Despite Headwinds, Welltower Continues to See Positive Senior Housing Growth in Third Quarter
Welltower produced better same-store growth than we anticipated and funds from operations in line with our expectations in the third quarter, its first full quarter after acquiring Quality Care Properties in a joint venture with ProMedica Health System. As a result, we are maintaining our $72 fair value estimate for the no-moat healthcare REIT. Same-store net operating income growth for the total portfolio came in at 1.6% for the third quarter, well above our estimate of flat growth. The senior ...Welltower is a real estate investment trust. The company's segments are: Seniors Housing Operating, which includes seniors apartments, independent living and independent supportive living, continuing care retirement communities, Alzheimer's/dementia care, and care homes with or without nursing; Triple-net, which includes independent living and independent supportive living, continuing care retirement communities, Alzheimer's/dementia care and care homes with or without nursing, as well as long-term/post-acute care; and Outpatient Medical, which consists of outpatient medical buildings including physician offices, ambulatory surgery centers, diagnostic facilities, outpatient services and/or labs.
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