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Welltower Reports Second Quarter 2016 Results


Welltower Inc. (NYSE:HCN) today announced results for the quarter ended June 30, 2016. For the quarter, we generated net income attributable to common stockholders of $0.54 per share, normalized FFO of $1.15 per share and normalized FAD of $1.04 per share. Second quarter results were positively impacted by strong trailing-four-quarter average total same store NOI growth, net investments of $1.9 billion and average net debt to undepreciated book capitalization ratio of 38.7%. Additional second quarter highlights include:

  • Normalized FFO and FAD per share increased by 6% and 9%, respectively
  • Total portfolio SSNOI grew 3.3%, led by 4.0% growth in seniors housing operating
  • Same store seniors housing operating occupancy increased 100 basis points to 90.3% with REVPOR growth of 3.8%
  • Announces $1.15 billion acquisition of premier west coast seniors housing operating portfolio
  • Private payor mix increasing to approximately 90% by year-end

“Our exceptional health care real estate and operators continued to outperform across the portfolio this quarter,” said Welltower CEO Thomas J. DeRosa. “Our seniors housing operating business generated 4% same store NOI growth, further substantiating our strategic focus on premium properties in top metro markets with high barriers to entry. We are also excited to announce the acquisition of a high-quality, irreplaceable seniors housing portfolio in Northern and Southern California. We expect this acquisition to drive capital-efficient growth in premium assisted living and memory care communities, and plan to fund the transaction largely through anticipated dispositions throughout the remainder of the year. We plan to transition the portfolio to our operating partners Sunrise, Senior Resource Group and Silverado, who should enhance the operating performance and create significant value for our shareholders.”

Dividend Growth As previously announced, the Board of Directors declared a cash...