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Thomas DeRosa, Welltower CEO, discusses the deal with ProMedica for HCR ManorCare to reinvent health care outside of the hospital for the aging population.
Moody's Investors Service placed ProMedica Health System's (ProMedica) A1 rating under review for downgrade, affecting approximately $420 million of debt. The review is prompted by the impending closure of a proposed transaction to acquire the operations of HCR ManorCare and Arden Courts out of bankruptcy, which will be transformative to ProMedica's core businesses and financial position. The acquisition and integration of these post-petition operations will require a material increase in ProMedica's financial leverage (more than double) and sizable equity contribution, which will significantly dilute balance sheet and liquidity metrics.
The review follows yesterday's announcement by QCP that it had entered into definitive agreements with healthcare REIT Welltower Inc. (Welltower) and ProMedica Health System, Inc. (ProMedica) under which QCP agreed: (i) to be acquired by Welltower for $20.75 per share in all-cash transaction and (ii) concurrently, ProMedica will assume the rights and obligations of QCP in relation to HCR Manorcare Inc. sponsor agreement and will acquire HCR Manorcare at the completion of HCR's Chapter 11 bankruptcy process. ProMedica, rated A1 stable, is an integrated healthcare system that operates 13 hospitals with core operations in acute and ambulatory care in Ohio, Michigan, and Indiana.
WELL reported earnings 30 days ago. What's next for the company? We take a look at earnings estimates for some clues.
The healthcare REIT's quarterly report and guidance for 2018 didn't sit well with the market, but there are bright spots.
Since its inception in 2007, Healthcare Trust of America (HTA) has delivered a return of 190.0%, beating the S&P 500 Index (SPX), which delivered a return of 139.0%, and the US REIT Index, which delivered a return of 71.0%. HTA has maintained a 9.7% annualized average total return since its first distribution. Investors who invested $1,000 with HTA at inception could expect the invested amount to increase to ~$2,904 with dividends reinvested at the end of 2017.