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Dec 31, 2022
Welltower Q4 2022 Earnings Report
Announced Q4 2022 results, highlighted by significant SSNOI growth and strategic portfolio transitions.
Key Takeaways
Welltower reported a net loss of $0.01 per diluted share and normalized FFO of $0.83 per diluted share for Q4 2022. The company experienced strong same-store NOI growth, particularly in its Seniors Housing Operating portfolio, and made strategic moves to optimize its portfolio, including forming a joint venture with Integra Healthcare Properties.
Net loss attributable to common stockholders was $0.01 per diluted share.
Normalized FFO attributable to common stockholders was $0.83 per diluted share.
Total portfolio year-over-year same-store NOI grew by 12.9%, driven by a 28.1% increase in the Seniors Housing Operating portfolio.
Formed a joint venture with Integra Healthcare Properties and transitioned operations for skilled nursing assets previously managed by ProMedica.
Forward Guidance
Welltower introduced its 2023 earnings guidance, projecting net income per share between $0.57 and $0.75 and normalized FFO per share between $3.35 and $3.53. The guidance assumes blended SSNOI growth of 8% to 13%.
Positive Outlook
- Expect average blended SSNOI growth of 8% to 13%.
- Seniors Housing Operating SSNOI growth approximately 15% to 24%.
- Seniors Housing Triple-net SSNOI growth approximately 1% to 3%.
- Outpatient Medical SSNOI growth approximately 2% to 3%.
- Long-Term/Post-Acute Care SSNOI growth approximately 2% to 3%.
Challenges Ahead
- Increased interest rates on floating rate debt.
- Strengthening U.S. Dollar relative to the British Pound and Canadian Dollar are expected to reduce 2023 normalized FFO attributable to common stockholders by approximately $0.19 per diluted share versus 2022.
- Earnings guidance includes only those acquisitions closed or announced to date.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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