Welltower(WELL) - 2025 Q3 - Quarterly Results

Financial Performance - The total NOI for the same store in-place portfolio increased by 14.5% from $527,414 in Q3 2024 to $603,852 in Q3 2025[5] - Total revenues for Q3 2024 reached $2,104,073,000, with a projected increase to $2,735,813,000 by Q3 2025, representing a growth of approximately 30%[49] - Net operating income (NOI) for Q3 2024 was $857,673,000, expected to rise to $1,125,701,000 by Q3 2025, indicating a growth of about 31%[49] - Consolidated net operating income (NOI) for Q3 2024 was $842.9 million, expected to rise to $1.1 billion by Q3 2025[85] - The company reported an annualized In-Place NOI of $3.3 billion, indicating strong operational performance[86] - Total NOI reached $1,125,701, with a significant increase from $857,673 in the previous quarter[1] - The total stabilized NOI is reported at $3,445,505,000, with obligations totaling $17,869,897,000[44] Revenue Growth - Total revenues for the Seniors Housing Operating segment are projected to increase from $1,556,957 in Q3 2024 to $2,109,690 in Q3 2025, representing a growth of approximately 35.4%[11] - Same store revenues are forecasted to grow from $1,284,544 in Q3 2024 to $1,409,613 in Q3 2025, reflecting a year-over-year growth rate of 9.7%[11] - Rental income from Seniors Housing Operating increased from $1,554,263,000 in Q3 2024 to a projected $2,100,724,000 in Q3 2025, reflecting a growth of approximately 35%[49] - Consolidated SHO revenues increased from $1,256,831 in Q3 2024 to $1,507,666 in Q3 2025, representing a growth of approximately 19.8%[95] Occupancy Rates - The occupancy rate for Seniors Housing Operating properties was reported at 88.4%[6] - Total occupancy in the Seniors Housing Operating segment is expected to rise from 83.8% in Q3 2024 to 86.9% in Q3 2025, indicating an increase of 3.1 percentage points[11] - The occupancy rate for the Outpatient Medical segment is expected to remain stable around 94% over the same period[17] - The occupancy rate increased from 97.0% in Q3 2024 to 97.5% in Q3 2025[18] Property Portfolio - The total number of properties in the portfolio is 1,965, with a total NOI of $3,294,832[10] - The total number of properties in the Seniors Housing Operating segment is expected to increase from 1,029 in Q3 2024 to 1,199 in Q3 2025, a growth of 16.5%[11] - The total number of properties in the Outpatient Medical segment is projected to grow from 426 in Q3 2024 to 437 in Q3 2025[17] - The company has 3,187 units in development across 20 projects, with a projected stable yield of 7.7%[40] Capital Expenditures and Investments - The company completed 62 acquisitions and loan funding in Q3 2025, totaling $1,762,111,000 with a yield of 7.8%[29] - Year-to-date 2025 gross investments amounted to $5,817,879,000, with a yield of 7.3%[34] - Total development funding for 2025 was $351,103,000, with a yield of 7.4%[34] - Total development commitment amount is $875,805,000 with future funding of $297,822,000[38] Debt and Financial Ratios - The company reported a net debt of $10,019,435,000, resulting in a net debt to EBITDA ratio of 2.62x[51] - The company’s total debt as a percentage of gross asset value is 24.36%, with total debt reported at $16,960,008,000[53] - The average interest rate on combined debt is 4.03%, with a weighted average maturity of 5.7 years[58] - The company’s secured debt totals $2,629,981,000, with a significant portion in senior unsecured notes[58] Strategic Focus and Market Position - The company is focusing on expanding its portfolio in key metropolitan areas, including Los Angeles and New York/New Jersey, which contribute significantly to the overall revenue[10] - The company anticipates continued growth driven by strategic investments and market expansion in the senior housing sector[100] - Welltower's focus on data science and operational excellence aims to enhance long-term shareholder value through disciplined capital allocation[103] - The company is positioned to navigate macroeconomic challenges while capitalizing on opportunities within the healthcare and seniors housing industries[100]