Financial Performance - Welltower reported normalized FFO per share of $1.28, a year-over-year increase of 22%[12] - The company revised its full-year FFO guidance midpoint to $5.10, up from $4.97, driven by strong seniors housing operating (SHO) fundamentals and accretive capital deployment[12] - SHO portfolio same-store net operating income (SSNOI) grew by 23.4%, marking the 11th consecutive quarter with growth exceeding 20%[12] - Year-over-year occupancy growth in the SHO portfolio reached 420 bps, the highest in the company's recorded history outside of the post-COVID recovery[12, 24] - Operating margins expanded by 330 bps year-over-year to 30.7%[12] - The Board of Directors announced a 10.4% increase in the quarterly dividend[12] Investment and Capital Deployment - Welltower announced $9.2 billion of pro rata gross investments year-to-date, including $3.7 billion closed in the first half of the year and $5.5 billion closed or under contract as of July 28, 2025[12] Balance Sheet and Liquidity - The company ended 2Q2025 with net debt to Adjusted EBITDA at 2.9x, the lowest level in the company's recorded history, and $9.5 billion of total near-term liquidity[12] - The Adjusted Fixed Charge Coverage Ratio was 6.3x, highlighting significant balance sheet strength and financial flexibility[12] Guidance and Outlook - The midpoint of the SS SHO Portfolio NOI is expected to grow 20.0%, which represents a 100 bps increase vs the prior midpoint[19] - The company anticipates year-over-year occupancy growth of approximately 360 bps[19]