Welltower (WELL) Q4 2024 earnings summary

Executive summary

• Achieved 18% year-over-year FFO per share growth in Q4 2024, with strong momentum into 2025 and multi-year bottom-line growth drivers in place.

• Seniors Housing Operating (SHO) portfolio delivered 23.9% same-store NOI growth in Q4 2024, marking the ninth consecutive quarter above 20%.

• Completed $2.4 billion of gross investments in Q4 and $7.0 billion for the year, including significant acquisitions and development funding.

• Launched private funds management business in January 2025, with the first fund targeting up to $2 billion in U.S. seniors housing investments and ADIA as anchor LP.

• Board approved a 10% increase in the quarterly dividend, reflecting strong financial performance and growth prospects.

Financial highlights

• Q4 2024 normalized FFO per share was $1.13, up 18% year-over-year; annual normalized FFO per share was $4.32, up from $3.64 in 2023.

• Full year 2024: 23% revenue growth, 26% adjusted EBITDA growth, and 19% FFO per share growth year-over-year.

• Q4 total revenues were $2.25 billion, up from $1.75 billion in Q4 2023; annual revenues reached $7.99 billion, up from $6.64 billion in 2023.

• Q4 SSNOI margin in the SHO portfolio expanded by 320 bps, driven by RevPOR growth of 5.0% and occupancy gains.

• Q4 dividend per share was $0.67, up from $0.61 in Q4 2023; annual dividend per share was $2.56.

Outlook and guidance

• 2025 guidance: net income attributable to common stockholders of $1.60–$1.76 per share; normalized FFO of $4.79–$4.95 per diluted share, a 55% increase at the midpoint from 2024.

• 2025 average blended SSNOI growth expected at 9.25%–13.00%, with SHO segment projected at 15.0%–21.0%.

• Revenue growth in SHO portfolio projected at 8.5% for 2025, with further occupancy and rate gains.

• Expense growth in SHO portfolio expected to be 5.0% in 2025 versus 2024.

• Guidance does not assume acquisitions beyond $2.0 billion already announced as of February 11, 2025.