TOLEDO, Ohio–(BUSINESS WIRE)–Health Care REIT, Inc. (NYSE:HCN) announced today the completion of the previously announced acquisition of HealthLease Properties REIT (“HealthLease”) (TSX:HLP.UN). The acquisition includes a portfolio of high-quality seniors housing, post-acute care and long-term care communities that are managed by well-respected operators under long-term triple-net lease agreements. The purchase price represents a 7.0% initial cash yield.

“HCN has created a unique relationship network with leading health care providers and seniors housing operators. Our completion of the HealthLease acquisition and partnership with an innovative developer like Mainstreet, who is reinventing the post-acute care model through its Next Generation® prototype, are consistent with that strategy,” said Tom DeRosa, HCN’s Chief Executive Officer.

As previously announced, HCN has entered into a partnership with Mainstreet Property Group (“Mainstreet”), including an agreement to acquire 17 state-of-the-art Next Generation® communities (the “Pipeline”) that are managed by well-respected operators under long-term triple-net lease agreements. HCN will acquire the Pipeline for approximately $369 million representing a 7.5% initial cash yield. It is anticipated to close in tranches upon completion of each project beginning in 4Q14 through 1Q16.

Also previously announced, HCN entered into an agreement with Mainstreet to provide mezzanine financing at attractive mid-teen interest rates and receive purchase option rights for an additional 45 Next Generation® development projects (“Future Pipeline”) managed by well-respected operators under long-term triple-net lease agreements. The Future Pipeline represents a $1.0 billion acquisition pipeline at a 7.7% initial cash yield. It is anticipated to close in tranches upon completion of each project beginning in 2016 through 1Q17.

About Health Care REIT, Inc. HCN, an S&P 500 company with headquarters in Toledo, Ohio, is a real estate investment trust that invests across the full spectrum of seniors housing and health care real estate. The company also provides an extensive array of property management and development services. As of September 30, 2014, the company’s broadly diversified portfolio consisted of 1,246 properties in 46 states, the United Kingdom, and Canada. More information is available on the company’s website at www.hcreit.com.