Welltower says two residents test positive for Covid-19

As of March 16, Welltower (WELL -1%) has two residents with reported positive tests for Covid-19 in the U.S., it said in a statement from Chairman and CEO Thomas J. DeRosa.

He also said Welltower is actively looking for capacity across its portfolio to enable more off-site Covid-19 testing and other assets that can offer effective quarantine for those exposed to this virus.

Elevated protocols put in place to help mitigate the spread of the virus among Welltower’s residents may lead to slower new resident flow in the short term; however, the REIT has seen “a commensurate decline in voluntary move outs and higher lead-to-closing ratios.”

Notes that its senior housing occupancy levels remain stable over the last four weeks; occupancy of its 579 senior housing operating buildings over that time frame remained at an average of 85.7%, with a range of 85.6% to 85.8%.

In the Seattle MSA, its portfolio remained stable with an average weekly occupancy of 83.9%, with a range from 83.8% to 84.0% over last four weeks.

Previously: Senior living firms buckle under pressure from COVID-19 (March 17)

https://seekingalpha.com/news/3552552-welltower-says-two-residents-test-positive-for-covidminus-19