Welltower(WELL) - 2024 Q4 - Annual Results

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]