Welltower Raises FY23 FFO Outlook On Strong Capital Deployment & Senior Housing Business

Welltower Inc WELL raised its FY23 FFO outlook and provided a business update

The company increased FY23 normalized funds from operations (FFO) per share guidance to $3.51 – $3.60 from $3.48 - $3.59 earlier.

The bullish stance reflects continued strength in the company's Seniors Housing Operating (SHO) portfolio and strong capital deployment activity.

Year-to-date, WELL has completed capital deployment of around $1.3 billion, with transactions spanning across seniors housing, wellness housing, outpatient medical, and skilled nursing property types businesses.

The company continues to expect occupancy gains and strong pricing power to drive SS revenue growth of around 9.7% in FY23, with anticipated occupancy growth of about 230 bps. 

Also, WELL continues to see an increase in recognized renewal rates and improving street rates, accelerating RevPAR growth of 6.7% in FY23.

In July, the company reported Q2 sales of $1.67 billion, which beat the consensus estimate of $1.59 billion and normalized FFO per share of $0.90 came above $0.86 a year ago

Price Action: WELL shares are trading higher by 0.36% at $82.90 premarket on the last check Monday.

Market News and Data brought to you by Benzinga APIs
Posted In: EquitiesLarge CapNewsGuidanceMarketsBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!