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Welltower Inc. is a real estate investment trust (REIT) that focuses on transforming health care infrastructure by investing in seniors housing, post-acute communities, and outpatient medical properties across major markets in the United States, Canada, and the United Kingdom . The company generates revenue primarily from resident fees and services, rent, interest income, and interest earned on short-term deposits . Welltower aims to protect stockholder capital and enhance value by paying consistent dividends and increasing them through annual NOI growth and portfolio expansion .
- Seniors Housing Operating - Manages seniors housing facilities directly, capturing both rental income and resident fees, and is the largest contributor to the company's net operating income.
- Triple-net - Leases properties to operators under long-term leases, providing a stable income stream through rental agreements.
- Outpatient Medical - Includes properties leased to health care providers for outpatient services, supporting the delivery of medical care outside of hospital settings.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Shankh Mitra ExecutiveBoard | Chief Executive Officer (CEO) | Board Member at Public Storage | CEO of Welltower since October 2020; previously served as CIO and COO; extensive leadership in real estate operations, investment activity, and balance sheet management. | View Report → |
Edward Cheung Executive | EVP, International Investments | None | Joined Welltower in 2019; oversees international investment strategy and operations in Canada and the UK; previously Managing Partner at Brookfield Financial. | |
John F. Burkart Executive | Vice Chairman & COO | None | Joined Welltower in 2021; previously COO at Essex Property Trust; led the creation of Welltower's operating platform and modernization efforts. | |
John Olympitis Executive | EVP, Head of Corporate Development | None | Joined Welltower in 2015; leads business development and relationship management; oversees acquisition and development transactions. | |
Matthew G. McQueen Executive | EVP, General Counsel & Corporate Secretary | None | Joined Welltower in 2015; oversees legal and corporate governance matters; promoted to EVP in November 2020. | |
Nikhil Chaudhri Executive | Co-President & Chief Investment Officer | None | Joined Welltower in 2015; promoted to Co-President & CIO in January 2025; oversees global capital deployment and talent management. | |
Patrick Keppenne Executive | SVP, Investments | None | Joined Welltower in 2018; leads equity, debt, and mezzanine transactions; focuses on seniors housing and wellness housing. | |
Timothy G. McHugh Executive | Executive Vice President & CFO | None | CFO since April 2020; previously held roles including SVP of Corporate Finance; led Welltower's financial strategy and exceeded expectations in 2023. | |
Ade J. Patton Board | Independent Director | CFO of Oak View Group, LLC | Director since 2021; CFO of Oak View Group; previously held senior financial roles at WarnerMedia and Turner Sports. | |
Andrew Gundlach Board | Independent Director | Adjunct Professor at Columbia Business School; Trustee of Guggenheim Museum | Appointed to Welltower's Board in July 2024; nearly 30 years of investment experience; President and Co-CEO of Bleichroeder LP; member of the Council on Foreign Relations. | |
Dennis G. Lopez Board | Independent Director | CEO of QuadReal Property Group Ltd. | Director since 2021; CEO of QuadReal Property Group; extensive experience in real estate investment and financial services. | |
Johnese M. Spisso Board | Independent Director | President & CEO of UCLA Health | Director since 2018; over 30 years of experience in academic health system management; currently President and CEO of UCLA Health. | |
Karen B. DeSalvo Board | Independent Director | Chief Health Officer at Google; Council Member at National Academy of Medicine | Director since 2018; extensive background in public health and healthcare technology; currently Chief Health Officer at Google. | |
Kathryn M. Sullivan Board | Independent Director | None | Director since 2019; Chair of the Audit Committee; extensive experience in healthcare industry leadership, including as CEO of UnitedHealthcare Local Markets. | |
Kenneth J. Bacon Board | Chair of the Board | Director at Ally Financial, Arbor Realty Trust, and Comcast Corporation | Chair of Welltower's Board since October 2020; co-founder of RailField Realty Partners; extensive experience in real estate and financial services. | |
Sergio D. Rivera Board | Independent Director | None | Director since 2014; extensive experience in real estate development and hospitality; previously CEO of SeaWorld Entertainment. |
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With operating margins in your SHOP portfolio still in the high 20s, what specific strategies do you have to not only return to pre-pandemic margins but exceed them, and what challenges do you foresee in achieving higher occupancy levels to drive this margin expansion?
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Given that there's $70 million and $40 million of future cash flow upside from recent triple-net to RIDEA transitions, how much of the remaining 7.5% of in-place NOI from Seniors Housing Triple-net do you plan to convert to RIDEA, and what factors influence your decision to retain certain assets under triple-net leases?
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Considering the significant amount of distressed senior housing opportunities totaling roughly $16 billion of "at-risk of default" properties, what percentage of these assets are you targeting for acquisition, and how do you assess quality and price to ensure they fit your strategic objectives?
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Despite falling lumber prices, you mentioned that overall construction costs remain meaningfully higher than a couple of years ago; how does this impact your development plans for wellness housing, and what's your expected timeline to stabilize these developments amidst these cost pressures?
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You have highlighted the inherent operating leverage in your business; given the current market conditions and your expectations for occupancy growth, what is your projected run rate for margins, and what initiatives are you implementing to achieve margins higher than pre-COVID levels?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Cogir Management Company | Provides management services under incentive-based contracts | Seniors Housing Operating | 11% of 2024 segment revenue , 7% of total NOI |
Integra Healthcare Properties | Not disclosed | N/A | 7% of total 2024 NOI |
Sunrise Senior Living | Provides management services under incentive-based contracts | Seniors Housing Operating | 13% of 2024 segment revenue , 5% of total NOI |
Avery Healthcare | Not disclosed | N/A | 4% of total 2024 NOI |
Oakmont Management Group | Provides management services under incentive-based contracts | Seniors Housing Operating | 11% of 2024 segment revenue , 4% of total NOI |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Harmony Anesthesia Staffing | 2025 | **WELL Health Technologies’ subsidiary, CRH, acquired a 65% interest in Harmony—a full‐service anesthesia staffing leader specializing in locum tenens and permanent placements—with the founders retaining 35%, reinforcing WELL’s high‐margin, capital‐efficient growth strategy. |
The Health Clinic by Shoppers’ | 2024 | **WELL Health acquired 10 primary care clinics operated by Shoppers Drug Mart Inc. in Ontario and British Columbia, which include over 35 physicians and are expected to generate approximately $8 million in annual revenue via enhanced digital and operational capabilities. |
Primary Care Clinics (British Columbia) | 2024 | **WELL Health acquired three primary care clinics in British Columbia, contributing to its Canadian clinics business with a reported pre-tax unlevered ROIC of 14% and supporting its broader service expansion strategy. |
Diagnostic Imaging Clinics (Alberta) | 2024 | **On September 10, 2024, WELL Health completed the acquisition of four diagnostic imaging clinics in Alberta, complementing its Canadian clinics portfolio and an acquisition pipeline generating $11.8 million in revenue. |
Seniors Housing Portfolio (U.K.) | 2024 | **Welltower acquired a seniors housing portfolio of 136 properties and leasehold interests in the U.K. for approximately $1.0 billion, with the transaction completed in October 2024. |
Canadian Clinical Assets (Jack Nathan Medical Corp.) | 2024 | **WELL Health acquired Canadian clinical assets comprising 13 owned and operated clinics, 59 licensee clinics, and rights to operate in Walmart Canada stores, significantly advancing its pan‐Canadian network and tech-enabled care model. |
Multi-Property Acquisition (Seniors Housing, Outpatient Medical & Post-Acute Care) | 2023 | **Welltower acquired five Seniors Housing Operating properties, two outpatient medical properties, and 24 long-term/post-acute care properties for a total pro rata purchase price of $619 million, with detailed metrics including cost per unit and a yield of 6.9%. |
Sunrise Senior Living Properties | 2023 | **Welltower acquired 10 properties from Sunrise Senior Living—previously held in a joint venture with Revera—for a net real estate investment of $479.5 million, transitioning operational management to Oakmont Management Group. |
45% Interest in Joint Venture from CPPIB | 2023 | **Welltower acquired a 45% interest in a joint venture owning 10 medical office buildings for $161 million during Q3 2023, with associated capital adjustments recorded on its balance sheet. |
Rental and Entrance Fee Communities (California) | 2022 | **Welltower acquired three newly-constructed rental communities and three stable entrance fee communities in California for $312 million, managed under a RIDEA 3.0 contract in key high barrier-to-entry markets. |
StoryPoint Senior Living Properties | 2022 | **Welltower acquired 30 senior living properties in Ohio and Michigan for a total purchase price of $470 million, transacted in two tranches under an aligned RIDEA 3.0 management contract, strengthening its partnership with StoryPoint Senior Living. |
Kisco Senior Living (San Francisco MSA) | 2022 | **Welltower acquired a 187-unit seniors housing property in the San Francisco MSA for $114 million during the third quarter of 2022, adding to its strategic healthcare portfolio. |
Medical Office Building (La Jolla) | 2022 | **Welltower acquired a medical office building in La Jolla, California, for $57 million; the property has 99,000 rentable square feet and was 89% leased at the time of acquisition. |
Medical Office Building (Towson) | 2022 | **Welltower acquired a fully leased 54,000 square-foot medical office building in Towson, Maryland for $15 million as part of its strategic expansion in medical office assets. |
Recent press releases and 8-K filings for WELL.
- Earnings Performance: Reported Q1 2025 net income of $0.40 per diluted share and normalized FFO of $1.20 per diluted share, with normalized FFO per diluted share growing 19% YoY and guidance raised by 10% to $4.97 .
- Senior Housing Performance: Delivered its 10th consecutive quarter of same‑store NOI growth exceeding 20% and Q1 operating NOI increased by 21.7% with same‑store NOI growth of 12.9% YoY and revenue up 9.6% .
- Capital & Liquidity: Achieved approximately $6.2 billion in YTD acquisitions—including the CAD 4.6 billion acquisition of Amica Senior Living—and recorded $2.8 billion in Q1 pro‑rata investments; net debt to adjusted EBITDA improved from 4.03x to 3.33x with nearly $9 billion in liquidity .
- Dividend Declaration: The Board declared a cash dividend of $0.67 per share for the quarter .
- Strategic Investments: Announced key acquisitions and development funding moves toward ultra‑luxury seniors housing communities .
- WELL Health Technologies Corp. has received a management cease trade order (MCTO) from the BC Securities Commission due to delays in filing its annual information form, audited financial statements, and MD&A for 2024.
- The order prohibits the CEO and CFO from trading the company’s securities until the required filings are submitted.
- The company will provide bi-weekly default status reports and issue a news release once the Annual Filings are completed.
- WELL Health has entered a call option agreement with HEALWELL’s founding shareholders to acquire up to 30.8 million HEALWELL/Subordinate Voting Shares and 30.8 million Multiple Voting Shares at prices of $0.125 per share and $0.0001 per MVS, contingent on key performance milestones and regulatory approvals .
- The call right is exercisable until October 1, 2026 .
- Concurrent with the planned closing of HEALWELL’s OHHL Acquisition (acquiring Orion Health/Orion Health Holdings) on April 1, 2025, WELL Health intends to exercise its call right to significantly enhance its economic interest and voting control .
- Following the transaction, WELL Health will hold over 97 million HEALWELL Shares (including 30.8 million MVSs), resulting in approximately 69% of voting rights .
- Welltower Inc. has been upgraded by S&P Global Ratings to A- (stable outlook) and by Moody’s Investor Service to A3 (stable outlook).
- The upgrades underscore the company’s robust industry tailwinds, improved balance sheet, and strong operating performance, which are expected to drive further financial metric improvements.
- WELL Health delivered over 5.7 million patient visits in FY2024, reflecting 32% YoY growth driven primarily by 30% organic growth.
- Canada clinics contributed 3.125 million visits with 35% YoY growth, supported by 26% same clinic and 6% absorption growth.
- Additional operational highlights include strong performance in technology interactions and billed provider hours, contributing to overall record total care interactions.
- WELL Health Technologies Corp. announced it will exercise its call right to acquire a majority controlling interest in HEALWELL AI concurrent with HEALWELL's proposed acquisition of Orion Health on April 1, 2025.
- Post-transaction, WELL expects to hold approximately 37% economic interest and 69% voting interest on a non-diluted basis, with HEALWELL anticipated to contribute about $160 million in revenue over the next 12 months.
- WELL Health has announced a delay in filing its audited annual consolidated financial statements for the year ended December 31, 2024, with the new expected filing date on or before April 15, 2025.
- The delay is linked to issues regarding its US subsidiary, Circle Medical, which is undergoing an investigation into its billing practices by the US Attorney’s Office for the Northern District of California.
- Offering Details: The company filed on March 28, 2025, a registration statement update covering a common stock offering of up to $7,500,000,000 and potential issuance of up to 23,471,419 shares linked to the exchange of 2.750% and 3.125% senior notes.
- Tax and REIT Status: Legal opinions confirm that the company and its predecessor have complied with REIT qualification requirements for taxable years through 2024 and are expected to continue doing so.
- Regulatory Compliance: The filings, supported by reputable counsel and certified advisors, underscore that the transactions and share issuances are validly executed and fully compliant with applicable laws.