Summary
Welltower Inc. (WELL) reported its third-quarter 2022 financial results, showcasing robust growth in revenues and key operating metrics. Total revenues increased by 19% year-over-year to $4.34 billion for the nine months ended September 30, 2022. The company's Net Operating Income (NOI) also saw significant growth, increasing by 19% to $1.72 billion for the same period. This strong performance was driven by increases across all segments, particularly Seniors Housing Operating, which saw a 43% rise in NOI. The company maintained a solid balance sheet with total assets of $37.41 billion and total liabilities of $16.96 billion as of September 30, 2022. Welltower continued its strategic capital allocation, with significant investments in property acquisitions and capital improvements. For the nine months ended September 30, 2022, cash disbursed for acquisitions amounted to $2.29 billion, and capital improvements totaled $315.8 million. The company also successfully raised capital through various financing activities, including the issuance of senior unsecured notes and equity. Despite these investments and ongoing operational costs, Welltower maintained a healthy liquidity position, with $425.18 million in cash, cash equivalents, and restricted cash as of September 30, 2022. The company also demonstrated its commitment to shareholders by declaring a regular quarterly cash dividend.
Financial Highlights
40 data points| Revenue | $1.47B |
| Cost of Revenue | $912.18M |
| Gross Profit | $561.66M |
| SG&A Expenses | $34.81M |
| Operating Expenses | $1.47B |
| Interest Expense | $139.68M |
| Net Income | -$2.65M |
| EPS (Basic) | $-0.01 |
| EPS (Diluted) | $-0.01 |
| Shares Outstanding (Basic) | 463.37M |
| Shares Outstanding (Diluted) | 463.37M |
Key Highlights
- 1Total revenues for the nine months ended September 30, 2022, increased by 26.5% to $4.34 billion compared to $3.43 billion in the prior year.
- 2Consolidated Net Operating Income (NOI) for the nine months ended September 30, 2022, grew by 19.0% to $1.72 billion, up from $1.44 billion in the prior year.
- 3Seniors Housing Operating segment reported a 43% increase in NOI to $719.3 million for the nine months ended September 30, 2022.
- 4Total assets grew to $37.41 billion as of September 30, 2022, up from $34.91 billion at December 31, 2021.
- 5The company maintained a strong liquidity position with $425.18 million in cash, cash equivalents, and restricted cash as of September 30, 2022.
- 6Welltower invested $2.29 billion in property acquisitions and $315.8 million in capital improvements during the nine months ended September 30, 2022.
- 7A regular quarterly cash dividend of $0.61 per share was declared for the quarter ended September 30, 2022.