TOLEDO, Ohio — Welltower (NYSE: WELL), the largest seniors housing REIT in the country by market cap, has promoted two of its C-Suite executives.
In addition to his existing title of chief investment officer, Shankh Mitra is now chief operating officer of the company. His secondary title, formerly executive vice president, was also upgraded to vice chair.
Tim McHugh will maintain his title of chief financial officer, but his secondary title was adjusted from senior vice president to executive vice president.
CEO Tom DeRosa’s contract was also extended, though details were not disclosed. The three executives make up the top tier of Welltower’s C-Suite.
The moves come as the company announces the continuing impact of the COVID-19 pandemic, which is simultaneously decreasing occupancy and increasing expenses. Since April 1, occupancy fell from 85.4 percent to 84.8 percent across the portfolio due to more intense move-in critera. Meanwhile, increased labor costs and the price of attaining personal protective equipment (PPE) for caregivers increased expenses by $7 million in March alone.
The company predicts that expenses across its seniors housing portfolio will increase 5 percent over budget as a result of the pandemic.
“Welltower’s primary focus is on the ongoing support of our operating partners through these unprecedented times,” says DeRosa. “We have made progress on the procurement and distribution of critical supplies, including PPE, and will continue to pursue all available options to further assist our operators throughout this pandemic.”
Welltower’s stock price closed at $49.10 on Friday, April 17, down from $73.24 one year ago. The company’s annual meeting of shareholders is scheduled for April 30.