Ethan Fisher ’19 pitched Welltower (WELL) to the Student Managed Investment Fund (SMIF) on February 26, 2019. Founded in 1970, Welltower is a real estate investment trust that invests in senior housing, assisted living, and memory care communities, post-acute care facilities, and medical outpatient buildings. Welltower aims to deliver the health care infrastructure necessary to facilitate better treatment at lower costs and keep patients out of the hospital. They target their investments in affluent, high barrier markets given the trend that urban seniors are hoping to age in place. A major driver for Welltower’s future growth is the aging of the baby boomer generation and synergies between Welltower and major health systems. The company has over 1,600 properties across 46 U.S. states, the U.K. and Canada and 320,000 patients currently occupying their facilities. Welltower is expected to have strong 2019 earnings with an FFO per share increase of 4% and an NOI increase of 3.50%. Additionally, the company plans to execute $1.5B in acquisitions for 2019. SMIF voted to buy 135 shares of Welltower.