TOLEDO, Ohio, Sept. 21, 2021 /PRNewswire/ -- Welltower Inc.
(NYSE: WELL) announced today that S&P Global Ratings
("S&P") has revised its rating outlook for Welltower to Stable
from Negative and affirmed Welltower's issuer credit rating as
'BBB+'. S&P highlighted in its research update that seniors
housing assets are likely to exhibit several strong years of growth
given healthy demographic trends and a favorable supply
backdrop. Notably, the Company's seniors housing operating
portfolio has already reported occupancy gains of 380 basis points
(bps) since trough occupancy on March 12,
2021, led by the US and UK portfolios which have reported
occupancy gains of 520 basis points and 440 basis points,
respectively1.
In addition to improving operating fundamentals, S&P also
emphasized the management team's ongoing commitment to maintaining
liquidity and balance sheet strength. In its report, S&P noted
that Welltower acted defensively throughout 2020 to mitigate the
impact of cash flow erosion resulting from the COVID-19 pandemic,
ultimately ending the year with more than $2.0 billion in cash. S&P also noted that
while Welltower pivoted to offense in 2021, its focus on the
balance sheet hasn't wavered, funding acquisitions in a
leverage-neutral manner. The management team also took steps in
recent months to bolster liquidity and improve the Company's
capital structure through an amended and upsized revolving credit
facility and refinancing upcoming unsecured debt maturities.
"We are pleased with S&P's upgrade of our rating outlook to
stable," commented Tim McHugh,
Welltower's Chief Financial Officer. "The upgrade reflects
the numerous measures Welltower has taken over the past 18 months
to maintain a healthy balance sheet and strong liquidity profile
despite the significant challenges posed by the COVID-19 pandemic.
Moreover, the recovery in our seniors housing operating portfolio
in recent months demonstrates the needs-based nature of the asset
class which, we believe, should continue to drive outsized cash
flow growth in the years to come."
S&P's full report on Welltower can be found on S&P's
website at www.spglobal.com.
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 and
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,
post-acute communities and outpatient medical properties. More
information is available at www.welltower.com
1 As of September 3,
2021
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SOURCE Welltower Inc.