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Welltower (NYSE:WELL) boosted its full-year guidance as the healthcare REIT’s senior housing operating portfolio generated strong margins in the quarter.
The healthcare REIT now expects 2023 normalized FFO per share of $3.48-$3.59 (vs. $3.50 consensus), up from its prior guidance of $3.43-$3.56.
Q2 normalized FFO per share of $0.90, topping the $0.86 consensus, rose from $0.85 in Q1 and from $0.86 in Q2 2022.
Q2 revenue of $1.67B, handily beating the $1.58B consensus, rose from $1.56B in Q1 and from $1.47B in Q2 2022.
Total portfolio same-store net operating (SSNNI) growth increased 12.7% Y/Y vs. 11.0% in the prior quarter. SSNOI in its seniors housing operating (SHO) portfolio gained 24.2% Y/Y compared with 23.4% in Q1.
SHO portfolio Y/Y SSNOI margin expanded by 290 basis points, mostly driven by strong revenue per occupied room growth, which continued to “meaningfully outpace” expense per occupied room growth.
Since the beginning of Q2, Welltower (WELL) closed or is under contract to close 26 new transactions representing pro rata acquisition and loan funding of ~$2.3B, bringing year-to-date total investment activity to $3.0B.
Conference call on Aug. 1 at 9:00 AM ET.
Earlier, Welltower (WELL) FFO of $0.90 beats by $0.04, revenue of $1.67B beats by $90M
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