Now you can get access to the latest and highest-quality analysis of recent Wall Street buying and selling ideas with just one subscription to Beyond the Wall Investing ! There is a free trial and a special discount of 10% for you. Join us today!Welltower Inc. (NYSE: WELL ) is a global REIT and S&P 500 ( SPX ) company that works with the leading senior housing operators, post-acute providers, and health systems "to create real estate that fosters innovative care and wellness." ItDaniel Sereda is chief inves ...

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the 'long' context, investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Even ...

Welltower Inc. (WELL) boasts a diversified portfolio of healthcare real estate assets in the key markets of the United States, Canada and the U.K. The favorable senior housing industry, capital-recycling efforts and a healthy balance sheet are likely to continue aiding the company to ride the growth curve.Last month, this Toledo, OH-based healthcare real estate investment trust (REIT) company reported third-quarter 2024 normalized funds from operations (FFO) per share of $1.11, beating the Zacks Consensus E ...

Welltower Inc. (NYSE: WELL ) recently reported decent Q3 results . The REIT’s operations are growing; however, this may already be priced in, and I wouldn’t be surprised if the growth in share price underperforms in the upcoming years. I am initiating myMSc in Finance. Long-term horizon investor mostly with 5-10 year horizon. I like to keep investing simple. I believe a portfolio should consist of a mix of growth, value, and dividend-paying stocks but usually end up looking for value more than anything. I a ...

Welltower, Inc. (NYSE: WELL ) is a REIT whose appeal as an investment lies in its portfolio of senior housing and medical properties. With a rising, aging population in its portfolio's countries, many feel that it's well positioned to benefit in theMy articles are written with a mind to owning a stock for years, not trying to predict price movements in a few months. I don't do target prices; I do valuations.I first entered investing in 2020 as an individual value investor, keen to understand the fundamental ...

Financial Data and Key Metrics Changes - The company reported a 21% increase in FFO per share and raised its guidance by $0.13 per share, reflecting strong operational performance [7] - Quarterly revenue exceeded $2 billion for the first time in company history [8] - Year-over-year same-store NOI growth was 12.6%, with a significant increase in total portfolio NOI [48] Business Line Data and Key Metrics Changes - The senior housing operating portfolio achieved a remarkable 23% year-over-year same-store NOI growth, marking eight consecutive quarters of over 20% growth [8][21] - The outpatient medical business posted a 2.2% year-over-year same-store NOI growth, maintaining a stable occupancy rate of 94.5% [22] - The triple-net lease portfolio saw a same-store NOI increase of 5.8% year-over-year [50] Market Data and Key Metrics Changes - The company experienced a 310 basis points year-over-year increase in same-store occupancy, with a sequential occupancy gain of 120 basis points [26] - The spread between RevPOR (revenue per occupied room) and ExpPOR (expense per occupied room) remains historically wide, contributing to a 300 basis points year-over-year margin expansion [10][28] Company Strategy and Development Direction - The company is focused on deepening its market presence through bolt-on acquisitions rather than broadening its geographic footprint [17] - The rollout of a new technology platform is expected to enhance operational efficiency and improve customer experience [15][30] - The company anticipates significant growth in the senior housing sector driven by demographic trends, with 5,000 Americans turning 80 every day starting next year [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong demand for senior housing and a favorable supply outlook due to declining construction starts [11][13] - The company is well-positioned with a leverage ratio of 3.7 times and nearly $10 billion in liquidity to capitalize on investment opportunities [18] - Management emphasized the importance of focusing on long-term compounding growth rather than short-term market fluctuations [19] Other Important Information - The company completed $1.2 billion in transactions since the last quarterly update, bringing total year-to-date investment activity to over $6 billion [16] - The company’s annualized revenue exceeded $8.2 billion, reflecting a significant increase compared to pre-COVID levels [55] Q&A Session Summary Question: Can you discuss the historically wide gap between unit revenue and unit expense? - Management noted that flow-through margins are expected to improve as occupancy approaches pre-COVID levels, with current margins in the low-60s range [70][72] Question: What are the economic conditions for new construction? - Management indicated that construction costs remain high, and significant rent growth relative to labor costs is necessary for new projects to be economically viable [75][76] Question: What drives top-line growth and pricing expectations for 2025? - Management refrained from speculating on 2025 but highlighted the potential for improved occupancy and pricing based on current trends [79][80] Question: Can you elaborate on traffic trends and turnover in the portfolio? - Management reported increased traffic and improved closing ratios, indicating better execution and market share capture [83] Question: What is the status of the tech platform rollout? - Management confirmed that the initial investment is being made by the company, with expectations for improved financial results as the platform is fully implemented [95][97] Question: How is the acquisition pipeline looking? - Management stated that they are engaged in discussions with several private peers, with a focus on quality over quantity in acquisitions [99]

Welltower Inc. (WELL) reported third-quarter 2024 normalized funds from operations (FFO) per share of $1.11, which surpassed the Zacks Consensus Estimate of $1.04. The reported figure improved 20.7% year over year. Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar. Reflecting the positive sentiments of investors, shares of the company gained around 2.2% during the afterhours of Monday's trading session. Results reflected a rise in revenues on a year-over-year basis. The total portfoli ...

Financial Performance - Net income for September 30, 2024, was $456.8 million, showing significant growth compared to $134.7 million in September 2023[113] - FFO (Funds From Operations) increased to $635.8 million in September 2024, up from $419.1 million in September 2023[113] - NOI (Net Operating Income) reached $842.9 million in September 2024, compared to $666.7 million in September 2023[113] - Net income for the three months ended September 30, 2024 increased by 239% to $456.8 million compared to $134.7 million in the same period in 2023[131] - FFO (Funds From Operations) for the nine months ended September 30, 2024 increased by 33% to $1.69 billion compared to $1.27 billion in the same period in 2023[131] - EBITDA for the nine months ended September 30, 2024 increased by 38% to $2.42 billion compared to $1.75 billion in the same period in 2023[131] - NOI (Net Operating Income) for the nine months ended September 30, 2024 increased by 17% to $2.32 billion compared to $1.98 billion in the same period in 2023[131] - FFO (Funds From Operations) for Q3 2024 was $635,817 thousand, compared to $419,124 thousand in Q3 2023, showing a significant increase[155] - Net income attributable to common stockholders for Q3 2024 was $449,849 thousand, up from $127,470 thousand in Q3 2023[155] - Consolidated NOI (Net Operating Income) for Q3 2024 was $842,962 thousand, up from $666,740 thousand in Q3 2023[158] - EBITDA for the nine months ended September 30, 2024, reached $2.423 billion, up from $1.754 billion in the same period in 2023[167] - Adjusted EBITDA for September 30, 2024, was $2,981.885 million, showing an increase from $2,816.379 million in June 2024 and $2,669.153 million in March 2024[168] - Net income for September 30, 2024, was $937.544 million, compared to $615.466 million in June 2024 and $461.138 million in March 2024[168] Portfolio and Property Operations - Welltower's consolidated portfolio for Q3 2024 shows NOI of $808.7 million, with Seniors Housing Operating contributing $394.5 million (48.8%), Triple-net $271.2 million (33.5%), and Outpatient Medical $143.1 million (17.7%)[104] - The company's Seniors Housing Operating segment consists of 1,008 properties, Triple-net has 606 properties, and Outpatient Medical includes 371 properties as of September 30, 2024[104] - Welltower acquired 100 properties during the nine months ended September 30, 2024, with a total investment of $2.85 billion and an average capitalization rate of 5.8%[108] - The company disposed of 31 properties during the same period, generating $580.1 million in proceeds with an average capitalization rate of 4.5%[109] - Seniors Housing Operating accounted for 49% of NOI in September 2024, up from 45% in September 2023[116] - Triple-net properties contributed 34% of NOI in September 2024, down from 35% in September 2023[116] - California remained the top geographic contributor with 11% of NOI in September 2024, consistent with September 2023[116] - Base rent for Triple-net properties in 2033 is projected at $59.5 million, representing 8.8% of total base rent[117] - Outpatient Medical base rent in September 2024 was $29.0 million, accounting for 5.0% of total base rent[117] - Total properties included in the SSNOI (Same Store Net Operating Income) pool were 2,137, with 1,490 being same-store properties[161] - Recent acquisitions and development conversions totaled 218 properties, which will enter the QTD Pool after five full quarters[161] - Redevelopment properties totaled 6, which will enter the QTD Pool after five full quarters of operations post redevelopment completion[161] - Consolidated NOI for Seniors Housing Operating increased to $394.463 million in Q3 2024, up from $284.909 million in Q3 2023[164] - SSNOI at Welltower Share for Seniors Housing Operating rose to $277.912 million in Q3 2024, compared to $229.596 million in Q3 2023[164] - Consolidated NOI for Triple-net properties reached $271.170 million in Q3 2024, up from $226.278 million in Q3 2023[164] - SSNOI at Welltower Share for Triple-net properties increased to $134.513 million in Q3 2024, from $128.789 million in Q3 2023[164] - Consolidated NOI for Outpatient Medical grew to $143.069 million in Q3 2024, compared to $129.754 million in Q3 2023[164] - SSNOI at Welltower Share for Outpatient Medical rose to $127.484 million in Q3 2024, up from $123.813 million in Q3 2023[164] - Total SSNOI at Welltower Share increased to $539.909 million in Q3 2024, compared to $482.198 million in Q3 2023[164] Capital and Financing Activities - The company generated $5.29 billion in gross proceeds from selling 53.55 million shares of common stock under its ATM Programs during the nine months ended September 30, 2024[106] - Welltower closed on an expanded $5 billion unsecured revolving credit facility in July 2024, replacing its previous $4 billion line of credit[106] - As of September 30, 2024, Welltower had $3.56 billion in cash and cash equivalents, $219.47 million in restricted cash, and $5 billion in available borrowing capacity[105] - Welltower OP issued $1.04 billion in 3.125% exchangeable senior unsecured notes in July 2024, maturing in 2029[106] - The company issued $1,035,000,000 of 3.125% exchangeable senior unsecured notes in July 2024, maturing July 15, 2029[123] - The company expanded its unsecured revolving credit facility to $5,000,000,000, replacing the previous $4,000,000,000 facility[123] - Total contractual obligations as of September 30, 2024, amounted to $23,154,611 thousand, with $6,043,344 thousand due between 2027-2028[126] - The company has $696,822,000 of remaining capacity under its ATM Program for issuing common stock as of October 25, 2024[127] - The company filed a prospectus supplement for the registration of up to 23,471,419 shares of common stock related to exchangeable senior notes[127] - The ending balance of debt as of September 30, 2024, was $1.938687 billion, with a weighted average interest rate of 4.44%[139] - Debt issued during the nine months ended September 30, 2024, was $3.708 million, compared to $381.369 million in the same period in 2023[139] - Debt extinguished during the nine months ended September 30, 2024, was $196.939 million, compared to $288.063 million in the same period in 2023[139] - Principal payments during the nine months ended September 30, 2024, were $29.580 million, compared to $36.292 million in the same period in 2023[139] - The ending weighted average interest rate for debt decreased to 4.01% as of September 30, 2024, from 4.39% in the same period in 2023[143] - The company extinguished $112 million of medical secured debt during the three months ended September 30, 2024, compared to $40.14 million in the same period in 2023[149] - Total net debt increased to $12,070,529 as of September 30, 2024, compared to $11,163,530 in June 2024 and $11,807,351 in March 2024[171] - Net debt to book capitalization ratio improved to 28% in September 2024 from 34% in December 2023[171] - Common equity market capitalization rose to $79,173,240 in September 2024, up from $63,399,742 in June 2024[171] - Net debt to consolidated enterprise value ratio decreased to 13% in September 2024 from 21% in December 2023[171] - Variable rate debt outstanding was $947,699,000 as of September 30, 2024, with a 1% interest rate increase resulting in $9,477,000 additional annual interest expense[177] - Total equity and noncontrolling interests grew to $31,064,003 in September 2024 from $26,371,727 in December 2023[171] - Undepreciated book capitalization reached $53,411,041 in September 2024, up from $49,385,684 in December 2023[171] - Net debt to undepreciated book capitalization ratio improved to 23% in September 2024 from 28% in December 2023[171] - Consolidated enterprise value increased to $91,973,491 in September 2024 from $65,584,105 in December 2023[171] Revenue and Expenses - For the nine months ended September 30, 2024, resident fees and services accounted for 74% of total revenues, while rental income represented 21%[105] - Resident fees and services revenue for the nine months ended September 30, 2024 increased by 22% to $4.27 billion compared to $3.49 billion in the same period in 2023[133] - Interest income for the nine months ended September 30, 2024 increased by 447% to $37.4 million compared to $6.8 million in the same period in 2023[133] - Property operating expenses for the nine months ended September 30, 2024 increased by 19% to $3.19 billion compared to $2.69 billion in the same period in 2023[133] - Depreciation and amortization expenses for the nine months ended September 30, 2024 increased by 17% to $770 million compared to $656 million in the same period in 2023[133] - Revenue for the three months ended September 30, 2024, was $277.912 million, a $48.316 million increase compared to $229.596 million in the same period in 2023, representing a 19.1% growth[136] - Revenue for the nine months ended September 30, 2024, was $720.750 million, a $115.822 million increase compared to $604.928 million in the same period in 2023, representing a 19.1% growth[136] - Impairment charges for the nine months ended September 30, 2024, were $65.996 million related to fourteen properties, compared to $15.029 million related to six properties in the same period in 2023[137] - The company transitioned operations for 89 Atria Senior Living properties to six existing operating partners, recognizing $26 million in other expenses during the second quarter of 2024[137] - Construction conversions completed during the nine months ended September 30, 2024, represented $462.246 million or $379,824 per unit[137] - As of September 30, 2024, the company had 29 properties under construction with a total in-progress balance of $989.792 million, including 6 properties expected to convert in 2024 with $366.086 million remaining funding[138] - Rental income for the three months ended September 30, 2024 increased by $32.6 million (17%) to $227.5 million, driven by acquisitions and annual rent increases, partially offset by property transitions[140] - Rental income for the nine months ended September 30, 2024 decreased by $5.8 million (1%) to $590.4 million, primarily due to a $97.7 million write-off related to lease conversions, partially offset by acquisitions and rent increases[140] - Interest income for the three months ended September 30, 2024 increased by $11.9 million (30%) to $51.9 million, driven by increased loan advances in late 2023[140] - SSNOI (Same Store Net Operating Income) for the three months ended September 30, 2024 increased by $5.7 million (4.4%) to $134.5 million, based on 458 same-store properties[142] - SSNOI for the nine months ended September 30, 2024 increased by $18.2 million (4.9%) to $390.2 million, based on 450 same-store properties[142] - The company recorded a $179.8 million gain on the acquisition of a 25% minority interest in a joint venture owning 39 triple-net lease properties[142] - The company recognized $92.6 million in gains from the sale of 15 properties previously under operating leases, now classified as sales-type leases[142] - Depreciation and amortization expenses for the nine months ended September 30, 2024 increased by $13.9 million (8%) to $181.9 million, driven by property acquisitions and dispositions[142] - The company recorded a $3.2 million impairment charge for two properties in the nine months ended September 30, 2024, compared to $6.1 million for two properties in the same period of 2023[142] - Net income attributable to common stockholders for the three months ended September 30, 2024 increased by $327.0 million (217%) to $477.9 million[140] - Rental income increased by $13.36 million (7%) for the three months ended September 30, 2024, compared to the same period in 2023, driven by acquisitions and construction conversions[145] - Interest income surged by $754 thousand (769%) for the three months ended September 30, 2024, compared to the same period in 2023[145] - Total revenues grew by $13.89 million (7%) for the three months ended September 30, 2024, compared to the same period in 2023[145] - Net Operating Income (NOI) increased by $13.32 million (10%) for the three months ended September 30, 2024, compared to the same period in 2023[145] - The company completed construction conversions representing $162.7 million or $641 per square foot during the nine months ended September 30, 2024[148] - The weighted-average term of new leases and renewals for the nine months ended September 30, 2024, was 8 years, with a rate of $42.01 per square foot[145] - Same Store Net Operating Income (SSNOI) increased by $3.67 million (3.0%) for the three months ended September 30, 2024, compared to the same period in 2023[146] - The construction in progress balance for Outpatient Medical projects as of September 30, 2024, was $307.52 million[148] - Total revenues increased by 31% to $38.95 million for the three months ended September 30, 2024, compared to $29.83 million in the same period in 2023[151] - Consolidated net operating income (loss) rose by 33% to $34.26 million for the three months ended September 30, 2024, from $25.80 million in the same period in 2023[151] - General and administrative expenses increased by 69% to $77.90 million for the three months ended September 30, 2024, compared to $46.11 million in the same period in 2023[151] - Interest expense decreased by 6% to $130.79 million for the three months ended September 30, 2024, from $139.49 million in the same period in 2023[151] - Net income (loss) attributable to common stockholders improved by 2% to $(511.47) million for the nine months ended September 30, 2024, compared to $(519.86) million in the same period in 2023[151] - Senior unsecured notes interest expense decreased by 8% to $122.06 million for the three months ended September 30, 2024, from $133.17 million in the same period in 2023[152] - Unsecured credit facility and commercial paper program interest expense increased by 3% to $1.60 million for the three months ended September 30, 2024, compared to $1.55 million in the same period in 2023[152] - Loan expense increased by 50% to $7.14 million for the three months ended September 30, 2024, from $4.76 million in the same period in 2023[152] - General and administrative expenses as a percentage of consolidated revenues were 3.25% for the nine months ended September 30, 2024, compared to 2.76% in the same period in 2023[151] - The company recognized $29.84 million as a cumulative catch-up of stock compensation expense during the three months ended September 30, 2024[151] - Depreciation and amortization expenses for Q3 2024 were $403,779 thousand, compared to $339,314 thousand in Q3 2023[155] - Interest expense for September 30, 2024, was $574.366 million, slightly lower than $591.848 million in June 2024 and $610.761 million in March 2024[168] - Depreciation and amortization for September 30, 2024, was $1,532.417 million, up from $1,467.952 million in June 2024 and $1,427.852 million in March 2024[168] - Impairment of assets for September 30, 2024

For the quarter ended September 2024, Welltower (WELL) reported revenue of $2.06 billion, up 23.7% over the same period last year. EPS came in at $1.11, compared to $0.24 in the year-ago quarter.The reported revenue represents a surprise of +5.38% over the Zacks Consensus Estimate of $1.95 billion. With the consensus EPS estimate being $1.04, the EPS surprise was +6.73%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine thei ...

Welltower (WELL) came out with quarterly funds from operations (FFO) of $1.11 per share, beating the Zacks Consensus Estimate of $1.04 per share. This compares to FFO of $0.92 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an FFO surprise of 6.73%. A quarter ago, it was expected that this senior housing and health care real estate investment trust would post FFO of $1 per share when it actually produced FFO of $1.05, delivering a surprise of 5%. Ov ...