Welltower (WELL) Q4 2025 earnings summary

Executive summary

• Achieved a transformational year in 2025 with 36% revenue growth, 32% adjusted EBITDA growth, and 22%–22.5% FFO per share growth, while deleveraging the balance sheet and investing in systems and talent.

• Completed $11 billion in net investment activity, transforming the portfolio toward senior housing and away from outpatient medical assets, funded by $7.2 billion in OM business sales.

• Launched private funds management, closing Seniors Housing Fund I with $2.5 billion in equity commitments and launching a debt fund.

• Senior housing operating portfolio (SHOP/SHO) now comprises about 70% of NOI, with 13 consecutive quarters of 20%+ same-store NOI growth.

• Board approved a 10.4% increase in the quarterly dividend, supported by strong cash flow and a low payout ratio.

Financial highlights

• Q4 2025 normalized FFO per diluted share was $1.45, up 28.3% year-over-year; annual normalized FFO per diluted share was $5.29, up from $4.32 in 2024.

• Q4 net income attributable to common stockholders was $0.14 per diluted share; full year was $1.39 per diluted share.

• Q4 total revenues were $3.18 billion, up from $2.25 billion in Q4 2024; full year revenues were $10.84 billion, up from $7.99 billion in 2024.

• Q4 same store NOI margin expanded by 270 bps year-over-year in the SHO portfolio.

• Ended 2025 with $5.2 billion in cash and over $10 billion in near-term liquidity.

Outlook and guidance

• 2026 guidance: net income of $3.11–$3.27 per diluted share and normalized FFO of $6.09–$6.25 per diluted share.

• 2026 FFO guidance midpoint is $6.17, up from $5.29 in 2025, driven by SHOP NOI, investment/financing, and triple net income.

• Total portfolio same-store NOI growth expected at 11.25%–15.75% in 2026, with SHOP/SHO growth of 15%–21%.

• Revenue growth projected at 9% (4.8% RevPOR, 350 bps occupancy), expense growth at 5.5%.

• Anticipated $3.5 billion in pro rata dispositions in 2026 at a blended yield of 6.8%.