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