Welltower Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Welltower Inc. has submitted its 2023 annual report detailing its financial performance and operations.</b>

AI Summary

WELLTOWER INC. (WELL) filed a Annual Report (10-K) with the SEC on February 15, 2024. Welltower Inc. filed its 2023 Form 10-K on February 15, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 4500 Dorr Street, Toledo, OH 43615. Welltower Inc. was formerly known as Health Care REIT Inc. /DE/. The company is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking WELLTOWER INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Welltower's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors to assess the company's performance and future outlook. As a Real Estate Investment Trust (REIT), understanding Welltower's asset portfolio, debt structure, and revenue streams detailed in this filing is vital for evaluating its position within the healthcare real estate sector.

Risk Assessment

Risk Level: medium — WELLTOWER INC. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not present immediate, significant positive or negative developments that would drastically alter the company's risk profile on its own.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Welltower's performance and strategic positioning in the healthcare real estate market.

Key Numbers

• 20231231 — CONFORMED PERIOD OF REPORT (Fiscal year end)
• 20240215 — FILED AS OF DATE (Filing date)
• 149 — PUBLIC DOCUMENT COUNT (Number of documents filed)
• 6798 — STANDARD INDUSTRIAL CLASSIFICATION (SIC code for Real Estate Investment Trusts)

Key Players & Entities

• WELLTOWER INC. (company) — FILER
• WELL (company) — tk
• 4500 DORR STREET (company) — BUSINESS ADDRESS
• TOLEDO (company) — BUSINESS ADDRESS CITY
• OH (company) — BUSINESS ADDRESS STATE
• 43615 (company) — BUSINESS ADDRESS ZIP
• HEALTH CARE REIT INC /DE/ (company) — FORMER COMPANY
• DE (company) — STATE OF INCORPORATION

FAQ

Industry Context

Welltower Inc. operates as a Real Estate Investment Trust (REIT) within the healthcare sector, focusing on properties related to healthcare services.

Regulatory Implications

As a REIT, Welltower is subject to specific tax regulations and reporting requirements under U.S. federal tax law, impacting its structure and operations.

What Investors Should Do

1. Analyze Welltower's financial statements for the fiscal year ended December 31, 2023.
2. Review the business description and risk factors to understand the company's operational landscape and potential challenges.
3. Assess the company's corporate structure and governance details provided in the filing.

Key Dates

• 2024-02-15: 10-K Filing — Annual report submission for fiscal year 2023.

Year-Over-Year Comparison

This is the initial 10-K filing for the period ending December 31, 2023. Comparative data from previous periods will be available within the detailed financial statements.

Key Financial Figures

• $1.00 — ange on Which Registered Common Stock, $1.00 par value WELL New York Stock Exchange
• $191,105,000 — net of allowance for credit loss es of $191,105,000, approximately 9.5 million shares of GE
• $1,304,441,000 — outstanding construction investments of $1,304,441,000 and were committed to provide additiona
• $1,691,706,000 — utstanding loans, net of allowances, of $1,691,706,000 with an interest yield of approximately
• $1,636,531,000 — vestments in unconsolidated entities of $1,636,531,000 . Our investments in unconsolidated ent
• $832,746,000 — 24 properties with a carrying value of $832,746,000 as of December 31, 2023, which are clas

Filing Documents

• well-20231231.htm (10-K) — 14934KB
• exhibit410-10xk2023.htm (EX-4.10) — 114KB
• exhibit103-10xk2023.htm (EX-10.3) — 4KB
• exhibit1013d-10xk2023.htm (EX-10.13D) — 59KB
• exhibit21-10xk2023.htm (EX-21) — 330KB
• exhibit23-10xk2023.htm (EX-23) — 5KB
• exhibit24-10xk2023.htm (EX-24) — 12KB
• exhibit3114q23.htm (EX-31.1) — 16KB
• exhibit3124q23.htm (EX-31.2) — 16KB
• exhibit3214q23.htm (EX-32.1) — 7KB
• exhibit3224q23.htm (EX-32.2) — 7KB
• exhibit97-10xk2023.htm (EX-97) — 10KB
• well-20231231_g1.gif (GRAPHIC) — 8KB
• well-20231231_g2.jpg (GRAPHIC) — 80KB
• 0000766704-24-000008.txt (&nbsp;) — 65337KB
• well-20231231.xsd (EX-101.SCH) — 435KB
• well-20231231_cal.xml (EX-101.CAL) — 168KB
• well-20231231_def.xml (EX-101.DEF) — 1544KB
• well-20231231_lab.xml (EX-101.LAB) — 3277KB
• well-20231231_pre.xml (EX-101.PRE) — 1954KB
• well-20231231_htm.xml (XML) — 15251KB

Risk Factors 30

Item 1A. Risk Factors 30

Unresolved Staff Comments 45

Item 1B. Unresolved Staff Comments 45

Cybersecurity 45

Item 1C. Cybersecurity 45

Properties 47

Item 2. Properties 47

Legal Proceedings 48

Item 3. Legal Proceedings 48

Mine Safety Disclosures 48

Item 4. Mine Safety Disclosures 48 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 49

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 49

[Reserved] 49

Item 6. [Reserved] 49

Management's Discussion and Analysis of Financial Condition and Results of Operations 50

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 50

Quantitative and Qualitative Disclosures About Market Risk 75

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 75

Financial Statements and Supplementary Data 76

Item 8. Financial Statements and Supplementary Data 76

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 116

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 116

Controls and Procedures 116

Item 9A. Controls and Procedures 116

Other Information 118

Item 9B. Other Information 118

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 118

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 118 PART III

Directors, Executive Officers and Corporate Governance 118

Item 10. Directors, Executive Officers and Corporate Governance 118

Executive Compensation 118

Item 11. Executive Compensation 118

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 118

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 118

Certain Relationships and Related Transactions and Director Independence 118

Item 13. Certain Relationships and Related Transactions and Director Independence 118

Principal Accounting Fees and Services 118

Item 14. Principal Accounting Fees and Services 118 PART IV

Exhibits and Financial Statement Schedules 119

Item 15. Exhibits and Financial Statement Schedules 119

Form 10-K Summary 125

Item 16. Form 10-K Summary 125 Signature 126 PART I

Business

Item 1. Business General Welltower Inc. (NYSE:WELL), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate and infrastructure needed to scale innovative care delivery models and improve people's wellness and overall health care experience. Welltower , a real estate investment trust ("REIT"), owns interests in properties concentrated in major, high-growth markets in the United States ("U.S."), Canada and the United Kingdom ("U.K."), consisting of seniors housing, post-acute communities and outpatient medical properties. More information is available on the Internet at www.welltower.com. The information on our website is not incorporated by reference in this Annual Report on Form 10-K, and our web address is included as an inactive textual reference only. Our primary objectives are to protect stockholder capital and enhance stockholder value. We seek to pay consistent cash dividends to stockholders and create opportunities to increase dividend payments to stockholders as a result of annual increases in net operating income and portfolio growth. To meet these objectives, we invest across the full spectrum of seniors housing and health care real estate and diversify our investment portfolio by property type, relationship and geographic location. On March 7, 2022, we announced our intent to complete an UPREIT reorganization. In February 2022, the company formerly known as Welltower Inc. ("Old Welltower") formed WELL Merger Holdco Inc. ("New Welltower") as a wholly owned subsidiary, and New Welltower formed WELL Merger Holdco Sub Inc. ("Merger Sub") as a wholly owned subsidiary. On April 1, 2022, Merger Sub merged with and into Old Welltower, with Old Welltower continuing as the surviving corporation and a wholly owned subsidiary of New Welltower (the "Merger"). In connection with the Merg

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