with Revera owning a 76% interest and Welltower
owning a 24% interest.
Advisors
Brookfield Financial and BMO Capital Markets acted as financial advisors
to Welltower and Revera. Goodmans LLP was Welltower and Revera’s legal
advisor.
CIBC acted as financial advisor to Regal. Stikeman Elliott LLP acted as
legal counsel to Regal.
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.
About Revera
Revera is a leading owner, operator and investor in the senior living
sector. Through its portfolio of partnerships, Revera owns or operates
more than 500 properties across Canada, the United States and the United
Kingdom, serving more than 47,000 seniors. The company offers seniors’
apartments, independent living, assisted living, memory care, and long
term care. With more than 51,000 employees dedicated to providing
exceptional care and service, Revera is helping seniors live life to the
fullest. Through Age
is More, Revera is committed to challenging ageism, the
company’s social cause of choice. Find out more at ReveraLiving.com,
facebook.com/ReveraInc
or on Twitter @Revera_Inc.
Forward-Looking Statements and Risk Factors
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 the actual results to differ materially from Welltower’s
expectations discussed in the forward-looking statements. Welltower’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, the respective parties’ performance of
their obligations under the transaction agreements; unanticipated
difficulties and/or expenditures relating to the relationship
post-transaction; Revera’s ability to realize operating efficiencies;
risks related to non-compliance with government regulations and new
legislation or regulatory developments; the status of capital markets,
including availability and cost of capital; competition within the
health care and seniors housing industries; changes in financing terms;
risks related to international operations; the movement of U.S. and
foreign exchange rates; the parties’ ability to cooperate and reach
agreement on major decisions; and other factors affecting the execution
of the transaction and subsequent performance, including REIT laws and
regulations. Additional factors are discussed in Welltower’s Annual
Report on Form 10-K and in its other reports filed from time to time
with the Securities and Exchange Commission. Finally, 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151026006210/en/
Source: Welltower Inc.
Welltower
Scott Estes, 419-247-2800
sestes@welltower.com
or
Scott
Brinker, 419-247-2800
sbrinker@welltower.com
or
Revera
Janet
Ko, 289-777-1441
janet.ko@reveraliving.com
or
Alison
Steeves, 289-777-1441
alison.steeves@reveraliving.com