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Morningstar.com published an interesting piece in July about the long-term health care crisis. It pointed out that Americans paid out $245 billion for long term care to paid caregivers, nursing homes and other forms of paid assistance.

The next cycle for public REITs could be more similar to those of the 1990s and early 2000s than one of the past 14 years. In prior cycles, public REITs enjoyed a cost of capital that allowed for significant external growth, boosting cash flow and dividends per share. Many companies spent the past cycle shoring up their balance sheets to record low leverage and maintaining a low dividend payout to enhance flexibility.

Welltower Inc. (NYSE:WELL ) Q2 2024 Earnings Conference Call July 30, 2024 9:00 AM ET Company Participants Matthew McQueen - General Counsel Shankh Mitra - Chief Executive Officer John Burkart - Chief Operating Officer Timothy McHugh - Chief Financial Officer Nikhil Chaudhri - Chief Investment Officer Conference Call Participants Jonathan Hughes - Raymond James Vikram Malhotra - Mizuho Nicholas Yulico - Scotiabank Joshua Dennerlein - Bank of America Michael Griffin - Citi Michael Carroll - RBC Capital Markets Juan Sanabria - BMO Capital Markets Michael Mueller - JPMorgan James Kammert - Evercore ISI Ronald Kamdem - Morgan Stanley Rich Anderson - Wedbush Austin Wurschmidt - KeyBanc Capital Markets Omotayo Okusanya - Deutsche Bank Wesley Golladay - Baird Emily Meckler - Green Street Operator Thank you for standing by. My name is Kayla and I will be your conference operator today.

Welltower's (WELL) Q2 earnings outshine estimates driven by a rise in revenues. SHO portfolio occupancy improves year over year.

The headline numbers for Welltower (WELL) give insight into how the company performed in the quarter ended June 2024, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

Welltower (WELL) came out with quarterly funds from operations (FFO) of $1.05 per share, beating the Zacks Consensus Estimate of $1 per share. This compares to FFO of $0.90 per share a year ago.

TOLEDO, Ohio , July 29, 2024 /PRNewswire/ -- Welltower Inc. (NYSE: WELL) announced today the appointment of Andrew Gundlach to its Board of Directors. Mr. Gundlach, 53, is the President and Co-CEO of Bleichroeder LP, a registered investment advisor serving ultra-high-net-worth families.

Welltower raised its annual funds from operations (FFO) forecast on Monday, betting on steady demand for the healthcare real estate investment trust's assisted living and senior housing properties.

TOLEDO, Ohio , July 29, 2024 /PRNewswire/ -- Welltower® Inc. (NYSE: WELL) (the "Company" or "Welltower") today announced that it has closed on an amended $5.0 billion senior unsecured revolving line of credit ("Revolving Facility"). Through the Amendment, the Company will bolster its already strong liquidity position and extend its well-staggered debt maturity profile, while also achieving improved pricing.

TOLEDO, Ohio , July 29, 2024 /PRNewswire/ -- Welltower® Inc. (NYSE: WELL) has issued the following business update which can be found at: https://welltower.com/july2024-business-update About Welltower 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 infrastructure needed to scale innovative care delivery models and improve people's wellness and overall health care experience.

TOLEDO, Ohio , July 29, 2024 /PRNewswire/ -- Welltower Inc. (NYSE:WELL) today announced results for the quarter ended June 30, 2024. Recent Highlights Reported net income attributable to common stockholders of $0.42 per diluted share Reported quarterly normalized funds from operations attributable to common stockholders of $1.05 per diluted share, an increase of 16.7% over the prior year or 19.3% exclusive of government subsidies Reported total portfolio year-over-year same store NOI ("SSNOI") growth of 11.3%, driven by SSNOI growth in our Seniors Housing Operating ("SHO") portfolio of 21.7% During the second quarter, we completed $1.7 billion of pro rata gross investments, including $1.4 billion in acquisitions and loan funding and $251 million in development funding Since the beginning of the year, we have closed or have definitive agreements to close $4.9 billion in pro rata acquisitions and loan funding During the quarter, converted or reached agreements to convert 47 triple-net leased properties to SHO (RIDEA) structures, allowing us to directly participate in the underlying cash flow growth of the communities Reported further balance sheet strengthening as of June 30, 2024 with net debt to Adjusted EBITDA of 3.68x and approximately $6.9 billion of available liquidity inclusive of $2.9 billion of available cash and restricted cash and full capacity under our $4.0 billion line of credit Credit rating outlook revised to positive from stable by each of S&P Global and Moody's, citing strong seniors housing industry tailwinds and a materially improved balance sheet In July, closed on a new expanded $5.0 billion senior unsecured revolving credit facility, which incorporates a maturity extension to 2029 and a 7.5bps improvement in pricing from the previous $4.0 billion facility Board of Directors announced a 10% increase in the quarterly dividend per share, reflecting our solid financial performance, low payout ratio owing to outsized levels of cash flow growth and the Board's confidence in the Company's strong growth prospects going forward Announced the appointment of Andrew Gundlach to the Board of Directors Capital Activity and Liquidity Liquidity Update During the second quarter, net debt to consolidated enterprise value improved to 14.8% as of June 30, 2024 from 20.9% as of December 31, 2023.