Shares of WELL rose slightly by midday, logging a 3% gain - or $1.57 - to reach $53.96 by 12:30 Eastern time Thursday. Welltower logged total net income of $325.6 million in the third quarter of 2020, down from $589.9 million during the same span in 2019. “Welltower will continue to strive to be the premier wellness infrastructure company that allocates capital in the path of growth of health care and wellness trends.” The answer to that question is an emphatic no,” Mitra said. “Many of you have asked me if our strategy will change going forward. Investors want to feel confident theyll see a return on their investment. New CEO Shankh Mitra, presiding over his first quarterly earnings call since DeRosa’s departure earlier this month, emphasized that the Toledo, Ohio-based Welltower’s strategy will remain the same under his leadership. Business plans can help you get funding or bring on new business partners. Welltower acquired those buildings in an 80-20 joint venture with the ProMedica hospital system in 2018 as part of the REIT’s push to develop vertically integrated health care networks, long a stated goal of former CEO Tom DeRosa. Outside of the Genesis worries, Welltower reported same-store growth of 2% year-over-year for its post-acute and long-term care assets during the quarter, along with a 2.3% NOI boost for its ProMedica joint-venture assets - the nursing homes and senior living properties formerly known as HCR ManorCare and now currently under a rebranding process to ProMedica Senior Care. “Without giving effect to the prospect, timing, and adequacy of future governmental funding support and other mitigating plans, many of which are beyond the Company’s control, it is unlikely that the Company will be able to generate sufficient cash flows to meet its required financial obligations, including its rent obligations, its debt service obligations and other obligations due to third parties,” Genesis noted. Genesis’s geographic footprint in the Northeast includes regions hit particularly hard in the earliest days of COVID-19 pandemic, when less was known about the virus and blanket bans on non-essential surgeries removed the normally vital stream of Medicare-covered post-acute patients from its buildings. “The existence of these conditions raises substantial doubt about the Company’s ability to continue as a going concern for the twelve-month period following the date the financial statements are issued,” the operator observed in an August release. The wave of actions came after Genesis publicly indicated that its future is deeply uncertain in the wake of COVID-19 financial strains, citing $74 million in lost revenue during the first six months of 2020 and skyrocketing expenses related to the ongoing pandemic. ING’s American Depositary Receipts were at $13.39 Monday afternoon, up $1.18, or 9.7 percent, on the New York Stock Exchange.Sabra Health Care REIT (Nasdaq: SBRA) similarly announced that it may take such a step with its Genesis and Signature assets, which would result in a $14 million write-down for the REIT. acquisitions by selling its stakes _ at the peak of the market _ in rival Dutch banks ABN Amro NV and Fortis. in Quebec until prices improve and take a C630 million (410 million) fourth-quarter charge. ING spokeswoman Joyce Hulst stressed that the company paid for its U.S. UPDATE 3-Noranda closes magnesium plant, takes writedown. Had the companies performed better, they’d be more valuable and the goodwill writedown smaller or nonexistent. insurance operations that have failed to live up to expectations. rules was largely a technicality, analysts said it reinforces that ING overpaid for U.S. said Monday that it evaluated the useful lives of certain of its aircraft fleet types in anticipation of. Every time you make an entry in the inventory write-off expense account. AMR To Take 713M Charge To Write Down Some Aircraft. Goodwill is the intangible asset companies enter on their books to reflect the amount by which the purchase price for an acquisition exceeds the fair value of the acquisition’s hard assets, such as cash, factories and equipment. Inventory write-off refers to the accounting process of reducing the value of. Two-thirds of the goodwill writedown relates to ING’s 13.5 billion euro acquisitions of Aetna and Reliastar Financial in 2001. GAAP, including the goodwill writedowns, it would have posted a net loss of 9.6 billion euros last year, compared with the 4.5 billion euro net profit for 2002 reported under Dutch GAAP. GAAP treats goodwill on acquisitions as a ``trading″ item that must be reported on the profit and loss account, while Dutch GAAP allows it to be charged against shareholder equity on the balance sheet, which doesn’t affect annual earnings.
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