OH OHI Omega Healthcare Investors Загрузка... : Бычьи и медвежьи мнения аналитиков

Management highlights that new senior housing development projects generally do not pencil out because current rents need to be 25-40% higher and trended yields need to reach ~8%, which is well above current acquisition yields of ~6.5%. — This confirms a sustained supply shortage for the sector, which should support pricing power and occupancy gains for existing senior housing operators for years to come.

Welltower has sold $11 billion of dispositions since the beginning of 2025, which was 'meaningfully dilutive' to 2026 earnings per share, but 'meaningfully extended our growth curve in outer years'. — This highlights Welltower's strategic, but earnings-dilutive, portfolio transformation. The market, focused on near-term EPS, may underestimate the long-term value creation from this rotation.

Management explicitly noted that senior housing is attracting more competition as capital flows in, with a 'drifting down in cap rates' and recent acquisitions reported at sub-7%. However, they believe their scale, relationships (70%+ repeat operators, 50%+ repeat sellers), and operating platform give an advantage to continue sourcing deal flow at attractive risk-adjusted yields. — Shows that private market cap rates for senior housing are compressing, implying asset values are rising, which supports a bullish view on the sector and validates other senior housing REITs' asset pricing.