Welltower Inc

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There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.

We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.

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The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com

Welltower operates a REIT principally focused on the rental of skilled nursing facilities and senior housing facilities. According to analyst report published by Hindenburg Research, the Company’s largest tenant, a non-profit health system in the Midwest called ProMedica, previously accounted for 12% of the company’s annual Net Operating Income. ProMedica faced severe distress and began breaching bond covenants in early 2022, threatening Welltower’s investment.

On November 7th, 2022, Welltower announced a solution: it would transfer the operation of 147 skilled nursing facilities out of ProMedica and into a new joint venture with a health care operator called Integra Health. The deal helped fuel a 9% spike in Welltower’s stock. Welltower’s CEO said that Integra provided a “well-capitalized strategic partner” resulting in Welltower being paid 4% more in cash rent under the new JV, coming out ahead despite the distressed situation.

Despite the high praise from Welltower’s management and claims of being a well-experienced operator, Integra seems to barely exist. The entity was registered 6 months ago, according to Delaware corporate records. Its website was registered on the same day. On this news Welltower’s shares fell sharply in value.