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Mar 31, 2021
Welltower Q1 2021 Earnings Report
Welltower's financial performance for Q1 2021 was reported, featuring key strategic moves and operational updates.
Key Takeaways
Welltower reported a net income of $0.17 per diluted share and normalized FFO of $0.80 per diluted share. The company saw an increase in Seniors Housing Operating (SHO) portfolio occupancy and completed significant investments and dispositions, including a substantial exit from its operating relationship with Genesis Healthcare.
Net income attributable to common stockholders was reported at $0.17 per diluted share.
Normalized FFO attributable to common stockholders was reported at $0.80 per diluted share.
SHO portfolio occupancy increased by approximately 60 bps from the pandemic low on March 12, 2021.
Completed $368 million of pro rata gross investments and $216 million in pro rata property dispositions during the quarter.
Revenue by Segment
Forward Guidance
Welltower anticipates net income per share to be between $0.31 and $0.36, and normalized FFO per share to be between $0.72 and $0.77 for the second quarter of 2021.
Positive Outlook
- Guidance assumes a continuation of recent trends resulting in an approximate increase of 130 bps in SHO Portfolio Occupancy through the second quarter.
- Full year general and administrative expenses are anticipated to be approximately $135 million to $140 million.
- Stock-based compensation expense is expected to be approximately $21 million.
- Second quarter 2021 earnings guidance includes only those acquisitions closed or announced to date.
- Approximately $320 million of development funding is anticipated in 2021 relating to projects underway on March 31, 2021.
Challenges Ahead
- The extent to which the COVID-19 pandemic impacts operations depends on future developments, which are highly uncertain.
- Second quarter guidance does not include the recognition of any Provider Relief Funds which may be received during the quarter.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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