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ProMedica to Exit Expert Nursing Joint Enterprise; Will Retain Operation of Assisted Residing and Reminiscence Care Services

TOLEDO, Ohio, Nov 7, 2022 /PRNewswire/ — ProMedica introduced at the moment that it has entered into definitive agreements below which ProMedica will switch, as of December 19, 2022, the true property and administration of all of its expert nursing amenities at the moment a part of a three way partnership and grasp lease, respectively, between ProMedica and Welltower. Beneath the phrases of the settlement, a brand new Welltower enterprise will personal the true property pursuits for the expert nursing amenities. Operations for the expert nursing amenities may also transition to new operators.

This transaction resolves ProMedica’s ongoing working losses inside its Senior Care Division. Importantly, this motion represents a cornerstone aspect of ProMedica’s ongoing complete monetary efficiency enchancment plan.

“By participating on this transaction, we will improve focus and assets on the opposite areas of our well being system as we proceed to offer high-quality, compassionate care and spend money on our communities and devoted caregivers,” mentioned Arturo Polizzi, president and CEO of ProMedica. Mr. Polizzi added that “This was a posh transaction, and I want to personally thank Welltower’s government group – notably Shankh Mitra, CEO – for his or her efforts.”

The definitive agreements don’t embody ProMedica’s non-Welltower leased senior care facilities positioned in adrian and Monroe, Mich.the expert nursing and reminiscence care amenities positioned on the ProMedica Flower Hospital campus in Sylvania, Ohio, and ProMedica’s Dwelling Well being and Hospice companies. ProMedica will proceed to function these facilities and companies, in addition to its 58 Arden Courts reminiscence care communities inside its actual property three way partnership with Welltower.

Advisors

jones day and Baker Hostetler are serving as authorized counsel to ProMedica. Anchor and Houlihan Lokey are serving as ProMedica’s monetary advisor and funding banker, respectively.

About ProMedica

ProMedica is a mission-based, not-for-profit well being and well-being group headed in Toledo, Ohio. It serves communities in 28 states. The group provides acute and ambulatory care, an insurance coverage firm with a dental plan, and post-acute and educational enterprise strains. The group has 12 hospitals, 2,500+ physicians and superior follow suppliers with privileges, 1,000+ well being care suppliers employed by ProMedica Physicians, a well being plan, and assisted residing reminiscence care amenities, expert nursing facilities, outpatient rehabilitation clinics, and hospice, residence well being and palliative care companies. Pushed by its Mission to enhance your well being and well-being, ProMedica has been nationally acknowledged for its advocacy applications and efforts to deal with social determinants of well being. For extra details about ProMedica, please go to promedica.org/aboutus.

About Welltower

Welltower Inc. (NYSE: WELL), an S&P 500 firm headquartered in Toledo, Ohio, is driving the transformation of well being care infrastructure. The Firm invests with main seniors housing operators, post-acute suppliers and well being techniques to fund the true property infrastructure wanted to scale modern care supply fashions and enhance folks’s wellness and total well being care expertise. Welltower™, an actual property funding belief (“REIT”), owns pursuits in properties concentrated in main, high-growth markets in the USA, Canada and the UK, consisting of seniors housing and post-acute communities and outpatient medical properties . Extra data is on the market at www.welltower.com.

Ahead-Trying Assertion

By accepting this press launch, recipients acknowledge that they’ve learn, understood and accepted the phrases of this disclaimer.

This press launch is being supplied for informational functions solely and is meant solely to facilitate a dialogue with the recipient. This press launch incorporates forward-looking statements topic to dangers, uncertainties and different components. All statements aside from statements of historic truth or regarding current details or present situations included on this press launch are forward-looking statements. Ahead-looking statements give ProMedica Well being System’s present expectations and projections regarding ProMedica Well being System (“ProMedica“or the”Group“,) and its associates’ monetary situation, outcomes of operations, plans, aims, future efficiency and enterprise. You’ll be able to establish forward-looking statements by the truth that they don’t relate strictly to historic or present details. These statements might embody phrases akin to “anticipate,” “estimate,” “count on,” “mission,” “search,” “plan,” “intend,” “imagine,” “ponder,” “assume,” “will,” “might,” “may,” “would,” “proceed,” “possible,” “ought to,” and different phrases and phrases of comparable which means in reference to any dialogue of the timing or nature of future working or monetary efficiency or different occasions however not all forward-looking statements comprise these figuring out phrases.Dangers, uncertainties and different components might trigger future outcomes to vary materially from these forward-looking statements and probably adversely from the historic outcomes contained herein.

Any references to any future or proposed transaction are for illustrative functions solely, and the phrases of any such transaction ought to it happen could also be materially completely different than the phrases on this press launch.

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