Transactions & Financings: Welltower’s New NYSE Ticker Symbol

Welltower to Change NYSE Ticker Symbol to “WELL”

Health care infrastructure company Welltower, Inc. has announced a change to its New York Stock Exchange (NYSE) ticker symbol, from “HCN” to “WELL.” The Toledo, Ohio-based company will begin trading under “WELL” on February 28.

“Welltower owns, manages and has developed the largest network of premium residential senior care and outpatient medical real estate in the U.S., Canada and United Kingdom,” Thomas J. DeRosa, Welltower CEO, said in a statement. “Wellness is at the center of what we do and by changing our ticker symbol to WELL, we’re able to further align our brand with our mission of providing effective real estate settings that promote wellness for the aging population as well as helping the broader health care delivery system drive toward the goal of improving health outcomes while lowering the cost of care.”


In its statement, the S&P 500 company notes that “no action is needed from current shareholders in relation to the ticket symbol change.” The common and preferred stock will continue to be listed on the NYSE, the statement reads, adding that the Committee on Uniform Security Identification Procedures (CUSIPs) will remain unchanged as 95040Q104 and 95040Q203, respectively.

Joint Venture Acquires South Carolina AL and MC facility for $10M

LTC Properties Inc., of southwest California, has announced a real estate joint-venture with an affiliate of Affinity Living Group to acquire The Inverness at Spartanburg, an 87-unit assisted living (AL) and memory care (MC) community in Spartanburg, South Carolina.


The purchase price is $10 million.

“We are continuing our strategy of providing innovative and flexible financing solutions in response to the changing needs of regional operating partners,” Wendy Simpson, LTC chief executive and chairwoman, said in a statement. “Affinity has a strong presence in the Southeast, and we welcome them as a new partner.”

An affiliate of Hickory, North Carolina-based Affinity Living Group will operate the community, under a triple-net lease. Affinity — which operates 92 AL, MC and independent living (IL) facilities in eight states — is a new operating partner for LTC, the statement said.

Charter Senior Living of Chicago buys 129-unit IL and AL in Kentucky

Chicago-based Charter Senior Living has purchased Bowling Green Retirement Village, a 129-unit IL and AL facility in Bowling Green, Kentucky, renaming it Charter Senior Living of Bowling Green.

Purchase price was not disclosed.

“We’re excited to pick up Bowling Green Retirement Village as our first venture into Kentucky,” Keven Bennema, chief executive officer of Charter Senior Living, told the Bowling Green Daily News. “It has had a very good reputation for many years.”

Charter, founded in 2016, is planning changes to the physical structure and the facility’s operations, but has no plans for personnel changes, Bennema told the BG Daily News. The facility is currently at 88% occupancy.

“Our goal is to fill every bed,” Bennema said.

Pathway to Living Expands to Michigan With Purchase of 81-unit AL and MC

Chicago-based senior living developer, owner and operator Pathway to Living has announced its completed acquisition of an 81-unit AL and MC facility in Kentwood, Michigan.

Purchase price was not disclosed.

The facility formerly known as Elmcroft of Kentwood is being rebranded Azpira Place of Breton, with Pathway to Living assuming management duties.

“We’re excited to expand our growing portfolio of senior living communities into Michigan,” Jerome Finis, CEO of Pathway to Living, said in a statement. “This acquisition gives us an immediate presence in an underserved market and aligns with our strategy of investing in well-located properties where there’s room to add high-quality amenities.”

Set on a five-acre site, Azpira Place offers 69 AL residences in both studio and one-bedroom layouts, along with 12 MC residences in studio or shared suites. The purchase — from Kentucky-based seller Elmcroft Senior Living — is the first of 2018 for Pathway to Living, giving the firm in either ownership or management 29 communities with approximately 2,800 units.

ESI Arranges Sale of 66-unit AL Facility in Washington for $7.0M

Evans Senior Investments (ESI) has announced the completion of its sale of Rosewood Villa, a 66-unit AL community in Bellingham, Washington for approximately $7,025,000 ($106,000 price per unit).

According to a statement from ESI, Rosewood Villa was 93.9% occupied over the prior 12 months at the time of the sale, with 31% private pay. The community posted a 26.7% EBITDAR margin in the trailing twelve month period.

“Rosewood Villa presented a great value-add opportunity for a new owner/operator to convert the community to a majority of private pay residents and further improve profitability,” Jeremy Stroiman, CEO of ESI, said in the statement. The undisclosed buyer was a California-based private equity firm. ESI represented the seller, an independent owner/operator.

24-bed AL in Florida Sells for $1.1M

Marcus & Millichap First Vice President Investments Krone Weidler has announced the sale of Heritage House Assisted Living of Clearwater, Florida, for $1,062,000. The facility offers 24 licensed beds, all filled, with both private and semi-private rooms.

Written by Jack Silverstein

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