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Welltower Inc. (WELL) boasts a diversified portfolio of healthcare real estate assets in the key markets of the United States, Canada and the U.K. The favorable senior housing industry, capital-recycling efforts and a healthy balance sheet are likely to continue aiding the company to ride the growth curve.Last month, this Toledo, OH-based healthcare real estate investment trust (REIT) company reported third-quarter 2024 normalized funds from operations (FFO) per share of $1.11, beating the Zacks Consensus E ...

Group 1 - Welltower Inc. reported decent Q3 results, indicating growth in its operations [1] - The growth in share price may already be priced in, suggesting potential underperformance in the upcoming years [1] Group 2 - The company is part of the REIT sector, which typically involves investments in real estate and related assets [1]

Financial Data and Key Metrics Changes - The company reported a 21% increase in FFO per share and raised its guidance by $0.13 per share, reflecting strong operational performance [7] - Quarterly revenue exceeded $2 billion for the first time in company history [8] - Year-over-year same-store NOI growth was 12.6%, with a significant increase in total portfolio NOI [48] Business Line Data and Key Metrics Changes - The senior housing operating portfolio achieved a remarkable 23% year-over-year same-store NOI growth, marking eight consecutive quarters of over 20% growth [8][21] - The outpatient medical business posted a 2.2% year-over-year same-store NOI growth, maintaining a stable occupancy rate of 94.5% [22] - The triple-net lease portfolio saw a same-store NOI increase of 5.8% year-over-year [50] Market Data and Key Metrics Changes - The company experienced a 310 basis points year-over-year increase in same-store occupancy, with a sequential occupancy gain of 120 basis points [26] - The spread between RevPOR (revenue per occupied room) and ExpPOR (expense per occupied room) remains historically wide, contributing to a 300 basis points year-over-year margin expansion [10][28] Company Strategy and Development Direction - The company is focused on deepening its market presence through bolt-on acquisitions rather than broadening its geographic footprint [17] - The rollout of a new technology platform is expected to enhance operational efficiency and improve customer experience [15][30] - The company anticipates significant growth in the senior housing sector driven by demographic trends, with 5,000 Americans turning 80 every day starting next year [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong demand for senior housing and a favorable supply outlook due to declining construction starts [11][13] - The company is well-positioned with a leverage ratio of 3.7 times and nearly $10 billion in liquidity to capitalize on investment opportunities [18] - Management emphasized the importance of focusing on long-term compounding growth rather than short-term market fluctuations [19] Other Important Information - The company completed $1.2 billion in transactions since the last quarterly update, bringing total year-to-date investment activity to over $6 billion [16] - The company’s annualized revenue exceeded $8.2 billion, reflecting a significant increase compared to pre-COVID levels [55] Q&A Session Summary Question: Can you discuss the historically wide gap between unit revenue and unit expense? - Management noted that flow-through margins are expected to improve as occupancy approaches pre-COVID levels, with current margins in the low-60s range [70][72] Question: What are the economic conditions for new construction? - Management indicated that construction costs remain high, and significant rent growth relative to labor costs is necessary for new projects to be economically viable [75][76] Question: What drives top-line growth and pricing expectations for 2025? - Management refrained from speculating on 2025 but highlighted the potential for improved occupancy and pricing based on current trends [79][80] Question: Can you elaborate on traffic trends and turnover in the portfolio? - Management reported increased traffic and improved closing ratios, indicating better execution and market share capture [83] Question: What is the status of the tech platform rollout? - Management confirmed that the initial investment is being made by the company, with expectations for improved financial results as the platform is fully implemented [95][97] Question: How is the acquisition pipeline looking? - Management stated that they are engaged in discussions with several private peers, with a focus on quality over quantity in acquisitions [99]

Welltower Inc. (WELL) reported third-quarter 2024 normalized funds from operations (FFO) per share of $1.11, which surpassed the Zacks Consensus Estimate of $1.04. The reported figure improved 20.7% year over year. Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar. Reflecting the positive sentiments of investors, shares of the company gained around 2.2% during the afterhours of Monday's trading session. Results reflected a rise in revenues on a year-over-year basis. The total portfoli ...

Financial Performance - Net income for September 30, 2024, was $456.8 million, showing significant growth compared to $134.7 million in September 2023[113] - FFO (Funds From Operations) increased to $635.8 million in September 2024, up from $419.1 million in September 2023[113] - NOI (Net Operating Income) reached $842.9 million in September 2024, compared to $666.7 million in September 2023[113] - Net income for the three months ended September 30, 2024 increased by 239% to $456.8 million compared to $134.7 million in the same period in 2023[131] - FFO (Funds From Operations) for the nine months ended September 30, 2024 increased by 33% to $1.69 billion compared to $1.27 billion in the same period in 2023[131] - EBITDA for the nine months ended September 30, 2024 increased by 38% to $2.42 billion compared to $1.75 billion in the same period in 2023[131] - NOI (Net Operating Income) for the nine months ended September 30, 2024 increased by 17% to $2.32 billion compared to $1.98 billion in the same period in 2023[131] - FFO (Funds From Operations) for Q3 2024 was $635,817 thousand, compared to $419,124 thousand in Q3 2023, showing a significant increase[155] - Net income attributable to common stockholders for Q3 2024 was $449,849 thousand, up from $127,470 thousand in Q3 2023[155] - Consolidated NOI (Net Operating Income) for Q3 2024 was $842,962 thousand, up from $666,740 thousand in Q3 2023[158] - EBITDA for the nine months ended September 30, 2024, reached $2.423 billion, up from $1.754 billion in the same period in 2023[167] - Adjusted EBITDA for September 30, 2024, was $2,981.885 million, showing an increase from $2,816.379 million in June 2024 and $2,669.153 million in March 2024[168] - Net income for September 30, 2024, was $937.544 million, compared to $615.466 million in June 2024 and $461.138 million in March 2024[168] Portfolio and Property Operations - Welltower's consolidated portfolio for Q3 2024 shows NOI of $808.7 million, with Seniors Housing Operating contributing $394.5 million (48.8%), Triple-net $271.2 million (33.5%), and Outpatient Medical $143.1 million (17.7%)[104] - The company's Seniors Housing Operating segment consists of 1,008 properties, Triple-net has 606 properties, and Outpatient Medical includes 371 properties as of September 30, 2024[104] - Welltower acquired 100 properties during the nine months ended September 30, 2024, with a total investment of $2.85 billion and an average capitalization rate of 5.8%[108] - The company disposed of 31 properties during the same period, generating $580.1 million in proceeds with an average capitalization rate of 4.5%[109] - Seniors Housing Operating accounted for 49% of NOI in September 2024, up from 45% in September 2023[116] - Triple-net properties contributed 34% of NOI in September 2024, down from 35% in September 2023[116] - California remained the top geographic contributor with 11% of NOI in September 2024, consistent with September 2023[116] - Base rent for Triple-net properties in 2033 is projected at $59.5 million, representing 8.8% of total base rent[117] - Outpatient Medical base rent in September 2024 was $29.0 million, accounting for 5.0% of total base rent[117] - Total properties included in the SSNOI (Same Store Net Operating Income) pool were 2,137, with 1,490 being same-store properties[161] - Recent acquisitions and development conversions totaled 218 properties, which will enter the QTD Pool after five full quarters[161] - Redevelopment properties totaled 6, which will enter the QTD Pool after five full quarters of operations post redevelopment completion[161] - Consolidated NOI for Seniors Housing Operating increased to $394.463 million in Q3 2024, up from $284.909 million in Q3 2023[164] - SSNOI at Welltower Share for Seniors Housing Operating rose to $277.912 million in Q3 2024, compared to $229.596 million in Q3 2023[164] - Consolidated NOI for Triple-net properties reached $271.170 million in Q3 2024, up from $226.278 million in Q3 2023[164] - SSNOI at Welltower Share for Triple-net properties increased to $134.513 million in Q3 2024, from $128.789 million in Q3 2023[164] - Consolidated NOI for Outpatient Medical grew to $143.069 million in Q3 2024, compared to $129.754 million in Q3 2023[164] - SSNOI at Welltower Share for Outpatient Medical rose to $127.484 million in Q3 2024, up from $123.813 million in Q3 2023[164] - Total SSNOI at Welltower Share increased to $539.909 million in Q3 2024, compared to $482.198 million in Q3 2023[164] Capital and Financing Activities - The company generated $5.29 billion in gross proceeds from selling 53.55 million shares of common stock under its ATM Programs during the nine months ended September 30, 2024[106] - Welltower closed on an expanded $5 billion unsecured revolving credit facility in July 2024, replacing its previous $4 billion line of credit[106] - As of September 30, 2024, Welltower had $3.56 billion in cash and cash equivalents, $219.47 million in restricted cash, and $5 billion in available borrowing capacity[105] - Welltower OP issued $1.04 billion in 3.125% exchangeable senior unsecured notes in July 2024, maturing in 2029[106] - The company issued $1,035,000,000 of 3.125% exchangeable senior unsecured notes in July 2024, maturing July 15, 2029[123] - The company expanded its unsecured revolving credit facility to $5,000,000,000, replacing the previous $4,000,000,000 facility[123] - Total contractual obligations as of September 30, 2024, amounted to $23,154,611 thousand, with $6,043,344 thousand due between 2027-2028[126] - The company has $696,822,000 of remaining capacity under its ATM Program for issuing common stock as of October 25, 2024[127] - The company filed a prospectus supplement for the registration of up to 23,471,419 shares of common stock related to exchangeable senior notes[127] - The ending balance of debt as of September 30, 2024, was $1.938687 billion, with a weighted average interest rate of 4.44%[139] - Debt issued during the nine months ended September 30, 2024, was $3.708 million, compared to $381.369 million in the same period in 2023[139] - Debt extinguished during the nine months ended September 30, 2024, was $196.939 million, compared to $288.063 million in the same period in 2023[139] - Principal payments during the nine months ended September 30, 2024, were $29.580 million, compared to $36.292 million in the same period in 2023[139] - The ending weighted average interest rate for debt decreased to 4.01% as of September 30, 2024, from 4.39% in the same period in 2023[143] - The company extinguished $112 million of medical secured debt during the three months ended September 30, 2024, compared to $40.14 million in the same period in 2023[149] - Total net debt increased to $12,070,529 as of September 30, 2024, compared to $11,163,530 in June 2024 and $11,807,351 in March 2024[171] - Net debt to book capitalization ratio improved to 28% in September 2024 from 34% in December 2023[171] - Common equity market capitalization rose to $79,173,240 in September 2024, up from $63,399,742 in June 2024[171] - Net debt to consolidated enterprise value ratio decreased to 13% in September 2024 from 21% in December 2023[171] - Variable rate debt outstanding was $947,699,000 as of September 30, 2024, with a 1% interest rate increase resulting in $9,477,000 additional annual interest expense[177] - Total equity and noncontrolling interests grew to $31,064,003 in September 2024 from $26,371,727 in December 2023[171] - Undepreciated book capitalization reached $53,411,041 in September 2024, up from $49,385,684 in December 2023[171] - Net debt to undepreciated book capitalization ratio improved to 23% in September 2024 from 28% in December 2023[171] - Consolidated enterprise value increased to $91,973,491 in September 2024 from $65,584,105 in December 2023[171] Revenue and Expenses - For the nine months ended September 30, 2024, resident fees and services accounted for 74% of total revenues, while rental income represented 21%[105] - Resident fees and services revenue for the nine months ended September 30, 2024 increased by 22% to $4.27 billion compared to $3.49 billion in the same period in 2023[133] - Interest income for the nine months ended September 30, 2024 increased by 447% to $37.4 million compared to $6.8 million in the same period in 2023[133] - Property operating expenses for the nine months ended September 30, 2024 increased by 19% to $3.19 billion compared to $2.69 billion in the same period in 2023[133] - Depreciation and amortization expenses for the nine months ended September 30, 2024 increased by 17% to $770 million compared to $656 million in the same period in 2023[133] - Revenue for the three months ended September 30, 2024, was $277.912 million, a $48.316 million increase compared to $229.596 million in the same period in 2023, representing a 19.1% growth[136] - Revenue for the nine months ended September 30, 2024, was $720.750 million, a $115.822 million increase compared to $604.928 million in the same period in 2023, representing a 19.1% growth[136] - Impairment charges for the nine months ended September 30, 2024, were $65.996 million related to fourteen properties, compared to $15.029 million related to six properties in the same period in 2023[137] - The company transitioned operations for 89 Atria Senior Living properties to six existing operating partners, recognizing $26 million in other expenses during the second quarter of 2024[137] - Construction conversions completed during the nine months ended September 30, 2024, represented $462.246 million or $379,824 per unit[137] - As of September 30, 2024, the company had 29 properties under construction with a total in-progress balance of $989.792 million, including 6 properties expected to convert in 2024 with $366.086 million remaining funding[138] - Rental income for the three months ended September 30, 2024 increased by $32.6 million (17%) to $227.5 million, driven by acquisitions and annual rent increases, partially offset by property transitions[140] - Rental income for the nine months ended September 30, 2024 decreased by $5.8 million (1%) to $590.4 million, primarily due to a $97.7 million write-off related to lease conversions, partially offset by acquisitions and rent increases[140] - Interest income for the three months ended September 30, 2024 increased by $11.9 million (30%) to $51.9 million, driven by increased loan advances in late 2023[140] - SSNOI (Same Store Net Operating Income) for the three months ended September 30, 2024 increased by $5.7 million (4.4%) to $134.5 million, based on 458 same-store properties[142] - SSNOI for the nine months ended September 30, 2024 increased by $18.2 million (4.9%) to $390.2 million, based on 450 same-store properties[142] - The company recorded a $179.8 million gain on the acquisition of a 25% minority interest in a joint venture owning 39 triple-net lease properties[142] - The company recognized $92.6 million in gains from the sale of 15 properties previously under operating leases, now classified as sales-type leases[142] - Depreciation and amortization expenses for the nine months ended September 30, 2024 increased by $13.9 million (8%) to $181.9 million, driven by property acquisitions and dispositions[142] - The company recorded a $3.2 million impairment charge for two properties in the nine months ended September 30, 2024, compared to $6.1 million for two properties in the same period of 2023[142] - Net income attributable to common stockholders for the three months ended September 30, 2024 increased by $327.0 million (217%) to $477.9 million[140] - Rental income increased by $13.36 million (7%) for the three months ended September 30, 2024, compared to the same period in 2023, driven by acquisitions and construction conversions[145] - Interest income surged by $754 thousand (769%) for the three months ended September 30, 2024, compared to the same period in 2023[145] - Total revenues grew by $13.89 million (7%) for the three months ended September 30, 2024, compared to the same period in 2023[145] - Net Operating Income (NOI) increased by $13.32 million (10%) for the three months ended September 30, 2024, compared to the same period in 2023[145] - The company completed construction conversions representing $162.7 million or $641 per square foot during the nine months ended September 30, 2024[148] - The weighted-average term of new leases and renewals for the nine months ended September 30, 2024, was 8 years, with a rate of $42.01 per square foot[145] - Same Store Net Operating Income (SSNOI) increased by $3.67 million (3.0%) for the three months ended September 30, 2024, compared to the same period in 2023[146] - The construction in progress balance for Outpatient Medical projects as of September 30, 2024, was $307.52 million[148] - Total revenues increased by 31% to $38.95 million for the three months ended September 30, 2024, compared to $29.83 million in the same period in 2023[151] - Consolidated net operating income (loss) rose by 33% to $34.26 million for the three months ended September 30, 2024, from $25.80 million in the same period in 2023[151] - General and administrative expenses increased by 69% to $77.90 million for the three months ended September 30, 2024, compared to $46.11 million in the same period in 2023[151] - Interest expense decreased by 6% to $130.79 million for the three months ended September 30, 2024, from $139.49 million in the same period in 2023[151] - Net income (loss) attributable to common stockholders improved by 2% to $(511.47) million for the nine months ended September 30, 2024, compared to $(519.86) million in the same period in 2023[151] - Senior unsecured notes interest expense decreased by 8% to $122.06 million for the three months ended September 30, 2024, from $133.17 million in the same period in 2023[152] - Unsecured credit facility and commercial paper program interest expense increased by 3% to $1.60 million for the three months ended September 30, 2024, compared to $1.55 million in the same period in 2023[152] - Loan expense increased by 50% to $7.14 million for the three months ended September 30, 2024, from $4.76 million in the same period in 2023[152] - General and administrative expenses as a percentage of consolidated revenues were 3.25% for the nine months ended September 30, 2024, compared to 2.76% in the same period in 2023[151] - The company recognized $29.84 million as a cumulative catch-up of stock compensation expense during the three months ended September 30, 2024[151] - Depreciation and amortization expenses for Q3 2024 were $403,779 thousand, compared to $339,314 thousand in Q3 2023[155] - Interest expense for September 30, 2024, was $574.366 million, slightly lower than $591.848 million in June 2024 and $610.761 million in March 2024[168] - Depreciation and amortization for September 30, 2024, was $1,532.417 million, up from $1,467.952 million in June 2024 and $1,427.852 million in March 2024[168] - Impairment of assets for September 30, 2024

Welltower (WELL) came out with quarterly funds from operations (FFO) of $1.11 per share, beating the Zacks Consensus Estimate of $1.04 per share. This compares to FFO of $0.92 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an FFO surprise of 6.73%. A quarter ago, it was expected that this senior housing and health care real estate investment trust would post FFO of $1 per share when it actually produced FFO of $1.05, delivering a surprise of 5%. Ov ...

Financial Performance - Total NOI for 3Q24 increased to $541,128, representing a 12.6% change from the same period in 3Q23[10] - Seniors Housing Operating properties generated a NOI of $278,849, a 23.0% increase year-over-year[10] - Outpatient Medical properties reported a NOI of $127,766, reflecting a 2.2% growth compared to 3Q23[10] - Total revenues for the seniors housing operating segment reached $1,572,923 in Q3 2024, with operating expenses of $1,167,375[16] - Total revenues for 3Q24 reached $209,602,000, reflecting an increase from $202,352,000 in 2Q24[22] - NOI for 3Q24 was $144,807,000, with an NOI margin of 69.1%[22] - Same store revenues for Q3 2023 were $966,636, with a year-over-year revenue growth rate of 8.9%[15] - Total revenues for Q3 2023 reached $1,684,899,000, an increase from $1,221,753,000 in Q3 2022, representing a growth of approximately 38%[46] - Net operating income for Q3 2023 was $673,390,000, compared to $288,290,000 in Q3 2022, reflecting a significant increase of about 134%[46] - The company reported a total property operating expense of $1,011,509,000 for Q3 2023, which is an increase from $933,463,000 in Q3 2022, marking an increase of about 8%[46] Occupancy and Property Metrics - The occupancy rate for Seniors Housing Operating reached 84.3%, while Outpatient Medical achieved 94.4%[11] - Total occupancy across the seniors housing operating portfolio improved to 83.8% by Q3 2024, up from 80.7% in Q3 2023[16] - The company operates 620 properties with a total of 64,761 units, reflecting stable unit counts across the quarters[15] - The average age of properties in the portfolio is 20 years, indicating a mature asset base[9] - The total portfolio consists of 426 properties with a total square footage of 21,320,290[22] - Average occupied units per month reached 91,281, with 70,424 in the United States, 4,147 in the United Kingdom, and 16,710 in Canada[73] Revenue Sources and Mix - The revenue mix for Medicare in Long-Term/Post-Acute Care was 28.1%, highlighting reliance on government programs[11] - The remaining properties accounted for 54.5% of total NOI, highlighting a diversified revenue stream[13] - The company has a diversified rental income portfolio, with Kelsey-Seybold contributing $52,616,000, accounting for 8.9% of total rental income[23] - Health system affiliated properties account for 89.7% of NOI[24] - Investment grade tenants represent 57.4% of rental income[24] Future Outlook and Development - Future outlook includes continued focus on market expansion and potential acquisitions to enhance portfolio diversity[8] - The company has 40 development projects with a total investment of $672,760,000[31] - Future funding projections for seniors housing amount to $365,510,000, with unfunded commitments of $519,223,000[38] - The company anticipates future funding of $693,262,000 for total development projects[38] - The company is focused on market expansion and new product development, although specific details were not disclosed in the call[58] Debt and Financial Health - The total debt of the company amounts to $16,944,442[43] - The company has a net obligation of $13,880,565[43] - Total consolidated secured debt amounts to $2,581,878,000, with a weighted average interest rate of 4.34%[59] - The weighted average maturity of the debt is 5.5 years, with 12.93% of the total debt maturing thereafter[59] - The leverage ratio indicates a focus on managing long-term debt relative to total capitalization, essential for financial health[67] Adjusted Metrics and Ratios - Adjusted EBITDA for the twelve months ended September 30, 2024, was $3,042,145,000, with a net debt to EBITDA ratio of 3.73x[50] - Interest expense for the twelve months ended September 30, 2024, was $574,366,000, with a corresponding interest coverage ratio of 5.07x[50] - EBITDAR coverage for Long-Term/Post-Acute Care was reported at 1.74, indicating strong financial health[11] - The company expects to maintain capitalization ratios consistent with its current profile, indicating a stable financial outlook[67] Challenges and Adjustments - Significant adjustments in NOI include impairment of assets totaling $43,331,000 for Q1 2024[67] - The company reported a loss on real estate dispositions of $272,266,000 for Q3 2024, highlighting challenges in asset management[67] - Non-cash NOI on same store properties for Q3 2023 was $(26,713,000), indicating adjustments made for financial reporting[71] - NOI attributable to non-same store properties was $(165,506,000) for Q3 2023, reflecting challenges in that segment[71] Strategic Focus - Welltower's focus on expanding its presence in high-growth markets in the U.S., Canada, and the U.K. continues to drive its investment strategy[78] - The company emphasizes the importance of innovative care delivery models to enhance wellness and healthcare experiences[78] - Welltower remains committed to maintaining its REIT qualification amidst various market challenges and regulatory changes[75]

Core Insights - Welltower Inc. reported a net income attributable to common stockholders of $0.73 per diluted share for the quarter ended September 30, 2024, with a normalized funds from operations (FFO) of $1.11 per diluted share, reflecting a 20.7% increase year-over-year [2][4] - The total portfolio's same store net operating income (SSNOI) grew by 12.6% year-over-year, primarily driven by a 23.0% growth in the Seniors Housing Operating (SHO) portfolio [2][4] - The company completed $2.4 billion in pro rata gross investments during the third quarter, including $2.2 billion in acquisitions and loan funding [2][4] Financial Performance - The company achieved a year-over-year same store revenue increase of 8.9% in the SHO portfolio, supported by a 310 basis points increase in average occupancy and a 4.9% growth in Revenue Per Occupied Room (RevPOR) [2][4] - The SSNOI margin for the SHO portfolio expanded by 300 basis points in the third quarter, driven by strong RevPOR growth outpacing Expense per Occupied Room (ExpPOR) growth [2][4] - The net debt to Adjusted EBITDA ratio improved to 3.73x as of September 30, 2024, down from 5.14x a year earlier [2][3] Capital Activity and Liquidity - Welltower sourced over $3.6 billion of attractively priced capital during the third quarter, enhancing its liquidity profile [3] - The company closed on an expanded $5.0 billion senior unsecured revolving credit facility, replacing a $4.0 billion line of credit [3] - As of September 30, 2024, Welltower had approximately $8.8 billion in available liquidity, including $3.8 billion in cash and restricted cash [2][3] Portfolio Activity - The company opened nine development projects with a total pro rata investment of $294 million during the third quarter [4] - Welltower entered into a definitive agreement to acquire a portfolio of 25 age-restricted active adult communities for $969 million [4] - Agreements were reached to convert 52 triple-net leased properties to Seniors Housing Operating structures, with 41 conversions completed in the third quarter [4] Environmental, Social and Governance (ESG) - Welltower received the GRESB Green Star recognition for the fourth consecutive year, indicating above-average performance in energy efficiency, social commitments, and governance practices [5] Dividend and Outlook - The Board of Directors approved a 10% increase in the quarterly dividend per share, reflecting strong financial performance and confidence in growth prospects [2][5] - The guidance for net income attributable to common stockholders was revised to a range of $1.75 to $1.81 per diluted share, and the normalized FFO guidance was increased to a range of $4.27 to $4.33 per diluted share [5][15]

Wall Street analysts forecast that Welltower (WELL) will report quarterly earnings of $1.04 per share in its upcoming release, pointing to a year-over-year increase of 13%. It is anticipated that revenues will amount to $1.95 billion, exhibiting an increase of 17.3% compared to the year-ago quarter.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.Prior ...