TOLEDO, Ohio, Sept. 20, 2017 /PRNewswire/ -- Welltower Inc. (NYSE: HCN) announces the donation of its state-of-the-art, LEED-certified office buildings and approximately 100 acres of land for the benefit of The University of Toledo. This transformational gift, at an estimated value of more than $30 million, is made possible through an innovative real estate agreement that transfers the company's extensive Toledo property at 4500 Dorr Street to The University of Toledo Foundation. Welltower's corporate headquarters will remain in Toledo, where it has been located since 1986. As part of the agreement, Welltower will continue to occupy the 4500 Dorr Street North Building. The University of Toledo and the UT Foundation will evaluate the optimal uses for the gifted real estate to advance the University's mission.
"We are thrilled to make this transformational gift to The University of Toledo," said Tom DeRosa, Welltower's Chief Executive Officer. "As the global leader in health care real estate, we are positioning Welltower for growth and optimizing our own real estate footprint. We have more space than we need, and are focused on running the business more efficiently. This led us to consider more productive, community-minded uses of the campus. The University of Toledo is the ideal choice, and we are delighted to partner with them in such a meaningful and progressive way. It is a fitting tribute to our company's founders, Fritz Wolfe and Bruce Thompson, to donate the building and grounds to an institution that so profoundly impacts the region and the community that the Wolfe and Thompson families loved dearly. We are honored to open the gates of this incredible campus to broader uses that will benefit the University and the Toledo community for generations to come."
"We are grateful for this generous gift from Welltower, which affirms the important role of The University of Toledo to positively impact our community. This Toledo-based global company chose to invest in UT because of our capacity to contribute to the growth and development of our region, and we are thankful for their support," said Sharon L. Gaber, president of The University of Toledo. "This is the largest gift in the University's history and provides a unique opportunity to explore potential uses for this space that would best serve the University and the community, and contribute to our goal to be one of the top public, national, research universities."
The donation by Welltower includes the 4500 Dorr Street Main Building's 140,000 square feet of office space, which will be repurposed by the UT Foundation, and the approximately 31,000 square foot North Building to be leased by Welltower as its corporate headquarters and office space for its Toledo-based employees. As a result, Welltower will significantly reduce the cost associated with its corporate headquarters. Final transfer of the real estate and implementation of the lease-back structure are expected to occur by the middle of 2018. The company also plans to open an office in New York City in 2018. This adds an important local presence to support the company's significant East Coast portfolio, and will function similarly to other regional offices in London, Toronto, Jupiter and Beverly Hills. Additionally, the company has real estate management offices in Atlanta, Dallas, Minneapolis, St. Louis and Phoenix.
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 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 http://welltower.com/.
About The University of Toledo
The University of Toledo, established in 1872, is a diverse, public metropolitan research university committed to the success of its students and the northwest Ohio community. The University is home to more than 20,000 students across 13 colleges offering a wide array of undergraduate majors and graduate and professional programs in business, education, engineering, law, medicine, nursing and pharmacy. The UT Rockets compete in Division I athletics with nearly 350 student athletes winning on the field and in the classroom breaking records for GPA achievement. The University has earned acclaim for its expertise in advanced renewable energy, environmental sciences, astronomical and biomedical research discoveries. For more information, visit utoledo.edu.
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 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 Welltower's investment opportunities and plans with The University of Toledo and its Foundation. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause Welltower'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 status of the economy; the status of capital markets, including availability and cost of capital; issues facing the health care industry; not closing the transaction with The University of Toledo and its Foundation; unanticipated difficulties and/or expenditures relating to future investments or acquisitions; Welltower's ability to maintain its qualification as a REIT; and other risks described 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.
For Welltower: Katherine Colquitt, 202-468-2855, Media@Welltower.com;
For The University of Toledo: Meghan Cunningham, 419-530-2410, Meghan.Cunningham@utoledo.edu
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SOURCE Welltower Inc.