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Dec 31, 2025
Welltower Q4 2025 Earnings Report
Welltower reported strong fourth quarter 2025 results with significant increases in net income and normalized FFO per diluted share, driven by robust same store NOI growth in its Seniors Housing Operating portfolio.
Key Takeaways
Welltower Inc. announced strong fourth quarter 2025 results, with net income attributable to common stockholders of $0.14 per diluted share and normalized FFO of $1.45 per diluted share, marking a 28.3% increase year-over-year. The company's total portfolio same store NOI grew by 15.0%, primarily driven by a 20.4% increase in its Seniors Housing Operating portfolio. Significant investment and disposition activities were completed, including $13.9 billion in pro rata gross investments and $7.5 billion in pro rata dispositions.
Net income attributable to common stockholders was $0.14 per diluted share for Q4 2025.
Normalized FFO attributable to common stockholders increased by 28.3% year-over-year to $1.45 per diluted share.
Total portfolio same store NOI grew by 15.0%, with Seniors Housing Operating portfolio SSNOI increasing by 20.4%.
The company completed $13.9 billion in pro rata gross investments and $7.5 billion in pro rata dispositions during the fourth quarter.
Revenue by Segment
Forward Guidance
Welltower is introducing its 2026 earnings guidance, expecting net income attributable to common stockholders in a range of $3.11 to $3.27 per diluted share and normalized FFO in a range of $6.09 to $6.25 per diluted share. The guidance assumes average blended SSNOI growth of 11.25% to 15.75% and pro rata disposition proceeds of $3.5 billion.
Positive Outlook
- Expected average blended SSNOI growth of 11.25% to 15.75%, indicating strong operational performance.
- Seniors Housing Operating SSNOI growth projected at 15.0% to 21.0%, highlighting strength in a key segment.
- Anticipated pro rata disposition proceeds of $3.5 billion at a blended yield of 6.8%, suggesting efficient capital recycling.
- Guidance includes only announced or closed acquisitions to date, providing a clear baseline.
- Development funding of an additional $370 million in 2026 for ongoing projects.
Challenges Ahead
- Guidance does not include any additional investments or dispositions beyond those announced, which could impact future results.
- No transitions, restructures, or capital activity beyond those announced are included, potentially limiting flexibility.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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