Welltower Inc Stock Research

Market Summary

USD70.85-0.40

Market Closed

-0.56%

WELL Alerts

Big fall in earnings (Y/Y)

WELL Stock Price

WELL RSI Chart

WELL Valuation

Market Cap

32.8B

Price/Earnings (Trailing)

204.46

Price/Sales (Trailing)

5.6

EV/EBITDA

23.25

Price/Free Cashflow

24.71

WELL Price/Sales (Trailing)

WELL Profitability

EBT Margin

2.95%

Return on Equity

0.79%

Return on Assets

0.42%

Free Cashflow Yield

4.05%

WELL Fundamentals

WELL Revenue

Revenue (TTM)

5.9B

Revenue Y/Y

15.98%

Revenue Q/Q

3.03%

WELL Earnings

Earnings (TTM)

160.6M

Earnings Y/Y

-97.28%

Earnings Q/Q

167.77%

Price Action

52 Week Range

55.9997.11

(Low)(High)

Last 7 days

-4.6%

Last 30 days

-6.1%

Last 90 days

7.7%

Trailing 12 Months

-19.1%

WELL Financial Health

Debt/Equity

0.72

Debt/Cashflow

0.09

WELL Investor Care

Dividend Yield

3.44%

Dividend/Share (TTM)

2.44

Shares Dilution (1Y)

8.26%

Diluted EPS (TTM)

0.3

Peers (Alternatives to Welltower)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
PSA	51.7B	4.2B	-4.61%	-14.88%	11.88	12.36	22.43%	122.66%
DLR	30.0B	4.7B	-6.82%	-21.36%	79.47	6.4	5.96%	-77.90%
EQR	22.3B	2.7B	-9.31%	-29.65%	28.69	8.21	11.91%	-41.71%
ARE	21.2B	2.6B	-23.98%	-31.95%	40.62	8.18	22.46%	-8.68%
KIM	13.2B	1.7B	-4.07%	-13.87%	104.43	7.61	26.61%	-85.07%
MID-CAP
FRT	7.7B	1.1B	-13.38%	-14.77%	20.08	7.2	12.95%	47.42%
KRG	4.3B	802.0M	-9.03%	-5.22%	-341.02	5.37	114.83%	84.36%
VNO	2.9B	1.8B	-31.59%	-62.57%	-8.47	1.63	13.26%	-296.88%
MAC	2.1B	859.2M	-25.44%	-29.31%	-31.63	2.43	1.38%	-563.21%
SMALL-CAP
SKT	1.9B	421.4M	-3.41%	12.84%	22.56	4.55	3.35%	1705.32%
SLG	1.7B	826.7M	-30.54%	-63.53%	-22.04	2.08	-2.04%	-117.36%
AIV	1.0B	190.3M	-7.76%	-1.93%	11.27	5.46	12.08%	1950.56%
PGRE	983.2M	740.4M	-22.73%	-54.50%	-27.01	1.33	1.87%	-78.85%

Financials for Welltower

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	3.7%	5,861	5,651	5,417	5,086	4,742
S&GA Expenses	5.8%	150	142	140	135	127
EBITDA	0.7%	2,013	1,999	1,980	1,803	-
EBITDA Margin	-2.9%	0.34*	0.35*	0.37*	0.35*	-
Earnings Before Taxes	-26.4%	173	235	320	217	171
EBT Margin	-29.0%	0.03*	0.04*	0.06*	0.04*	-
Interest Expenses	3.6%	530	511	494	488	490
Net Income	-28.6%	161	225	418	368	374
Net Income Margin	-31.2%	0.03*	0.04*	0.08*	0.07*	-
Free Cahsflow	-2.2%	1,329	1,359	1,356	1,296	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	1.3%	37,893	37,414	36,574	35,472	34,910
Cash Equivalents	83.9%	632	343	363	301	269
Goodwill	0%	68.00	68.00	68.00	68.00	68.00
Liabilities	-2.7%	16,499	16,957	16,700	16,294	15,912
Long Term Debt	-1.4%	14,600	14,815	14,347	13,910	-
Shareholder's Equity	5.9%	20,295	19,169	19,454	18,732	17,636
Retained Earnings	0.0%	8,805	8,809	8,815	8,726	8,664
Additional Paid-In Capital	5.7%	26,743	25,289	24,465	23,620	23,134
Shares Outstanding	2.0%	463	454	447	-	-
Minority Interest	-19.5%	715	887	898	836	961

* denotes actual numbers (not divided by Millions)
Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-2.2%	1,329	1,359	1,356	1,296	1,275
Share Based Compensation	16.7%	26.00	22.00	21.00	20.00	18.00
Cashflow From Investing	23.0%	-3,703	-4,812	-5,396	-5,185	-4,516
Cashflow From Financing	-21.8%	2,761	3,533	3,689	1,701	1,568
Dividend Payments	3.0%	1,132	1,099	1,076	1,054	1,036
Buy Backs	NaN%	0.00	0.00	-	-	-

Risks for WELL

What is the probability of a big loss on WELL?

50.4%

Probability that Welltower stock will be more than 20% underwater in next one year

31.5%

Probability that Welltower stock will be more than 30% underwater in next one year.

25.4%

Probability that Welltower stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does WELL drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Welltower was unfortunately bought at previous high price.

Drawdowns

Returns for WELL

Cumulative Returns on WELL

5.4%

10-Year Cumulative Returns

5.4%

7-Year Cumulative Returns

9.9%

5-Year Cumulative Returns

15.4%

3-Year Cumulative Returns

What are the long-term rolling returns for WELL?

FIve years rolling returns for Welltower.

Annualized Returns

Which funds bought or sold WELL recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-15	B. Riley Wealth Advisors, Inc.	reduced	-1.43	10,278	2,256,280	0.06%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-38.43	-10,198,600	17,182,400	0.02%
2023-03-06	Rockefeller Capital Management L.P.	added	46.1	2,423,000	7,376,000	0.04%
2023-03-02	OLIVER LAGORE VANVALIN INVESTMENT GROUP	added	0.69	1,419	38,419	0.02%
2023-03-01	PANORAMIC INVESTMENT ADVISORS, LLC	new	-	430,991	430,991	0.44%
2023-02-28	Voya Investment Management LLC	added	11.72	6,708,220	55,127,200	0.08%
2023-02-27	Gallagher Benefit Services, Inc.	new	-	668,679	668,679	0.14%
2023-02-27	Parallax Volatility Advisers, L.P.	reduced	-43.73	-1,054,560	1,418,440	-%
2023-02-24	BBJS FINANCIAL ADVISORS, LLC	new	-	437,922	437,922	0.20%
2023-02-24	National Pension Service	added	9.52	6,369,950	54,036,700	0.11%

Latest Funds Activity

Are funds buying WELL calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own WELL

No. of Funds

WELL Alerts

Big fall in earnings (Y/Y)

Welltower News

Schedule 13G FIlings of Welltower

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	cohen & steers, inc.	10.17%	48,058,043	SC 13G/A
Feb 09, 2023	vanguard group inc	16.02%	75,690,885	SC 13G/A
Feb 07, 2023	state street corp	6.59%	31,130,985	SC 13G
Feb 06, 2023	wellington management group llp	5.09%	24,071,258	SC 13G
Jan 24, 2023	blackrock inc.	10.6%	49,874,077	SC 13G
Nov 10, 2022	cohen & steers, inc.	10.10%	46,820,079	SC 13G/A
Feb 14, 2022	cohen & steers, inc.	7.98%	34,743,873	SC 13G
Feb 14, 2022	state street corp	6.35%	27,631,929	SC 13G/A
Feb 10, 2022	vanguard group inc	15.81%	68,821,686	SC 13G/A
Jan 27, 2022	blackrock inc.	10.9%	47,651,136	SC 13G/A

WELL Fair Value

Welltower fair value in different scenarios

The table shows the Fair Value estimates for Welltower for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	- -	- -	- -	- -	- -
Current Inflation	25.35 -64.22%	32.06 -54.75%	38.12 -46.20%	45.77 -35.40%	51.99 -26.62%
Very High Inflation	- -	- -	- -	- -	- -

Historical Welltower Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Welltower

View All Filings

Date Filed	Form Type	Document
Mar 10, 2023	4	Insider Trading
Mar 10, 2023	4	Insider Trading
Mar 10, 2023	4	Insider Trading
Feb 27, 2023	4	Insider Trading
Feb 27, 2023	4	Insider Trading
Feb 27, 2023	4	Insider Trading
Feb 27, 2023	4	Insider Trading
Feb 27, 2023	4	Insider Trading
Feb 27, 2023	4	Insider Trading
Feb 27, 2023	4	Insider Trading

Latest Insider Trading transactions for WELL

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-08	LOPEZ DENNIS G	acquired	5,530	74.72	74.02	-
2023-03-08	DeSalvo Karen B	acquired	7,063	74.72	94.53	-
2023-03-08	SULLIVAN KATHRYN M	acquired	39.6016	74.72	0.53	-
2023-02-23	Reid Diana	acquired	-	-	2,627	-
2023-02-23	Spisso Johnese	acquired	-	-	2,627	-
2023-02-23	Rivera Sergio	acquired	-	-	2,627	-
2023-02-23	Patton Ade J.	acquired	-	-	2,627	-
2023-02-23	LOPEZ DENNIS G	acquired	-	-	3,940	-
2023-02-23	DeSalvo Karen B	acquired	-	-	2,627	-
2023-01-15	Mcqueen Matthew Grant	sold (taxes)	-16,791	71.15	-236	evp, gen.counsel & secretary

About Welltower

Shankh Mitra

www.welltower.com

460

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. WelltowerÃ‚â„¢, a real estate investment trust ("REIT"), owns interests in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient medical properties.

WELL Income Statement

2022-12-31

Consolidated Statements Of Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Revenues:

Rental income

$ 1,451,786

$ 1,374,695

$ 1,443,360

Total revenues

5,860,615

4,742,115

4,605,967

Expenses:

Property operating expenses

3,558,770

2,774,562

2,597,823

Depreciation and amortization

1,310,368

1,037,566

1,038,437

Interest expense

529,519

489,853

514,388

General and administrative expenses

150,390

126,727

128,394

Loss (gain) on derivatives and financial instruments, net

8,334

(7,333)

11,049

Loss (gain) on extinguishment of debt, net

680

49,874

47,049

Provision for loan losses, net

10,320

7,270

94,436

Impairment of assets

17,502

51,107

135,608

Other expenses

101,670

41,739

70,335

Total expenses

5,687,553

4,571,365

4,637,519

Income (loss) from continuing operations before income taxes and other items

173,062

170,750

(31,552)

Income tax (expense) benefit

(7,247)

(8,713)

(9,968)

Income (loss) from unconsolidated entities

(21,290)

(22,933)

(8,083)

Gain (loss) on real estate dispositions, net

16,043

235,375

1,088,455

Income (loss) from continuing operations

160,568

374,479

1,038,852

Net income

160,568

374,479

1,038,852

Less: Net income (loss) attributable to noncontrolling interests

^[1]

19,354

38,341

60,008

Net income (loss) attributable to common stockholders

$ 141,214

$ 336,138

$ 978,844

Weighted average number of common shares outstanding:

Basic (in shares)

462,185

424,976

415,451

Diluted (in shares)

465,158

426,841

417,387

Basic:

Income (loss) from continuing operations (in USD per share)

$ 0.35

$ 0.88

$ 2.50

Net income (loss) attributable to common stockholders (in USD per share)

0.31

0.79

2.36

Diluted:

Income (loss) from continuing operations (in USD per share)

0.35

0.88

2.49

Net income (loss) attributable to common stockholders (in USD per share)

^[2]

$ 0.30

$ 0.78

$ 2.33

Other comprehensive income (loss):

Foreign currency translation gain (loss)

$ (466,910)

$ (52,826)

$ 103,612

Derivative and financial instruments designated as hedges gain (loss)

442,620

79,702

(134,369)

Total other comprehensive income (loss)

(24,290)

26,876

(30,757)

Total comprehensive income (loss)

136,278

401,355

1,008,095

Less: Total comprehensive income (loss) attributable to noncontrolling interests

^[3]

(6,545)

38,029

65,598

Total comprehensive income (loss) attributable to common stockholders

142,823

363,326

942,497

Resident fees and services

Revenues:

Revenue from contract with customer

4,173,711

3,197,223

3,074,022

Interest income

Revenues:

Revenue from contract with customer

150,571

137,563

69,156

Other income

Revenues:

Revenue from contract with customer

$ 84,547

$ 32,634

$ 19,429

[1]	Includes amounts attributable to redeemable noncontrolling interests
[2]	Includes adjustment to the numerator for income (loss) attributable to OP Units and DownREIT Units
[3]	Includes amounts attributable to redeemable noncontrolling interests.

WELL Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real property owned:
Land and land improvements	$ 4,249,834	$ 3,968,430
Buildings and improvements	33,651,336	31,062,203
Acquired lease intangibles	1,945,458	1,789,628
Real property held for sale, net of accumulated depreciation	133,058	134,097
Construction in progress	1,021,080	651,389
Less accumulated depreciation and amortization	(8,075,733)	(6,910,114)
Net real property owned	32,925,033	30,695,633
Right of use assets, net	323,942	522,796
Real estate loans receivable, net of credit allowance	890,844	1,068,681
Net real estate investments	34,139,819	32,287,110
Other assets:
Investments in unconsolidated entities	1,499,790	1,039,043
Goodwill	68,321	68,321
Cash and cash equivalents	631,681	269,265
Restricted cash	90,611	77,490
Straight-line rent receivable	322,173	365,643
Receivables and other assets	1,140,838	803,453
Total other assets	3,753,414	2,623,215
Total assets	37,893,233	34,910,325
Liabilities:
Unsecured credit facility and commercial paper	0	324,935
Senior unsecured notes	12,437,273	11,613,758
Secured debt	2,110,815	2,192,261
Lease liabilities	415,824	545,944
Accrued expenses and other liabilities	1,535,325	1,235,554
Total liabilities	16,499,237	15,912,452
Redeemable noncontrolling interests	384,443	401,294
Equity:
Common stock	491,919	448,605
Capital in excess of par value	26,742,750	23,133,641
Treasury stock	(111,001)	(107,750)
Cumulative net income	8,804,950	8,663,736
Cumulative dividends	(15,514,097)	(14,380,915)
Accumulated other comprehensive income (loss)	(119,707)	(121,316)
Total Welltower Inc. stockholders’ equity	20,294,814	17,636,001
Noncontrolling interests	714,739	960,578
Total equity	21,009,553	18,596,579
Total liabilities and equity	$ 37,893,233	$ 34,910,325