Welltower Announces Sale of 17,500,000 Shares of Common Stock

Rhea-AI Summary

Welltower Inc. announced the sale of 17.5 million shares of its common stock to BofA Securities, Inc. and Goldman Sachs & Co. LLC in an underwritten public offering. The underwriters have an option to purchase up to 2.6 million additional shares. The net proceeds will be used for property acquisitions in the seniors housing and skilled nursing sectors, with $3.0 billion of acquisition activity already in progress. The remaining funds may be invested in short-term securities or obligations of the United States.

TOLEDO, Ohio, Nov. 6, 2023 /PRNewswire/ -- Welltower Inc. (NYSE: WELL) ("Welltower" or the "Company") announced today the sale (the "Offering") of 17,500,000 shares of its common stock to BofA Securities, Inc. and Goldman Sachs & Co. LLC in an underwritten public offering pursuant to its effective shelf registration statement previously filed with the Securities and Exchange Commission (the "SEC"). 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 underwriter(s) 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. More information is available at www.welltower.com. 

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SOURCE Welltower

FAQ

What is the purpose of Welltower's stock sale?

The net proceeds from the stock sale will be used for property acquisitions in the seniors housing and skilled nursing sectors.

How many shares are being sold in the offering?

Welltower is selling 17.5 million shares of its common stock in the offering.

Who are the underwriters for the offering?

BofA Securities, Inc. and Goldman Sachs & Co. LLC are the underwriters for the offering.

What is the option granted to the underwriters?

The underwriters have an option to purchase up to 2.6 million additional shares of common stock.

What will happen if the net proceeds are not immediately used for property acquisitions?

The remaining funds may be invested in short-term securities, certificates of deposit, or obligations of the United States.