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Results reflect a rise in revenues on a year-over-year basis. The total portfolio same-store net operating income (SSNOI) increased year over year, driven by SSNOI growth in the seniors housing operating (SHO) portfolio. The company issued its guidance for 2026 normalized FFO per share.
WELL recorded revenues of $3.18 billion in the quarter, beating the Zacks Consensus Estimate of $2.71 billion. The top line increased 41.3% year over year.
For 2025, the company reported a normalized FFO per share of $5.29, up from the prior year’s $4.32. Moreover, the reported figure surpassed the Zacks Consensus Estimate of $5.28. Total revenues of $10.84 billion improved 35.6% year over year, beating the consensus mark of $10.39 billion.
Quarter in Detail for WELL
The SHO portfolio’s same-store revenues increased 9.6% year over year, backed by 400 basis-point year-over-year growth in average occupancy and Revenue per Occupied Room (’RevPOR’) growth of 4.7%.
The company’s total portfolio SSNOI grew 15% year over year, supported by SSNOI growth in its SHO portfolio of 20.4%.
WELL’s pro-rata gross investments in the fourth quarter totaled $13.9 billion. This included $1.2 billion in loan funding and $112 million in development funding. Welltower also completed pro-rata property dispositions of $6.1 billion and loan repayments of $1.4 billion in the quarter. It completed and placed into service five development projects for an aggregate pro rata investment amount of $173 million.
In the fourth quarter, property operating expenses increased 37.2% to $1.93 billion year over year.
WELL’s Balance Sheet Position
As of Dec. 31, 2025, WELL had $10.2 billion of available liquidity, comprising $5.2 billion of available cash and restricted cash and full capacity under its $5 billion line of credit.
WELL’s Dividend Update
On Feb. 10, Welltower announced a cash dividend for the fourth quarter of 2025 of 74 cents per share. The dividend will be paid out on Mar. 10, to stockholders of record as of Feb. 26, 2025. This will mark the company’s 219th consecutive quarterly cash dividend payout.
WELL’s 2026 Guidance
Welltower issued its 2026 normalized FFO per share guidance range of $6.09-$6.25. The Zacks Consensus Estimate for the same is pegged at $6.02, which stands below the company's guided range.
WELL’s guidance assumes the average blended SSNOI growth of 11.25-15.75%, comprising 15-21% growth in Seniors Housing Operating, 3.0-4.0% in Seniors Housing Triple-net, 2.0-3.0% in Outpatient Medical and 2.0-3.0% in Long-Term/Post-Acute Care.
Welltower expects to fund an additional $370 million of development in 2026 relating to projects underway as of Dec. 31, 2025.
Ventas, Inc. (VTR - Free Report) reported fourth-quarter 2025 normalized FFO per share of 89 cents, in line with the Zacks Consensus Estimate. The reported figure increased 9.9% from the prior-year quarter’s tally.
VTR’s results reflect an increase in same-store cash net operating income (NOI) year over year, driven by strong performance in the SHO portfolio and the outpatient medical and research portfolio. However, triple-net leased properties’ same-store cash NOI decreased year over year.
Healthpeak Properties, Inc. (DOC - Free Report) reported fourth-quarter 2025 FFO as adjusted per share of 47 cents, beating the Zacks Consensus Estimate of 45 cents. The figure compared favorably with the prior-year quarter’s 46 cents.
DOC’s results reflect better-than-expected revenues and growth in total merger-combined same-store cash (adjusted) NOI. Higher interest expenses affected the results to some extent.
Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.
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Welltower's Q4 FFO & Revenues Beat Estimates, Same Store NOI Rises
Key Takeaways
Welltower Inc.’s (WELL - Free Report) fourth-quarter 2025 normalized funds from operations (FFO) per share of $1.45 surpassed the Zacks Consensus Estimate of $1.44. The reported figure improved 28.3% year over year.
Results reflect a rise in revenues on a year-over-year basis. The total portfolio same-store net operating income (SSNOI) increased year over year, driven by SSNOI growth in the seniors housing operating (SHO) portfolio. The company issued its guidance for 2026 normalized FFO per share.
WELL recorded revenues of $3.18 billion in the quarter, beating the Zacks Consensus Estimate of $2.71 billion. The top line increased 41.3% year over year.
For 2025, the company reported a normalized FFO per share of $5.29, up from the prior year’s $4.32. Moreover, the reported figure surpassed the Zacks Consensus Estimate of $5.28. Total revenues of $10.84 billion improved 35.6% year over year, beating the consensus mark of $10.39 billion.
Quarter in Detail for WELL
The SHO portfolio’s same-store revenues increased 9.6% year over year, backed by 400 basis-point year-over-year growth in average occupancy and Revenue per Occupied Room (’RevPOR’) growth of 4.7%.
The company’s total portfolio SSNOI grew 15% year over year, supported by SSNOI growth in its SHO portfolio of 20.4%.
WELL’s pro-rata gross investments in the fourth quarter totaled $13.9 billion. This included $1.2 billion in loan funding and $112 million in development funding. Welltower also completed pro-rata property dispositions of $6.1 billion and loan repayments of $1.4 billion in the quarter. It completed and placed into service five development projects for an aggregate pro rata investment amount of $173 million.
In the fourth quarter, property operating expenses increased 37.2% to $1.93 billion year over year.
WELL’s Balance Sheet Position
As of Dec. 31, 2025, WELL had $10.2 billion of available liquidity, comprising $5.2 billion of available cash and restricted cash and full capacity under its $5 billion line of credit.
WELL’s Dividend Update
On Feb. 10, Welltower announced a cash dividend for the fourth quarter of 2025 of 74 cents per share. The dividend will be paid out on Mar. 10, to stockholders of record as of Feb. 26, 2025. This will mark the company’s 219th consecutive quarterly cash dividend payout.
WELL’s 2026 Guidance
Welltower issued its 2026 normalized FFO per share guidance range of $6.09-$6.25. The Zacks Consensus Estimate for the same is pegged at $6.02, which stands below the company's guided range.
WELL’s guidance assumes the average blended SSNOI growth of 11.25-15.75%, comprising 15-21% growth in Seniors Housing Operating, 3.0-4.0% in Seniors Housing Triple-net, 2.0-3.0% in Outpatient Medical and 2.0-3.0% in Long-Term/Post-Acute Care.
Welltower expects to fund an additional $370 million of development in 2026 relating to projects underway as of Dec. 31, 2025.
Currently, the company carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Welltower Inc. Price, Consensus and EPS Surprise
Welltower Inc. price-consensus-eps-surprise-chart | Welltower Inc. Quote
Performance of Other Healthcare REITs
Ventas, Inc. (VTR - Free Report) reported fourth-quarter 2025 normalized FFO per share of 89 cents, in line with the Zacks Consensus Estimate. The reported figure increased 9.9% from the prior-year quarter’s tally.
VTR’s results reflect an increase in same-store cash net operating income (NOI) year over year, driven by strong performance in the SHO portfolio and the outpatient medical and research portfolio. However, triple-net leased properties’ same-store cash NOI decreased year over year.
Healthpeak Properties, Inc. (DOC - Free Report) reported fourth-quarter 2025 FFO as adjusted per share of 47 cents, beating the Zacks Consensus Estimate of 45 cents. The figure compared favorably with the prior-year quarter’s 46 cents.
DOC’s results reflect better-than-expected revenues and growth in total merger-combined same-store cash (adjusted) NOI. Higher interest expenses affected the results to some extent.
Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.