Welltower delivered a solid first quarter, with the market reacting modestly positive (+1.5%) to results. The company reported broad-based growth and raised full-year FFO per share guidance, while also highlighting continued portfolio transformation and significant capital deployment.

• Total revenue grew 38% year-over-year, with adjusted EBITDA up 36%.
• FFO per share rose 23%, and the midpoint of full-year FFO per share guidance was raised by $0.11 to $6.28.
• Same-store net operating income increased 16.4% portfolio-wide, with senior housing operating portfolio now making up 74% of same-store NOI.
• Operating margins expanded by 320 basis points, with organic revenue growth approaching 10%.
• $3.2 billion of investments were completed in the quarter, with another $7.3 billion under contract; nearly $3 billion of dispositions completed as the company continues to rebalance its portfolio.