Analysts at RBC Capital slightly adjusted their 2023 and 2024 FFO/share estimates for Welltower (NYSE:WELL) and introduced their 2025 estimate of $4.67/share following the Q1 earnings results earlier this month. Q1 EPS was $0.05, worse than the Street estimate of $0.13, while revenue of $1.56 came in above the Street estimate of $1.52 billion.
The analysts’ updated outlook is driven by solid SHOP growth and improving investment trends. SHOP growth is picking up as expected, with the same-store portfolio delivering 23.4% NOI growth in Q1/23, and management raised its full-year forecast to 17–24% from 15–24%.