WELLTOWER INC. (WELL)

Welltower Inc. is a real estate investment trust and S&P 500 company focused on rental housing for aging seniors in the United States, United Kingdom and Canada. Its portfolio consists predominantly of more than 2,500 seniors and wellness housing communities positioned at the intersection of housing and hospitality. The company is structured as an umbrella partnership REIT, conducting substantially all of its business through Welltower OP LLC, in which Welltower Inc. held an approximate 98.378% interest as of December 31, 2025. It aims to deliver long-term compounding per share growth through disciplined capital allocation, driven by its Data Science platform, and through its end-to-end operating platform, the Welltower Business System.

The company reports three segments. Seniors Housing Operating (78% of 2025 revenues) covers wellness housing, independent living, continuing care retirement communities, assisted living, Alzheimer's/dementia care and U.K. care homes, often held through joint ventures and RIDEA structures. Triple-net (11% of revenues) comprises seniors housing and long-term/post-acute care properties leased to operators, mostly (about 96.9%) under long-term master leases of 10 to 20 years that require tenants to pay operating costs, taxes, insurance and maintenance. Outpatient Medical (7% of revenues) consists primarily of triple-net leased medical buildings, about 91% of which are affiliated with health systems. Welltower also invests through construction and development funding, real estate loans (about $2.08 billion outstanding, yielding roughly 8.9%), unconsolidated joint venture investments including private funds (about $1.81 billion), and in-substance real estate loans.

Its customers are the operators and tenants of its properties, such as senior living managers, post-acute care operators and healthcare providers, and the residents and patients they serve. It invests in affluent micro-markets with secular demand and diversifies by property type, relationship and geography. As of December 31, 2025, it had relationships with 62 partners managing its Seniors Housing Operating properties, with Care UK, Cogir Management Company and Sunrise Senior Living accounting for 14%, 12% and 10% of that segment's revenues. Integra Healthcare Properties accounted for about 16% of Triple-net segment revenues.

Welltower does not manage the properties itself and relies on partners under incentive-based management contracts. Its data science team builds proprietary models to underwrite seniors housing investments, and the company is integrating AI into the platform. It funds investments with a mix of debt and equity, including an unsecured credit facility, commercial paper, senior unsecured notes, secured debt and common stock. It competes with other REITs, partnerships, private equity and hedge funds, banks, insurers and other investors for acquisition, development, leasing and financing of healthcare and seniors housing properties. Its operators compete locally on quality of care, reputation, location, services and price.