Welltower Inc. recently revealed results for the quarter ended June 30, 2018. For the quarter, we generated net income attributable to common stockholders of $0.41 per share, FFO attributable to common stockholders of $1.02 per share and normalized FFO attributable to common stockholders of $1.00 per share.
According to the firm’s CEO, Tom DeRosa, Welltower’s seniors housing portfolio continues to deliver results in-line with expectations despite a challenging, industry-wide operating environment. “The restructuring of our Brookdale relationship and conversion of Brandywine into a RIDEA structure represents our best-in-class relationship investing model. With these restructurings and the closing of our joint venture with ProMedica Health System, the Welltower platform is now even better positioned to grow and drive long-term shareholder value.”
Quarterly Highlights include the following:
- Closed the acquisition of QCP and transition of HCR ManorCare operations to ProMedica Health System on July 26, 2018
- Announced value-enhancing restructuring of the Brookdale relationship expected to significantly reduce Brookdale concentration and increase lease coverage
- Increased normalized FFO guidance to $3.99 to $4.06 from $3.95 to $4.05 per diluted share
- Delivered $89 million of pro rata development projects with an expected stabilized yield of 7.0%
- Subsequent to quarter end converted Brandywine Living from a triple-net to a RIDEA operating partner.
As The REIT Wire previously reported, the company recently revealed the promotion of Shankh Mitra to Executive Vice President and Chief Investment Officer from his current position as Senior Vice President, Investments and the promotion of Tim McHugh to Senior Vice President, Corporate Finance from his current position as Vice President, Finance and Investments. Additionally, Tim Lordan has been named Senior Vice President and Corporate Treasurer, and Rich Hansen takes on expanded responsibilities as Vice President, Asset Management. Additionally, the company revealed a new organization structure in its Corporate Finance and Asset Management departments to support the continued growth of its healthcare real estate portfolio.