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Mar 31, 2024
Welltower Q1 2024 Earnings Report
Welltower reported results for the quarter ended March 31, 2024.
Key Takeaways
Welltower reported a strong first quarter in 2024, marked by significant growth in normalized FFO and same-store NOI. The company has also revised its full-year outlook, reflecting increased confidence in its performance.
Net income attributable to common stockholders was $0.22 per diluted share.
Normalized FFO attributable to common stockholders was $1.01 per diluted share, an 18.8% increase year-over-year.
Total portfolio same-store NOI grew by 12.9%, driven by a 25.5% increase in the Seniors Housing Operating portfolio.
The company completed $449 million of pro rata gross investments during the quarter.
Welltower
Welltower
Welltower Revenue by Segment
Revenue by Segment
Seniors Housing Ops Revenue
CapyFin.com Forward Guidance
Welltower has revised its full-year outlook for 2024, increasing the guidance range for net income and normalized FFO. The company anticipates continued growth in same-store NOI, driven by its Seniors Housing Operating portfolio.
Positive Outlook
- Net income attributable to common stockholders guidance has been revised to a range of $1.48 to $1.61 per diluted share from the previous range of $1.21 to $1.37 per diluted share.
- Increased the guidance range of full year normalized FFO attributable to common stockholders to a range of $4.02 to $4.15 per diluted share from the previous range of $3.94 to $4.10 per diluted share.
- Expect average blended SSNOI growth of 9% to 12%.
- Seniors Housing Operating approximately 17% to 22%
- Expect pro rata disposition proceeds of $1.2 billion at a blended yield of 5.4% in the next twelve months.
Challenges Ahead
- General and administrative expenses to be approximately $201 million to $209 million and stock-based compensation expense to be approximately $39 million.
- Anticipate funding an additional $660 million of development in 2024 relating to projects underway on March 31, 2024.
- Our updated guidance does not include any additional funds in 2024.
- Our guidance does not include any additional investments, dispositions or capital transactions beyond those we have announced
- nor any other expenses, impairments, unanticipated additions to the loan loss reserve or other additional normalizing items.