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Jun 30, 2025
Welltower Q2 2025 Earnings Report
Welltower reported strong financial results, driven by growth in its Seniors Housing Operating portfolio.
Key Takeaways
The company delivered solid Q2 performance with a significant increase in normalized FFO and robust net income, backed by continued strength in its core housing operations.
Reported net income of $301.9 million, or $0.45 per diluted share.
Normalized FFO per share rose to $1.28 from $1.05 last year.
Seniors Housing Operating segment saw 23.4% SSNOI growth.
Welltower closed $1.2 billion in gross investments during Q2.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Welltower raised its full-year guidance for both net income and normalized FFO, reflecting strong operational momentum.
Positive Outlook
- Net income guidance increased to $1.86–$1.94 per diluted share.
- Normalized FFO guidance raised to $5.06–$5.14 per diluted share.
- Expecting blended SSNOI growth of 11.25%–13.25%.
- Strong SHO performance projected with SSNOI growth of 18.5%–21.5%.
- Low net debt to adjusted EBITDA of 2.93x supports financial flexibility.
Challenges Ahead
- Guidance excludes potential impacts from future investments.
- No assumption of further transitions or restructures included.
- Estimates exclude unanticipated expenses or impairments.
- Expected $340M in asset dispositions over the next 12 months.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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