Welltower Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Rental Revenue	1,830	1,570	1,556	1,452	1,375	1,443
Other Revenue	7,815	6,165	4,848	4,200	3,225	3,074
Total Revenue	9,908	7,991	6,573	5,802	4,737	4,587
Revenue Growth (YoY	32.28%	21.58%	13.28%	22.47%	3.29%	-10.44%
Property Expenses	5,963	4,830	3,948	3,559	2,677	2,455
Selling, General & Administrative	239.76	235.49	179.09	150.39	126.73	128.39
Depreciation & Amortization	1,971	1,632	1,401	1,310	1,038	1,038
Provision for Loan Losses	2.28	-10.13	-9.81	-10.32	-7.27	-94.44
Total Operating Expenses	8,172	6,708	5,538	5,030	3,848	3,716
Operating Income	1,736	1,283	1,035	772.15	889.28	870.09
Interest Expense	-602.64	-574.26	-607.85	-529.52	-489.85	-514.39
Income (Loss) on Equity Investments	-12.31	-0.5	-53.44	-21.29	-22.93	-8.08
Other Non-Operating Income	-128.72	-89.57	-106.22	-110	-34.41	-64.97
EBT Excluding Unusual Items	992.12	618.87	267.22	111.33	342.09	282.65
Gain (Loss) on Sale of Assets	78.85	451.61	133.38	16.04	235.38	1,088
Asset Writedown	-99.01	-92.79	-36.1	-17.5	-51.11	-135.61
Other Unusual Items	-6.16	-2.13	-0.01	57.94	-143.17	-186.68
Pretax Income	965.81	975.56	364.5	167.82	383.19	1,049
Income Tax Expense	-2.02	2.7	6.36	7.25	8.71	9.97
Earnings From Continuing Operations	967.82	972.86	358.14	160.57	374.48	1,039
Net Income to Company	967.82	972.86	358.14	160.57	374.48	1,039
Minority Interest in Earnings	-7.45	-21.18	-18.05	-19.35	-38.34	-60.01
Net Income	960.38	951.68	340.09	141.21	336.14	978.84
Net Income to Common	960.38	951.68	340.09	141.21	336.14	978.84
Net Income Growth	4.89%	179.83%	140.84%	-57.99%	-65.66%	-20.58%
Basic Shares Outstanding	650	603	516	462	425	415
Diluted Shares Outstanding	661	609	519	465	427	417
Shares Change (YoY)	12.27%	17.36%	11.51%	8.98%	2.27%	3.36%
EPS (Basic)	1.48	1.58	0.66	0.31	0.79	2.36
EPS (Diluted)	1.46	1.57	0.66	0.30	0.78	2.33
EPS Growth	-6.35%	139.07%	115.53%	-61.06%	-66.51%	-23.69%
Dividend Per Share	2.820	2.620	2.440	2.440	2.440	2.440
Dividend Growth	10.16%	7.38%	-	-	-	-29.89%
Operating Margin	17.52%	16.06%	15.74%	13.31%	18.77%	18.97%
Profit Margin	9.69%	11.91%	5.17%	2.43%	7.09%	21.34%
EBITDA	3,752	2,963	2,478	2,109	1,942	1,920
EBITDA Margin	37.87%	37.08%	37.70%	36.35%	41.00%	41.86%
D&A For Ebitda	2,016	1,680	1,443	1,337	1,053	1,050
EBIT	1,736	1,283	1,035	772.15	889.28	870.09
EBIT Margin	17.52%	16.06%	15.74%	13.31%	18.77%	18.97%
Funds From Operations (FFO)	3,052	2,323	1,763	1,478	1,221	1,103
FFO Per Share	4.62	3.82	3.40	3.18	2.86	2.64
Adjusted Funds From Operations (AFFO)	-	2,323	1,763	1,478	1,221	1,103
AFFO Per Share	-	3.82	3.40	3.18	2.86	2.64
FFO Payout Ratio	58.53%	66.51%	71.49%	76.55%	84.86%	101.51%
Effective Tax Rate	-	0.28%	1.75%	4.32%	2.27%	0.95%
Revenue as Reported	9,908	7,991	6,638	5,861	4,742	4,606

Updated Oct 27, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.

SEC Filings: 10-K · 10-Q