WELLTOWER (WELL) Company Report

WELLSTAR's OceanMD was awarded a provincial eReferral contract, immediately boosting ARR by 16% and leveraging a network of over 1.7 million annual eReferrals with 20,000 physicians and 3,800 clinics nationwide.
In Q3, WELLSTAR generated $18.3 million in revenue, up 67% YoY, with 26% organic growth and ARR up 63% to $66.0 million as of September 30, 2025.
Signed three M&A transactions in November, including the acquisition of AI scribe Mutuo and two billing assets expected to add $4 million in annualized revenue with margins above 20%.
Completed a $62 million Series B equity financing on October 31, 2025, to accelerate its M&A pipeline and pursue a $100 million annualized revenue run rate target.

Nov 13, 2025, 12:01 PM

Press Release

WELLSTAR announces C$62 M Series B financing for pre-spinout growth

WELL

Convertible Preferred Issuance

WELLSTAR, majority-owned subsidiary of WELL Health, agreed to a C$62 million Series B preferred share placement at C$1.50 per share, led by Mawer, Edgepoint, PICTON and management; expected to close early December 2025.
The financing builds on a C$50.4 million Series A raise in December 2024 and will fund future acquisitions, AI innovation, organic growth and general corporate purposes.
Upon closing, WELL will retain majority economic and voting interest; Series B shares convert into subordinate voting shares upon a qualifying liquidity event and accrue dividends from 2026 onward.

Oct 31, 2025, 12:15 PM

Press Release

Welltower enters $7.5 billion ATM equity distribution agreement

WELL

On October 28, 2025, Welltower Inc. entered into a new equity distribution agreement with Welltower OP LLC and a syndicate of sales agents, terminating its prior March 28, 2025 arrangement.
The agreement allows the Company to offer and sell up to $7.5 billion of common stock “at-the-market” through any Sales Agent over time.
Welltower may also enter into forward sale agreements under which shares are borrowed and sold by Forward Sellers, with options for physical settlement or cash/net-share settlement at maturity.
Sales Agents acting as agents for Issuance Shares will receive up to 1.50% of the sales price as compensation.

Oct 28, 2025, 2:01 PM

8-K

Welltower reports Q3 2025 results

WELL

Earnings

Guidance Update

M&A

Welltower reported Q3 net income of $0.41 per diluted share and normalized FFO of $1.34 per diluted share, up 20.7% year-over-year; total portfolio same-store NOI grew 14.5%.
Year-to-date capital activity totaled $23.2 billion by the end of Q3 — $14 billion of acquisitions and $9 billion of dispositions — with an additional $7 billion expected to close by mid-2026.
The company ended Q3 with $7 billion of cash, issued $1 billion of senior unsecured notes at a 4.875% blended coupon, and achieved a record-low net debt/adjusted EBITDA of 2.36x.
Updated full-year 2025 guidance to net income of $0.82–$0.88 per share and normalized FFO of $5.24–$5.30 per share (midpoint $5.27), reflecting a $400 million Q4 gain on the medical office sale and $1.1 billion of one-time compensation charges.
Launched “Welltower 3.0,” shifting to an operations- and technology-first model with a new incentive framework (eliminated cash comp for management, RIDIA 6.0 for operators, stock grants for site employees) and key tech hires to drive digital transformation.

Oct 28, 2025, 1:00 PM

Transcript

Welltower announces Q3 2025 earnings and strategic transformation

WELL

Earnings

M&A

Executive Compensation

Record Q3 2025 results: net income of $0.41 per diluted share and normalized FFO of $1.34 per diluted share, up 20.7% YoY; same-store NOI grew 14.5%.
$33 billion of YTD capital activity, including $14 billion in acquisitions and $9 billion in dispositions, with investments like Barchester and HC-One expected to drive 2026 accretion.
Strengthened liquidity by raising $2.9 billion in equity, issuing $1 billion of 4.875% notes, ending Q3 with $7 billion cash and net debt/EBITDA of 2.36x; updated FY2025 guidance to $0.82–0.88 EPS and $5.24–5.30 NFFO per share.
Launched Welltower 3.0, exiting non-core outpatient management and rolling out a tech-first operating model with new incentive alignment (RIDIA 6.0, management stock grants, and site-level employee awards).

Oct 28, 2025, 1:00 PM

Transcript

Welltower reports Q3 2025 results

WELL

Earnings

Guidance Update

Normalized FFO per diluted share of $1.34, up 20.7% y-o-y; raised FY2025 guidance by $0.17 to $5.27 (22% growth)
SHO portfolio same-store NOI grew 20.3%, driven by 400 bps occupancy gain and 9.7% organic revenue growth; UK occupancy rose 550 bps with revenue up 10.4%
NOI margin expanded by 260 bps to 29.9%, reflecting strong RevPOR vs. ExpPOR dynamics
Leverage at 2.4x net debt/Adjusted EBITDA with nearly $12 billion of liquidity and 6.2x adjusted fixed charge coverage

Oct 28, 2025, 1:00 PM

Presentation

Welltower announces transformative strategy and long-term incentive program

WELL

Executive Compensation

M&A

Hiring

Board approves 10-year Executive Continuity and Alignment Program: five named execs receive $110,000 annual salary plus a one-time illiquid equity award vesting 2030–2035, with half tied to market-cap growth and relative TSR versus FTSE NAREIT Healthcare, MSCI US REIT, and S&P 500 over Oct 6 2025–Oct 5 2030.
Plans to execute $23 billion of transactions, including $14 billion of seniors housing acquisitions and $7.2 billion of outpatient medical dispositions to intensify focus on rental housing for an aging population.
Launch of “Welltower 3.0” to accelerate operational and technology transformation; appoints Jeff Stott as Chief Technology Officer and forms a four-member “Tech Quad” to drive data, digital, and innovation initiatives.
Introduces RIDEA 6.0 contracts with key operating partners and establishes a $10 million Welltower Fellowship Grant in memory of Charles T. Munger to reward front-line staff at top-performing communities.
Program is expected to be accretive to FFO per share in 2026, reinforcing the company’s long-term per-share growth objectives.

Oct 27, 2025, 9:23 PM

8-K

Welltower plans $23B transactions including $14B senior housing acquisitions

WELL

M&A

Guidance Update

Executive Compensation

$23 billion in transactions announced, comprising $14 billion of senior housing community acquisitions funded by $9 billion of asset sales, loan repayments, and cash.
Lowered full-year 2025 EPS guidance to $0.82–$0.88, citing acquisition-related impacts but forecasting accretive growth in 2026 and beyond.
Launched “Welltower 3.0” with a new “Tech Quad” leadership team and appointed Jeff Stott as CTO to drive operational and technological transformation.
Introduced a ten-year executive retention program featuring long-term equity awards tied to shareholder returns and market cap targets.
Announced RIDEA 6.0 contracts with key operating partners and a $10 million annual fellowship grant for frontline workers at top-performing communities.

Oct 27, 2025, 9:10 PM

Morningstar

Welltower reports Q3 2025 results

WELL

Earnings

Guidance Update

New Projects/Investments

Reported Q3 net income of $0.41 per diluted share and normalized FFO of $1.34 per diluted share, up 20.7% YoY.
Achieved 14.5% YoY same-store NOI growth, led by 20.3% growth in Seniors Housing Operating SSNOI.
Completed $1.9 billion of pro rata gross investments (including $1.8 billion in acquisitions/loans and $96 million in development) and announced $23 billion of transaction activity (>$14 billion acquisitions; $9 billion dispositions).
Declared a quarterly dividend of $0.74 per share and updated 2025 guidance: net income of $0.82–$0.88 per diluted share and normalized FFO of $5.24–$5.30 per diluted share.
As of September 30, 2025, net debt to adjusted EBITDA stood at 2.36x with $11.9 billion of available liquidity.

Oct 27, 2025, 8:07 PM

8-K

Welltower unveils transformative new era to maximize long-term shareholder returns

WELL

Executive Compensation

New Projects/Investments

Management Change

Board approved the Ten Year Executive Continuity and Alignment Program for the next decade, granting five NEOs only $110,000 annual salary plus one long-term equity award vesting 2030–2035, half tied to TSR and market cap growth; accretive to FFO per share in 2026.
Announced $23 billion of new transactions, including $14 billion of seniors housing acquisitions and $7.2 billion of outpatient medical dispositions.
Launched Welltower 3.0, focusing on operations and technology transformation via the Welltower Business System and creation of a “Tech Quad” with CTO Jeff Stott, CIO Tucker Joseph, Chief Innovation Officer Logan Grizzel, and CDO Swagat Banerjee.
Promoted five senior leaders to Executive Vice President roles across operations, investments, and corporate finance to sharpen organizational alignment for the next growth phase.
Introduced RIDEA 6.0 contracts for operating partners and a $10 million annual Welltower Fellowship Grant to front-line staff, further aligning incentives across stakeholders.

Oct 27, 2025, 8:07 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for WELLTOWER.

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