Core Insights - Welltower Inc. (WELL) reported first-quarter 2025 normalized funds from operations (FFO) per share of $1.20, exceeding the Zacks Consensus Estimate of $1.15, and reflecting an 18.8% year-over-year improvement [1] - The company recorded revenues of $2.42 billion, surpassing the Zacks Consensus Estimate of $2.37 billion, with a year-over-year increase of 30.3% [2] - Welltower increased its guidance for 2025 normalized FFO per share to a range of $4.90-$5.04, up from the previous range of $4.79-$4.95, with the Zacks Consensus Estimate at $4.95 [9] Financial Performance - The same-store revenues in the seniors housing operating (SHO) portfolio increased by 9.6% year over year, supported by a 400 basis points growth in average occupancy and a 5.9% increase in Revenue per Occupied Room (RevPOR) [3] - The total portfolio's same-store net operating income (SSNOI) grew by 12.9% year over year, with the SHO portfolio's SSNOI growth at 21.7% [3] - Property operating expenses rose by 33.3% to $1.46 billion year over year [5] Investment Activities - Welltower's pro-rata gross investments in the first quarter totaled $2.8 billion, including $2.7 billion in acquisitions and loan funding, and $142 million in development funding [4] - The company completed nine development projects with a total pro-rata investment of $475 million and property dispositions of $381 million [4] Balance Sheet and Liquidity - As of March 31, 2025, Welltower had $8.6 billion in available liquidity, which includes $3.6 billion in cash and restricted cash, along with full capacity under its $5 billion line of credit [6] Credit Rating - On March 31, 2025, S&P upgraded Welltower's credit rating to "A-" with a stable outlook, while Moody's upgraded it to "A3" with a stable outlook [7] Dividend Information - Welltower announced a cash dividend of 67 cents per share for the first quarter of 2025, marking the company's 216th consecutive quarterly cash dividend payout [8] Future Guidance - The company anticipates an average blended SSNOI growth of 10.00-13.25% for 2025, with specific growth expectations for various segments [9] - Welltower expects to fund an additional $340 million in development for ongoing projects in 2025 [10]