Welltower WELL

Welltower Inc. is a real estate investment trust and S&P 500 company focused on rental housing for aging seniors in the United States, United Kingdom, and Canada. The company's portfolio consists of over 2,500 seniors and wellness housing communities that combine housing and hospitality to serve mature renters and older adults. Welltower operates as an umbrella partnership REIT, with substantially all business conducted through Welltower OP LLC, which is exclusively controlled by Welltower Inc. The company invests in seniors housing, wellness housing, and post-acute care communities to diversify by property type, relationship, and geographic location.

Welltower generates revenue primarily through rental income from its properties across three reportable segments: Seniors Housing Operating, Triple-net, and Outpatient Medical. The Seniors Housing Operating segment contributed 78% of total revenues in 2025, the Triple-net segment 11%, and the Outpatient Medical segment 7%. Revenue is derived from leasing properties to operators and tenants under various structures, including RIDEA arrangements and triple-net leases, where tenants pay operating costs, taxes, insurance, and maintenance. The company also earns interest income from real estate loans and returns from investments in unconsolidated entities.

The company operates through the following segments: Seniors Housing Operating, Triple-net, and Outpatient Medical.

• Seniors Housing Operating: This segment includes wellness housing, independent living, independent supportive living, continuing care retirement communities, assisted living, Alzheimer’s/dementia care, and care homes with or without nursing in the U. K. These properties assist with activities of daily living and provide social systems to promote cognitive engagement. The segment includes stand-alone properties, combination properties, and multi-service campuses, some held in joint ventures or using RIDEA structures. In 2025, management partners such as Care UK, Cogir Management Company, and Sunrise Senior Living accounted for 14%, 12%, and 10% of segment revenues, respectively.
• Triple-net: This segment includes properties offering independent living, assisted living, continuing care retirement communities, Alzheimer’s/dementia care, care homes with or without nursing in the U. K., and long-term/post-acute care facilities. Properties are leased to operators under long-term triple-net master leases requiring tenants to pay all operating costs, utilities, taxes, insurance, maintenance, and capital expenditures. Leases typically have fixed terms of 10 to 20 years with renewal options and escalating rent structures. In 2025, approximately 96.9% of triple-net properties were subject to master leases, with Integra Healthcare Properties accounting for 16% of segment revenues and 2% of total revenues.
• Outpatient Medical: This segment consists of triple-net leased properties leased to investment-grade healthcare providers, primarily affiliated with health systems. As of 2025, 91% of the outpatient medical portfolio was affiliated with health systems, either on or adjacent to hospital campuses or as satellite locations. Leases have a weighted-average remaining term of eight years and are often credit-enhanced by security deposits, guarantees, or letters of credit. The expense reimbursement structure varies, with 66% of leases providing full pass-through, 24% partial reimbursement, and 10% no reimbursement to tenants.

Welltower holds a leading position in the seniors housing and healthcare real estate industry as one of the largest owners and operators of senior living communities in North America and the U. K. The company competes with other REITs, private equity funds, healthcare operators, and developers in acquiring and financing healthcare and seniors housing properties. Its competitive advantages include a Data Science platform and the Welltower Business System, which support investment selection, underwriting, and operating partner standardization through shared services and technology enablement.

Welltower serves a diverse customer base including seniors seeking independent or assisted living, individuals requiring memory care or skilled nursing, and patients needing post-acute or rehabilitation services. The company’s tenants include healthcare operators such as Care UK, Cogir Management Company, Sunrise Senior Living, and Integra Healthcare Properties, which manage properties under contractual agreements. Outpatient medical properties are leased to health systems and physician groups affiliated with hospitals.