Q2 2024 Welltower Inc Earnings Call Transcript
Key Points
- Welltower Inc (WELL) reported a significant bottom-line growth with normalized FFO per share up 17% year over year.
- The company announced $1 billion of acquisitions under contract, bringing the year-to-date acquisition activity to approximately $5 billion.
- Welltower Inc (WELL) raised its full-year FFO per-share guidance, reflecting confidence in continued growth opportunities.
- The senior housing portfolio posted same-store NOI growth in excess of 20% for the seventh consecutive quarter.
- The company achieved substantial margin expansion of 280 basis points year over year to 27.3%.
- Despite improvements, margins remain well below pre-COVID levels.
- The company faces challenges in securing construction financing due to regional banks shutting down activity.
- There is some short-term dilution expected from capital light transactions such as operator transitions and conversion of triple-net leases.
- The transition of 89 holiday assets to new operators has resulted in some near-term disruption.
- The company anticipates higher G&A expenses and near-term drag from triple-net to RIDEA conversions.
Please stand by for streaming text.
Thank you for standing by. My name is Kayla, and I will be your conference operator today. At this time, I would like to welcome everyone to the Welltower Second Quarter 2020 for earnings.
All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. I'd like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question again, press the star and one.
I would now like to turn the call over to Matt McQueen, General Counsel. You may begin.
Thank you and good morning. As a reminder, certain statements made during this call may be deemed forward-looking statements within meaning of the Private Securities Litigation from former. Although Welltower believes any forward-looking statements are based on reasonable
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