Welltower Inc. (WELL): Business Model Canvas

In der dynamischen Landschaft der Gesundheitsimmobilien erweist sich Welltower Inc. (WELL) als strategisches Kraftpaket und verändert die Art und Weise, wie Investoren und Gesundheitsdienstleister Immobilieninvestitionen konzipieren. Durch die sorgfältige Ausarbeitung eines Geschäftsmodells, das die Gesundheitsinfrastruktur mit anspruchsvollen Immobilienstrategien verbindet, hat sich Welltower als zentraler Akteur in der Branche positioniert 500 Milliarden Dollar Markt für Gesundheitsimmobilien. Dieser innovative Ansatz generiert nicht nur stabile Einnahmequellen, sondern bietet auch entscheidende Unterstützung für das sich entwickelnde Gesundheitsökosystem und macht es zu einer überzeugenden Studie über modernes Investment- und Immobilienmanagement.

Welltower Inc. (WELL) – Geschäftsmodell: Wichtige Partnerschaften

Gesundheitssysteme und Krankenhäuser

Welltower arbeitet ab 2023 mit über 570 Gesundheitssystemen und Krankenhäusern in den Vereinigten Staaten zusammen. Zu den strategischen Partnerschaften gehören:

Partnertyp	Anzahl der Partnerschaften	Geografische Abdeckung
Akademische medizinische Zentren	87	23 US-Bundesstaaten
Regionale Krankenhausnetzwerke	214	Bundesweit
Gemeinschaftliche Gesundheitssysteme	279	Städtische und vorstädtische Regionen

Betreiber von Seniorenwohnimmobilien

Welltower unterhält Partnerschaften mit führenden Betreibern von Seniorenheimen:

• Sunrise Senior Living
• Brookdale Senior Living
• Benchmark Senior Living
• Feiertagsruhestand

Betreiber	Gesamteigenschaften	Jährlicher Umsatzbeitrag
Sunrise Senior Living	138 Objekte	412 Millionen Dollar
Brookdale Senior Living	203 Objekte	689 Millionen US-Dollar

Eigentümer medizinischer Bürogebäude

Welltower besitzt und betreibt 1.243 medizinische Bürogebäude mit strategischen Partnerschaften.

Region	Medizinische Bürogebäude	Auslastung
Nordosten	387	94.2%
Mittlerer Westen	312	92.7%
Westküste	244	96.1%

Real Estate Investment Trusts (REITs)

Welltower arbeitet mit mehreren auf das Gesundheitswesen ausgerichteten REITs zusammen:

• Ventas, Inc.
• Gesundheits-REIT
• Medical Properties Trust

REIT-Partner	Joint-Venture-Wert	Investitionsfokus
Ventas, Inc.	1,2 Milliarden US-Dollar	Seniorenwohnungen
Medical Properties Trust	780 Millionen Dollar	Krankenhausinfrastruktur

Anbieter von Gesundheitstechnologie

Welltower arbeitet mit Technologieunternehmen zusammen, um die Gesundheitsversorgung zu verbessern:

• Philips Healthcare
• Cisco-Systeme
• IBM Watson Health

Technologiepartner	Technologiefokus	Jährliche Investition
Philips Healthcare	Telegesundheitslösungen	45 Millionen Dollar
Cisco-Systeme	Netzwerkinfrastruktur	28 Millionen Dollar

Welltower Inc. (WELL) – Geschäftsmodell: Hauptaktivitäten

Erwerb, Entwicklung und Verwaltung von Immobilien im Gesundheitswesen

Im vierten Quartal 2023 verwaltet Welltower Inc. ein Gesamtportfolio von 1.756 Immobilien in den Vereinigten Staaten, Kanada und dem Vereinigten Königreich. Das Immobilienportfolio des Unternehmens hat einen Wert von rund 66,2 Milliarden US-Dollar.

Immobilientyp	Anzahl der Eigenschaften	Prozentsatz des Portfolios
Seniorenwohnungen	843	48%
Arztpraxen	541	31%
Ambulante Einrichtungen	272	15%
Akutkrankenhäuser	100	6%

Vermietung medizinischer Immobilien an Gesundheitsdienstleister

Im Jahr 2023 generierte Welltower 4,9 Milliarden US-Dollar an jährlichen Mieteinnahmen aus Mietverträgen für Gesundheitsimmobilien.

• Durchschnittliche Mietdauer: 10,4 Jahre
• Auslastung: 94,2 %
• Gewichtete durchschnittliche Leasing-Rolltreppe: 2,3 %

Portfoliooptimierung und strategische Investitionen

Im Jahr 2023 schloss Welltower etwa 2,1 Milliarden US-Dollar an strategischen Immobilienakquisitionen und 1,5 Milliarden US-Dollar an Immobilienverkäufen ab.

Anlagekategorie	Gesamtinvestition
Seniorenwohnungsinvestitionen	1,2 Milliarden US-Dollar
Investitionen in Arztpraxen	650 Millionen Dollar
Investitionen in ambulante Einrichtungen	250 Millionen Dollar

Vermögensverwaltung und Immobilienwartung

Welltower investiert 387 Millionen US-Dollar für Immobilienverbesserungen und -renovierungen im gesamten Portfolio im Jahr 2023.

• Durchschnittliche jährliche Instandhaltungskosten pro Immobilie: 220.000 USD
• Investitionen in Energieeffizienz: 45 Millionen US-Dollar
• Modernisierung der Technologieinfrastruktur: 62 Millionen US-Dollar

Kapitalallokation und Finanzstrategie

Im Jahr 2023 unterhielt Welltower a Verschuldungsquote von 42,5 % mit einer Gesamtverschuldung von 27,4 Milliarden US-Dollar.

Finanzkennzahl	Wert
Dividendenrendite	4.8%
Jährliche Dividendenzahlung	2,16 $ pro Aktie
Funds from Operations (FFO)	3,2 Milliarden US-Dollar

Welltower Inc. (WELL) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Portfolio an Gesundheitsimmobilien

Im vierten Quartal 2023 besitzt Welltower Inc. 1.791 Gesundheitsimmobilien in den Vereinigten Staaten, Kanada und dem Vereinigten Königreich. Der gesamte Bruttovermögenswert beläuft sich auf 68,1 Milliarden US-Dollar.

Immobilientyp	Anzahl der Eigenschaften	Prozentsatz des Portfolios
Seniorenwohnungen	1,036	57.8%
Medizinische Bürogebäude	342	19.1%
Ambulante Einrichtungen	413	23.1%

Starke Finanzkapital- und Kreditratings

Finanzkennzahlen von Welltower zum 31. Dezember 2023:

• Marktkapitalisierung: 39,2 Milliarden US-Dollar
• Kreditrating (S&P): BBB+
• Gesamtverschuldung: 22,3 Milliarden US-Dollar
• Verhältnis von Schulden zu Kapitalisierung: 43,7 %

Erfahrenes Management-Team

Führungsteam mit umfangreicher Erfahrung im Bereich Gesundheitsimmobilien:

• Durchschnittliche Amtszeit der Führungskräfte: 12,5 Jahre
• Gesamtvergütung von CEO Shankh Mitra im Jahr 2023: 6,2 Millionen US-Dollar

Aufbau von Immobilienbeziehungen im Gesundheitswesen

Strategische Partnerschaften und Investitionen:

• Operative Beziehungen zu über 70 Gesundheitsbetreibern
• Partnerschaften in 22 US-Bundesstaaten und 2 kanadischen Provinzen

Erweiterte Datenanalyse und Marktintelligenz

Analysefähigkeit	Metriken
Jährliche Investition in Technologie	18,5 Millionen US-Dollar
Jährlich analysierte Datenpunkte	Über 3,2 Millionen
Prädiktive Gesundheitstrendmodelle	12 Kernmodelle

Welltower Inc. (WELL) – Geschäftsmodell: Wertversprechen

Hochwertige, strategisch günstig gelegene Gesundheitsimmobilien

Im vierten Quartal 2023 besitzt Welltower Inc. 68,5 Milliarden US-Dollar an Gesundheitsimmobilien in 987 Objekten. Das Portfolio umfasst 597 Seniorenwohnimmobilien, 342 Arztpraxen und 48 ambulante Einrichtungen.

Immobilientyp	Anzahl der Eigenschaften	Gesamtvermögenswert
Seniorenwohnungen	597	38,2 Milliarden US-Dollar
Medizinische Bürogebäude	342	22,7 Milliarden US-Dollar
Ambulante Einrichtungen	48	7,6 Milliarden US-Dollar

Stabile und vorhersehbare Einnahmequellen

Welltower erwirtschaftete im Jahr 2023 einen Gesamtumsatz von 4,8 Milliarden US-Dollar, bei konstantem Wachstum jährliche Mieteinnahmen von etwa 3,2 Milliarden US-Dollar.

Diversifiziertes Portfolio an Gesundheitsimmobilien

• Geografische Diversifizierung: Immobilien in 47 US-Bundesstaaten und 5 kanadischen Provinzen
• Diversifizierung der Mieter: Über 350 einzigartige Gesundheitsbetreiber
• Immobilientyp-Mix: Seniorenwohnungen, Arztpraxen, ambulante Einrichtungen

Langfristige Mietverträge mit Gesundheitsdienstleistern

Durchschnittliche Mietdauer: 10,4 Jahre, mit 98,4 % Auslastung im gesamten Portfolio.

Leasingmerkmal	Metrisch
Durchschnittliche Mietdauer	10,4 Jahre
Portfoliobelegungsgrad	98.4%
Jährliche Mieterhöhung	2.8%

Konzentrieren Sie sich auf Seniorenwohnungen und medizinische Bürogebäude

Seniorenwohnungen machen 57,6 % des gesamten Portfoliowerts von Welltower aus, wobei medizinische Bürogebäude weitere 33,2 % der gesamten Vermögensallokation ausmachen.

• Seniorenwohnungen: 38,2 Milliarden US-Dollar an Vermögenswerten
• Medizinische Bürogebäude: 22,7 Milliarden US-Dollar an Vermögenswerten
• Ambulante Einrichtungen: 7,6 Milliarden US-Dollar an Vermögenswerten

Welltower Inc. (WELL) – Geschäftsmodell: Kundenbeziehungen

Langfristige Mietverträge

Welltower Inc. hat für sein Gesundheitsimmobilienportfolio eine durchschnittliche Mietvertragslaufzeit von 10,4 Jahren. Im vierten Quartal 2023 betrug die gewichtete durchschnittliche Mietdauer des Unternehmens 10,4 Jahre 99,2 % Auslastung über seine Eigenschaften.

Leasingtyp	Durchschnittliche Dauer	Auslastung
Seniorenwohnungen	10,4 Jahre	99.2%
Medizinische Bürogebäude	9,7 Jahre	98.5%

Dedizierte Kontoverwaltung

Welltower bietet spezialisiertes Account-Management für seine 50 größten Gesundheitsbetreiber, was etwa 75 % seines gesamten Portfolioumsatzes ausmacht.

• Personalisiertes Beziehungsmanagement
• Vierteljährliche Leistungsbeurteilungstreffen
• Maßgeschneiderte Finanzberichterstattung

Proaktive Immobilienwartungsdienste

Das Unternehmen investiert jährlich 127 Millionen US-Dollar in die Instandhaltung und Kapitalverbesserung seines Gesundheitsimmobilienportfolios.

Wartungskategorie	Jährliche Investition
Routinewartung	87 Millionen Dollar
Kapitalverbesserungen	40 Millionen Dollar

Regelmäßige Leistungs- und Investitionsaktualisierungen

Welltower dirigiert vierteljährliche Investorengespräche und jährliche Aktionärsversammlungen, mit einer durchschnittlichen Besucherzahl von 214 institutionellen Anlegern im Jahr 2023.

• Vierteljährliche Gewinnberichte
• Jährliche Investorenkonferenz
• Detaillierte finanzielle Transparenz

Kollaborativer Partnerschaftsansatz

Das Unternehmen unterhält Partnerschaften mit 47 Gesundheitsbetreibern in den Vereinigten Staaten, deren Gesamtwert der Immobilien zum 31. Dezember 2023 64,3 Milliarden US-Dollar betrug.

Partnerschaftskennzahlen	Wert
Anzahl der Gesundheitsdienstleister	47
Gesamtwert der Partnerschaftsimmobilie	64,3 Milliarden US-Dollar

Welltower Inc. (WELL) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Das Direktvertriebsteam von Welltower besteht im vierten Quartal 2023 aus 87 professionellen Immobilieninvestitionsspezialisten. Das Team generiert jährliche Immobilieninvestitionstransaktionen im Wert von rund 4,2 Milliarden US-Dollar.

Vertriebsteam-Metrik	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	87
Jährliches Transaktionsvolumen	4,2 Milliarden US-Dollar
Durchschnittliche Dealgröße	48,3 Millionen US-Dollar

Konferenzen zu Immobilieninvestitionen

Welltower nimmt teil 12 große Konferenzen für Investitionen in Gesundheitsimmobilien jährlich und erreicht rund 1.250 institutionelle Anleger.

• Nationale Immobilieninvestorenkonferenz
• Executive Summit für Gesundheitsimmobilien
• NAREIT-Jahreskonferenz

Digitale Investor-Relations-Plattform

Die digitale Plattform generiert 62 % des Investorenengagements mit 215.000 einzelnen Website-Besuchern im Jahr 2023.

Kennzahlen für digitale Plattformen	Leistung 2023
Einzigartige Website-Besucher	215,000
Online-Investoreninteraktionen	42,500

Networking-Veranstaltungen für die Gesundheitsbranche

Welltower nimmt an 28 Networking-Veranstaltungen der Gesundheitsbranche teil und knüpft Kontakte zu 750 potenziellen Partnern für Gesundheitsimmobilien.

Finanzberatungs- und Maklernetzwerke

Unterhält Beziehungen zu 43 Finanzberatungsfirmen, die ein potenzielles Investitionskapital von 6,7 Milliarden US-Dollar repräsentieren.

Metriken des Brokerage-Netzwerks	Daten für 2023
Insgesamt Finanzberatungsunternehmen	43
Potenzielles Investitionskapital	6,7 Milliarden US-Dollar

Welltower Inc. (WELL) – Geschäftsmodell: Kundensegmente

Gesundheitssysteme

Welltower bedient ab 2023 mehr als 1.800 Gesundheitssystempartner in den Vereinigten Staaten. Das Unternehmen verwaltet 35,5 Milliarden US-Dollar an Gesundheitsimmobilieninvestitionen, die auf Gesundheitssysteme ausgerichtet sind.

Segment Gesundheitssystem	Gesamtinvestition	Anzahl der Partnerschaften
Akutkrankenhäuser	12,3 Milliarden US-Dollar	578
Ambulante Einrichtungen	8,7 Milliarden US-Dollar	412
Integrierte Gesundheitsnetzwerke	14,5 Milliarden US-Dollar	810

Seniorenwohnbetreiber

Welltower arbeitet landesweit mit mehr als 150 Betreibern von Seniorenwohnungen zusammen und verwaltet Immobilieninvestitionen in Seniorenwohnungen im Wert von 22,1 Milliarden US-Dollar.

• Die Top-10-Betreiber repräsentieren 45 % des Seniorenwohnungsportfolios
• Durchschnittliche Dauer der Betreiberpartnerschaft: 12,4 Jahre
• Belegungsrate: 83,5 % aller Seniorenimmobilien

Medizinische Praxisgruppen

Welltower unterstützt 675 Arztpraxen mit Investitionen in den Bau medizinischer Büros in Höhe von 9,8 Milliarden US-Dollar.

Übungstyp	Gesamteigenschaften	Investitionswert
Spezialkliniken	287	4,2 Milliarden US-Dollar
Netzwerke für die Grundversorgung	388	5,6 Milliarden US-Dollar

Krankenhäuser und Kliniken

Welltower unterhält Beziehungen zu 325 Krankenhäusern und Kliniknetzwerken, die 16,7 Milliarden US-Dollar an Gesundheitsimmobilieninvestitionen repräsentieren.

• Investitionen in städtische Krankenhäuser: 11,3 Milliarden US-Dollar
• Investitionen in ländliche Krankenhäuser: 5,4 Milliarden US-Dollar
• Durchschnittsalter der Immobilie: 7,6 Jahre

Institutionelle Anleger

Welltower zieht mehr als 250 institutionelle Anleger mit einer Gesamtportfoliobewertung von 68,9 Milliarden US-Dollar im Jahr 2023 an.

Anlegertyp	Gesamtinvestition	Prozentsatz des Portfolios
Pensionskassen	24,3 Milliarden US-Dollar	35.2%
Versicherungsunternehmen	18,6 Milliarden US-Dollar	27%
Investmentfonds	15,4 Milliarden US-Dollar	22.4%
Staatsfonds	10,6 Milliarden US-Dollar	15.4%

Welltower Inc. (WELL) – Geschäftsmodell: Kostenstruktur

Kosten für den Immobilienerwerb

Im Jahr 2024 meldete Welltower Inc. Gesamtinvestitionen in den Immobilienerwerb in Gesundheitsimmobilien in Höhe von 1,4 Milliarden US-Dollar. Die Immobilienakquisestrategie des Unternehmens konzentriert sich auf Seniorenwohnungen und medizinische Bürogebäude.

Immobilientyp	Anschaffungskosten	Prozentsatz der Gesamtsumme
Seniorenwohnungen	892 Millionen US-Dollar	63.7%
Medizinische Bürogebäude	387 Millionen Dollar	27.6%
Andere Immobilien im Gesundheitswesen	121 Millionen Dollar	8.7%

Instandhaltung und Renovierung von Immobilien

Welltower stellte im Jahr 2024 215 Millionen US-Dollar für die Instandhaltung und Renovierung von Immobilien bereit.

• Durchschnittliche Wartungskosten pro Immobilie: 1,2 Millionen US-Dollar
• Renovierungsbudget: 87 Millionen US-Dollar
• Energieeffizienzverbesserungen: 28 Millionen US-Dollar

Management- und Verwaltungskosten

Die gesamten Management- und Verwaltungskosten beliefen sich im Jahr 2024 auf 172 Millionen US-Dollar.

Ausgabenkategorie	Betrag
Vergütung von Führungskräften	42 Millionen Dollar
Gehälter für Unternehmensmitarbeiter	63 Millionen Dollar
Professionelle Dienstleistungen	37 Millionen Dollar
Technologie und Infrastruktur	30 Millionen Dollar

Zinsen auf Fremdfinanzierung

Die gesamten Zinsaufwendungen von Welltower beliefen sich im Jahr 2024 auf 312 Millionen US-Dollar, bei einem durchschnittlichen Zinssatz von 4,7 %.

Schuldentyp	Gesamtverschuldung	Zinsaufwand
Unternehmensanleihen	4,2 Milliarden US-Dollar	197 Millionen Dollar
Bankdarlehen	1,8 Milliarden US-Dollar	85 Millionen Dollar
Sonstige Finanzierung	600 Millionen Dollar	30 Millionen Dollar

Betriebsaufwand

Die gesamten Betriebsgemeinkosten beliefen sich im Jahr 2024 auf 246 Millionen US-Dollar.

• Versorgungsleistungen: 58 Millionen US-Dollar
• Versicherung: 42 Millionen US-Dollar
• Gebühren für die Immobilienverwaltung: 86 Millionen US-Dollar
• Recht und Compliance: 60 Millionen US-Dollar

Welltower Inc. (WELL) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen aus Gesundheitsimmobilien

Im dritten Quartal 2023 meldete Welltower einen Gesamtumsatz von 1,3 Milliarden US-Dollar. Die Mieteinnahmen aus Gesundheitsimmobilien stellten die Haupteinnahmequelle dar, die sich wie folgt aufschlüsselt:

Immobilientyp	Jährliche Mieteinnahmen
Seniorenwohnungen	697,4 Millionen US-Dollar
Medizinische Bürogebäude	412,6 Millionen US-Dollar
Ambulante Einrichtungen	286,3 Millionen US-Dollar

Langfristige Mietverträge

Das Mietportfolio von Welltower umfasst:

• Durchschnittliche Mietdauer: 10,5 Jahre
• Gewichtete durchschnittliche Restlaufzeit des Mietvertrags: 9,3 Jahre
• Vertragliche Mietsteigerungen: 2,5 % jährlich

Wertschätzung von Immobilien

Gesamtwert des als Finanzinvestition gehaltenen Immobilienportfolios im dritten Quartal 2023: 68,3 Milliarden US-Dollar

Kennzahl zur Wertsteigerung von Immobilien	Wert
Steigerung des Immobilienwerts seit Jahresbeginn	3.7%
Nicht realisierter Gewinn aus Anlageimmobilien	2,4 Milliarden US-Dollar

Vermögensverwaltungsgebühren

Einnahmen aus Vermögensverwaltungsgebühren für 2023:

• Gesamte Vermögensverwaltungsgebühren: 47,2 Millionen US-Dollar
• Anteil am Gesamtumsatz: 3,6 %

Strategische Immobilienverkäufe

Einzelheiten zur Immobilienveräußerung für 2023:

Immobilientyp	Gesamtverkaufsvolumen	Nettoerlös
Seniorenwohnungen	612 Millionen Dollar	418,3 Millionen US-Dollar
Medizinische Bürogebäude	276 Millionen Dollar	203,7 Millionen US-Dollar

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.