WELLTOWER INC.
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WELL Q4 2025 request
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| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Revenue | 3,181,011 | 2,250,830 | +41.3% |
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| Outpatient Medical · Operating Segments | 143,933 | 201,571 | -28.6% |
| Seniors Housing Operating · Operating Segments | 2,575,377 | 1,764,329 | +46.0% |
| Triple-net · Operating Segments | 381,621 | 195,097 | +95.6% |
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| CA | 196,058 | 136,346 | +43.8% |
| GB | 926,486 | 373,370 | +148.1% |
| US | 2,058,467 | 1,741,114 | +18.2% |
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| Variable Interest Entity Primary Beneficiary | 217,144,000 | 202,497,000 | +7.2% |
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| Corporate Non Segment | 80,080 | 89,833 | -10.9% |
| Revenue | 2,556,052 | 1,761,878 | +45.1% |
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| Seniors Housing Operating · Operating Segments | 2,556,052 | 1,761,878 | +45.1% |
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| Revenue | 178,634 | 131,276 | +36.1% |
| Revenue | 1,397,244 | 279,954 | +399.1% |
| Revenue | 5,407,988 | 4,404,372 | +22.8% |
| Cost of Revenue | 1,933,932 | 1,409,300 | +37.2% |
Show Business Segments breakouts |
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| Outpatient Medical · Operating Segments | 42,474 | 59,210 | -28.3% |
| Seniors Housing Operating · Operating Segments | 1,877,444 | 1,333,640 | +40.8% |
| Triple-net · Operating Segments | 7,532 | 10,065 | -25.2% |
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| Corporate Non Segment | 6,482 | 6,385 | +1.5% |
| Total Costs & Expenses | 4,451,062 | 2,141,587 | +107.8% |
| Selling, General & Administrative | 1,557,378 | 48,707 | +3097.4% |
| Income Tax Expense (Benefit) | 4,985 | -114 | +4472.8% |
| Comprehensive Income | 26,132 | -44,886 | +158.2% |
| EPS (Basic) | 0.13 | 0.18 | -27.8% |
| EPS (Diluted) | 0.13 | 0.18 | -27.8% |
| Wtd Avg Shares (Basic) | 8,068 | 7,622 | +5.9% |
| Wtd Avg Shares (Diluted) | 10,303 | 8,559 | +20.4% |
| Net Income Loss Attributable To Noncontrolling Interest | 21,326 | 3,782 | +463.9% |
| Net Income Loss Available To Common Stockholders Basic | 96,441 | 119,971 | -19.6% |
| Depreciation And Amortization | 594,151 | 480,406 | +23.7% |
| Operating Lease Lease Income | 523,853 | 386,329 | +35.6% |
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| Outpatient Medical · Operating Segments | 142,774 | 199,458 | -28.4% |
| Triple-net · Operating Segments | 381,079 | 186,871 | +103.9% |
| Other Expenses | 125,844 | 34,405 | +265.8% |
| Labor And Related Expense | 1,174,042 | 809,126 | +45.1% |
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| Outpatient Medical · Operating Segments | 8,951 | 14,235 | -37.1% |
| Seniors Housing Operating · Operating Segments | 1,165,076 | 794,868 | +46.6% |
| Triple-net · Operating Segments | 15 | 23 | -34.8% |
Balance Sheet
| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 5,033,678 | 3,506,586 | +43.5% |
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| Variable Interest Entity Primary Beneficiary | 17,139 | 14,274 | +20.1% |
| Non-Current Assets | |||
| Total Assets | 67,303,047 | 51,044,308 | +31.9% |
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| 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 |
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| 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% |
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| Variable Interest Entity Primary Beneficiary | 6,138,931 | 3,669,535 | +67.3% |
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| Corporate Non Segment | 8,517,832 | 5,485,062 | +55.3% |
| Operating Lease Right-of-Use Assets (Q) | — | — | — |
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| 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% |
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| 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% |
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| 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% |
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| Genesis Healthcare · Notes Receivable | 108,047,000 | — | — |
Show Accounts Notes Loans And Financing Receivable By Receivable Type breakouts |
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| Redeemable Preferred Equity Investment | 663,814,000 | — | — |
| Real Estate Investments | 57,910,509 | 43,851,677 | +32.1% |
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| 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% |
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| Variable Interest Entity Primary Beneficiary | 86,026 | — | — |
| Restricted Cash | 175,861 | 204,871 | -14.2% |
Show Fair Value By Measurement Basis breakouts |
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| 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% |
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| 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 |
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| 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% |
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| 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% |
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| 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% |
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| Variable Interest Entity Primary Beneficiary | 2,529 | 2,536 | -0.3% |
| Accrued Liabilities And Other Liabilities | 2,719,813 | 1,713,366 | +58.7% |
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| 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% |
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| 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 |
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| Variable Interest Entity Primary Beneficiary | 5,811,745 | 3,419,602 | +70.0% |
| Total Liabilities & Equity | 67,303,047 | 51,044,308 | +31.9% |
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| 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
| Metric | YTD Q4 2025 | YTD Q4 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Net Income | 117,767 | 123,753 | -4.8% |
| Other Depreciation And Amortization | 594,151 | 480,406 | +23.7% |
| Adjustment For Amortization | 14,220 | 4,594 | +209.5% |
| Provision For Loan Losses Expensed | -7,384 | -245 | -2913.9% |
| Asset Impairment Charges | 45,924 | 23,647 | +94.2% |
| Stock-Based Compensation | 1,508,384 | 13,513 | +11062.5% |
| Derivative Gain Loss On Derivative Net | -5,656 | -9,102 | +37.9% |
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| Warrant | -5,656 | -9,108 | +37.9% |
Show Hedging Designation breakouts |
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| Designated As Hedging Instrument | -919 | -6,501 | +85.9% |
| Nondesignated | -25,316 | -3,371 | -651.0% |
| Gains Losses On Extinguishment Of Debt | 3,089 | 0 | — |
| Income Loss From Equity Method Investments | 4,442 | 6,429 | -30.9% |
| Straight Line Rent | -77,313 | 15,946 | -584.8% |
| Amortization Of Above And Below Market Leases | -1,493 | -385 | -287.8% |
| Gain Loss On Disposition Of Real Estate And Asset Acquisitions Net | 1,378,391 | 8,195 | +16719.9% |
| Equity Method Investment Dividends Or Distributions | 3,312 | 6,671 | -50.4% |
| Increase Decrease In Other Operating Liabilities | -104,837 | -109,385 | +4.2% |
| Increase Decrease In Other Operating Assets | -53,002 | 24,423 | -317.0% |
| Net Cash from Operations | 654,329 | 559,212 | +17.0% |
| Investing Activities | |||
| Payments To Acquire Other Real Estate | -9,873,039 | -1,856,343 | -431.9% |
| Payments For Capital Improvements | -313,975 | -318,794 | +1.5% |
Show Business Segments breakouts |
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| Outpatient Medical | -3,345 | -28,704 | +88.3% |
| Seniors Housing Operating | -301,507 | -277,127 | -8.8% |
| Triple-net | -9,123 | -12,963 | +29.6% |
| Payments For Construction In Process | -103,750 | -195,389 | +46.9% |
Show Business Segments breakouts |
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| Outpatient Medical | -10,160 | -66,717 | +84.8% |
| Seniors Housing Operating | -93,590 | -128,534 | +27.2% |
| Triple-net | 0 | -138 | +100.0% |
| Interest Paid Capitalized | -7,476 | -14,160 | +47.2% |
| Payments To Acquire Loans Receivable | -254,705 | -19,882 | -1181.1% |
| Proceeds From Collection Of Loans Receivable | 14,212 | 43,618 | -67.4% |
| Other Investing Activities | 15,388 | -11,756 | +230.9% |
| Payments To Acquire Interest In Joint Venture | -197,670 | -45,587 | -333.6% |
| Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital | 130,346 | 12,698 | +926.5% |
| Payments For Proceeds From Hedge Investing Activities | -685 | 9,381 | -107.3% |
| Proceeds From Sale Of Property Plant And Equipment | 5,136,183 | 190,751 | +2592.6% |
| Net Cash from Investing | -5,455,171 | -2,205,463 | -147.3% |
| Financing Activities | |||
| Proceeds From Issuance Of Unsecured Debt | 2,006,661 | 0 | — |
| Repayments Of Unsecured Debt | -45,070 | 0 | — |
| Repayments Of Secured Debt | -74,970 | -141,833 | +47.1% |
| Proceeds From Issuance Or Sale Of Equity | 1,580,820 | 2,153,414 | -26.6% |
| Payments Of Financing Costs | -108 | 72 | -250.0% |
| Proceeds From Minority Shareholders | 11,656 | 30,634 | -62.0% |
| Payments To Minority Shareholders | -422,380 | -196,761 | -114.7% |
| Payments Of Dividends | -509,618 | -418,229 | -21.9% |
| Proceeds From Payments For Other Financing Activities | -1,786 | -31,455 | +94.3% |
| Net Cash from Financing | 3,032,604 | 1,590,064 | +90.7% |
| Amortization of Financing Costs (Q) | — | — | — |
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| Amortization of Financing Costs | 2,175 | 2,168 | +0.3% |
| Supplemental | |||
| Interest Paid | 206,250 | 202,381 | +1.9% |
| Income Taxes Paid | 429 | 32 | +1240.6% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 37,204 | -16,764 | +321.9% |
| Net Change in Cash | -1,731,034 | -72,951 | -2272.9% |
| 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.