Welltower Inc Stock Price, News & Analysis

Welltower Inc. (NYSE:WELL) reported strong Q2 2024 results, with net income of $0.42 per diluted share and normalized FFO of $1.05 per diluted share, up 16.7% year-over-year. The company saw total portfolio SSNOI growth of 11.3%, driven by a 21.7% increase in Seniors Housing Operating. Welltower completed $1.7 billion in pro rata gross investments and has $4.9 billion in acquisitions and loan funding closed or under agreement since the start of the year. The company's balance sheet strengthened with net debt to Adjusted EBITDA of 3.68x and $6.9 billion in available liquidity. The Board approved a 10% increase in quarterly dividend, reflecting strong financial performance and growth prospects.

Welltower (NYSE: WELL) will release its second quarter 2024 financial results after the close of trading on July 29, 2024.

A conference call and webcast to discuss the results is scheduled for July 30, 2024, at 9:00 a.m. ET.

The earnings release will be available in the Investors section of Welltower's website.

Investors can access the call via the company's website at www.welltower.com or through a webcast at https://events.q4inc.com/attendee/528114084.

A replay of the webcast will be available approximately two hours after the call and will remain accessible for 90 days.

Telephone access is also provided, with dial-in numbers available for both U.S. and international participants.

Replays of the call will be accessible until August 6, 2024.

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.