WELLTOWER INC.

WELL 10-K · FY 2025
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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 10,838,034 7,991,118 +35.6%
Show Business Segments breakouts
Outpatient Medical · Operating Segments 781,932 802,113 -2.5%
Seniors Housing Operating · Operating Segments 8,489,095 6,035,461 +40.7%
Triple-net · Operating Segments 1,197,042 788,771 +51.8%
Show Geography breakouts
CA 734,341 554,562 +32.4%
GB 2,166,820 872,479 +148.4%
US 7,936,873 6,564,077 +20.9%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 717,735,000 500,363,000 +43.4%
Show Consolidation Items breakouts
Corporate Non Segment 369,965 364,773 +1.4%
Show Counterparty Name breakouts
Care UK 1,169,712,000 — —
Revenue 8,452,996 6,027,149 +40.2%
Show Business Segments breakouts
Seniors Housing Operating 810,029,000 587,224,000 +37.9%
Seniors Housing Operating · Operating Segments 8,452,996 6,027,149 +40.2%
Show Geography breakouts
CA 668,344 535,125 +24.9%
GB 1,886,954 683,803 +175.9%
US 5,897,698 4,808,221 +22.7%
Cost of Revenue 6,488,081 4,830,211 +34.3%
Show Business Segments breakouts
Outpatient Medical · Operating Segments 233,233 245,636 -5.0%
Seniors Housing Operating · Operating Segments 6,199,620 4,523,780 +37.0%
Triple-net · Operating Segments 33,229 40,722 -18.4%
Show Consolidation Items breakouts
Corporate Non Segment 21,999 20,073 +9.6%
Total Costs & Expenses 11,318,059 7,466,676 +51.6%
Selling, General & Administrative 1,748,435 235,491 +642.5%
Income Tax Expense (Benefit) 7,116 -2,700 +363.6%
Show Income Tax Authority breakouts
Foreign Country 13,029,000 978,000 +1232.2%
Comprehensive Income 1,008,910 802,027 +25.8%
EPS (Basic) 1.41 1.58 -10.8%
EPS (Diluted) 1.39 1.57 -11.5%
Wtd Avg Shares (Basic) 665,639 602,975 +10.4%
Wtd Avg Shares (Diluted) 679,521 608,750 +11.6%
Net Income Loss Attributable To Noncontrolling Interest 24,992 21,177 +18.0%
Net Income Loss Available To Common Stockholders Basic 936,845 951,680 -1.6%
Depreciation And Amortization 2,084,868 1,632,093 +27.7%
Operating Lease Lease Income 1,967,935 1,570,278 +25.3%
Show Business Segments breakouts
Outpatient Medical · Operating Segments 774,421 792,981 -2.3%
Triple-net · Operating Segments 1,193,514 777,297 +53.5%
Other Expenses 201,201 117,459 +71.3%
Labor And Related Expense 3,782,902 2,715,145 +39.3%
Show Business Segments breakouts
Outpatient Medical · Operating Segments 51,943 55,817 -6.9%
Seniors Housing Operating · Operating Segments 3,730,884 2,659,251 +40.3%
Triple-net · Operating Segments 75 77 -2.6%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 5,033,678 3,506,586 +43.5%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 17,139 14,274 +20.1%
Non-Current Assets
Total Assets 67,303,047 51,044,308 +31.9%
Show Business Segments breakouts
Outpatient Medical · Operating Segments 3,322,225 7,530,815 -55.9%
Seniors Housing Operating · Operating Segments 42,014,932 30,094,016 +39.6%
Triple-net · Operating Segments 13,448,058 7,934,415 +69.5%
Show Geography breakouts
CA 5,710,884 3,184,839 +79.3%
GB 18,056,095 5,892,598 +206.4%
US 43,536,068 41,966,871 +3.7%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 6,138,931 3,669,535 +67.3%
Show Consolidation Items breakouts
Corporate Non Segment 8,517,832 5,485,062 +55.3%
Operating Lease Right-of-Use Assets (Q) — — —
Show Consolidation Items breakouts
Corporate Non Segment 25,073 7,605 +229.7%
Operating Segments 1,537,490 1,094,549 +40.5%
Goodwill 346,316 149,225 +132.1%
Show Business Segments breakouts
Outpatient Medical 68,321 68,321 0.0%
Seniors Housing Operating 277,995 80,904 +243.6%
Other Assets
Investment Building And Building Improvements 52,058,099 42,207,735 +23.3%
Other Finite Lived Intangible Assets Gross 2,845,686 2,548,766 +11.6%
Real Estate Investment Property Accumulated Depreciation -10,350,621 -10,626,263 +2.6%
Real Estate Investment Property Net 53,423,291 40,673,242 +31.3%
Lease Right Of Use Asset 2,158,045 1,201,131 +79.7%
Show Consolidation Items breakouts
Non-segment/Corporate 2,183,118 1,208,736 +80.6%
Operating Segments 2,158,045 1,201,131 +79.7%
Sales Type Lease Net Investment In Lease After Allowance For Credit Loss 497,963 172,260 +189.1%
Notes Receivable Net 1,831,210 1,805,044 +1.4%
Show Counterparty Name breakouts
Genesis Healthcare · Notes Receivable 108,047,000 — —
Show Accounts Notes Loans And Financing Receivable By Receivable Type breakouts
Redeemable Preferred Equity Investment 663,814,000 — —
Real Estate Investments 57,910,509 43,851,677 +32.1%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 5,810,341 3,503,190 +65.9%
Investments In Affiliates Subsidiaries Associates And Joint Ventures 1,809,590 1,768,772 +2.3%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 86,026 — —
Restricted Cash 175,861 204,871 -14.2%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 175,861 204,871 -14.2%
Estimate Of Fair Value Fair Value Disclosure 175,861 204,871 -14.2%
Receivables And Other Assets 2,373,409 1,712,402 +38.6%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 225,425 152,071 +48.2%
Other Assets 9,392,538 7,192,631 +30.6%
Non-Current Liabilities
Total Liabilities 24,100,108 18,471,722 +30.5%
Long-Term Debt 19,197,302 — —
Show Debt Instrument breakouts
2028 Exchangeable Notes · Unsecured Debt 1,024,049 1,019,378 +0.5%
2029 Exchangeable Notes · Unsecured Debt 1,020,888 1,016,578 +0.4%
Show Long-Term Debt Type breakouts
Other Debt Securities 378,710 — —
Secured Debt 2,435,070 — —
Unsecured Debt 16,383,522 — —
Other Liabilities
Unsecured Debt 16,383,522 13,162,102 +24.5%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 74,421 — —
Secured Debt Other 2,813,780 2,338,155 +20.3%
Lease Liability 2,182,993 1,258,099 +73.5%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 2,529 2,536 -0.3%
Accrued Liabilities And Other Liabilities 2,719,813 1,713,366 +58.7%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 17,307 14,867 +16.4%
Redeemable Noncontrolling Interest Equity Other Fair Value 263,223 256,220 +2.7%
Stockholders' Equity
Common Stock 696,621 637,002 +9.4%
Additional Paid-In Capital 50,898,707 40,016,503 +27.2%
Treasury Stock Value -14,405 -114,176 +87.4%
Retained Earnings 11,033,569 10,096,724 +9.3%
Cumulative Dividends -20,197,353 -18,320,064 -10.2%
Accumulated Other Comprehensive Income -287,641 -359,781 +20.1%
Total Stockholders' Equity 42,129,498 31,956,208 +31.8%
Minority Interest 810,218 360,158 +125.0%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 42,939,716 32,316,366 +32.9%
Show Equity Components breakouts
Accumulated Distributions [Member] -20,197,353 -18,320,064 -10.2%
Accumulated Gain Loss Net Cash Flow Hedge Parent 310,952 916,844 -66.1%
Accumulated Other Comprehensive Income -287,641 -359,781 +20.1%
Accumulated Translation Adjustment -598,593 -1,276,625 +53.1%
Additional Paid In Capital 50,898,707 40,016,503 +27.2%
Common Stock 696,621 637,002 +9.4%
Noncontrolling Interest 810,218 360,158 +125.0%
Retained Earnings Unappropriated 11,033,569 10,096,724 +9.3%
Treasury Stock Common -14,405 -114,176 +87.4%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 5,811,745 3,419,602 +70.0%
Total Liabilities & Equity 67,303,047 51,044,308 +31.9%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 6,138,931 3,669,535 +67.3%
Land And Land Improvements 6,681,131 5,271,418 +26.7%
Real Estate Heldforsale 1,450,137 51,866 +2695.9%
Development In Process 738,859 1,219,720 -39.4%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Net Income 961,837 972,857 -1.1%
Other Depreciation And Amortization 2,084,868 1,632,093 +27.7%
Adjustment For Amortization 56,381 47,759 +18.1%
Provision For Loan Losses Expensed -9,416 10,125 -193.0%
Asset Impairment Charges 121,283 92,793 +30.7%
Stock-Based Compensation 1,556,732 75,821 +1953.2%
Show Title Of Individual breakouts
Executive Officer · Executive LTIP Unit Awards 1,408,672,000 — —
Derivative Gain Loss On Derivative Net 22,407 -27,887 +180.3%
Show Derivative Risk breakouts
Warrant 22,407 -27,898 +180.3%
Show Hedging Designation breakouts
Designated As Hedging Instrument -42,427 -23,546 -80.2%
Nondesignated -24,739 -4,609 -436.8%
Gains Losses On Extinguishment Of Debt 9,245 2,130 +334.0%
Income Loss From Equity Method Investments -14,297 -496 -2782.5%
Straight Line Rent -225,261 -15,859 -1320.4%
Amortization Of Above And Below Market Leases -2,721 -219 -1142.5%
Gain Loss On Disposition Of Real Estate And Asset Acquisitions Net 1,449,043 451,611 +220.9%
Show Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations breakouts
30 Properties Disposed 112,176,000 — —
40 Properties Disposed 311,210,000 — —
Equity Method Investment Dividends Or Distributions 21,851 19,516 +12.0%
Increase Decrease In Other Operating Liabilities -83,906 26,541 -416.1%
Increase Decrease In Other Operating Assets -196,877 -68,579 -187.1%
Net Cash from Operations 2,881,677 2,256,421 +27.7%
Deferred Income Taxes -49,614 -6,516 -661.4%
Investing Activities
Payments To Acquire Other Real Estate -13,913,975 -3,525,449 -294.7%
Payments For Capital Improvements -1,050,263 -857,546 -22.5%
Show Business Segments breakouts
Outpatient Medical -74,441 -99,442 +25.1%
Seniors Housing Operating -936,466 -725,271 -29.1%
Triple-net -39,356 -32,833 -19.9%
Payments For Construction In Process -437,731 -827,900 +47.1%
Show Business Segments breakouts
Outpatient Medical -72,797 -309,277 +76.5%
Seniors Housing Operating -363,687 -518,331 +29.8%
Triple-net -1,247 -292 -327.1%
Interest Paid Capitalized -33,799 -58,115 +41.8%
Payments To Acquire Loans Receivable -691,334 -623,501 -10.9%
Proceeds From Collection Of Loans Receivable 222,348 294,409 -24.5%
Other Investing Activities -73,758 -61,027 -20.9%
Payments To Acquire Interest In Joint Venture -500,033 -264,561 -89.0%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 310,410 52,391 +492.5%
Payments For Proceeds From Hedge Investing Activities -2,884 20,093 -114.4%
Proceeds From Sale Of Property Plant And Equipment 5,658,270 336,525 +1581.4%
Show Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations breakouts
4 Properties Disposed 174,824,000 — —
Net Cash from Investing -10,512,749 -5,514,681 -90.6%
Financing Activities
Proceeds From Issuance Of Unsecured Debt 4,360,818 1,015,063 +329.6%
Repayments Of Unsecured Debt -1,344,645 -1,350,000 +0.4%
Proceeds From Issuance Of Secured Debt 4,871 197,930 -97.5%
Repayments Of Secured Debt -411,171 -498,049 +17.4%
Proceeds From Issuance Or Sale Of Equity 8,900,866 7,415,778 +20.0%
Payments Of Financing Costs -694 -23,388 +97.0%
Proceeds From Minority Shareholders 22,149 59,643 -62.9%
Payments To Minority Shareholders -640,084 -301,029 -112.6%
Payments Of Dividends -1,877,959 -1,545,275 -21.5%
Proceeds From Payments For Other Financing Activities -14,391 -65,322 +78.0%
Net Cash from Financing 8,999,760 4,905,351 +83.5%
Amortization of Financing Costs (FY) — — —
Show Debt Instrument breakouts
Exchangeable Notes · Unsecured Debt 8,718 6,525 +33.6%
Supplemental
Interest Paid 579,589 593,030 -2.3%
Income Taxes Paid 22,762 8,415 +170.5%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 129,394 -11,717 +1204.3%
Net Change in Cash 1,498,082 1,635,374 -8.4%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 5,209,539 3,711,457 +40.4%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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