Welltower (WELL) Reports In-Line Q3 FFO

Welltower (NYSE: WELL) reported Q3 FFO of $1.00, in-line with the analyst estimate of $1.00. Revenue for the quarter came in at $1.3 million versus the consensus estimate of $1.1 million.

Outlook for 2018 Net income attributable to common stockholders has been revised upward to a range of $2.66 to $2.73 per diluted share from the previous range of $2.55 to $2.65 per diluted share, primarily due to changes in projected net gains/losses/impairments and depreciation and amortization partially offset by the normalizing items in Exhibit 2. We are raising our 2018 normalized FFO attributable to common stockholders guidance to $3.99 to $4.06 per diluted share. In preparing our guidance, we have updated or confirmed the following assumptions:

Same Store NOI: We continue to expect average blended SSNOI growth of approximately 1.0%-2.0% in 2018.
Acquisitions: 2018 earnings guidance includes any acquisitions closed or announced year to date, inclusive of the acquisition of QCP.
Development: We anticipate funding development of approximately $162 million in 2018 relating to projects underway on June 30, 2018. We expect development conversions during the remainder of 2018 of approximately $130 million, which are currently expected to generate stabilized yields of approximately 8.0%.
Dispositions: We are increasing anticipated disposition proceeds of $1.9 billion to $2.4 billion at a blended yield of 6.0% in 2018. This includes approximately $1.1 billion of proceeds from dispositions completed to-date, $0.8 billion of previously disclosed property dispositions and payoffs and $0.5 billion of incremental asset sales associated with the QCP transaction described above.

Our guidance does not include any additional investments, dispositions or capital transactions beyond what we have announced, nor any other expenses, impairments, unanticipated additions to the loan loss reserve or other additional normalizing items. Please see the exhibits for a reconciliation of the outlook for net income available to common stockholders to normalized FFO attributable to common stockholders. We will provide additional detail regarding our 2018 outlook and assumptions on the second quarter 2018 conference call.

For earnings history and earnings-related data on Welltower (WELL) click here.

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