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August 12, 2010

Merrill Gardens partnership

Toledo-based Health Care REIT and Merrill Gardens of Seattle are forming an $817 million partnership to own and operate a portfolio of 38 senior housing and care communities mostly on the West Coast. Health Care REIT will own an 80 percent partnership interest, and Merrill Gardens will own the remaining 20 percent and manage the communities. The deal broadens Merrill's relationship with Health Care REIT, Merrill's long-time capital partner, according to Merrill President Bill Pettit. The Merrill family will continue to own and operate Merrill Gardens, so there will be no change in day-to-day operations for residents and staff members resulting from the new agreement. “We look forward to the potential for future growth with Health Care REIT both within the existing portfolio and through new acquisition and development opportunities,” he said in a prepared statement. The partnership will own and operate 13 communities that Health Care REIT now owns and operates and 25 other communities that Merrill Gardens and its affiliates own. Health Care REIT's consideration for its 80 percent interest will be a combination of cash and the pro rata assumption of $249 million of secured debt. The transaction is anticipated to close in September.




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