UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
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| Item 8.01 | Other Events. |
On April 30, 2024, Welltower Inc., a Delaware corporation (the “Company”), entered into an equity distribution agreement (the “Equity Distribution Agreement”) with Welltower OP LLC, a Delaware limited liability company, and (i) Barclays Capital Inc., BMO Capital Markets Corp., BNP Paribas Securities Corp., BNY Mellon Capital Markets, LLC, BofA Securities, Inc., BOK Financial Securities, Inc., Capital One Securities, Inc., Citigroup Global Markets Inc., Citizens JMP Securities, LLC, Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., Fifth Third Securities, Inc., Goldman Sachs & Co. LLC, Jefferies LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Loop Capital Markets LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., RBC Capital Markets, LLC, Regions Securities LLC, Robert W. Baird & Co. Incorporated, Scotia Capital (USA) Inc., Synovus Securities, Inc., TD Securities (USA) LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC as sales agents (when acting in this capacity, individually, a “Sales Agent” and, collectively, the “Sales Agents”) and, in certain cases, forward sellers (when a sales agent is acting in this capacity, individually, a “Forward Seller” and, collectively, the “Forward Sellers”) and (ii) the Forward Purchasers (as defined below) relating to issuances, offers and sales of shares of the Company’s common stock (the “Common Stock”), par value $1.00 per share, and in connection therewith, on April 30, 2024, terminated its prior equity distribution agreement dated February 15, 2024. In accordance with the terms of the Equity Distribution Agreement, up to $3,500,000,000 of Common Stock (the “ATM Shares”) may be offered and sold from time to time through any of the Sales Agents (acting in their capacity as sales agents or as Forward Sellers, as described below).
The Equity Distribution Agreement provides that, in addition to the issuance and sale of the ATM Shares by the Company through the Sales Agents, the Company may enter into forward sale agreements under separate master forward sale confirmations with the Forward Sellers (or affiliates thereof) (the “Forward Purchasers”). In connection with each particular forward sale agreement, the relevant Forward Purchaser or its affiliates will, at the Company’s request, borrow from third parties and, through the relevant Forward Seller, sell a number of the ATM Shares equal to the number of ATM Shares underlying the particular forward sale agreement. In no event will the aggregate number of ATM Shares sold through the Sales Agents, whether as agents for the Company or as Forward Sellers, under the Equity Distribution Agreement, have an aggregate sales price in excess of $3,500,000,000.
The Company will not receive any proceeds from the sale of borrowed shares of Common Stock by a Forward Seller. The Company expects to physically settle each particular forward sale agreement with the relevant Forward Purchaser on one or more dates specified by the Company on or prior to the maturity date of that particular forward sale agreement, in which case the Company would expect to receive per share cash proceeds at settlement equal to the forward sale price under the relevant forward sale agreement. However, the Company may also elect to cash settle or net share settle a particular forward sale agreement, in which case the Company may not receive any proceeds (in the case of cash settlement) or will not receive any proceeds (in the case of net share settlement), and the Company may owe cash (in the case of cash settlement) or shares of Common Stock (in the case of net share settlement) to the relevant Forward Purchaser.
Sales of the ATM Shares, if any, will be made by any method permitted by law, including by means of ordinary brokers’ transactions on the New York Stock Exchange at market prices, in block transactions, or as otherwise agreed with the applicable Sales Agent, or by means of any other existing trading market for the Common Stock or to or through a market maker other than on an exchange. The offer and sale of the ATM Shares has been registered on the Company’s automatic shelf registration statement on Form S-3 (File No. 333-264093), as amended, pursuant to a prospectus supplement filed with the Securities and Exchange Commission on April 30, 2024.
The foregoing description of certain terms of the Equity Distribution Agreement and the forward sale agreements (the form of which is attached as Schedule C to the Equity Distribution Agreement) and the transactions contemplated thereby does not purport to be complete and is qualified in its entirety by reference to the terms and conditions of the Equity Distribution Agreement and the form of forward sale agreement, which are filed herewith as Exhibits 1.1, and are incorporated by reference herein.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| 1.1 | Equity Distribution Agreement, dated as of April 30, 2024, among Welltower Inc., Welltower OP LLC, the sales agents named therein and the related forward purchasers. | |
| 5.1 | Opinion of Gibson, Dunn & Crutcher LLP regarding the ATM Shares. | |
| 8.1 | Tax Opinion of Gibson, Dunn & Crutcher LLP regarding the ATM Shares. | |
| 23.1 | Consent of Gibson, Dunn & Crutcher LLP (included in Exhibits 5.1 and 8.1 hereto). | |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| WELLTOWER INC. | ||
| By: | /s/ MATTHEW MCQUEEN | |
| Name: | Matthew McQueen | |
| Title: | Executive Vice President - General Counsel & Corporate Secretary | |
Date: April 30, 2024