$4.3 Billion Sunrise Real Estate Acquisition:Since the announcement of the proposed acquisition on August 22, 2012, the company accelerated the buy-out of joint venture partner interests in 100 of the 105 joint venture properties. Health Care REIT acquired five of the joint venture properties located in the United Kingdom in the third quarter of 2012 for $243.5 million. During the fourth quarter of 2012, Sunrise used $580.8 million of loan proceeds from Health Care REIT and its own funds to acquire joint venture partners’ interest in 37 of the 105 joint venture properties and to repay certain secured indebtedness. The loans were converted to owned real estate by the company as of today’s closing. Also during the fourth quarter of 2012, Health Care REIT acquired majority interest in and repaid debt related to five properties located in the United Kingdom for $238.7 million and reached agreement with additional joint venture partners to acquire their interest in 53 of the 105 joint venture properties. The company expects to complete the buyout on these 53 properties on or before July 2013. Sunrise Property Count Reconciliation:
|8/22/12||To Date||As of Today||2013E||Total|
Sunrise Investments Reconciliation:
|($’s in millions)||Total As of||Remaining|
|Debt Assumed (1)||$397.8||$397.8||$96.2||$494.0|
|(1)||Debt assumed is net of payoffs that occurred as of closing or are expected to occur shortly after respective closing dates.|
AdvisorsBofA Merrill Lynch acted as exclusive financial advisor to Health Care REIT on the transaction. Arnold & Porter, LLP, Goodmans, LLP, Nabarro, LLP, Shumaker, Loop & Kendrick, LLP, and Sidley Austin LLP, acted as Health Care REIT's legal advisors. About Health Care REIT, Inc. Health Care REIT, Inc., an S&P 500 company with headquarters in Toledo, Ohio, is a real estate investment trust that invests across the full spectrum of seniors housing and health care real estate. The company also provides an extensive array of property management and development services. As of September 30, 2012, the company’s broadly diversified portfolio consisted of 1,030 properties in 46 states, the United Kingdom, and Canada. Forward-Looking Statements This document may contain “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. When the company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. The company’s expected results may not be achieved, and actual results may differ materially from expectations. This may be a result of various factors, including, but not limited to, unanticipated difficulties and/or expenditures relating to the Sunrise acquisition; the company’s ability to enter into new joint venture agreements and management contracts; the company’s ability to acquire interests in properties from joint venture partners; unanticipated difficulties and/or expenditures relating to the joint venture partner buy-outs; the cooperation of joint venture partners; the status of capital markets, including availability and cost of capital; changes in financing terms; competition within the health care and senior housing industries; negative developments in the operating results or financial condition of the operator/tenant, including, but not limited to, its ability to pay rent; operator/tenant bankruptcies and insolvencies; governmental regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; liability or contract claims by or against the operator/tenant; unanticipated difficulties and/or expenditures relating to the integration of multi-property acquisitions; issues facing the health care industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements and the operator/tenant’s difficulties in cost-effectively obtaining and maintaining adequate liability and other insurance; and changes in rules or practices governing the company’s financial reporting. Additional factors are discussed in the company’s Annual Report on Form 10-K and in its other reports filed from time to time with the Securities and Exchange Commission. The company assumes no obligation to update or revise any forward-looking statements or to update the reasons why actual results could differ from those projected in any forward-looking statements.