Welltower sees FY24 normalized FFO $3.94-$4.10

The company added, “We expect average blended SSNOI growth of 8.25% to 11.50%, which is comprised of the following components: Seniors Housing Operating approximately 15% to 21%, Seniors Housing Triple-net approximately 2.5% to 4.0% Outpatient Medical approximately 2% to 3%, Long-Term/Post-Acute Care approximately 2% to 3%. Our earnings guidance includes only those acquisitions announced or closed to date. Furthermore, no transitions or restructures beyond those announced to date are included. General and Administrative Expenses: We anticipate general and administrative expenses to be approximately $195M-$205M and stock-based compensation expense to be approximately $37M. Development: We anticipate funding an additional $819M of development in 2024 relating to projects underway on December 31, 2023. Dispositions: We expect pro rata disposition proceeds of $1.0B at a blended yield of 5.8% in the next twelve months. This includes approximately $950M of consideration from expected property sales and $78M of expected proceeds from loan repayments. Pandemic Relief Funds: Our 2024 earnings guidance does not include the recognition of any pandemic relief funds which may be received during the year. In 2023, we recognized approximately $13M at our share relating to Provider Relief Funds and similar programs in the United Kingdom and Canada.”