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Welltower
Welltower (WELL) investor relations material
Welltower Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Feb, 2026
Executive summary
Achieved a transformational year in 2025 with 36% revenue growth, 32% adjusted EBITDA growth, and 22%–22.5% FFO per share growth, while deleveraging the balance sheet and investing in systems and talent.
Completed $11 billion in net investment activity, transforming the portfolio toward senior housing and away from outpatient medical assets, funded by $7.2 billion in OM business sales.
Launched private funds management, closing Seniors Housing Fund I with $2.5 billion in equity commitments and launching a debt fund.
Senior housing operating portfolio (SHOP/SHO) now comprises about 70% of NOI, with 13 consecutive quarters of 20%+ same-store NOI growth.
Board approved a 10.4% increase in the quarterly dividend, supported by strong cash flow and a low payout ratio.
Financial highlights
Q4 2025 normalized FFO per diluted share was $1.45, up 28.3% year-over-year; annual normalized FFO per diluted share was $5.29, up from $4.32 in 2024.
Q4 net income attributable to common stockholders was $0.14 per diluted share; full year was $1.39 per diluted share.
Q4 total revenues were $3.18 billion, up from $2.25 billion in Q4 2024; full year revenues were $10.84 billion, up from $7.99 billion in 2024.
Q4 same store NOI margin expanded by 270 bps year-over-year in the SHO portfolio.
Ended 2025 with $5.2 billion in cash and over $10 billion in near-term liquidity.
Outlook and guidance
2026 guidance: net income of $3.11–$3.27 per diluted share and normalized FFO of $6.09–$6.25 per diluted share.
2026 FFO guidance midpoint is $6.17, up from $5.29 in 2025, driven by SHOP NOI, investment/financing, and triple net income.
Total portfolio same-store NOI growth expected at 11.25%–15.75% in 2026, with SHOP/SHO growth of 15%–21%.
Revenue growth projected at 9% (4.8% RevPOR, 350 bps occupancy), expense growth at 5.5%.
Anticipated $3.5 billion in pro rata dispositions in 2026 at a blended yield of 6.8%.
How do OM dispositions enhance long-term growth?
What is the strategy for private funds business?
How will SHO SSNOI growth be sustained in 2026?
How does the Tech Quad specifically enhance WBS?
How do private funds align with capital allocation?
Detail non-acquisition drivers of per share growth.
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Next Welltower earnings date
Q1 202628 Apr, 2026
Welltower
Next Welltower earnings date
Q1 202628 Apr, 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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