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Welltower

Welltower Inc. (NYSE: WELL) is a real estate investment trust (REIT) and S&P 500 company headquartered in Toledo, Ohio, that invests in healthcare infrastructure, with a primary focus on senior housing, wellness communities, and outpatient medical properties across the United States, United Kingdom, and Canada. Founded in 1970 as the first REIT dedicated exclusively to healthcare facilities, the company has evolved into a leader in the "silver economy," providing capital and real estate solutions to support aging populations through rental housing at the intersection of healthcare and hospitality. Welltower's emphasizes long-term value creation through strategic acquisitions, developments, and partnerships with top operators, leveraging proprietary and the Welltower Business System for operational excellence and risk-adjusted returns. The company manages a diversified exceeding 2,000 senior and communities, alongside medical buildings, with investments targeted at high-density markets to drive compounding growth and resident satisfaction. Under the leadership of CEO Shankh S. Mitra since 2020, Welltower employs 685 people and prioritizes a culture of ownership, innovation, and integrity, drawing from principles like those of to foster and frugality. In 2025, the company accelerated its focus on senior housing with over $23 billion in transactions, including a £5.2 billion acquisition of a U.K. portfolio from , while divesting non-core outpatient medical assets to enhance its growth profile.

Corporate Overview

Founding and Early Incorporation

Welltower was founded in 1970 in , as the Health Care Fund by attorney Bruce G. Thompson and associates, marking it as the pioneering dedicated exclusively to healthcare facilities. This formation capitalized on the emerging recognition of healthcare as a stable sector amid growing for medical and senior care services in the United States. The company's headquarters were relocated to , in 1986, serving as its base to oversee investments and management activities. In 1971, the Fund completed its on the under the HCN, enabling it to access broader capital markets for expansion into healthcare properties. This listing provided the financial foundation for acquiring and financing specialized , positioning the firm as a key player in the nascent healthcare REIT landscape. Throughout the 1970s, the company directed its efforts toward investments in nursing homes and retirement communities, which formed the core of its early portfolio and drove initial revenue streams from leases and mortgages on these facilities. By the end of the decade, these targeted acquisitions had established a foundational asset base, with annual revenues reflecting steady growth from healthcare sector operations, though still modest compared to later expansions. The focus on these property types underscored the company's commitment to long-term, income-generating tied to demographic shifts toward an aging population.

Business Model and Focus Areas

Welltower Inc. operates as a self-administered (REIT), structured as an umbrella partnership REIT (UPREIT) through its operating partnership, Welltower OP LLC, to qualify for favorable U.S. tax treatment under (IRS) regulations. As a REIT, the company is required to distribute at least 90% of its annually to shareholders in the form of dividends, thereby avoiding corporate-level taxation on income from investments. This structure enables Welltower to acquire, own, and manage a diversified portfolio of healthcare-related properties while providing liquidity to investors through publicly traded shares. The company's primary focus is on owning and leasing healthcare infrastructure that supports aging populations and evolving medical needs, with key segments including seniors housing operating (SHO), outpatient medical facilities, and post-acute or skilled properties. In the SHO segment, Welltower invests in communities offering , , and memory care services, often operating under the REIT Investment Diversification and Empowerment Act (RIDEA) structure to directly participate in operational cash flows. Outpatient medical properties encompass offices, ambulatory centers, and medical office buildings leased to healthcare providers, while post-acute facilities provide and services. This targeted approach positions Welltower to capitalize on demographic trends, such as the growing demand for senior care in the private-pay market across the , , and the . Welltower generates revenue primarily through rental income from triple-net leases, where tenants cover property taxes, , and ; and other fees from operated ; and resident fees from owned seniors housing communities. Triple-net leases form a core component, providing stable, predictable cash flows with built-in escalators, while resident fees in SHO properties allow the company to benefit from occupancy and pricing dynamics managed by third-party operators. The investment strategy emphasizes long-term leases—typically 10 to 20 years—with established operators such as and Atria Senior Living, often credit-enhanced by parental guarantees to mitigate risk and ensure operational expertise. These partnerships enable Welltower to focus on capital allocation and rather than day-to-day operations, fostering regional density in high-demand markets for enhanced resilience. In alignment with broader industry trends, Welltower integrates (ESG) principles into its and investment decisions to promote and long-term value creation. This includes efforts to reduce emissions, enhance —earning recognition as an Partner of the Year—and prioritize diversity in operations, as evidenced by its ESG AA rating. By embedding ESG criteria, Welltower aims to address expectations, mitigate regulatory risks, and support innovative care delivery models in its healthcare-focused portfolio.

Historical Development

Pre-2000 Expansion

During the , REIT significantly expanded its portfolio of properties, leveraging its position as the first dedicated REIT to finance homes and centers primarily through loans and investments. Building on its foundational establishment in the as the Health Care Fund to support early operators, the company pursued strategic property investments that grew its holdings from a handful of facilities to dozens by the end of the decade. A pivotal moment came in 1985 when the company changed its name to REIT, Inc., underscoring its commitment to ownership in the sector. In March 1986, it relocated its corporate headquarters from , to , to better facilitate operational scaling and access to capital markets. The company's structure as a , established since its 1970 inception, provided tax advantages that supported dividend-focused growth, with annual distributions consistently maintained to meet REIT requirements. By 1992, Health Care REIT had transitioned toward a greater emphasis on ownership of properties, enhancing its ability to capture rental income and appreciate asset values amid rising demand for senior care facilities. This shift enabled more direct control over its portfolio and aligned with evolving regulatory environments that favored REITs for long-term stability. policies remained a cornerstone, with per-share payouts increasing modestly from $2.075 in 1995 to $2.11 in 1997, reflecting steady funds from operations growth. In the , REIT intensified investments in emerging sectors like and medical office buildings, recognizing the demographic shift toward aging populations and the need for non-acute care options. By 1997, its portfolio encompassed 183 facilities across 29 states, including 116 properties, with investments totaling approximately $714 million net. These investments diversified beyond traditional nursing homes, incorporating operating leases and financing for developments that emphasized independence and support services. Key financial milestones included revenue growth from $44.6 million in 1995 to $73.3 million in 1997, driven by portfolio expansion. By late 1999, total assets approached $1 billion, reaching $985 million as of September 30, with cumulative 1999 investments exceeding $275 million, solidifying its scale in the U.S. market.

2000–2020 Growth and Restructuring

During the early 2000s, Health Care REIT, Inc. (the predecessor to Welltower Inc.) pursued strategic acquisitions to expand its healthcare portfolio, culminating in a landmark $2.4 billion purchase of substantially all assets from in April 2011. This transaction involved 147 post-acute, skilled nursing, and facilities across 11 states, primarily in the Northeast and Mid-Atlantic regions, and included an option for Health Care REIT to acquire a 9.9% interest in . The deal significantly scaled the company's asset base to approximately $10 billion, enhancing its position as a leading healthcare REIT focused on seniors housing and post-acute care. Building on this foundation, the company accelerated growth through international expansion and portfolio diversification in the mid-2010s. In August 2014, Health Care REIT announced the $950 million all-cash acquisition of HealthLease Properties REIT, a Canadian-focused REIT, which added 53 seniors , post-acute, and communities with 5,331 beds/units, primarily in . This move marked a key entry into the Canadian market, providing an initial cash yield of 7.0% and immediate accretion to funds from operations per share, while partnering with Property Group for further development opportunities. Concurrently, expansion into the began around 2010 with acquisitions of seniors properties, growing to 52 operating communities and 60 triple-net leased assets by the end of 2015, including four private-pay hospitals in operated by Aspen Healthcare. These international efforts diversified revenue streams, with non-U.S. operations contributing 18.8% of total revenues ($726.5 million) in 2015. A pivotal occurred in with the rebranding to Welltower Inc., symbolizing a shift from traditional healthcare to a broader "wellness" platform emphasizing innovative care models and sustainable growth, akin to a "tower" of expanding opportunities. This name change, effective in October , coincided with updated segment —such as "seniors triple-net" to "triple-net" and "medical facilities" to "outpatient medical"—and reflected a portfolio of 1,482 properties across the U.S., , and U.K. The rebranding supported diversification into outpatient medical properties, which grew to represent a key segment with investments reaching $5.62 billion in gross by , encompassing hundreds of buildings focused on . By the end of , Welltower's overall portfolio exceeded 1,400 buildings, with outpatient medical assets comprising about 16% of revenues and 25% of net operating income, underscoring a strategic toward resilient, non-hospital healthcare . The period closed with major consolidations to further entrench diversification and scale. In April 2018, Welltower agreed to acquire Quality Care Properties, Inc. (QCP) for approximately $1.95 billion (part of a broader $4.4 billion with ProMedica that also included HCR ManorCare operations), adding post-acute and facilities with property-level EBITDAR coverage of 1.8x. This transaction, completed in July 2018, formed an 80/20 owning the real estate, bolstering Welltower's exposure to skilled nursing and while enabling operator upgrades through ProMedica's $400 million investment commitment. By 2020, these efforts had positioned Welltower with a diversified across seniors operating (67% of revenues), triple-net leases (17%), and outpatient medical (16%), supported by $5.0 billion in liquidity for ongoing restructuring and growth.

2021–Present Acquisitions and Strategy

Following the , Welltower implemented recovery strategies centered on strengthening operator partnerships to drive occupancy rebound in its seniors housing portfolio. By 2021, the company had formed long-term exclusive agreements with key operators like Atria Senior Living, emphasizing technological enhancements and improved resident experiences to capitalize on improving fundamentals in the sector. These efforts contributed to sustained net operating income (NOI) growth, with seniors housing operating NOI increasing 23.4% year-over-year in the second quarter of 2025, marking the 11th consecutive quarter of over 20% gains, supported by 420 basis points of occupancy expansion. From 2021 onward, Welltower accelerated its strategic focus on the "silver economy," prioritizing investments in high-end and luxury seniors living to align with aging demographics and rising demand for premium rental housing. This shift involved divesting non-core assets, such as medical office properties, to fund targeted acquisitions in the U.S., U.K., and Canada, positioning the company as a pure-play platform for seniors housing. The emphasis on luxury segments was evident in partnerships that enhanced property quality and operational efficiency, fostering long-duration relationships with top-tier operators. In 2025, Welltower executed a $14 billion in gross investments, acquiring over 700 high-quality seniors housing communities across the U.S., U.K., and , funded partly by $9 billion in asset sales and loan repayments. Key transactions included the acquisition of the ultra-luxury Amica Senior Lifestyles portfolio for C$4.6 billion (approximately US$3.2 billion), encompassing 38 communities in and establishing a long-term growth partnership. In June, Welltower completed the $900 million all-cash acquisition of NorthStar Healthcare Income, Inc., adding 40 U.S. seniors housing properties with an enterprise value reflecting strong market positioning. October marked two major U.K. deals: the £5.2 billion (about $6.92 billion) purchase of a 284-community portfolio operated by , forming an exclusive operator partnership, and the £1.2 billion acquisition of the HC-One-operated portfolio, enhancing Welltower's exposure. These 2025 acquisitions significantly expanded Welltower's footprint, increasing its portfolio to over 2,000 seniors and wellness housing communities and elevating seniors housing to the mid-80% of in-place NOI. The deals underscored a transformative era of aggressive growth, leveraging demographic tailwinds to solidify market leadership in premium seniors living.

Operations and Portfolio

Property Types and Sectors

Welltower's portfolio is predominantly focused on healthcare , with seniors housing operating () comprising the largest segment at 67.6% of in-place net operating income (NOI) as of September 30, 2025. This segment includes 1,334 communities offering , , and memory care services, totaling 131,552 units managed under a (REIT) in a real estate investment trust at eligible account (RIDEA) structure. These properties emphasize resident-centered care in wellness-oriented environments, with key operators such as Cogir Management Corporation and handling day-to-day operations. As of the same date, SHO stood at 86.9%, reflecting strong demand in the seniors housing market. The seniors housing triple-net (SH NNN) segment accounts for 10.3% of in-place NOI as of September 30, 2025, consisting of 291 properties with 19,483 units leased on a triple-net basis to operators. These assets provide , , and related services, contributing to Welltower's overall seniors housing focus, which totals approximately 77.9% of NOI when combined with . The post-acute and sector accounts for 18.2% of in-place NOI, consisting of 376 skilled nursing facilities with 45,632 beds leased on a triple-net basis to specialized operators. These properties provide , , and long-term skilled services, supporting patients recovering from acute episodes or requiring ongoing medical attention. Operators such as Integra Healthcare Properties and Avir Health Group manage these assets, with leases structured to ensure stable rental income. Welltower's involvement in this sector has been enhanced through strategic repositioning of assets from prior partnerships. Outpatient medical properties represent 3.9% of in-place NOI as of September 30, 2025, encompassing 446 buildings totaling 22.1 million square feet leased primarily to health systems and physician groups. These facilities support ambulatory care, diagnostics, and specialty services in community-based settings, with tenants including Kelsey-Seybold Clinic and UnitedHealth Group. As of October 2025, Welltower announced the divestiture of an 18 million square foot outpatient medical portfolio valued at $7.2 billion to be completed in multiple tranches through mid-2026, with the first tranche closing for $2 billion, aiming to concentrate resources on core seniors housing assets. Across these sectors, Welltower predominantly employs triple-net (NNN) leases for non-operated properties, where tenants assume responsibility for property taxes, insurance, and maintenance, providing predictable cash flows for the REIT. Average remaining lease terms vary by segment, with 10 years for seniors housing triple-net and 15 years for outpatient medical, though shorter for post-acute care (2 years) as of September 30, 2025. This leasing model aligns with Welltower's strategy of partnering with established operators to optimize property performance while minimizing direct operational risks. Recent acquisitions have further elevated seniors housing to the mid-80% range of in-place NOI, underscoring its centrality to the portfolio.

Geographic Reach and Key Markets

Welltower maintains a primary operational footprint , reflecting the company's strategic emphasis on domestic markets with robust demand for seniors housing and . Within the U.S., the portfolio is heavily focused on states including , , and , which benefit from significant inbound of older adults seeking warmer climates and amenities. This regional strategy aligns with demographic shifts, as these areas exhibit accelerated growth in the 80+ population segment, projected to expand substantially through 2030. In Canada, Welltower announced the acquisition of Amica Senior Lifestyles for C$4.6 billion in March 2025, expected to close in the fourth quarter of 2025 and add 38 luxury seniors housing communities and nine development sites. The Canadian assets would be primarily situated in high-demand provinces such as and , targeting affluent markets with premium and options tailored to an aging demographic. The accounts for a portion of Welltower's , bolstered by 2025 transactions including the £5.2 billion acquisition of Barchester Healthcare's (encompassing 284 care homes). These investments emphasize care homes and related facilities in and , regions experiencing strong occupancy gains and supportive regulatory environments for . As of late 2025, Welltower's total portfolio exceeds 2,000 properties across the , , and the , with over 700 seniors housing communities added through acquisitions and developments during the year. The company's market strategy prioritizes locations with pronounced aging population trends, such as the 80+ cohort's rapid expansion in these geographies, to capitalize on supply-demand imbalances and enhance long-term occupancy and revenue stability.

Leadership and Governance

Executive Team

Welltower's executive team, as of November 2025, is led by Shankh , who has guided the company's strategic direction since his appointment in October 2020. , with a robust background in investments from prior roles at firms including Millennium Management, , and , oversees overall strategy, capital allocation, and growth initiatives, leveraging his expertise in and . His has emphasized innovative portfolio expansion in senior housing and healthcare . In January 2025, Welltower elevated two key leaders to co-president roles as part of a broader to enhance and following major acquisitions. Tim McHugh was appointed Co-President and , a position he assumed after serving as Executive Vice President and since 2016. McHugh manages , capital markets activities, and , drawing on his earlier experience at RREEF Management and , where he focused on investment and . Similarly, Nikhil was named Co-President and in January 2025, building on his tenure as CIO since 2023 and his entry into the company in 2016. leads , including acquisitions, developments, and across healthcare sectors, informed by his prior work at in and . His role has been pivotal in executing high-impact deals, such as the $14 billion in senior housing investments completed earlier in 2025. John Burkart serves as Vice Chairman and , a promotion effective January 2025 that recognizes his long-term contributions to the firm. With over 25 years of experience, including his prior role as at , Burkart handles day-to-day operations, asset management, and the application of data analytics to enhance property performance. These 2025 promotions underscore Welltower's focus on aligning leadership with post-acquisition integration and long-term value creation in its healthcare-focused portfolio.

Board of Directors

Welltower's Board of Directors consists of nine members as of 2025, with a majority independent under NYSE and standards, comprising eight independent directors and one non-independent director, the Shankh Mitra. The board provides strategic oversight, , and guidance on the company's healthcare investments. Kenneth J. Bacon serves as the independent Chairman of the Board since October 2020, bringing extensive expertise in investment trusts (REITs) from his prior roles, including Executive Vice President at and co-founder of RailField Realty Partners. Independent directors include Karen B. DeSalvo, with deep knowledge in healthcare policy from her tenure as Acting at the U.S. Department of Health and and as Chief Health Officer at (director since 2018); Dennis G. Lopez, offering finance and insights as Chief Executive Officer of QuadReal Property Group and with over 30 years in investment (since 2021); Ade J. Patton, providing and financial acumen from his experience as Chief Financial Officer at Oak View Group and prior roles at and (since 2021); Andrew Gundlach, contributing investment expertise as President and Co-CEO of Bleichroeder LP (since 2024); Sergio D. Rivera, former CEO of SeaWorld Entertainment with executive experience in operations and strategy (since 2014); Johnese M. Spisso, President of with expertise in healthcare leadership (since 2018); and Kathryn M. Sullivan, former CEO of UnitedHealthcare Employer and Individual with background in and operations (since 2019). The board operates through standing committees, including the for financial oversight, the Compensation Committee for executive pay and incentives, and the for director nominations and corporate policies. Governance practices emphasize board , with approximately 40% of members identifying as women or minorities, including three women and representation from Asian, Black, and Hispanic/Latino backgrounds; (ESG) matters, overseen by the Nominating/Corporate Governance Committee to integrate into strategy; and alignment with shareholders through stock ownership guidelines requiring non-employee directors to hold shares valued at five times their annual retainer within five years, and executives to maintain three times base salary (six times for the CEO). Recent board changes include the addition of Andrew Gundlach in July 2024 to enhance investment acumen, following the departures of Philip L. Hawkins in May 2024 and Diana W. Reid in December 2024. The board held six meetings in 2024, with committees meeting four to six times each to support ongoing strategic direction.

Financial Performance

Revenue, Earnings, and Profitability

Welltower's trailing twelve-month (TTM) as of September 30, 2025, reached $9.91 billion, reflecting a 32% year-over-year increase primarily driven by strategic acquisitions in the healthcare sector. This growth underscores the company's expansion in high-demand areas, with quarterly for Q3 2025 alone totaling $2.69 billion, up 31% from the prior year. Revenue streams are diversified across property types, with approximately 77% derived from resident fees and services in seniors operating (), and the remainder primarily from rental income (including triple-net leases for seniors , outpatient medical, and post-acute care) and interest income; outpatient medical represents about 5% of net operating income. For the nine months ended September 30, , total revenues amounted to $7.66 billion, highlighting the segment's contribution through elevated and . for the TTM period stood at $960 million, while normalized funds from operations (FFO) per share is projected at $5.25 for full-year , representing 21.5% over the prior year's results. Profitability metrics demonstrate resilience amid portfolio transformations, with a net of 9.69% for the TTM period. The 2025 acquisitions have significantly boosted net operating income (NOI), particularly in seniors , where same-store NOI exceeded 20% in Q3, driven by for aging-in-place services and operational efficiencies. Welltower maintains a consistent as an component, distributing quarterly payouts of $0.74 per share in Q3 2025, resulting in an annual of $2.96 and a of approximately 1.6%. This approach supports shareholder returns while aligning with the company's focus on sustainable in healthcare .

Assets, Investments, and Capital Structure

As of September 30, , Welltower's total assets stood at approximately $59.5 billion, reflecting significant growth from post-quarter acquisitions in seniors housing and properties totaling $14 billion across over 700 communities. This expansion included high-profile deals such as the acquisition of Barchester Healthcare's U.K. portfolio for £5.2 billion and HC-One's portfolio for £1.2 billion, enhancing Welltower's focus on core seniors housing assets. The balance sheet also incorporated $1.9 billion in gross investments during the third quarter alone, comprising acquisitions, developments, and loans. Welltower's investment comprises over 2,000 seniors and housing properties, with net investments valued at $48.4 billion, with gross properties approximately $59.4 billion after accounting for accumulated of about $11 billion. This emphasizes high-quality, amenity-rich communities in prime markets, supported by strategic dispositions of non-core assets, including a $9 billion program announced in late 2025 to fund acquisitions and streamline operations—such as the $7.2 billion sale of an outpatient . Key performance metrics include a (ROA) of 2.00% and (ROE) of 2.75%, underscoring efficient capital deployment amid optimization. Welltower maintains a robust with an equity of approximately $131 billion as of November 2025, complemented by total of $17.0 billion, resulting in a net to enterprise value ratio of 7.6%. maturities are proactively managed through substantial of $11.9 billion, including $6.9 billion in and $5.0 billion in undrawn credit facility capacity. The company's financing relies on unsecured senior notes—such as the August 2025 issuances of $400 million at 4.50% due 2030 and $600 million at 5.125% due 2035—and facilities to support acquisition funding and maintain investment-grade ratings. This approach ensures flexibility for ongoing while minimizing secured exposure.

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