Welltower (NYSE: WELL) on Thursday took steps to keep its top three executives together for the foreseeable future.
Executive Vice President and Chief Investment Officer Shankh Mitra was promoted to COO and vice chair of the Toledo, Ohio-based health care REIT. Mitra will also retain his chief investment officer title.
CFO Tim McHugh, meanwhile, was promoted from senior vice president to executive vice president. The promotions were announced in an SEC Form 8-K filing.
The filing also revealed that Welltower Chairman and CEO Tom DeRosa will remain in his role through April 14, 2023. DeRosa joined Welltower in April 2014. Mitra and McHugh joined in 2016.
The three have been instrumental to Welltower’s growth as the largest of the “Big 3” health care REITS in recent years. Notably, Welltower reshaped its operator roster in recent years, mainly through RIDEA structures where both sides shared in the risks and rewards. The REIT made inroads into middle-market senior housing through the acquisition of Clover Management last year and further moves made this year, such as the launch of the welltowerLIVING brand. Welltower is also aggressively pursuing health system partnerships with groups such as Jefferson Health and a $4.4 billion joint venture with ProMedica that included the HCR ManorCare senior housing and skilled nursing portfolio.
DeRosa believes that health systems hold over $600 billion in real estate assets on their ledgers, and can free up capital through partnerships to offer more services to communities, as well as offset declining margins.
Last month, DeRosa told investors that the coronavirus pandemic could show the value of senior housing communities that are well-equipped to care for those who are infected and mitigate a wider spread. The REIT has made moves to help operators acquire personal protective equipment, and 45 of its communities had reported at least one Covid-19 case as of April 1.