Core Viewpoint - Welltower Inc. is set to acquire a portfolio of 38 ultra-luxury seniors housing communities and nine entitled development parcels from Ontario Teachers' Pension Plan for a total of C$4.6 billion, which includes a 31-property in-place portfolio valued at C$3.2 billion [1][2] Group 1: Acquisition Details - The acquisition includes 31 in-place properties, consisting of 24 stabilized communities and seven recently opened properties, acquired at a substantial discount to estimated replacement cost [2][3] - Welltower plans to acquire seven properties currently under construction, which are expected to achieve certificates of occupancy between 2025 and 2027, allowing the company to mitigate development risk [3] - The nine development parcels are located in affluent neighborhoods and have undergone lengthy entitlement processes, providing Welltower with significant future optionality [3] Group 2: Strategic Partnership - Welltower has formed a long-term strategic partnership with Amica Senior Lifestyles, a leading operator of luxury seniors housing communities, to enhance value creation through superior operational and development capabilities [1][2] - The partnership aims to expand Amica's ultra-luxury, higher acuity product offerings in targeted neighborhoods, with Amica continuing to manage the properties under a RIDEA 5.0 contract [2][4] Group 3: Market Context and Expectations - The acquisition is positioned against a backdrop of rapidly growing demand for senior housing and limited new supply, which is expected to drive significant revenue and cash flow growth for Welltower in the coming years [2] - The Amica communities provide a continuum of care, allowing residents to age in place, which contributes to an average resident length of stay of 3-4 years [4] - Welltower will assume C$560 million of CMHC-insured debt with an average interest rate of 3.6% upon closing, expected in the fourth quarter of 2025 [5]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: Welltower (WELL) - Welltower currently holds a Momentum Style Score of B and a Zacks Rank of 2 (Buy), indicating strong potential for outperformance [2][3] - The stock has shown significant price performance, with a 5.18% increase over the past week, and a 14.15% increase over the past month, compared to the Zacks REIT and Equity Trust - Other industry, which saw a decline of 0.49% and an increase of only 0.74% respectively [5] - Over the past quarter, Welltower shares have risen 7.47%, and they are up 58.84% over the last year, significantly outperforming the S&P 500, which increased by 4.18% and 24.21% in the same periods [6] Trading Volume - Welltower's average 20-day trading volume is 2,516,170 shares, which serves as a bullish indicator when combined with rising stock prices [7] Earnings Outlook - In the last two months, 5 earnings estimates for Welltower have been revised upwards, with no downward revisions, leading to an increase in the consensus estimate from $4.77 to $4.86 [9] - For the next fiscal year, 3 estimates have also moved upwards, indicating positive sentiment regarding future earnings [9] Conclusion - Given the strong momentum indicators and positive earnings outlook, Welltower is positioned as a solid momentum pick with a 2 (Buy) rating and a Momentum Score of B [11]

Core Viewpoint - Welltower (NYSE: WELL) operates as a Real Estate Investment Trust (REIT) focused on generating earnings from a portfolio of medical buildings and post-acute care providers that cater to senior housing needs [1]. Group 1: Company Overview - Welltower is recognized for its essential services in the healthcare real estate sector, particularly in providing housing for seniors [1]. - The company’s portfolio includes medical buildings and post-acute care facilities, indicating a strategic focus on the aging population and their housing requirements [1]. Group 2: Investment Strategy - The investment approach highlighted involves a hybrid system that combines classic dividend growth stocks with Business Development Companies, REITs, and Closed End Funds to enhance investment income [1]. - This strategy aims to achieve a total return comparable to traditional index funds, specifically the S&P, while maintaining a focus on high-quality dividend stocks [1].

Core Insights - Welltower (NYSE: WELL) stock has experienced a significant increase of nearly 61% over the past year, outperforming its competitors [1] Group 1: Company Performance - The stock's impressive performance is attributed to both broader market trends and specific factors related to Welltower itself [1] Group 2: Analyst Background - The article features insights from a financial journalist and market analyst with over five years of experience in stock and cryptocurrency markets [1]

Financial Data and Key Metrics Changes - Welltower reported a normalized FFO per share increase of 18% year-over-year, driven by the senior housing operating portfolio [6][15] - The company achieved total portfolio same-store NOI growth of 12.8% for Q4 2024 [33][66] - For the full year of 2024, Welltower experienced 23% revenue growth, 26% EBITDA growth, and nearly 20% FFO per share growth [15][66] Business Line Data and Key Metrics Changes - The senior housing operating portfolio saw same-store NOI growth of nearly 24% in Q4, marking the ninth consecutive quarter of growth exceeding 20% [8][33] - The outpatient medical business reported stable same-store NOI growth of 2% year-over-year, with an occupancy rate of 94.3% [34][66] - The senior housing triple net portfolio experienced a same-store NOI increase of 5.1% year-over-year [68] Market Data and Key Metrics Changes - The favorable end-market environment contributed to strong occupancy growth, with the SHARP portfolio achieving average same-store occupancy growth of 120 basis points sequentially and 310 basis points year-over-year [8][10] - The company noted that over a quarter of the portfolio remains sub-80% occupied, indicating potential for future growth [97] Company Strategy and Development Direction - Welltower's strategy focuses on capital deployment, with $7 billion of capital deployed in 2024 and a robust pipeline for 2025 [21][58] - The company aims to enhance its operating platform through digital transformation and internal expertise, which is expected to drive further margin expansion [25][41] - A sixth growth pillar was introduced, focusing on the launch of a private funds management business, which is anticipated to create significant revenue opportunities [29][116] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2025, expecting another year of exceptional net operating income growth [13][47] - The company highlighted the strong fundamentals of the senior housing business, which are expected to weather economic headwinds better than other sectors [19][20] - Management acknowledged the challenges in the commercial real estate debt market but emphasized the opportunities for acquiring high-quality properties at attractive valuations [50][55] Other Important Information - Welltower's net debt to adjusted EBITDA ratio improved to 3.49 times, reflecting a significant reduction from the previous year [70] - The company has a liquidity position of $9 billion, providing ample capacity for future growth [28] Q&A Session Summary Question: Can you provide insights on pricing power across occupancy bands within the SHARP portfolio? - Management indicated that RevPAR growth is strong at 90%+ occupancy, while assets below 70% occupancy are roughly flat, with a gradient of growth observed between these bands [96][97] Question: How does the reduction in new deliveries impact the acquisition of lease-up properties? - Management believes that their long-term track record of success in finding under-performing buildings will continue, despite fewer new deliveries [101][104] Question: How does Welltower approach talent retention? - Management emphasized that retaining talent is a top priority, and there is currently no retention problem, but proactive measures are being taken to maintain a positive culture [110][111] Question: Can you discuss the targeted IRRs for stabilized versus non-stabilized assets in the private funds management business? - Management stated that no further details could be provided at this time, but they are fundamentally focused on growth investments rather than yield investments [115][116] Question: What is the expected performance of non-same-store assets in terms of NOI growth? - Management did not provide specific guidance on non-same-store assets but indicated that there is potential for better performance compared to same-store guidance [118]

Core Insights - Welltower Inc. (WELL) reported a fourth-quarter 2024 normalized funds from operations (FFO) per share of $1.13, exceeding the Zacks Consensus Estimate by a penny and reflecting a year-over-year improvement of 17.7% [1] - The company achieved total revenues of $2.25 billion in the quarter, surpassing the Zacks Consensus Estimate of $2.12 billion, and marking a year-over-year increase of 28.6% [2] - For the full year 2024, normalized FFO per share was reported at $4.32, up from $3.64 in the previous year, although total revenues of $7.79 billion fell short of the consensus estimate of $7.91 billion, despite a year-over-year growth of 20.4% [3] Financial Performance - The same-store net operating income (SSNOI) for the total portfolio increased year over year, driven by a 23.9% growth in the seniors housing operating (SHO) portfolio [5] - The SHO portfolio's same-store revenues rose by 8.8% year over year, supported by a 310-basis point increase in average occupancy and a 5.0% growth in Revenue per Occupied Room (RevPOR) [5] - Pro-rata gross investments in the fourth quarter totaled $2.4 billion, including $2.19 billion in acquisitions and loan funding, and $233.4 million in development funding [6] Strategic Initiatives - In January 2025, the company launched a private funds management business, forming its first fund capable of sourcing up to $2 billion for investment in stable or near-stable senior housing properties in the U.S. [4] - Welltower plans to fund an additional $461 million in development for projects underway as of December 31, 2024 [10] Guidance and Outlook - For 2025, Welltower projects normalized FFO per share in the range of $4.79 to $4.95, aligning with the Zacks Consensus Estimate of $4.79 [9] - The guidance assumes an average blended SSNOI growth of 9.25-13.00%, with specific growth expectations for various segments including 15.0-21.0% in Seniors Housing Operating [9] Dividend Information - Welltower announced a cash dividend of 67 cents per share for the fourth quarter of 2024, marking the company's 215th consecutive quarterly cash dividend payout [8] Balance Sheet Position - As of December 31, 2024, Welltower had $8.7 billion in available liquidity, which includes $3.7 billion in available cash and restricted cash, along with full capacity under its $5 billion line of credit [7]

Revenue Segments - The Seniors Housing Operating segment accounted for 76% of total revenues for the year ended December 31, 2024, with key partners contributing 13%, 11%, and 11% of segment revenues [34]. - The Triple-net segment represented 10% of total revenues for the year ended December 31, 2024, with revenues from Integra Healthcare Properties accounting for approximately 27% of this segment [39]. - The Outpatient Medical segment contributed 10% of total revenues for the year ended December 31, 2024, with no single tenant exceeding 20% of segment revenues [42]. Investments and Financials - As of December 31, 2024, the company had outstanding construction investments of $1,219,720,000 and was committed to provide an additional $540,297,000 to complete construction for consolidated investment properties [45]. - The company had outstanding loans, net of allowances, of $2,027,586,000 with an interest yield of approximately 10.3% per annum as of December 31, 2024 [46]. - Investments in unconsolidated entities amounted to $1,768,772,000 as of December 31, 2024, representing interests ranging from 10% to 95% in real estate assets [47]. Portfolio Composition - The outpatient medical portfolio primarily consists of multi-tenant properties leased to healthcare providers, with 63% of leases including full pass-through expense reimbursement [41]. - Approximately 96% of the company's triple-net properties were subject to master leases as of December 31, 2024, which helps spread risk among the entire group of properties [38]. - The company focuses on diversifying its investment portfolio by property type, relationship, and geographic location to enhance operational efficiency [43]. Employee and Workplace Initiatives - The company had 685 employees as of December 31, 2024, with 653 located in the U.S., 20 in the U.K., and 12 in Canada [63]. - The company has implemented a four-day in-office workweek to enhance collaboration while supporting a geographically dispersed workforce [71]. - The company has invested in career-pathing tools and workforce planning systems to align individual goals with broader business objectives [64]. - The company has launched an AI-based manager development program to enhance leadership decision-making capabilities [66]. - The company supports employee charitable contributions with a 100% match up to $2,500 per employee per calendar year [61]. Sustainability and ESG Initiatives - The company achieved a MSCI ESG rating of AA and was recognized as an ENERGY STAR Partner of the Year for the sixth consecutive year [60]. - The company has maintained top 30% ISS Quality Score ranking for both Environment and Social categories [60]. - The company is focused on reducing greenhouse gas emissions, energy consumption, water usage, and waste production as part of its sustainability initiatives [57]. Regulatory and Compliance Challenges - The company has faced competition from various entities including real estate investment trusts, private equity, and healthcare operators in the acquisition and development of properties [53]. - The majority of revenues for U.S. seniors housing facilities come from private pay sources, with Medicaid being a secondary source, which may vary by state and affect revenue stability [78]. - Long-term/post-acute care facilities primarily rely on Medicare and Medicaid reimbursements, with potential adverse effects from changes in federal or state reimbursement policies [78]. - The implementation of the Final Rule by CMS in April 2024 is estimated to cost long-term care facilities a total of $43 billion over the next ten years due to new staffing requirements [79]. - The OIG published compliance program guidance for Skilled Nursing Facilities in November 2024, focusing on risk areas and compliance with federal regulations [80]. - The U.S. Supreme Court's ruling on agency interpretations may lead to increased litigation and scrutiny of healthcare regulations, potentially impacting operators' business [79]. - Changes in Medicare reimbursement for physicians and outpatient facilities may result in lower net pay increases, affecting operators' financial health [79]. - The costs associated with compliance to data privacy laws, including HIPAA, can significantly impact operators' financial obligations [82]. - In Canada, senior living residences are subject to varying provincial regulations, with significant penalties for privacy law violations, including up to CAD $25 million for certain breaches [85]. - The company faces potential financial penalties and operational impacts due to increased enforcement actions and compliance requirements in the healthcare sector [81]. REIT Compliance and Taxation - The company intends to continue operating as a REIT, but there is no assurance it will maintain this status [89]. - The company is subject to a 100% tax on certain transactions involving taxable REIT subsidiaries not conducted at arm's length [91]. - The company must distribute at least 90% of its REIT taxable income to avoid federal income tax on undistributed amounts [90]. - At least 75% of the company's gross income must be derived from rents from real property, dividends, or gains from the sale of REIT shares to meet the 75% gross income test [100]. - The company has undergone a reorganization, changing its name and structure to comply with tax regulations [88]. - The company must comply with various income and asset tests to qualify as a REIT, including the Five or Fewer Requirement [97]. - The company has acquired assets from "C" corporations and may face built-in gains tax if these assets are sold within five years [91]. - The company must ensure that rents received do not exceed 15% of total rent for personal property to qualify as rents from real property [100]. - The company is treated as a continuation of Old Welltower for U.S. federal income tax purposes following the reorganization [88]. - The company will be subject to a 4% excise tax if it fails to distribute required amounts of REIT ordinary income and capital gain net income [90]. - The company must satisfy several asset tests, including that at least 75% of total assets must be represented by real estate assets [103]. - The company is required to make distributions at least equal to 90% of its REIT taxable income to avoid being taxed as a regular corporation [115]. - If the company fails to qualify as a REIT, it will be subject to U.S. federal income tax at regular corporate rates, reducing cash available for distribution [118]. - The company may avoid disqualification as a REIT by disposing of sufficient assets to cure violations of the asset tests within six months [107]. - Taxable REIT subsidiaries are subject to full corporate level U.S. federal taxation on their earnings, which reduces cash available for dividends [109]. - The company may face a 15% Corporate Alternative Minimum Tax if its taxable REIT subsidiaries exceed average adjusted financial statement income of $1 billion [112]. - Statutory relief is available for violations of REIT provisions if the violation is due to reasonable cause and not willful neglect, along with a penalty payment [119]. - The company must file a schedule with the IRS describing non-qualifying assets to avoid disqualification as a REIT [108]. - The company may need to arrange for borrowings or pay dividends in the form of taxable stock dividends to meet distribution requirements [116]. - The IRS may redetermine amounts from transactions between the company and its taxable REIT subsidiaries if there is a lack of arm's-length dealing [110]. Tax Implications for Holders - Distributions from the company will be treated as dividends and taxable as ordinary income for taxable U.S. holders when received [125]. - Distributions exceeding current and accumulated earnings will be treated as a tax-free return of capital to the extent of the U.S. holder's adjusted tax basis [126]. - Capital gain dividends will be taxable as a gain from the sale of a capital asset held for more than one year, with U.S. holders required to treat up to 20% of certain capital gain dividends as ordinary income [128]. - The maximum tax rate for non-corporate taxpayers for long-term capital gains is generally 20%, with certain capital gain dividends potentially taxed at a 25% rate [136]. - Tax-exempt U.S. holders may have income from the company treated as unrelated business taxable income (UBTI) if shares are held as "debt-financed property" [137]. - Non-U.S. holders are advised to consult tax advisors regarding the complex rules governing U.S. federal income taxation of the acquisition, ownership, and disposition of the company's stock [140]. - The company may elect to retain net capital gains rather than distribute them as capital gain dividends, which would affect U.S. holders' earnings and profits [129]. - U.S. holders that receive taxable stock distributions must include the full amount as a dividend to the extent of current and accumulated earnings [127]. - The treatment of distributions as a return of capital will reduce the U.S. holder's adjusted tax basis in the shares [126]. - The company does not expect to be classified as a "pension-held REIT," which may affect the tax treatment of dividends for certain trusts [139]. - Distributions to non-U.S. holders are generally subject to a 30% U.S. federal income tax withholding unless a lower treaty rate applies or the distribution is effectively connected with a U.S. trade or business [142]. - Distributions exceeding current and accumulated earnings and profits will not be taxable to non-U.S. holders to the extent they do not exceed the adjusted tax basis of the holder's stock [143]. - Capital gain dividends designated for non-U.S. holders are generally not subject to U.S. federal income taxation unless the investment is effectively connected with a U.S. trade or business [144]. - Under FIRPTA, distributions attributable to gain from sales of U.S. real property interests will be subject to a 21% withholding tax for non-U.S. holders [145]. - Non-U.S. holders may offset their U.S. federal income tax liability with their proportionate share of tax paid on retained net capital gains [146]. - Gain from the sale of stock by non-U.S. holders is generally not subject to U.S. federal income tax unless the stock constitutes a U.S. real property interest [147]. - Non-U.S. holders are exempt from FIRPTA if they are qualified foreign pension funds [149]. - If a non-U.S. holder disposes of stock within 30 days preceding the ex-dividend date, they may be treated as having gain from the sale of a U.S. real property interest [150]. - Interest paid on debt securities to non-U.S. holders is generally not subject to U.S. federal income tax if not effectively connected with a U.S. trade or business [156]. - Non-U.S. holders may be exempt from U.S. federal withholding tax on interest if it is effectively connected with their U.S. trade or business, requiring a valid IRS Form W-8ECI [157]. - Effectively connected interest is subject to U.S. federal income tax at regular rates, and corporations may face a branch profits tax of 30% [158]. - Non-U.S. holders must provide required certifications to the withholding agent prior to interest payment to avoid excess withholding [159]. - Non-U.S. holders are not subject to U.S. federal income tax on gains from the sale of debt securities unless the gain is effectively connected with a U.S. trade or business [160]. - A non-U.S. holder that is a corporation may be subject to a branch profits tax of 30% on effectively connected gains [161]. - Non-U.S. holders may offset U.S. source capital losses against gains realized from the sale of debt securities [162]. - Payments of dividends and interest to non-U.S. holders generally will not be subject to backup withholding if proper certifications are provided [165]. - A 30% withholding tax may apply under FATCA on certain payments to non-U.S. financial institutions unless specific diligence and reporting obligations are met [168]. - Proposed Treasury Regulations eliminate FATCA withholding on payments of gross proceeds from the sale of stock or debt securities [170]. Financial Risk Management - Welltower OP seeks to mitigate interest rate exposure by matching new investments with long-term fixed-rate borrowings [403]. - A 1% increase in interest rates would result in increased annual interest expense of $14,253,000 for variable-rate debt outstanding at December 31, 2024 [406]. - Currency fluctuations could affect net income from investments in Canada and the U.K., with a potential impact of less than $15,000,000 from a 10% change in exchange rates [407]. - The carrying value of foreign currency exchange contracts as of December 31, 2024, is $99,931, with a change in fair value of $3,077 [407].

Core Insights - Welltower reported $2.25 billion in revenue for Q4 2024, a year-over-year increase of 28.6% [1] - The EPS for the same period was $1.13, compared to $0.15 a year ago, indicating significant growth [1] - The revenue exceeded the Zacks Consensus Estimate of $2.12 billion by 6.02% [1] - The company also delivered an EPS surprise of 0.89%, with the consensus estimate being $1.12 [1] Financial Performance Metrics - Interest income was reported at $71.03 million, surpassing the average estimate of $67.95 million, reflecting a year-over-year change of 39.2% [4] - Resident fees and services revenue reached $1.76 billion, exceeding the $1.55 billion average estimate, with a year-over-year increase of 39.5% [4] - Rental income was reported at $386.33 million, below the estimated $415.47 million, showing a decline of 4.4% year over year [4] - Other income was $31.60 million, compared to the average estimate of $24.23 million, representing a slight decrease of 0.7% year over year [4] - Net Earnings Per Share (Diluted) was $0.19, below the average estimate of $0.40 [4] Stock Performance - Welltower's shares have returned 13.8% over the past month, outperforming the Zacks S&P 500 composite's 4.2% change [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential for outperformance in the near term [3]

Core Insights - Welltower (WELL) reported quarterly funds from operations (FFO) of $1.13 per share, exceeding the Zacks Consensus Estimate of $1.12 per share, and up from $0.96 per share a year ago [1][2] - The company achieved revenues of $2.25 billion for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 6.02%, compared to $1.75 billion in the same quarter last year [3] - Welltower has consistently outperformed consensus estimates, surpassing FFO estimates in all four of the last quarters and revenue estimates three times in the same period [2][3] Financial Performance - The FFO surprise for the recent quarter was 0.89%, and the company had a previous quarter FFO of $1.11, which was also above expectations by 6.73% [2] - The current consensus FFO estimate for the upcoming quarter is $1.15 on revenues of $2.21 billion, and for the current fiscal year, it is $4.79 on revenues of $8.93 billion [8] Market Position - Welltower shares have increased approximately 13.6% since the beginning of the year, significantly outperforming the S&P 500's gain of 3.1% [4] - The Zacks Rank for Welltower is currently 2 (Buy), indicating expectations for the stock to outperform the market in the near future [7] Industry Context - The REIT and Equity Trust - Other industry, to which Welltower belongs, is currently ranked in the bottom 30% of over 250 Zacks industries, which may impact stock performance [9] - The performance of Welltower may also be influenced by the overall outlook for the industry, as empirical research indicates a strong correlation between stock movements and estimate revisions [6][9]

Financial Performance - Total NOI for 4Q23 was $509,429,000, projected to increase to $574,859,000 in 4Q24, representing a 12.8% growth[4] - Total revenues for Q4 2023 reached $1,284,698, increasing to $1,808,025 by Q4 2024, representing a growth of approximately 40.7%[10] - Net income for the twelve months ended December 31, 2024, was $972,857,000, with a quarterly net income of $123,753,000[54] - EBITDA for the twelve months ended December 31, 2024, was $3,181,911,000, with a quarterly EBITDA of $758,742,000[54] - Adjusted EBITDA for the twelve months ended December 31, 2024, was $3,151,811,000, with a quarterly adjusted EBITDA of $853,085,000[54] - Consolidated net operating income (NOI) for Q4 2023 was $713,697,000, expected to rise to $841,530,000 by Q4 2024[87] - Same store NOI for Q4 2024 is projected to grow by 12.8% year-over-year, reaching $574,859,000[94] Property Operations - Seniors Housing Operating properties achieved a 4Q23 NOI of $240,443,000, with a projected increase to $297,809,000 in 4Q24, reflecting a 23.9% increase[4] - Outpatient Medical properties reported a 4Q23 NOI of $127,636,000, expected to rise to $130,186,000 in 4Q24, a 2.0% increase[4] - The occupancy rate for Seniors Housing Operating properties was 86.1%, while Outpatient Medical properties had a higher occupancy rate of 94.3%[5] - Total occupancy improved from 82.2% in Q4 2023 to 84.8% in Q4 2024, indicating a growth of 3.2 percentage points[10] - The company operates a total of 2,073 properties, with 1,754 located in the United States, representing 83.6% of the total portfolio[9] Revenue and Expense Trends - Same store revenues increased from $1,016,211 in Q4 2023 to $1,105,708 in Q4 2024, reflecting a year-over-year growth rate of 8.8%[10] - The NOI margin for the total portfolio is projected to be 24.4% in Q4 2024, down from 23.6% in Q4 2023[10] - Recurring capital expenditures are expected to rise from $49,297 in Q4 2023 to $75,822 in Q4 2024, an increase of 53.9%[10] - The company reported a total of 2,271 properties, with 1,557 classified as same store properties[89] Investment and Development - The total gross investments for the period reached $2,419,409,000, with an acquisition yield of 8.2%[28] - The company completed 62 acquisitions and loan funding transactions, totaling $2,186,059,000 in Q4 2024[28] - The company has committed $1,654,180 for future funding across 33 seniors housing operating projects, with stable yields projected at 7.5%[40] - The company has 60 development projects in progress, including 45 seniors housing operating projects and 15 outpatient medical projects[38] - The estimated conversion for development projects in 2024 is projected at $3,047,717, with stable yields averaging 7.3%[41] Debt and Equity - Total debt stands at $16,702,077,000, with senior unsecured notes accounting for $13,326,465,000[44] - The company reported a total equity of $32,572,586,000, which is 73.25% of consolidated book capitalization[57] - The weighted average interest rate on total debt was 3.86%[60] - Net debt to EBITDA ratio was 3.92x, and net debt to adjusted EBITDA ratio was 3.49x[54] Market Strategy and Future Outlook - Future growth strategies include potential market expansions and new product developments to enhance service offerings[3] - The company anticipates continued market expansion and investment in innovative care delivery models to enhance healthcare infrastructure[107] - The company plans to continue expanding its market presence through strategic acquisitions and development conversions[90] - Welltower operates in major high-growth markets across the United States, Canada, and the United Kingdom, focusing on seniors housing and post-acute communities[107]