Welltower and Aspect Health Form Strategic Joint Venture to Elevate and Lead Innovation in Healthcare Real Estate Strategies
TOLEDO, Ohio, July 29, 2021
TOLEDO, Ohio, July 29, 2021 /PRNewswire/ -- Welltower® Inc. (NYSE: WELL) today announced the formation of a new strategic joint venture with Aspect Health, a fully-integrated real estate developer, concierge property manager, investor, and advisor focused on leading innovation in healthcare strategy and real estate development. The partnership will bring together Aspect Health's deep expertise in design and development while leveraging Welltower's data analytics platform to deliver the next generation of healthcare facilities that elevate the patient and physician experience. The joint venture partnership includes an investment in Aspect Health's existing portfolio of six properties and a medical office building under construction which are located in high barrier to entry markets in the New York City metropolitan area. Additionally, the companies have agreed to a ten-year exclusivity agreement on future development opportunities. The existing portfolio consists of multi-tenanted Class A medical office buildings, including ambulatory surgery centers, predominantly ground-up developed by Aspect Health. The 98% occupied portfolio is 100% triple-net leased to leading hospitals and physician groups with a weighted average lease term of approximately 12 years. Welltower and Aspect's first development partnership will be a 60,000 square foot outpatient medical building located just outside of New York City. The property will be master leased to a leading health system for 20 years and is expected to commence construction in early 2022.
"Our new strategic partnership with Aspect Health enables us to add a highly experienced developer and operator of healthcare real estate in the greater New York City region. Aspect Health's depth of local relationships complements that of Welltower and our vision of bringing innovation and transformation to healthcare real estate solutions is closely aligned," said Shankh Mitra, CEO and CIO of Welltower. "We are delighted to be working with Chris and the Aspect team and are excited to execute on a number of long-term growth opportunities which will benefit all of our stakeholders."
"We formed Aspect Health because we saw a need to address the rapid transformation that's causing dysfunction and inefficiencies at the intersection of healthcare and real estate," said Christopher Smith, CEO of Aspect Health. Aspect Health advises healthcare leaders to leverage real estate as part of their overall business strategy by developing comprehensive solutions that go well beyond the physical space. Smith continued, "Welltower's strategic partnership and data analytics capabilities perfectly complement our advisory and concierge strategy to design and develop advanced healthcare facilities using the latest research and technologies to deliver a significantly better overall experience — not only for patients, but for the providers who care for them and the health systems that serve them. Welltower is the gold standard and provides scale for the existing development platform."
This press release may contain "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. When Welltower uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements 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, 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 Aspect Health, LLC
Aspect Health is headquartered in Westport, Conn. and offers a vertically integrated slate of full-service real estate solutions including advisory services, site selection, entitlement, design, development and construction, acquisition, property, and asset management. The company is led by a management team with more than 225 years of combined experience that has owned and managed more than eight million square feet of healthcare, hotel, industrial, residential, retail and office real estate. Aspect Health has significant market share in its core geographic region of Connecticut with a future strategic focus on expanding throughout the surrounding Northeast region between New York and Boston. For more information visit https://www.aspecthealthre.com.
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.
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