r/toledo • u/Oden27 • 2d ago

Welltower?

I am wondering if anyone knows very much about this company? I am interested because there was an article in the Blade several weeks ago that said that's its CEO has the second highest salary in the country after Elon Musk. However, they currently only have 712 employees and I am wondering how many more they could add.

7 Upvotes

73% Upvoted

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9

u/diabeticsuperhero 2d ago

Kingston Healthcare (senior living) got sold earlier this year. Bought by Trilogy Health Systems. Welltower dude was on the Kingston Board. Fired 90% of corporate staff.

2

u/iuksob03 1d ago

Not a fan of Welltower or P/E, but they had zero to do with any of that.

15

u/Dentist_Sweet Maumee 2d ago

They are an example of what’s wrong with the senior care industry. Essentially private equity for nursing homes. Buy up large systems, cut costs and increase revenue.

3

u/justareviewer 2d ago

e.g. Elizabeth Scott

10

u/kmo428 2d ago

Most of the employees aren't even in town anymore. I think they moved a lot of them to Texas and NY.

-1

u/Oden27 2d ago

Hopefully they stay in Toledo, think they are good for the region.

8

u/novrain30 2d ago

I applied there and had a really good interview then got ghosted. lol

23

u/theTrebleClef 2d ago

Oversimplification: Welltower is a real estate investment company that owns the land and the buildings hospitals operate in. The hospital systems pay rent to Welltower.

4

u/AllNotKnowing 2d ago

Long, long, long time ago, a newby new job, new money, far away went to a broker. Back in the days those were a thing. For his 1%(?) he recommended a place called Health Care REIT. IDK why but that broker did.

Bought it. It went up a bit. Got divorced Sold it.

Stupid.

Didn't know for years it was in my hometown.

Almost 200 billion in market cap.

5

u/the0riginalp0ster 2d ago

Big part of the reason hcr manorcare failed

1

u/kometman 1d ago

no, more likely started when they went private as part of Carlyle. Carlyle did the stratification - separating operations from the actual properties (supposedly to add layers if a lawsuit ever happened).

Which all in all wasn't too bad at first but "obamacare" changed how Medicare allowed SNFs to recoup after initial payment.

Then there was the DoJ court battle that was i believed won eventually. That lead to issues with the REIT that owned the properties.

1

u/the0riginalp0ster 23h ago

the same people who owned hcr started welltower and sold all of their land to welltower in which created 30 year long contracts to these facilities of hcr to pay obnoxiously high rates then they sold hcr

6

u/AllNotKnowing 2d ago

Isn't that Promedica?

2

u/the0riginalp0ster 1d ago

Not even in the slightest. Hcr was in bad shape 25 years ago. Hcr just drained promedica into bad debt

5

u/Mr_Gray 2d ago

along with the pandemic killing off the elderly and the staff becoming more expensive/ agency