Welltower's Q3 FFO & Revenues Beat Estimates, Same Store NOI Rises

Welltower Inc.’s WELL third-quarter 2025 normalized funds from operations (FFO) per share of $1.34 surpassed the Zacks Consensus Estimate of $1.30. The reported figure improved 20.7% year over year.

Results reflect a rise in revenues on a year-over-year basis. The total portfolio same-store net operating income (SSNOI) increased year over year, driven by SSNOI growth in the seniors housing operating (SHO) portfolio. The company increased its guidance for 2025 normalized FFO per share.

WELL recorded revenues of $2.69 billion in the quarter, beating the Zacks Consensus Estimate of $2.65 billion. The top line increased 30.6% year over year.

In October 2025, Welltower acquired a real estate portfolio in the U.K. for nearly £5.2 billion operated by Barchester. In the same month, the company acquired 100% of the equity ownership of the portfolio in the U.K. operated by HC-One for £1.2 billion.

Quarter in Detail for WELL

The SHO portfolio’s same-store revenues increased 9.7% year over year, backed by 400 basis-point year-over-year growth in average occupancy and Revenue per Occupied Room (’RevPOR’) growth of 4.8%.

The company’s total portfolio SSNOI grew 14.5% year over year, supported by SSNOI growth in its SHO portfolio of 20.3%.

WELL’s pro-rata gross investments in the third quarter totaled $1.9 billion. This included $1.8 billion in acquisitions and loan funding and $96 million in development funding. Welltower also completed pro-rata property dispositions of $30 million and loan repayments of $114 million in the quarter. It completed and placed into service six development projects for an aggregate pro rata investment amount of $260 million.

In the third quarter, property operating expenses increased 30% to $1.58 billion year over year.

WELL’s Balance Sheet Position

As of Sept. 30, 2025, WELL had $11.9 billion of available liquidity, comprising $6.9 billion of available cash and restricted cash and full capacity under its $5 billion line of credit.

WELL’s Dividend Update

On Oct. 27, Welltower announced a cash dividend for the third quarter of 2025 of 74 cents per share. The dividend will be paid out on Nov. 20, to stockholders of record as of Nov. 11, 2025. This will mark the company’s 218th consecutive quarterly cash dividend payout.

WELL’s 2025 Guidance

Welltower increased its 2025 normalized FFO per share guidance range to $5.24-$5.30, up from the previous range of $5.06-$5.14. The Zacks Consensus Estimate for the same is pegged at $5.12, which lies below the company's guided range.

WELL’s guidance assumes the average blended SSNOI growth of 13.2-14.5%, comprising 20.5-22% growth in Seniors Housing Operating, 3.5-4.5% in Seniors Housing Triple-net, 2.0-3.0% in Outpatient Medical and 2.0-3.0% in Long-Term/Post-Acute Care.

Welltower expects to fund an additional $80 million of development in 2025 relating to projects underway as of Sept. 30, 2025.

Currently, the company carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Welltower Inc. Price, Consensus and EPS Surprise

Welltower Inc. price-consensus-eps-surprise-chart | Welltower Inc. Quote

Performance of Other REITs

Digital Realty Trust DLR reported third-quarter 2025 core FFO per share of $1.89, beating the Zacks Consensus Estimate of $1.78. FFO also increased 13.2% year over year.

DLR’s result reflected steady leasing momentum with better rental rates amid rising demand. The company raised its 2025 core FFO guidance range.

Healthpeak Properties, Inc. DOC reported third-quarter 2025 FFO as adjusted per share of 46 cents, beating the Zacks Consensus Estimate of 45 cents. The figure compared favorably with the prior-year quarter’s 45 cents per share.

DOC’s result reflected better-than-expected revenues. Growth in total merger-combined same-store cash (adjusted) net operating income was witnessed across the portfolio. However, higher interest expenses affected the results to some extent.

Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.

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This article originally published on Zacks Investment Research (zacks.com).

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