The following is a summary of the Welltower Inc. (WELL) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Welltower reported nearly 19% YoY growth in Q1 2024 FFO per share.

• Q1 saw a double-digit same-store revenue growth of 10.3% driven by strong occupancy and rate growth.

• The same-store net operating income growth was robust at 25.5%.

• Gross investments of $449 million completed in Q1 and $2.6 billion of gross investments are currently under contract or closed spanning 146 properties across the US, UK, and Canada.

• Net income attributable to common stockholders was $0.22 per diluted share and normalized funds from operations were $1.01 per diluted share, representing 18.8% YoY growth.

• Total portfolio same-store NOI growth was 12.9% YoY.

• Revised 2024 outlook for net income attributable to common stockholders is $1.48 to $1.61 per diluted share.

• Normalized FFO is expected to be between $4.02 to $4.15 per diluted share, up from previously projected.

• Estimated total portfolio year-over-year same-store NOI growth of 9% to 12% is driven by outpatient medical sub-segment growth.

• Welltower deployed nearly $15 billion of capital since the depth of COVID, which improved cash flow and driven net debt to adjusted EBITDA down to 4x.

• Welltower currently has over $6 billion of total near-term liquidity available to pursue capital deployment opportunities.

Business Progress:

• Welltower remains strongly focused on senior housing as it experiences an uptick in seniors choosing to live in a curated environment.

• Eight communities are being converted from triple-net to RIDEA, a move expected to add significantly to the company's full cycle stabilized earnings.

• The company is enthusiastic about tuck-in acquisitions.

• Plans to strengthen growth prospects and improve fit to existing portfolios by going deep in existing markets rather than broad.

• Continuous improvement of customer experience and a constant pursuit of operational excellence are included in the company's goals.

• Entering the crucial summer leasing season and is awaiting market responses to assess operating results.

• Investments in cloud infrastructure will be accelerated to support growth and demand for AI platform.

• Advancing its analytics and operations team to handle increased capital deployment.

• Plans to use the balance sheet, one of the five pillars of growth, as a tool to drive part share growth.

• The company aims to provide great service to communities, residents, and employees while looking for opportunities to create long-term value.

• Sees a significant domestic opportunity of $19 billion over the next two years.

• Expects to perform many granular transactions in the U.K. this year despite the healthcare real estate debt market being worse than the U.S.

More details: Welltower Inc IR

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