Welltower Issues Business Update
https://www.bloomberg.com/press-releases/...er-issues-business-update Since our last update on April 1, 2020, occupancy within our Seniors Housing
Operating (SHO) portfolio has declined further as move-in criteria and
screening have intensified in states more heavily impacted by COVID-19
including New York, New Jersey, Massachusetts and Washington. Between March
27, 2020 through April 3, 2020, occupancy within our total SHO portfolio fell
0.6% from 85.4% to 84.8%. Subsequently, the portfolio experienced an
additional 0.6% decline to 84.2% through April 10, 2020. We anticipate
further occupancy losses going forward as the number of communities with
comprehensive move-in restrictions will likely expand to additional markets.
During the first quarter of 2020, SHO portfolio operating expenses had trended
slightly below expectations through February. However, the portfolio incurred
approximately $7 million of unanticipated property level expenses associated
with the COVID-19 pandemic in March 2020, driven by higher labor costs coupled
with expenditures related to procurement of personal protective equipment and
other supplies. While the anticipated decline in future SHO portfolio
occupancy may result in some commensurate variable cost savings, we expect
total SHO portfolio expenses during the pandemic to rise by approximately 5%
relative to our original budget. ... Welltower maintains a strong balance sheet with approximately $3.5 billion of
near-term available liquidity and no material unsecured debt maturities until
2023.
|
Thread abonnieren
