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Welltower (WELL) investor relations material
Welltower Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Achieved record Q3 2025 results with normalized FFO per share up 20.7% year-over-year to $1.34, and net income attributable to common stockholders of $0.41 per diluted share.
Major portfolio transformation underway, with $33 billion in year-to-date transaction activity, including $14 billion in acquisitions and $9 billion in dispositions, focusing on seniors housing and divesting outpatient medical assets.
Announced Welltower 3.0 and a 10-year executive incentive program, emphasizing an operations- and technology-first approach and aligning management compensation with long-term shareholder value.
Robust end-market demand, especially in U.K. seniors housing, with occupancy gains and strong pricing power driving organic revenue growth.
Portfolio comprised 2,281 properties, with Seniors Housing Operating contributing 57% of Q3 NOI.
Financial highlights
Q3 2025 revenues totaled $2.69 billion, up 31% year-over-year; normalized FFO was $1.34 per diluted share, up 20.7% year-over-year.
Q3 NOI increased 32% to $1.11 billion; same store NOI grew 14.5% year-over-year, led by 20.3% growth in the Seniors Housing Operating portfolio.
Net debt to adjusted EBITDA at 2.36x, a record low, with $6.9 billion in cash and $11.9 billion in available liquidity at quarter-end.
Dividends per share increased 10.4% to $0.74 for Q3, the 218th consecutive quarterly dividend.
Normalized FFO payout ratio improved to 55% from 60% year-over-year.
Outlook and guidance
Full-year 2025 normalized FFO guidance raised to $5.24–$5.30 per diluted share, up from $5.06–$5.14; net income guidance revised to $0.82–$0.88 per diluted share.
Same store NOI growth expected at 13.2%–14.5%, with Seniors Housing Operating segment projected at 20.5%–22.0%.
$9 billion in disposition proceeds and $80 million in additional development funding expected in the next 12 months.
Guidance includes a $1.9 billion gain on medical office portfolio sale and a $1.1 billion upfront cost for the new executive incentive plan, adjusted out of normalized FFO.
Liquidity and capital resources projected to remain sufficient to fund operations, investments, and dividends.
Rationale for 10-Year Executive Program structure?
Compare acquisition returns to disposition yields.
Explain net income vs. FFO guidance divergence.
How will new comp plan align interests & drive growth?
What's the rationale for MOB sale structure?
How will Welltower 3.0 boost operational efficiency?
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Next Welltower earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
Building a healthy future
Welltower is a real estate investment trust (REIT) that specializes in healthcare infrastructure. The company's primary focus is on owning, acquiring, and managing properties in the healthcare sector, with a particular emphasis on senior housing, post-acute care, and outpatient medical facilities. Welltower's business model revolves around generating income through rental and leasing agreements with healthcare providers who utilize their properties.
Specialization and consistency
One of Welltower's key competitive advantages is its specialization in healthcare real estate. The company has developed significant expertise and a deep understanding of the unique requirements and dynamics of the healthcare industry. This knowledge allows Welltower to make informed investment decisions, identify attractive acquisition opportunities, and maintain long-term relationships with healthcare providers.
The aging population serves as an opportunity
Welltower operates in an industry with several opportunities. The aging population, particularly in developed countries, presents a significant growth opportunity for senior housing and healthcare services. The demand for healthcare facilities is likely to increase as the elderly population continues to expand. Additionally, advancements in medical technology and changing healthcare delivery models could lead to the development of specialized medical properties and opportunities for Welltower to diversify its portfolio.
However, there are also challenges that Welltower faces. Regulatory changes in the healthcare industry, shifts in reimbursement models, and evolving healthcare policies can impact the demand for specific types of healthcare properties and affect the company's operations. Economic downturns and fluctuations in interest rates may also pose challenges to Welltower's financial performance.
Three listed peers to Welltower in the healthcare real estate sector are: Ventas, Healthpeak, and Medical Properties Trust.
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