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Welltower Inc WELL Stock Quote

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Morningstar‘s Stock Analysis WELL

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Senior Housing Occupancy Gains and Record Rental Rate Growth Drive Welltower's Q3 Results

Kevin Brown, CFA Senior Analyst

Analyst Note

| Kevin Brown, CFA |

No-moat Welltower reported third-quarter results that were mixed compared with our expectations, though we didn’t see anything in the quarter that would materially change our $97 fair value estimate. Same-store occupancy improved 110 basis points sequentially and 390 basis points year over year to 79.7%, which was ahead of our estimate of 78.9%. Welltower reported that revenue per occupied room increased 5.3% year over year in the third quarter, the largest rental rate increase in the company’s history. As a result, same-store revenue for the senior housing portfolio were up 10.8% and same-store net operating income increased 17.6%, beating our estimate of just 9.1% growth. However, same-store NOI for the triple-net senior housing portfolio only increased 1.6%, slightly below our estimate of 2.5% growth, and same-store NOI for the medical office portfolio increased just 1.4%, below our estimate of 3.5% growth. Combined, Welltower reported total company same-store NOI growth of 7.2%, which was in line with our estimate of 6.9% growth for the third quarter. Welltower reported normalized funds from operations of $0.84 per share, which missed our $0.88 estimate but beat the $0.80 figure the company reported in the third quarter of 2021.

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Key Statistics WELL

Company Profile WELL

Business Description

Welltower Inc owns a diversified healthcare portfolio of over 1,800 in-place properties spread across the senior housing, medical office, and skilled nursing/post-acute care sectors. The portfolio includes over 100 properties in both Canada and the United Kingdom as the company looks for additional investment opportunities in countries with mature healthcare systems that operate similarly to that of the United States.

4500 Dorr Street
Toledo, OH, 43615
T +1 419 247-2800
Industry REIT - Healthcare Facilities
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 464

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