Company Quick10K Filing
Welltower
Price89.17 EPS3
Shares407 P/E33
MCap36,282 P/FCF30
Net Debt12,126 EBIT1,351
TEV48,408 TEV/EBIT36
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-14
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-04-30
10-K 2018-12-31 Filed 2019-02-25
10-Q 2018-09-30 Filed 2018-10-30
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-07-28
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-11-02
10-Q 2016-06-30 Filed 2016-08-02
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-18
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-08-04
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-02-20
10-Q 2014-09-30 Filed 2014-11-04
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-02-21
10-Q 2013-09-30 Filed 2013-11-05
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-07
10-K 2012-12-31 Filed 2013-02-26
10-Q 2012-09-30 Filed 2012-11-07
10-Q 2012-06-30 Filed 2012-08-06
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-02-17
10-Q 2011-09-30 Filed 2011-11-03
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-10
10-Q 2010-09-30 Filed 2010-11-08
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-08-05 Earnings, Exhibits
8-K 2020-07-23 Officers, Regulation FD, Exhibits
8-K 2020-06-30 Other Events, Exhibits
8-K 2020-05-04
8-K 2020-04-30
8-K 2020-04-17
8-K 2020-04-13
8-K 2020-04-01
8-K 2020-03-23
8-K 2020-03-16
8-K 2020-02-12
8-K 2019-12-16
8-K 2019-10-28
8-K 2019-10-23
8-K 2019-09-04
8-K 2019-08-19
8-K 2019-07-31
8-K 2019-07-01
8-K 2019-05-20
8-K 2019-04-30
8-K 2019-04-30
8-K 2019-02-25
8-K 2019-02-21
8-K 2019-02-15
8-K 2019-02-12
8-K 2019-02-07
8-K 2019-01-30
8-K 2019-01-22
8-K 2018-11-30
8-K 2018-10-30
8-K 2018-08-16
8-K 2018-08-03
8-K 2018-07-27
8-K 2018-07-26
8-K 2018-07-19
8-K 2018-06-21
8-K 2018-05-21
8-K 2018-05-18
8-K 2018-05-07
8-K 2018-05-03
8-K 2018-04-26
8-K 2018-04-25
8-K 2018-04-10
8-K 2018-03-20
8-K 2018-03-05
8-K 2018-02-22

WELL 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits
EX-31.1 exhibit3112q20.htm
EX-31.2 exhibit3122q20.htm
EX-32.1 exhibit3212q20.htm
EX-32.2 exhibit3222q20.htm

Welltower Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
35282114702012201420172020
Assets, Equity
1.41.10.80.50.2-0.12012201420172020
Rev, G Profit, Net Income
2.21.20.2-0.8-1.8-2.82012201420172020
Ops, Inv, Fin

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
   
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
or
   
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                      
Commission file number: 1-8923
WELLTOWER INC.
 
(Exact name of registrant as specified in its charter
Delaware34-1096634
(State or other jurisdiction
of Incorporation)
(IRS Employer
Identification No.)
4500 Dorr StreetToledo,Ohio43615
(Address of principal executive offices)(Zip Code)
(419)247-2800
(Registrant’s telephone number, including area code)  
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $1.00 par value per shareWELLNew York Stock Exchange
4.800% Notes due 2028WELL28New York Stock Exchange
4.500% Notes due 2034WELL34New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  þ  No  ¨
Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ  No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 þ
 Accelerated filer
¨
 Non-accelerated filer
¨
 Smaller reporting company
Emerging growth company
(Do not check if a smaller reporting company)
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No  þ
As of July 31, 2020, the registrant had 417,300,700 shares of common stock outstanding. 



TABLE OF CONTENTS
 
 Page
PART I. FINANCIAL INFORMATION 
  
Item 1. Financial Statements (Unaudited)
  
Consolidated Balance Sheets
  
Consolidated Statements of Comprehensive Income
  
Consolidated Statements of Equity
  
Consolidated Statements of Cash Flows
  
Notes to Unaudited Consolidated Financial Statements
  
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  
Item 3. Quantitative and Qualitative Disclosures About Market Risk
  
Item 4. Controls and Procedures
  
PART II. OTHER INFORMATION 
  
Item 1. Legal Proceedings
  
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
  
Item 5. Other Information
  
Item 6. Exhibits
  
Signatures



PART I. FINANCIAL INFORMATION
Item 1. Financial Statements 

CONSOLIDATED BALANCE SHEETS
WELLTOWER INC. AND SUBSIDIARIES
(In thousands) 
June 30, 2020 (Unaudited)December 31, 2019 (Note)
Assets:  
  
Real estate investments:  
  
Real property owned:  
Land and land improvements  
$3,479,369  $3,486,620  
Buildings and improvements  
28,589,269  29,163,305  
Acquired lease intangibles  
1,565,978  1,617,051  
Real property held for sale, net of accumulated depreciation  
382,580  1,253,008  
Construction in progress  
411,700  507,931  
Less accumulated depreciation and amortization  
(6,001,177) (5,715,459) 
Net real property owned  
28,427,719  30,312,456  
Right of use assets, net502,604  536,433  
Real estate loans receivable, net of credit allowance  224,871  270,382  
Net real estate investments  29,155,194  31,119,271  
Other assets:  
Investments in unconsolidated entities  
786,921  583,423  
Goodwill  
68,321  68,321  
Cash and cash equivalents  
1,678,770  284,917  
Restricted cash  
147,473  100,849  
Straight-line rent receivable
464,716  466,222  
Receivables and other assets  
861,257  757,748  
Total other assets  
4,007,458  2,261,480  
Total assets  
$33,162,652  $33,380,751  
Liabilities and equity  
Liabilities:  
Unsecured credit facility and commercial paper
$  $1,587,597  
Senior unsecured notes  
11,815,972  10,336,513  
Secured debt  
2,619,678  2,990,962  
Lease liabilities
447,424  473,693  
Accrued expenses and other liabilities  
1,015,906  1,009,482  
Total liabilities  
15,898,980  16,398,247  
Redeemable noncontrolling interests  
327,145  475,877  
Equity:  
Common stock  
418,343  411,005  
Capital in excess of par value  
20,836,545  20,190,107  
Treasury stock  
(93,799) (78,955) 
Cumulative net income  
7,838,284  7,353,966  
Cumulative dividends  
(12,834,381) (12,223,534) 
Accumulated other comprehensive income (loss)  
(116,856) (112,157) 
Other equity  
4  12  
Total Welltower Inc. stockholders’ equity  
16,048,140  15,540,444  
Noncontrolling interests  
888,387  966,183  
Total equity  
16,936,527  16,506,627  
Total liabilities and equity  
$33,162,652  $33,380,751  
Note: The consolidated balance sheet at December 31, 2019 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements.

3


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands, except per share data) 
Three Months EndedSix Months Ended
June 30,June 30,
 2020201920202019
Revenues:  
Resident fees and services
$769,560  $914,085  $1,619,532  $1,782,370  
Rental income  
396,305  385,586  786,265  766,670  
Interest income
16,069  17,356  31,310  32,475  
Other income
6,541  3,079  9,970  10,836  
Total revenues
1,188,475  1,320,106  2,447,077  2,592,351  
Expenses:
Property operating expenses
660,764  701,127  1,342,545  1,371,934  
Depreciation and amortization
265,371  248,052  540,172  491,984  
Interest expense
126,357  141,336  268,364  286,568  
General and administrative expenses
34,062  33,741  69,543  69,023  
Loss (gain) on derivatives and financial instruments, net
1,434  1,913  9,085  (574) 
Loss (gain) on extinguishment of debt, net
249    249  15,719  
Provision for loan losses
1,422    8,494  18,690  
Impairment of assets
75,151  9,939  102,978  9,939  
Other expenses
19,411  21,628  25,703  30,384  
Total expenses
1,184,221  1,157,736  2,367,133  2,293,667  
Income (loss) from continuing operations before income taxes and other items4,254  162,370  79,944  298,684  
Income tax (expense) benefit(2,233) (1,599) (7,675) (3,821) 
Income (loss) from unconsolidated entities1,332  (9,049) (2,360) (18,248) 
Gain (loss) on real estate dispositions, net155,863  (1,682) 418,687  165,727  
Income (loss) from continuing operations159,216  150,040  488,596  442,342  
Net income159,216  150,040  488,596  442,342  
Less: Net income (loss) attributable to noncontrolling interests(1)
(20,030) 12,278  (934) 24,110  
Net income (loss) attributable to common stockholders$179,246  $137,762  $489,530  $418,232  
Average number of common shares outstanding:
Basic
417,084  404,607  413,696  398,073  
Diluted
419,121  406,673  415,775  400,096  
Earnings per share:
Basic:
Income (loss) from continuing operations
$0.38  $0.37  $1.18  $1.11  
Net income (loss) attributable to common stockholders
$0.43  $0.34  $1.18  $1.05  
Diluted:
Income (loss) from continuing operations
$0.38  $0.37  $1.18  $1.11  
Net income (loss) attributable to common stockholders(2)
$0.42  $0.34  $1.17  $1.05  
Dividends declared and paid per common share$0.61  $0.87  $1.48  $1.74  
(1) Includes amounts attributable to redeemable noncontrolling interests.
(2) Includes adjustment to the numerator for income (loss) attributable to OP unitholders.


4


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands) 
 Three Months EndedSix Months Ended
June 30,June 30,
 2020201920202019
Net income$159,216  $150,040  $488,596  $442,342  
Other comprehensive income (loss):
Foreign currency translation gain (loss)13,015  (54,024) (252,562) 24,596  
Derivative and financial instruments designated as hedges gain (loss)(27,171) 100,407  231,941  12,725  
Total other comprehensive income (loss)(14,156) 46,383  (20,621) 37,321  
Total comprehensive income (loss)145,060  196,423  467,975  479,663  
Less: Total comprehensive income (loss) attributable
to noncontrolling interests(1)
(13,543) 14,665  (16,856) 32,284  
Total comprehensive income (loss) attributable to common stockholders$158,603  $181,758  $484,831  $447,379  
(1) Includes amounts attributable to redeemable noncontrolling interests.

5


CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)
WELLTOWER INC. AND SUBSIDIARIES
(In thousands)
Six Months Ended June 30, 2020
Common
Stock
Capital in
Excess of
Par Value
Treasury
Stock
Cumulative
Net Income
Cumulative
Dividends
Accumulated Other
Comprehensive
Income (Loss)
Other
Equity
Noncontrolling
Interests
Total
Balances at January 1, 2020$411,005  $20,190,107  $(78,955) $7,353,966  $(12,223,534) $(112,157) $12  $966,183  $16,506,627  
Cumulative change in accounting principle (Note 2)(5,212) (5,212) 
Balances at January 1, 2020 (as adjusted for change in accounting principle)411,005  20,190,107  (78,955) 7,348,754  (12,223,534) (112,157) 12  966,183  16,501,415  
Comprehensive income:
Net income (loss)
310,284  18,988  329,272  
Other comprehensive income (loss)
15,944  (21,955) (6,011) 
Total comprehensive income323,261  
Net change in noncontrolling interests 37,625  (29,662) 7,963  
Amounts related to stock incentive plans, net of forfeitures246  6,608  (8,020) (1,166) 
Net proceeds from issuance of common stock6,975  583,890  590,865  
Dividends paid:
Common stock dividends
(356,001) (356,001) 
Balances at March 31, 2020$418,226  $20,818,230  $(86,975) $7,659,038  $(12,579,535) $(96,213) $12  $933,554  $17,066,337  
Comprehensive income: