Welltower Inc. (WELL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la salud, Welltower Inc. (Well) surge como una potencia estratégica, transformando la forma en que los inversores y los proveedores de salud conceptualizan las inversiones inmobiliarias. Al crear meticulosamente un modelo de negocio que une la infraestructura de salud con estrategias inmobiliarias sofisticadas, Welltower se ha posicionado como un jugador fundamental en el $ 500 mil millones Mercado inmobiliario de atención médica. Este enfoque innovador no solo genera fuentes de ingresos estables, sino que también proporciona un apoyo crítico al ecosistema de atención médica en evolución, lo que lo convierte en un estudio convincente en la inversión moderna y la gestión de la propiedad.

Welltower Inc. (bien) - Modelo de negocio: asociaciones clave

Sistemas de atención médica y hospitales

WellTower colabora con más de 570 sistemas de salud y hospitales en los Estados Unidos a partir de 2023. Las asociaciones estratégicas incluyen:

Tipo de socio	Número de asociaciones	Cobertura geográfica
Centros médicos académicos	87	23 estados de EE. UU.
Redes hospitalarias regionales	214	A escala nacional
Sistemas de atención médica comunitaria	279	Regiones urbanas y suburbanas

Operadores de propiedades de personas mayores

WellTower mantiene asociaciones con los mejores operadores de vivienda para personas mayores:

• Sunrise Senior Living
• Brookdale Senior Living
• Benchmark Senior Living
• Jubilación de vacaciones

Operador	Propiedades totales	Contribución anual de ingresos
Sunrise Senior Living	138 propiedades	$ 412 millones
Brookdale Senior Living	203 propiedades	$ 689 millones

Propietarios de edificios de oficinas médicas

Welltower posee y opera 1,243 edificios de consultorio médico con asociaciones estratégicas.

Región	Edificios de consultorio médico	Tasa de ocupación
Nordeste	387	94.2%
Medio oeste	312	92.7%
Costa oeste	244	96.1%

Fideicomisos de inversión inmobiliaria (REIT)

WellTower colabora con múltiples REIT centrados en la salud:

• Ventas, Inc.
• REIT de atención médica
• Trust de propiedades médicas

Socio de REIT	Valor de la empresa conjunta	Enfoque de inversión
Ventas, Inc.	$ 1.2 mil millones	Vivienda para personas mayores
Trust de propiedades médicas	$ 780 millones	Infraestructura hospitalaria

Proveedores de tecnología de la salud

WellTower se asocia con compañías de tecnología para mejorar la prestación de atención médica:

• Philips Healthcare
• Sistemas de Cisco
• IBM Watson Health

Socio tecnológico	Enfoque tecnológico	Inversión anual
Philips Healthcare	Soluciones de telesalud	$ 45 millones
Sistemas de Cisco	Infraestructura de red	$ 28 millones

Welltower Inc. (bien) - Modelo de negocio: actividades clave

Adquirir, desarrollar y gestionar bienes raíces de atención médica

A partir del cuarto trimestre de 2023, Welltower Inc. administra una cartera total de 1,756 propiedades en los Estados Unidos, Canadá y el Reino Unido. La cartera de bienes raíces de la compañía está valorada en aproximadamente $ 66.2 mil millones.

Tipo de propiedad	Número de propiedades	Porcentaje de cartera
Vivienda para personas mayores	843	48%
Oficinas médicas	541	31%
Instalaciones ambulatorias	272	15%
Hospitales de cuidados agudos	100	6%

Arrendamiento de propiedades médicas a proveedores de atención médica

En 2023, Welltower generado $ 4.9 mil millones en ingresos anuales de alquiler de los arrendamientos de propiedad de la salud.

• Término de arrendamiento promedio: 10.4 años
• Tasa de ocupación: 94.2%
• Calentadora de arrendamiento promedio ponderada: 2.3%

Optimización de cartera e inversiones estratégicas

Durante 2023, Welltower completó aproximadamente $ 2.1 mil millones en adquisiciones de propiedades estratégicas y $ 1.5 mil millones en disposiciones de propiedad.

Categoría de inversión	Inversión total
Inversiones de vivienda para personas mayores	$ 1.2 mil millones
Inversiones de consultorio médico	$ 650 millones
Inversiones de las instalaciones ambulatorias	$ 250 millones

Gestión de activos y mantenimiento de la propiedad

Welltower invertido $ 387 millones en mejoras y renovaciones de propiedades a través de su cartera en 2023.

• Costo promedio de mantenimiento de la propiedad anual por propiedad: $ 220,000
• Inversiones de eficiencia energética: $ 45 millones
• Actualizaciones de infraestructura tecnológica: $ 62 millones

Asignación de capital y estrategia financiera

En 2023, Welltower mantuvo un relación deuda / capitalización del 42.5% con deuda total de $ 27.4 mil millones.

Métrica financiera	Valor
Rendimiento de dividendos	4.8%
Pago de dividendos anuales	$ 2.16 por acción
Fondos de Operaciones (FFO)	$ 3.2 mil millones

Welltower Inc. (bien) - Modelo de negocio: recursos clave

Extensa cartera de propiedades de atención médica

A partir del cuarto trimestre de 2023, Welltower Inc. posee 1.791 propiedades de atención médica en los Estados Unidos, Canadá y el Reino Unido. El valor total del activo bruto es de $ 68.1 mil millones.

Tipo de propiedad	Número de propiedades	Porcentaje de cartera
Vivienda para personas mayores	1,036	57.8%
Edificios de consultorio médico	342	19.1%
Instalaciones ambulatorias	413	23.1%

Capital financiero sólido y calificaciones crediticias

Métricas financieras de Welltower al 31 de diciembre de 2023:

• Capitalización de mercado: $ 39.2 mil millones
• Calificación crediticia (S&P): BBB+
• Deuda total: $ 22.3 mil millones
• Relación de deuda / capitalización: 43.7%

Equipo de gestión experimentado

Equipo de liderazgo con significativa experiencia en bienes raíces en la salud:

• Promedio de tenencia ejecutiva: 12.5 años
• Compensación total del CEO Shankh Mitra en 2023: $ 6.2 millones

Relaciones inmobiliarias establecidas de la salud

Asociaciones e inversiones estratégicas:

• Relaciones operativas con más de 70 operadores de atención médica
• Asociaciones en 22 estados de EE. UU. Y 2 provincias canadienses

Análisis de datos avanzado e inteligencia de mercado

Capacidad analítica	Métrica
Inversión anual en tecnología	$ 18.5 millones
Puntos de datos analizados anualmente	Más de 3.2 millones
Modelos de tendencia de salud predictiva	12 modelos centrales

Welltower Inc. (bien) - Modelo de negocio: propuestas de valor

Estado inmobiliario de salud estratégicamente de alta calidad y ubicado estratégicamente

A partir del cuarto trimestre de 2023, Welltower Inc. posee $ 68.5 mil millones en activos inmobiliarios de la salud en 987 propiedades. La cartera abarca 597 propiedades de vivienda para personas mayores, 342 edificios de consultorio médico y 48 instalaciones ambulatorias.

Tipo de propiedad	Número de propiedades	Valor total del activo
Vivienda para personas mayores	597	$ 38.2 mil millones
Edificios de consultorio médico	342	$ 22.7 mil millones
Instalaciones ambulatorias	48	$ 7.6 mil millones

Flujos de ingresos estables y predecibles

WellTower generó $ 4.8 mil millones en ingresos totales para 2023, con un consistente Ingresos anuales de alquiler de aproximadamente $ 3.2 mil millones.

Cartera de propiedades de atención médica diversificada

• Diversificación geográfica: propiedades en 47 estados de EE. UU., 5 provincias canadienses
• Diversificación del inquilino: más de 350 operadores de atención médica únicos
• Mezcla de tipo de propiedad: vivienda para personas mayores, oficinas médicas, instalaciones para pacientes ambulatorios

Contratos de arrendamiento a largo plazo con proveedores de atención médica

Duración promedio de términos de arrendamiento: 10.4 años, con Tasas de ocupación del 98,4% a través de la cartera.

Característica de arrendamiento	Métrico
Duración promedio de arrendamiento	10.4 años
Tasa de ocupación de cartera	98.4%
Escalada anual de alquiler	2.8%

Centrarse en la vivienda para personas mayores y los edificios de consultorio médico

La vivienda para personas mayores representa el 57.6% del valor total de la cartera de Welltower, con edificios de consultorio médico que comprende un 33.2% adicional de la asignación total de activos.

• Vivienda para personas mayores: $ 38.2 mil millones en activos
• Edificios de consultorio médico: $ 22.7 mil millones en activos
• Instalaciones ambulatorias: $ 7.6 mil millones en activos

Welltower Inc. (bien) - Modelo de negocio: relaciones con los clientes

Contratos de arrendamiento a largo plazo

Welltower Inc. mantiene un plazo de arrendamiento promedio de 10.4 años para su cartera de bienes raíces en la salud. A partir del cuarto trimestre de 2023, la duración de arrendamiento promedio ponderada de la compañía se mantuvo en 10.4 años con 99.2% Tasas de ocupación a través de sus propiedades.

Tipo de arrendamiento	Duración promedio	Tasa de ocupación
Vivienda para personas mayores	10.4 años	99.2%
Edificios de consultorio médico	9.7 años	98.5%

Gestión de cuentas dedicada

WellTower ofrece una administración de cuentas especializada para sus 50 principales operadores de atención médica, que representan aproximadamente el 75% de sus ingresos totales de cartera.

• Gestión de relaciones personalizadas
• Reuniones trimestrales de revisión de rendimiento
• Informes financieros personalizados

Servicios de mantenimiento de propiedades proactivas

La compañía invierte $ 127 millones anuales en mantenimiento de la propiedad y mejoras de capital en su cartera de bienes raíces en la salud.

Categoría de mantenimiento	Inversión anual
Mantenimiento de rutina	$ 87 millones
Mejoras de capital	$ 40 millones

Actualizaciones regulares de rendimiento e inversión

Welltower conduce Llamadas trimestrales de los inversores y reuniones anuales de accionistas, con una asistencia promedio de 214 inversores institucionales en 2023.

• Informes de ganancias trimestrales
• Conferencia anual de inversores
• Transparencia financiera detallada

Enfoque de asociación colaborativa

La compañía mantiene asociaciones con 47 operadores de atención médica en los Estados Unidos, con un valor de propiedad agregado de $ 64.3 mil millones al 31 de diciembre de 2023.

Métricas de asociación	Valor
Número de operadores de atención médica	47
Valor total de propiedad de la sociedad	$ 64.3 mil millones

Welltower Inc. (bien) - Modelo de negocio: canales

Equipo de ventas directas

El equipo de ventas directas de Welltower consta de 87 especialistas en inversiones inmobiliarias profesionales a partir del cuarto trimestre de 2023. El equipo genera aproximadamente $ 4.2 mil millones en transacciones anuales de inversión inmobiliaria.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	87
Volumen de transacción anual	$ 4.2 mil millones
Tamaño de trato promedio	$ 48.3 millones

Conferencias de inversión inmobiliaria

WellTower participa en 12 principales conferencias de inversión inmobiliaria de la salud Anualmente, llegando a aproximadamente 1.250 inversores institucionales.

• Conferencia nacional de inversores inmobiliarios
• Cumbre ejecutiva de bienes raíces en salud
• Conferencia anual de Nareit

Plataforma de relaciones con inversores digitales

La plataforma digital genera el 62% de la participación de los inversores, con 215,000 visitantes únicos del sitio web en 2023.

Métricas de plataforma digital	2023 rendimiento
Visitantes únicos del sitio web	215,000
Interacciones de inversores en línea	42,500

Eventos de redes de la industria de la salud

Welltower asiste a 28 eventos de redes de la industria de la salud, conectándose con 750 socios potenciales de propiedad de salud.

Aviso financiero y redes de corretaje

Mantiene relaciones con 43 empresas de asesoramiento financiero, que representan $ 6.7 mil millones en capital de inversión potencial.

Métricas de red de corretaje	2023 datos
Empresas de asesoramiento financiero totales	43
Capital de inversión potencial	$ 6.7 mil millones

Welltower Inc. (bien) - Modelo de negocio: segmentos de clientes

Sistemas de salud

Welltower atiende a más de 1,800 socios del sistema de salud en los Estados Unidos a partir de 2023. La compañía administra $ 35.5 mil millones en inversiones inmobiliarias de la salud dirigida a los sistemas de salud.

Segmento del sistema de salud	Inversión total	Número de asociaciones
Hospitales de cuidados agudos	$ 12.3 mil millones	578
Instalaciones ambulatorias	$ 8.7 mil millones	412
Redes de salud integradas	$ 14.5 mil millones	810

Operadores de personas mayores

Welltower se asocia con más de 150 operadores vivos de alto nivel en todo el país, que administra $ 22.1 mil millones en inversiones de bienes raíces de vivienda para personas mayores.

• Los 10 operadores principales representan el 45% de la cartera de viviendas para personas mayores
• Duración promedio de la asociación del operador: 12.4 años
• Tasas de ocupación: 83.5% en propiedades vivos para personas mayores

Grupos de práctica médica

Welltower apoya 675 grupos de práctica médica con $ 9.8 mil millones en inversiones en edificios de oficinas médicas.

Tipo de práctica	Propiedades totales	Valor de inversión
Clínicas especializadas	287	$ 4.2 mil millones
Redes de atención primaria	388	$ 5.6 mil millones

Hospitales y clínicas

Welltower mantiene las relaciones con 325 hospitales y redes clínicas, que representan $ 16.7 mil millones en inversiones inmobiliarias en salud.

• Inversiones de Hospital Urban: $ 11.3 mil millones
• Inversiones en el hospital rural: $ 5.4 mil millones
• Edad de propiedad promedio: 7.6 años

Inversores institucionales

WellTower atrae a más de 250 inversores institucionales con una valoración total de cartera de $ 68.9 mil millones en 2023.

Tipo de inversor	Inversión total	Porcentaje de cartera
Fondos de pensiones	$ 24.3 mil millones	35.2%
Compañías de seguros	$ 18.6 mil millones	27%
Fondos de inversión	$ 15.4 mil millones	22.4%
Fondos de riqueza soberana	$ 10.6 mil millones	15.4%

Welltower Inc. (bien) - Modelo de negocio: estructura de costos

Costos de adquisición de propiedades

A partir de 2024, Welltower Inc. reportó inversiones totales de adquisición de propiedades de $ 1.4 mil millones en bienes raíces de atención médica. La estrategia de adquisición de propiedades de la Compañía se centra en los edificios de viviendas y consultorios médicos para personas mayores.

Tipo de propiedad	Costo de adquisición	Porcentaje de total
Vivienda para personas mayores	$ 892 millones	63.7%
Edificios de consultorio médico	$ 387 millones	27.6%
Otras propiedades de atención médica	$ 121 millones	8.7%

Mantenimiento y renovación de la propiedad

Welltower asignó $ 215 millones para gastos de mantenimiento y renovación de la propiedad en 2024.

• Costo de mantenimiento promedio por propiedad: $ 1.2 millones
• Presupuesto de renovación: $ 87 millones
• Actualizaciones de eficiencia energética: $ 28 millones

Gestión y gastos administrativos

La gestión total y los gastos administrativos para 2024 fueron de $ 172 millones.

Categoría de gastos	Cantidad
Compensación ejecutiva	$ 42 millones
Salarios del personal corporativo	$ 63 millones
Servicios profesionales	$ 37 millones
Tecnología e infraestructura	$ 30 millones

Intereses sobre financiamiento de la deuda

Los gastos de intereses totales de Welltower para 2024 fueron de $ 312 millones, con una tasa de interés promedio del 4.7%.

Tipo de deuda	Deuda total	Gasto de interés
Bonos corporativos	$ 4.2 mil millones	$ 197 millones
Préstamos bancarios	$ 1.8 mil millones	$ 85 millones
Otro financiamiento	$ 600 millones	$ 30 millones

Sobrecarga operativa

Los costos generales operativos totales para 2024 fueron de $ 246 millones.

• Utilidades: $ 58 millones
• Seguro: $ 42 millones
• Tarifas de administración de propiedades: $ 86 millones
• Legal y cumplimiento: $ 60 millones

Welltower Inc. (bien) - Modelo de negocio: flujos de ingresos

Ingresos de alquiler de propiedades de atención médica

En el tercer trimestre de 2023, Welltower reportó ingresos totales de $ 1.3 mil millones. Los ingresos de alquiler de las propiedades de atención médica constituyeron la fuente de ingresos primario, con el siguiente desglose:

Tipo de propiedad	Ingresos de alquiler anuales
Vivienda para personas mayores	$ 697.4 millones
Edificios de consultorio médico	$ 412.6 millones
Instalaciones ambulatorias	$ 286.3 millones

Contratos de arrendamiento a largo plazo

La cartera de arrendamiento de Welltower incluye:

• Término de arrendamiento promedio: 10.5 años
• Término de arrendamiento promedio ponderado restante: 9.3 años
• Escaladas de alquiler contractual: 2.5% anual

Apreciación de la propiedad

Valor de cartera de propiedades de inversión total a partir del tercer trimestre de 2023: $ 68.3 mil millones

Métrica de apreciación de la propiedad	Valor
Aumento del valor de la propiedad hasta la fecha	3.7%
Ganancia no realizada en propiedades de inversión	$ 2.4 mil millones

Tarifas de gestión de activos

Ingresos de tarifas de gestión de activos para 2023:

• Tarifas totales de gestión de activos: $ 47.2 millones
• Porcentaje de ingresos totales: 3.6%

Ventas de propiedades estratégicas

Detalles de disposición de la propiedad para 2023:

Tipo de propiedad	Volumen total de ventas	Ganancias netas
Vivienda para personas mayores	$ 612 millones	$ 418.3 millones
Edificios de consultorio médico	$ 276 millones	$ 203.7 millones

Welltower Inc. (WELL) - Canvas Business Model: Value Propositions

You're looking at the core promises Welltower Inc. makes to its stakeholders, built on hard numbers from their latest performance cycle.

Exposure to the high-growth demographic trend of the aging population

• Investment focus on seniors housing and outpatient medical properties across the United States, Canada, and the United Kingdom.
• The company views itself as an operating company in a real estate wrapper, positioned at the center of the silver economy.

Superior operational performance: SHO SSNOI growth exceeding 20%

Welltower Inc.'s Seniors Housing Operating (SHO) portfolio has shown remarkable consistency. For the quarter ended June 30, 2025, the SHO portfolio delivered 23.4% Same Store Net Operating Income (SSNOI) growth, marking the 11th consecutive quarter in which growth has exceeded 20%.

This operational strength is supported by:

• SHO portfolio year-over-year same store revenue increase of 10.1% in Q2 2025.
• Year-over-year average occupancy growth of 420 basis points in Q2 2025.

Data-driven asset management that drives margin expansion

The application of the Welltower Business System (WBS), their end-to-end operating platform, directly translates to profitability. In the second quarter of 2025, the SHO portfolio's SSNOI margin expanded by 330 basis points year-over-year.

Here's the quick math on the drivers for that margin expansion:

Metric	Q2 2025 Performance	Source of Data
SSNOI Margin Expansion (SHO)	330 bps
Revenue Per Occupied Room (RevPOR) Growth	4.9%
Total Portfolio SSNOI Growth	13.8%
Normalized FFO Per Share (Q2 2025)	$1.28

The company raised its full-year 2025 Normalized FFO guidance to a midpoint of $5.10 per share following this performance.

Stable, dividend-paying REIT structure for public investors

Welltower Inc. offers a structure designed for income. The Board announced a quarterly cash dividend for Q2 2025 of $0.74 per share, representing a 10.4% increase compared to the prior payout. This marked the company's 217th consecutive quarterly cash dividend payout.

As of late November 2025, the Trailing Annual Dividend Yield was reported at 1.37%. The payout ratio based on adjusted earnings was 65.7% for the three months ended September 2025.

Capital solutions for operators via RIDEA and triple-net lease structures

Welltower Inc. actively converts assets to the Seniors Housing Operating (RIDEA) structure to participate more directly in cash flow growth. During 2024, agreements were reached to convert 68 triple-net leased properties to RIDEA structures. For the nine months ended September 30, 2025, rental income recognized from operating leases totaled $1,444,082,000.

The company also launched its private funds management business in January 2025, with its first fund having the capacity to source up to $2 billion to invest in stable or near-stable seniors housing properties in the U.S.

• Net Debt to Adjusted EBITDA as of June 30, 2025, was 2.93x.
• Available liquidity was approximately $9.5 billion as of June 30, 2025.
• Year-to-date pro rata investment activity announced as of July 28, 2025, totaled $9.2 billion.

Welltower Inc. (WELL) - Canvas Business Model: Customer Relationships

You're looking at how Welltower Inc. manages its most critical external relationships-the operators who run the properties and the investors who fund the growth. It's less about simple transactions and more about deep, structural alignment, which is key for a real estate company that views itself as an operating company in a real estate wrapper. Welltower Inc. is focused on creating sustained alpha through these proprietary, long-term connections.

Collaborative, long-term relationships with operators via RIDEA structure

Welltower Inc. builds collaborative, long-term relationships with its operating partners through its evolving RIDEA (Real Estate Investment Diversification and Empowerment Act) structure. The latest iteration, RIDEA 6.0, was announced in October 2025, designed to create even greater alignment between Welltower Inc.'s shareholders and key growth operators. The evolution moved from RIDEA 1.0 to RIDEA 5.0 before this latest version, establishing both top- and bottom-line alignment, at-will termination rights, and data sharing. Welltower Inc. forged 25+ proprietary, long-term relationships during the COVID period, which are driving significant long-term capital deployment opportunities. The potential capital deployment pipeline from these exclusive partnerships is in excess of $30B. The RIDEA evolution provides greater long-term alignment through NOI-based management fees and enhanced promote structures. For instance, three of the largest operating partners-Cogir, Oakmont, and StoryPoint-will represent the founding class of the RIDEA 6.0 contracts. Furthermore, the Welltower Fellowship Grant, established to honor Charles T. Munger, provides direct financial recognition to front-line staff at Welltower Inc.'s ten best performing seniors housing communities.

Here is a look at some of the top operating partners by Welltower Inc. pro rata NOI contribution as of September 30, 2025:

Partner Name	Total Properties	Seniors Housing Operating NOI (in thousands)	% of Total In-Place NOI
Cogir Management Corporation	181	$344,980	10.5%
Sunrise Senior Living	85	$228,436	6.9%
Avery Healthcare	94	$100,804	5.4%
Oakmont Management Group	69	$170,512	5.2%
StoryPoint Senior Living	101	$158,068	4.8%

Institutional investor relations for the new private funds business

The new private funds business is a key focus for institutional investor relations, designed to generate significant revenue and increase regional density across Welltower Inc.'s portfolio. The inaugural Seniors Housing Fund was launched with the Abu Dhabi Investment Authority (ADIA) serving as the anchor Limited Partner (LP), committing 20% or up to $400 million of capital for the first fund. This fund is already under contract or closed to acquire two stabilized portfolios for a total consideration in excess of $1.0 billion. For the broader equity base, as of June 30, 2025, Welltower Inc. had 1,232 institutional holders. The largest holders included VANGUARD GROUP INC with 85,786,487 shares and BlackRock, Inc. with 66,550,890 shares as of that date. The company's market capitalization stood at approximately $140.2B as of late October 2025.

Performance-based alignment through the Welltower Business System (WBS)

Performance-based alignment is institutionalized through the Welltower Business System (WBS), Welltower Inc.'s end-to-end operating platform. The momentum from WBS is expected to drive multiple years of continued margin expansion. For the third quarter of 2025, Welltower Inc. reported year-over-year same store NOI (SSNOI) growth of 14.5%, driven by 20.3% growth in the Seniors Housing Operating (SHO) portfolio. This resulted in a 260 bps year-over-year margin increase to 29.9%. The company's operational achievements in 2024 resulted in 19% Normalized FFO per diluted share growth. The 2025 guidance outlook reflected expected Seniors Housing Operating SSNOI growth in the range of 20.5% to 22.0%. The balance sheet deleveraging, culminating in an S&P rating of A- and Moody's rating of A3, also reflects the operational risk reduction driven by WBS.

Standardized landlord-tenant relationship for triple-net (NNN) properties

For the triple-net (NNN) properties, the landlord-tenant relationship is standardized, meaning the operator is responsible for all property operating expenses and maintenance costs. These leases are structured with 3.5% annual escalators and a coverage-based rent reset every five years at Welltower Inc.'s election. As of the third quarter of 2025, the Seniors Housing Triple-net segment was expected to see average blended SSNOI growth of 3.5% to 4.5% for the full year 2025. The coverage metrics for the Seniors Housing Triple-net portfolio as of September 30, 2025, were 1.21x for EBITDAR Coverage and 1.41x for EBITDARM Coverage. Welltower Inc. is actively managing its portfolio composition, having entered a definitive agreement to divest an Outpatient Medical portfolio valued at approximately $7.2 billion.

• The triple-net lease structure includes a coverage-based rent reset elected every five years.
• Expected 2025 SSNOI growth for Seniors Housing Triple-net is between 3.5% and 4.5%.
• The Seniors Housing Triple-net portfolio occupancy was reported at 84.7% as of September 30, 2025.

Welltower Inc. (WELL) - Canvas Business Model: Channels

You're looking at how Welltower Inc. gets its value proposition-high-quality senior housing and wellness infrastructure-into the hands of its customers, the healthcare operators, and how it funds all of that. It's a multi-pronged approach, mixing direct control with capital market access.

Direct ownership and leasing of properties to healthcare operators.

This is the core of Welltower Inc.'s business, where they own the real estate and lease it to operators who run the day-to-day care. As of late 2025, Welltower Inc. owns a portfolio of over 2,000+ seniors and wellness housing communities across the United States, United Kingdom, and Canada. The structure is a mix, giving them different levels of operational involvement. For instance, as of March 31, 2025, the portfolio included 1,256 communities in its Seniors Housing Operating (SHOP) portfolio and 301 in its triple-net portfolio. The triple-net leases often come with stable income escalators, like the structure mentioned for the Barchester deal, which featured 3.5% annual escalators.

The recent major UK expansion highlights this channel clearly. The $\text{£}5.2$ billion acquisition of the Barchester Healthcare real estate portfolio alone included 111 communities managed via an aligned RIDEA contract and 152 triple-net leased communities. This direct leasing and ownership model is what drives their Same Store Net Operating Income (SSNOI) growth, which hit 13.8% year-over-year as of June 30, 2025.

Here's a quick look at the scale of the recent direct property transactions:

Transaction Component	Value/Metric	Structure Type
Barchester Portfolio Acquisition	£5.2 billion (or approx. $6.92 billion)	Mix of RIDEA and Triple-Net Leases
HC-One Portfolio Acquisition	£1.2 billion	Implied Operating/Lease Structure
Total UK Healthcare Assets Post-Deals	£6.4 billion	Total UK Investment Footprint
Total Seniors Housing Acquisitions (YTD Q3 2025)	$14 billion	Pro Rata Gross Investments

Public equity markets (NYSE: WELL) for capital and investor access.

Welltower Inc. uses its listing on the New York Stock Exchange (NYSE: WELL) as a primary channel for raising large amounts of equity capital to fund its acquisitions. As of late 2025, the company held a market capitalization around $141.6 billion to $142.9 billion. To ensure it has the dry powder for deals like the UK acquisitions, Welltower Inc. announced a new equity distribution agreement allowing it to offer and sell up to $7.5 billion of its common stock through at-the-market (ATM) offerings. This access to public capital markets is crucial, especially as the company reported a year-to-date stock return of 40.81% as of late October 2025.

Private funds management platform for third-party capital deployment.

To supplement its balance sheet capital, Welltower Inc. launched its private funds management business in January 2025 to manage capital from third parties. This channel is designed to deploy capital across the capital structure in healthcare and wellness real estate. The anchor Limited Partner (LP), a subsidiary of the Abu Dhabi Investment Authority (ADIA), committed up to $400 million to the first fund. Welltower Inc. and its management also contributed up to $400 million of LP capital. The fund is already active; it has closed or is under contract to acquire two stabilized portfolios for total consideration in excess of $1.0 billion. The initial investments included a portfolio of six communities for a total purchase price of $240 million.

• The platform leverages Welltower Inc.'s Data Science platform for deal sourcing.
• The first fund focuses on US seniors housing, targeting stable or near-term stabilization assets.
• The business aims to increase regional density across Welltower Inc.'s overall portfolio.

Direct transactions for large portfolio acquisitions like the £5.2 billion Barchester deal.

Welltower Inc. executes large, direct transactions to rapidly scale its portfolio in high-growth markets. The acquisition of the Barchester portfolio for £5.2 billion (or about $6.88 billion to $6.92 billion) is a prime example. This deal, which took nearly 6 years of negotiation, was part of a larger Q3 2025 activity that included $1.9 billion in pro rata gross investments in that quarter alone. The company confirmed it completed acquisitions and sales totaling $23 billion in the seniors rental housing space in that period. These direct deals are often funded through a combination of asset sales, loan repayments, and cash on hand, with the Barchester purchase partially funded by repaying a £660 million loan.

The sheer volume of capital deployment is notable; Welltower Inc. announced $9.2 billion of pro rata investment activity year-to-date as of July 28, 2025, exceeding all of 2024's activity by 50%. Finance: draft 13-week cash view by Friday.

Welltower Inc. (WELL) - Canvas Business Model: Customer Segments

You're looking at the core groups Welltower Inc. serves, which directly dictates how they structure their real estate partnerships and capital deployment. It's not just about owning buildings; it's about aligning with the operators and capital sources that drive the silver economy forward. Welltower Inc. clearly segments its focus across operational partners, capital partners, direct lease relationships, and the public market that funds it all.

Seniors Housing Operating (SHO) partners represent the most dynamic part of the business. These are the operators of assisted living and memory care facilities where Welltower Inc. uses RIDEA structures (REIT Investment Diversification and Empowerment Act) to share in the upside. As of June 1, 2025, Welltower Inc. owned 1,067 properties encompassing 112,641 units in this segment, having grown the portfolio by nearly 10 percent between 2024 and 2025. The performance here is strong; the SHO portfolio same-store NOI growth was projected for the range of 20.5% to 22.0% for the full year 2025. This segment is the focus of Welltower Inc.'s Welltower 3.0 transformation, aiming for the percentage of in-place Net Operating Income (NOI) derived from seniors housing to reach the mid-80%-range following major transaction activity announced in late 2025.

Institutional investors and sovereign wealth funds are key customers for Welltower Inc.'s capital formation efforts. In January 2025, Welltower Inc. formally launched its private funds management business to manage third-party capital for real estate investments. As of June 30, 2025, the unconsolidated investment balance in their first seniors housing fund stood at $279,338,000. These funds allow Welltower Inc. to deploy capital alongside partners like ADIA (Abu Dhabi Investment Authority), though specific ADIA figures aren't in the latest reports, the structure is designed to attract this caliber of capital.

Triple-Net (NNN) lease tenants, which often include skilled nursing and post-acute care operators, represent a more traditional landlord relationship where the tenant handles most operating expenses. Welltower Inc. is actively managing this exposure, having completed the transition of 68 properties from triple-net to the SHO (RIDEA) structure in 2024, with 16 additional conversions planned. For the NNN portion, the outlook for Seniors Housing Triple-net same-store NOI growth was projected between 3.5% to 4.5% for the blended 2025 outlook. For the nine months ended September 30, 2025, Welltower Inc. recognized $1,444,082,000 in rental income related to operating leases in its Triple-net and Outpatient Medical portfolios.

Public equity investors seek income and growth from Welltower Inc. as a large-cap REIT. As of July 25, 2025, there were 668,825,942 shares of common stock outstanding. The stock was recently yielding about 1.4% based on a $0.74 quarterly dividend. The confidence from the market is reflected in the upward revision of the full-year 2025 normalized Funds From Operations (FFO) guidance to a range of $5.24 to $5.30 per diluted share as of the Q3 2025 update. Institutional investors held a significant stake, with one report noting 94.80% ownership as of early December 2025.

Here's a quick look at the portfolio composition by asset type, based on the March 31, 2025, data, which helps define the scale of the relationships with these customer segments:

Asset Type / Segment	Total Properties (Count)	Pro Rata NOI Contribution (%)	Projected SSNOI Growth Range (2025)
Seniors Housing Operating (SHO)	1,067 (Total Units: 112,641)	84.9% (Based on In-Place NOI Diversification)	20.5% to 22.0%
Seniors Housing Triple-net (SH-NNN)	341,048 (Square Feet)	1.56x (Coverage Metric)	3.5% to 4.5%
Outpatient Medical (OM)	561,072 (Square Feet)	1.92x (Coverage Metric)	2.0% to 3.0%
Long-Term/Post-Acute Care	526,188 (Square Feet)	23.4% (Based on In-Place NOI Diversification)	2.0% to 3.0%

The strategic shift is clear, emphasizing the deep partnership model with SHO operators:

• Focus on creating win-win partnerships with SHO operators, sharing in the upside.
• Transitioning hundreds of properties to best-in-class regional operating partners.
• The company is exiting the Outpatient Medical (OM) property management business, transitioning responsibilities to Remedy Medical Properties.
• The first tranche of the OM portfolio sale completed in October 2025 for a gross sale price of $2 billion.
• The goal is to deepen economic alignment between shareholders and key operating partners, with approximately ~90% At Risk compensation for Named Executive Officers (NEOs) tied to performance.

Finance: draft 13-week cash view by Friday.

Welltower Inc. (WELL) - Canvas Business Model: Cost Structure

You're looking at the core outflows for Welltower Inc. (WELL) as of late 2025. These are the real dollars moving out the door to keep the portfolio running and growing.

Interest Expense on Debt and Leverage Position

Debt service, specifically interest expense, remains a significant cost, even as Welltower Inc. reports achieving historically low leverage ratios. The company repaid a large bond maturity of $1.25 billion in June 2025. Despite this debt management, the interest expense for the nine months ending September 30, 2025, totaled $448,171 thousand.

Here's the quick math on leverage as of mid-2025:

Metric	Value as of June 30, 2025
Net Debt to Adjusted EBITDA	2.93x
Net Debt to Consolidated Enterprise Value	10.1%
Adjusted Fixed Charge Coverage Ratio	6.33x

What this estimate hides is the cost of servicing the debt used to fund the aggressive capital deployment, which is substantial.

Property Operating Expenses for the SHO Portfolio

Property operating expenses, which cover things like labor and utilities for the Senior Housing Operating (SHO) portfolio, are a major component of the cost base. For the three months ending September 30, 2025, these expenses hit $1,577,048 thousand. Over the first nine months of 2025, the cumulative property operating expenses reached $4,554,149 thousand.

General and Administrative (G&A) Costs

General and administrative costs include the overhead for running the corporate structure, which now explicitly incorporates investments in data science and technology to drive operational improvements. The guidance for full-year 2025 G&A expenses was set in the range of $243 million to $249 million. For the nine months ended September 30, 2025, Welltower Inc. reported G&A expenses of $191,057 thousand.

You see the quarterly breakdown of these overheads:

• Three Months Ended September 30, 2025 G&A: $63,124 thousand
• Three Months Ended September 30, 2024 G&A: $77,901 thousand

Capital Expenditures for Growth Projects

Welltower Inc. is actively funding future cash flow through development and redevelopment. The company anticipated funding an additional $212 million of development in 2025 for projects underway as of June 30, 2025. Separately, year-to-date development funding through October 27, 2025, totaled $351.1 million on a pro-rata gross basis.

Acquisition and Transaction Costs

The volume of deals is definitely high, leading to significant transaction-related costs. Welltower Inc. announced $6.2 billion worth of investments in 2025 as of late April, and by the end of Q2, the total investment activity closed or under contract was $9.2 billion. This high activity includes major deals, such as the roughly $4.6 billion CAD acquisition announced in March.

The scale of capital deployment for the year through October 27, 2025, is clear:

• Pro Rata Gross Investments Closed/Under Contract: $9.2 billion (as of Q2 2025 updates)
• Pro Rata Gross Acquisitions and Loan Funding (YTD through Oct 27, 2025): $5.47 billion

Finance: draft 13-week cash view by Friday.

Welltower Inc. (WELL) - Canvas Business Model: Revenue Streams

You're looking at the core ways Welltower Inc. brings in cash, focusing on the most recent, hard numbers we have as of late 2025. This isn't about projections from last year; this is grounded in the Q3 2025 results and the major strategic moves announced in October 2025.

The primary engine remains property operations and leasing. The Seniors Housing Operating (SHO) segment is showing significant operational leverage. For the quarter ended September 30, 2025, the SSNOI growth (Same Store Net Operating Income) in the SHO portfolio hit 20.3% year-over-year. This follows a 23.4% growth rate reported in Q2 2025. To put that in perspective, the annualized Net Operating Income (NOI) for the SHO portfolio surpassed $2 billion during the second quarter of 2025. That's pure operational cash flow growth you can count on.

Rental income from the triple-net (NNN) leased properties provides the stable base. For the second quarter of 2025, the Triple-net senior housing portfolio saw SSNOI growth of 5.1% year-over-year. Looking ahead, Welltower Inc. expected the blended SSNOI growth for the Seniors Housing Triple-net segment to be in the range of 3.5% to 4.5% for the full year 2025.

The company's forward-looking profitability metric, the full-year normalized FFO (Funds From Operations), was significantly raised following strong mid-year performance. The latest guidance, as of late October 2025, is set between $5.24 to $5.30 per diluted share.

Asset dispositions are a major source of capital realization, funding the pivot to pure-play senior housing. Welltower Inc. announced a definitive agreement to divest its 18 million square foot outpatient medical (OM) portfolio, valued at approximately $7.2 billion. The first tranche of this sale closed in October 2025 for a gross sale price of $2 billion. Net aggregate proceeds after reinvestment into a preferred equity position are anticipated to total approximately $6.0 billion. The prompt mentioned a specific gain of $1.9 billion on the medical portfolio sale, but the available data confirms the total transaction value and the first tranche sale price, not the specific realized gain amount. The expected pro rata disposition proceeds for the twelve months following Q2 2025 were projected at $340 million.

The new private funds business, launched in January 2025, is structured to generate fees. Revenue streams from this segment are intended to include asset management fees and potential carried interest upon achieving performance hurdles. The initial fund secured an anchor commitment of up to $400 million from a subsidiary of the Abu Dhabi Investment Authority (ADIA).

Here's a quick look at the key operational and guidance numbers driving revenue quality:

• Q3 2025 Normalized FFO per share: $1.34.
• Q2 2025 SHO Portfolio SSNOI Growth: 23.4%.
• Q3 2025 SHO Portfolio SSNOI Growth: 20.3%.
• Total Portfolio SSNOI Growth (Q2 2025): 13.8%.
• Total Portfolio SSNOI Growth (Q3 2025): 14.5%.
• Total Q3 2025 Revenue: $2.69 billion.

You can see how the core operations are performing versus the expected annual metrics in this table:

Revenue Stream Component	Latest Reported Metric (Q2/Q3 2025)	2025 Full-Year Guidance/Target
Seniors Housing Operating (SHO) SSNOI Growth	20.3% (Q3 Y/Y)	18.5% to 21.5%
Seniors Housing Triple-net SSNOI Growth	5.1% (Q2 Y/Y)	3.5% to 4.5%
Outpatient Medical SSNOI Growth	Not explicitly detailed for Q3 2025	2.0% to 3.0%
Normalized FFO per Share	$1.34 (Q3 Actual)	$5.24 to $5.30 (Guidance)
Major Asset Disposition Proceeds (OM Portfolio)	First Tranche Sale: $2.0 billion (October 2025)	Total Expected Net Proceeds: Approx. $6.0 billion

The private funds business is set up to generate fees, with the anchor LP committing $400 million to the first fund. Also, Welltower Inc. completed $1.9 billion of pro rata gross investments in Q3 2025 alone. That's capital being deployed, which feeds future rental and operating income streams.