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- **Record Q3 Performance**: 20.7% FFO growth, 14.5% NOI growth, and 20.5%-22% senior housing operating portfolio growth.
- **$33B Capital Allocation**: Acquired $14B in senior housing assets, exited outpatient medical business, and retained upside through preferred equity.
- **Welltower 3.0 Strategy**: Operations-first focus with digital transformation, 10-year incentive alignment, and 2.36x net debt/EBITDA.
- **U.K. Expansion**: £5.2B Barchester acquisition positions for long-term growth in aging population.
- **Incentive Alignment**: Management and operators now own Welltower stock; site-level employees receive stock grants tied to performance.

**【CEO Summary Section】**
- Reported another record quarter with occupancy, margins, and NOI exceeding expectations. 
- Announced $23 billion in capital allocation activities, including $14 billion in acquisitions and $9 billion in dispositions.
- Transition to Welltower 3.0: Operations-first strategy with focus on senior housing, digital transformation, and incentive alignment across management, operators, and site-level employees.
- Exited outpatient medical property management business to narrow focus on high-growth senior housing.
- Acquired Barchester Senior Living portfolio in the U.K. for £5.2 billion, positioning for long-term growth in aging population.
- Implemented new incentive structure tying management compensation to Welltower stock, with 10-year vesting period.

**【CFO Financial Commentary】**
- Q3 2025 normalized FFO of $1.34 per share, up 20.7% YoY.
- Total portfolio same-store NOI growth of 14.5% YoY, driven by senior housing operating portfolio (20.5%-22% growth).
- Senior housing revenue growth of 9.6% YoY, driven by 390 bps occupancy gain and RevPOR growth of 5.1%.
- Medical office sale generated $1.9 billion gain, with $400 million reflected in Q4 net income.
- New executive compensation plan resulted in $1.1 billion upfront noncash charge, with $200 million amortized over 10 years.
- Net debt to EBITDA of 2.36x, lowest in company history.

**【Q&A Highlights】**
- **Capital Allocation Strategy**: Preferred equity structure in medical office sale retains 25% upside while protecting downside. 
- **Incentive Alignment**: Management and operators now own Welltower stock with 5-10 year vesting periods. Site-level employees receive annual grants tied to community performance.
- **Growth Outlook**: Senior housing demand set to accelerate as Baby Boomers age, with limited new supply. 
- **Technology Investment**: Focus on reducing latency in operations, e.g., single-digit minute response times for customer inquiries.
- **Risk Management**: Low leverage balance sheet (2.36x net debt/EBITDA) and focus on operational excellence mitigate risk.
- **U.K. Expansion**: Barchester acquisition adds 170 communities, with 39 newly delivered assets and 90%+ occupancy in mature portfolio.


Welltower Inc. (WELL) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

WELL

WELL fundamentals

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