Jefferson pursues sale of some of its health care real estate holdings

Business Journal | January 15, 2020

Thomas Jefferson University and Jefferson Health said Monday it is planning to form a long-term partnership with an Ohio real estate investment trust to free up cash for other projects, including accelerating the expansion of its network of ambulatory care centers. Under the terms of a memorandum of understanding, Welltower Inc. (NYSE: WELL) of Toledo and Jefferson plan to create a joint venture where Welltower would acquire a stake in certain real estate assets of Jefferson. Jefferson officials, while not disclosing which properties would be in play, said the move would enable it to reduce some of its fixed-asset investments and redeploy the capital to other clinical and academic strategic areas. Jefferson and Welltower expect to finalize a definitive agreement by mid-April. The organizations said the financial terms of the partnership are still being negotiated. Along with the joint venture, the alliance also calls for Welltower to provide financial support and analytical tools to help Jefferson's with future real estate investments.

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What would make a property a good or a bad deal? How do you figure out the value of a property? In this video, I’ll show real estate valuation methods you can use for valuating properties.

Spotlight

What would make a property a good or a bad deal? How do you figure out the value of a property? In this video, I’ll show real estate valuation methods you can use for valuating properties.

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REAL ESTATE TECHNOLOGY

Windermere Real Estate, a family-run firm, has acquired Lyon Real Estate, the leading independent residential real estate company in the region.

businesswire | January 11, 2021

Lyon Real Estate, the area's driving autonomous private land organization, has been obtained by Windermere Real Estate. Lyon Real Estate has been an installation in the more prominent Sacramento locale for a very long time with 800+ specialists who produced over $2.86 billion in deals a year ago. Windermere Real Estate was established in 1972 in Seattle and is worked by second-age authority Geoff Wood, Jill Jacobi Wood, and OB Jacobi. The two organizations are individuals from the lofty Leading Real Estate Companies of the World® and Luxury Portfolio International® networks which is the way the heads of the two organizations initially met. Under the conditions of the securing, Lyon Real Estate will keep on working under its name and brand and will keep up the current administration group, including president and head working official Pat Shea. Lyon Real Estate specialists and their clients will profit by Windermere's improved showcasing assets, proficient turn of events, movement and reference administrations, just as an in-house boss financial expert. “This new chapter for Lyon Real Estate is a perfect fit when taking into account our mutual values of superior customer satisfaction, and long-term relationships with our clients, agents, and community,” says Laura Lyon, former Chair of the Board and the daughter of William L. Lyon, the company’s founder. “The Jacobi-Wood family brings a new and highly engaged second generation of family leadership that is committed to growth and giving back.” Shea describes this union as the blending of two accomplished and well-respected real estate brands. “We will each continue to maintain our own identity,” he says. “Our company and agents will have the absolute best of both worlds.” Shea added that over the years, Lyon Real Estate has been approached by a number of suitors seeking a strategic growth opportunity. “This timing is right because Windermere is well suited to maintain the company’s legacy and grow it in the future,” said Shea. “The Lyon family’s first priority is that they leave the company they built and have run for the past 75 years in the best possible hands for the long term,” he added. OB Jacobi, Windermere co-president states, “We’ve been looking for the right opportunity to grow our network in Northern California and chose Lyon Real Estate because of the strength of their brand, leadership team, and our aligned culture and values. We are fully committed to supporting this great agent network, as well as the admirable work of the Lyon Cares Foundation.” About Lyon Real Estate Lyon Real Estate is the leading independent real estate brokerage company in Greater Sacramento (Sacramento Business Journal). We are proud to be homegrown, privately owned, and internationally known. Lyon has served the area for over 75 years. Last year, the company closed a total of $2.86 billion in sales volume. Lyon Real Estate has over 800 agents in 17 offices located throughout the region. The company is a member of the Leading Real Estate Companies of the World®, the largest network of premier locally branded firms, as well as LeadingRE’s Luxury Portfolio International® program. In addition to its real estate services, Lyon Real Estate offers RELO Direct, a global relocation program. Since 2015, the Lyon Cares Foundation has contributed more than $780,000 to local non-profits. About Windermere Real Estate Windermere Real Estate is the largest regional real estate company in the Western U.S. with over 300 offices and 6,500 agents serving communities in Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, Oregon, Utah, Washington, and Mexico. Last year, Windermere closed 77,000 home sales for more than $36.7 billion in dollar volume. The Windermere family has a proud heritage of serving our neighbors via the Windermere Foundation which funds services for low-income and homeless families. Since 1989, the Windermere Foundation has contributed more than $42 million towards improving lives in the communities where we live and work.

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MARKET OUTLOOK

Starwood Increases Offer to Acquire Monmouth Real Estate Investment Corp. to Net Consideration of $19.20 Per Share in Cash

Starwood Real Estate Income Trust, Inc | August 19, 2021

Starwood Real Estate Income Trust, Inc., an affiliate of Starwood Capital Group, a leading global private investment firm focused on real estate and energy investments, today submitted an enhanced all-cash, fully financed, fully actionable proposal to acquire Monmouth Real Estate Investment Corporation for $19.93 per Monmouth share reduced by the termination fee owed to Equity Commonwealth ("EQC") of $72 million or $0.73 per share. Starwood’s enhanced proposal would provide net consideration of $19.20 per share to Monmouth shareholders after payment of the EQC termination fee, which was increased by $10 million by the Monmouth Board on August 16, 2021. Starwood’s proposal offers Monmouth shareholders a premium to EQC’s revised offer with 100% cash-certain value (versus EQC’s offer, where approximately 35% of the aggregate consideration would be paid out in cash1), and does not subject Monmouth shareholders to the uncertain and unsubstantiated future value creation from the EQC transaction, which is already worth less to shareholders given the decline in EQC shares since its revised proposal was announced. Ethan Bing, Managing Director of Starwood, said, "Our increased all-cash offer is superior to EQC’s revised proposal given the higher certain value that is not exposed to market risk or dependent upon unproven execution. The EQC offer requires Monmouth shareholders to forego the certainty of our higher cash offer in exchange for speculative value creation from a merged entity with no synergies and no obvious competitive advantages in the highly competitive industrial sector where EQC has not actively participated.” Bing added, “The Monmouth Board, whose initial process was led by a strategic alternatives committee that ISS rightly criticized as ‘not fully independent,’ appears committed to the interests of Monmouth insiders rather than its fiduciary duty to maximize value for all Monmouth shareholders. The Monmouth Board’s decision to increase the termination fee for EQC, without having engaged in a single conversation with a committed all-cash bidder already at a significant premium to EQC, is yet another disappointing breach of faith to its shareholders – a clear effort to protect EQC from competing bidders willing to offer superior and more certain value to Monmouth shareholders. In contrast, Starwood has not raised its termination fee in connection with its revised offer.” Bing concluded, “We stand ready to sign the already-negotiated merger agreement with Monmouth. We urge the Monmouth Board to act in the best interest of all its shareholders by immediately declaring our increased offer superior, foregoing any future actions which would deprive shareholders from realizing maximum value, and proceeding quickly to finalize our proposed transaction for the benefit all Monmouth shareholders.” About Starwood Capital Group Starwood Capital Group is a private investment firm with a core focus on global real estate, energy infrastructure and oil & gas. The Firm and its affiliates maintain 16 offices in seven countries around the world, and currently have approximately 4,000 employees. Since its inception in 1991, Starwood Capital Group has raised over $60 billion of capital, and currently has approximately $90 billion of assets under management. Through a series of comingled opportunity funds and Starwood Real Estate Income Trust, Inc. a non-listed REIT, the Firm has invested in virtually every category of real estate on a global basis, opportunistically shifting asset classes, geographies and positions in the capital stack as it perceives risk/reward dynamics to be evolving. Starwood Capital also manages Starwood Property Trust, the largest commercial mortgage real estate investment trust in the United States, which has successfully deployed over $69 billion of capital since inception and manages a portfolio of over $18 billion across debt and equity investments. Over the past 29 years, Starwood Capital Group and its affiliates have successfully executed an investment strategy that involves building enterprises in both the private and public markets

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INVESTMENTS

Berkshire Hathaway HomeServices Welcomes Berkshire Hathaway HomeServices Brick & Mortar Real Estate to Brokerage Network

Berkshire Hathaway HomeServices | August 24, 2021

Berkshire Hathaway HomeServices, a global residential real estate brokerage franchise network, is delighted to welcome Berkshire Hathaway HomeServices Brick & Mortar Real Estate to its global network. The addition marks the brand's continued growth in the state of Washington and the 11th company in the state. “We are proud to have Berkshire Hathaway HomeServices Brick & Mortar Real Estate carry the brand into new markets in Washington.” Owned and operated by Gina and Mike Styler, the firm is located in Ellensburg, Washington and brings 12 combined years of experience serving the Kittitas Valley and the surrounding regions. Gina Styler was named the #1 Lower County Real Estate Agent in 2021 and earned the title voted by the public of “Best Real Estate Agent of the County for 2020.” “After years of building a successful real estate career, it was time to align with a global brand like Berkshire Hathaway HomeServices, to take the brokerage to the next level,” said Gina Styler, Owner of Berkshire Hathaway HomeServices Brick & Mortar Real Estate. “We look forward to building our legacy and elevating the real estate experience for our clients.” By joining, Berkshire Hathaway HomeServices Brick & Mortar Real Estate agents gain access to Berkshire Hathaway HomeServices’ active referral and relocation networks, and its “FOREVER Cloud” technology suite, a powerful source for lead generation, marketing support, social media, video production/distribution and more. Berkshire Hathaway HomeServices has aligned with best-in-class technology platforms to deliver world-class support to its network members far into the future. “Ellensburg is known for its thriving art and culture community, supported by downtown organizations and the local University,” said Gino Blefari, Chairman of Berkshire Hathaway HomeServices. “We are proud to have Berkshire Hathaway HomeServices Brick & Mortar Real Estate carry the brand into new markets in Washington.” Berkshire Hathaway HomeServices Brick & Mortar Real Estate will also have full access to the recently unveiled, Real Estate I.Q. System. The System combines the Berkshire Hathaway HomeServices brand, marketing resources and technology with continuing education, training, mentoring, and consulting. The brand also provides global listing syndication, professional training and ongoing education and the exclusive Luxury Collection marketing program for premier listings. Its Prestige Magazine showcases network members’ premium listings with a strong lineup of feature stories covering topics that appeal to high-end real estate clients. “As the most centrally located town in Washington state, Ellensburg offers the best of two worlds, small-town charm and a big-city feeling and we can’t wait to build our legacy here under the Berkshire Hathaway HomeServices brand,” said Mike Styler, Owner, Berkshire Hathaway HomeServices Brick & Mortar Real Estate. “We look forward to fulfilling our customer's needs in the residential, commercial, new construction and luxury real estate areas.” About Berkshire Hathaway HomeServices Brick & Mortar Real Estate Berkshire Hathaway HomeServices Brick & Mortar Real Estate is a real estate brokerage in the State of Washington. Offering high-end services and experience to clients through an intentional working environment. Bringing together a group of skilled, passionate, and supportive individuals who are empowered by the brokerage and deliver an exceptional level of service. About Berkshire Hathaway HomeServices Berkshire Hathaway HomeServices is a global residential real estate brokerage franchise network with more than 50,000 real estate professionals and nearly 1,500 offices throughout the U.S., Canada, Mexico, Europe, the Middle East and India. In 2020, the Berkshire Hathaway HomeServices global network represented more than $138 billion in real estate sales volume. The network, among the few organizations entrusted to use the world-renowned Berkshire Hathaway name, brings to the real estate market a definitive mark of trust, integrity, stability, and longevity.

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