WELLTOWER INC.

WELL 10-Q · Q2 2025
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WELL Q2 2025 request

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Income Statement

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Income Statement
Metric Q2 2025 Q2 2024 YoY
Revenue 1,971,044 1,393,473 +41.4%
Show Product Lines breakouts
Management Service 1,971,044 1,393,473 +41.4%
Management Service · CA 167,457 126,870 +32.0%
Management Service · GB 356,939 117,794 +203.0%
Management Service · US 1,446,648 1,148,809 +25.9%
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Seniors Housing Operating · Operating Segments 1,971,044 1,393,473 +41.4%
Revenue 2,548,244 1,824,884 +39.6%
Show Business Segments breakouts
Outpatient Medical · Operating Segments 211,811 197,237 +7.4%
Seniors Housing Operating · Operating Segments 1,975,732 1,395,373 +41.6%
Triple-net · Operating Segments 273,754 142,082 +92.7%
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CA 187,030 131,446 +42.3%
GB 416,809 163,264 +155.3%
US 1,944,405 1,530,174 +27.1%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 167,671,000 111,654,000 +50.2%
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Corporate Non Segment 86,947 90,192 -3.6%
Cost of Revenue 1,514,711 1,111,297 +36.3%
Show Business Segments breakouts
Outpatient Medical · Operating Segments 62,834 61,185 +2.7%
Seniors Housing Operating · Operating Segments 1,438,277 1,034,906 +39.0%
Triple-net · Operating Segments 8,652 10,495 -17.6%
Show Consolidation Items breakouts
Corporate Non Segment 4,948 4,711 +5.0%
Total Costs & Expenses 2,250,031 1,734,452 +29.7%
Selling, General & Administrative 64,175 55,565 +15.5%
Income Tax Expense (Benefit) -1,053 -1,101 +4.4%
Comprehensive Income 445,510 236,168 +88.6%
EPS (Basic) 0.46 0.42 +9.5%
EPS (Diluted) 0.45 0.42 +7.1%
Wtd Avg Shares (Basic) 656,593 600,545 +9.3%
Wtd Avg Shares (Diluted) 668,140 604,563 +10.5%
Net Income Loss Attributable To Noncontrolling Interest 2,730 5,956 -54.2%
Net Income Loss Available To Common Stockholders Basic 301,888 254,714 +18.5%
Operating Lease Lease Income 483,040 335,811 +43.8%
Show Business Segments breakouts
Outpatient Medical · Operating Segments 209,646 194,660 +7.7%
Triple-net · Operating Segments 273,394 141,151 +93.7%
Depreciation And Amortization 495,036 382,045 +29.6%
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments 298,213 90,432 +229.8%
Other Expenses 16,598 48,684 -65.9%
Labor And Related Expense 873,837 620,195 +40.9%
Show Business Segments breakouts
Outpatient Medical · Operating Segments 14,845 14,059 +5.6%
Seniors Housing Operating · Operating Segments 858,972 606,115 +41.7%
Triple-net · Operating Segments 20 21 -4.8%

Balance Sheet

Balance Sheet
Metric Q2 2025 Q2 2024 YoY
Current Assets
Cash & Cash Equivalents 4,409,740 2,776,628 +58.8%
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Variable Interest Entity Primary Beneficiary 11,874 23,158 -48.7%
Non-Current Assets
Total Assets 55,833,495 — —
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Outpatient Medical · Operating Segments 7,495,922 — —
Seniors Housing Operating · Operating Segments 33,037,597 — —
Triple-net · Operating Segments 8,880,142 — —
Show Geography breakouts
CA 5,635,914 — —
GB 6,826,892 — —
US 43,370,689 — —
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 4,858,701 — —
Show Consolidation Items breakouts
Corporate Non Segment 6,419,834 — —
Operating Lease Right-of-Use Assets (Q) — — —
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Corporate Non Segment 22,143 9,660 +129.2%
Operating Segments 1,152,154 281,313 +309.6%
Goodwill 208,483 — —
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Outpatient Medical 68,321 — —
Seniors Housing Operating 140,162 — —
Other Assets
Investment Building And Building Improvements 46,583,039 38,540,623 +20.9%
Other Finite Lived Intangible Assets Gross 2,775,121 2,192,386 +26.6%
Real Estate Investment Property Accumulated Depreciation -11,673,306 -9,908,007 -17.8%
Real Estate Investment Property Net 44,300,595 37,219,095 +19.0%
Lease Right Of Use Asset 1,279,172 — —
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Operating Segments 1,279,172 — —
Real estate and Corporate 1,301,315 — —
Notes Receivable Net 1,801,860 1,791,202 +0.6%
Real Estate Investments 47,381,627 — —
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Variable Interest Entity Primary Beneficiary 4,498,516 — —
Investments In Affiliates Subsidiaries Associates And Joint Ventures 1,964,267 — —
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Variable Interest Entity Primary Beneficiary 134,225 — —
Restricted Cash 113,771 86,970 +30.8%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 113,771 86,970 +30.8%
Estimate Of Fair Value Fair Value Disclosure 113,771 86,970 +30.8%
Receivables And Other Assets 1,964,090 1,101,215 +78.4%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 214,086 75,432 +183.8%
Other Assets 8,451,868 6,163,358 +37.1%
Non-Current Liabilities
Total Liabilities 19,287,194 15,845,358 +21.7%
Long-Term Debt 15,971,103 — —
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2028 Exchangeable Notes · Unsecured Debt 1,021,713 — —
2029 Exchangeable Notes · Unsecured Debt 1,018,608 — —
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Secured Debt 2,522,222 — —
Unsecured Debt 13,448,881 — —
Other Liabilities
Unsecured Debt 13,448,881 — —
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 120,615 — —
Secured Debt 2,522,222 1,765,992 +42.8%
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Variable Interest Entity Primary Beneficiary 242,870 65,724 +269.5%
Lease Liability 1,335,647 — —
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Variable Interest Entity Primary Beneficiary 2,535 — —
Accrued Liabilities And Other Liabilities 1,980,444 1,515,921 +30.6%
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Variable Interest Entity Primary Beneficiary 14,946 16,893 -11.5%
Redeemable Noncontrolling Interest Equity Other Fair Value 283,187 262,273 +8.0%
Stockholders' Equity
Common Stock 665,238 609,859 +9.1%
Additional Paid-In Capital 43,949,130 36,693,283 +19.8%
Treasury Stock Value -13,944 -114,674 +87.8%
Retained Earnings 10,656,569 9,526,904 +11.9%
Cumulative Dividends -19,190,453 -17,492,484 -9.7%
Accumulated Other Comprehensive Income -166,014 -246,462 +32.6%
Total Stockholders' Equity 35,900,526 28,976,426 +23.9%
Minority Interest 362,588 449,880 -19.4%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 36,263,114 29,426,306 +23.2%
Show Equity Components breakouts
Accumulated Distributions [Member] -19,190,453 -17,492,484 -9.7%
Accumulated Gain Loss Net Cash Flow Hedge Parent 384,714 820,226 -53.1%
Accumulated Other Comprehensive Income -166,014 -246,462 +32.6%
Accumulated Translation Adjustment -550,728 -1,066,688 +48.4%
Additional Paid In Capital 43,949,130 36,693,283 +19.8%
Common Stock 665,238 609,859 +9.1%
Noncontrolling Interest 362,588 449,880 -19.4%
Retained Earnings Unappropriated 10,656,569 9,526,904 +11.9%
Treasury Stock Common -13,944 -114,674 +87.8%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 4,477,735 3,291,331 +36.0%
Total Liabilities & Equity 55,833,495 45,533,937 +22.6%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 4,858,701 3,376,485 +43.9%
Land And Land Improvements 5,794,697 4,839,036 +19.7%
Real Estate Heldforsale 108,925 81,033 +34.4%
Development In Process 712,119 1,474,024 -51.7%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q2 2025 YTD Q2 2024 YoY
Operating Activities
Net Income 561,884 392,304 +43.2%
Other Depreciation And Amortization 980,905 747,908 +31.2%
Adjustment For Amortization 27,888 28,106 -0.8%
Provision For Loan Losses Expensed -3,120 6,177 -150.5%
Asset Impairment Charges 72,278 45,725 +58.1%
Stock-Based Compensation 32,762 22,398 +46.3%
Derivative Gain Loss On Derivative Net -3,619 -8,879 +59.2%
Show Derivative Risk breakouts
Warrant -3,619 -8,879 +59.2%
Show Hedging Designation breakouts
Designated As Hedging Instrument -26,560 -10,651 -149.4%
Nondesignated 3,683 -1,916 +292.2%
Gains Losses On Extinguishment Of Debt 6,156 1,711 +259.8%
Income Loss From Equity Method Investments -6,129 -2,887 -112.3%
Straight Line Rent -92,647 13,696 -776.5%
Amortization Of Above And Below Market Leases -809 14 -5878.6%
Gain Loss On Disposition Of Real Estate And Asset Acquisitions Net 66,627 171,150 -61.1%
Equity Method Investment Dividends Or Distributions 12,020 10,018 +20.0%
Increase Decrease In Other Operating Liabilities -89,081 53,105 -267.7%
Increase Decrease In Other Operating Assets -75,127 -72,240 -4.0%
Net Cash from Operations 1,368,992 1,012,225 +35.2%
Investing Activities
Payments To Acquire Other Real Estate -2,936,818 -607,527 -383.4%
Payments For Capital Improvements -473,229 -297,602 -59.0%
Show Business Segments breakouts
Outpatient Medical -37,717 -46,412 +18.7%
Seniors Housing Operating -415,638 -239,484 -73.6%
Triple-net -19,874 -11,706 -69.8%
Payments For Construction In Process -238,561 -459,122 +48.0%
Show Business Segments breakouts
Outpatient Medical -50,209 -164,738 +69.5%
Seniors Housing Operating -187,258 -294,230 +36.4%
Triple-net -1,094 -154 -610.4%
Interest Paid Capitalized -20,173 -28,287 +28.7%
Payments To Acquire Loans Receivable -40,244 -580,145 +93.1%
Proceeds From Collection Of Loans Receivable 162,039 138,059 +17.4%
Other Investing Activities -65,227 -37,185 -75.4%
Payments To Acquire Interest In Joint Venture -262,430 -146,196 -79.5%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 38,760 21,859 +77.3%
Payments For Proceeds From Hedge Investing Activities -2,199 6,631 -133.2%
Proceeds From Sale Of Property Plant And Equipment 410,809 129,773 +216.6%
Net Cash from Investing -3,427,273 -1,859,742 -84.3%
Financing Activities
Proceeds From Issuance Of Unsecured Debt 1,359,325 — —
Repayments Of Unsecured Debt -1,250,000 -1,350,000 +7.4%
Repayments Of Secured Debt -317,456 -233,799 -35.8%
Proceeds From Issuance Of Common Stock 3,967,421 4,020,345 -1.3%
Show Subsidiary Sale Of Stock breakouts
At The Market Program 3,965,653 4,020,009 -1.4%
Over Allotment Option 240,075 — —
Payments Of Financing Costs -762 -6 -12600.0%
Proceeds From Minority Shareholders 9,137 26,569 -65.6%
Payments To Minority Shareholders -158,011 -85,803 -84.2%
Payments Of Dividends -871,423 -718,278 -21.3%
Proceeds From Payments For Other Financing Activities -11,570 -24,215 +52.2%
Net Cash from Financing 2,726,661 1,637,685 +66.5%
Amortization of Financing Costs (YTD) — — —
Show Long-Term Debt Type breakouts
Unsecured Debt 4,365 2,332 +87.2%
Supplemental
Interest Paid 252,008 280,277 -10.1%
Income Taxes Paid 18,877 9,125 +106.9%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 143,674 -2,653 +5515.5%
Net Change in Cash 812,054 787,515 +3.1%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 4,523,511 2,863,598 +58.0%

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

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