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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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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