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Jun 30, 2021
Welltower Q2 2021 Earnings Report
Welltower reported second quarter 2021 results.
Key Takeaways
Welltower reported a net income of $0.06 per diluted share and normalized FFO of $0.79 per diluted share. The Seniors Housing Operating portfolio occupancy increased by approximately 190 bps during the second quarter. The company completed $1.5 billion of pro rata gross investments and announced the acquisition of an 86 property seniors housing portfolio operated by Holiday Retirement for $1.58 billion.
Reported net income attributable to common stockholders of $0.06 per diluted share
Reported normalized FFO attributable to common stockholders of $0.79 per diluted share
Seniors Housing Operating ("SHO") portfolio occupancy increased approximately 190 basis points ("bps") during the second quarter, exceeding our guidance of an approximate gain of 130 bps
Completed $1.5 billion of pro rata gross investments during the second quarter
Forward Guidance
Welltower expects to report net income attributable to common stockholders in a range of $0.44 to $0.49 per diluted share and normalized FFO attributable to common stockholders in a range of $0.78 to $0.83 per diluted share for the quarter ended September 30, 2021.
Positive Outlook
- Midpoint of normalized FFO guidance assumes a continuation of recent trends resulting in an approximate increase of 190 bps through the third quarter in SHO Portfolio Occupancy.
- Anticipate full year general and administrative expenses to be approximately $132 million to $137 million and stock-based compensation expense to be approximately $21 million.
- Third quarter 2021 earnings guidance includes only those acquisitions closed or announced to date.
- Anticipate funding approximately $288 million of development in 2021 relating to projects underway on June 30, 2021.
- Expect pro rata disposition proceeds of $1.5 billion at a blended yield of 8.1% in 2021.
Challenges Ahead
- The degree to which the COVID-19 pandemic continues to impact our operations and those of our operators and tenants, including the variability in the timing of recovery, is dependent on a variety of factors and remains highly uncertain.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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