Welltower Announces Promotions and New Structure for Corporate Finance and Asset Management

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Aug 07, 2018, 23:53 ET

TOLEDO, Ohio, Aug. 7, 2018 /PRNewswire/ -- Welltower Inc. (NYSE: WELL) today announced the promotion of Shankh Mitra to Executive Vice President and Chief Investment Officer from his current position as Senior Vice President, Investments and the promotion of Tim McHugh to Senior Vice President, Corporate Finance from his current position as Vice President, Finance and Investments. Additionally, Tim Lordan has been named Senior Vice President and Corporate Treasurer, and Rich Hansen takes on expanded responsibilities as Vice President, Asset Management.

Additionally, the Company announces a new organization structure in its Corporate Finance and Asset Management departments to support the continued growth of its healthcare real estate portfolio.

Detail on the promotions and role changes includes:

Shankh Mitra's promotion to the role of Executive Vice President and Chief Investment Officer reflects his responsibility for the Company's extensive acquisition and investment activity, including seniors housing, medical office buildings and other healthcare properties, as well as his oversight for the Company's expanded Asset Management function. "Shankh's contribution has been essential to the strategic transformation of the Company," said Tom DeRosa, Chief Executive Officer of Welltower. "He has played a lead role in our most significant business ventures and relationships, and we are pleased to recognize his contributions with this promotion."
Tim McHugh is promoted to Senior Vice President, Corporate Finance. While McHugh will continue to oversee the Capital Markets and Corporate Finance functions, he gains responsibility for the Company's combined Financial Planning & Analysis and Portfolio Management functions. McHugh will continue to report to Welltower Chief Financial Officer, John Goodey. According to Mr. DeRosa, "Tim's contribution to our Corporate Finance strategy, strong financial position and investor relations has been outstanding. He has played an integral role in the evolution of Welltower's strategy and business platform."
Tim Lordan has been appointed to Senior Vice President, Treasurer, from Senior Vice President, Asset Management. Lordan will report to Mr. Goodey. "Tim has a long and successful track record in the REIT industry and is known for his diligent finance and accounting acumen. We are excited to leverage his deep experience in his new role as Treasurer," said Goodey.
Rich Hansen takes on an expanded role as Vice President, Asset Management – Team Leader. Rich will have expanded accountability for Asset Management, Value Added Services and Sustainability, and will report to Mr. Mitra. "Rich has been a driving force in Welltower's advancement as a data-driven organization. His experience in the industry and knowledge of our operating platform position him very effectively to excel with these additional responsibilities," said Mr. Mitra.

"I am privileged to work side-by-side with these high-caliber individuals who I respect professionally and personally. They represent the next generation of industry leadership that is focused on sustainable and technologically advanced business practices that will drive long term value and shareholder returns," said Mr. DeRosa.

Forward-Looking Statements and Risk Factors

This press release contains "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. In particular, these forward-looking statements include, but are not limited to, those relating to Welltower's opportunities to acquire, develop or sell properties; our ability to close anticipated acquisitions, investments or dispositions on currently anticipated terms, or within currently anticipated timeframes; the expected performance of our operators/tenants and properties; our expected occupancy rates; our ability to declare and to make distributions to shareholders; our investment and financing opportunities and plans; our continued qualification as a REIT; our ability to access capital markets or other sources of funds; and our ability to meet our earnings guidance. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause our actual results to differ materially from our expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to: the status of the economy; the status of capital markets, including availability and cost of capital; 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; our 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 our properties; our ability to re-lease space at similar rates as vacancies occur; our 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 our properties; changes in rules or practices governing our financial reporting; the movement of U.S. and foreign currency exchange rates; our ability to maintain our qualification as a REIT; key management personnel recruitment and retention; and other risks described in our reports filed from time to time with the Securities and Exchange Commission. 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 and post-acute communities and outpatient medical properties. More information is available at www.welltower.com.

SOURCE Welltower Inc.