(Reuters) – Welltower raised its annual funds from operations forecast on Monday, betting on resilient demand for the healthcare real estate investment trust’s assisted living and senior housing properties.
The company now sees its 2024 normalized FFO, a key performance measure for REITs, in the range of $4.27 to $4.33 per share, compared with its previous estimate of $4.13 to $4.21.
The REIT owns housing, outpatient medical centers and healthcare properties with a focus on older adults and assisted living. It operates in the United States, Canada and the United Kingdom.
It posted quarterly normalized FFO of $1.11 per share, an increase of 20.7% from the previous year.
Demand for senior housing has been growing due to an ageing population in the United States and a rise in senior citizens’ healthcare expenditure.
Same-store net operating income from its senior housing properties rose 23% in the third quarter. The Ohio-based company’s net profit jumped to 73 cents per share, from 24 cents a year earlier.
(Reporting by Sneha S K; Editing by Maju Samuel)
