Welltower Reports Second Quarter 2025 Results

Core Insights - Welltower Inc. reported strong financial results for the second quarter of 2025, with significant growth in net income and funds from operations (FFO) [1][12][24] - The company declared a cash dividend of $0.74 per share, marking its 217th consecutive quarterly dividend, reflecting confidence in its financial performance [6][12] Financial Performance - Reported net income attributable to common stockholders was $301.9 million, or $0.45 per diluted share, compared to $254.7 million, or $0.42 per diluted share in the prior year [12][24] - Normalized FFO attributable to common stockholders increased by 21.9% year-over-year to $1.28 per diluted share [12][24] - Total revenues for the quarter reached $2.55 billion, up from $1.82 billion in the same period last year [12][24] Investment Activity - In the second quarter, Welltower completed $1.2 billion in pro rata gross investments, including $113 million in development funding [5] - The company also reported $9.2 billion in pro rata investment activity year-to-date, with $3.7 billion closed in the first half of 2025 [12] Capital Structure and Liquidity - As of June 30, 2025, the net debt to consolidated enterprise value decreased to 10.1% from 14.8% a year earlier [3] - Welltower had approximately $9.5 billion in available liquidity, including $4.5 billion in cash and restricted cash [12] Outlook for 2025 - The guidance for net income attributable to common stockholders was revised to a range of $1.86 to $1.94 per diluted share, up from the previous range of $1.70 to $1.84 [7] - The full-year normalized FFO guidance was increased to a range of $5.06 to $5.14 per diluted share, compared to the prior range of $4.90 to $5.04 [7] Operational Metrics - The same store net operating income (SSNOI) grew by 13.8% year-over-year, driven by a 23.4% increase in the Seniors Housing Operating portfolio [12][36] - The average revenue per occupied room (RevPOR) in the Seniors Housing Operating portfolio increased by 4.9% [12][36]