Welltower (WELL) Q2 2025 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q2 2025, with FFO per share up 22% year-over-year and the midpoint of full-year FFO guidance raised by $0.13 to $5.10 per share.

• Seniors housing operating portfolio delivered 23.4% same-store NOI growth, with 10.1% revenue growth and 420 bps occupancy gain.

• Revenues grew 40% year-over-year to $2.55B for Q2, driven by acquisitions and organic growth.

• Achieved milestones: in-place annualized NOI for SHOP assets surpassed $2 billion, and overall annualized company revenue exceeded $10 billion.

• Quarterly dividend increased by 10.4% to $0.74 per share, reflecting strong cash flow and a low payout ratio.

Financial highlights

• Net income attributable to common stockholders was $0.45 per diluted share for Q2 2025; normalized FFO was $1.28 per diluted share, up 21.9% year-over-year.

• Q2 2025 revenues were $2.55 billion, up from $1.82 billion in Q2 2024; net income attributable to common stockholders was $301.9 million, up from $254.7 million.

• Consolidated net operating income (NOI) for Q2 was $1.03B, up 45% year-over-year; same store NOI (SSNOI) grew 14%.

• Net debt-to-adjusted EBITDA at 2.93x, the lowest in company history; adjusted fixed charge coverage ratio at 6.33x.

• Available liquidity as of June 30, 2025, was approximately $9.5 billion, including $4.5 billion in cash and full capacity under a $5.0 billion credit line.

Outlook and guidance

• Updated 2025 guidance: net income of $1.86–$1.94 per diluted share and normalized FFO of $5.06–$5.14 per diluted share.

• Projected total portfolio same-store NOI growth of 11.25%–13.25% for 2025; SHO segment expected 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.

• Run rate net debt-to-adjusted EBITDA expected to end the year at approximately 3.5x.