Welltower sees FY23 normalized FFO $3.35-$3.53, consensus $3.57

Sees FY23 average blended SSNOI growth of 8%-13%, which is comprised of the following components: Seniors Housing Operating approximately 15%-24%; Seniors Housing Triple-net approximately 1%-3%; Outpatient Medical approximately 2%-3%; and Long-Term/Post-Acute Care approximately 2%-3%. The company added "Investments: Our earnings guidance includes only those acquisitions closed or announced to date. Furthermore, no transitions or restructures beyond those announced to date are included. Impact of Interest Rates and Foreign Exchange Rates: Increased interest rates on floating rate debt and a strengthening U.S. Dollar relative to the British Pound and Canadian Dollar are expected to reduce 2023 normalized FFO attributable to common stockholders by approximately 19c per diluted share versus 2022. General and Administrative Expenses: We anticipate general and administrative expenses to be approximately $166M-$174M and stock-based compensation expense to be approximately $29M. Development: We anticipate funding approximately $689M of development in 2023 relating to projects underway on December 31, 2022. Dispositions: We expect pro rata disposition proceeds of $383M at a blended yield of 7.9% in the next twelve months. This includes approximately $362M of expected proceeds from property sales and $21M of expected proceeds from loan repayments. Provider Relief Funds: Our 2023 earnings guidance does not include the recognition of any Provider Relief Funds or other government grants which may be received during the year. In 2022, we recognized approximately $35M at our share relating to Provider Relief Funds and similar programs in the United Kingdom and Canada."