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Welltower Platform Delivers on Optimistic Outlook, Growth Plan

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According to Welltower CEO, Tom DeRosa, Welltower is delivering on the optimistic outlook and growth plan the company presented to investors more than eight months ago at the firm’s investor day. “Outperformance from our core real estate portfolio across all business lines, most notably led by our U.S. portfolio, is driving this growth,” he said on the firm’s Q2 earnings call.

“As we reported last evening, FFO per share of $1.05 represents 5% growth over the second quarter of 2018. Behind this growth is same store NOI growth of 3.1% in the quarter and 3.3% same store growth in our senior housing operating portfolio. These results once again demonstrate the resilience of owning the highest quality senior housing and medical office portfolio in the industry as well as a management team that had the conviction to make a series of tough decisions over the past few years that are clearly benefiting our shareholders today.”

With respect to new investments, he said the REIT had a busy quarter, completing $2.4 billion in accretive acquisitions. “This brings the total for the first half of 2019 to $2.7 billion.”

He noted that the company has deepened its relationships with names like Sunrise, Discovery, and Summit Medical, demonstrating the firm’s commitment to being a reliable, value-added partner.

This quarter, the company also announced a joint venture with the Related Group and Atria. “Related and Atria were motivated to work with Welltower not for our ability to provide capital but for Welltower’s unique capability set that truly differentiates us from any other REIT engaged in this sector. I’m also pleased to tell you that much of this growth was financed by the successful sale of our portfolio of senior living assets managed by Benchmark Senior Living. The proceeds from this $1.8 billion sale have enabled us to bring our leverage levels back to our 2019 target range.”


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