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Welltower Inc. (NYSE: WELL) is a leading real estate investment trust (REIT) headquartered in Toledo, Ohio, dedicated to transforming health care infrastructure. The company strategically invests with senior housing operators, post-acute care providers, and health systems to enhance the delivery of innovative care models. Welltower's diversified portfolio comprises 2,096 properties, including senior housing, medical offices, and skilled nursing facilities across the United States, Canada, and the United Kingdom.
Welltower's business model focuses on providing low-cost capital for health care infrastructure, aiming to reduce patient stays in high-cost settings while improving overall treatment quality. With an eye on global demographic trends, especially the aging population, Welltower is committed to developing environments that address the complex needs associated with dementia and other age-related challenges. The company's strategic partnerships with leading health systems and senior housing operators facilitate the growth and evolution of health care delivery.
Recent achievements underscore Welltower’s aggressive growth and investment strategies. As of November 2023, the company completed a $3.0 billion acquisition activity, including investments in senior housing and skilled nursing sectors. Additionally, Welltower announced a significant public offering of 17,500,000 shares of common stock, expected to generate approximately $1.5 billion in proceeds aimed at expanding their portfolio and funding future investments.
Further solidifying its market position, Welltower entered into a long-term strategic partnership with Affinity Living Communities to acquire 25 active adult communities for $969 million, enabling the company to scale its wellness housing portfolio in high-growth markets. This partnership underscores Welltower's mission to offer wellness-focused rental housing tailored for seniors at moderate price points.
Financially, Welltower has demonstrated robust performance with a significant reduction in net debt to consolidated enterprise value, from 29.5% in December 2022 to 20.9% by the end of 2023. The company’s continued focus on strategic acquisitions, innovative partnerships, and efficient capital deployment ensures a promising outlook for sustained growth and shareholder value.
Welltower’s commitment to Environmental, Social, and Governance (ESG) principles is reflected in its repeated recognition as an ENERGY STAR® Partner of the Year. This dedication to sustainability, alongside consistent dividend payments and strong financial metrics, positions Welltower as a transformative leader in the health care and real estate sectors.
Welltower has announced the successful closing of its $1.035 billion offering of 3.125% exchangeable senior notes due 2029. The offering, aimed at qualified institutional buyers, saw full exercise of the initial purchasers' option for additional notes. The notes are senior unsecured obligations, paying semi-annual interest and maturing in July 2029. They can be exchanged for cash or Welltower common stock based on a specific exchange rate. Welltower plans to use the proceeds for general purposes, including debt repayment and investing in healthcare and senior housing properties.
Welltower announced the pricing and upsizing of its offering of $900 million in 3.125% exchangeable senior notes due 2029. The offering was upsized from the previously announced amount and will close on July 11, 2024, subject to conditions. The notes, to be sold to institutional buyers, will accrue interest at 3.125% annually and mature on July 15, 2029, unless exchanged or redeemed earlier. Welltower OP has also granted initial purchasers an option to buy an additional $135 million in notes. Proceeds estimated at $882.3 million will be used for corporate purposes, including debt repayment and investments in healthcare properties. Notes will be exchangeable for cash or Welltower common stock and may be redeemed under specific conditions. The exchange rate is initially set at 7.8177 shares per $1,000 principal, with a 22.5% premium on the share price of $104.42 as of July 8, 2024.
Welltower, trading under the symbol WELL on the NYSE, announced a proposed private placement of $750 million in exchangeable senior notes due 2029. The notes will be offered to qualified institutional buyers under Rule 144A of the Securities Act of 1933. An additional $112.5 million in notes may be offered at the initial purchasers' option. The notes, senior unsecured obligations of Welltower OP , will accrue semi-annual interest and can be exchanged for cash or common stock.
The proceeds will be used for general corporate purposes such as debt repayment and investments in healthcare, wellness, and senior housing properties. These notes will not be registered under the Securities Act and can only be sold to qualified institutional buyers.
Welltower has released its 2023 Environmental, Social, and Governance (ESG) Report, highlighting significant achievements and progress in various ESG initiatives. The report showcases Welltower's commitment to environmental stewardship, social well-being, and transparent corporate governance. Key achievements include the allocation of $1.04 billion from green bonds to certified green building projects, a 25% GHG emissions reduction target by 2030, and over 349 green building certifications. Recognitions include ENERGY STAR® Partner of the Year for the fifth consecutive year and a top ranking in corporate governance among US REITs by Green Street Advisors.
Welltower has revised its 2024 guidance, raising expectations for normalized funds from operations (FFO) attributable to common stockholders to a range of $4.05 - $4.17 per diluted share. This is an adjustment from the previous guidance of $4.02 - $4.15 per diluted share. The company shared additional details and other recent developments through a Business Update presentation available on their website.
Welltower announced a 10% increase in its quarterly dividend to $0.67 per share starting from Q2 2024. This marks the first dividend increase since 2017 and reflects the company's solid financial performance and growth prospects. CEO Shankh Mitra highlighted strong cash flow growth and a robust investment pipeline, with nearly $4.0 billion of investments closed or under contract in 2024, compared to $5.0 billion in 2023. The company has also strengthened its balance sheet, ensuring significant liquidity and financial flexibility.
Welltower® Inc. (WELL) has issued a business update outlining key developments and strategies for the future. The update can be accessed on the company's website.
Welltower Inc. (NYSE: WELL) reported strong financial results for Q1 2024, with a net income per diluted share of $0.22 and an 18.8% increase in normalized FFO per diluted share. The company achieved a 12.9% SSNOI growth in its Seniors Housing Operating portfolio. Additionally, Welltower improved its net debt to Adjusted EBITDA ratio to 4.03x and has $6.5 billion in available liquidity.
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