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Mar 31, 2022
Welltower Q1 2022 Earnings Report
Welltower's first quarter 2022 results were reported, demonstrating growth in key areas.
Key Takeaways
Welltower reported a solid first quarter in 2022, marked by normalized FFO exceeding guidance, significant growth in Seniors Housing Operating portfolio occupancy and same-store NOI, and substantial investment activity.
Net income attributable to common stockholders was reported at $0.14 per diluted share.
Normalized FFO attributable to common stockholders was reported at $0.82 per diluted share, surpassing the guidance midpoint.
Seniors Housing Operating portfolio average same-store occupancy increased by approximately 460 bps year-over-year to 78.0%.
Total portfolio same-store NOI grew by 8.9%, driven by an 18.4% increase in the SHO portfolio.
Revenue by Segment
Forward Guidance
Welltower anticipates net income per share between $0.20 and $0.25 and normalized FFO per share between $0.82 and $0.87 for the second quarter of 2022.
Positive Outlook
- Expects average blended SSNOI growth of 8.0% to 10.0%.
- Seniors Housing Operating SSNOI growth is projected at approximately 15.0% to 20.0%.
- Seniors Housing Triple-net SSNOI growth is anticipated at approximately 7.0% to 8.0%.
- Outpatient Medical SSNOI growth is expected to be approximately 2.0% to 3.0%.
- Includes approximately $6 million of Provider Relief Funds expected to be received during the quarter.
Challenges Ahead
- The impact of the COVID-19 pandemic remains highly uncertain.
- General and administrative expenses are anticipated to be approximately $35 million to $37 million.
- Stock-based compensation expense is expected to be approximately $6 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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