Welltower (NYSE:WELL) reported its Q4 results, with EPS of $0.13 coming in below the consensus estimate of $0.15. Quarterly revenue was $1.31 billion, compared to the consensus of $1.21 billion.

Analysts at Berenberg Bank provided their views on the company following the results, highlighting their positive outlook despite the quarterly miss. The analysts expect a continued recovery of occupancy in conjunction with pricing power. In case there is a moderation of labor costs in the coming months via a reduction of agency labor, the analysts said they expect strong momentum in occupancy and margin improvement to drive substantial NOI growth in the company’s aggregate portfolio. As such, they continue to believe in a recovery thesis.