Welltower Inc

Latest Results (28.04.2026):

Welltower Inc — Fourth Quarter 2025: The company reported Q4 2025 net income attributable to common stockholders of $0.14 per diluted share and quarterly normalized FFO of $1.45 per diluted share (up 28.3% year‑over‑year). Total portfolio same‑store NOI grew 15.0% year‑over‑year, driven by strong seniors housing operating performance, while the company completed large investment and disposition programs during the quarter and exited 2025 with sizable liquidity and improved leverage metrics.

Earnings and FFO

Q4 net income attributable to common stockholders was $0.14 per diluted share; quarterly normalized FFO was $1.45 per diluted share (+28.3% YoY). Full‑year 2025 normalized FFO was $5.29 per diluted share (+22.5% YoY) and full‑year net income per diluted share was $1.39.

Operating performance (SSNOI & SHO)

Total portfolio same‑store NOI (SSNOI) rose 15.0% YoY in Q4, led by the Seniors Housing Operating (SHO) portfolio, which delivered SSNOI growth of 20.4%.

Revenue / Occupancy trends in Seniors Housing

SHO organic same‑store revenue increased 9.6% YoY in Q4, driven by a 400 basis‑point improvement in average occupancy and a 4.7% increase in Revenue Per Occupied Room (RevPOR); SSNOI margin expanded ~270 bps YoY.

Investment and acquisition activity

In Q4 Welltower completed $13.9 billion of pro rata gross investments (including major U.K. deals): the Barchester portfolio (~£5.2B) and HC‑One (~£1.2B) among others. Subsequent to year‑end, $5.7 billion of additional pro rata gross investments were closed or under contract (ex‑development funding).

Disposition and liquidity actions

Q4 dispositions and loan payoffs totaled ~$7.5 billion (including $6.1 billion of property dispositions — accelerated OM tranche sales and some skilled nursing sales — plus $1.4 billion of loan repayments). Welltower ended the quarter with approximately $10.2 billion of available liquidity (about $5.2 billion cash & restricted cash plus full capacity under a $5.0 billion credit facility).

Capital structure and ratings

Net Debt to Adjusted EBITDA was 3.03x as of December 31, 2025. S&P upgraded Welltower to A‑ (stable) and Moody’s to A3 (stable) during 2025, supporting improved financing terms and significant capital activity in the year.

Dividend and shareholder return

The Board declared a Q4 2025 cash dividend of $0.74 per share (to be paid March 10, 2026), marking the 219th consecutive quarterly dividend; the Board had approved a 10.4% increase earlier in the year reflecting stronger cash flow.

One‑time items and normalization

Q4 G&A included a large special incentive expense tied to the Ten Year Executive Continuity and Alignment Program and other executive awards (special incentive plan compensation of roughly $1.49 billion), which management treated as a normalizing item; net normalizing items were $1.625 billion for the quarter (about $2.29 per diluted share).

Outlook for 2026

Welltower provided 2026 guidance of net income $3.11–$3.27 per diluted share and normalized FFO $6.09–$6.25 per diluted share. SSNOI guidance is 11.25%–15.75% blended (SHO expected ~15%–21%), with stated assumptions that only announced/closed acquisitions are included.