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
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
"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,
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SOURCE Welltower Inc.