Welltower to Acquire Holiday Retirement’s 86-Property Folio for $1.58B

Shares of Welltower (WELL) gained marginally to close at $81 in Monday’s extended trading session after announcing its intention to acquire Holiday Retirement’s 86-property senior housing folio for $1.58 billion. The transaction is likely to close in the third quarter of 2021. Welltower is a real estate investment trust that invests in healthcare infrastructure.

Post the transaction, Atria Senior Living, with whom Welltower has signed a definitive agreement to manage properties, will acquire Holiday Retirement, attain control of the properties and retain Holiday’s senior management and staff.

CEO of Welltower Shankh Mitra said, “We are thrilled to expand our strong partnership with Atria through the acquisition of this unique platform of assets. The Atria team shares our vision for multi-year growth opportunity in this sector. We are excited to embark on this journey together. Through a highly incentivized and aligned management contract, we have created tremendous upside opportunity for stakeholders of both Welltower and Atria.” (See Welltower stock chart on TipRanks)

Recently, Raymond James analyst Jonathan Hughes upgraded the stock to a Buy and assigned a price target of $92 (14.2% upside potential).

The stock has a Moderate Buy consensus rating based on 12 Buys, 3 Holds, and 1 Sell. The average Welltower analyst price target of $81.87 implies 1.6% upside potential from current levels. Shares have gained 56.8% over the past year.

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