Recent Highlights
- Reported net income attributable to common stockholders of
$0.20 per diluted share - Reported normalized FFO attributable to common stockholders of
$0.86 per diluted share - Reported normalized FFO growth attributable to common stockholders per diluted share of 8.9% over the prior year, and 7.7% on a constant currency basis excluding Provider Relief Funds
- Reported total portfolio year-over-year same store NOI ("SSNOI") growth of 8.7%, driven by SSNOI growth in our Seniors Housing Operating ("SHO") portfolio of 15.4%
- SHO portfolio year-over-year same store revenue growth accelerated relative to the first quarter, increasing to 11.5% in the second quarter, driven by 500 bps of year-over-year average occupancy growth and 4.5% same store REVPOR growth
- Completed
$1.6 billion of pro rata gross investments during the second quarter including$1.1 billion in acquisitions and loan funding and$448 million in development funding, continuing one of the most active starts to the year for investment activity inWelltower's history. Transactions during the period were funded, in part, through the issuance of Operating Partnership Units ("OP Units") - Closed on an amended
$5.2 billion unsecured credit facility with improved pricing across term loans - Earned the 2022 ENERGY STAR® Partner of the Year Award for the fourth consecutive year and attained the level of Sustained Excellence, the
Environmental Protection Agency's highest recognition within the ENERGY STAR® program, for the second consecutive year
COVID-19 Update
During the period, we recognized
Our share of property-level expenses associated with the COVID-19 pandemic relating to our SHO portfolio totaled
Capital Activity and Liquidity In
Inclusive of available borrowings under our line of credit, cash and cash equivalents, and restricted cash, as of
On
Investment and Disposition Activity In the second quarter, we completed
Notable Investment Activity Completed During the Quarter
Calamar During the second quarter, we acquired a portfolio of 25 senior apartment communities in non-coastal
Additionally, we closed on two properties in
StoryPoint Senior Living As previously announced, we entered into an agreement to expand our relationship with StoryPoint Senior Living, a preeminent senior living operator based in
Treplus Communities During the second quarter, we expanded our relationship with Treplus Communities through the acquisition of a portfolio of three class-A wellness housing communities in the Midwest. The communities feature unique environments with individual cottage style units, clubhouses, 24/7 concierge services, and offer residents a wellness-oriented social lifestyle.
Outpatient Medical Acquisition During the quarter, we acquired a medical office building in
Other Transactions Additionally during the second quarter, we acquired four medical office buildings for
Investment Activity Subsequent to Quarter End
West Coast Transition Portfolio In July, we commenced the previously announced transition of 12 well-located properties on the
Dividend On
Outlook for Third Quarter 2022 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
- Same Store NOI: We expect average blended SSNOI growth of 7% to 9%, which is comprised of the following components:
- Seniors Housing Operating approximately 15% to 20%
- Seniors Housing Triple-net approximately 5% to 6%
- Outpatient Medical approximately 1.75% to 2.75%
- Health System approximately 2.75%
- Long-Term/Post-Acute Care approximately 2.5% to 3.5%
- Provider Relief Funds: Our third quarter guidance includes approximately
$7 million of Provider Relief Funds, which are expected to be received during the quarter. - Impact of Interest Rates and Foreign Exchange Rates: Increased interest rates on floating rate debt and a strengthening
U.S. Dollar relative to the British Pound and Canadian Dollar are expected to reduce third quarter 2022 normalized FFO attributable to common stockholders by approximately$0.03 per diluted share versus the second quarter 2022 and$0.04 per diluted share versus the third quarter 2021. - General and Administrative Expenses: We anticipate third quarter general and administrative expenses to be approximately
$34 million to$36 million and stock-based compensation expense to be approximately$5 million . - Investments: Our 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
$670 million of development through the remainder of 2022 relating to projects underway onJune 30, 2022 . - Dispositions: We expect pro rata disposition proceeds of
$258 million at a blended yield of 5.9% in the next twelve months. This includes approximately$231 million of expected proceeds from properties classified as held-for-sale as ofJune 30, 2022 and$27 million of expected proceeds from loan repayments.
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 SSNOI 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 third quarter outlook and assumptions on the second quarter 2022 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
Welltower Inc.
|
||||
Consolidated Balance Sheets (unaudited) |
||||
(in thousands) |
||||
|
||||
2022 |
2021 |
|||
Assets |
||||
Real estate investments: |
||||
Land and land improvements |
$ 4,109,851 |
$ 3,448,542 |
||
Buildings and improvements |
32,480,543 |
28,124,236 |
||
Acquired lease intangibles |
1,902,141 |
1,516,971 |
||
Real property held for sale, net of accumulated depreciation |
177,719 |
592,699 |
||
Construction in progress |
900,633 |
458,844 |
||
Less accumulated depreciation and intangible amortization |
(7,437,779) |
(6,415,676) |
||
Net real property owned |
32,133,108 |
27,725,616 |
||
Right of use assets, net |
324,720 |
453,621 |
||
Real estate loans receivable, net of credit allowance |
956,285 |
1,097,299 |
||
Net real estate investments |
33,414,113 |
29,276,536 |
||
Other assets: |
||||
Investments in unconsolidated entities |
1,300,975 |
1,020,112 |
||
|
68,321 |
68,321 |
||
Cash and cash equivalents |
363,339 |
513,602 |
||
Restricted cash |
78,912 |
295,102 |
||
Straight-line rent receivable |
408,575 |
331,381 |
||
Receivables and other assets |
939,436 |
671,062 |
||
Total other assets |
3,159,558 |
2,899,580 |
||
Total assets |
$ 36,573,671 |
$ 32,176,116 |
||
Liabilities and equity |
||||
Liabilities: |
||||
Unsecured credit facility and commercial paper |
$ 354,000 |
$ — |
||
Senior unsecured notes |
12,488,718 |
11,157,732 |
||
Secured debt |
2,191,826 |
2,304,178 |
||
Lease liabilities |
410,717 |
409,628 |
||
Accrued expenses and other liabilities |
1,254,497 |
1,061,370 |
||
Total liabilities |
16,699,758 |
14,932,908 |
||
Redeemable noncontrolling interests |
420,018 |
392,379 |
||
Equity: |
||||
Common stock |
464,778 |
423,933 |
||
Capital in excess of par value |
24,465,041 |
21,161,838 |
||
|
(111,691) |
(108,633) |
||
Cumulative net income |
8,815,446 |
8,425,401 |
||
Cumulative dividends |
(14,932,198) |
(13,854,145) |
||
Accumulated other comprehensive income |
(145,196) |
(127,948) |
||
|
18,556,180 |
15,920,446 |
||
Noncontrolling interests |
897,715 |
930,383 |
||
Total equity |
19,453,895 |
16,850,829 |
||
Total liabilities and equity |
$ 36,573,671 |
$ 32,176,116 |
Consolidated Statements of Income (unaudited) |
||||||||||
(in thousands, except per share data) |
||||||||||
Three Months Ended |
Six Months Ended |
|||||||||
|
|
|||||||||
2022 |
2021 |
2022 |
2021 |
|||||||
Revenues: |
||||||||||
Resident fees and services |
$ 1,009,999 |
$ 740,891 |
$ 2,004,334 |
$ 1,464,355 |
||||||
Rental income |
361,411 |
354,723 |
717,801 |
657,566 |
||||||
Interest income |
37,140 |
38,448 |
76,134 |
58,027 |
||||||
Other income |
63,986 |
6,930 |
69,971 |
13,106 |
||||||
Total revenues |
1,472,536 |
1,140,992 |
2,868,240 |
2,193,054 |
||||||
Expenses: |
||||||||||
Property operating expenses |
854,083 |
642,657 |
1,707,752 |
1,259,983 |
||||||
Depreciation and amortization |
310,295 |
240,885 |
614,383 |
485,311 |
||||||
Interest expense |
127,750 |
122,341 |
249,446 |
245,483 |
||||||
General and administrative expenses |
36,554 |
31,436 |
74,260 |
61,362 |
||||||
Loss (gain) on derivatives and financial instruments, net |
(1,407) |
(359) |
1,171 |
1,575 |
||||||
Loss (gain) on extinguishment of debt, net |
603 |
55,612 |
591 |
50,969 |
||||||
Provision for loan losses, net |
165 |
6,197 |
(639) |
7,580 |
||||||
Impairment of assets |
— |
23,692 |
— |
47,260 |
||||||
Other expenses |
35,166 |
11,687 |
61,235 |
22,681 |
||||||
Total expenses |
1,363,209 |
1,134,148 |
2,708,199 |
2,182,204 |
||||||
Income (loss) from continuing operations before income taxes |
||||||||||
and other items |
109,327 |
6,844 |
160,041 |
10,850 |
||||||
Income tax (expense) benefit |
(3,065) |
2,221 |
(8,078) |
(1,722) |
||||||
Income (loss) from unconsolidated entities |
(7,058) |
(7,976) |
(9,942) |
5,073 |
||||||
Gain (loss) on real estate dispositions, net |
(3,532) |
44,668 |
19,402 |
103,748 |
||||||
Income (loss) from continuing operations |
95,672 |
45,757 |
161,423 |
117,949 |
||||||
Net income (loss) |
95,672 |
45,757 |
161,423 |
117,949 |
||||||
Less: |
Net income (loss) attributable to noncontrolling interests (1) |
5,888 |
19,500 |
9,714 |
20,146 |
|||||
Net income (loss) attributable to common stockholders |
$ 89,784 |
$ 26,257 |
$ 151,709 |
$ 97,803 |
||||||
Average number of common shares outstanding: |
||||||||||
Basic |
454,327 |
417,452 |
450,865 |
417,360 |
||||||
Diluted |
457,082 |
419,305 |
453,455 |
419,205 |
||||||
Net income (loss) attributable to common stockholders per share: |
||||||||||
Basic |
$ 0.20 |
$ 0.06 |
$ 0.34 |
$ 0.23 |
||||||
Diluted(2) |
$ 0.20 |
$ 0.06 |
$ 0.33 |
$ 0.23 |
||||||
Common dividends per share |
$ 0.61 |
$ 0.61 |
$ 1.22 |
$ 1.22 |
||||||
(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 |
Six Months Ended |
||||||||||
|
|
|||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||
Net income (loss) attributable to common stockholders |
$ 89,784 |
$ 26,257 |
$ 151,709 |
$ 97,803 |
||||||||
Depreciation and amortization |
310,295 |
240,885 |
614,383 |
485,311 |
||||||||
Impairments and losses (gains) on real estate dispositions, net |
3,532 |
(20,976) |
(19,402) |
(56,488) |
||||||||
Noncontrolling interests(1) |
(13,173) |
(16,591) |
(27,926) |
(29,107) |
||||||||
Unconsolidated entities(2) |
19,150 |
19,265 |
38,459 |
38,488 |
||||||||
NAREIT FFO attributable to common stockholders |
409,588 |
248,840 |
757,223 |
536,007 |
||||||||
Normalizing items, net(3) |
(14,975) |
81,407 |
5,672 |
128,152 |
||||||||
Normalized FFO attributable to common stockholders |
$ 394,613 |
$ 330,247 |
$ 762,895 |
$ 664,159 |
||||||||
Provider Relief Funds received |
(17,132) |
(5,294) |
(17,733) |
(40,976) |
||||||||
Provider Relief Funds attributable to noncontrolling interests and |
26 |
264 |
45 |
126 |
||||||||
Foreign currency impact(4) |
4,720 |
(136) |
6,495 |
674 |
||||||||
Constant currency normalized FFO attributable to common stockholders, |
$ 382,227 |
$ 325,081 |
$ 751,702 |
$ 623,983 |
||||||||
Average diluted common shares outstanding |
457,082 |
419,305 |
453,455 |
419,205 |
||||||||
Per diluted share data attributable to common stockholders: |
||||||||||||
Net income (loss)(5) |
$ 0.20 |
$ 0.06 |
$ 0.33 |
$ 0.23 |
||||||||
NAREIT FFO |
$ 0.90 |
$ 0.59 |
$ 1.67 |
$ 1.28 |
||||||||
Normalized FFO |
$ 0.86 |
$ 0.79 |
$ 1.68 |
$ 1.58 |
||||||||
% growth |
8.9 % |
|||||||||||
Constant currency normalized FFO, excluding Provider Relief Funds |
$ 0.84 |
$ 0.78 |
$ 1.66 |
$ 1.49 |
||||||||
% growth |
7.7 % |
|||||||||||
Normalized FFO Payout Ratio: |
||||||||||||
Dividends per common share |
$ 0.61 |
$ 0.61 |
$ 1.22 |
$ 1.22 |
||||||||
Normalized FFO attributable to common stockholders per share |
$ 0.86 |
$ 0.79 |
$ 1.68 |
$ 1.58 |
||||||||
Normalized FFO payout ratio |
71 % |
77 % |
73 % |
77 % |
||||||||
Other items:(6) |
||||||||||||
Net straight-line rent and above/below market rent amortization(7) |
$ (26,127) |
$ (20,729) |
$ (46,141) |
$ (38,863) |
||||||||
Non-cash interest expenses(8) |
5,552 |
4,714 |
10,273 |
8,349 |
||||||||
Recurring cap-ex, tenant improvements, and lease commissions |
(39,558) |
(20,426) |
(72,024) |
(31,859) |
||||||||
Stock-based compensation(9) |
5,900 |
4,129 |
13,341 |
9,510 |
||||||||
(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) Foreign currency impact is calculated assuming constant exchange rates for all periods presented of 1.2286 for USD/CAD and of 1.3977 for GBP/USD. |
||||||||||||
(5) Includes adjustment to the numerator for income (loss) attributable to OP unitholders. |
||||||||||||
(6) Amounts presented net of noncontrolling interests' share and including |
||||||||||||
(7) Excludes normalized other impairment (see Exhibit 2). |
||||||||||||
(8) Excludes normalized foreign currency loss (gain) (see Exhibit 2). |
||||||||||||
(9) 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 |
Six Months Ended |
|||||||
|
|
||||||||
2022 |
2021 |
2022 |
2021 |
||||||
Loss (gain) on derivatives and financial instruments, net |
$ (1,407) |
(1) |
$ (359) |
$ 1,171 |
$ 1,575 |
||||
Loss (gain) on extinguishment of debt, net |
603 |
(2) |
55,612 |
591 |
50,969 |
||||
Provision for loan losses, net |
165 |
(3) |
6,197 |
(639) |
7,580 |
||||
Nonrecurring income tax benefits |
— |
(6,298) |
— |
(6,298) |
|||||
Other impairment |
(620) |
(4) |
— |
(620) |
49,241 |
||||
Other expenses |
35,166 |
(5) |
11,687 |
61,235 |
22,681 |
||||
Lease termination and leasehold interest adjustment |
(56,397) |
(6) |
— |
(64,854) |
— |
||||
Casualty losses, net of recoveries |
2,673 |
(7) |
— |
2,686 |
— |
||||
Foreign currency loss (gain) |
1,840 |
(8) |
— |
1,840 |
— |
||||
Normalizing items attributable to noncontrolling interests and unconsolidated entities, net |
3,002 |
(9) |
14,568 |
4,262 |
2,404 |
||||
Net normalizing items |
$ (14,975) |
$ 81,407 |
$ 5,672 |
$ 128,152 |
|||||
Average diluted common shares outstanding |
457,082 |
419,305 |
453,455 |
419,205 |
|||||
Net normalizing items per diluted share |
$ (0.03) |
$ 0.19 |
$ 0.01 |
$ 0.31 |
|||||
(1) Primarily related to mark-to-market of the equity warrants received as part of the Safanad/ |
|||||||||
(2) Primarily related to the extinguishment of secured debt. |
|||||||||
(3) Primarily related to reserves for loan losses under the current expected credit losses accounting standard. |
|||||||||
(4) Primarily related to the release of previously reserved straight-line receivables. |
|||||||||
(5) Primarily related to non-capitalizable transaction costs, including an accrual for non-capitalizable promotes, and legal fees and accrued litigation settlements. |
|||||||||
(6) Effective |
|||||||||
(7) Primarily relates to casualty losses net of any insurance recoveries. |
|||||||||
(8) Primarily relates to foreign currency gains and losses related to accrued interest on intercompany loans and third party debt denominated in a foreign currency. |
|||||||||
(9) Primarily related to our share of non-capitalizable transaction costs on unconsolidated entities. |
Outlook Reconciliation: Quarter Ending |
Exhibit 3 |
|||||
(in millions, except per share data) |
Current Outlook |
|||||
Low |
High |
|||||
FFO Reconciliation: |
||||||
Net income attributable to common stockholders |
$ 57 |
$ 81 |
||||
Depreciation and amortization(1) |
334 |
334 |
||||
NAREIT FFO and Normalized FFO attributable to common stockholders |
$ 391 |
$ 415 |
||||
Diluted per share data attributable to common stockholders: |
||||||
Net income |
$ 0.12 |
$ 0.17 |
||||
NAREIT FFO and Normalized FFO |
$ 0.82 |
$ 0.87 |
||||
Other items:(1) |
||||||
Net straight-line rent and above/below market rent amortization |
$ (25) |
$ (25) |
||||
Non-cash interest expenses |
6 |
6 |
||||
Recurring cap-ex, tenant improvements, and lease commissions |
(49) |
(49) |
||||
Stock-based compensation |
5 |
5 |
||||
(1) Amounts presented net of noncontrolling interests' share and |
SSNOI Reconciliation |
Exhibit 4 |
|||||||
(in thousands) |
Three Months Ended |
|||||||
|
||||||||
2022 |
2021 |
% growth |
||||||
Net income (loss) |
$ 95,672 |
$ 45,757 |
||||||
Loss (gain) on real estate dispositions, net |
3,532 |
(44,668) |
||||||
Loss (income) from unconsolidated entities |
7,058 |
7,976 |
||||||
Income tax expense (benefit) |
3,065 |
(2,221) |
||||||
Other expenses |
35,166 |
11,687 |
||||||
Impairment of assets |
— |
23,692 |
||||||
Provision for loan losses |
165 |
6,197 |
||||||
Loss (gain) on extinguishment of debt, net |
603 |
55,612 |
||||||
Loss (gain) on derivatives and financial instruments, net |
(1,407) |
(359) |
||||||
General and administrative expenses |
36,554 |
31,436 |
||||||
Depreciation and amortization |
310,295 |
240,885 |
||||||
Interest expense |
127,750 |
122,341 |
||||||
Consolidated NOI |
618,453 |
498,335 |
||||||
NOI attributable to unconsolidated investments(1) |
23,648 |
21,180 |
||||||
NOI attributable to noncontrolling interests(2) |
(82,804) |
(43,786) |
||||||
Pro rata NOI |
559,297 |
475,729 |
||||||
Non-cash NOI attributable to same store properties |
(22,628) |
(4,477) |
||||||
NOI attributable to non-same store properties |
(117,823) |
(91,094) |
||||||
Currency and ownership adjustments(3) |
1,696 |
256 |
||||||
Normalizing adjustments, net(4) |
(14,780) |
(7,061) |
||||||
Same Store NOI (SSNOI) |
$ 405,762 |
$ 373,353 |
8.7 % |
|||||
Seniors Housing Operating |
154,230 |
133,684 |
15.4 % |
|||||
Seniors Housing Triple-net |
84,320 |
76,692 |
9.9 % |
|||||
Outpatient Medical |
101,848 |
99,372 |
2.5 % |
|||||
Health System |
42,954 |
41,804 |
2.8 % |
|||||
Long-Term/Post-Acute Care |
22,410 |
21,801 |
2.8 % |
|||||
Total SSNOI |
$ 405,762 |
$ 373,353 |
8.7 % |
|||||
Notes: (1) Represents Welltower's interests in joint ventures where |
||||||||
(2) Represents minority partners' interests in joint ventures where |
||||||||
(3) Includes adjustments to reflect consistent property ownership percentages and foreign currency exchange rates for properties in the |
||||||||
(4) Includes other adjustments described in the accompanying Supplement. |
Reconciliation of SHO SS REVPOR Growth |
Exhibit 5 |
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(in thousands except SS REVPOR) |
Three Months Ended |
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|
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2022 |
2021 |
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Consolidated SHO revenues |
$ 1,071,210 |
$ 742,549 |
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Unconsolidated SHO revenues attributable to WELL(1) |
51,456 |
44,966 |
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SHO revenues attributable to noncontrolling interests(2) |
(121,704) |
(59,347) |
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SHO pro rata revenues(3) |
1,000,962 |
728,168 |
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Non-cash revenues on same store properties |
(613) |
(571) |
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Revenues attributable to non-same store properties |
(306,259) |
(100,881) |
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Currency and ownership adjustments(4) |
1,989 |
(2,682) |
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SHO SS revenues(5) |
$ 696,079 |
$ 624,034 |
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SHO SS revenue YOY growth |
11.5 % |
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Average occupied units/month(6) |
41,469 |
38,854 |
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SHO SS REVPOR(7) |
$ 5,611 |
$ 5,368 |
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SS REVPOR YOY growth |
4.5 % |
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(1) Represents Welltower's interests in joint ventures where |
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(2) Represents minority partners' interests in joint ventures where |
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(3) Represents SHO revenues at |
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(4) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian |
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(5) Represents SS SHO revenues at |
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(6) Represents average occupied units for SS properties on a pro rata basis. |
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(7) Represents pro rata SS average revenues generated per occupied room per month. |
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SOURCE
Tim McHugh, (419) 247-2800