Summary
For the nine months ended September 30, 2021, Welltower Inc. reported total revenues of $3.43 billion, a slight decrease from $3.48 billion in the same period of 2020. Net income attributable to common stockholders was $277.5 million, significantly down from $815.1 million in the prior year. This decline is largely due to a substantial decrease in gains on real estate dispositions, which fell from $903 million to $224 million year-over-year. Despite the lower net income, the company's operational performance, as indicated by Funds From Operations (FFO), remained robust, increasing to $881.7 million from $876.7 million. The company's balance sheet shows total assets of $33.48 billion as of September 30, 2021, up from $32.48 billion at the end of 2020. This increase is primarily driven by growth in real estate investments and real estate loans receivable. Total liabilities remained relatively stable at $15.31 billion. Welltower actively managed its capital structure, issuing new senior unsecured notes and repaying existing debt, while also expanding its unsecured credit facility. The Seniors Housing Operating segment saw a revenue increase driven by acquisitions and recovering occupancy rates post-COVID-19, though it incurred property operating expenses related to pandemic safety measures. The Triple-net segment experienced strong growth in rental and interest income, partially offset by reserves for straight-line rent receivables. The Outpatient Medical segment showed a decrease in rental income due to dispositions in the prior year but maintained strong rent collection. Overall, the company is navigating the post-pandemic landscape by focusing on strategic investments and capital management.
Financial Highlights
41 data points| Revenue | $1.24B |
| Cost of Revenue | $729.40M |
| Gross Profit | $510.40M |
| SG&A Expenses | $32.26M |
| Operating Expenses | $1.15B |
| Interest Expense | $122.52M |
| Net Income | $190.34M |
| EPS (Basic) | $0.42 |
| EPS (Diluted) | $0.42 |
| Shares Outstanding (Basic) | 428.03M |
| Shares Outstanding (Diluted) | 429.98M |
Key Highlights
- 1Total revenues for the nine months ended September 30, 2021, were $3.43 billion, a slight decrease from $3.48 billion in the prior year.
- 2Net income attributable to common stockholders decreased to $277.5 million from $815.1 million, largely due to lower gains on real estate dispositions.
- 3Funds From Operations (FFO) remained strong, increasing to $881.7 million from $876.7 million for the nine-month period.
- 4Total assets grew to $33.48 billion as of September 30, 2021, driven by investments in real estate and loans receivable.
- 5The company executed significant capital transactions, including issuing new debt, repaying existing debt, and expanding its credit facility.
- 6Occupancy rates in the Seniors Housing Operating segment showed recovery, with spot occupancy reaching 76.7% by September 30, 2021.
- 7Despite pandemic-related operating expenses, Seniors Housing Operating segment revenue increased due to acquisitions and recovering occupancy.