10-KPeriod: FY2009

WELLTOWER INC. Annual Report, Year Ended Dec 31, 2009

Filed February 26, 2010For Securities:WELL

Summary

Health Care REIT, Inc. (now Welltower Inc.) is a real estate investment trust (REIT) that focuses on senior housing and health care real estate. As of December 31, 2009, the company owned a diversified portfolio of 590 properties across 39 states, with a total investment value of $6.09 billion. The portfolio is balanced across various health care property types, including skilled nursing facilities (24.6%), assisted living facilities (21.6%), medical office buildings (23.5%), and independent living/CCRCs (19.8%), with hospitals making up the remaining 10.5%. The company's primary objectives are capital preservation and enhancing stockholder value through consistent cash dividends and portfolio growth, primarily funded through a mix of debt and equity. Despite economic headwinds in 2009, the company strengthened its balance sheet by raising over $1 billion in funds and maintained investment-grade credit ratings.

Financial Highlights

34 data points
Beta

Revenue

$523.29M

Net Income

$192.93M

36.9% Net Margin

EPS (Diluted)

$1.49

Total Assets

$6.37B

Cash & Equivalents

$35.48M

Free Cash Flow

$381.26M

Financial Statements
Beta
Revenue$523.29M
SG&A Expenses$49.69M
Operating Expenses$378.11M
Interest Expense$96.86M
Net Income$192.93M
EPS (Basic)$1.50
EPS (Diluted)$1.49
Shares Outstanding (Basic)114.21M
Shares Outstanding (Diluted)114.61M

Key Highlights

  • 1As of December 31, 2009, Health Care REIT, Inc. owned a diversified portfolio of 590 properties across 39 states with a total investment value of approximately $6.09 billion.
  • 2The portfolio is well-diversified across property types, with significant concentrations in skilled nursing facilities (24.6%), assisted living facilities (21.6%), and medical office buildings (23.5%).
  • 3The company's primary objectives include protecting stockholder capital and enhancing stockholder value through consistent cash dividends and portfolio growth.
  • 4Liquidity was a focus in 2009, with the company raising over $1 billion in funds from various sources to strengthen its balance sheet.
  • 5Health Care REIT, Inc. maintained investment-grade credit ratings from Moody's, Standard & Poor's, and Fitch, demonstrating financial stability.
  • 6The company generated $568.97 million in revenues in 2009, with rental income forming the vast majority.
  • 7Despite economic challenges, the company planned to invest $1.0 to $1.2 billion in gross new investments during 2010.

Frequently Asked Questions

Health Care REIT, Inc. is a real estate investment trust (REIT) that invests in senior housing and health care real estate. It also provides property management and development services.

As of December 31, 2009, the company owned 590 properties across 39 states with a total investment value of approximately $6.09 billion. The portfolio was diversified across independent living/CCRCs, assisted living facilities, skilled nursing facilities, hospitals, and medical office buildings.

In 2009, the company focused on strengthening its balance sheet and improving liquidity, raising over $1 billion through common stock offerings and other financing activities. It maintained investment-grade credit ratings and had $1.01 billion in available borrowing capacity under its unsecured line of credit.

The company's primary sources of revenue were rental income from its properties and interest income from its real estate loans receivable, which together constituted 97% of its gross revenues in 2009.

The company anticipated completing $1.0 to $1.2 billion in gross new investments during 2010, consisting of new investments and funded development projects. It also planned to reinvest proceeds from property sales and loan payoffs into new investments.