Toledo, OH-based Welltower closed on the sale of a $300 million portfolio of six seniors housing assets in May, according to a business update released by the real estate investment trust late Monday.
The properties are located throughout the Midwest and were 90% owned by Welltower. The firm reported the sale of a $1 billion portfolio of seven seniors housing and 29 outpatient medical assets, slated to close in two tranches. The seniors housing properties are all located in Florida and the firm previously owned a 53.6% stake in them.
With a transaction timeline of less than 45 days from the signing of confidentiality agreements to closing, the sales demonstrate “strong demand and liquidity within the seniors housing and outpatient medical asset classes,” Welltower noted in the update.
The REIT also reported that the pace of occupancy declines within its seniors housing operating portfolio has slowed in recent weeks, falling approximately 20-30 basis points per week in the last two weeks of May, compared to a 50-60 basis point per week decline in April through early May. Welltower was also able to collect 94% of its May rent from its triple-net seniors housing portfolio, the firm said.
