-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
WELL reported Q1 revenue of $3.35B (+38.4% Y/Y, $155M above consensus) vs. $2.42B a year ago. Same-store NOI (SSNOI) grew 16.4% to $722M, primarily due to Senior Housing Operating segment's SSNOI growth of 22.1%, while Senior Housing Triple-Net grew 3.9%, Outpatient Medical 2.4%, and Long-Term/Post-Acute Care 2.6%. SHO portfolio same-store revenue increased 9.5%, with revenue per occupied room growth of 5.0% (up 30 bps Q/Q) demonstrating strong operational momentum across the portfolio. WELL increased SSNOI guidance for full-year 2026 to 12.25%-16.0%, up 100 bps on the bottom end of the range. We see the bulk of this growth from SHO, with growth expected in the 16%-23% range, while other segments are expecting 2%-4% growth this year. We believe the strong SHO performance continues to validate WELL's strategic focus on senior housing operations, with consistent revenue and margin expansion driving sustained outperformance relative to other real estate segments.