Welltower Expands Relationship with Summit Medical Group

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Jul 31, 2019, 17:02 ET

TOLEDO, Ohio, July 31, 2019 /PRNewswire/ -- Welltower Inc. (NYSE: WELL) today announced that it has entered into a definitive purchase agreement under which Welltower will acquire a 43-acre, 6-building, 270,000 square foot medical office campus in Berkeley Heights, NJ for $140 million. The campus will be master leased by Summit Medical Group ("Summit", "SMG"), one of the nation's premier independent multispecialty medical practices, under a new 20-year, absolute net lease. This campus is the largest and most comprehensive of five "hubs" in Summit's 80-location hub-and-spoke model, and will bring Welltower's total Summit-leased footprint to over 500,000 square feet. The sale is expected to close in the third quarter of 2019, subject to customary closing conditions. The sale of the medical office campus to Welltower will help facilitate and will be conditioned upon Summit's recently announced intended merger with CityMD, a leading urgent care platform with significant scale in the New York/New Jersey metropolitan area.

"The merger of Summit Medical and CityMD is the latest example of how Welltower is facilitating and financing new models in health care delivery," said Thomas J. DeRosa, Welltower Chairman and CEO. "This landmark transaction will create a physician-centric, consumer-oriented integrated delivery system that will improve access, quality and lower cost of care in one of the nation's most populated regions."

"With this transaction, SMG is pleased to expand its relationship with Welltower to another one of our key medical practice locations," said Jeffrey Le Benger, MD, Chairman and Chief Executive Officer of Summit Medical Group.

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. More information is available at www.welltower.com.

About Summit Medical Group

With roots dating back to 1919, SMG pioneered the coordinated, multispecialty practice of medicine and is now recognized as one of the premier physician-governed multi-specialty medical groups in the country. With 80+ locations and 900+ providers across specialties, SMG provides multi-generational care and is capable of serving all of the needs of most patients on an outpatient basis, offering everything from walk-in urgent care centers and ambulatory surgery centers to focused, complex treatment at comprehensive, state-of-the-art cancer centers.

For more information about Summit Medical Group, please visit summitmedicalgroup.com.

About CityMD

Founded in 2010 by a group of emergency medicine physicians, CityMD's mission is to serve its communities by providing an exceptional experience through high-quality medical care and convenient access. The company's unwavering commitment to treating everyone with respect and genuine kindness, while offering exceptional services and a cost-effective alternative to the ER, has enabled CityMD to grow from one Manhattan practice to more than 120 locations in New York, New Jersey, and Washington state. To date, CityMD has treated over 3 million patients.

For more information about CityMD and a list of locations, please visit CityMD.com

For more information about the CITYMD and Summit Medical Group merger, please visit https://www.prnewswire.com/news-releases/citymd-and-summit-medical-group-announce-plans-to-merge-to-deliver-an-unparalleled-patient-care-experience-300872387.html

Forward-Looking Statements
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SOURCE Welltower Inc.