Welltower OP Stock Quote WELL - Stock Price, News, Charts, Message Board, Trades

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Current Price

125.27

Bid

Ask

Volume

10,565,684

123.053 Day's Range 126.30

78.38 52 Week Range 130.97

Market Cap

76.308B

Previous Close

125.39

Open

123.98

Last Trade

4931907

125.27

Last Trade Time

Financial Volume

$ 1,313,644,699

VWAP

124.3313

Average Volume (3m)

2,838,191

Shares Outstanding

609,147,531

Dividend Yield

2.14%

PE Ratio

224.38

Earnings Per Share (EPS)

0.56

Revenue

6.64B

Net Profit

340.09M

Welltower OP LLC owns a diversified healthcare portfolio of over 1,800 in-place properties spread across the senior housing, medical office, and skilled nursing/post-acute care sectors. The portfolio includes over 100 properties in both Canada and the United Kingdom as the company looks for addition... Welltower OP LLC owns a diversified healthcare portfolio of over 1,800 in-place properties spread across the senior housing, medical office, and skilled nursing/post-acute care sectors. The portfolio includes over 100 properties in both Canada and the United Kingdom as the company looks for additional investment opportunities in countries with mature healthcare systems that operate similarly to that of the United States. Show more

Sector

Real Estate Investment Trust

Industry

Real Estate Investment Trust

Website

www.welltower.com

Headquarters

Wilmington, Delaware, USA

Founded

Welltower OP Inc is listed in the Real Estate Investment Trust sector of the New York Stock Exchange with ticker WELL. The last closing price for Welltower OP was $125.39. Over the last year, Welltower OP shares have traded in a share price range of $ 78.38 to $ 130.97.

Welltower OP currently has 609,147,531 shares outstanding. The market capitalization of Welltower OP is $76.38 billion. Welltower OP has a price to earnings ratio (PE ratio) of 224.38.

Overall Flow

Bullish

Net Premium

436k

Calls / Puts

100.00%

Buys / Sells

700.00%

OTM / ITM

33.33%

Sweeps Ratio

Period	Change	Change %	Open	High	Low	Avg. Daily Vol	VWAP
1	-3.78	-2.92909724913	129.05	130.97	124.49	2423834	127.69433484	CS
4	7.17	6.07112616427	118.1	130.97	118.005	2915740	124.62787882	CS
12	21.5	20.7188975619	103.77	130.97	102.92	2838191	114.86338196	CS
26	31.89	34.150781752	93.38	130.97	87.87	2708121	106.01783734	CS
52	40.42	47.637006482	84.85	130.97	78.38	2805292	96.69267175	CS
156	40.23	47.3071495767	85.04	130.97	56.5	2505537	85.19890366	CS
260	35.29	39.2198266281	89.98	130.97	24.27	2606329	76.48391923	CS

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TheFinalCD 2 years ago

$WELL Welltower: Exposing The Shell Game

Welltower Inc. (NYSE:WELL) is a healthcare REIT with a $32.1 billion market cap that is the largest owner of senior housing facilities in the U.S., with investments in 1,568 properties.
Until last month, Welltower’s largest tenant was a non-profit health system in the Midwest called ProMedica, which accounted for 12% of the company's annual Net Operating Income (NOI). ProMedica faced severe distress and began breaching bond covenants in early 2022, threatening Welltower’s investment.
Given its size as Welltower’s largest operator, Welltower has stressed the importance of ProMedica’s financial health as a key risk factor.
On November 7th, 2022, Welltower announced a solution: it would transfer the operation of 147 skilled nursing facilities out of ProMedica and into a new joint venture with a health care operator called Integra Health. The deal helped fuel a 9% spike in Welltower’s stock.
Welltower’s CEO said that Integra provided a “well-capitalized strategic partner” resulting in Welltower being paid 4% more in cash rent under the new JV, coming out ahead despite the distressed situation.
Despite the high praise from Welltower’s management and claims of being a well-experienced operator, Integra seems to barely exist. The entity was registered 6 months ago, according to Delaware corporate records. Its website was registered on the same day.
Integra’s CEO, 29-year-old David Gefner, appears to have no background in the skilled nursing space at all. Integra has no employees on LinkedIn except for Gefner, who claims to have worked at the 6-month-old entity for 11 months.
A senior ProMedica employee told us Integra had no operating experience and came in after the company couldn't find genuine operators. A former Welltower executive told us he had never heard of Gefner, saying that Integra would need "a lot of people" to manage the deal with Welltower.
Red flags indicate that another of Welltower’s distressed deals, a 2021 restructuring with its troubled 4th largest operator, Genesis Healthcare, mirrored the latest ‘miracle’ deal.
In late 2021, evidence suggests that Welltower quietly disposed of 21 of its distressed Genesis assets to a Gefner-affiliated firm, once again handing skilled nursing facilities over to an inexperienced operator and clearing its books of the mess.
We found signs of overt conflicts of interest with the deal. Gefner previously worked at the investment firm that owned Genesis, according to contact database records. Gefner’s own private equity firm at one point shared an office suite with an affiliate of the firm that ran Genesis. None of these relationships have been disclosed by Welltower or Gefner.
In addition to his CEO role at Integra, Gefner is CEO of private equity firm "Perigrove", which at one point claimed to have raised $3 billion. We found no regulatory Form ADVs or Form Ds for Gefner or Perigrove. We also found no association with a broker/dealer, indicating that Perigrove may have either lied about the size of its capital raises or raised the capital illegally.
Perigrove claimed on its website to have run 12 prior real estate projects. We found no evidence to support this. Real estate records show all were led by other developers.
Perigrove had a documented role in only 1 of the claimed projects on its website that we could find; an attempted launch of a $30 million crypto token to raise funds for a property once dubbed by Crain's Business as the "city's worst illegal hotel". The token offering looks to have failed.
Perigrove’s website claims it operates out of a prestigious office building in Manhattan. We visited and found the company has no presence at its claimed address.
Instead, we found Perigrove’s office on the outskirts of New York City, in a strip mall sharing an address with an auto parts store. On the front door of the building, Perigrove's name was spelled wrong, as "Perigove", with stickers.
Welltower trades at a premium to competitors, with its price/estimated NTM AFFO at 22.7x, 22% higher than the average multiple of comparably-rated peers. It has the lowest dividend yield of its peers, indicating that the market views it as a safe asset.
Welltower’s valuation comes despite an industry in turmoil: a 2022 BDO report reported that 50% of long term / post-acute home health facilities had defaulted in the last 12 months. The report surveyed 100 Healthcare CFOs and found that one in four who had not defaulted in 2021 were concerned they would default on bond or loan covenants in 2022.
Welltower also faces significantly larger maturities moving past 2023, with 2024 and 2025 debt totaling over $3.7 billion in a rising interest rate environment.
Meanwhile, the company has been diluting its equity via at-the-market (ATM) offerings, having raised $4.5 billion in total net proceeds in the past 2 years. It has raised over $400 million in 5 months through its latest ATM, with $2.57 billion in remaining capacity as of September 30, 2022.
Overall, we think Welltower is an overpriced-to-perfection REIT obfuscating its distressed assets, raising questions about both its portfolio and the credibility of management as it attempts to raise capital from investors.
Initial Disclosure: After extensive research, we have taken a short position in shares of Welltower, Inc. (NYSE:WELL). This report represents our opinion, and we encourage every reader to do their own due diligence. Please see our full disclaimer at the bottom of the report.
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Welltower OP (WELL) Options Flow Summary

Overall Flow

Bullish

Net Premium

436k

Calls / Puts

100.00%

Buys / Sells

700.00%

OTM / ITM

33.33%

Sweeps Ratio

0.00%

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