Business & Finance
Business and Finance
Business and Finance
Tue, March 29, 2011
Mon, March 28, 2011 Health Care REIT, Inc. Completes $890 Million Partnership with Benchmark Senior Living
TOLEDO, Ohio--([ BUSINESS WIRE ])--Health Care REIT, Inc. (NYSE:HCN) announced today that it has completed the formation of its $890 million partnership with Benchmark Senior Living, which was previously announced on February 15, 2011. The partnership, which includes 34 high quality, private-pay senior housing communities with an $890 million investment balance, closed effective March 28th.
"The Benchmark Senior Living transaction underscores Health Care REITa™s ability to execute its relationship investment strategy"
aThe Benchmark Senior Living transaction underscores Health Care REITa™s ability to execute its relationship investment strategy,a commented George L. Chapman, Health Care REITa™s Chairman, Chief Executive Officer and President. aThis strategy has resulted in an unprecedented $6.9 billion in gross investments announced in 2010 and 2011 with regionally dominant operators who have a track record of quality care, profitability and growth. This RIDEA partnership positions Health Care REIT for strong organic and external growth through Benchmarka™s future NOI growth and the right to fund certain future real estate investments pursued by Benchmark.a
Benchmark communities exemplify outstanding asset quality and are located in highly desirable New England markets. The communities have an average age of twelve years and produce rental rates and occupancy in excess of industry averages, reflecting the best-in-class nature of the operations, locations and physical plants.
To learn more about the Benchmark Senior Living partnership and to watch an interview with Benchmarka™s Chief Executive Officer, Tom Grape, visit the companya™s website at [ www.hcreit.com/featuredpartners/Benchmark ].
About Health Care REIT, Inc.
Health Care REIT, Inc., an S&P 500 company with headquarters in Toledo, Ohio, is a real estate investment trust that invests across the full spectrum of senior housing and health care real estate. The company also provides an extensive array of property management and development services. As of December 31, 2010, the companya™s broadly diversified portfolio consisted of 683 properties in 41 states. More information is available on the companya™s website at [ www.hcreit.com ].
About Benchmark Senior Living
Benchmark Senior Living is a premier senior housing operator with communities in six Northeast states a" Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont.Benchmark caters to residentsa™ unique lifestyles and provides a variety of senior living options, including independent living, assisted living, memory care and respite stay programs, with a majority of the communities offering a continuum of care for consumers desiring to aage in place.a
This document may contain aforward-lookinga statements as defined in the Private Securities Litigation Reform Act of 1995. When the company uses words such as amay,a awill,a aintend,a ashould,a abelieve,a aexpect,a aanticipate,a aproject,a aestimatea or similar expressions, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. The companya™s expected results may not be achieved, and actual results may differ materially from expectations. This may be a result of various factors, including, but not limited to, competition within the health care and senior housing industries; the failure to make new investments as and when anticipated; negative developments in the operating results or financial condition of the operator or management company; the cooperation of partners including the ability to reach agreement on major decisions; unanticipated difficulties and/or expenditures relating to future acquisitions and the integration of multi-property acquisitions; compliance with IRS requirements; and changes in rules or practices governing the companya™s financial reporting. Additional factors are discussed in the companya™s Annual Report on Form 10-K and in its other reports filed from time to time with the Securities and Exchange Commission. The company assumes no obligation to update or revise any forward-looking statements or to update the reasons why actual results could differ from those projected in any forward-looking statements.
