Welltower Reports Third Quarter 2024 Results

Revenue Up, Occupancy Down

Welltower Inc., a real estate investment trust (REIT) that invests in healthcare properties, reported third-quarter 2024 results on Oct 26, 2024.

Revenue for the quarter was $1.3 billion, up from $1.2 billion in the prior-year period. The increase was primarily due to the acquisition of 51 new properties in the past year. However, occupancy declined to 92% from 95% in the third quarter of 2023, as the company continues to experience challenges filling its available units.

FFO Increases

Funds from operations (FFO), a measure of profitability for REITs, increased to $0.82 per share, from $0.79 per share.

This increase was primarily due to the higher revenue. Welltower also benefited from a $0.03 per share gain on the sale of a property.

Outlook

Welltower maintained its guidance for the full year 2024. The company expects revenue to be in the range of $5.1 billion to $5.3 billion, and FFO to be in the range of $3.18 to $3.24 per share.

Going forward, the company expects to continue to focus on its core business of investing in healthcare properties. Welltower also plans to expand its international presence.