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Dec 31, 2024
Welltower Q4 2024 Earnings Report
Key Takeaways
Welltower Inc. reported strong Q4 2024 results, with net income of $119.97 million and normalized FFO per diluted share of $1.13, up 17.7% year-over-year. The company's Seniors Housing Operating (SHO) portfolio drove growth, with a 23.9% increase in same-store NOI and an 8.8% rise in same-store revenue. Welltower completed $2.4 billion in investments during the quarter and maintained strong liquidity of $8.7 billion.
Welltower
Welltower
Welltower Revenue by Segment
Revenue by Segment
Seniors Housing Ops Revenue
CapyFin.com Forward Guidance
Welltower expects continued growth in 2025, with projected net income per share between $1.60 and $1.76 and normalized FFO per share between $4.79 and $4.95. The company anticipates further expansion in its SHO portfolio and expects same-store NOI growth of up to 13%.
Positive Outlook
- Projected net income per share of $1.60-$1.76
- Normalized FFO per share expected to be $4.79-$4.95
- SHO portfolio expected to grow 15-21%
- Strong liquidity position with $8.7 billion available
- Projected $461 million in development investments
Challenges Ahead
- Triple-net revenue expected to grow only 3-4%
- Outpatient medical revenue growth projected at 2-3%
- Expected $516 million in property dispositions
- General and administrative expenses expected to reach $245 million
- Stock-based compensation expense projected at $49 million