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Welltower

WELL is a registered REIT with a portfolio of commercial real estate properties focused on the healthcare space. WELL's portfolio is comprised of 4 main segments: Seniors Housing Operating (~50% of NOI at 3Q18), Seniors Housing Triple-Net (~20%), Long-Term/Post-Acute Care (~11%), and Outpatient Medical (~18%). At 3Q18, WELL's top tenant was Sunrise Senior Living, which accounted for ~15.8% of annualized in-place NOI. As of quarter end, WELL's Sunrise portfolio consisted of ~124 seniors housing facilities in the U.S. and ~44 in the the U.K. Primarily a domestic company, WELL has international exposure to the U.K. (~8.4% of annualized in-place NOI at 3Q18) and Canada (~8.3%). (07 Dec 2018)

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Focused

Welltower IR Day: Counting on the Continuum

Company Analysis: 06 Dec 2018, 4:01 AM ET - We recap Welltower's first IR day in 3 years. Light on company specifics, the discussion points were largely around big-picture strategy and building on the rationale for the ProMedica deal.
Focused

Welltower: 3Q18 Earnings Quick Cuts

Worth Watching: 31 Oct 2018, 3:50 PM ET - Welltower (WELL) reported a solid 3Q18 as both FFO and revenue came in ahead of consensus estimates, prompting a 50 bp hike in 2018 FFO guidance. The company posted a decent operating quarter, with same store NOI growth of 1.6% reflected positiv ..

Retail REITs: Sears Bankruptcy as Opportunity

Worth Watching: 15 Oct 2018, 1:28 PM ET - Retail REITs: With the news that Sears is (finally?) filing for bankruptcy, we size REIT exposures to the long-struggling retailer and see the impacts as broadly manageable. From an operating performance perspective, the vast majority of REITs see ..
Focused

REIT/CRE 3Q18 Preview: What We're Watching

Sector Analysis: 12 Oct 2018, 5:57 AM ET - We lay out what we're watching as we head into 3Q18 earnings, for property types, individual credits, and with a macro component given the breadth and depth of economic touch points for U.S. real estate.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.
Focused

REITs/CRE 2Q18: How Are Property Types Performing?

Sector Analysis: 22 Aug 2018, 5:10 AM ET - In Part 2 of our REITs/CRE 2Q18 review, we delve into the recent trends—both operating fundamentals and capital markets—across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 2Q18: Themes, Trends and Takeaways

Sector Analysis: 13 Aug 2018, 5:32 AM ET - In part 1 of our REITs/CRE 2Q18 review, we discuss key themes emerging from earnings, including sector relative value, overall market conditions, the continue run-up in construction costs and more.
Focused

IG Note: WELL Issuing 5Y, 10Y, 30Y Notes

IG Note: 09 Aug 2018, 10:10 AM ET - WELL is issuing 5Y, 10Y (add-on), and 30Y notes to refi its term loan ($1 bn) and revolver draws ($2.2 bn) related to the recent acquisition of QCP. We would be buyers even through 20 bp of tightening from IPT and remain Outperform overall.
Focused

Welltower: Promotes Mitra to CIO Role

Worth Watching: 08 Aug 2018, 11:56 AM ET - Welltower (Baa1/BBB+/BBB+) promoted Shankh Mitra to the role of EVP and Chief Investment Officer from his current position as SVP of Investments, which he has held since January 2016. Prior to joining Welltower, Mitra served as a PM at Millennium ..

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.
Focused

Welltower: 2Q18 Earnings Quick Cuts

Worth Watching: 29 Jul 2018, 10:02 PM ET - Welltower (WELL) reported a solid 2Q18 as FFO came in line with consensus estimates alongside a decent operating quarter, posting same store NOI growth of 1.4% despite new supply headwinds in the senior housing operating portfolio (same store +1 ..

CA Goes to the Polls: A Rent Control Primer

Sector Analysis: 11 Jul 2018, 9:42 PM ET - In November, Californians will vote on a ballot initiative that seeks to repeal Costa-Hawkins, a 1995-era law restricting municipalities' ability to institute rent control policies, with implications for multifamily REITs in particular.

US Banks: Update to 2018 Debt Supply Forecast

Sector Analysis: 09 Jul 2018, 5:49 AM ET - Following a review of 1H18 debt supply, we are increasing our supply forecast for the full year for the banks in our coverage universe. The majority of the increase reflects increased expectations for OpCo debt from the GSIBs.
Focused

Welltower: Competition for QCP?

Worth Watching: 12 Jun 2018, 9:44 PM ET - Welltower (Baa1/BBB+/BBB+) could be facing competition for its pending acquisition of Quality Care Properties (QCP), which has received a competing proposal from an unnamed buyer following the expiration of a 45-day "go shop" period. The disclosur ..
Focused

REITweek 2018: Cool, Calm, and Collected

Sector Analysis: 08 Jun 2018, 5:22 AM ET - We attended NAREIT's REITweek 2018 convention, providing our top level thoughts on the overall sector tone and analysis on individual company presentations.

REITs/CRE 1Q18: How Are Property Types Performing?

Sector Analysis: 17 May 2018, 4:27 AM ET - In Part 2 of our REITs/CRE 1Q18 review, we delve into the recent trends--both operating fundamentals and capital markets--across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 1Q18: Themes, Trends and Takeaways

Sector Analysis: 14 May 2018, 4:40 AM ET - In part 1 of our REITs/CRE 1Q18 review, we discuss key themes emerging from earnings, including construction cost overruns, public/private market valuation disconnect, sector relative value, and more.
Focused

WELL 1Q18: Surfing the "Silver Tsunami" with QCP

Earnings Note: 26 Apr 2018, 11:15 PM ET - WELL posted a solid 1Q18, overshadowed by the announced acquisition of QCP for $2 bn at its share. Deal rationale makes sense, has a favorable lease structure in our view, and should have only modest implications for leverage. Stay O/P.
Focused

Welltower: Prices (Upsized) $550 mn Issuance

Worth Watching: 03 Apr 2018, 8:47 PM ET - Welltower (Baa1/BBB+/BBB+) issued $550 mn of 10Y notes (upsized from $400 mn) to fund repayments on its unsecured credit facility ($865 mn out at 1Q18) and for other GCP. The notes priced at $99.959 to yield 148 bp over Treasuries, coming in ~22 b ..

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