Welltower Earnings Call Transcripts
Fiscal Year 2026
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The meeting covered board introductions, voting on director elections, auditor ratification, and executive compensation. All directors and the auditor were approved, but the advisory vote on executive compensation did not pass. Shareholder questions will be addressed online.
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Revenue and EBITDA surged over 35% year-over-year, with record same-store NOI growth and strong margin expansion. Updated guidance reflects continued momentum, robust investment activity, and a focus on high-quality seniors housing assets, supported by digital transformation and disciplined capital allocation.
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Senior housing demand remains strong, with supply constrained by rising construction costs and strict capital allocation. Proprietary data science and AI platforms drive rapid transactions and operational efficiency, while new incentive structures align operators with shareholders for long-term growth.
Fiscal Year 2025
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Delivered record revenue, EBITDA, and FFO per share growth in 2025, driven by a strategic shift to senior housing, robust capital recycling, and operational improvements. 2026 guidance calls for double-digit NOI and FFO growth, supported by strong demand and disciplined capital allocation.
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Record Q3 results featured strong NOI and FFO growth, $33B in transformative transactions, and a strategic pivot to an operations- and technology-first model. Major acquisitions and a new incentive plan are set to drive long-term growth and alignment.
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Q2 2025 saw robust FFO and NOI growth, margin expansion, and record investment activity, prompting raised full-year guidance. Strong demand, disciplined capital allocation, and operational improvements drove results, with a focus on technology and talent for future growth.
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FFO per share grew 19% year-over-year, driven by strong senior housing operations and record acquisition activity. Guidance for 2025 was raised, with robust liquidity and a record-low leverage ratio positioning the company for continued growth despite macroeconomic uncertainty.
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The session highlighted a major CAD 4.6B acquisition in Canada, expected to deliver double-digit IRR and expand a high-quality senior living portfolio. Operational improvements, technology integration, and disciplined capital strategy position the business for continued growth.
Fiscal Year 2024
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Q4 2024 saw robust growth, with normalized FFO per share up 18% year-over-year and strong performance in the senior housing segment. 2025 guidance projects a 55% increase in normalized FFO at the midpoint, supported by continued investment and favorable market dynamics.
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Record revenue and FFO growth driven by strong senior housing performance, robust investment activity, and successful tech platform rollout. Guidance raised for 2024, with continued momentum expected into 2025 amid favorable demographics and limited new supply.
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Normalized FFO per share rose 17% year-over-year, led by senior housing, with $5B in acquisitions year-to-date. Guidance for 2024 was raised, reflecting strong NOI growth and robust liquidity, while operational and platform initiatives are set to drive further gains.