0001193125-20-083809.txt : 20200324 0001193125-20-083809.hdr.sgml : 20200324 20200324161153 ACCESSION NUMBER: 0001193125-20-083809 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20200323 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200324 DATE AS OF CHANGE: 20200324 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WELLTOWER INC. CENTRAL INDEX KEY: 0000766704 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 341096634 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08923 FILM NUMBER: 20738505 BUSINESS ADDRESS: STREET 1: 4500 DORR STREET CITY: TOLEDO STATE: OH ZIP: 43615 BUSINESS PHONE: 419-247-2800 MAIL ADDRESS: STREET 1: 4500 DORR STREET CITY: TOLEDO STATE: OH ZIP: 43615 FORMER COMPANY: FORMER CONFORMED NAME: HEALTH CARE REIT INC /DE/ DATE OF NAME CHANGE: 19920703 8-K 1 d766617d8k.htm 8-K 8-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15 (d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 23, 2020

 

Welltower Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

1-8923

 

34-1096634

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

4500 Dorr Street, Toledo, Ohio

 

43615

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: (419) 247-2800

Not Applicable

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Common stock, $1.00 par value per share

 

WELL

 

New York Stock Exchange

4.800% Notes due 2028

 

WELL28

 

New York Stock Exchange

4.500% Notes due 2034

 

WELL34

 

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 

 


Item 7.01 Regulation FD Disclosure.  

On March 23, 2020, Welltower Inc. (the “Company”) issued a press release related to the term loan discussed in Item 8.01 below. The press release is filed as Exhibit 99.1 to this report and is incorporated herein by reference. The information in this Item 7.01, including 99.1 attached hereto, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Item 7.01 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, except as otherwise expressly stated in such filing.

Item 8.01 Other Events.

On March 23, 2020, the Company entered into a two-year unsecured term loan (the “Term Loan”). Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., KeyBanc Capital Markets, Bank of America, N.A., Barclays Bank PLC, Credit Agricole Corporate and Investment Bank, PNC Capital Markets and Mizuho Bank, Ltd. serve as joint arrangers and book runners for the Term Loan and KeyBank National Association serves as administrative agent. The Term Loan consists of a $1,000,000,000 unsecured delayed draw term loan credit facility bearing interest at a rate of 30-day LIBOR +1.20%, based on the company’s credit rating (the “DDTL Facility”). Based on the satisfaction of certain conditions, the Company has the right to increase the amount available under the DDTL Facility up to an additional $200,000,000. Proceeds from the Term Loan will be used to repay borrowings under the Company’s unsecured revolving credit facility and commercial paper program, to fund future investment opportunities, and for general corporate purposes.

This 8-K contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. In particular, these forward-looking statements include, but are not limited to, those relating to the closing of the Term Loan. When Welltower uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “pro forma,” “estimate” or similar expressions that do not relate solely to historical matters, Welltower 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: the duration and scope of the COVID-19 pandemic; the impact of the COVID-19 pandemic on occupancy rates and on the operations of Welltower and its operators/tenants; actions governments take in response to the COVID-19 pandemic, including the introduction of public health measures and other regulations affecting Welltower’s properties and the operations of Welltower and its operators/tenants; the effects of health and safety measures adopted by Welltower and its operators/tenants related to the COVID-19 pandemic; the impact of the COVID-19 pandemic on the business and financial condition of operators/tenants; general economic uncertainty in key markets as a result of the COVID-19 pandemic and a worsening of global economic conditions or low levels of economic growth; the status of capital markets, including availability and cost of capital; uncertainty from the expected discontinuance of LIBOR and the transition to any other interest rate benchmark; issues facing the health care industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements and operators’/tenants’ difficulty in cost effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the health care and seniors housing industries; negative developments in the operating results or financial condition of operators/tenants, including, but not limited to, their ability to pay rent and repay loans; Welltower’s ability to transition or sell properties with profitable results; the failure to make new investments or acquisitions as and when anticipated; natural disasters and other acts of God affecting Welltower’s properties; Welltower’s ability to re-lease space at similar rates as vacancies occur; Welltower’s ability to timely reinvest sale proceeds at similar rates to assets sold; operator/tenant or joint venture partner bankruptcies or insolvencies; the cooperation of joint venture partners; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; liability or contract claims by or against operators/tenants; unanticipated difficulties and/or expenditures relating to future investments or acquisitions; environmental laws affecting Welltower’s properties; changes in rules or practices governing Welltower’s financial reporting; the movement of U.S. and foreign currency exchange rates; Welltower’s ability to maintain Welltower’s qualification as a REIT; key management personnel recruitment and retention; and other risks described in Welltower’s reports filed from time to time with the SEC. Finally, 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.

2


Item 9.01 - Financial Statements and Exhibits.

(d) Exhibits.

 

99.1

   

Press Release, dated March 23, 2020

         
 

104

   

Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.

3


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 24, 2020

 

 

         

 

 

WELLTOWER INC.

             

 

 

By:

 

/s/ MATTHEW MCQUEEN

 

 

Name:

 

Matthew McQueen

 

 

Title:

 

Senior Vice President - General Counsel and Corporate Secretary

4

EX-99.1 2 d766617dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Welltower Obtains Commitment for New $1.0 Billion Term Loan

3/23/2020 8:04:00 AM EDT

Company Increases Available Near-Term Liquidity to $3.5 Billion

NEW YORK, March 23, 2020 /PRNewswire/ — Welltower Inc. (NYSE: WELL) (“the Company”) today announced an update to its liquidity profile and further strengthening of its balance sheet. Following the activities outlined below, the Company has increased its available near-term liquidity to $3.5 billion.

As of March 20, 2020, the Company had $338 million of cash and cash equivalents and approximately $1.5 billion of available borrowing capacity under its unsecured revolving credit facility.

To further bolster near-term liquidity, Welltower today announced that it has successfully obtained a two-year unsecured term loan (“Term Loan”) of $1.0 billion bearing interest at a rate of 30-day LIBOR +1.20%, based on the company’s credit rating. Welltower will have the right to increase the amount under the Term Loan up to an additional $200 million. Proceeds from the Term Loan will be used to repay borrowings under the Company’s unsecured revolving credit facility and commercial paper program, to fund future investment opportunities, and for general corporate purposes.

Welltower continues to close on recently announced dispositions, as outlined in its fourth quarter 2019 earnings release. Through March 20, 2020, Welltower has received net proceeds totaling $694 million from dispositions.

Additionally, as of March 20, 2020, Welltower has forward sale agreements covering 6.8 million shares of common stock under our ATM program, at an initial weighted average price of $86.48 per share. Welltower, at its discretion, may settle the forward sale agreements through December 31, 2020, to generate up to $588 million in gross proceeds.

Following Welltower’s December 2019 bond issuances and the December 2019 early redemption of notes due November 25, 2020, the Company has no material unsecured notes maturing until 2023.

“The strength of Welltower’s balance sheet has always been a hallmark of the company and provided investors with assurance regarding our ability to meet all capital requirements and to create shareholder value,” commented Tim McHugh, Chief Financial Officer. “While we maintain unwavering confidence in our balance sheet, we believe it is prudent to take further steps to enhance our liquidity profile given current capital market conditions and the uncertain impact of the COVID-19 pandemic. We believe today’s announcement is a testament to our operating platform and capital allocation discipline and will enable us to continue executing on our strategy amidst a volatile macroeconomic backdrop.”


Forward-Looking Statements

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 including statements related to the effects of the COVID-19 pandemic. When Welltower uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “pro forma,” “estimate” or similar expressions that do not relate solely to historical matters, Welltower 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: the duration and scope of the COVID-19 pandemic; the impact of the COVID-19 pandemic on occupancy rates and on the operations of Welltower and its operators/tenants; actions governments take in response to the COVID-19 pandemic, including the introduction of public health measures and other regulations affecting Welltower’s properties and the operations of Welltower and its operators/tenants; the effects of health and safety measures adopted by Welltower and its operators/tenants related to the COVID-19 pandemic; the impact of the COVID-19 pandemic on the business and financial condition of operators/tenants; general economic uncertainty in key markets as a result of the COVID-19 pandemic and a worsening of global economic conditions or low levels of economic growth; the status of capital markets, including availability and cost of capital; uncertainty from the expected discontinuance of LIBOR and the transition to any other interest rate benchmark; issues facing the health care industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements and operators’/tenants’ difficulty in cost effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the health care and seniors housing industries; negative developments in the operating results or financial condition of operators/tenants, including, but not limited to, their ability to pay rent and repay loans; Welltower’s ability to transition or sell properties with profitable results; the failure to make new investments or acquisitions as and when anticipated; natural disasters and other acts of God affecting Welltower’s properties; Welltower’s ability to re-lease space at similar rates as vacancies occur; Welltower’s ability to timely reinvest sale proceeds at similar rates to assets sold; operator/tenant or joint venture partner bankruptcies or insolvencies; the cooperation of joint venture partners; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; liability or contract claims by or against operators/tenants; unanticipated difficulties and/or expenditures relating to future investments or acquisitions; environmental laws affecting Welltower’s properties; changes in rules or practices governing Welltower’s financial reporting; the movement of U.S. and foreign currency exchange rates; Welltower’s ability to maintain Welltower’s qualification as a REIT; key management personnel recruitment and retention; and other risks described in Welltower’s reports filed from time to time with the SEC. Finally, 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.

About Welltower®

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 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. For more information, visit www.welltower.com.

LOGO View original content to download multimedia:http://www.prnewswire.com/news-releases/welltower-obtains-commitment-for-new-1-0-billion-term-loan-301028146.html

SOURCE Welltower Inc.

Investors: Krishna Soma - (646) 677-8764 LOGO ; ksoma@welltower.com; Media: Tara Gallagher - (646) 677-8742 LOGO ; tgallagher@weltower.com

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Document Period End Date Mar. 23, 2020
Entity Registrant Name Welltower Inc.
Entity Incorporation State Country Code DE
Entity File Number 1-8923
Entity Tax Identification Number 34-1096634
Entity Address, Address Line One 4500 Dorr Street
Entity Address, City or Town Toledo
Entity Address, State or Province OH
Entity Address, Postal Zip Code 43615
City Area Code (419)
Local Phone Number 247-2800
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Entity Emerging Growth Company false
Common Stock [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Common stock, $1.00 par value per share
Trading Symbol WELL
Security Exchange Name NYSE
M 4.800 Notes Due 20282 [Member]  
Document And Entity Information [Line Items]  
Security 12b Title 4.800% Notes due 2028
Trading Symbol WELL28
Security Exchange Name NYSE
M 4.500 Notes Due 20341 [Member]  
Document And Entity Information [Line Items]  
Security 12b Title 4.500% Notes due 2034
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