Welltower Inc (NYSE:WELL) Q3 2019 Earnings Conference Call - Final Transcript
Oct 29, 2019 • 09:00 am ET
Good morning, ladies and gentlemen, and welcome to the Third Quarter 2019 Welltower Earnings Conference Call. My name is Shelby, and I will be your operator today. [Operator Instructions] We will be facilitating a question-and-answer session towards the end of this conference. [Operator Instructions]
Now I would like to turn the call over to Matt McQueen, General Counsel. Please go ahead, sir.
Thank you, Shelby and good morning. As a reminder, certain statements made during this call may be deemed forward-looking statements in the meaning of the Private Securities Litigation Reform Act. Although Welltower believes any forward-looking statements are based on reasonable assumptions, the company can give no assurances that its projected results will be attained. Factors that could cause actual results to differ materially from those in the forward-looking statements are detailed in the company's filings with the SEC.
And with that, I'll hand the call over to Tom for his remarks on the quarter. Tom?
Thomas J. DeRosa
Thanks, Matt. Back at our Investor Day in December of 2018, I laid out a growth plan for 2019. I'm pleased to say that we have met or exceeded this growth plan year-to-date and today, we again reported strong results, which are enabling us to raise the midpoint of our 2019 FFO guidance.The optimism that I articulated last December had less to do with NIC data and more to do with a deliberate and often painful complete restructuring of all aspects of a company formerly known as Health Care REIT.
We made considered and sometimes tough decisions regarding Genesis, Brookdale, health lease and other legacy investments that could best be characterized as last generation real estate, bad capital structures, misaligned operating agreements, misguided private equity investments or frankly simply paying too much for real estate. It was sometimes painful for our shareholders, but this management team took actions that were in our shareholders' best long-term interest.
While we will never stop optimizing our investment portfolio, the dispositions as well as the acquisitions made in the last 3 years have significantly de-risked the enterprise. That is why today, our senior housing assets have positive growth, our long-term care assets have strong lease coverage, and our industry-leading MOB portfolio continues to perform and grow through acquisition and development.
Welltower has unique strategy that fundamentally views our health and wellness care delivery real estate as a platform like all successful platforms, this platform is able to deliver another level of value far beyond the value of the real estate. This enables synergistic collaborations like CareMore Anthem, which we recently announced, attracts new senior housing operators this year alone like LCB, Balfour, Frontier, Atria, and Clover and has enabled our medical office portfolio to grow by approximately $2 billion this year and the year is not over.
As we continue to grow, we have strengthened our balance sheet, so we can continue to drive shareholder value in a measured way. Tim McHugh will now take you through a closer look at our third quarter financial performance. But first,