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Welltower Forges New JV to Acquire SNFs from Its Prior Partnership

Welltower, a Toledo, OH-based healthcare REIT, has reached definitive agreements for the sale and transition of 147 skilled nursing facilities currently operated by ProMedica.  

ProMedica will surrender its 15% interest in the skilled nursing assets currently held within the existing 85/15 Welltower/ProMedica joint venture and provide significant working capital support for the new operators. Welltower released ProMedica from its skilled nursing lease obligation for these considerations, which total nearly $500 million.  

The private-pay assisted living and memory care assets in the ProMedica JV will continue to be operated by ProMedica under a lease. Concurrently, Welltower entered into a definitive agreement to sell the 147 skilled nursing facilities to an 85/15 JV between Welltower and Integra Health.  

Welltower and Integra will enter into a master lease agreement which will result in a combined cash rent increase of more than 4% to Welltower. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Lease
  • ◦Sale/Acquisition