Hot stock to watch: Welltower Inc (NYSE: WELL)

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Welltower Inc (NYSE: WELL) stock rose over 0.06% in the pre-market session of Feb 13th, 2020 (Source: Google finance) after the company posted better than expected results for the fourth quarter of FY 19. At the end of December, 2019, the company had $285 million of cash and cash equivalents and $1.4 billion of available borrowing capacity under our unsecured revolving credit facility. During the fourth quarter, the company had sold 4.3 million shares of common stock under the ATM and DRIP programs, through both cash settle and forward sale agreements, at an initial weighted average price of $85.19 per share, which generated the projected gross proceeds of approximately $364 million. In December 2019, the company had completed the issuance of the first green bond offering of $500 million of 2.7% senior unsecured notes due February 2027 and the issuance of $300 million of 2.95% Canadian-denominated senior unsecured notes. Further, the company had redeemed the $300 million Canadian-denominated 3.35% senior unsecured notes due 2020.

Moreover, in the fourth quarter, the company had completed $1.4 billion of pro rata gross investments including $1.1 billion in acquisitions across seven separate transactions at a blended year one yield of 5.3% and expected stabilized yield of 5.6%. The company also had completed $308 million in development funding with an expected stabilized yield of 7.9%, property dispositions of $40 million at a 7.6% yield and loan payoffs of $116 million at a 7.8% yield.

Meanwhile, during the quarter, the company acquired a 100% interest in a 29-property, Class-A medical office portfolio from Hammes Partners for $787 million. The company has also acquired six newly built, Class-A seniors housing communities in California for a gross investment of $297 million. WELL had completed the development of a 104,546 square foot medical office building in Mission Viejo, California, for a pro rata investment of $74 million.

WELL in the fourth quarter of FY 19 has reported the adjusted funds from operations per share of $1.05, beating the analysts’ estimates for the adjusted funds from operations per share of $1.04, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 35.9 percent to $1.26 billion in the fourth quarter of FY 19, beating the analysts’ estimates for revenue of $1.25 billion.

Additionally, the company has declared a cash dividend for the quarter ended December 31, 2019 of $0.87 per share.

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