-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：我们将WELL的12个月目标价上调5美元至245美元，相当于我们2026年FFO（营运资金）预期值的38.5倍，高于WELL历史平均一年期市盈率（33.4倍）。WELL旗下老年住宅运营（SHO）业务的同店业绩持续超出预期。我们将2026年FFO预期值上调0.14美元至6.36美元，并将2027年FFO预期值上调0.21美元至7.16美元。SHO同店净营业收入（NOI）同比增长22%，而每间客房的支出仅增长0.4%，推动本季度利润率提升320个基点。这一增长体现在新建和已稳定运营的物业中，入住率达95%的社区在第一季度仍实现了20%的净营业收入增长，这主要得益于每间可供出租物业收入（RevPOR）5%的增长。WELL目前正将其专有的数据科学人工智能技术商业化，并与Public Storage (PSA)合作，一家大型私募股权公司也利用该技术加速其自身的交易平台。虽然目前这部分收入占比不大，但我们认为这是一个轻资产、高利润率的机会，可以进一步拓展到非医疗保健行业的房地产运营商领域。
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