)
Welltower (WELL) investor relations material
Welltower Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
Next Welltower earnings date
The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
I can't remember the last time an app had such a positive impact on my investment process.
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
I can't remember the last time an app had such a positive impact on my investment process.
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
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.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage
)
)