Welltower (WELL) Financials

$166.32 +1.25 (+0.76%)

Closing price 08/1/2025 03:59 PM Eastern

Extended Trading

$167.24 +0.92 (+0.55%)

As of 08/1/2025 07:42 PM Eastern

Annual Income Statements for Welltower

This table shows Welltower's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	818	1,012	464	758	1,232	979	336	141	340	952
Consolidated Net Income / (Loss)	889	1,082	541	830	1,330	1,039	374	161	358	973
Net Income / (Loss) Continuing Operations	608	1,082	541	830	1,330	1,039	374	161	358	973
Total Pre-Tax Income	636	709	300	423	543	-32	171	173	350	524
Total Revenue	3,368	4,281	3,832	4,700	4,566	4,092	4,252	5,861	6,638	7,991
Net Interest Income / (Expense)	-408	98	-485	0.00	-556	-514	-352	151	168	256
Total Interest Income	84	98	0.00	0.00	0.00	0.00	138	151	168	256
Loans and Leases Interest Income	-	-	-	-	-	-	138	151	168	256
Total Interest Expense	492	0.00	485	0.00	556	514	490	0.00	0.00	0.00
Total Non-Interest Income	3,776	4,183	4,317	4,700	5,121	4,606	4,605	5,710	6,470	7,735
Service Charges on Deposit Accounts	2,158	2,505	-	-	-	-	-	4,174	4,754	6,027
Other Service Charges	19	30	-	-	-	-	33	85	160	138
Other Non-Interest Income	1,599	1,649	4,317	4,700	5,121	4,606	4,572	1,452	1,556	1,570
Provision for Credit Losses	0.00	-	63	0.00	19	94	7.27	10	9.81	10
Total Non-Interest Expense	2,790	3,572	3,469	4,277	4,004	4,018	4,074	5,677	6,278	7,457
Net Occupancy & Equipment Expense	1,622	1,877	-	2,433	2,690	-	2,775	3,559	3,948	4,830
Other Operating Expenses	194	167	2,384	239	179	2,797	168	782	895	927
Depreciation Expense	826	901	922	950	1,027	1,038	1,038	1,310	1,401	1,632
Impairment Charge	2.22	37	124	116	28	136	51	18	36	93
Other Special Charges	35	546	40	539	80	47	43	9.01	-2.11	-26
Income Tax Expense	6.45	-19	20	8.67	2.96	9.97	8.71	7.25	6.36	2.70
Other Gains / (Losses), net	-22	354	261	415	790	1,080	212	-5.25	14	451
Net Income / (Loss) Attributable to Noncontrolling Interest	4.80	4.27	18	25	98	60	38	19	18	21
Basic Earnings per Share	$2.35	$2.83	$1.26	$2.03	$3.07	$2.36	$0.79	$0.31	$0.66	$1.58
Weighted Average Basic Shares Outstanding	348.24M	358.28M	367.24M	373.62M	401.85M	415.45M	424.98M	462.19M	515.63M	602.98M
Diluted Earnings per Share	$2.34	$2.81	$1.26	$2.02	$3.05	$2.33	$0.78	$0.30	$0.66	$1.57
Weighted Average Diluted Shares Outstanding	349.42M	360.23M	369.00M	375.25M	403.81M	417.39M	426.84M	465.16M	518.70M	608.75M
Weighted Average Basic & Diluted Shares Outstanding	348.20M	357.70M	367.90M	373.50M	410.33M	417.38M	447.28M	490.64M	568.88M	641.31M
Cash Dividends to Common per Share	$3.30	$3.44	$3.48	$3.48	$3.48	$2.70	$2.44	$2.44	$2.44	$2.56

This table shows Welltower's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-6.77	-3.73	26	103	127	84	127	255	450	120	258
Consolidated Net Income / (Loss)	-2.65	1.80	29	106	135	88	132	261	457	124	257
Net Income / (Loss) Continuing Operations	-2.65	1.80	29	106	135	88	132	261	457	124	257
Total Pre-Tax Income	6.24	6.78	38	152	72	87	141	90	184	109	199
Total Revenue	1,334	1,908	1,561	1,513	3,165	400	1,712	1,691	1,917	2,671	2,423
Net Interest Income / (Expense)	-140	540	36	-114	-114	360	-95	-70	-70	491	62
Total Interest Income	0.00	151	36	39	42	51	53	63	69	71	62
Loans and Leases Interest Income	-	-	36	39	42	51	53	63	69	71	62
Total Interest Expense	140	-389	0.00	152	157	-309	147	133	139	-420	0.00
Total Non-Interest Income	1,474	1,368	1,524	1,627	3,279	40	1,807	1,761	1,987	2,180	2,361
Other Service Charges	-	-	8.58	84	35	32	29	32	45	32	35
Other Non-Interest Income	1,474	-2,890	384	383	3,246	-2,458	1,778	1,729	430	-2,367	2,326
Provision for Credit Losses	0.49	10	0.78	2.46	4.06	2.52	1.01	5.16	4.19	-0.25	-2.01
Total Non-Interest Expense	1,321	1,898	1,522	1,358	3,016	382	1,574	1,602	1,729	2,553	2,226
Other Operating Expenses	962	-2,024	67	1,014	2,669	-2,855	1,164	1,216	1,311	-2,764	1,685
Depreciation Expense	354	342	339	342	339	381	366	382	404	480	486
Impairment Charge	4.36	13	13	1.09	7.39	15	43	2.39	23	24	52
Other Special Charges	0.00	8.42	145	1.28	-	-	0.01	1.71	-9.49	-18	2.95
Income Tax Expense	3.26	-4.09	3.05	3.50	4.58	-4.77	6.19	1.10	-4.71	0.11	-5.52
Other Gains / (Losses), net	-5.63	-9.07	-6.32	-43	-4.03	67	-3.08	171	-4.04	287	53
Net Income / (Loss) Attributable to Noncontrolling Interest	4.11	5.53	2.96	3.30	7.25	4.53	4.49	5.96	6.95	3.78	-0.69
Basic Earnings per Share	($0.01)	($0.02)	$0.05	$0.21	$0.50	($0.10)	$0.22	$0.42	$0.74	$0.20	$0.40
Weighted Average Basic Shares Outstanding	463.37M	462.19M	492.06M	499.02M	521.85M	515.63M	574.05M	600.55M	611.29M	602.98M	643.39M
Diluted Earnings per Share	($0.01)	($0.03)	$0.05	$0.20	$0.50	($0.09)	$0.22	$0.42	$0.73	$0.20	$0.40
Weighted Average Diluted Shares Outstanding	463.37M	465.16M	494.49M	501.97M	525.14M	518.70M	577.53M	604.56M	618.31M	608.75M	653.80M
Weighted Average Basic & Diluted Shares Outstanding	472.52M	490.64M	497.03M	518.73M	535.97M	568.88M	597.92M	609.15M	622.69M	641.31M	653.95M
Cash Dividends to Common per Share	$0.61	-	$0.61	$0.61	$0.61	-	$0.61	$0.61	$0.67	-	$0.67

This table details how cash moves in and out of Welltower's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-131	185	-298	6.83	70	1,635	-1,674	376	1,354	1,635
Net Cash From Operating Activities	1,383	1,639	1,434	1,584	1,536	1,365	1,275	1,329	1,602	2,256
Net Cash From Continuing Operating Activities	1,383	1,639	1,434	1,584	1,536	1,365	1,275	1,329	1,602	2,256
Net Income / (Loss) Continuing Operations	889	1,082	541	830	1,330	1,039	374	161	358	973
Consolidated Net Income / (Loss)	889	1,082	541	830	1,330	1,039	374	161	358	973
Provision For Loan Losses	0.00	10	63	-	19	94	7.27	10	9.81	10
Depreciation Expense	826	901	938	950	1,027	1,038	1,038	1,310	1,401	1,632
Amortization Expense	9.01	9.14	0.36	20	16	11	16	27	42	48
Non-Cash Adjustments to Reconcile Net Income	-333	-360	-158	-292	-764	-786	-115	-39	-133	-364
Changes in Operating Assets and Liabilities, net	-8.49	-3.74	50	77	-92	-32	-45	-141	-76	-42
Net Cash From Investing Activities	-3,502	-183	155	-2,386	-2,049	2,348	-4,516	-3,704	-5,708	-5,515
Net Cash From Continuing Investing Activities	-3,502	-183	155	-2,386	-2,049	2,348	-4,516	-3,704	-5,708	-5,515
Purchase of Property, Leasehold Improvements and Equipment	-432	-622	-483	-427	-652	-446	-701	-1,108	-1,533	-1,685
Purchase of Investment Securities	-4,148	-2,372	-1,065	-3,742	-4,376	-1,555	-5,504	-3,063	-4,493	-4,475
Sale of Property, Leasehold Improvements and Equipment	824	2,350	1,378	1,542	2,651	4,300	1,070	199	97	337
Sale and/or Maturity of Investments	263	478	338	360	344	66	638	298	271	367
Other Investing Activities, net	-8.67	-17	-13	-120	-15	-17	-19	-30	-51	-58
Net Cash From Financing Activities	1,997	-1,251	-1,914	818	577	-2,081	1,568	2,761	5,449	4,905
Net Cash From Continuing Financing Activities	1,997	-1,251	-1,914	818	577	-2,081	1,568	2,761	5,449	4,905
Issuance of Debt	1,680	964	323	3,298	4,759	1,651	2,052	1,153	1,397	1,213
Issuance of Common Equity	1,756	534	622	790	1,056	595	2,348	3,668	6,010	7,416
Repayment of Debt	-297	-1,430	-1,149	-1,820	-3,620	-2,849	-1,731	-782	-742	-1,848
Payment of Dividends	-1,210	-1,299	-1,326	-1,459	-1,401	-1,119	-1,036	-1,132	-1,261	-1,545
Other Financing Activities, Net	69	-20	-96	9.52	-217	-351	-65	-146	44	-330
Effect of Exchange Rate Changes	-8.58	-20	27	-9.02	5.31	3.45	-1.01	-11	11	-12
Cash Interest Paid	493	542	488	501	575	508	493	532	629	593
Cash Income Taxes Paid	12	8.01	10	2.25	14	14	-4.81	3.44	7.68	8.42

This table details how cash moves in and out of Welltower's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-17	297	-83	1,660	388	-611	402	385	921	-73	-101
Net Cash From Operating Activities	356	253	376	416	439	371	407	605	685	559	599
Net Cash From Continuing Operating Activities	356	253	376	416	439	371	407	605	685	559	599
Net Income / (Loss) Continuing Operations	-2.65	1.80	29	106	135	88	132	261	457	124	257
Consolidated Net Income / (Loss)	-2.65	1.80	29	106	135	88	132	261	457	124	257
Provision For Loan Losses	0.49	10	0.78	2.46	4.06	2.52	1.01	5.16	4.19	-0.25	-2.01
Depreciation Expense	354	342	339	342	339	381	366	382	404	480	486
Amortization Expense	8.81	7.10	9.71	10	11	12	13	15	15	4.21	14
Non-Cash Adjustments to Reconcile Net Income	-6.18	3.76	-4.07	-42	-70	-17	-33	-110	-257	36	-20
Changes in Operating Assets and Liabilities, net	1.82	-112	1.89	-2.82	20	-96	-72	53	62	-85	-136
Net Cash From Investing Activities	-1,199	-419	-933	-393	-1,237	-3,144	-581	-1,279	-1,449	-2,205	-2,028
Net Cash From Continuing Investing Activities	-1,199	-419	-933	-393	-1,237	-3,144	-581	-1,279	-1,449	-2,205	-2,028
Purchase of Property, Leasehold Improvements and Equipment	-293	-328	-318	-362	-386	-468	-364	-392	-415	-514	-367
Purchase of Investment Securities	-982	-183	-651	-152	-962	-2,728	-295	-1,076	-1,170	-1,934	-2,118
Sale of Property, Leasehold Improvements and Equipment	21	75	22	-20	82	13	45	85	16	191	318
Sale and/or Maturity of Investments	64	27	24	151	43	53	47	119	135	66	151
Other Investing Activities, net	-8.86	-9.76	-10	-12	-14	-15	-14	-14	-16	-14	-12
Net Cash From Financing Activities	831	457	470	1,632	1,209	2,138	579	1,059	1,678	1,590	1,308
Net Cash From Continuing Financing Activities	831	457	470	1,632	1,209	2,138	579	1,059	1,678	1,590	1,308
Issuance of Debt	380	-306	363	1,022	8.26	3.75	1.38	1.49	1,016	194	0.00
Issuance of Common Equity	827	1,483	411	923	1,931	2,745	2,416	1,604	1,242	2,153	1,992
Repayment of Debt	-94	-462	-40	-62	-338	-303	-1,483	-101	-122	-142	-134
Payment of Dividends	-283	-298	-300	-303	-319	-338	-352	-366	-409	-418	-432
Other Financing Activities, Net	0.03	41	36	52	-74	30	-4.28	-79	-49	-198	-118
Effect of Exchange Rate Changes	-4.43	5.98	2.81	5.57	-23	26	-2.19	-0.46	7.70	-17	20
Cash Interest Paid	157	167	148	126	148	206	149	131	110	202	129
Cash Income Taxes Paid	1.26	-3.29	0.33	0.83	2.94	3.59	3.26	5.87	-0.74	0.03	11

This table presents Welltower's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	29,024	28,865	27,944	30,342	33,381	32,484	34,910	37,893	44,012	51,044
Cash and Due from Banks	361	419	244	215	285	1,545	269	632	1,994	3,507
Restricted Cash	62	188	66	101	101	476	77	91	82	205
Loans and Leases, Net of Allowance	819	616	427	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	24,549	23,500	23,507	26,509	28,695	26,066	28,772	30,980	34,524	38,073
Intangible Assets	1,351	1,403	1,502	1,581	1,617	1,500	1,790	1,945	2,166	2,549
Other Assets	1,108	1,845	2,130	1,867	2,614	2,200	3,934	4,178	5,246	6,711
Total Liabilities & Shareholders' Equity	29,024	28,865	27,944	30,342	33,381	32,484	34,910	37,893	44,012	51,044
Total Liabilities	13,665	13,185	12,644	14,331	16,398	15,259	15,912	16,499	17,640	18,472
Short-Term Debt	835	645	719	1,147	1,588	0.00	325	0.00	0.00	0.00
Long-Term Debt	12,057	11,639	10,941	12,079	13,327	13,799	13,806	14,548	15,736	15,500
Other Long-Term Liabilities	697	827	912	1,105	1,483	1,460	1,781	1,951	1,905	2,971
Redeemable Noncontrolling Interest	183	398	375	424	476	343	401	384	291	256
Total Equity & Noncontrolling Interests	15,176	15,281	14,925	15,587	16,507	16,882	18,597	21,010	26,081	32,316
Total Preferred & Common Equity	14,591	14,806	14,423	14,632	15,540	15,973	17,636	20,295	25,404	31,956
Total Common Equity	13,584	13,800	13,705	13,914	15,540	15,973	17,636	20,295	25,404	31,956
Common Stock	16,833	17,363	18,035	18,809	20,601	21,242	23,582	27,235	33,308	40,654
Retained Earnings	-3,120	-3,341	-4,155	-4,697	-4,870	-5,016	-5,717	-6,709	-7,629	-8,223
Treasury Stock	-44	-55	-65	-68	-79	-104	-108	-111	-112	-114
Accumulated Other Comprehensive Income / (Loss)	-88	-170	-111	-130	-112	-149	-121	-120	-163	-360
Noncontrolling Interest	585	475	502	954	966	909	961	715	677	360

This table presents Welltower's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Total Assets	37,414	37,893	38,494	40,064	41,655	44,012	44,554	45,534	48,954	51,044	53,294
Cash and Due from Banks	343	632	572	2,204	2,582	1,994	2,388	2,777	3,565	3,507	3,502
Restricted Cash	82	91	67	95	105	82	90	87	219	205	108
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	30,500	30,980	31,190	30,899	31,853	34,524	34,401	35,027	36,821	38,073	40,299
Intangible Assets	1,921	1,945	1,991	1,950	1,962	2,166	2,159	2,192	2,269	2,549	2,688
Other Assets	4,500	4,178	4,606	4,847	5,085	5,246	5,447	5,383	5,542	6,711	6,696
Total Liabilities & Shareholders' Equity	37,414	37,893	38,494	40,064	41,655	44,012	44,554	45,534	48,954	51,044	53,294
Total Liabilities	16,957	16,499	16,898	17,871	17,836	17,640	16,006	15,845	17,890	18,472	18,712
Short-Term Debt	655	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt	14,446	14,548	14,961	15,991	15,834	15,736	14,205	13,936	15,764	15,500	15,724
Other Long-Term Liabilities	1,856	1,951	1,937	1,880	2,002	1,905	1,801	1,910	2,126	2,971	2,988
Redeemable Noncontrolling Interest	401	384	392	369	245	291	301	262	270	256	277
Total Equity & Noncontrolling Interests	20,057	21,010	21,204	21,824	23,574	26,081	28,247	29,426	30,794	32,316	34,305
Total Preferred & Common Equity	19,169	20,295	20,448	21,204	22,954	25,404	27,548	28,976	30,334	31,956	33,957
Total Common Equity	19,169	20,295	20,448	21,204	22,954	25,404	27,548	28,976	30,334	31,956	33,957
Common Stock	25,763	27,235	27,658	28,595	30,590	33,308	35,698	37,303	38,569	40,654	42,683
Retained Earnings	-6,407	-6,709	-6,985	-7,183	-7,374	-7,629	-7,854	-7,966	-7,925	-8,223	-8,396
Treasury Stock	-112	-111	-113	-112	-112	-112	-115	-115	-115	-114	-20
Accumulated Other Comprehensive Income / (Loss)	-75	-120	-112	-96	-149	-163	-181	-246	-195	-360	-310
Noncontrolling Interest	887	715	756	619	620	677	699	450	460	360	348

This table displays calculated financial ratios and metrics derived from Welltower's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	17.65%	27.13%	-10.49%	22.66%	-2.87%	-10.39%	3.93%	37.82%	13.26%	20.38%
EBITDA Growth	14.45%	14.63%	-23.55%	12.55%	13.82%	-35.11%	18.91%	23.37%	18.76%	22.91%
EBIT Growth	50.94%	22.77%	-57.76%	41.34%	28.19%	-103.78%	932.81%	1.35%	102.27%	49.82%
NOPAT Growth	48.92%	27.38%	-61.63%	48.42%	30.16%	-102.66%	1,229.01%	2.33%	107.27%	51.81%
Net Income Growth	73.44%	21.78%	-50.04%	53.48%	60.34%	-21.91%	-63.95%	-57.12%	123.05%	171.64%
EPS Growth	61.38%	20.09%	-55.16%	60.32%	50.99%	-23.61%	-66.52%	-61.54%	120.00%	137.88%
Operating Cash Flow Growth	21.42%	18.55%	-12.50%	10.44%	-3.03%	-11.15%	-6.55%	4.19%	20.56%	40.86%
Free Cash Flow Firm Growth	-126.60%	129.74%	26.37%	-239.27%	-18.48%	140.53%	-326.08%	-36.25%	-119.89%	6.49%
Invested Capital Growth	16.40%	-1.02%	-3.59%	8.16%	9.10%	-2.74%	6.79%	8.49%	17.15%	14.17%
Revenue Q/Q Growth	4.73%	15.45%	19.60%	-15.45%	16.34%	-19.74%	4.65%	16.80%	-12.85%	56.32%
EBITDA Q/Q Growth	3.33%	1.27%	-13.22%	6.79%	6.52%	-17.07%	4.02%	-0.47%	3.43%	9.72%
EBIT Q/Q Growth	3.11%	2.04%	-40.08%	24.51%	17.24%	-111.95%	3.00%	-28.29%	4.95%	24.41%
NOPAT Q/Q Growth	-8.43%	4.67%	-46.24%	68.93%	19.49%	-108.99%	149.68%	-25.19%	31.02%	3.35%
Net Income Q/Q Growth	-6.03%	22.91%	-44.92%	34.85%	9.50%	-7.55%	-19.22%	-28.63%	31.91%	3.77%
EPS Q/Q Growth	-8.95%	24.34%	-49.40%	40.28%	10.11%	-6.43%	-25.00%	-34.78%	-8.33%	22.66%
Operating Cash Flow Q/Q Growth	4.68%	0.78%	-5.73%	6.82%	-2.95%	-4.94%	2.26%	-2.20%	7.89%	9.13%
Free Cash Flow Firm Q/Q Growth	-44.60%	162.65%	-47.67%	-0.80%	-179.86%	262.44%	-175.90%	24.26%	-51.92%	18.38%
Invested Capital Q/Q Growth	5.82%	-3.61%	-0.44%	0.22%	4.98%	-0.16%	4.04%	1.08%	6.19%	2.66%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	41.96%	37.83%	32.31%	29.65%	34.74%	25.16%	28.78%	25.76%	27.02%	27.58%
EBIT Margin	17.15%	16.57%	7.82%	9.01%	11.89%	-0.50%	4.02%	2.95%	5.27%	6.56%
Profit (Net Income) Margin	26.38%	25.28%	14.11%	17.65%	29.14%	25.39%	8.81%	2.74%	5.40%	12.17%
Tax Burden Percent	139.68%	152.56%	180.44%	195.93%	245.06%	-3,292.51%	219.31%	92.78%	102.31%	185.50%
Interest Burden Percent	110.11%	100.00%	100.00%	100.00%	100.00%	153.89%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	1.01%	-2.70%	6.72%	2.05%	0.54%	0.00%	5.10%	4.19%	1.82%	0.51%
Return on Invested Capital (ROIC)	2.17%	2.58%	1.02%	1.47%	1.77%	-0.05%	0.51%	0.48%	0.88%	1.16%
ROIC Less NNEP Spread (ROIC-NNEP)	4.84%	5.38%	3.18%	4.80%	7.38%	7.29%	2.03%	0.44%	0.98%	4.05%
Return on Net Nonoperating Assets (RNNOA)	3.97%	4.39%	2.48%	3.83%	6.30%	6.12%	1.56%	0.31%	0.62%	2.14%
Return on Equity (ROE)	6.15%	6.97%	3.49%	5.30%	8.06%	6.07%	2.07%	0.80%	1.50%	3.30%
Cash Return on Invested Capital (CROIC)	-12.98%	3.61%	4.67%	-6.36%	-6.94%	2.73%	-6.06%	-7.67%	-14.92%	-12.07%
Operating Return on Assets (OROA)	2.14%	2.45%	1.05%	1.45%	1.70%	-0.06%	0.51%	0.48%	0.85%	1.10%
Return on Assets (ROA)	3.29%	3.74%	1.90%	2.85%	4.18%	3.15%	1.11%	0.44%	0.87%	2.05%
Return on Common Equity (ROCE)	5.47%	6.15%	3.10%	4.67%	7.20%	5.60%	1.92%	0.75%	1.43%	3.21%
Return on Equity Simple (ROE_SIMPLE)	6.09%	7.31%	3.75%	5.67%	8.56%	6.50%	2.12%	0.79%	1.41%	3.04%
Net Operating Profit after Tax (NOPAT)	572	728	279	415	540	-14	162	166	344	522
NOPAT Margin	16.98%	17.01%	7.29%	8.82%	11.83%	-0.35%	3.81%	2.83%	5.18%	6.53%
Net Nonoperating Expense Percent (NNEP)	-2.67%	-2.79%	-2.17%	-3.33%	-5.62%	-7.34%	-1.52%	0.04%	-0.10%	-2.89%
SG&A Expenses to Revenue	48.17%	43.84%	0.00%	51.76%	58.92%	0.00%	65.25%	60.72%	59.47%	60.44%
Operating Expenses to Revenue	82.85%	83.43%	90.54%	90.99%	87.70%	98.19%	95.81%	96.87%	94.58%	93.31%
Earnings before Interest and Taxes (EBIT)	578	709	300	423	543	-21	171	173	350	524
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,413	1,620	1,238	1,394	1,586	1,029	1,224	1,510	1,793	2,204
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.24	1.29	1.33	1.53	1.82	1.51	1.96	1.45	1.86	2.46
Price to Tangible Book Value (P/TBV)	1.38	1.44	1.50	1.74	2.05	1.68	2.19	1.61	2.03	2.67
Price to Revenue (P/Rev)	4.99	4.16	4.76	4.54	6.21	5.90	8.11	5.01	7.11	9.82
Price to Earnings (P/E)	20.54	17.59	39.32	28.12	22.99	24.65	102.57	207.89	138.83	82.46
Dividend Yield	6.95%	7.00%	7.07%	6.13%	4.98%	4.67%	3.08%	3.93%	2.77%	2.03%
Earnings Yield	4.87%	5.69%	2.54%	3.56%	4.35%	4.06%	0.97%	0.48%	0.72%	1.21%
Enterprise Value to Invested Capital (EV/IC)	1.10	1.12	1.16	1.24	1.39	1.20	1.50	1.23	1.47	1.89
Enterprise Value to Revenue (EV/Rev)	9.24	7.34	8.15	7.73	9.70	9.08	11.67	7.56	9.32	11.37
Enterprise Value to EBITDA (EV/EBITDA)	22.03	19.41	25.24	26.07	27.93	36.10	40.55	29.33	34.49	41.23
Enterprise Value to EBIT (EV/EBIT)	53.89	44.32	104.29	85.78	81.61	0.00	290.63	255.87	176.66	173.29
Enterprise Value to NOPAT (EV/NOPAT)	54.44	43.16	111.80	87.57	82.06	0.00	306.25	267.06	179.94	174.19
Enterprise Value to Operating Cash Flow (EV/OCF)	22.52	19.18	21.79	22.93	28.85	27.23	38.91	33.33	38.61	40.28
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	30.91	24.32	0.00	0.00	43.24	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.84	0.79	0.77	0.83	0.88	0.80	0.74	0.68	0.60	0.48
Long-Term Debt to Equity	0.79	0.75	0.72	0.75	0.78	0.80	0.73	0.68	0.60	0.48
Financial Leverage	0.82	0.82	0.78	0.80	0.85	0.84	0.77	0.71	0.63	0.53
Leverage Ratio	1.87	1.87	1.83	1.86	1.93	1.93	1.86	1.80	1.71	1.61
Compound Leverage Factor	2.06	1.87	1.83	1.86	1.93	2.96	1.86	1.80	1.71	1.61
Debt to Total Capital	45.78%	44.08%	43.40%	45.24%	46.76%	44.48%	42.65%	40.48%	37.37%	32.24%
Short-Term Debt to Total Capital	2.95%	2.30%	2.66%	3.92%	4.98%	0.00%	0.98%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	42.83%	41.78%	40.74%	41.32%	41.78%	44.48%	41.67%	40.48%	37.37%	32.24%
Preferred Equity to Total Capital	3.55%	3.59%	2.66%	2.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.71%	3.12%	3.25%	4.71%	4.52%	4.04%	4.11%	3.06%	2.30%	1.28%
Common Equity to Total Capital	47.96%	49.22%	50.70%	47.59%	48.72%	51.49%	53.23%	56.47%	60.33%	66.47%
Debt to EBITDA	9.18	7.63	9.47	9.49	9.40	13.41	11.55	9.63	8.77	7.03
Net Debt to EBITDA	8.88	7.26	9.23	9.26	9.16	11.44	11.26	9.16	7.62	5.35
Long-Term Debt to EBITDA	8.59	7.23	8.89	8.67	8.40	13.41	11.28	9.63	8.77	7.03
Debt to NOPAT	22.68	16.97	41.98	31.89	27.62	-961.44	87.21	87.74	45.79	29.71
Net Debt to NOPAT	21.94	16.13	40.87	31.12	26.91	-820.62	85.07	83.38	39.74	22.60
Long-Term Debt to NOPAT	21.22	16.08	39.40	29.12	24.68	-961.44	85.20	87.74	45.79	29.71
Noncontrolling Interest Sharing Ratio	10.95%	11.77%	11.22%	11.79%	10.73%	7.88%	7.22%	6.09%	4.33%	2.69%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3,419	1,017	1,285	-1,790	-2,121	859	-1,943	-2,647	-5,822	-5,444
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	146.29%	111.56%	167.28%
Free Cash Flow to Firm to Interest Expense	-6.95	0.00	2.65	0.00	-3.82	1.67	-3.97	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	2.81	0.00	2.96	0.00	2.76	2.65	2.60	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	3.61	0.00	4.81	0.00	6.36	10.15	3.36	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.12	0.15	0.13	0.16	0.14	0.12	0.13	0.16	0.16	0.17
Fixed Asset Turnover	0.07	0.18	0.16	0.19	0.17	0.15	0.16	0.20	0.20	0.22
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	28,327	28,038	27,033	29,237	31,898	31,024	33,129	35,942	42,107	48,073
Invested Capital Turnover	0.13	0.15	0.14	0.17	0.15	0.13	0.13	0.17	0.17	0.18
Increase / (Decrease) in Invested Capital	3,991	-289	-1,006	2,205	2,660	-874	2,105	2,813	6,165	5,966
Enterprise Value (EV)	31,130	31,435	31,247	36,326	44,307	37,161	49,624	44,282	61,841	90,883
Market Capitalization	16,810	17,804	18,228	21,319	28,336	24,131	34,478	29,357	47,214	78,478
Book Value per Share	$38.39	$38.07	$37.00	$37.04	$38.30	$38.28	$40.52	$42.95	$47.40	$51.32
Tangible Book Value per Share	$34.38	$34.01	$32.76	$32.65	$34.14	$34.52	$36.25	$38.69	$43.36	$47.23
Total Capital	28,327	28,038	27,033	29,237	31,898	31,024	33,129	35,942	42,107	48,073
Total Debt	12,968	12,358	11,732	13,226	14,915	13,799	14,131	14,548	15,736	15,500
Total Long-Term Debt	12,133	11,713	11,013	12,079	13,327	13,799	13,806	14,548	15,736	15,500
Net Debt	12,545	11,751	11,423	12,910	14,529	11,778	13,784	13,826	13,659	11,789
Capital Expenditures (CapEx)	-392	-1,728	-895	-1,115	-1,998	-3,854	-370	908	1,436	1,349
Net Nonoperating Expense (NNE)	-317	-354	-261	-415	-790	-1,053	-212	5.25	-14	-451
Net Nonoperating Obligations (NNO)	12,968	12,358	11,732	13,226	14,915	13,799	14,131	14,548	15,736	15,500
Total Depreciation and Amortization (D&A)	835	910	939	970	1,043	1,050	1,053	1,337	1,443	1,680
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.35	$2.83	$1.26	$2.03	$3.07	$2.36	$0.79	$0.31	$0.66	$1.58
Adjusted Weighted Average Basic Shares Outstanding	348.24M	358.28M	367.24M	373.62M	401.85M	415.45M	424.98M	462.19M	515.63M	602.98M
Adjusted Diluted Earnings per Share	$2.34	$2.81	$1.26	$2.02	$3.05	$2.33	$0.78	$0.30	$0.66	$1.57
Adjusted Weighted Average Diluted Shares Outstanding	349.42M	360.23M	369.00M	375.25M	403.81M	417.39M	426.84M	465.16M	518.70M	608.75M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	355.14M	362.56M	371.67M	386.36M	410.33M	417.38M	447.28M	490.64M	568.88M	641.31M
Normalized Net Operating Profit after Tax (NOPAT)	718	935	432	1,056	647	114	251	191	377	588
Normalized NOPAT Margin	21.33%	21.84%	11.29%	22.46%	14.18%	2.77%	5.90%	3.26%	5.68%	7.36%
Pre Tax Income Margin	18.89%	16.57%	7.82%	9.01%	11.89%	-0.77%	4.02%	2.95%	5.27%	6.56%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.17	0.00	0.62	0.00	0.98	-0.04	0.35	0.00	0.00	0.00
NOPAT to Interest Expense	1.16	0.00	0.58	0.00	0.97	-0.03	0.33	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	1.97	0.00	2.47	0.00	4.57	7.45	1.10	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	1.96	0.00	2.42	0.00	4.57	7.46	1.09	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	136.19%	120.04%	245.21%	175.80%	105.28%	107.74%	276.63%	704.70%	351.98%	158.84%
Augmented Payout Ratio	136.19%	120.04%	245.21%	175.80%	105.28%	108.47%	276.63%	704.70%	351.98%	158.84%

This table displays calculated financial ratios and metrics derived from Welltower's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.61%	79.14%	22.51%	12.52%	137.20%	-79.06%	9.72%	11.78%	-39.44%	568.46%	30.29%
EBITDA Growth	3.60%	-2.04%	6.70%	19.06%	31.64%	17.07%	33.60%	-4.51%	21.91%	47.91%	34.33%
EBIT Growth	-85.54%	-101.93%	-28.69%	41.16%	999.22%	1,277.73%	262.72%	-44.46%	27.27%	675.69%	41.03%
NOPAT Growth	-92.71%	-83.70%	-27.21%	41.90%	977.12%	748.41%	276.99%	-43.85%	178.74%	18.32%	51.60%
Net Income Growth	-101.39%	-97.28%	-56.45%	11.15%	5,178.10%	4,818.80%	359.70%	145.12%	239.07%	39.93%	95.44%
EPS Growth	-102.38%	-123.08%	-64.29%	0.00%	5,100.00%	-200.00%	340.00%	110.00%	46.00%	322.22%	81.82%
Operating Cash Flow Growth	0.82%	-10.57%	15.88%	5.43%	23.33%	46.22%	8.18%	45.45%	56.01%	50.93%	47.23%
Free Cash Flow Firm Growth	-443.37%	-37.48%	-32.72%	23.70%	-8.51%	-116.71%	-116.37%	-71.30%	-73.50%	3.57%	-21.24%
Invested Capital Growth	11.67%	8.49%	8.42%	9.38%	11.51%	17.15%	16.95%	14.25%	18.09%	14.17%	17.67%
Revenue Q/Q Growth	-0.79%	42.99%	13.25%	-3.05%	109.14%	-87.38%	18.03%	-1.22%	13.31%	39.34%	-9.27%
EBITDA Q/Q Growth	-11.33%	-7.34%	11.13%	30.40%	-1.96%	-17.59%	7.73%	-6.80%	25.16%	-0.02%	15.86%
EBIT Q/Q Growth	-87.82%	-109.84%	3,039.21%	300.87%	-5.17%	-89.46%	57.61%	-38.62%	117.32%	-35.76%	68.22%
NOPAT Q/Q Growth	-94.01%	73.08%	221.58%	325.76%	-54.55%	36.33%	42.89%	-36.58%	125.63%	-42.13%	87.14%
Net Income Q/Q Growth	-102.77%	167.77%	1,492.60%	271.37%	26.69%	-34.35%	48.84%	98.03%	75.24%	-72.91%	107.89%
EPS Q/Q Growth	-105.00%	-200.00%	266.67%	300.00%	150.00%	-118.00%	29.41%	90.91%	73.81%	-72.60%	100.00%
Operating Cash Flow Q/Q Growth	-9.83%	-28.82%	48.41%	10.69%	5.48%	-15.61%	9.80%	48.82%	13.14%	-18.36%	7.11%
Free Cash Flow Firm Q/Q Growth	9.46%	24.48%	-0.01%	-11.57%	-28.77%	-50.82%	0.15%	11.67%	-30.42%	16.17%	-25.48%
Invested Capital Q/Q Growth	1.86%	1.08%	1.71%	4.45%	3.85%	6.19%	1.53%	2.04%	7.34%	2.66%	4.65%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	28.16%	18.25%	24.79%	33.34%	15.63%	102.00%	30.18%	28.48%	31.45%	22.57%	28.82%
EBIT Margin	0.99%	-0.07%	2.44%	10.07%	4.57%	3.81%	8.05%	5.00%	9.59%	4.42%	8.20%
Profit (Net Income) Margin	-0.20%	0.09%	1.83%	7.03%	4.26%	22.14%	7.69%	15.41%	23.83%	4.63%	10.62%
Tax Burden Percent	-42.53%	26.51%	75.35%	69.80%	186.51%	101.12%	93.42%	288.25%	248.44%	113.28%	129.47%
Interest Burden Percent	47.46%	-524.59%	100.00%	100.00%	50.00%	574.36%	102.22%	106.88%	100.00%	92.48%	100.00%
Effective Tax Rate	52.21%	-60.27%	8.01%	2.30%	6.35%	-5.45%	4.39%	1.22%	-2.56%	0.10%	-2.78%
Return on Invested Capital (ROIC)	0.07%	0.10%	0.36%	1.56%	0.43%	3.93%	1.20%	0.77%	1.16%	0.72%	1.55%
ROIC Less NNEP Spread (ROIC-NNEP)	0.01%	0.03%	0.32%	1.28%	0.87%	3.90%	1.20%	1.95%	2.86%	0.82%	1.90%
Return on Net Nonoperating Assets (RNNOA)	0.01%	0.02%	0.23%	0.95%	0.61%	2.47%	0.70%	1.13%	1.65%	0.43%	0.90%
Return on Equity (ROE)	0.08%	0.12%	0.59%	2.50%	1.04%	6.40%	1.90%	1.89%	2.81%	1.16%	2.45%
Cash Return on Invested Capital (CROIC)	-10.37%	-7.67%	-7.63%	-8.42%	-10.19%	-14.92%	-14.51%	-12.36%	-15.43%	-12.07%	-14.96%
Operating Return on Assets (OROA)	0.14%	-0.01%	0.37%	1.52%	0.88%	0.62%	1.20%	0.74%	1.08%	0.74%	1.43%
Return on Assets (ROA)	-0.03%	0.02%	0.28%	1.06%	0.82%	3.59%	1.14%	2.29%	2.69%	0.78%	1.86%
Return on Common Equity (ROCE)	0.07%	0.11%	0.55%	2.37%	0.99%	6.12%	1.82%	1.83%	2.73%	1.13%	2.39%
Return on Equity Simple (ROE_SIMPLE)	1.17%	0.00%	0.60%	0.63%	1.18%	0.00%	1.67%	2.12%	3.09%	0.00%	3.24%
Net Operating Profit after Tax (NOPAT)	6.28	11	35	149	68	92	132	84	189	109	204
NOPAT Margin	0.47%	0.57%	2.24%	9.84%	2.14%	23.09%	7.70%	4.94%	9.84%	4.09%	8.43%
Net Nonoperating Expense Percent (NNEP)	0.06%	0.06%	0.04%	0.27%	-0.43%	0.03%	0.00%	-1.18%	-1.70%	-0.09%	-0.35%
SG&A Expenses to Revenue	0.00%	0.00%	61.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	98.98%	99.52%	97.52%	89.77%	95.31%	95.56%	91.89%	94.69%	90.19%	95.59%	91.88%
Earnings before Interest and Taxes (EBIT)	13	-1.29	38	152	144	15	138	85	184	118	199
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	376	348	387	504	495	408	517	482	603	603	698
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.47	1.45	1.65	1.83	1.80	1.86	1.80	2.14	2.57	2.46	2.89
Price to Tangible Book Value (P/TBV)	1.64	1.61	1.84	2.03	1.98	2.03	1.95	2.32	2.79	2.67	3.14
Price to Revenue (P/Rev)	5.61	5.01	6.01	6.72	5.44	7.11	8.01	9.74	15.26	9.82	11.49
Price to Earnings (P/E)	138.17	207.89	321.81	329.13	164.09	138.83	112.08	104.47	85.18	82.46	90.77
Dividend Yield	4.02%	3.93%	3.54%	3.90%	3.82%	2.77%	2.64%	2.35%	1.95%	2.03%	1.71%
Earnings Yield	0.72%	0.48%	0.31%	0.30%	0.61%	0.72%	0.89%	0.96%	1.17%	1.21%	1.10%
Enterprise Value to Invested Capital (EV/IC)	1.24	1.23	1.35	1.40	1.40	1.47	1.46	1.69	1.94	1.89	2.21
Enterprise Value to Revenue (EV/Rev)	8.79	7.56	8.77	9.26	7.28	9.32	10.06	11.60	17.74	11.37	12.97
Enterprise Value to EBITDA (EV/EBITDA)	29.07	29.33	32.10	33.18	31.97	34.49	32.35	38.81	45.15	41.23	46.59
Enterprise Value to EBIT (EV/EBIT)	182.72	255.87	312.15	265.03	166.21	176.66	138.29	193.02	215.15	173.29	190.63
Enterprise Value to NOPAT (EV/NOPAT)	198.96	267.06	317.58	271.13	211.33	179.94	140.30	192.13	179.66	174.19	187.72
Enterprise Value to Operating Cash Flow (EV/OCF)	32.46	33.33	35.68	38.23	37.34	38.61	38.11	40.49	43.86	40.28	45.33
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.74	0.68	0.69	0.72	0.66	0.60	0.50	0.47	0.51	0.48	0.45
Long-Term Debt to Equity	0.71	0.68	0.69	0.72	0.66	0.60	0.50	0.47	0.51	0.48	0.45
Financial Leverage	0.74	0.71	0.72	0.74	0.70	0.63	0.58	0.58	0.58	0.53	0.47
Leverage Ratio	1.84	1.80	1.81	1.82	1.79	1.71	1.66	1.65	1.65	1.61	1.55
Compound Leverage Factor	0.87	-9.46	1.81	1.82	0.89	9.85	1.69	1.76	1.65	1.49	1.55
Debt to Total Capital	42.47%	40.48%	40.93%	41.88%	39.93%	37.37%	33.23%	31.94%	33.66%	32.24%	31.26%
Short-Term Debt to Total Capital	1.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	40.63%	40.48%	40.93%	41.88%	39.93%	37.37%	33.23%	31.94%	33.66%	32.24%	31.26%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.62%	3.06%	3.14%	2.59%	2.18%	2.30%	2.34%	1.63%	1.56%	1.28%	1.24%
Common Equity to Total Capital	53.91%	56.47%	55.93%	55.53%	57.89%	60.33%	64.44%	66.42%	64.78%	66.47%	67.50%
Debt to EBITDA	9.95	9.63	9.75	9.90	9.13	8.77	7.39	7.33	7.85	7.03	6.60
Net Debt to EBITDA	9.67	9.16	9.34	8.48	7.58	7.62	6.10	5.83	5.96	5.35	5.08
Long-Term Debt to EBITDA	9.52	9.63	9.75	9.90	9.13	8.77	7.39	7.33	7.85	7.03	6.60
Debt to NOPAT	68.13	87.74	96.48	80.91	60.36	45.79	32.03	36.30	31.22	29.71	26.59
Net Debt to NOPAT	66.21	83.38	92.36	69.27	50.12	39.74	26.45	28.84	23.73	22.60	20.49
Long-Term Debt to NOPAT	65.18	87.74	96.48	80.91	60.36	45.79	32.03	36.30	31.22	29.71	26.59
Noncontrolling Interest Sharing Ratio	6.72%	6.09%	5.96%	5.48%	4.86%	4.33%	4.28%	3.28%	2.90%	2.69%	2.57%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3,711	-2,802	-2,803	-3,127	-4,027	-6,073	-6,064	-5,357	-6,986	-5,856	-7,349
Operating Cash Flow to CapEx	130.75%	100.00%	127.09%	109.18%	144.58%	81.42%	127.35%	196.88%	171.87%	172.90%	1,225.51%
Free Cash Flow to Firm to Interest Expense	-26.57	0.00	0.00	-20.53	-25.72	0.00	-41.16	-40.15	-50.24	0.00	0.00
Operating Cash Flow to Interest Expense	2.55	0.00	0.00	2.73	2.80	0.00	2.76	4.54	4.93	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.60	0.00	0.00	0.23	0.86	0.00	0.59	2.23	2.06	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.14	0.16	0.15	0.15	0.19	0.16	0.15	0.15	0.11	0.17	0.17
Fixed Asset Turnover	0.17	0.20	0.19	0.19	0.24	0.20	0.19	0.19	0.15	0.22	0.23
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	35,559	35,942	36,557	38,184	39,653	42,107	42,753	43,624	46,828	48,073	50,306
Invested Capital Turnover	0.15	0.17	0.16	0.16	0.20	0.17	0.16	0.16	0.12	0.18	0.18
Increase / (Decrease) in Invested Capital	3,717	2,813	2,838	3,276	4,094	6,165	6,196	5,440	7,175	5,966	7,553
Enterprise Value (EV)	44,098	44,282	49,249	53,589	55,436	61,841	62,216	73,761	90,698	90,883	110,994
Market Capitalization	28,134	29,357	33,778	38,909	41,424	47,214	49,489	61,977	77,989	78,478	98,255
Book Value per Share	$41.37	$42.95	$41.68	$42.66	$44.25	$47.40	$47.99	$48.46	$49.80	$51.32	$52.95
Tangible Book Value per Share	$37.08	$38.69	$37.48	$38.60	$40.34	$43.36	$44.11	$44.68	$45.96	$47.23	$48.76
Total Capital	35,559	35,942	36,557	38,184	39,653	42,107	42,753	43,624	46,828	48,073	50,306
Total Debt	15,101	14,548	14,961	15,991	15,834	15,736	14,205	13,936	15,764	15,500	15,724
Total Long-Term Debt	14,446	14,548	14,961	15,991	15,834	15,736	14,205	13,936	15,764	15,500	15,724
Net Debt	14,676	13,826	14,322	13,692	13,148	13,659	11,727	11,072	11,979	11,789	12,114
Capital Expenditures (CapEx)	272	253	296	381	304	455	319	308	399	323	49
Net Nonoperating Expense (NNE)	8.93	9.07	6.32	43	-67	3.79	0.16	-177	-268	-15	-53
Net Nonoperating Obligations (NNO)	15,101	14,548	14,961	15,991	15,834	15,736	14,205	13,936	15,764	15,500	15,724
Total Depreciation and Amortization (D&A)	363	349	349	352	350	392	379	397	419	485	500
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.01)	($0.02)	$0.05	$0.21	$0.24	($0.10)	$0.22	$0.42	$0.74	$0.20	$0.40
Adjusted Weighted Average Basic Shares Outstanding	463.37M	462.19M	492.06M	499.02M	521.85M	515.63M	574.05M	600.55M	611.29M	602.98M	643.39M
Adjusted Diluted Earnings per Share	($0.01)	($0.03)	$0.05	$0.20	$0.24	($0.09)	$0.22	$0.42	$0.73	$0.20	$0.40
Adjusted Weighted Average Diluted Shares Outstanding	463.37M	465.16M	494.49M	501.97M	525.14M	518.70M	577.53M	604.56M	618.31M	608.75M	653.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	472.52M	490.64M	497.03M	518.73M	535.97M	568.88M	597.92M	609.15M	622.69M	641.31M	653.95M
Normalized Net Operating Profit after Tax (NOPAT)	12	20	180	151	75	72	173	88	138	115	178
Normalized NOPAT Margin	0.92%	1.04%	11.55%	9.99%	2.36%	17.95%	10.12%	5.18%	7.22%	4.30%	7.34%
Pre Tax Income Margin	0.47%	0.36%	2.44%	10.07%	2.28%	21.89%	8.23%	5.35%	9.59%	4.09%	8.20%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.09	0.00	0.00	1.00	0.92	0.00	0.94	0.63	1.32	0.00	0.00
NOPAT to Interest Expense	0.05	0.00	0.00	0.98	0.43	0.00	0.89	0.63	1.36	0.00	0.00
EBIT Less CapEx to Interest Expense	-1.86	0.00	0.00	-1.50	-1.02	0.00	-1.23	-1.67	-1.54	0.00	0.00
NOPAT Less CapEx to Interest Expense	-1.90	0.00	0.00	-1.53	-1.51	0.00	-1.27	-1.68	-1.51	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	488.41%	704.70%	938.56%	883.73%	449.55%	351.98%	284.64%	223.45%	156.30%	158.84%	147.97%
Augmented Payout Ratio	488.41%	704.70%	938.56%	883.73%	449.55%	351.98%	284.64%	223.45%	156.30%	158.84%	147.97%

Key Financial Trends

Welltower Inc. (NYSE: WELL), a leading real estate investment trust in healthcare infrastructure, has demonstrated a dynamic financial performance over the last several years through its quarterly financial statements. Reviewing data from Q3 2022 through Q1 2025 reveals key trends and considerations for retail investors.

Positive financial trends:

Consistent growth in Total Assets, increasing from approximately $37.4 billion in Q3 2022 to over $53.3 billion in Q1 2025, showing expansion and asset accumulation.
Rising Total Common Equity from about $19.2 billion in Q3 2022 to $33.95 billion in Q1 2025, indicating strengthening shareholder value and capital base.
Increasing Cash and Cash Equivalents, which provide liquidity flexibility, climbing from $343 million in Q3 2022 to $3.5 billion in Q1 2025.
Improved Net Income Attributable to Common Shareholders, growing from losses in some 2022 quarters to a reported $257.96 million in Q1 2025, coupled with earnings per share rises (e.g., Q1 2025 EPS of $0.40 vs. Q3 2022 EPS at negative levels).
Significant net cash inflows from operating activities in recent quarters, highlighting operational efficiency (e.g., $598.96 million in Q1 2025 Operating Cash Flow vs. $439 million in Q3 2023).
Issuance of Common Equity provides capital for growth and debt management, with $1.99 billion in Q1 2025 and steady issuances in prior quarters.
Stable dividend payments per share, around $0.61 to $0.67, indicating management commitment to shareholder returns.

Neutral financial elements to watch:

Substantial and growing Long-Term Debt (ranging from approximately $14.4 billion in 2022 to $15.7 billion in early 2025), which supports growth but requires monitoring for leverage risk.
Modest impairment charges and special charges are recurring, although relatively contained compared to total expenses.
Fluctuations in Other Non-Interest Income and Other Operating Expenses, with notable volatility including large negative values in some quarters, reflecting market or operational impacts.

Negative or cautionary points:

Negative Total Interest Expense in some quarters (notably Q4 2024 and Q4 2023), which may relate to accounting presentation or increased financing costs that affect net interest income negatively.
Periods of net loss or low profitability, especially in 2022 and early 2023, highlight some earnings volatility and EBITDA pressures.
Large negative Other Operating Expenses in certain quarters, such as -$2.7 billion in Q4 2024, which markedly impacted net income and require investor attention for sustainability.

In summary, Welltower’s financial profile reflects strong asset and equity growth with improving earnings and cash flow generation. However, investors should watch for operating expense volatility and maintain awareness of the company’s leverage levels. Dividend consistency and equity fundraising also support shareholder value, aligning with Welltower’s strategy as a healthcare sector-focused REIT.

08/03/25 07:30 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Welltower's Financials

When does Welltower's financial year end?

According to the most recent income statement we have on file, Welltower's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Welltower's net income changed over the last 9 years?

Welltower's net income appears to be on a downward trend, with a most recent value of $972.86 million in 2024, rising from $888.55 million in 2015. The previous period was $358.14 million in 2023. See where experts think Welltower is headed by visiting Welltower's forecast page.

How has Welltower's revenue changed over the last 9 years?

Over the last 9 years, Welltower's total revenue changed from $3.37 billion in 2015 to $7.99 billion in 2024, a change of 137.3%.

How much debt does Welltower have?

Welltower's total liabilities were at $18.47 billion at the end of 2024, a 4.7% increase from 2023, and a 35.2% increase since 2015.

How much cash does Welltower have?

In the past 9 years, Welltower's cash and equivalents has ranged from $215.38 million in 2018 to $3.51 billion in 2024, and is currently $3.51 billion as of their latest financial filing in 2024.

How has Welltower's book value per share changed over the last 9 years?

Over the last 9 years, Welltower's book value per share changed from 38.39 in 2015 to 51.32 in 2024, a change of 33.7%.

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This page (NYSE:WELL) was last updated on 8/3/2025 by MarketBeat.com Staff

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Welltower (WELL) Financials

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Welltower (WELL) Financials

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