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Thought Leaders: HFF Quarterly Market Perspective

M&A AND STRATEGIC TRANSACTIONS

Healthcare REITs Pursuing Strategic Initiatives

▪Board of Directors of CNL Healthcare Properties, ~$3.5 billion MOB and SNH focused REIT, formed a special committee and retained HFF Securities as well as KeyBanc to pursue strategic alternatives, including (i) disposition of the assets and (ii) business combination with a third party, among others

▪Welltower (NYSE:WELL) to acquire SNF REIT, Quality Care Properties (NYSE:QCP), for $2.2 billion, all-cash; ProMedica Health System, a highly-regarded operator, will enter as a JV partner with a 20% stake in the real estate and acquire QCP’sbankrupt tenant/operator HCR ManorCare.

– The deal follows QCP’s previous announcement to merge with its bankrupt operator, HCR ManorCare, under a master lease agreement and de-REIT

▪Ventas (NYSE:VTR)to provide leasing relief to its operator Brookdale (NYSE:BKD) as well restructured the leases across 128 communities

▪New Senior (NYSE:SNR), amidst its Feb-18 strategic review, transitions its 51-property Holiday Retirement from NNN to a managed structure

▪Omega Healthcare (NYSE:OHI) to sell 19 and transfer 23 facilities operated by Orianna Health Systems, concurrent with the SNF operator’s bankruptcy

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