Welltower Announces Public Offering Price of 17,500,000 Shares of Common Stock

Rhea-AI Summary

Welltower Inc. announced the pricing of a public offering for 17,500,000 shares of its common stock, generating approximately $1.5 billion in gross proceeds. The underwriters have the option to purchase an additional 2,625,000 shares. The net proceeds will be used for property acquisitions in the seniors housing and skilled nursing sectors, as well as general corporate purposes. Welltower has $3.0 billion of acquisition activity, with $2.4 billion in seniors housing and $600 million in skilled nursing sectors. BofA Securities and Goldman Sachs are the underwriters for the offering.

TOLEDO, Ohio, Nov. 6, 2023 /PRNewswire/ -- Welltower Inc. (NYSE: WELL) ("Welltower" or the "Company") announced today that it priced the public offering for the 17,500,000 shares of its common stock previously sold (the "Offering") to BofA Securities, Inc. and Goldman Sachs & Co. LLC for aggregate gross proceeds to Welltower of approximately $1.5 billion. Welltower has also granted the underwriters an option to purchase up to 2,625,000 additional shares of common stock.

Welltower intends to use the net proceeds from the Offering for the acquisition of properties within the seniors housing and skilled nursing sectors, including those currently under contract and for general corporate purposes. On October 30, 2023, the Company disclosed approximately $1.0 billion of fully funded investments under contract and has entered into agreements to purchase an incremental $2.0 billion of properties as of November 6, 2023. In total, the $3.0 billion of granular acquisition activity is comprised of approximately $2.4 billion and $600 million of investments in the seniors housing and skilled nursing sectors, respectively. Pending such use, the net proceeds may be invested in short-term, investment grade, interest-bearing securities, certificates of deposit or indirect or guaranteed obligations of the United States.

BofA Securities, Inc. and Goldman Sachs & Co. LLC are acting as the underwriters of the Offering. A copy of the prospectus supplement and prospectus relating to these securities may be obtained (a) by contacting BofA Securities, Inc. NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus Department, email: dg.prospectus_requests@bofa.com, or Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing Prospectus-ny@ny.email.gs.com or (b) through the internet site of the SEC at http://www.sec.gov.

This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer or sale of, the common stock in any jurisdiction in which the offer, solicitation or sale of the notes would be unlawful prior to the registration or qualification thereof under the securities laws of any such state or jurisdiction.

Forward-Looking Statement

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," "intend," "expect" or similar expressions that do not relate solely to historical matters, Welltower is making forward-looking statements. Forward-looking statements, including statements related to the Offering, are not guarantees of future performance and involve risks and uncertainties that may cause Welltower's actual results to differ materially from Welltower's expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to, Welltower's ability to complete the Offering and those factors discussed in Welltower's reports filed from time to time with the SEC. 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.

About Welltower

Welltower Inc. (NYSE: WELL), a real estate investment trust ("REIT") and S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. Welltower 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 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.  

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SOURCE Welltower Inc.

FAQ

What is the purpose of Welltower's public offering?

The net proceeds from the offering will be used for property acquisitions in the seniors housing and skilled nursing sectors, as well as general corporate purposes.

How much gross proceeds did Welltower generate from the offering?

Welltower generated approximately $1.5 billion in gross proceeds from the offering.

Who are the underwriters for Welltower's offering?

BofA Securities and Goldman Sachs are the underwriters for the offering.

What is the total acquisition activity for Welltower?

Welltower has $3.0 billion of acquisition activity, with $2.4 billion in seniors housing and $600 million in skilled nursing sectors.

How many additional shares can the underwriters purchase?

The underwriters have the option to purchase an additional 2,625,000 shares.