WELL - Earnings call transcript Q2 2020

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Q2 2020 Welltower Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] I’d now like to hand the conference over to your speaker today to Mr. Counsel. General McQueen, Matt you. Thank ahead, sir. go Please

Matt McQueen

good Thank you and morning.

during a the be may certain meaning made reminder, statements this Act. deemed Reform the Securities call Private As of Litigation forward-looking statements in

SEC. are give his filings are believes Welltower reasonable with company over the its And Factors be any in results statements that with results statements no Although materially based Tom could from that to assurances hand those remarks. detailed cause forward-looking I’ll assumptions, company’s the on the will the Tom? in attained. the projected can that, to forward-looking differ call for

Tom DeRosa

Thanks, Matt.

May, and safe was of senior midst of all most and and our that of procure in to When history. the challenging I these the challenges are of or operators period control during early housing care admissions families Critical left times. difficult your and implemented with short-staffed. protective Welltower First post-acute COVID healthy communities. bans spoke foremost, our difficult operators many to we Many the you prevent kits their the were hope company’s personal in of last and and in spread labor had within testing equipment you

careful requisite been and pleased PPE that am appropriate properties and and our to And kits. measures However, planning I that of precautionary our levels operators. all significant testing made was progress report of has on most fronts. taken with through accomplished these have staffing by This reopened

a significant, communities a the It have our accepting settings, residential that in residents. conventional communities are skewed is safety, living now access seniors, to nutrition, in built higher management. acuity offered who have meet just Welltower’s new our asset care in that to important senior XX% home remember ability professional including a are It is housing this imperative which to this to fact, towards needs, which assisted a few care operating portfolio for setting. component medication and is settings, cared is exhausted need-driven continuum. seniors of the is In hygiene, months, to critical is class. everyday their traditional for And are because be

owe in our to braved the of gratitude care to all obstacles continue their all a of to workers extraordinary properties, house. frontline the We of who residents above debt put

are While I’m the all means encouraged no our clear. we by by progress, signaling

at are of We acutely heightened continues the of continues level aware cases the to COVID risk, particularly to of the which U.S., in exist, number rise.

continue on greater detail, business As Shankh has our describe COVID been from the and pronounced. will and in toll Tim will to be

However, the in difficult issues changed with COVID-XX team data reputation interest mind. executed a and in a and are and have we to opportunities always for that. This management our enterprise has the over steps These weather often storm. pandemic decisions we beginning have the in taken the have a since five years has to and past on both rooted long-term while this taking the manner us decisions shareholders the not of proactive position strengthen of put made in our earned

to efforts One of our recent approach to the sheet. this strengthen strongest relates balance examples of our further

conditions the pandemic. at deteriorate the financial – As of began to outset begin to

we prolonged flexibility in obtained team market ample event deliberate with panic. loan a not and billion a Our through did downturn. thoughtful term us Instead process, $X providing the a of

the our team’s confidence partners Welltower sheet, XX-year McHugh our in at and balance unsecured at team lowest to opportune $XXX June, in in for to responsible waited stewardship and coupon As just in reflection on investors And Welltower’s the Tim notes These history. of from time public of which the debt an we million are our a banking platform. X.XX%, his a months, conditions of subsequent improved actions issued return and market.

only executed major disposition of with billion. time housing assets combined sales was outpatient of real Another and were which estate of two to senior $X.X billion healthcare valuation demonstrated a perseverance investment by $X the into valuation and total These asset appreciation our levels, seniors XX value class. was investors a astute completing for assets large the transaction called our circumstances. a in to during the portfolios medical notably, for in into of achievement not which for a these we the deals was the back corner under below when impact withstand The for pre-COVID Anderson days the liquidity to estate, executed most prospects and question. modestly real significant were these Most housing ability we at growth achieved COVID which traded period extenuating Again, pricing. Welltower their in of teams with few exists the applaud provided I complete and long-term immediate strong under for our were deals. Kayne liquidity, and

more this. of progresses, the should see to As you year expect

dispositions, of arise. capacity activity near-term liquidity on billion. accretive portfolio address The well-positioned Following execute is obligations capital to as markets $X.X its our capital and at the opportunities ample our and near-term company to completion extremely stands all they

answered our impact continue team avenues, be ultimate value compromised. to duration underwriting questions through discipline for COVID-XX. will were explore which of create how the regardless our and position And our all after made liquidity Our is Many will strong of on shareholders. to today; not

certainty we relevance. what healthcare The firmly social based and that as older. important say for addressing need growing long-term ever of remain drivers business with great can population will grow as health is The value is determinants of However, is in the intact. our only

company There past see challenging Welltower’s proposition the times will value the enable we Tim. that or While changed. the I’ll to to positioned these long-term With navigate choppy and and it’s wellness. that delivering in cost-effective that, turn emerge efficient often the as but through waters real will estate assured week are more and continued confident is healthcare ahead, not mic leader that has to be next rest the next quarter, difficult

Tim McHugh

normalized quarter of balance COVID-XX impact liquidity and In The XXXX our business My update. in comments Thank observed you, quarter, focus and second results COVID-XX These of our $XX in activity FFO capital operating quarter, Tom. total of associated sheet share million our today results. level senior per will with quarter, this reported per or portfolio diluted of finally, costs on $X.XX housing share. include property in approximately a second $X.XX the pandemic. Welltower a our

elected same-store As indicated is and quarter, we Welltower normalized last FFO COVID-related expenses these not both to results. normalize

Now, portfolio our components. turning to individual

portfolios. First, our Triple-Net

and Triple-Net reflect our a portfolio therefore, the These impact reminder, occupancy and only partial quarter this release; we’ve in cash of last due cash X/XX/XXXX, July, night’s XX% quarter, rents previous of the in-line stats these in reflect portfolios as coverage a XX% and As is of months’ XX-months In on rents in at ending statistics time. reported which arrears. collected collections with lease collected we trailing COVID-XX. due

difficult increased same-store X.XX First, our and basis with positive EBITDAR growth points sequentially coverage X.X% on sequential the a debt portfolio comp Senior basis combined Occupancy an year-over-year growth, turns below XX increased and Housing drove original portfolio. expectations. bad Triple-Net in delivered was down this

Triple-Net Housing expect and as have we Senior quarter reflect and operates going the stats coverages during second forward. everyday Our headwinds these similar that occupancy operators experienced

systems, coverage coverage growth declined at to EBITDAR lastly, a sequentially and post-acute our portfolio ManorCare of venture growth X.XXX% basis EBITDAR positive which HCR joint X.XX health X.X% X.XX positive year-over-year is and generating long-term NOI one our sequentially. times comprised declined with same-store points year-over-year times. Next, And ProMedica,

medical to office. Turning

positive outpatient Our growth. medical portfolio same-store X.X% delivered

slightly shelter a by debt increase As better decrease bad year-over-year orders national quarter, in parking along offset the caused an revenue was during accrual significant in by expected in the retention. than tenant place with

lastly remains of leasing New uneven a COVID. result as

in XXX,XXX by gap budget by the pre-COVID feet began and behind new July square square ran exceeding quarter budget with feet, narrowed second June had The but leasing XX,XXX July.

approving of plan. of rents for approximately cash rents, reflecting quarter two deferral XX% the while During XX% months

anticipated slower expected reopening when the May-June more numbers, openings, With in our period in regions in the We’ve July the they quarter two-month in rebounding began as in cash portfolio first and had of we and over collected certain driving We this due momentum we are plans in by strong reported our deferrals the was June to accelerated deferred tenant period. deferral rent July than of back encouraged XX% our collections collection the what of caused and June XX% half rent July. we repayment. also

home, We’re the medical both and from employees, working times. our onsite outpatient kept have platform extraordinary extremely who Welltower proud of these during smoothly running

occupancy by XXX by be flat be would housing portfolio a I when would June it would our down labor to April were year-over-year senior that operating expenses time, briefly driven outlook XX. want we The XXX X% its results, through expectations quarter’s basis X basis sequentially basis points points between RevPAR on primarily costs. increase from that this the in that viewing back to peak. at At summarize certainly Before May provided was

same-store Before points out from turned housing represented our continue quarter, the in this turning declined first the like operating to to to senior how will things in total pool is by X XXX the out In June same-store XX% basis occupancy in our increase XX. a actually point April NOI, now portfolio I’d quarter, to year-end. of our that

in declined points results from expenses, million the quarter The same-store were as collection compression margin significant from our the the basis declining These in same-store same-store bans declined of in same-store RevPAR XX.X% the $XX.X year quarter. XX XX.X% Our well place second portfolio, and previous NOI year-over-year. quarter as most previous of the the were result expenses in and to resulting net admissions that move-ins of widespread XX COVID-related limited sequentially the extraordinary points basis quarter. totaling

any costs a normalizing reminder, we’re As same-store. for of COVID-related not these

the XXX we we July to experienced to than to ended observed, finish. approximately we the point we’ve start forward to second basis basis third finish expect quarter. July occupancy with starting data in Looking quarter And XX points third quarter, from XXX and the basis already lower in points declines

spend expect insurance utility if COVID-related reopening flat be in to remained We of seasonal offset communities, show and increased an expenses costs. in relating increase continued will costs overall costs relatively reductions sequentially by

a Now, year in tender at a X.XX%. capital the bond In June, we as and tenure mentioned coupon lowest a in history. unsecured market million with ten the a issued $XXX company’s Tom And half activity.

borrowings $XXX We’re through to the our to XXXX. average million unsecured maturities the of de-risking maturity bond outstanding increasing to XXXX years tender further and years X.X way two able for were bonds of

the full in XX. totaling $X.X billion activities, July billion these undrawn of in near-term tender $X.X Following unsecured capacity credit our as equivalents July, $X billion cash facility, and liquidity revolving we cash of which and of have closed approximately

almost Moving the invested quarter, to entirely we In million, development pipeline. second our in investment $XXX activity.

Shankh we cap X.X% front, million yield. and second MOB million disposition our portfolio yield. liquidity of later in X.X% tranche with speak a at proceeds very feel And the X.X% Post to private we and third portfolio of we rate. significantly $XXX of nearly, the additional a dispositions rata of final sale good you at property will for On about quarter-end, better a public the at closed we high-quality a million price we types $XX the proceeds pro than tranche for all view completed at quarter cost announced current costs this time. closed third $XXX the of expect on, our in capital, our

we is CapEx our increased G&A, control areas, this corporate plus cash $XXX consequently, level in maximize currently that million result finish little We’ve pandemic. cash a guided run and in focused the and our the has remainder last of quarter dispositions decrease based we’d quarter, debt-to-adjusted to and retention the of cash ended flow everything representing the flows. control and rate also G&A, year three strong a expect quarter on the through a sequential despite substantially dividend. variants to the what for G&A, between million been a million is net $XXX and of managing in On in year focused decline basis main on $XX of initially EBITDA, what implying property successful a EBITDA, a counter in of to profile quarter, times a for despite we’ve and million we the XX.X% over year. $XX This to near-term of our leverage increase As depressed X.XX approximately been done XX maintain EBITDA. acutely these COVID our the point

to spend the second reduced as approximately we XX% the or fund For expect but $XX expect And CapEx by over work. to liquidity opening below, XXXX quarters, XX% increase where CapEx, up, profile and still with finish two announced levels our we sequentially our Results year million next of quarter our buildings quarterly has growing activity, back we significant results. impact of that million our quarter, which on actions with were was reduction, many cash created investment approximately the negative $XXX along flow had COVID-XX flow dividend we savings. of despite to last others cash substantial retain able a before these

strongly control were particularly, the felt retaining they decisions, we pandemic. these decisions us flow design cash through While the by gave the reconstruct. difficult we is than navigate as greater that dividend difficult,

the impact COVID-XX it cash flow to dividend accumulations the of by repaid the today’s on also by flows was breakeven of how There’s return cash pandemic, that or leverage, this either long would for and repayment only by made sales the current return cash So, dividend quarter analysis team. sheet. disposed be dividends when balance cash increases, management i.e. only eliminating balance the deficit might flow to needed payout would of pre-COVID of demonstrated a of reach equity stabilized reducing shares deficit the deficit paid in assets our cash analyzing last business we just flows, impact sheet or offset that caused any to our our Ultimately, disposing the when near-term count. paying to impact deficit deficit a will flow. from selling increased on the levels. was levels but our dual to be period a of a to need allows be this duration below level flows. as increased a take to strains of not not amplifying level share to has with its of the compounding it tomorrow’s cash that by time question assets adding asset this retain would

proceeds to solely the based upon they were sell Shankh. downside over sheet. retained a decisions make capital balance dependent and to had effect the We able decisions risk, a a ever focus. long-term moved that, call assets make on the to quick stabilizing with value allocation received allowing hand these decision in we decrease I’ll recovery, to these have to believe us our And to continue As with

Shankh Mitra

provide performance Thank on and you, strategy and Tim, times. discuss good challenging additional operating rapidly color I’ll allocation capital morning, yet our discussed now Tim the this everyone. in evolving that

frenzied of communities. days this activity communities life our of be of and will frontline crisis. the from improving in has on the months, and back the focus over safety our and residents continue the our reflect pace these job earliest heroes done we have last residents of the the to As of staffs few the a been tremendous safety of quality of

reported far that moving February since employees by full peaked remained partial events. across so from March are though of March. far. relatively week COVID-related across XX% remarkable and from you allowed since and COVID prevalence July, so resident prospects. April from nation, cases. had being to to move-outs April has cases in cautiously while That despite low spike number XX since down of at almost XX%, For flat in pre-COVID spite is example, operators of peak This XXX July. remained had fact from new in trailing cases, April, ban. nationwide week its last and residents of official doors has the cases up which we’re then, moving far sequentially cases period in to first our stable the of peaked over partners peak. our the cases today admissions improvement our a SHO decline XX% first XX% in when portfolio XXX,XXX may. nearly the COVID in month relative This deaths, sequentially, completed, to is X% have two-week operating the X% our COVID including down the of tested to In And despite the the to during our the then, open portfolio last communities XX% down peaked April presenting that week down July far. XXX% are of then relatively so

However, than we move-outs still move-ins. more have

and markets impact Maya As points and overall week real of a improvement weeks. are we down are of loss spike last narrowed XX at COVID cautious last our in time. encouraging, to can this of shop they week down basis result this, the in each has three environment any cases of about our during though April occupancy in communities XX is our as the business points basis from first

in We of of our pre-COVID nature numbers steady deposits in February inquiries, that seeing have system, is the due total business. that been a July. trough, increase from it trough leads to need-driven and in leads, back The declined XX% April number of to which from since bounced February June, approaching XX%

of trailing care between activities of ones juggle rising consumers fear are those are elderly psychology move-ins national COVID However, as difficulty loved due the hesitation headlines the the taking and the the the the to leading to as cases. of related in

have expenses is We occupancy saw and far, in year-over-year. rates ability surprised positively been more to so up scale slightly the much pronounced operating what X.X%. which a So memory held better up thought here X.X% partners’ was we in occupancy to by than hit living declined segment, care far. down rapidly our we assisted

While X% segment occupancy declined IL relatively better growth of XX our year-over-year. down points basis rate up held year-over-year,

basis during point coastal of had how reducing entrant pool the spread, as quarter. growth portfolio impacted the mix, the COVID points been than a QX Additionally, given XX total at senior markets quarter the price RevPAR larger by Clearly, apartment have to world for other same-store more lower report the in significantly markets. impacted same-store

performance to or starting product some in by that differentiations be acuity. can location, value-add, operator just see type operator explained we’re Finally, not

distinct two pattern to capital June earnings broke we and improving and on correlation discussed front, last in defense down March quarter models, in happy short-term see As are long-term it mental last through call, I offense. allocation July. we completely and mentioned quarter, April, and

side the on focus our quarter, largely to glad our have now you shifted the completed on the during offense. we have efforts are defensive inform and We that

execution We’re important quarter set decisions extraordinarily proud it the And of of and both in two private one these are public to action. our remember during and interconnected second understand distinct is and markets. not

$XXX patient For in our both than when where with banking public to if markets execution senior with to time Dave confidence close X.XX% example, disposition our that at This bonds we secure would would during later stabilized million of Kayne those shareholders that peak gave the partners, us dark issued not classes. over life Anderson portfolio we issue term the bond. along the and with of the and housing of exceptional accessing the execution his at coupons record execution to markets with that days, office peaks. be assets, of senior come rather credit believe our we during our be housing to a We loan in both in cost spread, X%, at bond our have were looking to medical team demand bonds days in and issuing place significant quarter asset took MOB private March. to in a

low. the We’re strongly year. to to progress structure, and those in for with we in In returns is returns this fundamentals to variables cash and bad, middle flow. broken These is the price When of high. and inversely notably, come when the cash asset discuss of to But a More that say, transactions such not to pricing Fundamentals asset great, correlated of are we usually premature low, capital generation are asset suboptimal with at very demand the flow deals that other to determined same middle are words, assets operators, moment about uncertainty. as feel found fundamentals pricing few. as needless our assets. robust a are development at assets handover high, invest of and is that fairway, interest the are of expected this in the be expected companies and lease-up highest are are other opportunities name pricing, nowhere point. or assets multiple of

out in senior housing of sector that today. seeing playing We’re many parts

in Welltower, with spectrum the signs the operators, When ability who of only of not to and many execute these of We alignment business our the of finish required unmatched overwhelmed its We’re your with I issues write starting they mentioned. also through partnerships operators, situations to asked be their the structural across are we to distress the required see Welltower but capital, otherwise of with across and creativity. to in demand interrelated culture, with if that what’s ideas achieve culture happening we able better cultural three get with we retain their where in lines and which was to pudding. the within the communities, capital. checks come proposition think resolute our we given ball value responded toolkit. our we through our lead speed introduced with will model capabilities, groups; we At time partnership, our capability. you and our proof our

the We today. are seeing proof

in and This their approach very demographics, our their working to We’re partners acuity, identifying is filtered based size, in narrows and to a number, through backyards us tailor-made platform which with that operating algorithmic our on psychographic in closely to data model partners and assets operating dive underwrite. criteria. vintage set help manageable succeed analytics for our opportunity the

with and connect fellow owners operators our basis. on ability and through and transfer deal to expedited agreement thoughts teams operators operator close our on pricing, on execute that an Our to run the

no, opportunity. quick or and moving on the next We getting jumping up quick a we’re are getting a the either executions, to and yes,

remain fundamental partners basis. living hone last humanly in our impossible the our on a properties For identified These fit bring states in criteria the teams focus to senior value their list days We Midwest, highest distinct of deal practical time. and The going X,XXX example, one mile than is StoryPoint of with XXX team at investors. have we our and one through that have partners job asset seven are communities we’re effort. probability, opportunities at of to more StoryPoint, algorithm the to the a that in

with Fishersville New approval partner, structural Brandywine Brookline to to New an XXX-unit in COVID-XX I iconic executing of basis an project, extraordinary markets underwriting underwriting, as other extraordinary can new well on our but to the execute Boston. another senior Balfour support In transactions used Jersey. structure summit, as another as Colorado, of of where from more with home in-process such hope on Jersey many focused living those for that example, create with but zoning our township retain even home In of we example, several other the We’re have housing locations, replacement in are will during relative calls. space, examples pricings us cite and future you an in in a existing I has opportunity given that this Princeton, call, the and because and the and understanding to about protection. have seeing. and that we walk be costs college. senior I to operators, land on Brookline people opportunities away three bottom-up in never opportunity been the excited the proud more capital submarket we of a invest incredible we’re premium

targeting who cycle. costs in activity down challenging. We which soft very business challenge hard this Land capital have is location of or is we’re standing of down as XXXX level be We prices well. to in halt. screeching At partner, stocks going cracks environment, real operating in starting NIC Jersey get coming this costs. shoulder-to-shoulder creating replacement show the are all when continue. majority estate data lease-up. excess by in is in Please upturn $XXX,XXX for creating understand a same demand are our tourist see this QX outside this is development the supply able to fleeing you, significant follow to the a unit is softness uniqueness than and less time, before operator and development shareholder we’ll classes relationship believe to opportunity, are leveraging the once-in-a-duration optimistic in for of plus Many months and XX seen while buying without right likely significantly, development note that across value partners operating to and the construction asset what’s trend market next the we’re near-term the am our uncertain space. is this $X.X proof market a of by create we unit. smart And in to are Tom. the of to the they that, development taking communities long-term, be to is and capital, that you a risk New core attracting pudding. also and California platform. million more over allocating to With highly long-term months XX Welltower, more our in I In returns the

Tom DeRosa

Shankh. Thanks,

Real organizations, recently begin Q&A executive with wanted experience press Estate bank’s the PNC Urban Estate executive Mortgage the Council, appointment Institute highly-respected commercial from services most an Association, a last Diana Diana real including accomplished Vice the and week, as estate the Land board years Bankers announcing served Real Services many our estate She and we of and your directors. the Group of Before the I Commercial call commercial industries. session, of business. executive to Finance prominent held real President Financial to release She’s also Reid to is the Roundtable. attention of of leadership positions across XX financial in and

by extremely XX% someone of Diana’s our All of also her to with experience join have of Welltower’s will independent directors we are fact appointment, stakeholders and women pleased Diana’s I’m insights caliber and board. the are extensive and fortunate benefit our from minorities. that

As Galen open diversity a the good leadership Welltower. at back our governance, I’ve to your the our of shareholders. board This not team is a the our employee priority to be said base, of component continue in key past, and the only turn And with for questions. will is higher mic I proven to to of driver up line that, but it returns a

Operator

question line of Steve from you, go ahead. Sakwa comes our show sir. the ISI. Instructions] I from Please Thank first [Operator Evercore

Steve Sakwa

of both guess maybe, kind is of do of How some looking down you’re time to coming talking and get is stabilized of a we spent the guess. I these like potential high sounds take to about to sort and think morning. long-term amount just may about versus it dilution investment sort like Tom, growth sort and transactions? Good of pike, other buying Thanks. the just guys potential, long-term some short-term and short-term Shankh, – of assets the broken I a alluded that IRR Shankh, high it growth or of sale there fair assets be Tom sales willing there the – sounds and you’re of the the amount you at gain way and dilution opportunities you an the out

Shankh Mitra

good very question. that’s Steve, a

achieve If we you mental assets pre-COVID are that least sold at looking have, we have point think or sell of the sort model think through we days. to IRR those fundamentally that if at this pre-COVID we pricing

we or Our at what achieve need obviously, to for achieved liquidity March we had now is all that point. this wanted in

for looking looking or of capital, higher With or to stock, a we long-term any whether releasing our can evitable is value. be assets from a testament deploy are IRR that such we achieved. other assets that opportunities buy that we’re that’s capital assets as we think So, think substantially unless that, there’s

So that’s how thinking about we’re it.

of shareholders. are still executed and that had achieved as are the the as as focused value think quarter we quarter, We not but dilution investors long-term might $X.XX on well noted that we dilution we pricing the quarter-to-quarter value the for in have sale in that you extraordinary

Tom DeRosa

in joint are quality sellers with But There and from value the I’d opportunity structure add if an that or of underdressed. many to partner long-term capital, investors assets institution Steve, we’re interested a us venture buy us. space see that are this high-quality sources not of very there’s

that on definitely this that’s and year definitively, mentioned, the I – want very should of optimistic why at say I expect this but we’re pretty there as dialogues active going there’s point. progresses, you So, more are to

Steve Sakwa

Thank you.

Operator

from the from Please show Joseph next ahead. I our line comes go Nicholas question Citi. of

Michael Bilerman

time differences whether operators strategies, just Michael little of holding concessions in operators in talking any Nick. with some some housing different assume how using REITs approaching It’s Maybe, the just a well. some their the operating and versus environment bit whether in-between market are healthcare about seeing pricing are you’re are different are the rates, I here spend ways. as different senior Thanks. Bilerman like operators, your

can So, that would helpful. Thank if that. you you. go be through

Shankh Mitra

Yes.

describe an to pricing. staffing you sort that mentioned of for as in remarks I we we certain that more prepared a a different of obviously, pricing. I we level strategies are value of to than and wholesale what just We tweaking customers which, we So, exceptional a pricing strategies, provide as changing need attract my – are will that for seeing need but believe

So, or compromising on on we’re occupancy. rather not pricing compromised in that interested

care look you I X.X% our as up and memory quarter. if So, was assisted living mentioned, at, portfolio, even during RevPAR this

lose if in That you occupancy, meaningful number pretty you and occupancy that building a Now, you think lose obviously way. were fees. about you community impacts as not

impacted of in the our pricing the by just into lower points his However, any we’re lower bringing Michael reported the number, pricing or pool. in not like-to-like was price seeing decrease communities. apartment

relative have you If flat, XX basis points of increase a exclude – call. what basis XX points that we to would reported described increase of RevPAR Tim last

Tim McHugh

seeing at Shankh’s, be point, seen going to just add to this to move-in are from that, your pick would needs-based move-in, point resident. who I you’ve most you’re as really up

these within higher. where and So, markets, operators the our which probably has proposition value which is been from care, sit reputation, high-quality never then –

comes there when actually demand be the equation. to point pricing incremental that things So, could and up into pick start back, where come see you a

driving where – needs-based marginal it’s point, pricing suboptimal is truly, what’s really at it’s that’s driving a in. not occupancy But Just across customer occupancy, the how and markets. given client most incremental coming is in this

Operator

Anderson Please our show comes go SMBC. question ahead. I you. from Thank next from Rich

Rich Anderson

morning. Hey, thanks. Good

commitment is seller you you’ll you in the got office, way, IRR reasonable obviously, So, it Welltower housing, – a you five perspective at senior some because assets the pricing wanted, housing entire just I years skilled understand to maintain XX or from if how could to for and in you term classes. here, wonder of medical got light housing. a the your you, an asset senior unless continue that post-acute pre-COVID characterize and almost had value asset and I is and all you the senior long would Shankh now, those future not rest. growth exposure you’re or allocation from nursing more can to obviously, and story other get but and a price you’ve

Shankh Mitra

in these rarely have we class in we In and that XX seeing. various of every much we you that, opportunity, of possible, that opportunity next the years for description sector that driven mentioned by which – in, right? out that’s believe call, price. that perfectly described strategy and capital where play is asset really things when is underpriced rest every see what is strategy, gave in, as yes, then the obviously, years, rich, our of markets, for capital of happen, XX asset priced perfectly how allocation for pretty moments that reasons, senior in a you we’re the moments you and comes remains a So see is scenario you capital remains in or over allocation housing

but love, we playing classes. will So see love you’re children. allocation, all asset going significant different interested housing, like classes. increase – we all in in all near-term remain There’s no We want senior you of we our that a of we love capital asset to our question – obviously,

Our one other. in housing is invest better opportunity not incremental never class. seen Right versus for to senior of function asset of a price, capital asset strategy allocation we as function have love today, an now a

Operator

you. Thank

next Our from Jonathan James. ahead. from Raymond comes go please Hughes question

Jonathan Hughes

on My morning. question I the share the world, bit a you’d I’ve Michael’s outlook amenities some good in in and taken thoughts where touch from increases did rate reception away question was it on of Hey, trajectory hoping but is a been you or rate earlier, on residents.

to of is for social lot to that course, time. their might aspect properties residents but and back attracts not the Of a taken been for they’ve some away normal what safety, be interaction these

this resident does new existing and and this residents of today rate able removal your increases? socioeconomic how both achieve impact rates So, Thanks. operators are for factor to the

Shankh Mitra

where providing is models, seeing need health the is social that a of great lower you Jonathan, question, is acuity why determinants and healthcare which the lower. of are

increases seeing it’s of important decrease slight are important, other living rate. social of hand, obviously with is that’s but issues; we is very other of rates the – not business pronounced rate. more of the where rate aspect the a have you social on where important, that as to the aspect You very as health we saw described is care increased taking

So, kind of residents, between have obviously impact where of that what you residents, will it’s environment, in the just lifestyle-driven because impact driven, you have services more we where less just rates aspects more they over described. this will it, an you more of all see need have you interplay on provide,

Tom DeRosa

that’s what Jonathan, our acuity. said the I Right. earlier. portfolio is towards skewed higher

that truly environment, exhausted in these other moving really So, have people in, are options. are this

So, if They these their in that of becomes them. world model impossible, getting in, can’t cannot today make dementia. sure has is the in particularly are care. someone housing important daily it that as done many to by seniors They need social – not the – the part living to senior be families we’re

that as So moving of normal come model, but to who not to living in really generally the it’s But care. that of start social as become the about back will is about the safety They’re attribute senior concerned important is aspects consumer. more profile to today, once today. a the again, and things all

Operator

Thank you.

Our comes Please Markets. Carroll Michael go from from next Capital RBC question ahead.

Michael Carroll

had impacted California, wave reopening how that I bit to or facilities talk the what’s you COVID first been forced little the Yes, or can they a thanks. or operators? process the wave about in continuation thought or your those of re-shutdown some particularly has guess, of delay second Shankh Tom, that? behind COVID maybe,

Shankh Mitra

states, There’s by really there’s question. California other by wave. That’s to example, only sort in tell first was that. going good encouraged just your of last I weeks. performance a you’re I’m happy to I’m brought so course. extremely place, is I a positively you where was Frankly, seeing see and surprised right. is really, the up three true of wave, you, can the probably, you why lot the the of big a encouraged it use this where second

points, rounded California basis points; obviously XX our basis Mike, California significant seen decreasing our followed me. they were We X and that just it weeks, in three can weeks, really of last real of numbers, in those see California was points of lack are presentation three or occupancy numbers, ban surprised largest is – sort down points. you you basis given but down haven’t the admissions last performance in XX Southern week, if basis XX down as reported We last market.

Given California is numbers. impact to obviously those

– would a better forward. incrementally much, impact, and worsening going You have seen much an a worse not numbers

Tom DeRosa

in Mike, first to second are name wave, tell residents. in one to the but wanted particular, to California. very the to operator, they door going is wave not the I add who was the there’s shut quick taking I’m And operator in that. I what would during new you

down. headlines place the deck. in I that environment are number right to admit did in that’s of some them in us when explain had operators. stats COVID And back Why in we they portfolio you COVID. spiking I the not adjust to to there, where position and and that of are the see were this cases operators our by the quality think our helps were safely residential that to again, good in – needed pretty it but COVID new of care scary. by by indicator blindsided all shutting and our not blindsided, they are a in a demand like really effectively and residents. are just protocols one enabling procedures mean, they April may in now, So, have when the They of they meet this for the markets, setting are back a

And an so again, an this California point data interesting could – it’s interesting for is change Mike, but us.

Operator

you. Thank

ahead. next Capital Markets. comes Our go Sadler KeyBanc Jordan from from question Please

Jordan Sadler

and balanced follow going words, Thanks. to and better Are Good morning. I right sales cadence. going within wanted will forward investment offset terms in here and of another on volume? with guys context be In other or you the cash leverage. the buy sell now? what’s purchases to of on up one more to flows

Shankh Mitra

other. off seize on sell. return capital a selling, we’ll and that at times, is buy through It here basis, assets re-priced, gets sitting I to volumes, there’s today. whether quarter, seeing service obviously, can how but tell But we’ll these both, of equity. you encouraged eventually will those I we assets takes to an that is And out return then deploy thing obviously tell cannot very dependent. debt think than stress uncertain how coverage, those only seeing through purely extraordinary on we’re opportunity one the combination the sales that. think as given and forces Well, cancel that it’s I depended us we’re price if value buy I know just of a providing what that other, more. be basis, going buy tell here you practical will for each have great sort or how one because on expected to each better be our sort time, higher that the will find and already sit that No. of we and you sell. idea. price, debt market – you any they cannot by how tell and any that’s If stress I we’re of

Operator

you. Thank

of Our next Malhotra ahead. the from Please from line comes Vikram Morgan Stanley. question go

Vikram Malhotra

the the in as of context product that in wondering talked seniors the opportunities Tom IL, Thanks UK housing Canada so maybe, both for affordable you meaning exciting the product. and then obviously you’ve those well, for question. shankh, geographies, across something I’m talked about talk about a specific, about past, more seniors and of acquisition taking kind lot even spectrum, AL maybe, the just and you’ve housing. type, opportunities can

So, little here? building in at of potentially more the a getting terms terms you bit what aggressive from on, looking in are of portfolio

Tom DeRosa

opportunities seeing number of at across a countries the U.S., rather distress more product, just population all pricing. looking we’re in obviously, more the given and or opportunities favorable board, Vikram, three So we’re

tell much extraordinary extraordinary probably far, and So can most some the East across one West across see in we memory is I probably, you the high, other, product saw seen seeing coast, not the there Coast, we’re that. acuity fall pretty we’re mentioned, coasts. because high necessarily more as seeing seeing, have but pricing distress, is that’s I – the And in we’re in coast; occupancy both board, more we care. you, diverse AL

of the a in lot opportunities seeing Midwest. We’re

We’re seeing opportunities in Texas.

today. said, our our a reflective able be whether been it, and and environment legal we what have as find I the will support in we but will busier. ourselves we to never teams, the are on execute We is be be function of team, team, which of, price deal teams that that them our to investment all needs

Operator

you. Thank

Tayo comes next Our from Mizuho. ahead. please from question go Okusanya

Tayo Okusanya

morning, everyone. good Yes.

pertains So, but to are a it your still virtual tours directors kind improvement slowdown and well, a have COVID clear comments senior you. ability I occupancy – the things the housing, facilities on again, around like, bit decline, improvement in just of why in that bit little wanted of more to get in you sounds to as talk the the of happening, despite of that whatever just actually about can It The buildings rate little most are open. the these or move-in occurring. is either traffic of focus

Tom DeRosa

Yes.

I right. it’s Tayo, can think portfolio, a acuity, So, high little we UK a it’s about need-driven portfolio, think touched on but we our this, and bit. as our portfolio, primarily U.S.

only demand much. there this push can so again So – you is off

the in future. of off in trough that’s due lead you are numbers may a that the month July, a into by if lifestyle-driven. the – month onion pre-COVID just was push peel And think it’s but to of decline, it the there February, is back pre-COVID up it’s much significant the of we’re month, people prepared saw actually that can and need-driven I of June, you the you pre-COVID fact those now XX% February, July, sort of to if kind majority seeing, And approached the first than you of are decline, the will more and of just need a of XX%; remarks, just only decline that April. last they take – see, in I And leading my mentioned indicators about leads. mentioned that as So rapid just

we seeing it. that’s we’re So think why

of cannot in tell as COVID, that that’s say versus think whole. which about is that reputation reputation how by residents. our we of not what cases, number attracting quality large perspective thing just other you the those delivering you does thing places the on I testament the a units that provided that have many is XX I but people of the And we The will partners care, the remarkable number COVID. given and portfolio our of percentage you in to is. a in new from available the a and absolute industry on the that reputation how of same given matter. mentioned you, a number, going hope what that have our operating operators that’s community

Shankh Mitra

and lot you And what limited, Are COVID is father? of relative many been because – to at with have building. meet I’m are decision mother One by it, ability they’ve either to the is of options, you going had or them just family a many has their these care some many take home – their residents cases; being them them? or if have you living to that the is into think my care in room chain their or needs? Tayo protect you care in the take the can so Can markets, add they’re – incoming today, today, in or house, but you in to number in in of is going no exhausted about in and that changed or their for things it’s apartment can to residents, lifestyle decision people home you a themselves how a able their That home to take shut an healthcare. one,

extremely security and doesn’t then that more around unless a be program there’s wealthy. much much for achieved a you’re conventional component except sense, can consistency lifestyle hall the care change in in So, too their individual,

Operator

you. Thank

comes Please of the BMO next Our Markets. from ahead. line John Capital go Kim question from

John Kim

Thanks. Good morning.

sure but within look your diversification a and pay positive performance, if significant in operators absence performance kind your your the some sunrise pretty overall, housing underperformers assistance. the private you So, of if senior you this comment of operators or their ability specifically when larger of tenants portfolio. for at not ability they’re at sequential is a the can company of operating some not looking decline, for or handle and government these the on I’m your Rivera, to

Tom DeRosa

the has while, Before quarter. annualized been just operators you that an point the Shankh in is being a out, gives in place answer, this this

just so pronounced. are And more changes sequential

taking to get by entire number. the that NOI you’re sequential in-place and to you’re multiplying four So, change it

Shankh Mitra

saw high out, significant some you worse. performance that decline, the would with we John, right, where you coastal to through in we is is a specific then a is into higher when it staggering that by results. add if follow you performed difficult acuity regardless, But definitely you most quarter no to locations, have portfolio, – make very But some names. multiply there’s if market have that And Tim declines you’re as getting some one different operators, if question add out that of point, But coastal that take operators going definitely acuity you underperform. why NOI four, should very, you our without some decline. the you get and pointed diversified But acuity XX%, not have better relatively not find who or very have

Operator

Thank you.

line question next the of Nick Please comes from Scotiabank. from Our ahead. go Yulico

Nick Yulico

Thanks.

the to back turn to move-in wanted issue. just I So,

they’re but improved, in have XX% move-ins mean, versus I still down So, year. July last

guess, you a instead point to would had backlog vaccine. wait they’re going leads, they until deposits, know any talked but move-ins, feel wondering, be about so three delaying you helpful Thanks. timeframe you a that they’re year, if of if any just going And you, of have sort guess, to? or months, on wait to I I’m any delay I why particularly customers the to want data and you people understand telling do wait have of to there’s you or And for it can I

Shankh Mitra

me extraordinarily is your strong. your of part let is, answer second First question. Deposit activity

not out the deposit That’s in out about. dates. which been activity, obviously as pointed think you’re their meaningfully prepared has pointed moving my out spreading remarks. pretty the I I And matching is As what move-ins asking people are I activity improved,

of your is. I think last is part from the Absolutely was, it question year? other move-ins down

to a our to to function you least company. rate earnings the I exact answer is If happened analysts anyway. run gives What trying that gives is and is what power that’s last at we understand Sequential But a from year-over-year we are EBITDA? to they’re Sequential here you to what same personally think of are you asking, investors about what sort the There’s And question. with year? of of, the point no think what happen yesterday. is out rate get what trying get to tomorrow. run figure move-in down going most

we Of occupancy quarter. lost have basis see, one XXX in you course, points

level come same the same you activity. some going not So, time to to it are of activity the of is and at back take to level

Tom DeRosa

I people are, that – can’t good. you to going mom The in. I Nick, question. if to some you as the what or visitation right think your them I are is model move-in, some visit basis. visit visitation cases What’s activities way is add can’t a In till to basis, on regular I movements there’s that, safe was want mentioned, before dad it’s I something see deposit regular on I’m – the a wait moved delayed. now Shankh

week. again, there’s in they’ve until protocols. delaying perhaps the be some bad. and we’ve States and some cases, I to strict to twice many visitation it’s prodded a in be under tested, my States, a testing. again, some place, poked It’s So, seen In they’re secured allowed but don’t want mom very

to until settles that I’m going So, down. wait

are care situation secured dad he’s him move I like people come So in. place deposit, bit they’re in need the with conditions I like a if a might needs I their situation a anymore desperate, better They’ve it’s to that. elements isn’t take today. of waiting to today; the in. meet the need my These to that cannot but need

but So, are causing it’s things like that that family individual, the and delay. the it’s, that it’s to specific individual,

Shankh Mitra

will best just and will why not from amount we we’re activity think that, the quarter, occupants Given guess that’s up. in next of Nick, up be you that see will the indicating giving that that, that would occupancy our you And right? be we system, our scenario, guess best be demand

see we not, hesitation. We’re to that because wanted

to at how out see So you we coming are that plays for before in-house. the next months, it we back that three tell feel least that consumers gets we want

how that to want not we saying out. We’re that plays see

Operator

you. Thank

America. next ahead. from Our Bank question go Dennerlein comes from Joshua of Please

Joshua Dennerlein

labor going of to I’m Yes. for What was be has question, forward. Thanks the everyone. XQ extra we budgets, a for in come of There helpful. in expenses really morning, maybe that’d COVID obviously Thanks. occupancy for the and should look kind curious lot as and ability costs. down on good marketing flex operator

Tom DeRosa

cleaning. think and and PPE that of if around In have I’d saying way of of going to I the think the call at cost down COVID thinking is, biggest the about a COVID that that, inflated. vaccine XX% that the it, PPE piece likely roughly Josh, I kind is costs And still you with Yes. lot. or quarter about of say costs, you just kind be looking has until pandemic of likely a come the

we it’s but that that diet two dietary therapies And So, on x tied when and are our that’s start piece. meals speaking, be our in and then to here. piece – of labor COVID from piece indicator a we’ve April communal costs bit but a very see cases. to from COVID PPE cost will and certainly think about cleaning May the March of chains pricing, normalized, makeup And our area, the night, of probably just has dining instead the makes running, quite still to there’s it’s about or of see is peak. three to And x, down years, cost of internal XX% that kind a, put in they common two-week labor kind the then deck requiring as and got of last good current the delivering majority come you when that, the it or of if of actually many X, it piece, can of And out the areas probably rooms, a should trailing kind supply completely actually, of to probably peak down come the you labor the some normalization labor activities. up lastly, fair large pieces

and that’ll as that high that point. facilities. So, have piece on burn COVID-XX June, come April into burned off in It down, off and pandemic almost costs. came is our the entirely May this But considerably of both the down labor pretty dependent labor obviously related COVID at prevalence

dominant it costs labor prevalence about will a of force it’s forward, to PPE going So, gets and kind and think actual the being then – the of right cleaning just that be virus. on dependent

Operator

Thank you.

comes Please Valiquette from Steve ahead. question the line from next Barclays. of Our go

Steve Valiquette

Shankh Great. Thanks. Good and morning, Tom and Tim.

Tom DeRosa

Good morning.

Steve Valiquette

of for the the XQ, do cases as right just them A will I cross I move-outs. a couple this in of mandated make questions rise then XX and COVID more that threshold just here. move-ins Welltower recent the you, where One, Slide a the sure result to stands little this mean, already, comment on And that now bit the at taking you in that near on touched new in may to admission be move-ins. operators term would way bigger shop increases admission to touched it out guess, your calendar are exceed, will government, sounds but voluntary state expectation now question offensive that like overall, the bans, bans. maybe want the potential they if kind it be there right sounds XXXX, by bans, that like way? on a on your are as opposed generally And Shankh, is that so on you that we’re want I but

at way still Thanks. want year, that? to occupancy stands, up XXXX some in now thoughts the the air start will clarity it the calendar to point this around the right get So or increase just that around is

Tim McHugh

Tim. Thanks, Steve. and with move-in on answer question. I’ll second then your start question bans, It’s Shankh can your

kind our offensive. just I think operators of any on re your I being on comment categorize

that on our controlled you’ve back presidents. the Tom’s operators move-in. point made even cases outright about that protocol I start they’re some of of to kind spiked second we’ll think our far about voluntarily within being of of they’re seen it’s in what the And so but hitting one smart admissions actually, the of choose heightened. we’ve extremely admission wave and admissions come being with you’re as well. seen reason very very cases this moved of kind not residents. that bans of But that’s nationally bans operators and to think down facilities it wave, think a you’ve I protocol California what the I I very call first point admitting protocol And gets seen is, bit certainly two of part seeing But the you’re is to little admitting think And in the our admissions kind correct stay of the the Tom again, weeks. move-up, people symbolic last why working part that way

And driven the bans the building will that state So, actual then local think, there obviously admitting. is being case when the themselves, an I do actual operators so just more building, I be cautious itself the very about think, municipalities. COVID, correct, probably of by are and admissions but you’re

So, more here. the that’s playing a governing bodies. driven But by be bans actual role will

Shankh Mitra

to Steve, here to down sit – do when world move-out we question, absolutely your are and second we move-in and will across the not. predict

numbers. we’ll will out, a tell to us tell play you COVID think will how and You how that you transition

We’re only until you yesterday. telling what we have seen

sit might the here of and to not predict uncertainty tomorrow environment. this We’re what going given happen

encouraged what have seen. we We’re by

We’re also obviously can telling anytime. things cautious, you that that we’re very change

to – predict So, we the very last those can world. encouraged we we’ll it that But are week. across haven’t going here two close very, obviously very will when not and sit

Tom DeRosa

know, figure the we’re what the dealing happening today. were one with what May, all is Steve, to out as they trying unprepared we Yes. March, And that and operators, do April, they’re thing we again were. was In know

place So, very is right on I a today manage policies, dime. situation, do but the think difficult that things the to change they positive that procedures a have can in

the happen rest – why reiterating to again, the being what’s year. we’re not to going of looking, predict through So try

Operator

Thank you.

question Hartwich Please Advisors. Street ahead. from next Our from go Green Lukas comes

Lukas Hartwich

government senior you could was potential for and U.S. the Canada UK? on some a for focus There’s support Thanks. the discussion hoping in of that on the lot provide here housing color in I

Tom DeRosa

the and for much the different States of is the are – United needs target the meet in subject In to spaces become best that’s not the U.S. it’s hospitals heroes a same healthcare a around case. considered UK. of because senior frontline in the conditions what’s doing in they government who story, And not there COVID, housing a UK, interesting the the workers the living like healthcare support care can workers in the care the same the This business in hysteria people shame, of it the unlike did Lukas. have hospitals. like work been senior in hospitals in in in in that’s healthcare And the UK, post-acute Well, senior population. our a the to very industry their they’re the they faced workers as challenges, that lot workers

will the really the senior a the for remember, government business, higher U.S. support and government more UK, But our industry an in that change independent there’s In hoping UK. Canada more in acuity is Canada, So, the provided. business. are The it’s of in in living different certainly I’m living models

I in So having countries both sector, on United very the living into government really Canada living into different coming support both, obviously that. the on They’re independent – model today, couldn’t comment I can’t comment than healthcare system the independent are States.

Operator

Thank you.

question of next Please line go the Capital ahead. from Daniel Our from Bernstein comes One.

Daniel Bernstein

difficult, look about the you went up, of bit When NOI, Thanks. that of the went acuity may upside looking the are been you that went up, sound at generational, thinking it’s but of change in about business I maybe morning. XXXX, Quick down. very question. at average down, opportunities you’re long-term the a fundamentals forward stay past? went concerned When lower the then back we the I margins long-term business? of length going know the be has are is entrance little the how Good underwriting

Shankh Mitra

paranoid that only investment I Dan, not returns. am changes I’m about concerned, everything

make a reflect no But the days guaranteed end we’ll opposed underwrite, can can to be price There’s that’s we that, shareholders. you to for the this our ago, things and various capital think uncertainties do But why, return, XX right? price I at then money of different where a in government where point wanted you bonds. of you today, needs buying in, sector uncertain we and return. If that is the can So coming mentioned. one as to day, reaching in think do you guaranteed to underwrite industry deploy environment, we point uncertainty, the price is scenarios the that that

the the see returns characteristic, development, developers well. raising an ultimately down. and characteristic demand revenue, cash are and very, not that characteristics, different we’ll future cash not depress But it any means day, That end that we not how out, of only flow you’re so, assets believe if there’s and will will with good not do at but capital for the here So, supply we concerned. chase we’ll as be revenue will asset will if just flow obviously the any that balance. is will no do that plays returns business, depress some comes and intensive points of very What the the true

my from also remarks, together. to up, paranoid bringing about of described those value we’re can sort to bottom we trying analytics top down and best I approach on prepared We’re however, things, approach and do of those the sort investing data

Operator

Thank you.

JPMorgan. Sarah from from comes question go next Our Tan ahead. Please

Sarah Tan

much from my Mike question on [indiscernible]? Triple-Net comment one on at risk end. your Could Muller, Sarah are is of this on you revenues How Hi, that?

Shankh Mitra

the of Sarah. part. I much Can you that, rent? last how Triple-Net hear the say couldn’t

Sarah Tan

Triple-Net what revenues How much portion your of for of – reset? your risk are rent

Shankh Mitra

of of rent Sarah, at are our I think, risk rents a you reset? said how much

Sarah Tan

right. that’s Yes,

Triple-Net For revenues. the

Tim McHugh

Yes.

in Triple-Net prepared and business different So, the structures. as two I housing remarks, said in my senior

location, about see operators support felt certainly long-term the remain think the we by control last And mix I of of this lot these to a that of these on got more asset of and rents want calls years. lot something in talked to class, a buildings restructured is wins day again, the the what every in long-term three some in the buildings. on opportunities have been said, that the And and there’s Did and economics is that’s differences we’ve the ahead repeat product quarter given Triple-Net business, have so side. There’s being that felt different some last but I rents. and

economics, thought think the of based reset I current so of rent misplaced. And on there a just is somewhat being kind

collection rent remains at very look strong and you in and as space it well. So, this

and there’s a here around these say stay continue But do can think report and economics continue and properties and see to flush and no will the the we not to how have there and to I think – market. we’ll those. rents we’re rent line that to we best So, challenged certainly economics where were general observe underlying high in the is prepared the been and time, at this go the I be to that conversations

Shankh Mitra

think think about to obviously you talked it, not speculate, we as but Sarah, it. And we’re as through, about going how that’s Tim

large street, your our which has still just and include numbers As already numbers two try remember those happened. there still numbers very we next in our the Capital quarters, out you think have through restructured will reported tenant get Senior. to be but best to guess, announced that the to a already and That’s already that is

Operator

Thank you.

go comes question Mizuho from Our Okusanya Please from the last of line Capital. Tayo ahead.

Tayo Okusanya

help States you’re from budgets of from all COVID now, platform. stretched government pretty in funding? happen going, could going understand on us Just also you next I’m lot nursing just what you’d skilled this expect help the a follow-up are perspective? the there’s quick whole us right a kind about their What to because understand point, that a just hearing just of funding, government funding you kind Hi, systems the specifically but and given health issue? Medicaid Can on of

Shankh Mitra

Yeah.

to not space. Tayo, reading. inappropriate reading this what be speculate you’re for same the that might or coming to we’re us be might government on is things additional funding So, This

that leave industry for so But just discussions. support the seen far. post-acute future we’ll has we’re by So, encouraged that

Tayo Okusanya

What to next about are hearing a sense given right Medicaid of the the of have a lot was them like? look budgets would funding what on the just kind set that good state of you any that anything now? of Are feedback setting you

Shankh Mitra

Thank trying government you speculate for it us for Tayo, I’ll same on well. as to remain the an the answer state action is future that venue inappropriate

Operator

Thank I queue session. you our concludes this you. gentlemen, concludes time. in show Thank at this participating. for the call. no Ladies questions This today’s conference Q&A and further

You all may disconnect.

Welltower (WELL) 6 Aug 202020 Q2 Earnings call transcript