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Investor Relations14 Oct 2025
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Welltower (WELL) investor relations material
Welltower Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary29 Jul, 2025
Executive summary
Achieved 22% year-over-year FFO per share growth and 23.4% same store NOI growth in Q2 2025, with margin expansion to 30.7%.
Raised full-year FFO guidance midpoint by $0.13 to $5.10 per share, reflecting strong fundamentals and capital deployment.
Revenues grew 40% year-over-year to $2.55B for Q2, driven by acquisitions and organic growth.
$9.2B in gross investments announced year-to-date, with a robust pipeline and major acquisitions including Care UK and 48 skilled nursing facilities.
Quarterly dividend increased by 10.4% to $0.74 per share, reflecting strong cash flow and confidence in future growth.
Financial highlights
Q2 2025 net income attributable to common stockholders was $301.9M ($0.45 per diluted share), up 19% year-over-year.
Normalized FFO for Q2 2025 was $857.2M ($1.28 per share), up 21.9% year-over-year.
Consolidated net operating income for Q2 was $1.03B, up 45% year-over-year; same store NOI grew 13.8%.
Net debt to adjusted EBITDA improved to 2.93x, the lowest in company history; adjusted fixed charge coverage ratio at 6.33x.
Available liquidity as of June 30, 2025, was $9.5B, including $4.5B in cash and full credit line capacity.
Outlook and guidance
2025 net income guidance: $1.86–$1.94 per diluted share; normalized FFO: $5.06–$5.14 per share (midpoint $5.10).
Portfolio same store NOI growth expected at 11.25%–13.25% year-over-year; SHO segment projected at 18.5%–21.5%.
Full-year RevPOR growth forecasted at 5.1%, with expense growth held at 5.25%.
Guidance includes only acquisitions closed or under contract, with no expected 2025 earnings from the Amica transaction.
Additional $212M in development funding and $340M in disposition proceeds anticipated for 2025.
Explain drivers of SHO SSNOI margin expansion.
What's the expected blended yield for dispositions?
Detail the composition of available liquidity.
Assess Holiday by Atria transition progress.
Detail non-same-store portfolio performance.
How will WBS drive margin expansion?
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Q3 202528 Oct, 2025
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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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