Summary
Welltower Inc. reported solid financial results for the first quarter of 2022, demonstrating resilience and strategic execution. Total revenues increased significantly to $1.396 billion, up from $1.052 billion in the prior year period, driven by strong performance across its Seniors Housing Operating, Triple-net, and Outpatient Medical segments. Net income attributable to common stockholders was $61.9 million, or $0.14 per diluted share, a slight decrease from $71.5 million, or $0.17 per diluted share, in Q1 2021, reflecting increased operating expenses and depreciation, partially offset by higher revenues and gains on dispositions. The company's balance sheet remains robust with total assets of $35.47 billion. Welltower also successfully managed its capital structure, issuing $550 million in senior unsecured notes and maintaining compliance with debt covenants. The company continued its strategic investment in growth, with significant capital deployed into acquisitions and construction in progress across its key segments. Occupancy rates in the Seniors Housing Operating segment showed a positive trend, increasing from 73.0% to 77.5%, indicating a recovery from pandemic-related impacts. Overall, Welltower's Q1 2022 performance highlights its ability to navigate market dynamics while pursuing strategic growth initiatives.
Financial Highlights
40 data points| Revenue | $1.40B |
| Cost of Revenue | $853.67M |
| Gross Profit | $542.03M |
| SG&A Expenses | $37.71M |
| Operating Expenses | $1.34B |
| Interest Expense | $121.70M |
| Net Income | $65.75M |
| EPS (Basic) | $0.14 |
| EPS (Diluted) | $0.14 |
| Shares Outstanding (Basic) | 447.38M |
| Shares Outstanding (Diluted) | 449.80M |
Key Highlights
- 1Total revenues increased by 32.7% year-over-year to $1.396 billion in Q1 2022.
- 2Net income attributable to common stockholders was $61.9 million ($0.14 per diluted share) in Q1 2022, compared to $71.5 million ($0.17 per diluted share) in Q1 2021.
- 3Seniors Housing Operating (SHO) segment revenues increased by 37% year-over-year, driven by rising occupancy rates which improved to 77.5% from 73.0%.
- 4The company deployed $630.3 million in new property acquisitions and $138.1 million in construction in progress during Q1 2022.
- 5Welltower issued $550 million in senior unsecured notes at a 3.85% interest rate in March 2022.
- 6The company maintained strong liquidity with $301 million in cash and cash equivalents and $3.7 billion in available borrowing capacity under its credit facilities as of March 31, 2022.
- 7A significant UPREIT reorganization was completed effective April 1, 2022, with the legal entity structure changing to Welltower Inc. (New Welltower) and Welltower OP Inc. (Old Welltower).