Early Access

10-KPeriod: FY2000

WELLTOWER INC. Annual Report, Year Ended Dec 31, 2000

Filed March 26, 2001For Securities:WELL

Summary

Health Care REIT, Inc. (now Welltower Inc.) reported its 2000 fiscal year-end results, showcasing a significant portfolio focused on long-term care facilities. The company's primary strategy revolves around investing in and leasing healthcare properties, with a strong emphasis on assisted living and nursing homes, diversifying by operator and geography. As of December 31, 2000, the company held approximately $1.14 billion in real estate investments across 205 facilities in 34 states, primarily through operating leases and mortgage loans. The company navigates a complex regulatory environment and a competitive landscape, with a significant portion of its operators relying on Medicare and Medicaid reimbursements. Despite some challenges in the healthcare REIT sector during 2000, including a restrictive capital environment, the company executed a $200 million asset divestiture program, raising $173 million to strengthen its balance sheet, reduce debt, and fund new investments. Health Care REIT, Inc. maintains its REIT status and aims to provide consistent cash dividends to shareholders.

Key Highlights

  • 1The company's investment portfolio as of December 31, 2000, was valued at $1.139 billion, comprising 205 healthcare facilities across 34 states, with 92% in long-term care (nursing homes and assisted living).
  • 2Assisted living facilities represented the largest segment of the portfolio at 66% ($749 million), followed by nursing homes at 26% ($299 million).
  • 3The company successfully executed a $200 million asset divestiture program, completing $173 million in dispositions during 2000 to strengthen its balance sheet and generate liquidity.
  • 4Total revenues for the year ended December 31, 2000, were $136.95 million, with net income available to common shareholders at $54.57 million.
  • 5The company had $14.66 million in unfunded commitments for ongoing construction projects at year-end 2000.
  • 6Health Care REIT, Inc. is structured as a Real Estate Investment Trust (REIT) and intends to maintain this status, aiming to pay consistent cash dividends to shareholders.
  • 7The company's debt-to-capitalization ratio was 0.39 to 1.00 as of December 31, 2000, indicating a relatively low leverage position.

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