Welltower Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	936.85	951.68	340.09	141.21	336.14
Depreciation & Amortization	2,139	1,680	1,443	1,337	1,053
Gain (Loss) on Sale of Assets	-1,449	-451.61	-133.38	-16.04	-235.38
Asset Writedown	121.28	92.79	36.1	17.5	51.11
Stock-Based Compensation	1,557	75.82	37.2	26.15	17.81
Income (Loss) on Equity Investments	36.15	20.01	65.07	33.75	39.7
Change in Accounts Receivable	-196.88	-68.58	3.39	-191.44	-122.12
Change in Other Net Operating Assets	-83.91	26.54	-79.8	50.86	77.55
Other Operating Activities	-168.62	-79.99	-119.83	-80.52	50.06
Operating Cash Flow	2,882	2,256	1,602	1,329	1,275
Operating Cash Flow Growth	27.71%	40.86%	20.56%	4.19%	-6.55%
Acquisition of Real Estate Assets	-1,522	-1,744	-1,583	-1,138	-719.9
Sale of Real Estate Assets	5,658	336.53	96.74	199.5	1,070
Net Sale / Acq. of Real Estate Assets	4,136	-1,407	-1,487	-938.75	350.42
Cash Acquisition	-13,914	-3,525	-3,558	-2,306	-4,084
Investment in Marketable & Equity Securities	-263.38	-273.2	-293.87	-563.06	-135.84
Other Investing Activities	-2.88	20.09	31.49	63.75	7.52
Investing Cash Flow	-10,513	-5,515	-5,708	-3,704	-4,516
Long-Term Debt Issued	4,366	1,213	1,397	1,153	2,052
Long-Term Debt Repaid	-1,756	-1,848	-741.86	-782.12	-1,731
Net Debt Issued (Repaid)	2,610	-635.06	655.04	371.3	320.76
Issuance of Common Stock	8,901	7,416	6,010	3,668	2,348
Common Dividends Paid	-1,878	-1,545	-1,261	-1,132	-1,036
Total Dividends Paid	-1,878	-1,545	-1,261	-1,132	-1,036
Other Financing Activities	-633.02	-330.1	44.06	-146.35	-65.39
Foreign Exchange Rate Adjustments	129.39	-11.72	11.03	-10.63	-1.01
Net Cash Flow	1,498	1,635	1,354	375.54	-1,674
Cash Interest Paid	579.59	593.03	628.58	531.67	492.74
Cash Income Tax Paid	22.76	8.42	7.68	3.44	-4.81
Levered Free Cash Flow	2,285	3,454	1,434	1,313	1,363
Unlevered Free Cash Flow	2,693	3,813	1,814	1,644	1,669
Change in Working Capital	-280.78	-42.04	-76.41	-140.58	-44.56

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.