# WELLTOWER INC. (WELL)

Informational only - not investment advice.

CIK: 0000766704
SIC: 6798 Real Estate Investment Trusts
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Holding And Other Investment Offices](/major-group/67/) > [SIC 6798 Real Estate Investment Trusts](/industry/6798/)
Latest 10-K filed: 2026-02-12
SEC page: https://www.sec.gov/edgar/browse/?CIK=766704
Filing source: https://www.sec.gov/Archives/edgar/data/766704/000076670426000010/well-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-12 · accession 0000766704-26-000010 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000766704.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 10,838,034,000 USD | 2025 | verified |
| Net income | 961,837,000 USD | 2025 | verified |
| Assets | 67,303,047,000 USD | 2025 | verified |
| Free cash flow | 1,831,414,000 USD | 2025 | computed |
| Net margin | 8.87% | 2025 | computed |
| Revenue YoY | +35.63% | 2025 | computed |
| ROE | 2.28% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

Peer groups: [Real estate investment trusts](/compare/reits/) · SIC 6798 Real Estate Investment Trusts

No market price, no rating, no forecast on this site. Not investment advice.

## Peer comparisons including WELL

- Real estate investment trusts: [peer review](/compare/reits/) · [market-risk page](/compare/reits/risk/)

### Peer percentile fingerprint

| Ratio | WELL | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 8.9% | 16.8% | 38 | 149 |
| Revenue growth | 35.6% | 3.7% | 96 | 149 |
| FCF margin | 16.9% | 21.8% | 39 | 70 |
| ROE | 2.3% | 5.7% | 33 | 151 |
| ROA | 1.4% | 1.5% | 46 | 155 |
| Liabilities / equity | 0.57 | 1.48 | 11 | 151 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6798 Real Estate Investment Trusts, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 10838034000 | USD | 2025 | 2026-02-12 |
| Net income | 961837000 | USD | 2025 | 2026-02-12 |
| Assets | 67303047000 | USD | 2025 | 2026-02-12 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000766704.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 4,281,160,000 | 4,316,641,000 | 4,700,499,000 | 5,121,306,000 | 4,605,967,000 | 4,742,115,000 | 5,860,615,000 | 6,637,995,000 | 7,991,118,000 | 10,838,034,000 |
| Net income | 1,082,070,000 | 540,613,000 | 829,750,000 | 1,330,410,000 | 1,038,852,000 | 374,479,000 | 160,568,000 | 358,139,000 | 972,857,000 | 961,837,000 |
| Diluted EPS | 2.81 | 1.26 | 2.02 | 3.05 | 2.33 | 0.78 | 0.30 | 0.66 | 1.57 | 1.39 |
| Operating cash flow | 1,639,064,000 | 1,434,177,000 | 1,583,944,000 | 1,535,968,000 | 1,364,756,000 | 1,275,325,000 | 1,328,708,000 | 1,601,861,000 | 2,256,421,000 | 2,881,677,000 |
| Capital expenditures | 219,146,000 | 250,276,000 | 266,183,000 | 328,824,000 | 244,989,000 | 282,588,000 | 476,016,000 | 517,682,000 | 857,546,000 | 1,050,263,000 |
| Dividends paid |  |  |  |  | 1,119,232,000 | 1,035,906,000 | 1,131,527,000 | 1,260,578,000 | 1,545,275,000 | 1,877,959,000 |
| Assets | 28,865,184,000 | 27,944,445,000 | 30,342,072,000 | 33,380,751,000 | 32,483,642,000 | 34,910,325,000 | 37,893,233,000 | 44,012,166,000 | 51,044,308,000 | 67,303,047,000 |
| Liabilities | 13,185,279,000 | 12,643,799,000 | 14,331,427,000 | 16,398,247,000 | 15,258,580,000 | 15,912,452,000 | 16,499,237,000 | 17,640,439,000 | 18,471,722,000 | 24,100,108,000 |
| Stockholders' equity | 14,806,393,000 | 14,423,147,000 | 14,632,334,000 | 15,540,444,000 | 15,972,719,000 | 17,636,001,000 | 20,294,814,000 | 25,404,376,000 | 31,956,208,000 | 42,129,498,000 |
| Cash and cash equivalents | 419,378,000 | 243,777,000 | 381,913,000 | 284,917,000 | 1,545,046,000 | 269,265,000 | 631,681,000 | 1,993,646,000 | 3,506,586,000 | 5,033,678,000 |
| Free cash flow | 1,419,918,000 | 1,183,901,000 | 1,317,761,000 | 1,207,144,000 | 1,119,767,000 | 992,737,000 | 852,692,000 | 1,084,179,000 | 1,398,875,000 | 1,831,414,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 25.28% | 12.52% | 17.65% | 25.98% | 22.55% | 7.90% | 2.74% | 5.40% | 12.17% | 8.87% |
| Return on equity | 7.31% | 3.75% | 5.67% | 8.56% | 6.50% | 2.12% | 0.79% | 1.41% | 3.04% | 2.28% |
| Return on assets | 3.75% | 1.93% | 2.73% | 3.99% | 3.20% | 1.07% | 0.42% | 0.81% | 1.91% | 1.43% |
| Liabilities / equity | 0.89 | 0.88 | 0.98 | 1.06 | 0.96 | 0.90 | 0.81 | 0.69 | 0.58 | 0.57 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-29. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000766704.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-06-30 |  |  | 0.20 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | -0.01 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.05 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 1,665,478,000 | 106,342,000 | 0.20 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 1,662,013,000 | 134,722,000 | 0.24 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 1,749,775,000 | 88,440,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 1,859,741,000 | 131,634,000 | 0.22 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 1,824,884,000 | 260,670,000 | 0.42 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 2,055,663,000 | 456,800,000 | 0.73 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 2,250,830,000 | 123,753,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 2,423,087,000 | 257,266,000 | 0.40 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 2,548,244,000 | 304,618,000 | 0.45 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 2,685,692,000 | 282,186,000 | 0.41 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 3,181,011,000 | 117,767,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 3,351,926,000 | 752,324,000 | 1.02 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from WELL's latest 10-K: [/company/WELL/business/](/company/WELL/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from WELL's latest 10-K: [/company/WELL/risk-factors/](/company/WELL/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/766704/000076670426000030/well-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-07-28
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

[[GREPCENT_TABLE]]
[["","EXECUTIVE SUMMARY"],["","Company Overview","36"],["","Business Strategy","36"],["","Key Transactions","37"],["","Key Performance Indicators, Trends and Uncertainties","38"],["","Corporate Governance","40"],["","LIQUIDITY AND CAPITAL RESOURCES"],["","Sources and Uses of Cash","40"],["","Off-Balance Sheet Arrangements","41"],["","Contractual Obligations","42"],["","Capital Structure","42"],["","Supplemental Guarantor Information","44"],["","RESULTS OF OPERATIONS"],["","Summary","44"],["","Seniors Housing Operating","45"],["","Triple-net","47"],["","Outpatient Medical","48"],["","Non-Segment/Corporate","50"],["","OTHER"],["","Non-GAAP Financial Measures","51"],["","Critical Accounting Policies and Estimates","58"],["","Cautionary Statement Regarding Forward-Looking Statements","59"]]
[[/GREPCENT_TABLE]]

35

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read together with the Consolidated Financial Statements and related Notes thereto included in Item 1 of this Quarterly Report on Form 10-Q. Other important factors are identified in our Annual Report on Form 10-K for the year ended December 31, 2025, including factors identified under the headings “Business,” “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

We are structured as an umbrella partnership REIT under which substantially all of our business is conducted through Welltower OP LLC, the day-to-day management of which is exclusively controlled by Welltower Inc. Welltower Inc. has no material assets or liabilities other than its investment in Welltower OP LLC. Welltower OP LLC is generally the borrower under, and Welltower Inc. is the guarantor of, the unsecured notes described in Note 11 to our unaudited consolidated financial statements.

Unless stated otherwise or the context otherwise requires, references to “Welltower” mean Welltower Inc. and references to “Welltower OP” mean Welltower OP LLC. References to “we,” “us” and “our” mean collectively Welltower, Welltower OP and those entities/subsidiaries owned or controlled by Welltower and/or Welltower OP.

Executive Summary

Company Overview

Welltower Inc. (NYSE: WELL), a real estate investment trust (“REIT”) and S&P 500 company, is positioned at the center of the silver economy, focusing on rental housing for aging seniors across the United States, United Kingdom and Canada. Our portfolio predominantly consists of 2,500+ seniors and wellness housing communities that are positioned at the intersection of housing, healthcare and hospitality, creating vibrant communities for mature renters and older adults.

Welltower is the initial member and majority owner of Welltower OP, with an approximate ownership interest of 98.135% as of June 30, 2026. All of our property ownership, development and related business operations are conducted through Welltower OP and Welltower has no material assets or liabilities other than its investment in Welltower OP. Welltower issues equity from time to time, the net proceeds of which it is obligated to contribute as additional capital to Welltower OP. All debt including credit facilities, senior notes and secured debt is incurred by Welltower OP and its subsidiaries, and Welltower has fully and unconditionally guaranteed all existing senior unsecured notes.

The following table summarizes our consolidated portfolio for the three months ended June 30, 2026 (dollars in thousands):

[[GREPCENT_TABLE]]
[["","","","","Percentage of","","Number of"],["Type of Property","","NOI(1)","","NOI","","Properties"],["Seniors Housing Operating","","$","867,227","","","66.1","%","","1,869"],["Triple-net","","407,498","","","31.0","%","","829"],["Outpatient Medical","","38,034","","","2.9","%","","54"],["Totals","","$","1,312,759","","","100.0","%","","2,752"],["(1) Represents consolidated NOI and excludes our share of investments in unconsolidated entities. Entities in which we have a joint venture with a minority partner are shown at 100% of the joint venture amount. See \u201cNon-GAAP Financial Measures\u201d below for additional information and reconciliation."]]
[[/GREPCENT_TABLE]]

Business Strategy

Our primary objectives are to protect stockholder capital and enhance stockholder value. We seek to pay consistent cash dividends to stockholders and create opportunities to increase dividend payments to stockholders through annual increases in NOI and portfolio growth. To meet these objectives, we invest across the full spectrum of seniors housing and healthcare real estate and diversify our investment portfolio by property type, relationship and geographic location.

Substantially all of our revenues are derived from operating lease rentals, resident fees and services, interest earned on outstanding loans receivable and interest earned on short-term deposits. These items represent our primary sources of liquidity to fund distributions and depend upon the continued ability of our obligors to make contractual rent and interest payments to us and the profitability of our operating properties. To the extent that our obligors/partners experience operating difficulties and become unable to generate sufficient cash to make payments or operating distributions to us, there could be a material adverse impact on our consolidated results of operations, liquidity and/or financial condition.

To mitigate this risk, we monitor our investments through a variety of methods determined by the type of property. Our asset management process for seniors housing properties generally includes review of monthly financial statements and other operating data for each property, review of obligor/partner creditworthiness, property inspections and review of covenant compliance relating to licensure, real estate taxes, letters of credit and other collateral. Our external property management partners manage and monitor the Outpatient Medical portfolio. We evaluate the operating environment in each property’s market to determine the likely trend in operating performance of the facility. When we identify unacceptable trends, we seek to mitigate, eliminate or transfer the risk. Through these efforts, we generally aim to intervene at an early stage to address any negative trends, and in so doing, support both the collectability of revenue and the value of our investment.

36

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

In addition to our asset management and research efforts, we aim to structure our relevant investments to mitigate payment risk. Operating leases and loans are normally credit enhanced by guarantees and/or letters of credit. Also, operating leases are typically structured as master leases and loans are generally cross-defaulted and cross-collateralized with other real estate loans, operating leases or agreements between us and the obligor and its affiliates.

For the six months ended June 30, 2026, resident fees and services and rental income represented 84% and 13% of total revenues, respectively. Substantially all of our operating leases are designed with escalating rent structures. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. Our yield on loans receivable depends upon a number of factors, including the stated interest rate, the average principal amount outstanding during the term of the loan and any interest rate adjustments.

Our primary sources of cash include resident fees and services revenue, rental income and interest receipts, interest earned on short-term deposits, borrowings under our unsecured revolving credit facility and commercial paper program, issuances of debt and equity securities, including through our ATM Program (as defined below), proceeds from investment dispositions and principal payments on loans receivable. Our primary uses of cash include dividend distributions, debt service payments (including principal and interest), real property investments (including acquisitions, capital expenditures, construction advances and transaction costs), loan advances, property operating expenses, general and administrative expenses and other expenses. Depending upon the availability and cost of external capital, we believe our liquidity is sufficient to fund these uses of cash.

We also continuously evaluate opportunities to finance future investments. New investments are generally funded from temporary borrowings under our unsecured revolving credit facility and commercial paper program, equity issuances, internally generated cash and the proceeds from investment dispositions.

Depending upon market conditions, we believe that new investments will be available in the future with spreads over our cost of capital that will generate appropriate returns to our stockholders. It is also likely that investment dispositions may occur in the future and we expect to reinvest the proceeds from any investment dispositions in new investments. In the event that investment dispositions exceed new investments, our revenues and cash flows from operations could be adversely affected. To the extent that new investment requirements exceed our available cash on-hand, we expect to borrow under our unsecured revolving credit facility and commercial paper program or issue debt or equity securities, including through our ATM Program. At June 30, 2026, we had $1,965,164,000 of cash and cash equivalents, $132,000,000 of restricted cash and $6,250,000,000 of available borrowing capacity under our unsecured revolving credit facility.

Key Transactions

Capital The following summarizes key capital transactions that occurred during the six months ended June 30, 2026:

•During the six months ended June 30, 2026, we sold 21,571,496 shares of common stock under the ATM Program generating gross proceeds of approximately $4,481,254,000.

•In March 2026, we amended our $6,250,000,000 senior unsecured revolving credit facility, extending maturities, improving pricing by 15 basis points and increasing our total available credit facilities to $7,500,000,000. Concurrently, we repaid our existing $1,000,000,000 USD term loan and C$250,000,000 term loan with cash on hand.

•In March 2026, we increased the size of our commercial paper program to $3,000,000,000.

•In April 2026, we repaid our $700,000,000 4.25% senior unsecured notes at maturity.

•In June 2026, we amended our C$2,747,615,000 unsecured term loans to extend the maturity date to April 9, 2027 and reduce the applicable margin by 5 basis points.

•During the six months ended June 30, 2026, we issued $324,384,000 of secured debt at a blended average interest rate of 4.13% and assumed $408,632,000 of secured debt at a blended average interest rate of 3.64% after considering the effects of interest rate swaps.

•During the six months ended June 30, 2026, holders exchanged $192,000,000 aggregate principal amount of our 2028 Exchangeable Notes.

37

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Investments The following summarizes our property acquisitions and joint venture investments completed during the six months ended June 30, 2026 (dollars in thousands):

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/766704/000076670426000010/well-20251231.htm
Complete FY 2025 MD&A: /company/WELL/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-12
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

[[GREPCENT_TABLE]]
[["EXECUTIVE SUMMARY"],["Company Overview","54"],["Business Strategy","54"],["Key Transactions","55"],["Key Performance Indicators, Trends and Uncertainties","56"],["Corporate Governance","58"],["LIQUIDITY AND CAPITAL RESOURCES"],["Sources and Uses of Cash","58"],["Off-Balance Sheet Arrangements","59"],["Contractual Obligations","59"],["Capital Structure","60"],["Supplemental Guarantor Information","61"],["RESULTS OF OPERATIONS"],["Summary","61"],["Seniors Housing Operating","63"],["Triple-net","65"],["Outpatient Medical","67"],["Non-Segment/Corporate","68"],["OTHER"],["Non-GAAP Financial Measures","69"],["Critical Accounting Policies and Estimates","76"]]
[[/GREPCENT_TABLE]]

53

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis is based primarily on the consolidated financial statements of Welltower Inc. presented in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for the periods presented and should be read together with the notes thereto contained in this Annual Report on Form 10-K. Other important factors are identified in “Item 1 — Business” and “Item 1A — Risk Factors” above.

We are structured as an umbrella partnership REIT under which substantially all of our business is conducted through Welltower OP LLC, the day-to-day management of which is exclusively controlled by Welltower Inc. Welltower Inc. has no material assets or liabilities other than its investment in Welltower OP LLC. Welltower OP LLC is generally the borrower under, and Welltower Inc. is the guarantor of, the unsecured notes described in Note 11 to our consolidated financial statements.

Unless stated otherwise or the context otherwise requires, references to “Welltower” mean Welltower Inc. and references to “Welltower OP” mean Welltower OP LLC. References to “we,” “us” and “our” mean collectively Welltower, Welltower OP and those entities/subsidiaries owned or controlled by Welltower and/or Welltower OP.

Executive Summary

Company Overview

Welltower Inc. (NYSE:WELL), a real estate investment trust (“REIT”) and S&P 500 company, is positioned at the center of the silver economy, focusing on rental housing for aging seniors across the United States, United Kingdom and Canada. Our portfolio predominantly consists of 2,500+ seniors and wellness housing communities that are positioned at the intersection of housing and hospitality, creating vibrant communities for mature renters and older adults.

Welltower is the initial member and majority owner of Welltower OP, with an approximate ownership interest of 98.378% as of December 31, 2025. All of our property ownership, development and related business operations are conducted through Welltower OP and Welltower has no material assets or liabilities other than its investment in Welltower OP. Welltower issues equity from time to time, the net proceeds of which it is obligated to contribute as additional capital to Welltower OP. All debt including credit facilities, senior notes and secured debt is incurred by Welltower OP and its subsidiaries, and Welltower has fully and unconditionally guaranteed all existing senior unsecured notes.

The following table summarizes our consolidated portfolio for the year ended December 31, 2025 (dollars in thousands):

[[GREPCENT_TABLE]]
[["","","","","Percentage of","","Number of"],["Type of Property","","NOI(1)","","NOI","","Properties"],["Seniors Housing Operating","","$","2,289,475","","","57.2","%","","1,786"],["Triple-net","","1,163,813","","","29.1","%","","811"],["Outpatient Medical","","548,699","","","13.7","%","","129"],["Totals","","$","4,001,987","","","100.0","%","","2,726"]]
[[/GREPCENT_TABLE]]

(1) Represents consolidated net operating income (“NOI”) and excludes our share of investments in unconsolidated entities. Entities in which we have a joint venture with a minority partner are shown at 100% of the joint venture amount. Non-segment/Corporate NOI, which includes the loan portfolio, is excluded. See Non-GAAP Financial Measures for additional information and reconciliation.

Business Strategy

Our primary objectives are to protect stockholder capital and enhance stockholder value. We seek to pay consistent cash dividends to stockholders and create opportunities to increase dividend payments to stockholders through annual increases in NOI and portfolio growth. To meet these objectives, we invest across the full spectrum of seniors housing and healthcare real estate and diversify our investment portfolio by property type, relationship and geographic location.

Substantially all of our revenues are derived from operating lease rentals, resident fees and services, interest earned on outstanding loans receivable and interest earned on short-term deposits. These items represent our primary sources of liquidity to fund distributions and depend upon the continued ability of our obligors to make contractual rent and interest payments to us and the profitability of our operating properties. To the extent that our obligors/partners experience operating difficulties and become unable to generate sufficient cash to make payments or operating distributions to us, there could be a material adverse impact on our consolidated results of operations, liquidity and/or financial condition.

To mitigate this risk, we monitor our investments through a variety of methods determined by the type of property. Our asset management process for seniors housing properties generally includes review of monthly financial statements and other operating data for each property, review of obligor/partner creditworthiness, property inspections and review of covenant compliance relating to licensure, real estate taxes, letters of credit and other collateral. Our external property management partners manage and monitor the Outpatient Medical portfolio. We evaluate the operating environment in each property’s market to determine the likely trend in operating performance of the facility. When we identify unacceptable trends, we seek to mitigate, eliminate or transfer the risk. Through these efforts, we generally aim to intervene at an early stage to address any negative trends, and in so doing, support both the collectability of revenue and the value of our investment.

54

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

In addition to our asset management and research efforts, we aim to structure our relevant investments to mitigate payment risk. Operating leases and loans are normally credit enhanced by guarantees and/or letters of credit. Also, operating leases are typically structured as master leases and loans are generally cross-defaulted and cross-collateralized with other real estate loans, operating leases or agreements between us and the obligor and its affiliates.

For the year ended December 31, 2025, resident fees and services and rental income represented 78% and 18% of total revenues, respectively. Substantially all of our operating leases are designed with escalating rent structures. Leases with fixed annual rental escalators are generally recognized on a straight-line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. Our yield on loans receivable depends upon a number of factors, including the stated interest rate, the average principal amount outstanding during the term of the loan and any interest rate adjustments.

Our primary sources of cash include resident fees and services revenue, rental income and interest receipts, interest earned on short-term deposits, borrowings under our unsecured revolving credit facility and commercial paper program, issuances of debt and equity securities including through our ATM Program (as defined below), proceeds from investment dispositions and principal payments on loans receivable. Our primary uses of cash include dividend distributions, debt service payments (including principal and interest), real property investments (including acquisitions, capital expenditures, construction advances and transaction costs), loan advances, property operating expenses, general and administrative expenses and other expenses. Depending upon the availability and cost of external capital, we believe our liquidity is sufficient to fund these uses of cash.

We also continuously evaluate opportunities to finance future investments. New investments are generally funded from temporary borrowings under our unsecured revolving credit facility and commercial paper program, equity issuances, internally generated cash and the proceeds from investment dispositions.

Depending upon market conditions, we believe that new investments will be available in the future with spreads over our cost of capital that will generate appropriate returns to our stockholders. It is also likely that investment dispositions may occur in the future and we expect to reinvest the proceeds from any investment dispositions in new investments. In the event that investment dispositions exceed new investments, our revenues and cash flows from operations could be adversely affected. To the extent that new investment requirements exceed our available cash on-hand, we expect to borrow under our unsecured revolving credit facility and commercial paper program or issue debt or equity securities, including through our ATM Program. At December 31, 2025, we had $5,033,678,000 of cash and cash equivalents, $175,861,000 of restricted cash and $5,000,000,000 of available borrowing capacity under our unsecured revolving credit facility.

Key Transactions

Capital The following summarizes key capital transactions that occurred during the year ended December 31, 2025:

•In October 2025, we entered into the ATM Program pursuant to which we may offer and sell up to $7,500,000,000 of common stock, which replaced our prior equity distribution agreement dated March 28, 2025, allowing us to sell up to $7,500,000,000 of common stock (collectively, along with other previous agreements, referred to as the “ATM Programs”). During the year ended December 31, 2025, we sold 56,120,996 shares of common stock under our current and previous ATM Programs generating gross proceeds of approximately $8,949,394,000.

•In June 2025, we repaid our $1,250,000,000 4.0% senior unsecured notes at maturity. Additionally, we completed the issuance of $600,000,000 of 4.5% senior unsecured notes due 2030 and $650,000,000 of 5.125% senior unsecured notes due 2035.

•In August 2025, we completed a follow-on issuance of $400,000,000 of 4.5% senior unsecured notes due 2030 and $600,000,000 of 5.125% senior unsecured notes due 2035. These notes are fungible with and form a single series with the notes of the applicable series issued in June 2025.

•In October 2025, we issued $2,747,615,000 of Canadian-denominated unsecured term loans (approximately $1,959,967,000 based on the Canadian/U.S. Dollar exchange rates upon funding). The term loans mature on October 9, 2026, and bear interest at adjusted CORRA plus 0.30%.

•During the year ended December 31, 2025, we extinguished $346,964,000 of secured debt at a blended average interest rate of 5.16%.

•During the year ended December 31, 2025, we issued $4,871,000 of secured debt at a blended average interest rate of 3.89% and assumed $469,130,000 of secured debt at a blended average interest rate of 4.45%.

Investments The following summarizes our property acquisitions and joint venture investments completed during the year ended December 31, 2025 (dollars in thousands):

55

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/WELL/mda/fy2025/
All MD&A years: /company/WELL/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/WELL/mda/fy2024/): filed 2025-02-12; accession 0000766704-25-000009 (https://www.sec.gov/Archives/edgar/data/766704/000076670425000009/well-20241231.htm)
- [FY 2023 MD&A](/company/WELL/mda/fy2023/): filed 2024-02-15; accession 0000766704-24-000008 (https://www.sec.gov/Archives/edgar/data/766704/000076670424000008/well-20231231.htm)
- [FY 2022 MD&A](/company/WELL/mda/fy2022/): filed 2023-02-21; accession 0000766704-23-000010 (https://www.sec.gov/Archives/edgar/data/766704/000076670423000010/well-20221231.htm)
- [FY 2021 MD&A](/company/WELL/mda/fy2021/): filed 2022-02-16; accession 0000766704-22-000013 (https://www.sec.gov/Archives/edgar/data/766704/000076670422000013/well-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6798 Real Estate Investment Trusts) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/WELL.md · JSON record: /company/WELL.json · verified financials: /company/WELL/financials.json / /company/WELL/financials.csv · machine TOC for the whole site: /llms.txt