Q3 2024 Welltower Inc Earnings Call Transcript
Key Points
- Welltower Inc (WELL) reported a 21% increase in FFO per share and raised forward guidance by $0.13 per share, indicating strong financial performance.
- The company's quarterly revenue exceeded $2 billion for the first time, showcasing significant growth.
- Year-over-year same-store NOI growth for the senior housing operating portfolio was 23%, marking the eighth consecutive quarter of over 20% growth.
- Welltower Inc (WELL) has a robust investment pipeline, with $1.2 billion in transactions completed or under contract, contributing to a record-setting $6.1 billion in year-to-date investment activity.
- The company has strengthened its balance sheet with leverage at 3.7 times and nearly $10 billion of liquidity, positioning it well for future opportunities.
- Despite strong performance, macroeconomic uncertainty and geopolitical tensions pose potential risks to future growth.
- The constrained lending environment, with banks reducing senior housing loan exposure, could impact future financing opportunities.
- High construction and financing costs make new senior housing developments economically unfeasible, potentially limiting future supply.
- The rollout of Welltower Inc (WELL)'s tech platform involves initial duplicative costs, which may impact short-term financials.
- The company's SHOP portfolio has a lower occupancy rate compared to pre-COVID levels, indicating room for improvement.
Thank you for standing by. My name is Briana, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Welltower third-quarter 2024 earnings conference call. Please note that this call is being recorded. (Operator Instructions) I will now turn the conference over to Matt McQueen, General Counsel. Please go ahead, sir.
Thank you, and good morning. As a reminder, certain statements made during this call may be deemed forward-looking statements in the meaning of the Private Securities Litigation Reform Act. Although Welltower believes any forward-looking statements are based on reasonable assumptions, the company can give no assurances that its projected results will be attained. Factors that could cause actual results to differ materially from those forward-looking statements are detailed in the company's filings with the SEC.
And with that, I'll hand the call over to Shankh for his remarks.
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