10-QPeriod: Q3 FY2025

WELLTOWER INC. Quarterly Report for Q3 Ended Sep 30, 2025

Filed October 28, 2025For Securities:WELL

Summary

Welltower Inc. (WELL) reported strong financial performance for the nine months ended September 30, 2025, with total revenues increasing by 33% year-over-year to $7.66 billion. Net income attributable to common stockholders was $840.4 million, a slight increase from the prior year's $831.7 million. The company's Seniors Housing Operating segment continues to be the largest revenue driver, with resident fees and services up 38% to $5.9 billion. This segment also saw a significant improvement in Net Operating Income (NOI), which grew 47% to $1.59 billion, supported by a 22.2% increase in Same Store NOI (SSNOI) and rising occupancy rates. Financially, Welltower strengthened its capital position by issuing substantial amounts of common stock through its ATM program, generating over $6.8 billion in gross proceeds. The company also managed its debt effectively, completing several senior unsecured note issuances and effectively managing its credit facilities. The company announced significant strategic transactions, including a substantial acquisition in the UK for £5.2 billion and the acquisition of HC-One Group for £1.2 billion, along with a planned disposition of its outpatient medical properties for approximately $7.2 billion. These strategic moves indicate a continued focus on portfolio optimization and growth within the healthcare and seniors housing sectors.

Financial Highlights

38 data points
Beta

Revenue

$2.69B

41.3% Gross Margin

Net Income

$280.56M

10.4% Net Margin

EPS (Diluted)

$0.41

Total Assets

$59.50B

Cash & Equivalents

$6.81B

Free Cash Flow

$858.36M

Financial Statements
Beta
Revenue$2.69B
Cost of Revenue$1.58B
Gross Profit$1.11B
SG&A Expenses$63.12M
Operating Expenses$2.39B
Net Income$280.56M
EPS (Basic)$0.42
EPS (Diluted)$0.41
Shares Outstanding (Basic)672.41M
Shares Outstanding (Diluted)685.40M

Key Highlights

  • 1Total revenues for the nine months ended September 30, 2025, increased 33% to $7.66 billion, driven by strong performance in the Seniors Housing Operating segment.
  • 2Net income attributable to common stockholders was $840.4 million for the nine months ended September 30, 2025, reflecting a slight increase year-over-year.
  • 3Seniors Housing Operating segment NOI grew 47% to $1.59 billion, with Same Store NOI (SSNOI) increasing by 22.2%.
  • 4The company raised significant capital through its At-The-Market (ATM) program, generating over $6.8 billion in gross proceeds from common stock issuances.
  • 5Welltower announced major strategic acquisitions in the UK, totaling approximately £6.4 billion, and a significant disposition of its outpatient medical portfolio valued at approximately $7.2 billion.
  • 6The company declared a cash dividend of $0.74 per share for the quarter ended September 30, 2025, representing a 10.4% increase from the prior quarter.
  • 7Leverage ratios remain manageable, with net debt to book capitalization at 20% as of September 30, 2025.

Frequently Asked Questions

Welltower's primary objectives are to protect stockholder capital and enhance stockholder value by paying consistent cash dividends and increasing them through annual increases in NOI and portfolio growth. They invest across seniors housing and healthcare real estate, diversifying by property type, relationship, and geographic location.

The Seniors Housing Operating segment showed robust growth with resident fees and services up 38% and NOI up 47%. The Triple-net segment's rental income increased by 38%, while the Outpatient Medical segment saw a 6% rise in rental income. Overall, the company's NOI grew by 34% to $3.1 billion.

Welltower raised over $6.8 billion in gross proceeds through its ATM program by issuing common stock. They also completed several senior unsecured note issuances and managed their debt structure effectively. As of September 30, 2025, the company maintained a strong liquidity position with $6.8 billion in cash and cash equivalents and had $5 billion in available borrowing capacity.

Welltower announced a definitive agreement to acquire Amica Senior Lifestyles for C$4.6 billion (expected to close in early 2026). Subsequent to September 30, 2025, they entered into agreements for significant UK acquisitions totaling approximately £6.4 billion and have a pending sale of their outpatient medical properties for approximately $7.2 billion.