Welltower raises annual FFO forecast on senior housing strength

Reuters04-30

April 29 (Reuters) - Welltower raised its annual funds from operations (FFO) forecast on Monday, banking on strong demand for its assisted living and senior housing properties.

The real estate investment trust $(REIT)$ owns housing and healthcare properties with a focus on older adults and assisted living.

It now sees its 2024 normalized FFO, a key performance measure for REITs, in the range of $4.02 to $4.15 per share, raised from its previous outlook of $3.94 to $4.10 per share.

The demand for senior housing assets has been on a rise due to an overall ageing population in the United States and an expected rise in senior citizens' healthcare expenditure.

Same-store net operating income from its senior housing properties rose 25.5% in the quarter ended March 31.

During the quarter, Welltower completed $449 million of pro rata gross investments, including $208 million in acquisitions and loan funding and $241 million in development funding, the company said.

The Ohio-based REIT posted net per share income attributable to common stockholders of 22 cents, compared with $0.05 per share a year earlier.

(Reporting by Pratik Jain in Bengaluru; Editing by Alan Barona)

((Pratik.Jain@thomsonreuters.com;))

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