Welltower Inc. Files Q2 2024 10-Q

TL;DR

WELL Q2 10-Q filed. Financials updated.

AI Summary

Welltower Inc. filed its 10-Q for the period ending June 30, 2024. The company, formerly known as Health Care REIT Inc., reported on its financial performance and business operations. Key financial data and disclosures related to its real estate investment trust activities are detailed within the filing.

Why It Matters

This filing provides investors with an update on Welltower's financial health and strategic positioning in the real estate sector, particularly within healthcare-related properties.

Risk Assessment

Risk Level: medium — As a real estate investment trust, Welltower is subject to market fluctuations, interest rate changes, and tenant-specific risks.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 1231 — Fiscal Year End (Specifies the end of the company's fiscal year.)

Key Players & Entities

• WELLTOWER INC. (company) — Filer of the 10-Q
• HEALTH CARE REIT INC /DE/ (company) — Former name of Welltower Inc.
• 20240630 (date) — End of the reporting period
• 4500 DORR STREET (address) — Business and mailing address
• TOLEDO (location) — City of business and mailing address
• OH (location) — State of business and mailing address
• 43615 (postal_code) — ZIP code of business and mailing address

FAQ

Key Financial Figures

• $1.00 — ange on which registered Common stock, $1.00 par value per share WELL New York Stock

Filing Documents

• well-20240630.htm (10-Q) — 3205KB
• exhibit103keybank.htm (EX-10.3) — 1368KB
• exhibit3112q24.htm (EX-31.1) — 15KB
• exhibit3122q24.htm (EX-31.2) — 16KB
• exhibit3212q24.htm (EX-32.1) — 7KB
• exhibit3222q24.htm (EX-32.2) — 7KB
• 0000766704-24-000033.txt ( ) — 15452KB
• well-20240630.xsd (EX-101.SCH) — 86KB
• well-20240630_cal.xml (EX-101.CAL) — 126KB
• well-20240630_def.xml (EX-101.DEF) — 450KB
• well-20240630_lab.xml (EX-101.LAB) — 942KB
• well-20240630_pre.xml (EX-101.PRE) — 696KB
• well-20240630_htm.xml (XML) — 2379KB

FINANCIAL INFORMATION Page

PART I. FINANCIAL INFORMATION Page

Financial Statements (Unaudited) 3

Item 1. Financial Statements (Unaudited) 3 Consolidated Balance Sheets 3 Consolidated Statements of Comprehensive Income 4 Consolidated Statements of Equity 6 Consolidated Statements of Cash Flows 8 Notes to Unaudited Consolidated Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations 29

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 29

Quantitative and Qualitative Disclosures About Market Risk 54

Item 3. Quantitative and Qualitative Disclosures About Market Risk 54

Controls and Procedures 55

Item 4. Controls and Procedures 55

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings 56

Item 1. Legal Proceedings 56

Risk Factors 56

Item 1A. Risk Factors 56

Unregistered Sales of Equity Securities and Use of Proceeds 56

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 56

Other Information 56

Item 5. Other Information 56

Exhibits 57

Item 6. Exhibits 57 Signatures 58

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION CONSOLIDATED BALANCE SHEETS WELLTOWER INC. AND SUBSIDIARIES (In thousands) June 30, 2024 (Unaudited) December 31, 2023 (Note) Assets: Real estate investments: Real property owned: Land and land improvements $ 4,839,036 $ 4,697,824 Buildings and improvements 38,540,623 37,796,553 Acquired lease intangibles 2,192,386 2,166,470 Real property held for sale, net of accumulated depreciation 81,033 372,883 Construction in progress 1,474,024 1,304,441 Less accumulated depreciation and amortization ( 9,908,007 ) ( 9,274,814 ) Net real property owned 37,219,095 37,063,357 Right of use assets, net 360,282 350,969 Real estate loans receivable, net of credit allowance 1,791,202 1,361,587 Net real estate investments 39,370,579 38,775,913 Other assets: Investments in unconsolidated entities 1,709,558 1,636,531 Goodwill 68,321 68,321 Cash and cash equivalents 2,776,628 1,993,646 Restricted cash 86,970 82,437 Straight-line rent receivable 420,666 443,800 Receivables and other assets 1,101,215 1,011,518 Total other assets 6,163,358 5,236,253 Total assets $ 45,533,937 $ 44,012,166 Liabilities and equity Liabilities: Unsecured credit facility and commercial paper $ — $ — Senior unsecured notes 12,169,775 13,552,222 Secured debt 1,765,992 2,183,327 Lease liabilities 393,670 383,230 Accrued expenses and other liabilities 1,515,921 1,521,660 Total liabilities 15,845,358 17,640,439 Redeemable noncontrolling interests 262,273 290,605 Equity: Common stock 609,859 565,894 Capital in excess of par value 36,693,283 32,741,949 Treasury stock ( 114,674 ) ( 111,578 ) Cumulative net income 9,526,904 9,145,044 Cumulative dividends ( 17,492,484 ) ( 16,773,773 ) Accumulated other comprehensive income (loss) ( 246,462 ) ( 163,160 ) Total Welltower Inc. stockholders' equity 28,976,426 25,404,376 Noncontrolling interests 449,880 676,746 Total equity 29,426,306 26,081,122 Total liabilities and equity $ 45,533,937 $ 4

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View this 10-Q filing on SEC EDGAR