Welltower Inc 2024年度报告

LETTER FROMTHE CEO Dear Fellow Shareholders, 2024 marked another year of strong growthand satisfactory returns for our existinginvestors, as we continue to execute acrossall facets of our business. As I describebelow, the fundamental backdrop remainshealthy, as our population is rapidly agingwith each passing day and, at the sametime, new supply continues to dwindle.We also notched a record $6 billion ofacquisitions during the year - but we’remore excited about the value which weachieved (30%+ discount to replacementcost) and their expected contribution to ourgrowth over the next few years:remember,today’s capital allocation decisions will drivefuture operating performance. Ultimately,our operational and capital deploymentachievements last year resulted in 23% and26% Adjusted revenue and EBITDA growth,respectively, and 19% Normalized FFO perdiluted share growthƗ. This outsized levelâ¹¥—ô¿żâčºðâčü¿¥âāíÔ¯«čÂü¿íðā«¯Ûücapitalization of our acquisitions, resulted ina 1.5x deleveraging of our balance sheet andculminated in an upgrade to our credit rating earlier this year to A- from S&P and A3 fromMoody’s. While the outlook forthe commercial real estate market andfor the global economy has recentlygrown increasingly uncertain, we remainoptimistic regarding the growth prospectsof our business. While these results have been satisfactory,we are perhaps more excited about theduration of our future growth trajectory,which now appears longer than it did 12months ago. And not because we weren’toptimistic enough at that time or becausethe longer-term fundamentals of the seniorshousing business have improved further,but because of the progress made by Johnand his team on our end-to-end operatingplatform, the Welltower Business System(“WBS”). Notably, in the third quarter, welaunched the tech platform of WBS at ourźðôüô¯üâ¹íðâí¯ðü¯ôǛڗðÑÂÛºü¿¯źðôüôü¯ítowards creating a modern digital experiencefor our residents, their families and site-level employees. We’ve continued to roll out the tech stack to additional communities inQ4 and Q1 with overwhelmingly positivefeedback. Through this process, we’vebrought true operating expertise into ourcompany and, combined with disciplinedcapital allocation and use of data science,we are creating real value and expandingour moat in a business which is ripefor disruption. company and building it by laying one airtightbrick at a time. We have created a seamlessweb of DESERVED trust with all of ourí¯âíÔ¯—Û«¥âāÛü¯ðí—ðü¯ôǚ\¿—ð¯«\—¥ðÂź¥¯ǚUnity of Purpose. Mirrored Reciprocation.These seemingly mundane qualities in theright combination create a leaping emergent¯ŷ¯¥üâ¹—¥āÔüāð¯č¿¯ð¯¯Č¯ðēâÛ¯Âô¹āÔÔēcommitted – we go all in and stay all in.This is how we believe big money is made overlong periods of time. But to understand the conception and impactof our data science platform and WBS is toźðôüāÛ«¯ðôü—Û«ü¿¯¥āÔüāð¯č¯¿—Č¯¥ð¯—ü¯«at Welltower – my biggest source of pride asI enter my 10thē¯—ð—üü¿¯¥âÚí—Ûēǚ.źðÚÔēbelieve that our culture, which I’ll describe ingreat detail below, is our greatest competitiveadvantage and the true source of ouraccomplishments to-date. The creation andsuccessful deployment of our data scienceplatform over the past decade – well beforemachine learning and AI entered mainstreamvernacular – didn’t occur by happenstanceâðčÂü¿âāüôºÛÂź¥—Ûü¥¿—ÔÔ¯Ûº¯ôǚ.üð¯ïāÂð¯«a massive shift in the mindset of the entireorganization to embrace a data-driven andfact-based approach to investing as opposedto the “gut-feel” and “deal-shop” mentalitywhich had been pervasive at the companyfor decades (and is still generally the casefor most real estate entities). Similarly, ouraudacious vision to transform the seniorshousing business through WBS has requiredbuy-in and an open-mind from our team andour operating partners who, for decades,followed legacy practices around seniorshousing operations. As I mentioned in myletter last year, our team has navigatedmultiple crises, fought side-by-side togetherfrom the trenches and, through it all, formedtremendous resilience which will allow usto tackle the macro and/or micro challengeswe may face in the future. Needless to say,for most of us at Welltower, this is not work –this is our life’s work, having re-founded this Drivers of Long-TermGrowth First, I wanted to provide a quick update onthe fundamentals of the seniors housingbusiness. The fourth quarter of 2024 markedthe ninth consecutive quarter in which samestore net operating income growth for ourseniors housing operating portfolio exceeded20% - likely an unprecedented achievementin the public real estate industry. While we’repleased with our recent results, the backdropfor growth should continue to improve inthe coming years. As you’re aware, businessfundamentals appear healthy through the endof this decade, as demand will continue toramp driven by growth of the 80+ population,while new supply is at its lowest level sincethe Great Financial Crisis. Af