BUZZ-Welltower dips from record after convertible debt deal unveiled

Reuters07-08

** Welltower Inc's 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 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))

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