Welltower dips from record after convertible debt deal unveiled

Welltower

08/07/2024 16:52

** Welltower Inc's  WELL.N  shares down 1.2% at $105.21 on
Mon as senior housing operator looks to raise capital
    ** WELL shares rose 1.1% on Fri, notching record high close
of $106.48
    ** Healthcare REIT early Mon said offering privately $750
mln exchangeable notes due 2029
    ** Welltower plans to use net proceeds for potential debt
repayment or redemption, which may include its 4% notes due
June, 1 2025, and invest in properties
    ** Co has ~$63 bln market cap, per LSEG
    ** With move on the session, shares up ~17% YTD and up ~32%
over the past 12 months. In comparison, S&P 500 Real Estate
index  .SPLRCR  off 4.5% in 2024 and roughly flat over the past
year
    ** 14 of 19 analysts covering Welltower rate stock "strong
buy" or "buy", rest "hold"; median PT of $108 up from $102 on
Apr 8

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))