Welltower and Oakmont Management Group Announce Strategic Joint Venture Partnership
TOLEDO, Ohio, July 29, 2021
TOLEDO, Ohio, July 29, 2021 /PRNewswire/ -- Welltower® Inc. (NYSE: WELL) today announced the expansion of its relationship with Oakmont Management Group ("Oakmont"). Through the acquisition of new management contracts, the partnership is expected to roughly double the size of Welltower and Oakmont's existing portfolio by the end of the third quarter in affluent markets across California.
Welltower has also signed a long-term exclusive development agreement with Oakmont. Through this agreement, both organizations will invest significant capital and resources to build, own and operate Class A communities to serve the seniors housing resident of the future, with a focus on highly specialized programming and resident health and wellness. Oakmont and Welltower expect to grow the partnership's footprint significantly over the next decade. The partnership will leverage Welltower's data analytics platform and innovative access to health and wellness partners and Oakmont's best in class operating platform. Additionally, the two companies have agreed to a strongly aligned RIDEA 3.0 management contract.
In a recently completed transaction, Oakmont and Welltower acquired Ivy Park at Otay Ranch, an assisted living and memory care community in San Diego, California. Ivy Park is the first of Oakmont's new brand, Ivy Living, which builds upon decades of operational excellence providing Oakmont the flexibility to pursue opportunities that have a different built environment.
"Oakmont Management Group is thrilled to be in this long-term partnership with Welltower and we firmly believe that our operating acumen combined with Welltower's significant edge in data analytics will create a formidable team," said Courtney Siegel, Oakmont President and CEO. "Welltower is a partner of choice in the seniors housing sector and we look forward to expanding our relationship in the years to come."
"We are delighted to announce the expansion of our partnership with Courtney and the Oakmont Management Group team through this exclusive agreement," said Shankh Mitra, Welltower's CEO and CIO. "Oakmont is one of Welltower's strongest performing operating partners. Courtney and her team are not only best in class operators but are also true partners. I could not be more excited to significantly grow our relationship through acquisition and development in California and other western states over the next decade."
Forward Looking Statement
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.
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 and 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.
About Oakmont Management Group
Oakmont Management Group, based in Irvine California, is a recognized leader in the senior living industry that manages a portfolio of communities under the Oakmont Senior Living and Ivy Living brand. Oakmont currently serves over 4,000 seniors across 40 communities in California and Nevada with an additional 5 communities set to open in the coming year. Residents receive customized care services delivered in luxurious, resort-style settings. With an impressive array of high-quality amenities and compassionate team members, residents at Oakmont benefit from the finest senior living experience in the industry. For more information about Oakmont, visit www.oakmontseniorliving.com
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SOURCE Welltower Inc.