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Jun 30, 2022
Welltower Q2 2022 Earnings Report
Welltower's Q2 2022 results were announced, featuring normalized FFO per share growth and significant investment activity.
Key Takeaways
Welltower reported a solid second quarter with normalized FFO of $0.86 per share, driven by strong same-store NOI growth in the Seniors Housing Operating portfolio. The company completed $1.6 billion in pro rata gross investments and closed on an amended $5.2 billion unsecured credit facility.
Net income attributable to common stockholders was $0.20 per diluted share.
Normalized FFO attributable to common stockholders was $0.86 per diluted share.
Total portfolio year-over-year same store NOI grew by 8.7%.
Completed $1.6 billion 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 introduced earnings guidance for the quarter ending September 30, 2022, expecting net income per share between $0.12 and $0.17 and normalized FFO per share between $0.82 and $0.87.
Positive Outlook
- Expect average blended SSNOI growth of 7% to 9%.
- Seniors Housing Operating SSNOI growth approximately 15% to 20%.
- Seniors Housing Triple-net SSNOI growth approximately 5% to 6%.
- Outpatient Medical SSNOI growth approximately 1.75% to 2.75%.
- Expect to receive approximately $7 million of Provider Relief Funds.
Challenges Ahead
- Increased interest rates on floating rate debt are expected to reduce normalized FFO.
- A strengthening U.S. Dollar is expected to reduce normalized FFO.
- General and administrative expenses are anticipated to be approximately $34 million to $36 million.
- Stock-based compensation expense is expected to be approximately $5 million.
- Guidance does not include any additional investments, dispositions or capital transactions beyond those announced.