Welltower (WELL) Q1 2025 earnings summary

Executive summary

• Normalized FFO per diluted share grew 19% year-over-year in Q1 2025, driven by strong Seniors Housing Operating (SHO) portfolio performance and significant acquisition activity, including the Amica Senior Lifestyles agreement for C$4.6 billion.

• Raised full-year 2025 FFO guidance midpoint by $0.10 to $4.97 per share, reflecting robust capital deployment and operational outperformance.

• Achieved major milestones: launched private fund management, advanced proprietary operating platform, completed key leadership promotions, rebranded, and received credit rating upgrades to A-/A3.

• Closed or announced $6.2 billion in acquisitions year-to-date, surpassing all of 2024's investment activity, and completed major deals including Aspire Healthcare and Care UK.

• Declared a quarterly dividend of $0.67 per share, marking the 216th consecutive quarterly dividend.

Financial highlights

• Q1 2025 net income attributable to common stockholders was $0.40 per diluted share, up from $0.22 year-over-year; normalized FFO was $1.20 per diluted share, up 18.8% year-over-year.

• Total revenues for Q1 2025 were $2.42 billion, up 30% year-over-year; consolidated NOI rose 26% to $960.7 million.

• Total portfolio same-store NOI grew 12.9% year-over-year; SHO same-store NOI grew 21.7%, with margin expansion of 290 bps.

• Net debt to Adjusted EBITDA improved to 3.33x at quarter-end, a record low.

• Cash from operations was $599 million, exceeding dividends paid.

Outlook and guidance

• Full-year 2025 net income guidance: $1.70–$1.84 per diluted share; normalized FFO: $4.90–$5.04 per diluted share (midpoint $4.97), with no earnings contribution from the Amica acquisition expected in 2025.

• Portfolio same-store NOI growth expected at 10%–13.25% year-over-year, led by SHO at 16.5%–21.5%.

• Anticipates $340 million in additional development funding and $166 million in disposition proceeds in 2025.