Welltower reported strong fourth quarter and full-year 2025 results, driven by significant growth in its Seniors Housing Operating portfolio and strategic acquisitions and dispositions. The company demonstrated robust FFO growth, improved credit ratings, and introduced positive 2026 guidance, signaling confidence in its operational platform and market position.
Reported quarterly normalized FFO attributable to common stockholders of $1.45 per diluted share, an increase of 28.3% over the prior year.
positiveTotal portfolio year-over-year same store NOI ("SSNOI") growth of 15.0%, driven by SSNOI growth in our Seniors Housing Operating ("SHO") portfolio of 20.4%.
positiveS&P Global Ratings upgraded credit rating to "A-" and Moody's to "A3", both with stable outlooks.
positiveCompleted $13.9 billion of pro rata gross investments and $7.5 billion of pro rata dispositions in Q4 2025, exceeding prior expectations.
positiveIntroduced 2026 guidance with expected average blended SSNOI growth of 11.25% to 15.75%.
positiveNet income attributable to common stockholders was $0.14 per diluted share for Q4 2025, a significant decrease from $0.19 in Q4 2024.
attentionNAREIT FFO per diluted share was $(0.87) for Q4 2025, a decrease from $1.00 in Q4 2024, impacted by normalizing items.
attentionGeneral and administrative expenses increased significantly to $1,557,378,000 in Q4 2025 from $48,707,000 in Q4 2024.
attentionLoss (gain) on real estate dispositions and acquisitions of controlling interests, net was a gain of $1,378,391,000 in Q4 2025, compared to a gain of $8,195,000 in Q4 2024, indicating significant portfolio rebalancing activity.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Seniors Housing Operating | N/A | — | — | — |
Seniors Housing Triple-net | N/A | — | — | — |
Outpatient Medical | N/A | — | — | — |
Long-Term/Post-Acute Care | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Reported total portfolio year-over-year same store NOI ("SSNOI") growth of 15.0%, driven by SSNOI growth in our Seniors Housing Operating ("SHO") portfolio of 20.4%.
Announced the next era of our journey, "Welltower 3.0", underscoring our commitment to modernizing the seniors housing sector through a reimagined customer journey and technology ecosystem.
Meaningfully amplified the Company's long-term growth trajectory through the completion of $11 billion of pro rata net investments, excluding development funding, anchored by acquisitions of seniors housing communities in the U.S. and U.K. and disposition of lower growth outpatient medical properties.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.