TOLEDO, Ohio, Feb. 12,
2020 /PRNewswire/ -- Welltower Inc. (NYSE: WELL) today
announced results for the quarter ended December 31, 2019.
Fourth Quarter Highlights
- Reported net income attributable to common stockholders of
$0.55 per diluted share compared to
$0.27 per diluted share in 2018
- Reported normalized FFO attributable to common stockholders of
$1.05 per diluted share, compared to
$1.01 per diluted share in 2018,
representing 4% normalized FFO growth
- Grew total portfolio same store NOI by 2.2%, driven by
consistent performance across all property types
- Achieved same store REVPOR growth rate of 3.5% within the
Seniors Housing Operating segment, led by the U.K. and U.S.
portfolios
- Completed over $1.4 billion of
pro rata gross investments comprised of $1.1
billion of high-quality acquisitions at a blended year one
yield of 5.3% and expected stabilized yield of 5.6%. Additionally,
completed $308 million of development
funding with an expected stabilized yield of 7.9%
- Successfully closed our first green bond offering of
$500 million of 2.7% senior unsecured
notes due 2027, with proceeds to be used to fund renewable energy,
water conservation, energy efficiency and green building
projects
"Welltower continues to redefine the built environment where
health and wellness services can be delivered with better outcomes,
lower costs and enhanced consumer experience" commented Chairman
and CEO, Thomas J. DeRosa. "This is
evident in our recently announced groundbreaking strategic
partnership with Jefferson Health, as well as innovative
collaborations with industry leaders such as CareMore Health and
Philips. Welltower's unique strategy and best-in-class health care
real estate platform continue to drive strong, sustainable results,
enabling us to enhance shareholder value through accretive capital
deployment into next generation sites of care."
Fourth Quarter Capital Activity On December 31,
2019, we had $285 million of cash and
cash equivalents and $1.4 billion of
available borrowing capacity under our unsecured revolving credit
facility. During the fourth quarter, we sold 4.3 million shares of
common stock under our ATM and DRIP programs, through both cash
settle and forward sale agreements, at an initial weighted average
price of $85.19 per share, generating
expected gross proceeds of approximately $364 million. In December
2019, we completed the issuance of our first green bond
offering of $500 million of 2.7%
senior unsecured notes due February
2027 and the issuance of $300
million of 2.95% Canadian-denominated senior unsecured
notes. Additionally, we redeemed our $300
million Canadian-denominated 3.35% senior unsecured notes
due 2020.
Dividend The Board of Directors declared a cash dividend
for the quarter ended December 31, 2019 of $0.87 per share. On February 28, 2020, we will pay our
195th consecutive quarterly cash dividend to
stockholders of record on February 24,
2020. The Board of Directors also approved a 2020 quarterly
cash dividend rate of $0.87 per share
($3.48 per share annually) commencing
with the February 2020 dividend
payment. The declaration and payment of future quarterly dividends
remains subject to review and approval by the Board of
Directors.
Quarterly Investment and Disposition Activity We continue
to leverage our extensive industry relationships to drive
acquisition volume and recycle non-core real estate into new
investments that are accretive to the quality of our operator and
real estate portfolios and will drive future cash flow growth. In
the fourth quarter, we completed $1.4
billion of pro rata gross investments including $1.1 billion in acquisitions across seven
separate transactions at a blended year one yield of 5.3% and
expected stabilized yield of 5.6%. Additionally, we completed
$308 million in development funding
with an expected stabilized yield of 7.9%, property dispositions of
$40 million at a 7.6% yield and loan
payoffs of $116 million at a 7.8%
yield.
Notable Fourth Quarter Investments and Development
Activity
Hammes Partners As previously announced, we acquired a
100% interest in a 29-property, Class-A medical office portfolio
from Hammes Partners for $787
million. The 99% occupied portfolio totals 1.5 million
rentable square feet with a weighted average remaining lease term
of 12 years. The buildings are leased to prominent regional health
systems such as Providence St. Joseph Health, Baylor Scott & White Health and Trinity
Health.
Oakmont Senior Living As previously announced, we acquired six
newly built, Class-A seniors housing communities in California for a gross investment of
$297 million. Upon stabilization in
year two, we expect to achieve a mid-to-high 5% cap rate.
Discovery Senior Living As previously announced, we closed on an
expansion of our relationship with Discovery via an off-market
acquisition of three recently opened combination seniors housing
communities in in-fill locations within the Jacksonville, Port St. Lucie and Tampa MSAs
for a pro rata investment amount of $91
million, which equates to $258,000 per unit. We expect to achieve a yield
of 8.0% upon stabilization in year three.
Providence St. Joseph Health We completed the development of a
104,546 square foot medical office building in Mission Viejo, California, for a pro rata
investment of $74 million. This
outpatient center will focus on cancer care but will also include
an array of health and medical services in partnership with
Providence St. Joseph's Mission Hospital Regional Medical Center
located adjacent to the site. The property is master leased
pursuant to a 15-year lease with 2.5% annual increasers.
Notable Pending Transactions
Prominent Seniors Housing Disposition In January 2020, we entered into a definitive
agreement to sell a prominent Seniors Housing Operating portfolio
in the western United States for a
gross sale price exceeding $740
million. This portfolio consists of assisted living
properties located in California,
Nevada and Washington. The portfolio has occupancy of 97%
and achieved NOI of $36.7 million in
2019.
Invesco Outpatient Medical Joint Venture As previously
announced, we entered into a definitive agreement with Invesco to
sell an 85% interest in a portfolio of 35 Outpatient Medical
properties across 2.6 million square feet in 15 states. The
properties are 19 years old and 89% occupied with a weighted
average lease term of 5 years. We will retain leasing, portfolio
and asset management responsibilities. The transaction is expected
to close in the first half of 2020.
ProMedica Disposition During the fourth quarter, we reached a
definitive agreement to sell three skilled nursing facilities with
an average age of 49 years, for a gross sale price of $67 million or approximately $156,000 per operational bed. The sale of these
HCR ManorCare operated facilities was initiated following an
unsolicited offer and is anticipated to close in the first half of
2020.
Outpatient Medical Acquisition In January
2020, we closed on 16 buildings totaling $236 million of the previously announced
$261 million medical office portfolio
sourced off-market. We expect to close on the remaining two
buildings by the end of third quarter 2020. The portfolio is 97%
occupied with a weighted average remaining lease term of 8 years.
We expect a blended mid-5% year-one yield. The portfolio
complements our current outpatient medical footprint and aligns
with top health systems, including Dignity Health and UPMC.
Full Year 2019 Highlights
- Reported net income attributable to common stockholders of
$3.05 per diluted share compared to
$2.02 per diluted share in 2018
- Reported normalized FFO attributable to common stockholders of
$4.16 per diluted share, compared to
$4.03 per diluted share in 2018,
representing 3% normalized FFO growth
- Completed $4.8 billion of pro
rata gross investments, including $4.1
billion in acquisitions at a blended year one 5.4% yield and
expected stabilized yield of 6.0%. Additionally, we completed
$682 million in development funding
with a 7.8% expected stabilized yield, property dispositions of
$2.7 billion at a blended yield of
6.3% and loan payoffs of $192 million
at an average yield of 8.7%
-
- Completed $2.4 billion in pro
rata gross outpatient medical investments at a 5.6% yield and
$155 million in development funding
with a 6.4% yield
- Initiated new relationships with Related/Atria, Balfour Senior
Living, Clover Management, Frontier Management and LCB Senior
Living
- Grew total portfolio average same store NOI by 2.8%, driven by
our best-in-class seniors housing portfolio
- Experienced a capstone year for ESG initiatives with the
following significant announcements:
-
- Named to top quintile of Newsweek's inaugural America's Most
Responsible Companies 2020 list
- Named to 2019 Dow Jones Sustainability World Index for second
consecutive year
- Received GRESB Green Star for sustainability performance for
fifth consecutive year
2019 Leadership Team Expansion As previously
announced, Tim McHugh was named
Senior Vice President - Chief Financial Officer and Justin Skiver was named Senior Vice President -
Global Head of Seniors Housing. In addition during 2019, we made
four significant additions to our senior management team, bringing
expertise and talent to their respective leadership roles and are
key to our strategic growth initiatives.
- Ayesha Menon, Senior Vice
President - Strategic Investments
- Edward Cheung, Senior Vice
President - Investments
- Nicholas Rumanes, Vice President
- Head of Development
- Ryan Rothacker, Vice President -
Portfolio Management & Operations
Full Year 2019 Newly Formed Seniors Housing
Relationships
Related/Atria Welltower is the long-term capital partner for a
joint venture between The Related Companies and Atria Senior Living, a partnership focused on
developing, owning and operating modern, urban communities catering
to seniors looking to live in major cities. In May 2019, the partnership announced the
development of its first project, a luxury seniors living community
at 1001 Van Ness in San Francisco,
CA. In February 2020, the
partnership announced the closing of a second development project,
an upscale seniors living community located in the Hudson Yards
sub-market in New York City.
Balfour Senior Living We formed a new RIDEA relationship with
Denver, Colorado-based Balfour
Senior Living, a premier operator of luxury independent, assisted
living and memory care communities. We acquired a six-community
portfolio, including Balfour's 203-unit flagship community,
Riverfront Park, located in downtown Denver. As part of this transaction, we gained
exclusivity on Balfour's future acquisitions and development
pipeline, as well as an option to acquire up to a 34.9% interest in
the management company.
Clover Management We formed a new joint venture partnership with
Buffalo, New York-based Clover
Management, an owner and operator of senior communities throughout
the Northeast and Midwest regions of the
United States.
Frontier Management We formed a new RIDEA relationship with
Portland, Oregon-based Frontier
Management, a premier operator of high acuity assisted living and
memory care communities throughout the
United States. Additionally we transitioned 20 properties
previously operated by Silverado Senior Living to Frontier
Management under a newly formed RIDEA joint venture.
LCB Senior Living We formed a new RIDEA relationship with
Norwood, Massachusetts-based LCB
Senior Living, a leading provider of senior living options
throughout New England and several Mid-Atlantic states. In
addition, we completed the transition of two former Brookdale communities in Chelmsford, MA and Rocky Hill, CT to LCB.
Full Year 2019 Notable Disposition Activity
Benchmark Senior Living As previously disclosed, we sold our
Benchmark Senior Living portfolio for a gross $1.8 billion sale price, with potential to
receive an additional $50 million in
earnout proceeds subject to certain future sale hurdles. The
4,137-unit seniors housing operating portfolio consists of 48
assisted living properties located in Connecticut, Maine, Massachusetts, New
Hampshire, Rhode Island and
Vermont.
Long-Term/Post-Acute Care Dispositions We completed the
disposition of 48 properties for $558
million at a 9.6% yield, further reducing
long-term/post-acute care concentration.
Outlook for 2020 We are introducing our 2020 earnings
guidance and expect to report net income attributable to common
stockholders in a range of $2.96 to
$3.06 per diluted share and
normalized FFO attributable to common stockholders in a range of
$4.20 to $4.30 per diluted share. In preparing our
guidance, we have made the following assumptions:
- Same Store NOI: We expect average blended SSNOI growth of 1.5%
to 2.5% which is comprised of the following components:
-
- Seniors housing operating approximately 1.00% to 2.50%
- Seniors housing triple-net approximately 2.25% to 2.75%
- Outpatient medical approximately 2.25% to 2.75%
- Health system approximately 1.95%
- Long-term/post-acute care approximately 2.0% to 2.5%
- General and administrative expenses: We anticipate annual
general and administrative expenses of approximately $140 million, including $30 million of stock-based compensation.
- Acquisitions/Joint Ventures: 2020 earnings guidance includes
only acquisitions and joint ventures closed or announced year to
date of $1.1 billion at a year 1
blended yield of 5.6%.
- Development: We anticipate funding approximately $468 million of development in 2020 relating to
projects underway on December 31, 2019.
- Dispositions: We expect pro rata disposition proceeds of
$1.7 billion at a blended yield of
5.1% in 2020.
Our guidance does not include any additional investments,
dispositions or capital transactions beyond those we have
announced, nor any other expenses, impairments, unanticipated
additions to the loan loss reserve or other additional normalizing
items. Please see the Supplemental Reporting Measures section for
further discussion and our definition of normalized FFO and SSNOI
and the Exhibits for a reconciliation of the outlook for net income
available to common stockholders to normalized FFO attributable to
common stockholders. We will provide additional detail
regarding our 2020 outlook and assumptions on the fourth quarter
2019 conference call.
Conference Call Information We have scheduled a
conference call on Thursday, February 13, 2020 at 9:00 a.m. Eastern Time to discuss our fourth
quarter 2019 results, industry trends, portfolio performance and
outlook for 2020. Telephone access will be available by dialing
844-467-7115 or 409-983-9837 (international). For those unable
to listen to the call live, a taped rebroadcast will be available
beginning two hours after completion of the call through
February 27, 2020. To access the
rebroadcast, dial 855-859-2056 or 404-537-3406
(international). The conference ID number is 5851036. To
participate in the webcast, log on to www.welltower.com 15 minutes
before the call to download the necessary software. Replays
will be available for 90 days.
Supplemental Reporting Measures We believe that net
income and net income attributable to common stockholders (NICS),
as defined by U.S. generally accepted accounting principles (U.S.
GAAP), are the most appropriate earnings measurements. However, we
consider funds from operations (FFO), normalized FFO, REVPOR, same
store REVPOR (SS REVPOR), net operating income (NOI) and same store
NOI (SSNOI) to be useful supplemental measures of our operating
performance. These supplemental measures are disclosed on our pro
rata ownership basis. Pro rata amounts are derived by reducing
consolidated amounts for minority partners' noncontrolling
ownership interests and adding our minority ownership share of
unconsolidated amounts. We do not control unconsolidated
investments. While we consider pro rata disclosures useful, they
may not accurately depict the legal and economic implications of
our joint venture arrangements and should be used with caution.
Historical cost accounting for real estate assets in accordance
with U.S. GAAP implicitly assumes that the value of real estate
assets diminishes predictably over time as evidenced by the
provision for depreciation. However, since real estate values have
historically risen or fallen with market conditions, many industry
investors and analysts have considered presentations of operating
results for real estate companies that use historical cost
accounting to be insufficient. In response, the National
Association of Real Estate Investment Trusts (NAREIT) created FFO
as a supplemental measure of operating performance for REITs that
excludes historical cost depreciation from net income. FFO
attributable to common stockholders, as defined by NAREIT, means
net income attributable to common stockholders, computed in
accordance with U.S. GAAP, excluding gains (or losses) from sales
of real estate and impairments of depreciable assets, plus real
estate depreciation and amortization, and after adjustments for
unconsolidated entities and noncontrolling
interests. Normalized FFO attributable to common stockholders
represents FFO attributable to common stockholders adjusted for
certain items detailed in Exhibit 2. We believe that
normalized FFO attributable to common stockholders is a useful
supplemental measure of operating performance because investors and
equity analysts may use this measure to compare the operating
performance of the Company between periods or as compared to other
REITs or other companies on a consistent basis without having to
account for differences caused by unanticipated and/or incalculable
items.
We define NOI as total revenues, including tenant
reimbursements, less property operating expenses. Property
operating expenses represent costs associated with managing,
maintaining and servicing tenants for our properties. These
expenses include, but are not limited to, property-related payroll
and benefits, property management fees paid to operators,
marketing, housekeeping, food service, maintenance, utilities,
property taxes and insurance. General and administrative expenses
represent costs unrelated to property operations or transaction
costs. These expenses include, but are not limited to, payroll and
benefits, professional services, office expenses and depreciation
of corporate fixed assets. SSNOI is used to evaluate the operating
performance of our properties using a consistent population which
controls for changes in the composition of our portfolio. As used
herein, same store is generally defined as those revenue-generating
properties in the portfolio for the relevant year-over-year
reporting periods. Land parcels, loans, and sub-leases as well as
any properties acquired, developed/redeveloped (including major
refurbishments where 20% or more of units are simultaneously taken
out of commission for 30 days or more), sold or classified as held
for sale during that period are excluded from the same store
amounts. Properties undergoing operator transitions and/or segment
transitions (except Seniors Housing Triple-net to Seniors Housing
Operating with the same operator) are also excluded from the same
store amounts. Normalizers include adjustments that in management's
opinion are appropriate in considering SSNOI, a supplemental,
non-GAAP performance measure. None of these adjustments, which may
increase or decrease SSNOI, are reflected in our financial
statements prepared in accordance with U.S. GAAP. Significant
normalizers (defined as any that individually exceeds 0.50% of
SSNOI growth per property type) are separately disclosed and
explained. We believe NOI and SSNOI provide investors relevant and
useful information because they measure the operating performance
of our properties at the property level on an unleveraged basis. We
use NOI and SSNOI to make decisions about resource allocations and
to assess the property level performance of our properties. No
reconciliation of the forecasted range for SSNOI on a combined
basis or by property type is included in this release because we
are unable to quantify certain amounts that would be required to be
included in the comparable GAAP financial measure without
unreasonable efforts, and we believe such reconciliation would
imply a degree of precision that could be confusing or misleading
to investors.
REVPOR represents the average revenues generated per occupied
room per month at our Seniors Housing Operating properties. It is
calculated as our pro rata version of total resident fees and
services revenues from the income statement divided by average
monthly occupied room days. SS REVPOR is used to evaluate the
REVPOR performance of our properties under a consistent population
which eliminates changes in the composition of our portfolio. It is
based on the same pool of properties used for SSNOI and includes
any revenue normalizations used for SSNOI. We use REVPOR and SS
REVPOR to evaluate the revenue-generating capacity and profit
potential of our Seniors Housing Operating portfolio independent of
fluctuating occupancy rates. They are also used in comparison
against industry and competitor statistics, if known, to evaluate
the quality of our Seniors Housing Operating portfolio.
Our supplemental reporting measures and similarly entitled
financial measures are widely used by investors, equity and debt
analysts and ratings agencies in the valuation, comparison, rating
and investment recommendations of companies. Our management uses
these financial measures to facilitate internal and external
comparisons to historical operating results and in making operating
decisions. Additionally, they are utilized by the Board of
Directors to evaluate management. The supplemental reporting
measures do not represent net income or cash flow provided from
operating activities as determined in accordance with U.S. GAAP and
should not be considered as alternative measures of profitability
or liquidity. Finally, the supplemental reporting measures, as
defined by us, may not be comparable to similarly entitled items
reported by other real estate investment trusts or other
companies. Please see the exhibits for reconciliations of
supplemental reporting measures and the supplemental information
package for the quarter ended December 31, 2019, which is
available on the Company's website (www.welltower.com), for
information and reconciliations of additional supplemental
reporting measures.
About Welltower Welltower Inc. (NYSE:WELL), an S&P
500 company headquartered in Toledo,
Ohio, is driving the transformation of health care
infrastructure. The Company invests with leading seniors housing
operators, post-acute providers and health systems to fund the real
estate infrastructure needed to scale innovative care delivery
models and improve people's wellness and overall health care
experience. Welltower™, a real estate investment trust
("REIT"), owns interests in properties concentrated in major,
high-growth markets in the United
States, Canada and the
United Kingdom, consisting of
seniors housing and post-acute communities and outpatient medical
properties. More information is available at
www.welltower.com. We routinely post important information on
our website at www.welltower.com in the "Investors" section,
including corporate and investor presentations and financial
information. We intend to use our website as a means of
disclosing material, non-public information and for complying with
our disclosure obligations under Regulation FD. Such disclosures
will be included on our website under the heading
"Investors". Accordingly, investors should monitor such
portion of our website in addition to following our press releases,
public conference calls and filings with the Securities and
Exchange Commission. The information on our website is not
incorporated by reference in this press release, and our web
address is included as an inactive textual reference only.
Forward-Looking Statements and Risk Factors This press
release contains "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995. When we use words
such as "may," "will," "intend," "should," "believe," "expect,"
"anticipate," "project," "pro forma," "estimate" or similar
expressions that do not relate solely to historical matters, we are
making forward-looking statements. In particular, these
forward-looking statements include, but are not limited to, those
relating to our opportunities to acquire, develop or sell
properties; our ability to close anticipated acquisitions,
investments or dispositions on currently anticipated terms, or
within currently anticipated timeframes; the expected performance
of our operators/tenants and properties; our expected occupancy
rates; our ability to declare and to make distributions to
shareholders; our investment and financing opportunities and plans;
our continued qualification as a REIT; our ability to access
capital markets or other sources of funds; and our ability to meet
our earnings guidance. Forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties that may cause our actual results to differ
materially from our expectations discussed in the forward-looking
statements. This may be a result of various factors, including, but
not limited to: the status of the economy; the status of capital
markets, including availability and cost of capital; uncertainty
from the expected discontinuance of LIBOR and the transition to any
other interest rate benchmark; issues facing the health care
industry, including compliance with, and changes to, regulations
and payment policies, responding to government investigations and
punitive settlements and operators'/tenants' difficulty in
cost-effectively obtaining and maintaining adequate liability and
other insurance; changes in financing terms; competition within the
health care and seniors housing industries; negative developments
in the operating results or financial condition of
operators/tenants, including, but not limited to, their ability to
pay rent and repay loans; our ability to transition or sell
properties with profitable results; the failure to make new
investments or acquisitions as and when anticipated; natural
disasters and other acts of God affecting our properties; our
ability to re lease space at similar rates as vacancies occur; our
ability to timely reinvest sale proceeds at similar rates to assets
sold; operator/tenant or joint venture partner bankruptcies or
insolvencies; the cooperation of joint venture partners; government
regulations affecting Medicare and Medicaid reimbursement rates and
operational requirements; liability or contract claims by or
against operators/tenants; unanticipated difficulties and/or
expenditures relating to future investments or acquisitions;
environmental laws affecting our properties; changes in rules or
practices governing our financial reporting; the movement of U.S.
and foreign currency exchange rates; our ability to maintain our
qualification as a REIT; key management personnel recruitment and
retention; and other risks described in our reports filed from time
to time with the Securities and Exchange Commission. Finally, we
undertake no obligation to update or revise publicly any
forward-looking statements, whether because of new information,
future events or otherwise, or to update the reasons why actual
results could differ from those projected in any forward-looking
statements.
Welltower Inc.
Financial Exhibits
|
|
Consolidated
Balance Sheets (unaudited)
|
(in
thousands)
|
|
|
December
31,
|
|
|
2019
|
|
2018
|
Assets
|
|
|
|
|
Real estate
investments:
|
|
|
|
|
Land and land
improvements
|
|
$
|
3,486,620
|
|
|
$
|
3,205,091
|
|
Buildings and
improvements
|
|
29,163,305
|
|
|
28,019,502
|
|
Acquired lease
intangibles
|
|
1,617,051
|
|
|
1,581,159
|
|
Real property held for
sale, net of accumulated depreciation
|
|
1,253,008
|
|
|
590,271
|
|
Construction in
progress
|
|
507,931
|
|
|
194,365
|
|
Less accumulated
depreciation and intangible amortization
|
|
(5,715,459)
|
|
|
(5,499,958)
|
|
Net real property
owned
|
|
30,312,456
|
|
|
28,090,430
|
|
Right of use assets,
net
|
|
536,433
|
|
|
—
|
|
Real estate loans
receivable, net of allowance
|
|
270,382
|
|
|
330,339
|
|
Net real estate
investments
|
|
31,119,271
|
|
|
28,420,769
|
|
Other
assets:
|
|
|
|
|
Investments in
unconsolidated entities
|
|
583,423
|
|
|
482,914
|
|
Goodwill
|
|
68,321
|
|
|
68,321
|
|
Cash and cash
equivalents
|
|
284,917
|
|
|
215,376
|
|
Restricted
cash
|
|
100,849
|
|
|
100,753
|
|
Straight-line rent
receivable
|
|
466,222
|
|
|
367,093
|
|
Receivables and other
assets
|
|
757,748
|
|
|
686,846
|
|
Total other
assets
|
|
2,261,480
|
|
|
1,921,303
|
|
Total
assets
|
|
$
|
33,380,751
|
|
|
$
|
30,342,072
|
|
|
|
|
|
|
Liabilities and
equity
|
|
|
|
|
Liabilities:
|
|
|
|
|
Unsecured credit
facility and commercial paper
|
|
$
|
1,587,597
|
|
|
$
|
1,147,000
|
|
Senior unsecured
notes
|
|
10,336,513
|
|
|
9,603,299
|
|
Secured
debt
|
|
2,990,962
|
|
|
2,476,177
|
|
Lease
liabilities
|
|
473,693
|
|
|
70,668
|
|
Accrued expenses and
other liabilities
|
|
1,009,482
|
|
|
1,034,283
|
|
Total
liabilities
|
|
16,398,247
|
|
|
14,331,427
|
|
Redeemable
noncontrolling interests
|
|
475,877
|
|
|
424,046
|
|
Equity:
|
|
|
|
|
Preferred
stock
|
|
—
|
|
|
718,498
|
|
Common
stock
|
|
411,005
|
|
|
384,465
|
|
Capital in excess of
par value
|
|
20,190,107
|
|
|
18,424,368
|
|
Treasury
stock
|
|
(78,955)
|
|
|
(68,499)
|
|
Cumulative net
income
|
|
7,353,966
|
|
|
6,121,534
|
|
Cumulative
dividends
|
|
(12,223,534)
|
|
|
(10,818,557)
|
|
Accumulated other
comprehensive income
|
|
(112,157)
|
|
|
(129,769)
|
|
Other
equity
|
|
12
|
|
|
294
|
|
Total Welltower Inc.
stockholders' equity
|
|
15,540,444
|
|
|
14,632,334
|
|
Noncontrolling
interests
|
|
966,183
|
|
|
954,265
|
|
Total
equity
|
|
16,506,627
|
|
|
15,586,599
|
|
Total liabilities
and equity
|
|
$
|
33,380,751
|
|
|
$
|
30,342,072
|
|
Consolidated
Statements of Income (unaudited)
|
|
|
|
|
(in thousands,
except per share data)
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Resident fees and
services
|
|
$
|
831,684
|
|
|
$
|
860,402
|
|
|
$
|
3,448,175
|
|
|
$
|
3,234,852
|
|
|
|
Rental
income
|
|
409,583
|
|
|
360,565
|
|
|
1,588,400
|
|
|
1,380,422
|
|
|
|
Interest
income
|
|
15,718
|
|
|
13,082
|
|
|
63,830
|
|
|
55,814
|
|
|
|
Other
income
|
|
5,837
|
|
|
7,194
|
|
|
20,901
|
|
|
29,411
|
|
|
|
Total
revenues
|
|
1,262,822
|
|
|
1,241,243
|
|
|
5,121,306
|
|
|
4,700,499
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
Property operating
expenses
|
|
662,520
|
|
|
650,644
|
|
|
2,690,042
|
|
|
2,433,017
|
|
|
|
Depreciation and
amortization
|
|
262,644
|
|
|
242,834
|
|
|
1,027,073
|
|
|
950,459
|
|
|
|
Interest
expense
|
|
131,648
|
|
|
144,369
|
|
|
555,559
|
|
|
526,592
|
|
|
|
General and
administrative expenses
|
|
26,507
|
|
|
31,101
|
|
|
126,549
|
|
|
126,383
|
|
|
|
Loss (gain) on
derivatives and financial instruments, net
|
|
(5,069)
|
|
|
1,626
|
|
|
(4,399)
|
|
|
(4,016)
|
|
|
|
Loss (gain) on
extinguishment of debt, net
|
|
2,612
|
|
|
53
|
|
|
84,155
|
|
|
16,097
|
|
|
|
Provision for loan
losses
|
|
—
|
|
|
—
|
|
|
18,690
|
|
|
—
|
|
|
|
Impairment of
assets
|
|
98
|
|
|
76,022
|
|
|
28,133
|
|
|
115,579
|
|
|
|
Other
expenses
|
|
16,042
|
|
|
10,502
|
|
|
52,612
|
|
|
112,898
|
|
|
|
Total
expenses
|
|
1,097,002
|
|
|
1,157,151
|
|
|
4,578,414
|
|
|
4,277,009
|
|
Income (loss) from
continuing operations before income taxes
|
|
|
|
|
|
|
|
|
|
|
and other
items
|
|
165,820
|
|
|
84,092
|
|
|
542,892
|
|
|
423,490
|
|
Income tax (expense)
benefit
|
|
4,832
|
|
|
(1,504)
|
|
|
(2,957)
|
|
|
(8,674)
|
|
Income (loss) from
unconsolidated entities
|
|
57,420
|
|
|
195
|
|
|
42,434
|
|
|
(641)
|
|
Gain (loss) on real
estate dispositions, net
|
|
12,064
|
|
|
41,913
|
|
|
748,041
|
|
|
415,575
|
|
Income (loss) from
continuing operations
|
|
240,136
|
|
|
124,696
|
|
|
1,330,410
|
|
|
829,750
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
240,136
|
|
|
124,696
|
|
|
1,330,410
|
|
|
829,750
|
|
Less:
|
|
Preferred
dividends
|
|
—
|
|
|
11,676
|
|
|
—
|
|
|
46,704
|
|
|
|
Net income (loss)
attributable to noncontrolling interests
|
|
15,812
|
|
|
11,257
|
|
|
97,978
|
|
|
24,796
|
|
Net income (loss)
attributable to common stockholders
|
|
$
|
224,324
|
|
|
$
|
101,763
|
|
|
$
|
1,232,432
|
|
|
$
|
758,250
|
|
Average number of
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
405,974
|
|
|
378,240
|
|
|
401,845
|
|
|
373,620
|
|
|
|
Diluted
|
|
407,904
|
|
|
380,002
|
|
|
403,808
|
|
|
375,250
|
|
Net income (loss)
attributable to common stockholders per share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.55
|
|
|
$
|
0.27
|
|
|
$
|
3.07
|
|
|
$
|
2.03
|
|
|
|
Diluted
|
|
$
|
0.55
|
|
|
$
|
0.27
|
|
|
$
|
3.05
|
|
|
$
|
2.02
|
|
Common dividends per
share
|
|
$
|
0.87
|
|
|
$
|
0.87
|
|
|
$
|
3.48
|
|
|
$
|
3.48
|
|
Outlook
reconciliations: Year Ending December 31, 2020
|
Exhibit
1
|
|
(in millions,
except per share data)
|
|
|
|
|
|
|
Current
Outlook
|
|
|
|
|
|
Low
|
|
High
|
|
FFO
Reconciliation:
|
|
|
|
|
|
|
Net income
attributable to common stockholders
|
|
|
$
|
1,229
|
|
|
$
|
1,270
|
|
|
Impairments and
losses (gains) on real estate dispositions,
net(1,2)
|
|
|
(545)
|
|
|
(545)
|
|
|
Depreciation and
amortization(1)
|
|
|
1,061
|
|
|
1,061
|
|
|
NAREIT and normalized
FFO attributable to common stockholders
|
|
|
$
|
1,745
|
|
|
$
|
1,786
|
|
|
|
|
|
|
|
|
|
|
Per share data
attributable to common stockholders:
|
|
|
|
|
|
|
Net income
|
|
|
$
|
2.96
|
|
|
$
|
3.06
|
|
|
NAREIT and normalized
FFO
|
|
|
$
|
4.20
|
|
|
$
|
4.30
|
|
|
|
|
|
|
|
|
|
|
Other
items:(1)
|
|
|
|
|
|
|
Net straight-line
rent and above/below market rent amortization
|
|
|
$
|
(92)
|
|
|
$
|
(92)
|
|
|
Non-cash interest
expenses
|
|
|
11
|
|
|
11
|
|
|
Recurring cap-ex,
tenant improvements, and lease commissions
|
|
|
(142)
|
|
|
(142)
|
|
|
Stock-based
compensation
|
|
|
30
|
|
|
30
|
|
|
|
|
|
Note : (1) Amounts
presented net of noncontrolling interests' share and Welltower's
share of unconsolidated entities.
|
|
(2) Includes estimated gains on projected dispositions.
|
|
Normalizing
Items
|
|
|
|
|
|
|
|
|
Exhibit
2
|
|
(in thousands,
except per share data)
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
2019
|
|
|
2018
|
|
2019
|
|
2018
|
|
Loss (gain) on
derivatives and financial instruments, net
|
|
$
|
(5,069)
|
|
(1)
|
|
$
|
1,626
|
|
|
$
|
(4,399)
|
|
|
$
|
(4,016)
|
|
|
Loss (gain) on
extinguishment of debt, net
|
|
2,612
|
|
(2)
|
|
53
|
|
|
84,155
|
|
|
16,097
|
|
|
Provision for loan
losses
|
|
—
|
|
|
|
—
|
|
|
18,690
|
|
|
—
|
|
|
Incremental
stock-based compensation expense
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
3,552
|
|
|
Nonrecurring income
tax benefits
|
|
(8,681)
|
|
(3)
|
|
—
|
|
|
(8,681)
|
|
|
—
|
|
|
Other
expenses
|
|
16,042
|
|
(4)
|
|
10,502
|
|
|
52,612
|
|
|
112,898
|
|
|
Additional other
income
|
|
—
|
|
|
|
(4,027)
|
|
|
—
|
|
|
(14,832)
|
|
|
Normalizing items
attributable to noncontrolling interests and
unconsolidated entities, net
|
|
(54,851)
|
|
(5)
|
|
(338)
|
|
|
(40,741)
|
|
|
4,595
|
|
|
Net normalizing
items
|
|
$
|
(49,947)
|
|
|
|
$
|
7,816
|
|
|
$
|
101,636
|
|
|
$
|
118,294
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average diluted
common shares outstanding
|
|
407,904
|
|
|
|
380,002
|
|
|
403,808
|
|
|
375,250
|
|
|
Net normalizing items
per diluted share
|
|
$
|
(0.12)
|
|
|
|
$
|
0.02
|
|
|
$
|
0.25
|
|
|
$
|
0.32
|
|
|
|
|
|
Note: (1) Primarily
related to mark-to-market of Genesis HealthCare stock
holdings.
|
|
(2) Primarily
related to the early redemption of the $300 million
Canadian-denominated 3.35% senior unsecured notes due
2020.
|
|
(3) Primarily
related to the reversal of valuation allowances.
|
|
(4) Primarily
related to non-capitalizable transaction costs.
|
|
(5) Primarily
related to gain on sale of unconsolidated management company
investment.
|
|
FFO
Reconciliations
|
|
|
|
|
|
|
|
Exhibit
3
|
|
(in thousands,
except per share data)
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Net income (loss)
attributable to common stockholders
|
|
$
|
224,324
|
|
|
$
|
101,763
|
|
|
$
|
1,232,432
|
|
|
$
|
758,250
|
|
|
Depreciation and
amortization
|
|
262,644
|
|
|
242,834
|
|
|
1,027,073
|
|
|
950,459
|
|
|
Impairments and
losses (gains) on real estate dispositions, net
|
|
(11,966)
|
|
|
34,109
|
|
|
(719,908)
|
|
|
(299,996)
|
|
|
Noncontrolling
interests(1)
|
|
(14,895)
|
|
|
(17,650)
|
|
|
(20,197)
|
|
|
(69,193)
|
|
|
Unconsolidated
entities(2)
|
|
16,191
|
|
|
13,910
|
|
|
57,680
|
|
|
52,663
|
|
|
NAREIT FFO
attributable to common stockholders
|
|
476,298
|
|
|
374,966
|
|
|
1,577,080
|
|
|
1,392,183
|
|
|
Normalizing items,
net(3)
|
|
(49,947)
|
|
|
7,816
|
|
|
101,636
|
|
|
118,294
|
|
|
Normalized FFO
attributable to common stockholders
|
|
$
|
426,351
|
|
|
$
|
382,782
|
|
|
$
|
1,678,716
|
|
|
$
|
1,510,477
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average diluted
common shares outstanding
|
|
407,904
|
|
|
380,002
|
|
|
403,808
|
|
|
375,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per diluted share
data attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common stockholders
|
|
$
|
0.55
|
|
|
$
|
0.27
|
|
|
$
|
3.05
|
|
|
$
|
2.02
|
|
|
|
NAREIT FFO
|
|
$
|
1.17
|
|
|
$
|
0.99
|
|
|
$
|
3.91
|
|
|
$
|
3.71
|
|
|
|
Normalized
FFO
|
|
$
|
1.05
|
|
|
$
|
1.01
|
|
|
$
|
4.16
|
|
|
$
|
4.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Normalized FFO Payout
Ratio:
|
|
|
|
|
|
|
|
|
|
|
Dividends per common
share
|
|
$
|
0.87
|
|
|
$
|
0.87
|
|
|
$
|
3.48
|
|
|
$
|
3.48
|
|
|
|
Normalized FFO
attributable to common stockholders per share
|
|
$
|
1.05
|
|
|
$
|
1.01
|
|
|
$
|
4.16
|
|
|
$
|
4.03
|
|
|
|
Normalized
FFO payout ratio
|
|
83
|
%
|
|
86
|
%
|
|
84
|
%
|
|
86
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
items:(4)
|
|
|
|
|
|
|
|
|
|
Net straight-line
rent and above/below market rent amortization
|
|
$
|
(24,584)
|
|
|
$
|
(23,914)
|
|
|
$
|
(97,183)
|
|
|
$
|
(72,854)
|
|
|
Non-cash interest
expenses
|
|
1,282
|
|
|
3,886
|
|
|
11,026
|
|
|
13,423
|
|
|
Recurring cap-ex,
tenant improvements, and lease commissions
|
|
(46,550)
|
|
|
(31,664)
|
|
|
(131,295)
|
|
|
(88,408)
|
|
|
Stock-based
compensation(5)
|
|
4,547
|
|
|
4,846
|
|
|
23,487
|
|
|
23,186
|
|
|
|
|
Note: (1) Represents
noncontrolling interests' share of net FFO adjustments.
|
|
(2) Represents
Welltower's share of net FFO adjustments from unconsolidated
entities.
|
|
(3) See Exhibit
2.
|
|
(4) Amounts
presented net of noncontrolling interests' share and Welltower's
share of unconsolidated entities.
|
|
(5) Excludes
certain severance related stock-based compensation recorded in
other expense and normalized incremental stock-based compensation
expense (see Exhibit 2).
|
|
SSNOI
Reconciliations
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
4
|
|
(in
thousands)
|
Three Months
Ended
|
|
|
|
|
March
31,
|
|
June
30,
|
|
September
30,
|
|
December
31,
|
|
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Net income
(loss)
|
$
|
292,302
|
|
|
$
|
453,555
|
|
|
$
|
150,040
|
|
|
$
|
167,273
|
|
|
$
|
647,932
|
|
|
$
|
84,226
|
|
|
$
|
240,136
|
|
|
$
|
124,696
|
|
|
Loss (gain) on real
estate dispositions, net
|
(167,409)
|
|
|
(338,184)
|
|
|
1,682
|
|
|
(10,755)
|
|
|
(570,250)
|
|
|
(24,723)
|
|
|
(12,064)
|
|
|
(41,913)
|
|
|
Loss (income) from
unconsolidated entities
|
9,199
|
|
|
2,429
|
|
|
9,049
|
|
|
(1,249)
|
|
|
(3,262)
|
|
|
(344)
|
|
|
(57,420)
|
|
|
(195)
|
|
|
Income tax expense
(benefit)
|
2,222
|
|
|
1,588
|
|
|
1,599
|
|
|
3,841
|
|
|
3,968
|
|
|
1,741
|
|
|
(4,832)
|
|
|
1,504
|
|
|
Other
expenses
|
8,756
|
|
|
3,712
|
|
|
21,628
|
|
|
10,058
|
|
|
6,186
|
|
|
88,626
|
|
|
16,042
|
|
|
10,502
|
|
|
Impairment of
assets
|
—
|
|
|
28,185
|
|
|
9,939
|
|
|
4,632
|
|
|
18,096
|
|
|
6,740
|
|
|
98
|
|
|
76,022
|
|
|
Provision for loan
losses
|
18,690
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Loss (gain) on
extinguishment of debt, net
|
15,719
|
|
|
11,707
|
|
|
—
|
|
|
299
|
|
|
65,824
|
|
|
4,038
|
|
|
2,612
|
|
|
53
|
|
|
Loss (gain) on
derivatives and financial instruments, net
|
(2,487)
|
|
|
(7,173)
|
|
|
1,913
|
|
|
(7,460)
|
|
|
1,244
|
|
|
8,991
|
|
|
(5,069)
|
|
|
1,626
|
|
|
General and
administrative expenses
|
35,282
|
|
|
33,705
|
|
|
33,741
|
|
|
32,831
|
|
|
31,019
|
|
|
28,746
|
|
|
26,507
|
|
|
31,101
|
|
|
Depreciation and
amortization
|
243,932
|
|
|
228,201
|
|
|
248,052
|
|
|
236,275
|
|
|
272,445
|
|
|
243,149
|
|
|
262,644
|
|
|
242,834
|
|
|
Interest
expense
|
145,232
|
|
|
122,775
|
|
|
141,336
|
|
|
121,416
|
|
|
137,343
|
|
|
138,032
|
|
|
131,648
|
|
|
144,369
|
|
|
Consolidated
NOI
|
601,438
|
|
|
540,500
|
|
|
618,979
|
|
|
557,161
|
|
|
610,545
|
|
|
579,222
|
|
|
600,302
|
|
|
590,599
|
|
|
NOI attributable to
unconsolidated investments(1)
|
21,827
|
|
|
21,620
|
|
|
21,518
|
|
|
21,725
|
|
|
21,957
|
|
|
22,247
|
|
|
22,031
|
|
|
21,933
|
|
|
NOI attributable to
noncontrolling interests(2)
|
(41,574)
|
|
|
(31,283)
|
|
|
(42,559)
|
|
|
(30,962)
|
|
|
(42,356)
|
|
|
(37,212)
|
|
|
(41,035)
|
|
|
(40,341)
|
|
|
Pro rata
NOI
|
581,691
|
|
|
530,837
|
|
|
597,938
|
|
|
547,924
|
|
|
590,146
|
|
|
564,257
|
|
|
581,298
|
|
|
572,191
|
|
|
|
Non-cash NOI
attributable to same store properties
|
(7,912)
|
|
|
(12,614)
|
|
|
(8,566)
|
|
|
(8,459)
|
|
|
(12,726)
|
|
|
(9,668)
|
|
|
(15,764)
|
|
|
(15,328)
|
|
|
|
NOI attributable to
non-same store properties
|
(123,581)
|
|
|
(96,522)
|
|
|
(174,240)
|
|
|
(143,359)
|
|
|
(158,388)
|
|
|
(142,266)
|
|
|
(125,892)
|
|
|
(128,569)
|
|
|
|
Currency and
ownership(3)
|
603
|
|
|
(4,206)
|
|
|
2,100
|
|
|
(2,703)
|
|
|
2,636
|
|
|
154
|
|
|
832
|
|
|
1,748
|
|
|
|
Other
adjustments(4)
|
(7,420)
|
|
|
12,644
|
|
|
488
|
|
|
11,855
|
|
|
14
|
|
|
(1,580)
|
|
|
(1,878)
|
|
|
(860)
|
|
|
Same store NOI
(SSNOI)
|
$
|
443,381
|
|
|
$
|
430,139
|
|
|
$
|
417,720
|
|
|
$
|
405,258
|
|
|
$
|
421,682
|
|
|
$
|
410,897
|
|
|
$
|
438,596
|
|
|
$
|
429,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Seniors housing
operating
|
$
|
222,141
|
|
|
$
|
215,689
|
|
|
$
|
202,852
|
|
|
$
|
196,333
|
|
|
$
|
205,982
|
|
|
$
|
200,325
|
|
|
$
|
194,101
|
|
|
$
|
191,170
|
|
|
Seniors housing
triple-net
|
88,856
|
|
|
85,405
|
|
|
88,230
|
|
|
85,070
|
|
|
90,443
|
|
|
87,446
|
|
|
91,091
|
|
|
88,530
|
|
|
Outpatient
medical
|
84,847
|
|
|
82,962
|
|
|
85,487
|
|
|
83,529
|
|
|
84,004
|
|
|
82,872
|
|
|
74,677
|
|
|
73,031
|
|
|
Health
System
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35,795
|
|
|
35,307
|
|
|
Long-term/post-acute
care
|
47,537
|
|
|
46,083
|
|
|
41,151
|
|
|
40,326
|
|
|
41,253
|
|
|
40,254
|
|
|
42,932
|
|
|
41,144
|
|
|
|
Total
SSNOI
|
|
$
|
443,381
|
|
|
$
|
430,139
|
|
|
$
|
417,720
|
|
|
$
|
405,258
|
|
|
$
|
421,682
|
|
|
$
|
410,897
|
|
|
$
|
438,596
|
|
|
$
|
429,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
Seniors Housing
Operating
|
3.0
|
%
|
|
|
|
3.3
|
%
|
|
|
|
2.8
|
%
|
|
|
|
1.5
|
%
|
|
2.7
|
%
|
|
Seniors Housing
Triple-net
|
4.0
|
%
|
|
|
|
3.7
|
%
|
|
|
|
3.4
|
%
|
|
|
|
2.9
|
%
|
|
3.5
|
%
|
|
Outpatient
Medical
|
2.3
|
%
|
|
|
|
2.3
|
%
|
|
|
|
1.4
|
%
|
|
|
|
2.3
|
%
|
|
2.1
|
%
|
|
Hospital
System
|
n/a
|
|
|
|
|
n/a
|
|
|
|
|
n/a
|
|
|
|
|
1.4
|
%
|
|
1.4
|
%
|
|
Long-Term/Post-Acute
Care
|
3.2
|
%
|
|
|
|
2.0
|
%
|
|
|
|
2.5
|
%
|
|
|
|
4.3
|
%
|
|
3.0
|
%
|
|
|
Total SSNOI
growth
|
|
3.1
|
%
|
|
|
|
3.1
|
%
|
|
|
|
2.6
|
%
|
|
|
|
2.2
|
%
|
|
2.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note : (1) Represents
Welltower's interests in joint ventures where Welltower is the
minority partner.
|
|
(2) Represents minority partners' interests in joint ventures where
Welltower is the majority partner.
|
|
(3) Includes adjustments to
reflect consistent property ownership percentages and foreign
currency exchange rates for properties in the U.K. and
Canada.
|
|
(4) Includes other adjustments as described in the respective
Supplements.
|
|
Reconciliation of
SHO SS REVPOR Growth
|
|
|
|
|
|
|
|
Exhibit
5
|
|
(dollars in
thousands, except SHO SS REVPOR)
|
|
|
|
|
|
|
United
States
|
|
United
Kingdom
|
|
Canada
|
|
Total
|
|
|
Three Months Ended
December 31,
|
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
Consolidated SHO
revenues
|
$
|
666,566
|
|
|
$
|
635,783
|
|
|
$
|
80,470
|
|
|
$
|
85,203
|
|
|
$
|
114,579
|
|
|
$
|
112,472
|
|
|
$
|
861,615
|
|
|
$
|
833,458
|
|
|
Unconsolidated SHO
revenues
attributable to WELL(1)
|
23,519
|
|
|
22,511
|
|
|
—
|
|
|
—
|
|
|
20,422
|
|
|
21,607
|
|
|
43,941
|
|
|
44,118
|
|
|
SHO revenues
attributable to
noncontrolling interests(2)
|
(39,058)
|
|
|
(40,528)
|
|
|
(6,568)
|
|
|
(7,622)
|
|
|
(25,574)
|
|
|
(25,023)
|
|
|
(71,200)
|
|
|
(73,173)
|
|
|
SHO pro rata
revenues(3)
|
651,027
|
|
|
617,766
|
|
|
73,902
|
|
|
77,581
|
|
|
109,427
|
|
|
109,056
|
|
|
834,356
|
|
|
804,403
|
|
|
Non-cash revenues on
same store
properties
|
(620)
|
|
|
(659)
|
|
|
(19)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(639)
|
|
|
(659)
|
|
|
Revenues attributable
to non-same store
properties
|
(222,486)
|
|
|
(168,873)
|
|
|
(13,278)
|
|
|
(13,313)
|
|
|
(4,431)
|
|
|
(2,759)
|
|
|
(240,195)
|
|
|
(184,945)
|
|
|
Currency and
ownership adjustments(4)
|
5,272
|
|
|
—
|
|
|
1,114
|
|
|
1,075
|
|
|
450
|
|
|
322
|
|
|
6,836
|
|
|
1,397
|
|
|
Other normalizing
adjustments(5)
|
386
|
|
|
(1,800)
|
|
|
(394)
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
(8)
|
|
|
(1,796)
|
|
|
SHO SS
revenues(6)
|
$
|
433,579
|
|
|
$
|
446,434
|
|
|
$
|
61,325
|
|
|
$
|
65,347
|
|
|
$
|
105,446
|
|
|
$
|
106,619
|
|
|
$
|
600,350
|
|
|
$
|
618,400
|
|
|
Avg. occupied
units/month(7)
|
20,227
|
|
|
20,133
|
|
|
2,489
|
|
|
2,553
|
|
|
12,883
|
|
|
12,756
|
|
|
35,599
|
|
|
35,442
|
|
|
SHO SS
REVPOR(8)
|
$
|
7,087
|
|
|
$
|
7,331
|
|
|
$
|
8,146
|
|
|
$
|
8,462
|
|
|
$
|
2,706
|
|
|
$
|
2,763
|
|
|
$
|
5,576
|
|
|
$
|
5,769
|
|
|
SS REVPOR YOY
growth
|
|
|
3.4
|
%
|
|
|
|
3.9
|
%
|
|
|
|
2.1
|
%
|
|
|
|
3.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note : (1) Represents
Welltower's interests in joint ventures where Welltower is the
minority partner.
|
|
(2)
Represents minority partners' interests in joint ventures where
Welltower is the majority partner.
|
|
(3)
Represents SHO revenues at Welltower pro rata ownership.
|
|
(4)
Includes where appropriate adjustments to reflect consistent
property ownership percentages, to translate Canadian properties at
a USD/CAD rate of 1.32 and to translate UK properties at a GBP/USD
rate of 1.31.
|
|
(5)
Represents aggregate normalizing adjustments which are individually
less than .50% of SSNOI growth.
|
|
(6)
Represents SS SHO revenues at Welltower pro rata
ownership.
|
|
(7)
Represents average occupied units for SS properties on a pro rata
basis.
|
|
(8)
Represents pro rata SS average revenues generated per occupied room
per month.
|
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/welltower-reports-fourth-quarter-2019-results-301004080.html
SOURCE Welltower Inc.