Welltower raised its annual funds from operations (FFO) forecast on Monday, betting on steady demand for the healthcare real estate investment trust's assisted living and senior housing properties.
The company now sees its 2024 normalised FFO, a key performance measure for REITs, in the range of US$4.13 to US$4.21 per share, compared to its previous estimate of US$4.05 to US$4.17 per diluted share.
The REIT owns housing, outpatient medical centers and healthcare properties with a focus on older adults and assisted living.
It operates in United States, Canada and the United Kingdom.
Same-store net operating income from its senior housing properties rose 21.7 per cent in the second quarter.
The demand for senior housing has been growing due to an ageing population in the United States and a rise in senior citizens' healthcare expenditure.
During the second quarter, Welltower completed US$1.7 billion of pro rata gross investments, including US$1.4 billion in acquisitions and loan funding and US$251 million in development funding, it said.
The Ohio-based company net income attributable to common stockholders of 42 cents per share, compared with 21 cents per share reported a year earlier.