Welltower (WELL) Reports Q1 Revenues of $1.258B

Welltower (NYSE: WELL) reported Q1 revenue for the quarter came in at $1.26 billion versus the consensus estimate of $1.27 billion.

Recent Highlights

• Reported net income attributable to common stockholders of $0.75 per diluted share
• Reported normalized FFO attributable to common stockholders of $1.02 per diluted share
• Completed pro rata dispositions of $717 million at a blended yield of 5.4%
• Improved net debt to Adjusted EBITDA to 5.93x at March 31, 2020 from 6.37x at December 31, 2019
• Reduced May 2020 dividend to 70% of pre COVID-19 levels, or $0.61 per share
• Enhanced near-term liquidity profile to $3.5 billion through settlement of forward sale agreements resulting in $588 million of gross proceeds on March 30, 2020 and closing on a $1 billion term loan on April 1, 2020

"The COVID-19 pandemic is having an overwhelming global impact with at-risk populations, including frail seniors, who are disproportionately affected," stated Thomas J. DeRosa, Chairman and CEO. "As we have described in our business updates, Welltower began to see the direct impact of COVID-19 across our platform starting in March of this year, but most notably in our seniors housing operating portfolio. Over this time, Welltower has taken important steps to support our operators and tenants and to strengthen our balance sheet. Recognizing the nationwide shortages of personal protective equipment and testing kits, Welltower moved quickly to procure and distribute masks, gowns, gloves, test kits and other supplies to many of our operators and tenants. Additionally, amidst growing capital markets turbulence, we took measures to bolster our liquidity profile, including the closing of a $1.0 billion term loan, providing us with added balance sheet flexibility. Nonetheless, the financial headwinds resulting from the pandemic will create significant pressure on our near-term cash flow, leading to the difficult, but prudent decision to reduce our quarterly dividend to 70% of pre-COVID levels. While the duration and full impact of COVID-19 on our business is uncertain, we remain confident in our long-term strategy of owning, managing and developing a class of real estate that can better deliver health care services and manage the wellness needs of an aging population in settings that ultimately lower health care costs and improve health outcomes."

For earnings history and earnings-related data on Welltower (WELL) click here.

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