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Sep 30, 2025
Welltower Q3 2025 Earnings Report
Welltower reported strong Q3 2025 results driven by significant investment activity and growth in seniors housing performance.
Key Takeaways
Welltower delivered a solid Q3 2025 with notable growth in normalized FFO and Seniors Housing Operating portfolio performance. Strategic acquisitions and dispositions reinforced their capital position and expanded their footprint in the U.S. and U.K. markets.
Normalized FFO reached $919,241,000 or $1.34 per share.
Net income attributable to common stockholders was $280,559,000.
Revenue grew to $2,685,692,000 in the quarter.
Completed $1.9B in new investments, and announced $23B in total transaction activity including major U.K. acquisitions.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Welltower revised its full-year 2025 guidance, lowering net income but increasing normalized FFO outlook, reflecting strong transaction activity and stabilized operational growth.
Positive Outlook
- Normalized FFO guidance increased to $5.24–$5.30 per share.
- Average blended SSNOI growth expected between 13.2%–14.5%.
- SHO same store NOI expected to grow 20.5%–22.0%.
- Dispositions expected to generate $9B in proceeds.
- Acquisition pipeline includes $4B in seniors housing assets across 150+ communities.
Challenges Ahead
- Net income guidance lowered to $0.82–$0.88 per share from $1.86–$1.94.
- Full-year outlook excludes unannounced capital transactions.
- Stock-based compensation not fully reflected in G&A expense guidance.
- Potential headwinds from macroeconomic and geopolitical risks.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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