WELLTOWER INC.

WELL 10-Q · Q3 2025
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WELL Q3 2025 request

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Income Statement

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Income Statement
Metric Q3 2025 Q3 2024 YoY
Revenue 2,061,370 1,511,524 +36.4%
Show Product Lines breakouts
Management Service 2,061,370 1,511,524 +36.4%
Management Service · CA 173,560 130,923 +32.6%
Management Service · GB 388,021 125,581 +209.0%
Management Service · US 1,499,789 1,255,020 +19.5%
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Seniors Housing Operating · Operating Segments 2,061,370 1,511,524 +36.4%
Revenue 2,685,692 2,055,663 +30.6%
Show Business Segments breakouts
Outpatient Medical · Operating Segments 215,172 204,995 +5.0%
Seniors Housing Operating · Operating Segments 2,070,115 1,514,022 +36.7%
Triple-net · Operating Segments 286,637 228,649 +25.4%
Show Geography breakouts
CA 193,008 135,433 +42.5%
GB 448,018 174,337 +157.0%
US 2,044,666 1,745,893 +17.1%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 188,457,000 100,951,000 +86.7%
Show Consolidation Items breakouts
Corporate Non Segment 113,768 107,997 +5.3%
Cost of Revenue 1,577,048 1,212,701 +30.0%
Show Business Segments breakouts
Outpatient Medical · Operating Segments 63,319 62,778 +0.9%
Seniors Housing Operating · Operating Segments 1,499,215 1,135,887 +32.0%
Triple-net · Operating Segments 8,227 9,345 -12.0%
Show Consolidation Items breakouts
Corporate Non Segment 6,287 4,691 +34.0%
Total Costs & Expenses 2,392,586 1,871,797 +27.8%
Selling, General & Administrative 63,124 77,901 -19.0%
Income Tax Expense (Benefit) -2,335 4,706 -149.6%
Comprehensive Income 229,127 501,276 -54.3%
EPS (Basic) 0.42 0.74 -43.2%
EPS (Diluted) 0.41 0.73 -43.8%
Wtd Avg Shares (Basic) 672,407 611,290 +10.0%
Wtd Avg Shares (Diluted) 685,399 618,306 +10.9%
Net Income Loss Attributable To Noncontrolling Interest 1,627 6,951 -76.6%
Net Income Loss Available To Common Stockholders Basic 280,559 449,849 -37.6%
Operating Lease Lease Income 499,475 430,486 +16.0%
Show Business Segments breakouts
Outpatient Medical · Operating Segments 213,122 202,955 +5.0%
Triple-net · Operating Segments 286,353 227,531 +25.9%
Depreciation And Amortization 509,812 403,779 +26.3%
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments 293,106 183,866 +59.4%
Other Expenses 44,699 20,239 +120.9%
Labor And Related Expense 903,152 673,182 +34.2%
Show Business Segments breakouts
Outpatient Medical · Operating Segments 14,452 13,519 +6.9%
Seniors Housing Operating · Operating Segments 888,672 659,650 +34.7%
Triple-net · Operating Segments 28 13 +115.4%

Balance Sheet

Balance Sheet
Metric Q3 2025 Q3 2024 YoY
Current Assets
Cash & Cash Equivalents 6,806,507 3,564,942 +90.9%
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Variable Interest Entity Primary Beneficiary 17,358 15,986 +8.6%
Non-Current Assets
Total Assets 59,504,802 — —
Show Business Segments breakouts
Outpatient Medical · Operating Segments 7,496,841 — —
Seniors Housing Operating · Operating Segments 33,567,442 — —
Triple-net · Operating Segments 9,434,879 — —
Show Geography breakouts
CA 5,486,799 — —
GB 7,214,380 — —
US 46,803,623 — —
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 5,668,142 — —
Show Consolidation Items breakouts
Corporate Non Segment 9,005,640 — —
Operating Lease Right-of-Use Assets (Q) — — —
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Corporate Non Segment 24,085 8,734 +175.8%
Operating Segments 1,125,599 280,295 +301.6%
Goodwill 205,599 — —
Show Business Segments breakouts
Outpatient Medical 68,321 — —
Seniors Housing Operating 137,278 — —
Other Assets
Investment Building And Building Improvements 42,496,555 40,646,767 +4.6%
Other Finite Lived Intangible Assets Gross 2,189,639 2,268,889 -3.5%
Real Estate Investment Property Accumulated Depreciation -10,107,309 -10,276,509 +1.6%
Real Estate Investment Property Net 45,328,371 39,200,223 +15.6%
Lease Right Of Use Asset 1,250,447 — —
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Operating Segments 1,250,447 — —
Real estate and Corporate 1,274,532 — —
Notes Receivable Net 1,773,788 1,840,453 -3.6%
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Genesis Healthcare · Notes Receivable 108,047,000 — —
Real Estate Investments 48,352,606 — —
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Variable Interest Entity Primary Beneficiary 5,299,431 — —
Investments In Affiliates Subsidiaries Associates And Joint Ventures 1,835,979 — —
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Variable Interest Entity Primary Beneficiary 90,565 — —
Restricted Cash 134,066 219,466 -38.9%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 134,066 219,466 -38.9%
Estimate Of Fair Value Fair Value Disclosure 134,066 219,466 -38.9%
Receivables And Other Assets 2,375,644 971,650 +144.5%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 260,788 118,179 +120.7%
Other Assets 11,152,196 7,085,602 +57.4%
Non-Current Liabilities
Total Liabilities 20,192,420 17,889,695 +12.9%
Long-Term Debt 16,852,362 — —
Show Debt Instrument breakouts
2028 Exchangeable Notes · Unsecured Debt 1,022,881 — —
2029 Exchangeable Notes · Unsecured Debt 1,019,891 — —
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Secured Debt 2,487,354 — —
Unsecured Debt 14,365,008 — —
Other Liabilities
Unsecured Debt 14,365,008 — —
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 76,798 — —
Secured Debt 2,487,354 2,468,527 +0.8%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 234,123 513,724 -54.4%
Lease Liability 1,311,600 — —
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Variable Interest Entity Primary Beneficiary 2,534 — —
Accrued Liabilities And Other Liabilities 2,028,458 1,733,712 +17.0%
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Variable Interest Entity Primary Beneficiary 15,793 20,555 -23.2%
Redeemable Noncontrolling Interest Equity Other Fair Value 284,364 270,182 +5.2%
Stockholders' Equity
Common Stock 684,229 620,107 +10.3%
Additional Paid-In Capital 47,054,892 37,949,035 +24.0%
Treasury Stock Value -14,340 -114,876 +87.5%
Retained Earnings 10,937,128 9,976,753 +9.6%
Cumulative Dividends -19,687,645 -17,901,600 -10.0%
Accumulated Other Comprehensive Income -217,446 -195,138 -11.4%
Total Stockholders' Equity 38,756,818 30,334,281 +27.8%
Minority Interest 271,200 459,540 -41.0%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 39,028,018 30,793,821 +26.7%
Show Equity Components breakouts
Accumulated Distributions [Member] -19,687,645 -17,901,600 -10.0%
Accumulated Gain Loss Net Cash Flow Hedge Parent 539,175 625,238 -13.8%
Accumulated Other Comprehensive Income -217,446 -195,138 -11.4%
Accumulated Translation Adjustment -756,621 -820,376 +7.8%
Additional Paid In Capital 47,054,892 37,949,035 +24.0%
Common Stock 684,229 620,107 +10.3%
Noncontrolling Interest 271,200 459,540 -41.0%
Retained Earnings Unappropriated 10,937,128 9,976,753 +9.6%
Treasury Stock Common -14,340 -114,876 +87.5%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 5,338,894 3,478,498 +53.5%
Total Liabilities & Equity 59,504,802 48,953,698 +21.6%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 5,668,142 4,015,314 +41.2%
Land And Land Improvements 5,146,696 5,075,391 +1.4%
Real Estate Heldforsale 5,091,216 110,689 +4499.6%
Development In Process 511,574 1,374,996 -62.8%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q3 2025 YTD Q3 2024 YoY
Operating Activities
Net Income 844,070 849,104 -0.6%
Other Depreciation And Amortization 1,490,717 1,151,687 +29.4%
Adjustment For Amortization 42,161 43,165 -2.3%
Provision For Loan Losses Expensed -2,032 10,370 -119.6%
Asset Impairment Charges 75,359 69,146 +9.0%
Show Disposal Group Classification breakouts
Disposal Group Heldforsale Not Discontinued Operations 75,359 69,146 +9.0%
Stock-Based Compensation 48,348 62,308 -22.4%
Derivative Gain Loss On Derivative Net 28,063 -18,785 +249.4%
Show Derivative Risk breakouts
Warrant 28,063 -18,790 +249.4%
Show Hedging Designation breakouts
Designated As Hedging Instrument -41,508 -17,045 -143.5%
Nondesignated 577 -1,238 +146.6%
Gains Losses On Extinguishment Of Debt 6,156 2,130 +189.0%
Income Loss From Equity Method Investments -18,739 -6,925 -170.6%
Straight Line Rent -147,948 -31,805 -365.2%
Amortization Of Above And Below Market Leases -1,228 166 -839.8%
Gain Loss On Disposition Of Real Estate And Asset Acquisitions Net 70,652 443,416 -84.1%
Equity Method Investment Dividends Or Distributions 18,539 12,845 +44.3%
Increase Decrease In Other Operating Liabilities 20,931 135,926 -84.6%
Increase Decrease In Other Operating Assets -143,875 -93,002 -54.7%
Net Cash from Operations 2,227,348 1,697,209 +31.2%
Investing Activities
Payments To Acquire Other Real Estate -4,040,936 -1,669,106 -142.1%
Payments For Capital Improvements -736,288 -538,752 -36.7%
Show Business Segments breakouts
Outpatient Medical -71,096 -70,738 -0.5%
Seniors Housing Operating -634,959 -448,144 -41.7%
Triple-net -30,233 -19,870 -52.2%
Payments For Construction In Process -333,981 -632,511 +47.2%
Show Business Segments breakouts
Outpatient Medical -62,637 -242,560 +74.2%
Seniors Housing Operating -270,097 -389,797 +30.7%
Triple-net -1,247 -154 -709.7%
Interest Paid Capitalized -26,323 -43,955 +40.1%
Payments To Acquire Loans Receivable -436,629 -603,619 +27.7%
Proceeds From Collection Of Loans Receivable 208,136 250,791 -17.0%
Other Investing Activities -89,146 -49,271 -80.9%
Payments To Acquire Interest In Joint Venture -302,363 -218,974 -38.1%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 180,064 39,693 +353.6%
Payments For Proceeds From Hedge Investing Activities -2,199 10,712 -120.5%
Proceeds From Sale Of Property Plant And Equipment 522,087 145,774 +258.1%
Net Cash from Investing -5,057,578 -3,309,218 -52.8%
Financing Activities
Proceeds From Issuance Of Unsecured Debt 2,354,157 1,015,063 +131.9%
Repayments Of Unsecured Debt -1,299,575 -1,350,000 +3.7%
Repayments Of Secured Debt -336,201 -356,216 +5.6%
Proceeds From Issuance Of Common Stock 6,837,518 5,262,364 +29.9%
Show Subsidiary Sale Of Stock breakouts
At The Market Program 6,835,580 5,261,277 +29.9%
Over Allotment Option 482,528 — —
Payments Of Financing Costs -586 -23,460 +97.5%
Proceeds From Minority Shareholders 10,493 29,009 -63.8%
Payments To Minority Shareholders -217,704 -104,268 -108.8%
Payments Of Dividends -1,368,341 -1,127,046 -21.4%
Proceeds From Payments For Other Financing Activities -12,605 -33,867 +62.8%
Net Cash from Financing 5,967,156 3,315,287 +80.0%
Amortization of Financing Costs (YTD) — — —
Show Long-Term Debt Type breakouts
Unsecured Debt 6,543 4,357 +50.2%
Supplemental
Interest Paid 373,339 390,649 -4.4%
Income Taxes Paid 22,333 8,383 +166.4%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 92,190 5,047 +1726.6%
Net Change in Cash 3,229,116 1,708,325 +89.0%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 6,940,573 3,784,408 +83.4%

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

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