WELL
Welltower Inc.190.40
-0.07-0.04%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Reaffirms growth via mix shift.
Q&A largely reaffirmed the scripted story of explosive capital recycling and 18% SHOP NOI growth guidance, emphasizing mix shift and margin expansion for long-term compounding beyond same-store metrics. Management candidly admitted operational tech lags at 'mediocre minus,' fueling ongoing tech quad hires. On surging acquisitions, they stressed value creation over volume amid robust pipeline, while framing SNF as acquire-stabilize-exit. Funds remain opportunistic, shunning asset gathering. Tech execution matters most.
Key Stats
Market Cap
130.68BP/E (TTM)
131.31Basic EPS (TTM)
1.45Dividend Yield
0.01%Recent Filings
8-K
Welltower upsizes revolver to $6.25B
Welltower OP amended its credit agreement on March 6, 2026, replacing $5B revolving plus $1.25B term facilities with a $6.25B unsecured revolver—$4.25B Revolving A (to 2030) and $2B Revolving B (to 2029)—across 32 banks. Lenders can add $1.25B more; rates tie to debt ratings with sustainability tweaks. Bigger liquidity, longer terms. No rates disclosed.
10-K
FY2025 results
Welltower's FY2025 NOI climbed 38% y/y to $4.3B, powered by Seniors Housing Operating's 51% surge to $2.3B amid 87.5% Q4 occupancy (up from 84.7% FY2024). Q4 accelerated with 87.4% occupancy vs Q3's 86.9%, fueled by U.K. acquisitions like Barchester/HC-One adding scale while U.S. operators (Cogir, Sunrise) drove same-store NOI +20.8% QTD (derived). Yet Outpatient Medical NOI dipped 1% on $5.2B tranche sale (241 properties), leaving $548M NOI. Net debt/enterprise value fell to 10% with $5B revolver capacity; no buybacks, steady $0.74 Q4 dividend. Q4 momentum strong, but Medicaid reimbursement cuts risk operator cash flows.
8-K
Q4 FFO surges 28.3%
Welltower crushed Q4 with normalized FFO at $1.45 per share, up 28.3% year-over-year, fueled by 15.0% portfolio SSNOI growth—SHO rocketed 20.4%. They deployed $13.9B in gross investments, including U.K. deals, while unloading $7.5B in dispositions ahead of plan. Balance sheet shines: net debt to Adjusted EBITDA at 3.03x. 2026 normalized FFO guides $6.09-$6.25.
10-Q
Q3 FY2025 results
Welltower posted Q3 revenue of $2.69B, up 31% y/y, driven by 36% growth in resident fees to $2.06B from Seniors Housing Operating amid acquisitions like Care UK and rising occupancy to 86.9%. NOI climbed 32% y/y to $1.11B, with diluted EPS at $0.41 (down y/y from gains last year). Cash swelled to $6.81B on $6.84B ATM equity raises, funding $5.28B in property buys across segments; total debt $16.85B with revolver fully available. Signed $7.2B outpatient sale (first tranche closed October). Operator concentration tops at 8% with Cogir.
8-K
Welltower launches $7.5B ATM
Welltower Inc. launched a new at-the-market equity offering on October 28, 2025, allowing sales of up to $7.5 billion in common stock through multiple agents, including forward sale options that may yield no upfront proceeds. It terminated its prior March agreement and filed supplements registering resale of 1,182,070 acquisition-related shares plus 4,542,926 potential OP unit shares. Forward settlements hinge on company elections.
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