Summary
Health Care REIT, Inc. (now Welltower Inc.) reported the completion of its purchase of the remaining membership interests in four joint ventures: CHTSun Partners IV, LLC (Sun IV), CC3 Acquisition, LLC (CC3), CLPSun Partners II, LLC (Sun II), and CLPSun Partners III, LLC (Sun III). These purchases, finalized on July 1, 2013, represent the exercise of purchase options related to the earlier acquisition of Sunrise Senior Living's real estate business. The company acquired 100% ownership of these entities, which collectively own interests in a total of 49 seniors housing communities. The total investment related to the acquisition has increased from approximately $3.4 billion to $4.3 billion due to these buy-outs and other joint venture partner transactions. This move solidifies Health Care REIT's control over these assets, enhancing its portfolio of seniors housing properties. Investors should note that full financial statements and pro forma information related to these acquisitions will be filed by amendment at a later date.
Key Highlights
- 1Health Care REIT, Inc. completed the purchase of remaining membership interests in four key joint ventures (Sun IV, CC3, Sun II, Sun III) on July 1, 2013.
- 2These acquisitions grant the company 100% ownership of the entities that were previously partially owned through joint ventures.
- 3The acquired joint ventures collectively own interests in 49 seniors housing communities.
- 4The total investment related to the Sunrise Senior Living acquisition has increased to approximately $4.3 billion.
- 5These transactions were an exercise of purchase options stemming from the January 2013 acquisition of Sunrise Senior Living's real estate business.
- 6CNL Healthcare Properties, Inc. and CNL Lifestyle Properties, Inc. were the sellers of the remaining interests.