Welltower, a real estate investment trust (REIT), owns interests in properties concentrated in major, high growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing, post-acute communities and outpatient medical properties.
Welltower Inc /zigman2/quotes/200485564/composite WELL +0.77% recently announced the completion of two recently developed medical office buildings in Charlotte, NC, totaling over 280,000 square feet. The properties were delivered in March 2021 and master leased to Atrium Health (moody's:Aa3)(s&p:AA-) under a 15-year triple-net lease.
According to the release, located in Midtown Charlotte, minutes from Atrium's Main Campus, the projects were developed by Charlotte-based Pappas Properties, LLC, who will remain strategic partners with Welltower on the planned 9-acre health care anchored, mixed-use campus and future developments.
Even with that news, the action hasn't really heated up in the stock, with shares moving net sideways over the past week.
Welltower Inc /zigman2/quotes/200485564/composite WELL +0.77% pulled in sales of $1.1B in its last reported quarterly financials, representing top line growth of -11.1%. In addition, the company has a strong balance sheet, with cash levels far exceeding current liabilities ($2B against $0).
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