Welltower Names Seasoned Multifamily Executive, Jerry Davis, as Strategic Advisor

Rhea-AI Summary

Welltower Inc. (NYSE: WELL) announced on February 15, 2023, the appointment of Jerry Davis, former President and COO of UDR, as a Strategic Advisor. With 30 years of experience in the multifamily sector, Davis will collaborate with Welltower's COO, John Burkart, to enhance operational capabilities in seniors housing. This appointment coincides with a recent Private Letter Ruling providing Welltower with operational flexibility for its independent living assets. Davis aims to implement innovative technology solutions to improve profitability and sustainability within the business.

Positive

• Appointment of Jerry Davis as Strategic Advisor brings extensive multifamily experience.
• Davis's expertise in technology and operational efficiency expected to enhance seniors housing performance.
• Recent Private Letter Ruling increases operational flexibility for independent living assets.

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• None.

TOLEDO, Ohio, Feb. 15, 2023 /PRNewswire/ -- Welltower Inc. (NYSE: WELL) (the "Company") today announced the appointment of Jerry Davis, former President and Chief Operating Officer of UDR, as a Strategic Advisor to the Company.

Mr. Davis is a highly experienced executive within the multifamily sector having spent 30 years at UDR, an S&P 500 multifamily REIT with a national portfolio of nearly 60,000 apartment homes. During his tenure at UDR, Mr. Davis led various business units, including property operations, and is widely regarded as a leader in the utilization of new and evolving technologies and the development of systems and processes to optimize portfolio performance. Mr. Davis will work closely with John Burkart, Welltower's COO, to implement similar capabilities and ideas within the seniors housing space through the continued buildout of a full-scale, industry-leading operating platform. Mr. Davis' appointment as Strategic Advisor also coincides with the Private Letter Ruling recently received by Welltower, which provides the Company with significant flexibility in the operation of its independent living assets.

Mr. Davis has strong expertise in the area of residential technology solutions, leveraging their benefits not only to drive improved profitability but also to minimize environmental impact. Following his retirement from UDR in 2021, Mr. Davis has served as a senior advisor to RET, a venture capital firm focused on technologies for the multifamily, single-family rental and broader real estate asset classes.

"I'm thrilled to work alongside Jerry on a number of important initiatives at Welltower – paramount being the continued development of our operating platform, which we expect to fundamentally change the growth profile of the seniors housing industry," said Mr. Burkart. "Jerry's arrival marks the most recent example of our ability to attract best-in-class professionals who bring a wide-range of experience and skillsets from outside of the healthcare real estate space. As our ongoing investments into Welltower's data analytics and asset management capabilities help drive an acceleration of our growth, we expect more talented individuals to recognize the opportunity ahead of us to transform the operations of one of the fastest growing sectors within the commercial real estate sector."

Mr. Davis stated: "As peers within the multifamily space, John and I developed a close relationship and mutual respect as we shared many of the same views regarding the implementation of innovative technology and a data-driven approach to enhance property-level performance." He added, "the opportunity presented by Welltower is unique, as the seniors housing industry shares many of the same characteristics as the multifamily sector in the 1970's and 1980's, including strong demographic-driven growth coupled with a meaningful opportunity to drive operational efficiency and a better customer and employee experience. I'm humbled to be working with the dynamic team at Welltower and contribute to its pursuit of bringing operational excellence to the business."

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. More information is available at www.welltower.com.

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SOURCE Welltower Inc.

FAQ

What is the significance of Jerry Davis's appointment at Welltower?

Jerry Davis's appointment as Strategic Advisor at Welltower is significant due to his extensive experience in the multifamily sector, which is expected to enhance operational capabilities in seniors housing.

How will the Private Letter Ruling affect Welltower's operations?

The Private Letter Ruling provides Welltower with significant flexibility in operating its independent living assets, potentially improving operational efficiency.

What is Welltower's focus area following Jerry Davis's appointment?

Following Jerry Davis's appointment, Welltower is focused on implementing innovative technology solutions to enhance profitability and sustainability in its operations.

When was Jerry Davis appointed as Strategic Advisor for Welltower?

Jerry Davis was appointed as Strategic Advisor for Welltower on February 15, 2023.