Welltower, Investec Talks Destructive Money Move, Property Gross sales

The second quarter earnings name continued on Wednesday with updates from Welltower and Invesk.

Welltower: 120 senior housing properties have unfavorable money stream

Welltower CEO Shankh Mitra

Though revenues surpassed pre-pandemic ranges, Welltower CEO Shankh Mitra mentioned he would characterize the true property funding belief’s second quarter monetary outcomes as “measurable at greatest”.

On Wednesday on the Toledo OH-based REIT’s earnings name, he mentioned Welltower’s portfolio is far bigger than it was 18 months in the past, and the corporate has deployed plenty of capital. Nonetheless, he mentioned, the quarterly outcomes don’t look like consistent with money flows. In reality, Mitra mentioned, Welltower’s 120 senior housing properties have unfavorable money flows.

“In different phrases, if we shut these buildings, our earnings shall be a lot greater,” he mentioned.

The second quarter of the yr began with better-than-expected outcomes, Mitra mentioned, however enterprise was adversely affected by the surge in COVID-19.

“Solely this time, we did not see it coming, as testing necessities have been eased in latest months, particularly for residents who aren’t experiencing signs,” he mentioned.

See extra protection of earnings calls McKnights Senior Dwelling.

Investec: $190 in asset gross sales thus far this yr

Scott White, CEO of Invesk, Chairman and CEO of Invesk

Toronto-based Invesk is promoting a few of its belongings because it strikes to “simplify our portfolio, simplify our story and streamline our steadiness sheet,” mentioned Scott White, president and CEO of the true property funding belief Wednesday. Stated on the earnings name.

He mentioned the corporate offered 21 properties this yr, valued at greater than $190 million.

“These gross sales transactions have helped us make nice strides to develop into a primarily private-pay senior residents housing-focused firm. First, by decreasing our expert nursing publicity, and second, by decreasing our medical workplace constructing investments. By doing,” White mentioned.

Invesk continues its technique to scale back its expert nursing footprint. The true property funding firm offered 4 transitional care expert nursing amenities in Texas beforehand managed by Bridgemoor Transitional Care to LTC Properties in April for about $52 million. The properties are being operated as Ignite Medical Resorts, which is leasing them from LTC.
See extra protection of earnings calls McKnights Senior Dwelling.

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