Welltower Inc. (WELL) CEO Tom DeRosa Presents at Citi 2019 Global Property CEO Conference Call (Transcript)
Welltower is a $30-ish billion equity market cap publicly traded REIT that invest primarily in seniors housing, post acute care facilities and medical office buildings. We currently own 1,334 premier senior housing and long-term post acute assets across the U.S., UK and Canada, as well as 20 month 1 million square feet of self-managed medical office space in the U.S.
Before getting to the three reasons I just -- why investors should buy Welltower now. I wanted to highlight a few key things about our organization since we were last here in March of 2018; we delivered 15.3% total return to shareholders, outperforming all peers for the year; we completed over $4 billion of gross investment activity at a 7% yield, while selling nearly 2 billion of non-core assets, further improving the quality of our portfolio and cash flow; we leverage relationships with next-generation operators like Conseil to realign legacy relationships like Brookdale, enhancing the quality of our cash flow while positioning the Welltower platform for future growth; we experienced year-over-year occupancy gains during the fourth quarter for the first time since 2015, and we're encouraged by the general stabilization in seniors housing fundamentals seen during the second half of '18.
Is Welltower a Buy?
The portfolio has undergone a bit of a strategic shift over the past few years, adding significantly to its concentration of senior housing and outpatient medical facilities. In all, 63% of Welltower's income comes from senior housing and 27% comes from outpatient medical and health-system properties. In addition, 95% of the portfolio is private pay, which generally translates to more stable revenue than government-dependent payments such as Medicare and Medicaid.
Welltower Reports First Quarter 2019 Results
o Reported net income attributable to common stockholders of $0.71 per
diluted share and normalized FFO attributable to common stockholders of
$1.02 per diluted share compared to $0.99 per diluted share in 2018,
representing 3% normalized FFO growth
o Total portfolio SSNOI grew 3.1%, driven by Seniors Housing Operating SSNOI
growth of 3.0%
o Completed $259 million of pro rata acquisitions in high quality real
estate with an additional $519 million in pro rata acquisitions subsequent
to quarter end for a total blended yield of 5.9% across eight separate
o Improved net debt to Adjusted EBITDA to 5.47x at March 31, 2019 from 5.84x
at December 31, 2018
o Generated $538 million of gross proceeds from common stock issuances at an
average price of $74.69 per share
On March 31, 2019, we had $249 million of cash and cash
equivalents and $2.6 billion of available borrowing capacity under the
unsecured revolving credit facility. During the first quarter, we generated
approximately $538 million under our dividend reinvestment program and equity
shelf program at an average price of $74.69 per share.
The Board of Directors declared a cash dividend for the quarter ended
March 31, 2019 of $0.87 per share. On May 28, 2019, we will pay our 192^nd
consecutive quarterly cash dividend to stockholders of record on May 14, 2019.
Welltower, Inc. (WELL) CEO Thomas DeRosa on Q1 2019 Results - Earnings Call Transcript
Welltower Inc. 2019 Q1 - Results - Earnings Call Slides
Welltower Reports Second Quarter 2019 Results
- Reported net income attributable to common stockholders of $0.34 per diluted share and normalized FFO attributable to common stockholders of $1.05 per diluted share compared to $1.00 per diluted share in 2018, representing 5% normalized FFO growth
- Grew total portfolio SSNOI by 3.1%, driven by consistent performance across all property types
- Completed $2.4 billion of pro rata acquisitions across eight separate transactions at a blended yield of 5.4% and $152 million in development funding with an expected stabilized yield of 7.2%
- Completed the sale of the Benchmark Senior Living portfolio for a $1.8 billion gross sale price subsequent to quarter end
- Issued seventh annual Corporate Social Responsibility Report and also named a 2019 Energy Star Partner of the Year by the U.S. Environmental Protection Agency
Welltower (WELL) CEO, Tom DeRosa on Q2 2019 Results - Earnings Call Transcript
Welltower Reports Third Quarter 2019 Results
- Reported net income attributable to common stockholders of $1.45 per diluted share and normalized FFO attributable to common stockholders of $1.05 per diluted share
- Revised full year net income attributable to common stockholders guidance to a range of $3.06 to $3.10 per diluted share from the previous range of $3.33 to $3.43 per diluted share and increased the midpoint of the guidance range of full year normalized FFO attributable to common stockholders to $4.14 to $4.18 per diluted share as compared to prior guidance of $4.10 to $4.20 per diluted share
- Grew total portfolio same store NOI by 2.6%, driven by consistent performance across all property types
- Improved net debt to Adjusted EBITDA to 5.79x at September 30, 2019 from 6.33x at June 30, 2019
- Announced a strategic collaboration with CareMore Health to improve care, enhance outcomes and to lower the cost of care for senior populations, with the goal of reducing hospitalizations and increasing length of stay in select Welltower communities
- Named to the Dow Jones Sustainability World Index for the second consecutive year and to the Dow Jones Sustainability North America Index for the fourth consecutive year
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