Welltower (WELL) Misses Q3 EPS by 23c, Revenues BEat; Lowers FY18 EPS Outlook Below Consensus, Boosts Normalized FY18 FFO Guidance

Welltower (NYSE: WELL) reported Q3 EPS of $0.27, $0.23 worse than the analyst estimate of $0.50. Revenue for the quarter came in at $1.24 billion versus the consensus estimate of $1.17 billion.

• Increased normalized 2018 FFO guidance to $4.02 to $4.07 per diluted share from $3.99 to $4.06 per diluted share
• Successfully completed over $2.1 billion of health system and outpatient medical gross investments, and announced a further $480 million of agreements to acquire high quality outpatient medical buildings
• Successfully closed $1.3 billion senior unsecured notes offering across three tranches with a weighted average maturity of 15.4 years and blended yield to maturity of 4.4%
• Delivered $96 million of pro rata development projects with an expected stabilized yield of 8.5%
• Named to the Dow Jones Sustainability World Index for the first time and the Dow Jones Sustainability North America Index for the third consecutive year
• Recognized by the National Diversity Council as one of the top 10 Diverse Companies in Ohio

"Welltower's diversified portfolio of Class A health care properties continued to deliver strong relative performance for yet another quarter, while the QCP acquisition demonstrated our forward-thinking vision to transform health care delivery," commented CEO Tom DeRosa. "Since our announcement of QCP, we have entered into nearly half a billion in acquisition and development agreements with health system partners such as Johns Hopkins and Providence St. Joseph Health, exemplifying our ability to create investment opportunities with leading health systems that deliver long-term shareholder returns."

GUIDANCE:

Welltower sees FY2018 EPS of $2.39-$2.44, versus the consensus of $2.53.

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

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