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Investing.com -- Welltower Inc (NYSE:WELL) reported third quarter normalized funds from operations (FFO) of $1.34 per share, representing a 20.7% increase from the same period last year, despite missing analyst expectations on earnings per share. The healthcare real estate investment trust’s shares dipped 0.7% in after-hours trading Monday.
The company reported net income attributable to common stockholders of $0.41 per share, falling short of analyst estimates of $0.52. However, revenue came in at $2.69 billion, exceeding the consensus estimate of $2.61 billion. Welltower also announced a significant $23 billion in transaction activity, including $14 billion in acquisitions primarily focused on seniors housing communities.
"Our third quarter results demonstrate the continued strength of our seniors housing portfolio," said Shankh Mitra, Welltower’s CEO, in a statement accompanying the earnings release.
The company’s same-store net operating income (SSNOI) grew 14.5% YoY, driven by a 20.3% increase in its Seniors Housing Operating portfolio. Same-store margins expanded by 260 basis points, with revenue growth of 9.7% resulting from 400 basis points of occupancy improvement and 4.8% growth in revenue per occupied room.
Welltower raised its full-year normalized FFO guidance to $5.24-$5.30 per share from the previous range of $5.06-$5.14, while lowering its net income guidance to $0.82-$0.88 per share from $1.86-$1.94 previously.
The company also announced a significant strategic shift, including the sale of an 18 million square foot outpatient medical portfolio valued at approximately $7.2 billion, with the first tranche of $2 billion already completed in October. Additionally, Welltower disclosed plans to intensify its focus on seniors housing, which is expected to represent mid-80% of its net operating income following these transactions.
Welltower completed $1.9 billion of investments during the quarter, including $1.8 billion in acquisitions and loan funding. The company declared a quarterly cash dividend of $0.74 per share, payable on November 20, 2025.