Welltower Inc. reported significant financial growth for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Revenues for the third quarter reached $2,055,663,000, a 23.7% increase from $1,662,013,000 in Q3 2023. For the nine months, revenues totaled $5,740,288,000, up 17.5% from $4,888,220,000 in the prior year. This growth was driven primarily by the Seniors Housing Operating segment, which saw revenues rise to $1,530,350,000 in Q3 2024, a 27% increase from $1,203,899,000 in Q3 2023.
Net income for the third quarter surged to $456,800,000, a 239% increase from $134,722,000 in Q3 2023. For the nine months, net income reached $849,104,000, compared to $269,699,000 in the same period last year, marking a 214% increase. Earnings per share for Q3 2024 were $0.74, up from $0.24 in Q3 2023, while for the nine months, earnings per share increased to $1.40 from $0.51.
Total expenses for the three months ended September 30, 2024, were $1,871,797,000, compared to $1,589,778,000 in Q3 2023, reflecting a 17.7% increase. For the nine months, expenses rose to $5,325,089,000 from $4,625,636,000, a 15.1% increase. The increase in expenses was attributed to higher operational costs associated with the expanded property portfolio.
Welltower's total assets increased to $48,953,698,000 as of September 30, 2024, from $44,012,166,000 at the end of 2023. Cash and cash equivalents also saw a significant rise, reaching $3,564,942,000 compared to $1,993,646,000 at the end of 2023. The company’s total liabilities increased slightly to $17,889,695,000 from $17,640,439,000.
Strategically, Welltower has been active in acquisitions, closing on 20 properties for $690,510,000 during Q3 2024 and entering into agreements to acquire additional properties, including a seniors housing portfolio in the U.K. for approximately $1 billion. The company also reported impairment charges of $69,146,000 for the nine months ended September 30, 2024, compared to $21,103,000 in the same period of 2023.
Welltower's financial strategy continues to focus on enhancing stockholder value through consistent cash dividends and portfolio expansion, with dividends for the nine months ended September 30, 2024, totaling $1.89 per share, compared to $1.83 per share in the previous year. The company remains committed to managing its debt effectively, with total principal debt obligations amounting to $16,025,613,000 as of September 30, 2024.
About WELLTOWER INC.
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