Welltower Announces the Completion of Two Next Generation Medical Office Buildings Leased to Atrium Health

Rhea-AI Summary

Welltower Inc. (NYSE: WELL) has completed two medical office buildings in Charlotte, NC, totaling over 280,000 square feet, delivered in March 2021. These properties are leased to Atrium Health under a 15-year triple-net lease and will serve as a part of a 9-acre mixed-use campus. This development aims to enhance healthcare services in the region, with a focus on next-generation care. The facilities include a shared parking deck for 1,440 cars and will host various Atrium Health clinics, marking an expansion of Welltower's partnerships for innovative healthcare infrastructure.

Positive

• Completion of two medical office buildings enhances healthcare services in Charlotte.
• Properties leased to Atrium Health under a secure 15-year triple-net lease.
• Development aims to improve healthcare delivery in a growing region.

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• None.

CHARLOTTE, N.C. and TOLEDO, Ohio, April 28, 2021 /PRNewswire/ -- Welltower Inc. (NYSE: WELL) announced today the completion of two recently developed medical office buildings in Charlotte, NC, totaling over 280,000 square feet.  The properties were delivered in March 2021 and master leased to Atrium Health (Moody's: Aa3; S&P: AA-) under a 15-year triple-net lease.  Located in Midtown Charlotte, minutes from Atrium's Main Campus, the projects were developed by Charlotte-based Pappas Properties, LLC, who will remain strategic partners with Welltower on the planned 9-acre health care anchored, mixed-use campus and future developments.

Mark Furlan, Healthcare Managing Director at Pappas, stated, "We are delighted to have collaborated with Welltower and Atrium on this extraordinary project. The next-generation care provided by Atrium through these facilities will have meaningful and long-term benefits for the population it serves. We look forward to the continued growth of our relationship." 

The project announced today includes a 9-story 1,440 car parking deck that will be shared by the entire mixed-use campus. Atrium's Sanger Heart and Vascular Institute and Atrium Health General Clinics including neurosciences, gastroenterology, infectious disease, palliative care, and others opened their respective practices to patients earlier this month.

"We are extremely pleased to announce the expansion of our relationship with both Atrium Health and Pappas Properties," commented Shankh Mitra, Welltower's Chief Executive Officer.  "The state-of-the-art facilities will serve as an anchor to the mixed-use campus which is located adjacent to Atrium Health's flagship Carolinas Medical Center.  We look forward to collaborating with our partners at Atrium and Pappas on executing future cutting-edge projects in this rapidly growing region."

About Welltower
Welltower Inc. (NYSE: WELL), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The Company 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™, a real estate investment trust (REIT), owns interests in properties concentrated in major, high growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing, post-acute communities and outpatient medical properties. For more information, visit www.welltower.com.

About Pappas Properties
Pappas Properties, based in Charlotte, North Carolina, is one of the Southeast's premier developers of retail, office and medical mixed-used projects and master-planned communities, with a special focus on executing large and complex projects. Established in 1999 and led by a team of real estate development professionals averaging more than 25 years of experience, Pappas Properties has earned national acclaim for its use of innovative planning, exceptional design and distinctive amenities to create extraordinary assets that enhance the value of the broader community. In addition to real estate development, Pappas Properties also provides asset management and consulting services to institutional clients and private equity firms. 

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SOURCE Welltower Inc.

FAQ

What recent development did Welltower announce?

Welltower announced the completion of two medical office buildings in Charlotte, NC, totaling over 280,000 square feet.

Who is leasing the new medical office buildings from Welltower?

Atrium Health is leasing the new medical office buildings under a 15-year triple-net lease.

When were the medical office buildings in Charlotte completed?

The medical office buildings were completed in March 2021.

How will the new facilities impact healthcare in Charlotte?

The facilities will enhance next-generation care and host multiple Atrium Health clinics.

What is the significance of Welltower's partnership with Atrium Health?

The partnership aims to improve health care infrastructure in rapidly growing markets.