Welltower (WELL) reported $2.42 billion in revenue for the quarter ended March 2025, representing a year- over-year increase of 30.3%. EPS of $1.20 for the same period compares to $0.22 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $2.37 billion, representing a surprise of +2.12%. The company delivered an EPS surprise of +4.35%, with the consensus EPS estimate being $1.15. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Str ...

Welltower (WELL) came out with quarterly funds from operations (FFO) of $1.20 per share, beating the Zacks Consensus Estimate of $1.15 per share. This compares to FFO of $1.01 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 4.35%. A quarter ago, it was expected that this senior housing and health care real estate investment trust would post FFO of $1.12 per share when it actually produced FFO of $1.13, delivering a surprise of 0.89 ...

Table of Contents | Overview | 1 | | --- | --- | | Portfolio | 2 | | Investment | 6 | | Financial | 10 | | Glossary | 15 | | Supplemental Reporting Measures | 16 | | Forward Looking Statements and Risk Factors | 20 | Overview (dollars and occupancy at Welltower pro rata ownership; dollars in thousands) Portfolio Composition Beds/Unit Mix (1) | | Average | | | Wellness | Independent | Assisted | Memory | Long-Term/ Post-Acute | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Age | Properties | To ...

Core Insights - Welltower Inc. reported strong financial results for the first quarter of 2025, with significant growth in net income and funds from operations, driven by robust performance in its Seniors Housing Operating portfolio [11][8]. Financial Performance - Reported net income attributable to common stockholders was $257.96 million, or $0.40 per diluted share, compared to $127.15 million, or $0.22 per diluted share in the prior year, marking a substantial increase [11][24]. - Normalized funds from operations (FFO) attributable to common stockholders were $787.18 million, or $1.20 per diluted share, an 18.8% increase year-over-year [11][26]. - Total revenues for the quarter reached $2.42 billion, up from $1.86 billion in the same period last year, reflecting strong demand in the seniors housing sector [11][23]. Capital Activity and Liquidity - The company sourced over $3.1 billion in capital, reducing net debt to consolidated enterprise value to 10.8% from 17.4% year-over-year, enhancing its liquidity profile [3][4]. - As of March 31, 2025, Welltower had approximately $8.6 billion in available liquidity, including $3.6 billion in cash and full capacity under its $5.0 billion line of credit [11][4]. Credit Ratings - S&P and Moody's upgraded Welltower's credit ratings to "A-" and "A3" respectively, citing strong operating performance and improved balance sheet metrics as key factors [4][11]. Portfolio Activity - In the first quarter, Welltower completed $2.8 billion in pro rata gross investments, including $2.7 billion in acquisitions and loan funding [5][11]. - A definitive agreement was announced to acquire a portfolio of 38 ultra-luxury seniors housing communities for C$4.6 billion, expected to close in late 2025 or early 2026 [6][11]. Dividend Declaration - The Board of Directors declared a cash dividend of $0.67 per share for the quarter ended March 31, 2025, marking the 216th consecutive quarterly cash dividend [7][11]. Outlook for 2025 - The company revised its net income guidance to a range of $1.70 to $1.84 per diluted share and increased its normalized FFO guidance to $4.90 to $5.04 per diluted share [8][11]. - Average blended same store NOI growth is expected to be between 10.00% and 13.25%, with the Seniors Housing Operating segment projected to grow between 16.5% and 21.5% [12][11].

Core Insights - Whitestone REIT (WSR) has signed a lease with The Picklr to establish a new indoor pickleball facility, The Picklr Cave Creek, in Scottsdale, AZ, which is set to open in the second half of 2025 [1] - The facility aims to enhance the active lifestyle of the surrounding communities, providing a professional-grade environment for pickleball players [2] - The Picklr has rapidly expanded since its founding in 2021, becoming North America's fastest-growing indoor pickleball franchise with over 500 locations [4] Company Developments - The Picklr Cave Creek will feature eight premium indoor courts in a climate-controlled environment, allowing players to train without the challenges posed by Arizona's summer heat [3] - The strategic location of the facility at Terravita Marketplace is designed to attract players from nearby affluent neighborhoods, enhancing accessibility [3][5] - CEO of Whitestone REIT, Dave Holeman, highlighted the positive impact of The Picklr on community engagement and surrounding tenants' growth, referencing a successful partnership in Dallas [6] Market Performance - Whitestone REIT shares have increased by 8.3% over the past six months, contrasting with a 9.1% decline in the broader industry [6] - Other notable stocks in the REIT sector include Welltower (WELL) and SL Green Realty (SLG), both of which have favorable Zacks rankings [7] - The Zacks Consensus Estimate for Welltower's 2025 FFO per share indicates a year-over-year growth of 13.2%, while SL Green's estimate shows a 9% increase from the previous year [9]

Financial Data and Key Metrics Changes - The company reported a normalized FFO per share increase of 18% year over year, driven by the senior housing operating portfolio [4][10] - Total portfolio same store NOI growth was 12.8%, with the senior housing operating portfolio achieving 23.9% growth [21][41] - The company ended the quarter with a net debt to adjusted EBITDA ratio of 3.49 times, a decrease of 1.5 turns from the end of 2023 [45] Business Line Data and Key Metrics Changes - The senior housing operating business experienced nearly 24% same store NOI growth, marking the ninth consecutive quarter of growth exceeding 20% [5][21] - The outpatient medical business showed stable performance with a year-over-year same store NOI growth of 2% [21] - The senior housing triple net portfolio had a same store NOI increase of 5.1% year over year, with EBITDAR coverage reaching a post-COVID high of 1.12 times [42] Market Data and Key Metrics Changes - The U.S. commercial real estate debt market faces significant challenges, with $1 trillion of loans maturing in 2025 [31][32] - Regional banks, which hold a significant portion of CRE debt, are experiencing difficulties due to high long-term interest rates [32][34] - The company capitalized on market dislocations, acquiring properties at attractive valuations due to other industry participants being compelled to divest assets [35][36] Company Strategy and Development Direction - The company is focused on capital deployment, having closed $7 billion in transactions in 2024, with a strong start to 2025 already seeing $2 billion in acquisitions under contract [9][14] - The company emphasizes a capital light strategy, transitioning properties to stronger operating partners to enhance cash flow [15][44] - A sixth growth pillar was introduced with the launch of a private funds management business, expected to create significant revenue opportunities [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for continued growth in 2025, citing strong fundamentals in the senior housing sector and favorable demographic trends [4][12] - The company anticipates sustained improvement in margins due to high operating leverage and the benefits of its operating platform build-out [8][26] - Management highlighted the importance of retaining talent and fostering a strong company culture as key to long-term success [70][72] Other Important Information - The company achieved 23% revenue growth, 26% EBITDA growth, and nearly 20% FFO per share growth for the full year of 2024 while deleveraging its balance sheet [10][45] - The company is actively working on digital transformation initiatives to enhance operational efficiency and improve resident and employee experiences [16][29] Q&A Session Summary Question: Can you provide insights on pricing power across occupancy bands within the Shaw portfolio and details on the $2 billion acquisitions pipeline? - The $2 billion acquisitions involve assets with low 80s occupancy, generally newer vintage assets [61] - For assets over 90% occupied, RevPAR growth has been in the sixes, while those below 70% are roughly flat [62][63] Question: With fewer deliveries in the development cycle, does this make acquiring lease-up properties more challenging? - The company maintains a long-term track record of success in finding underperforming buildings, indicating a continued ability to optimize NOI [66][68] Question: How does the company approach talent retention? - Retaining talent is a top priority, with a strong emphasis on creating a culture of trust and shared purpose [70][72] Question: Can you discuss the targeted IRRs for stabilized versus non-stabilized assets in the private funds management business? - No specific details were provided on targeted IRRs, but the company emphasizes its focus on growth investments rather than yield investments [77] Question: How large will the same store bucket of assets be this year versus the total pool? - By the fourth quarter, over 90% of the current portfolio is expected to be in the same store pool, with non-same store assets showing potential for better NOI growth as occupancy increases [80][83]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission File Number 1-8923 WELLTOWER INC. (Exact name of registrant as specified in its charter) Delaware 34-1096634 (State or other jurisdiction of incorporatio ...