8-KOther Events

WELLTOWER INC. 8-K Report (Nov 13, 2002)

Filed November 13, 2002For Securities:WELL

Summary

This 8-K filing from Welltower Inc. (WELL) reports on a purchase agreement for 930,000 shares of common stock. More significantly, the company is reclassifying prior period financial results to reflect certain assets as discontinued operations in accordance with SFAS No. 144. This reclassification involves rental income, interest expense, and depreciation related to the sold assets. The company emphasizes that this change had no impact on income available to stockholders. The filing also includes amended financial statement items from their Form 10-K for the year ended December 31, 2001, and provides informational financial statement schedules.

Key Highlights

  • 1Welltower Inc. entered into a Purchase Agreement for 930,000 shares of its Common Stock.
  • 2The company is reclassifying assets sold during the nine months ended September 30, 2002, as discontinued operations per SFAS No. 144.
  • 3This reclassification impacts prior period reporting of rental income, interest expense, and depreciation.
  • 4The adoption of SFAS No. 144 had no effect on income available to stockholders.
  • 5The filing includes amended financial statement items from the Form 10-K for the year ended December 31, 2001.
  • 6Financial Statement Schedules III and IV are included for informational purposes.
  • 7Key exhibits such as the Purchase Agreement and certifications from the CEO and CFO are attached.

Frequently Asked Questions

The primary reason for this filing is to report on a purchase agreement for Welltower's common stock and, more importantly, to reclassify certain assets as discontinued operations in accordance with SFAS No. 144, which requires adjustments to prior period financial reporting.

According to the filing, the application of SFAS No. 144 and the resulting reclassification of assets as discontinued operations had no effect on income available to stockholders.

SFAS No. 144, 'Accounting for the Impairment or Disposal of Long-Lived Assets,' provides guidance on accounting for impairment of long-lived assets and for assets to be disposed of, including the presentation of discontinued operations.

The company is amending Items 6, 7, and 8 of its Form 10-K for the year ended December 31, 2001, and including Financial Statement Schedules III and IV for informational purposes.