Recent Highlights
- Reported net income attributable to common stockholders of
$0.42 per diluted share - Reported normalized FFO attributable to common stockholders of
$0.80 per diluted share - Seniors Housing Operating ("SHO") portfolio occupancy increased approximately 210 basis points ("bps") during the third quarter, exceeding our July guidance of an approximate gain of 190 bps
- Achieved same store REVPOR growth of 2.2% within the SHO portfolio during the third quarter, resulting in strong sequential same store revenue growth of 3.5%
- During the third quarter, year-over-year same store revenue growth for the SHO portfolio turned positive in
the United States andUnited Kingdom for the first time since the beginning of the pandemic, a trend that accelerated into quarter end - Completed
$2.2 billion of pro rata gross investments during the third quarter and$4.1 billion year-to-date, including the previously announced acquisition of a portfolio of 85 seniors housing properties previously owned by Holiday Retirement for$1.58 billion - Subsequent to quarter end, we entered into definitive agreements to acquire four distinct seniors housing portfolios for a pro rata gross investment amount of
$1.3 billion - Year-to-date, sold 29.5 million shares of common stock under our ATM program via forward sale agreements for total gross proceeds of approximately
$2.4 billion , of which approximately 11.8 million shares remain unsettled which are expected to generate future gross proceeds of$1.0 billion - Moody's Investors Services and
S&P Global Ratings revised their ratings outlook forWelltower to Stable from Negative and affirmedWelltower's issuer credit ratings as 'Baa1' and 'BBB+', respectively - Initiated a program with a national payor to deliver wellness coordination services through the presence of onsite
Wellness Advisors to senior residents in theNew York market. This partnership, the third such program across our seniors housing portfolio, will strengthen residents' connection to health care and wellness resources, enabling aging in place and improved quality of life - MSCI ESG rating upgraded to 'AA' from 'A', driven by our continued commitment to strong governance practices
COVID-19 Update
SHO Portfolio Virtually all of our communities are currently accepting new residents, resulting in an increase in move-in activity and occupancy rates. Month end occupancy rates are as follows:
|
|
|
|
|
|
|
|||||||||||||||
Spot occupancy (1) |
72.7 |
% |
73.2 |
% |
73.7 |
% |
74.6 |
% |
75.2 |
% |
75.9 |
% |
76.7 |
% |
|||||||
Sequential occupancy change (2) |
0.5 |
% |
0.5 |
% |
0.9 |
% |
0.6 |
% |
0.8 |
% |
0.8 |
% |
|||||||||
(1) Spot occupancy represents approximate month end occupancy at our share for 591 properties in operation as of |
(2) Sequential occupancy changes are based on actual spot occupancy and may not recalculate due to rounding. |
In the current quarter, SHO portfolio expenses were significantly higher than expectations, driven by higher seasonal utility costs and elevated labor expenses mainly resulting from an increased utilization of contract labor due to a rise in occupancy and a challenging labor market. Our share of contract labor totaled
Our share of property-level expenses associated with the COVID-19 pandemic relating to our total SHO portfolio, net of reimbursements including Provider Relief Funds and similar programs in the
Capital Activity and Liquidity Inclusive of available borrowings under our line of credit, cash and cash equivalents, and IRC Section 1031 deposits, at
Dividend On
Notable Investment Activity Completed During the Quarter
Holiday Retirement During the third quarter, we closed on the previously announced acquisition of a portfolio of 85 seniors housing properties owned by Holiday Retirement for
Additionally during the third quarter, we acquired eight seniors housing communities operated by Holiday Retirement, now Atria, for
Aspect Health Acquisition As previously announced, we formed a new 95/5 joint venture with
StoryPoint Senior Living As previously announced, in August we completed the acquisition of six seniors housing communities located in
Other Transactions Additionally during the third quarter, we acquired four seniors housing communities for
Outlook for Fourth Quarter 2021 The degree to which the COVID-19 pandemic continues to impact our operations and those of our operators and tenants, including the variability in the timing of recovery, is dependent on a variety of factors and remains highly uncertain. Accordingly, we are only introducing earnings guidance for the quarter ended
- Provider Relief Funds: Our fourth quarter guidance does not include the recognition of any Provider Relief Funds which may be received during the quarter.
- SHO Portfolio Occupancy: Midpoint of normalized FFO guidance assumes a sequential increase in average pro rata occupancy of 140 bps in the fourth quarter.
- General and Administrative Expenses: We anticipate full year general and administrative expenses to be approximately
$129 million to$131 million and stock-based compensation expense to be approximately$19 million . - Investments: Our fourth quarter 2021 earnings guidance includes only those acquisitions closed or announced to date. Furthermore, no transitions or restructures beyond those announced to date are included.
- Development: We anticipate funding approximately
$221 million of development in 2021 relating to projects underway onSeptember 30, 2021 . - Dispositions: We expect pro rata disposition proceeds of
$1.6 billion at a blended yield of 7.1% in 2021. This includes approximately$1.2 billion in proceeds from dispositions and loan payoffs completed throughSeptember 30, 2021 ,$283 million of expected proceeds from properties classified as held-for-sale as ofSeptember 30, 2021 and$26 million in expected loan payoffs.
Our guidance does not include any additional investments, dispositions or capital transactions beyond those we have announced, nor any other expenses, impairments, unanticipated additions to the loan loss reserve or other additional normalizing items. Please see the Supplemental Reporting Measures section for further discussion and our definition of normalized FFO and Exhibit 3 for a reconciliation of the outlook for net income available to common stockholders to normalized FFO attributable to common stockholders. We will provide additional detail regarding our fourth quarter outlook and assumptions on the third quarter 2021 conference call.
Conference Call Information We have scheduled a conference call on
Supplemental Reporting Measures We believe that net income and net income attributable to common stockholders ("NICS"), as defined by
Historical cost accounting for real estate assets in accordance with
We define NOI as total revenues, including tenant reimbursements, less property operating expenses. Property operating expenses represent costs associated with managing, maintaining and servicing tenants for our properties. These expenses include, but are not limited to, property-related payroll and benefits, property management fees paid to operators, marketing, housekeeping, food service, maintenance, utilities, property taxes and insurance. General and administrative expenses represent costs unrelated to property operations or transaction costs. These expenses include, but are not limited to, payroll and benefits, professional services, office expenses and depreciation of corporate fixed assets. SSNOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. As used herein, same store is generally defined as those revenue-generating properties in the portfolio for the relevant year-over-year reporting periods. Acquisitions and development conversions are included in the same store amounts five full quarters after acquisition or being placed into service. Land parcels, loans and sub-leases, as well as any properties sold or classified as held for sale during the period, are excluded from the same store amounts. Redeveloped properties (including major refurbishments of a Seniors Housing Operating property where 20% or more of units are simultaneously taken out of commission for 30 days or more or Outpatient Medical properties undergoing a change in intended use) are excluded from the same store amounts until five full quarters post completion of the redevelopment. Properties undergoing operator transitions and/or segment transitions are also excluded from the same store amounts until five full quarters post completion of the operator transition or segment transition. In addition, properties significantly impacted by force majeure, acts of God or other extraordinary adverse events are excluded from same store amounts until five full quarters after the properties are placed back into service. SSNOI excludes non-cash NOI and includes adjustments to present consistent property ownership percentages and to translate Canadian properties and
REVPOR represents the average revenues generated per occupied room per month at our Seniors Housing Operating properties. It is calculated as our pro rata version of total resident fees and services revenues from the income statement divided by average monthly occupied room days. SS REVPOR is used to evaluate the REVPOR performance of our properties under a consistent population which eliminates changes in the composition of our portfolio. It is based on the same pool of properties used for SSNOI and includes any revenue normalizations used for SSNOI. We use REVPOR and SS REVPOR to evaluate the revenue-generating capacity and profit potential of our Seniors Housing Operating portfolio independent of fluctuating occupancy rates. They are also used in comparison against industry and competitor statistics, if known, to evaluate the quality of our Seniors Housing Operating portfolio.
Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and ratings agencies in the valuation, comparison, rating and investment recommendations of companies. Our management uses these financial measures to facilitate internal and external comparisons to historical operating results and in making operating decisions. Additionally, they are utilized by the Board of Directors to evaluate management. The supplemental reporting measures do not represent net income or cash flow provided from operating activities as determined in accordance with
About
Forward-Looking Statements and Risk Factors This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. When
Financial Exhibits
Consolidated Balance Sheets (unaudited) |
||||||||
(in thousands) |
||||||||
|
||||||||
2021 |
2020 |
|||||||
Assets |
||||||||
Real estate investments: |
||||||||
Land and land improvements |
$ |
3,698,858 |
$ |
3,386,072 |
||||
Buildings and improvements |
29,775,951 |
27,782,471 |
||||||
Acquired lease intangibles |
1,653,415 |
1,509,053 |
||||||
Real property held for sale, net of accumulated depreciation |
251,152 |
362,886 |
||||||
Construction in progress |
562,487 |
414,833 |
||||||
Less accumulated depreciation and intangible amortization |
(6,634,061) |
(6,002,775) |
||||||
Net real property owned |
29,307,802 |
27,452,540 |
||||||
Right of use assets, net |
526,614 |
480,861 |
||||||
Real estate loans receivable, net of credit allowance |
1,115,645 |
414,706 |
||||||
Net real estate investments |
30,950,061 |
28,348,107 |
||||||
Other assets: |
||||||||
Investments in unconsolidated entities |
977,955 |
822,586 |
||||||
|
68,321 |
68,321 |
||||||
Cash and cash equivalents |
303,982 |
1,603,740 |
||||||
Restricted cash |
58,663 |
551,593 |
||||||
Straight-line rent receivable |
346,159 |
334,203 |
||||||
Receivables and other assets |
774,884 |
813,047 |
||||||
Total other assets |
2,529,964 |
4,193,490 |
||||||
Total assets |
$ |
33,480,025 |
$ |
32,541,597 |
||||
Liabilities and equity |
||||||||
Liabilities: |
||||||||
Unsecured credit facility and commercial paper |
$ |
290,996 |
$ |
— |
||||
Senior unsecured notes |
11,116,067 |
11,321,573 |
||||||
Secured debt |
2,262,345 |
2,459,659 |
||||||
Lease liabilities |
544,547 |
427,842 |
||||||
Accrued expenses and other liabilities |
1,093,959 |
1,041,368 |
||||||
Total liabilities |
15,307,914 |
15,250,442 |
||||||
Redeemable noncontrolling interests |
389,195 |
330,053 |
||||||
Equity: |
||||||||
Common stock |
436,640 |
418,361 |
||||||
Capital in excess of par value |
22,148,859 |
20,835,026 |
||||||
|
(108,478) |
(94,022) |
||||||
Cumulative net income |
8,605,064 |
8,163,869 |
||||||
Cumulative dividends |
(14,115,705) |
(13,088,891) |
||||||
Accumulated other comprehensive income |
(103,177) |
(126,469) |
||||||
|
16,863,203 |
16,107,874 |
||||||
Noncontrolling interests |
919,713 |
853,228 |
||||||
Total equity |
17,782,916 |
16,961,102 |
||||||
Total liabilities and equity |
$ |
33,480,025 |
$ |
32,541,597 |
Consolidated Statements of Income (unaudited) |
||||||||||||||||||
(in thousands, except per share data) |
||||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||||
|
|
|||||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||||
Revenues: |
||||||||||||||||||
Resident fees and services |
$ |
835,617 |
$ |
740,956 |
$ |
2,299,972 |
$ |
2,360,488 |
||||||||||
Rental income |
357,984 |
275,046 |
1,015,550 |
1,061,311 |
||||||||||||||
Interest income |
39,864 |
16,750 |
97,891 |
48,060 |
||||||||||||||
Other income |
6,332 |
4,122 |
19,438 |
14,092 |
||||||||||||||
Total revenues |
1,239,797 |
1,036,874 |
3,432,851 |
3,483,951 |
||||||||||||||
Expenses: |
||||||||||||||||||
Property operating expenses |
729,400 |
634,717 |
1,989,383 |
1,977,262 |
||||||||||||||
Depreciation and amortization |
267,754 |
255,532 |
753,065 |
795,704 |
||||||||||||||
Interest expense |
122,522 |
124,851 |
368,005 |
393,215 |
||||||||||||||
General and administrative expenses |
32,256 |
31,003 |
93,618 |
100,546 |
||||||||||||||
Loss (gain) on derivatives and financial instruments, net |
(8,078) |
1,395 |
(6,503) |
10,480 |
||||||||||||||
Loss (gain) on extinguishment of debt, net |
(5) |
33,004 |
50,964 |
33,253 |
||||||||||||||
Provision for loan losses, net |
(271) |
2,857 |
7,309 |
11,351 |
||||||||||||||
Impairment of assets |
1,490 |
23,313 |
48,750 |
126,291 |
||||||||||||||
Other expenses |
3,575 |
11,544 |
26,256 |
37,247 |
||||||||||||||
Total expenses |
1,148,643 |
1,118,216 |
3,330,847 |
3,485,349 |
||||||||||||||
Income (loss) from continuing operations before income taxes |
||||||||||||||||||
and other items |
91,154 |
(81,342) |
102,004 |
(1,398) |
||||||||||||||
Income tax (expense) benefit |
(4,940) |
(2,003) |
(6,662) |
(9,678) |
||||||||||||||
Income (loss) from unconsolidated entities |
(15,832) |
(5,981) |
(10,759) |
(8,341) |
||||||||||||||
Gain (loss) on real estate dispositions, net |
119,954 |
484,304 |
223,702 |
902,991 |
||||||||||||||
Income (loss) from continuing operations |
190,336 |
394,978 |
308,285 |
883,574 |
||||||||||||||
Net income (loss) |
190,336 |
394,978 |
308,285 |
883,574 |
||||||||||||||
Less: |
Net income (loss) attributable to noncontrolling interests (1) |
10,673 |
69,393 |
30,819 |
68,459 |
|||||||||||||
Net income (loss) attributable to common stockholders |
$ |
179,663 |
$ |
325,585 |
$ |
277,466 |
$ |
815,115 |
||||||||||
Average number of common shares outstanding: |
||||||||||||||||||
Basic |
428,031 |
417,027 |
420,955 |
414,822 |
||||||||||||||
Diluted |
429,983 |
418,987 |
422,835 |
416,860 |
||||||||||||||
Net income (loss) attributable to common stockholders per share: |
||||||||||||||||||
Basic |
$ |
0.42 |
$ |
0.78 |
$ |
0.66 |
$ |
1.96 |
||||||||||
Diluted(2) |
$ |
0.42 |
$ |
0.77 |
$ |
0.65 |
$ |
1.94 |
||||||||||
Common dividends per share |
$ |
0.61 |
$ |
0.61 |
$ |
1.83 |
$ |
2.09 |
||||||||||
(1) Includes amounts attributable to redeemable noncontrolling interests. |
||||||||||||||||||
(2) Includes adjustment to the numerator for income (loss) attributable to OP unitholders. |
FFO Reconciliations |
Exhibit 1 |
|||||||||||||||||||
(in thousands, except per share data) |
Three Months Ended |
Nine Months Ended |
||||||||||||||||||
|
|
|||||||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||||||
Net income (loss) attributable to common stockholders |
$ |
179,663 |
$ |
325,585 |
$ |
277,466 |
$ |
815,115 |
||||||||||||
Depreciation and amortization |
267,754 |
255,532 |
753,065 |
795,704 |
||||||||||||||||
Impairments and losses (gains) on real estate dispositions, net |
(118,464) |
(460,991) |
(174,952) |
(776,700) |
||||||||||||||||
Noncontrolling interests(1) |
(11,095) |
48,559 |
(40,202) |
(3,389) |
||||||||||||||||
Unconsolidated entities(2) |
27,881 |
16,329 |
66,369 |
46,005 |
||||||||||||||||
NAREIT FFO attributable to common stockholders |
345,739 |
185,014 |
881,746 |
876,735 |
||||||||||||||||
Normalizing items, net(3) |
(3,472) |
167,597 |
124,680 |
256,150 |
||||||||||||||||
Normalized FFO attributable to common stockholders |
$ |
342,267 |
$ |
352,611 |
$ |
1,006,426 |
$ |
1,132,885 |
||||||||||||
Average diluted common shares outstanding |
429,983 |
418,987 |
422,835 |
416,860 |
||||||||||||||||
Per diluted share data attributable to common stockholders: |
||||||||||||||||||||
Net income (loss)(4) |
$ |
0.42 |
$ |
0.77 |
$ |
0.65 |
$ |
1.94 |
||||||||||||
NAREIT FFO |
$ |
0.80 |
$ |
0.44 |
$ |
2.09 |
$ |
2.10 |
||||||||||||
Normalized FFO |
$ |
0.80 |
$ |
0.84 |
$ |
2.38 |
$ |
2.72 |
||||||||||||
Normalized FFO Payout Ratio: |
||||||||||||||||||||
Dividends per common share |
$ |
0.61 |
$ |
0.61 |
$ |
1.83 |
$ |
2.09 |
||||||||||||
Normalized FFO attributable to common stockholders per share |
$ |
0.80 |
$ |
0.84 |
$ |
2.38 |
$ |
2.72 |
||||||||||||
Normalized FFO payout ratio |
76 |
% |
73 |
% |
77 |
% |
77 |
% |
||||||||||||
Other items:(5) |
||||||||||||||||||||
Net straight-line rent and above/below market rent amortization(6) |
$ |
(19,809) |
$ |
(18,729) |
$ |
(58,672) |
$ |
(69,286) |
||||||||||||
Non-cash interest expenses(7) |
6,223 |
4,339 |
14,572 |
9,437 |
||||||||||||||||
Recurring cap-ex, tenant improvements, and lease commissions |
(22,722) |
(19,443) |
(54,581) |
(59,638) |
||||||||||||||||
Stock-based compensation(8) |
4,479 |
6,565 |
13,989 |
20,279 |
||||||||||||||||
(1) Represents noncontrolling interests' share of net FFO adjustments. |
||||||||||||||||||||
(2) Represents Welltower's share of net FFO adjustments from unconsolidated entities. |
||||||||||||||||||||
(3) See Exhibit 2. |
||||||||||||||||||||
(4) Includes adjustment to the numerator for income (loss) attributable to OP unitholders. |
||||||||||||||||||||
(5) Amounts presented net of noncontrolling interests' share and including |
||||||||||||||||||||
(6) Excludes normalized other impairment (see Exhibit 2). |
||||||||||||||||||||
(7) Excludes normalized incremental interest expense (see Exhibit 2). |
||||||||||||||||||||
(8) Excludes certain severance related stock-based compensation recorded in other expense (see Exhibit 2). |
Normalizing Items |
Exhibit 2 |
|||||||||||||||||
(in thousands, except per share data) |
Three Months Ended |
Nine Months Ended |
||||||||||||||||
|
|
|||||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||||
Loss (gain) on derivatives and financial instruments, net |
$ |
(8,078) |
(1) |
$ |
1,395 |
$ |
(6,503) |
$ |
10,480 |
|||||||||
Loss (gain) on extinguishment of debt, net |
(5) |
33,004 |
50,964 |
33,253 |
||||||||||||||
Provision for loan losses, net |
(271) |
(2) |
2,857 |
7,309 |
11,351 |
|||||||||||||
Nonrecurring income tax benefits |
— |
— |
(6,298) |
— |
||||||||||||||
Incremental interest expense |
— |
— |
— |
5,871 |
||||||||||||||
Other impairment |
— |
112,398 |
49,241 |
146,508 |
||||||||||||||
Other expenses |
3,575 |
(3) |
11,544 |
26,256 |
37,247 |
|||||||||||||
Leasehold interest adjustment |
(640) |
(4) |
— |
(640) |
— |
|||||||||||||
Casualty losses, net of recoveries |
998 |
(5) |
— |
998 |
— |
|||||||||||||
Normalizing items attributable to noncontrolling interests and unconsolidated entities, net |
949 |
(6) |
6,399 |
3,353 |
11,440 |
|||||||||||||
Net normalizing items |
$ |
(3,472) |
$ |
167,597 |
$ |
124,680 |
$ |
256,150 |
||||||||||
Average diluted common shares outstanding |
429,983 |
418,987 |
422,835 |
416,860 |
||||||||||||||
Net normalizing items per diluted share |
$ |
(0.01) |
$ |
0.40 |
$ |
0.29 |
$ |
0.61 |
||||||||||
(1) Primarily related to mark-to-market of the equity warrants received as part of the Safanad/ |
||||||||||||||||||
(2) Primarily related to reserves for loan losses under the current expected credit losses accounting standard. |
||||||||||||||||||
(3) Primarily related to non-capitalizable transaction costs, including an accrual for noncapitalizable promotes. |
||||||||||||||||||
(4) Represents |
||||||||||||||||||
(5) Primarily relates to casualty losses net of any insurance recoveries. |
||||||||||||||||||
(6) Primarily related to non-capitalizable transaction costs. |
Outlook Reconciliation: Quarter Ending |
Exhibit 3 |
||||||||||
(in millions, except per share data) |
Current Outlook |
||||||||||
Low |
High |
||||||||||
FFO Reconciliation: |
|||||||||||
Net income attributable to common stockholders |
$ |
87 |
$ |
109 |
|||||||
Impairments and losses (gains) on real estate dispositions, net(1,2) |
(36) |
(36) |
|||||||||
Depreciation and amortization(1) |
291 |
291 |
|||||||||
NAREIT FFO and Normalized FFO attributable to common stockholders |
342 |
364 |
|||||||||
Diluted per share data attributable to common stockholders: |
|||||||||||
Net income |
$ |
0.20 |
$ |
0.25 |
|||||||
NAREIT FFO and Normalized FFO |
$ |
0.78 |
$ |
0.83 |
|||||||
Other items:(1) |
|||||||||||
Net straight-line rent and above/below market rent amortization |
$ |
(19) |
$ |
(19) |
|||||||
Non-cash interest expenses |
4 |
4 |
|||||||||
Recurring cap-ex, tenant improvements, and lease commissions |
(43) |
(43) |
|||||||||
Stock-based compensation |
5 |
5 |
|||||||||
(1) Amounts presented net of noncontrolling interests' share and |
|||||||||||
(2) Includes estimated gains on expected dispositions. |
Reconciliation of SHO SS REVPOR Growth |
Exhibit 4 |
||||||||
(in thousands except SS REVPOR) |
Three Months Ended |
||||||||
|
|||||||||
2021 |
2020 |
||||||||
Consolidated SHO revenues |
$ |
839,519 |
$ |
742,065 |
|||||
Unconsolidated SHO revenues attributable to WELL(1) |
45,991 |
42,574 |
|||||||
SHO revenues attributable to noncontrolling interests(2) |
(73,414) |
(58,505) |
|||||||
SHO pro rata revenues(3) |
812,096 |
726,134 |
|||||||
Non-cash revenues on same store properties |
(562) |
(848) |
|||||||
Revenues attributable to non-same store properties |
(142,217) |
(54,813) |
|||||||
Currency and ownership adjustments(4) |
(448) |
2,266 |
|||||||
Other normalizing adjustments(5) |
— |
(1,481) |
|||||||
SHO SS revenues(6) |
668,869 |
671,258 |
|||||||
Average occupied units/month(7) |
39,716 |
40,736 |
|||||||
SHO SS REVPOR(8) |
$ |
5,568 |
$ |
5,448 |
|||||
SS REVPOR YOY growth |
2.2 |
% |
|||||||
(1) Represents Welltower's interests in joint ventures where |
|||||||||
(2) Represents minority partners' interests in joint ventures where |
|||||||||
(3) Represents SHO revenues at |
|||||||||
(4) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.2684 and to translate |
|||||||||
(5) Represents aggregate normalizing adjustments which are individually less than .50% of SSNOI growth. |
|||||||||
(6) Represents SS SHO revenues at |
|||||||||
(7) Represents average occupied units for SS properties on a pro rata basis. |
|||||||||
(8) Represents pro rata SS average revenues generated per occupied room per month. |
Reconciliation of Sequential SS Revenue Growth |
Exhibit 5 |
||||||||
(in thousands) |
Three Months Ended |
||||||||
|
|
||||||||
Consolidated SHO revenues |
$ |
839,519 |
$ |
742,549 |
|||||
Unconsolidated SHO revenues attributable to WELL(1) |
45,991 |
45,032 |
|||||||
SHO revenues attributable to noncontrolling interests(2) |
(73,414) |
(59,346) |
|||||||
SHO pro rata revenues(3) |
812,096 |
728,235 |
|||||||
Non-cash revenues on same store properties |
(562) |
(572) |
|||||||
Revenues attributable to non-same store properties |
(142,217) |
(77,938) |
|||||||
Currency and ownership adjustments(4) |
(448) |
(3,621) |
|||||||
SHO SS revenues(5) |
$ |
668,869 |
$ |
646,104 |
|||||
Sequential SS Revenue growth |
3.5 |
% |
|||||||
(1) Represents Welltower's interests in joint ventures where |
|||||||||
(2) Represents minority partners' interests in joint ventures where |
|||||||||
(3) Represents SHO revenues at |
|||||||||
(4) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.2684 and to translate |
|||||||||
(5) Represents SS SHO revenues at |
View original content to download multimedia:https://www.prnewswire.com/news-releases/welltower-reports-third-quarter-2021-results-301417049.html
SOURCE
For more information contact: Tim McHugh (419) 247-2800