Welltower Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −0.53%.
Did WELL Beat Earnings? Q3 2025 Results
Welltower posted a mixed third quarter for fiscal 2025, with GAAP earnings of $0.41 per diluted share falling 22.64% short of the $0.53 consensus estimate, even as revenue climbed 33.5% year-over-year to $2.69 billion — just a hair below the $2.70 billion Wall Street had anticipated. The GAAP earnings miss, however, obscures a far more consequential story: the company unveiled a landmark $23 billion-plus transaction package that will fundamentally reshape its portfolio toward seniors housing. Normalized FFO per diluted share rose 20.7% to $1.34, powered by 20.3% same-store NOI growth in the Seniors Housing Operating segment and occupancy reaching 88.9%. The strategic pivot includes a $5.20 billion Barchester Healthcare acquisition in the U.K. and the $7.20 billion sale of its outpatient medical portfolio — moves that will push seniors housing toward the mid-80% range of in-place NOI. Institutional investors have taken note of Welltower's evolving positioning within the broader <a href="https://247wallst.com/investing/2026/02/23/real-estate-stocks-rise-realty-income-o-simon-property-spg-lead-last-weeks-winners/">real estate sector landscape</a>. Full-year 2025 normalized FFO guidance was raised to $5.24–$5.30 per share.
- SHO same store NOI growth of 20.3% year-over-year
- 400 basis points year-over-year average occupancy growth in SHO portfolio to 88.9%
- SHO RevPOR growth of 4.8% year-over-year
- SHO same store margin expansion of 260 basis points to 29.9%
- Total portfolio same store NOI growth of 14.5%
- Normalized FFO per share growth of 20.7% year-over-year
“Today's announcements mark a watershed moment in Welltower's history as we continue to evolve: intensifying the Company's focus on seniors housing and accelerating the operational and technological modernization of the business through the Welltower Business System.”
Welltower CEO, on the earnings call
Forward Guidance & Outlook
Welltower raised full-year 2025 normalized FFO guidance to $5.24-$5.30 per diluted share from the prior range of $5.06-$5.14. GAAP net income guidance was revised to $0.82-$0.88 per diluted share from $1.86-$1.94, reflecting the large disposition program. Same Store NOI growth is expected at 13.2%-14.5% blended, with SHO at 20.5%-22.0%, Seniors Housing Triple-net at 3.5%-4.5%, Outpatient Medical at 2.0%-3.0%, and Long-Term/Post-Acute Care at 2.0%-3.0%. G&A expenses are anticipated at $243-$249 million with stock-based compensation of approximately $52 million. Pro rata disposition proceeds of $9.0 billion are expected at a blended yield of 7.1% over the next twelve months. The announced transactions are projected to be accretive to normalized FFO per share in 2026. Following completion of all transactions, seniors housing is expected to comprise the mid-80% range of in-place NOI.
WELL YoY Financials
WELL Revenue by Segment
WELL Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.