Welltower Income 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
Rental Revenue	1,968	1,570	1,556	1,452	1,375
Other Revenue	8,624	6,165	4,848	4,258	3,225
Total Revenue	10,838	7,991	6,573	5,861	4,737
Revenue Growth (YoY	35.63%	21.58%	12.15%	23.71%	3.29%
Property Expenses	6,488	4,830	3,948	3,559	2,677
Selling, General & Administrative	1,748	235.49	179.09	150.39	126.73
Depreciation & Amortization	2,085	1,632	1,401	1,310	1,038
Provision for Loan Losses	9.42	-10.13	-9.81	-10.32	-7.27
Total Operating Expenses	10,312	6,708	5,538	5,030	3,848
Operating Income	526.07	1,283	1,035	830.77	889.28
Interest Expense	-651.96	-574.26	-607.85	-529.52	-489.85
Income (Loss) on Equity Investments	-14.3	-0.5	-53.44	-21.29	-22.93
Other Non-Operating Income	-223.61	-89.57	-106.22	-110	-34.41
EBT Excluding Unusual Items	-363.79	618.87	267.22	169.95	342.09
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
Other Unusual Items	-9.25	-2.13	-0.01	-0.68	-143.17
Pretax Income	954.72	975.56	364.5	167.82	383.19
Income Tax Expense	-7.12	2.7	6.36	7.25	8.71
Earnings From Continuing Operations	961.84	972.86	358.14	160.57	374.48
Minority Interest in Earnings	-24.99	-21.18	-18.05	-19.35	-38.34
Net Income	936.85	951.68	340.09	141.21	336.14
Net Income to Common	936.85	951.68	340.09	141.21	336.14
Net Income Growth	-1.56%	179.83%	140.84%	-57.99%	-65.66%
Basic Shares Outstanding	666	603	516	462	425
Diluted Shares Outstanding	680	609	519	465	427
Shares Change (YoY)	11.63%	17.36%	11.51%	8.98%	2.27%
EPS (Basic)	1.41	1.58	0.66	0.31	0.79
EPS (Diluted)	1.39	1.57	0.66	0.30	0.78
EPS Growth	-11.29%	139.07%	115.53%	-61.06%	-66.51%
Dividend Per Share	2.890	2.620	2.440	2.440	2.440
Dividend Growth	10.30%	7.38%	-	-	-
Operating Margin	4.85%	16.06%	15.74%	14.17%	18.77%
Profit Margin	8.64%	11.91%	5.17%	2.41%	7.09%
EBITDA	2,665	2,963	2,478	2,168	1,942
EBITDA Margin	24.59%	37.08%	37.70%	36.99%	41.00%
D&A For Ebitda	2,139	1,680	1,443	1,337	1,053
EBIT	526.07	1,283	1,035	830.77	889.28
EBIT Margin	4.85%	16.06%	15.74%	14.17%	18.77%
Funds From Operations (FFO)	1,818	2,323	1,763	1,478	1,221
FFO Per Share	2.68	3.82	3.40	3.18	2.86
Adjusted Funds From Operations (AFFO)	1,818	2,323	1,763	1,478	1,221
AFFO Per Share	2.68	3.82	3.40	3.18	2.86
FFO Payout Ratio	103.30%	66.51%	71.49%	76.55%	84.86%
Effective Tax Rate	-	0.28%	1.75%	4.32%	2.27%
Revenue as Reported	10,838	7,991	6,638	5,861	4,742

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.