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Mar 31, 2025
Welltower Q1 2025 Earnings Report
Welltower reported strong first quarter results with significant growth in earnings and liquidity improvements.
Key Takeaways
Welltower delivered robust Q1 2025 results, highlighted by strong Seniors Housing Operating performance, enhanced liquidity, and credit upgrades.
Normalized FFO per diluted share grew to $1.20.
Net income attributable to common stockholders reached $257,957,000.
Seniors Housing Operating Same Store NOI increased 21.7% year-over-year.
Net debt to Adjusted EBITDA improved to 3.33x.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Welltower raised its full-year 2025 guidance for net income and normalized FFO, expecting strong growth driven by favorable industry dynamics and portfolio performance.
Positive Outlook
- Revised net income guidance increased to $1.70–$1.84 per diluted share.
- Normalized FFO guidance raised to $4.90–$5.04 per diluted share.
- Expected same-store NOI growth between 10.00% and 13.25%.
- Seniors Housing Operating portfolio growth expected between 16.5% and 21.5%.
- Liquidity remains strong with $8.6 billion available.
Challenges Ahead
- Guidance assumes no additional acquisitions beyond those announced.
- Potential for unanticipated impairments not included in guidance.
- Guidance excludes additional capital transactions.
- General and administrative expenses expected to rise to $240–$250 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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