Welltower Inc. (NYSE:WELL) Q1 2024 Earnings Conference Call April 30, 2024 9:00 AM ET

Company Participants

Matthew McQueen - General Counsel
Shankh Mitra - Chief Executive Officer
John Burkart - Chief Operating Officer
Tim McHugh - Chief Financial Officer
Nikhil Chaudhri - Chief Investment Officer

Conference Call Participants

Ronald Kamdem - Morgan Stanley
Vikram Malhotra - Mizuho
Nick Yulico - Scotiabank
Austin Wurschmidt - KeyBanc Capital Markets
Jonathan Hughes - Raymond James
Juan Sanabria - BMO Capital Markets
Nick Joseph - Citigroup
Joshua Dennerlein - Bank of America Merrill Lynch
Michael Carroll - RBC Capital Markets
Jim Kammert - Evercore ISI
Michael Mueller - JPMorgan
John Pawlowski - Green Street
Rich Anderson - Wedbush Securities
Wes Golladay - Robert W. Baird

Operator

Thank you for standing by. My name is [indiscernible] and I will be your conference operator today. At this time, I would like to welcome everyone to the Welltower First Quarter 2024 Earnings Call. [Operator Instructions] Thank you.

I would now like to turn the conference over to Matt McQueen, General Counsel. You may begin.

Matthew McQueen

Thank you and good morning. As a reminder, certain statements made during this call may be deemed forward-looking statements in the meaning of the Private Securities Litigation Reform Act.

Although Welltower believes any forward-looking statements are based on a reasonable assumption, the company can give no assurances that projected results will be attained. Factors that could cause actual results to differ materially from those in the forward-looking statements are detailed in the company’s filings with the SEC.

And with that, I’ll hand the call over to Shankh for his remarks.

Shankh Mitra

Thank you, Matt, and good morning, everyone. I will review first quarter business trends and our capital allocation priorities. John will provide an update on the operational performance of our Senior Housing and Outpatient Medical portfolios. Nikhil will give you an update on the investment landscape. And Tim will walk you through our triple-net businesses, balance sheet highlights and guidance update.

I’m very pleased with the strong start to the year as we delivered nearly 19% year-over-year growth in FFO per share with contributions from all parts of our businesses. But I remain particularly excited of how the Senior Housing business which continues to surpass our expectations. Despite continued uncertainty with respect to the direction of the economy and turbulence across many sectors within commercial real estate, the demand supply backdrop for Senior Housing gets better with each passing day.