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Dec 31, 2021
Welltower Q4 2021 Earnings Report
Announced results for the quarter ended December 31, 2021.
Key Takeaways
Welltower reported a net income of $0.13 per diluted share and normalized FFO of $0.83 per diluted share for Q4 2021. The SHO portfolio spot occupancy increased by approximately 70 bps during the quarter to 77.7%, and same store revenue growth accelerated to 4.8% compared to the prior year.
Reported net income attributable to common stockholders of $0.13 per diluted share
Reported normalized FFO attributable to common stockholders of $0.83 per diluted share
Seniors Housing Operating ("SHO") portfolio spot occupancy increased approximately 70 basis points ("bps") during the quarter to 77.7%, while average pro rata occupancy growth exceeded guidance of 140 bps
SHO same store revenue growth accelerated 4.8% in the fourth quarter compared to the prior year
Welltower
Welltower
Welltower Revenue by Segment
Revenue by Segment
Seniors Housing Ops Revenue
CapyFin.com Forward Guidance
The company expects to report net income attributable to common stockholders in a range of $0.17 to $0.22 per diluted share and normalized FFO attributable to common stockholders in a range of $0.79 to $0.84 per diluted share for Q1 2022.
Positive Outlook
- Expect average blended SSNOI growth of 7.0%
- Seniors Housing Operating approximately 15.0%
- Seniors Housing Triple-net approximately 5.0% to 6.0%
- Outpatient Medical approximately 1.0% to 2.0%
- Health System approximately 2.75%
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.
- Our first quarter guidance includes approximately $6 million of Provider Relief Funds which are expected to be received during the quarter.
- We anticipate first quarter general and administrative expenses to be approximately $35 million to $37 million and stock-based compensation expense to be approximately $7 million.
- Our earnings guidance includes only those acquisitions closed or announced to date. Furthermore, no transitions or restructures beyond those announced to date are included.
- We anticipate funding approximately $728 million of development in 2022 relating to projects underway on December 31, 2021.