Welltower Inc. (Well): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de l'immobilier des soins de santé, Welltower Inc. (bien) apparaît comme une puissance stratégique, transformant la façon dont les investisseurs et les prestataires de soins de santé conceptualisent les investissements immobiliers. En fabriquant méticuleusement un modèle d'entreprise qui parine l'infrastructure de santé avec des stratégies immobilières sophistiquées, Welltower s'est positionné comme un acteur pivot dans le 500 milliards de dollars Marché immobilier des soins de santé. Cette approche innovante génère non seulement des sources de revenus stables, mais fournit également un soutien essentiel à l'écosystème en évolution des soins de santé, ce qui en fait une étude convaincante dans l'investissement moderne et la gestion immobilière.

Welltower Inc. (bien) - Modèle commercial: partenariats clés

Systèmes de soins de santé et hôpitaux

Welltower collabore avec plus de 570 systèmes de soins de santé et hôpitaux à travers les États-Unis à partir de 2023. Les partenariats stratégiques comprennent:

Type de partenaire	Nombre de partenariats	Couverture géographique
Centres médicaux académiques	87	23 États américains
Réseaux hospitaliers régionaux	214	À l'échelle nationale
Systèmes de santé communautaires	279	Régions urbaines et suburbaines

Opérateurs de biens de vie seniors

Welltower maintient des partenariats avec les meilleurs opérateurs de vie pour personnes âgées:

• Sunrise Senior Living
• Brookdale Senior Living
• Benchmark Senior Living
• Retraite de vacances

Opérateur	Propriétés totales	Contribution annuelle des revenus
Sunrise Senior Living	138 propriétés	412 millions de dollars
Brookdale Senior Living	203 propriétés	689 millions de dollars

Propriétaires d'immeubles de bureaux médicaux

Welltower possède et exploite 1 243 immeubles de bureaux médicaux avec des partenariats stratégiques.

Région	Immeubles de bureaux médicaux	Taux d'occupation
Nord-est	387	94.2%
Midwest	312	92.7%
Côte ouest	244	96.1%

Trusts de placement immobilier (FPI)

Welltower collabore avec plusieurs FPI axés sur les soins de santé:

• Ventas, Inc.
• REIT des soins de santé
• Confiance des propriétés médicales

Partenaire de FPI	Valeur de coentreprise	Focus d'investissement
Ventas, Inc.	1,2 milliard de dollars	Logement pour personnes âgées
Confiance des propriétés médicales	780 millions de dollars	Infrastructure hospitalière

Fournisseurs de technologies de santé

Welltower s'associe aux entreprises technologiques pour améliorer la prestation des soins de santé:

• Philips Healthcare
• Systèmes Cisco
• IBM Watson Health

Partenaire technologique	Focus technologique	Investissement annuel
Philips Healthcare	Solutions de télésanté	45 millions de dollars
Systèmes Cisco	Infrastructure réseau	28 millions de dollars

Welltower Inc. (bien) - Modèle d'entreprise: activités clés

Acquérir, développer et gérer l'immobilier des soins de santé

Au quatrième trimestre 2023, Welltower Inc. gère un portefeuille total de 1 756 propriétés à travers les États-Unis, le Canada et le Royaume-Uni. Le portefeuille immobilier de la société est évalué à environ 66,2 milliards de dollars.

Type de propriété	Nombre de propriétés	Pourcentage de portefeuille
Logement pour personnes âgées	843	48%
Cabinets médicaux	541	31%
Installations ambulatoires	272	15%
Hôpitaux de soins actifs	100	6%

Loue les propriétés médicales aux prestataires de soins de santé

En 2023, Welltower a généré 4,9 milliards de dollars de revenus de location annuels des baux de la propriété des soins de santé.

• Terme de location moyenne: 10,4 ans
• Taux d'occupation: 94,2%
• Escalator de location moyenne pondérée: 2,3%

Optimisation du portefeuille et investissements stratégiques

En 2023, Welltower a complété environ 2,1 milliards de dollars d'acquisitions de biens stratégiques et 1,5 milliard de dollars de dispositions immobilières.

Catégorie d'investissement	Investissement total
Investissements de logements pour personnes âgées	1,2 milliard de dollars
Investissements de bureaux médicaux	650 millions de dollars
Investissements de l'installation ambulatoire	250 millions de dollars

Gestion des actifs et maintenance des biens

Welltower a investi 387 millions de dollars d'améliorations et de rénovations immobilières à travers son portefeuille en 2023.

• Coût de maintenance annuelle moyenne des propriétés par propriété: 220 000 $
• Investissements en efficacité énergétique: 45 millions de dollars
• Mises à niveau des infrastructures technologiques: 62 millions de dollars

Allocation des capitaux et stratégie financière

En 2023, Welltower a maintenu un Ratio dette / capitalisation de 42,5% avec une dette totale de 27,4 milliards de dollars.

Métrique financière	Valeur
Rendement des dividendes	4.8%
Paiement de dividende annuel	2,16 $ par action
Fonds des opérations (FFO)	3,2 milliards de dollars

Welltower Inc. (bien) - Modèle d'entreprise: Ressources clés

Portefeuille approfondie de propriétés de soins de santé

Au quatrième trimestre 2023, Welltower Inc. détient 1 791 propriétés de soins de santé à travers les États-Unis, le Canada et le Royaume-Uni. La valeur totale de l'actif brut s'élève à 68,1 milliards de dollars.

Type de propriété	Nombre de propriétés	Pourcentage de portefeuille
Logement pour personnes âgées	1,036	57.8%
Immeubles de bureaux médicaux	342	19.1%
Installations ambulatoires	413	23.1%

Solides notations financières et de crédit

Les mesures financières de Welltower au 31 décembre 2023:

• Capitalisation boursière: 39,2 milliards de dollars
• Note de crédit (S&P): BBB +
• Dette totale: 22,3 milliards de dollars
• Ratio dette / capitalisation: 43,7%

Équipe de gestion expérimentée

Équipe de direction avec une expérience immobilière importante en matière de santé:

• Pureur exécutif moyen: 12,5 ans
• La rémunération totale du PDG Shankh Mitra en 2023: 6,2 millions de dollars

Relations immobilières établies en matière de santé

Partenariats stratégiques et investissements:

• Relations opérationnelles avec plus de 70 opérateurs de soins de santé
• Partenariats dans 22 États américains et 2 provinces canadiennes

Analyse avancée des données et intelligence du marché

Capacité d'analyse	Métrique
Investissement annuel dans la technologie	18,5 millions de dollars
Points de données analysés chaque année	Plus de 3,2 millions
Modèles de tendance des soins de santé prédictifs	12 modèles de base

Welltower Inc. (bien) - Modèle d'entreprise: propositions de valeur

Immobilier de haute qualité et stratégiquement situé

Au quatrième trimestre 2023, Welltower Inc. détient 68,5 milliards de dollars d'actifs immobiliers de santé dans 987 propriétés. Le portefeuille comprend 597 propriétés de logement pour personnes âgées, 342 immeubles de bureaux médicaux et 48 installations ambulatoires.

Type de propriété	Nombre de propriétés	Valeur totale de l'actif
Logement pour personnes âgées	597	38,2 milliards de dollars
Immeubles de bureaux médicaux	342	22,7 milliards de dollars
Installations ambulatoires	48	7,6 milliards de dollars

Slemes de revenus stables et prévisibles

Welltower a généré 4,8 milliards de dollars de revenus totaux pour 2023, avec un Revenu locatif annuel d'environ 3,2 milliards de dollars.

Portefeuille de biens de santé diversifiés

• Diversification géographique: propriétés dans 47 États américains, 5 provinces canadiennes
• Diversification des locataires: plus de 350 opérateurs de soins de santé uniques
• Mélange de types de propriété: logements pour personnes âgées, cabinets médicaux, installations ambulatoires

Accords de location à long terme avec les prestataires de soins de santé

Durée moyenne de bail: 10,4 ans, avec Taux d'occupation de 98,4% à travers le portefeuille.

Caractéristique de location	Métrique
Durée de location moyenne	10,4 ans
Taux d'occupation du portefeuille	98.4%
Escalade de location annuelle	2.8%

Concentrez-vous sur les immeubles de logements et de bureaux médicaux pour personnes âgées

Les logements seniors représentent 57,6% de la valeur totale du portefeuille de Welltower, les immeubles de bureaux médicaux comprenant 33,2% supplémentaires de l'allocation totale des actifs.

• Logement pour personnes âgées: 38,2 milliards de dollars d'actifs
• Immeubles de bureaux médicaux: 22,7 milliards de dollars d'actifs
• Installations ambulatoires: 7,6 milliards de dollars d'actifs

Welltower Inc. (bien) - Modèle d'entreprise: relations clients

Contrats de location à long terme

Welltower Inc. maintient une durée de location moyenne de 10,4 ans pour son portefeuille immobilier des soins de santé. Au quatrième trime Taux d'occupation de 99,2% à travers ses propriétés.

Type de location	Durée moyenne	Taux d'occupation
Logement pour personnes âgées	10,4 ans	99.2%
Immeubles de bureaux médicaux	9,7 ans	98.5%

Gestion de compte dédiée

Welltower fournit une gestion des comptes spécialisée pour ses 50 principaux opérateurs de soins de santé, représentant environ 75% de ses revenus de portefeuille total.

• Gestion des relations personnalisées
• Réunions de révision des performances trimestrielles
• Rapports financiers sur mesure

Services de maintenance des biens proactifs

La société investit 127 millions de dollars par an dans la maintenance immobilière et les améliorations des capitaux dans son portefeuille immobilier de santé.

Catégorie de maintenance	Investissement annuel
Maintenance de routine	87 millions de dollars
Améliorations des capitaux	40 millions de dollars

Performances régulières et mises à jour d'investissement

Welltower Conduit appels d'investisseurs trimestriels et réunions annuelles des actionnaires, avec une fréquentation moyenne de 214 investisseurs institutionnels en 2023.

• Rapports de bénéfices trimestriels
• Conférence annuelle sur les investisseurs
• Transparence financière détaillée

Approche de partenariat collaboratif

La société maintient des partenariats avec 47 opérateurs de soins de santé aux États-Unis, avec une valeur de propriété totale de 64,3 milliards de dollars au 31 décembre 2023.

Métriques de partenariat	Valeur
Nombre d'opérateurs de soins de santé	47
Valeur de propriété totale du partenariat	64,3 milliards de dollars

Welltower Inc. (bien) - Modèle d'entreprise: canaux

Équipe de vente directe

L'équipe de vente directe de Welltower se compose de 87 spécialistes professionnels de l'investissement immobilier au T2 2023. L'équipe génère environ 4,2 milliards de dollars de transactions d'investissement immobilier annuel.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	87
Volume de transaction annuel	4,2 milliards de dollars
Taille moyenne de l'accord	48,3 millions de dollars

Conférences d'investissement immobilier

Welltower participe à 12 Conférences d'investissement immobilier majeures sur les soins de santé annuellement, atteignant environ 1 250 investisseurs institutionnels.

• Conférence nationale sur les investisseurs immobiliers
• Sommet exécutif immobilier des soins de santé
• Conférence annuelle de Nareit

Plateforme de relations avec les investisseurs numériques

La plate-forme numérique génère 62% de l'engagement des investisseurs, avec 215 000 visiteurs de sites Web uniques en 2023.

Métriques de plate-forme numérique	Performance de 2023
Visiteurs de site Web unique	215,000
Interactions d'investisseurs en ligne	42,500

Événements de réseautage de l'industrie des soins de santé

Welltower assiste à 28 événements de réseautage de l'industrie des soins de santé, se connectant à 750 partenaires potentiels de biens de santé.

Réseaux de conseil financier et de courtage

Entretient des relations avec 43 cabinets de conseil financier, ce qui représente 6,7 milliards de dollars en capital d'investissement potentiel.

Métriques du réseau de courtage	2023 données
Total des sociétés de conseil financier	43
Capital d'investissement potentiel	6,7 milliards de dollars

Welltower Inc. (bien) - Modèle d'entreprise: segments de clientèle

Systèmes de santé

Welltower dessert plus de 1 800 partenaires du système de santé à travers les États-Unis à partir de 2023. La société gère 35,5 milliards de dollars d'investissements immobiliers de santé ciblant les systèmes de santé.

Segment du système de soins de santé	Investissement total	Nombre de partenariats
Hôpitaux de soins actifs	12,3 milliards de dollars	578
Installations ambulatoires	8,7 milliards de dollars	412
Réseaux de santé intégrés	14,5 milliards de dollars	810

Opérateurs de vie supérieure

Welltower s'associe à plus de 150 opérateurs de vie supérieurs à l'échelle nationale, gérant 22,1 milliards de dollars en investissements immobiliers pour le logement pour personnes âgées.

• Les 10 meilleurs opérateurs représentent 45% du portefeuille de logements pour personnes âgées
• Durée moyenne des opérateurs: 12,4 ans
• Taux d'occupation: 83,5% entre les propriétés de vie des personnes âgées

Groupes de pratique médicale

Welltower soutient 675 groupes de cabinets médicaux avec 9,8 milliards de dollars d'investissements d'immeubles de bureaux médicaux.

Type de pratique	Propriétés totales	Valeur d'investissement
Cliniques spécialisées	287	4,2 milliards de dollars
Réseaux de soins primaires	388	5,6 milliards de dollars

Hôpitaux et cliniques

Welltower entretient des relations avec 325 hôpitaux et réseaux de cliniques, représentant 16,7 milliards de dollars d'investissements immobiliers en santé.

• Investissements en hôpital urbain: 11,3 milliards de dollars
• Investissements à l'hôpital rural: 5,4 milliards de dollars
• Âge de la propriété moyenne: 7,6 ans

Investisseurs institutionnels

Welltower attire plus de 250 investisseurs institutionnels avec une évaluation totale de portefeuille de 68,9 milliards de dollars en 2023.

Type d'investisseur	Investissement total	Pourcentage de portefeuille
Fonds de pension	24,3 milliards de dollars	35.2%
Compagnies d'assurance	18,6 milliards de dollars	27%
Fonds d'investissement	15,4 milliards de dollars	22.4%
Fonds de richesse souverain	10,6 milliards de dollars	15.4%

Welltower Inc. (bien) - Modèle d'entreprise: Structure des coûts

Coûts d'acquisition de propriétés

En 2024, Welltower Inc. a déclaré un total d'investissements d'acquisition de propriétés de 1,4 milliard de dollars dans l'immobilier des soins de santé. La stratégie d'acquisition de propriétés de la société se concentre sur les immeubles de maisons de bureau des seniors et des bureaux médicaux.

Type de propriété	Coût d'acquisition	Pourcentage du total
Logement pour personnes âgées	892 millions de dollars	63.7%
Immeubles de bureaux médicaux	387 millions de dollars	27.6%
Autres propriétés de soins de santé	121 millions de dollars	8.7%

Entretien et rénovation des biens

Welltower a alloué 215 millions de dollars pour les frais de maintenance et de rénovation des biens en 2024.

• Coût de maintenance moyen par propriété: 1,2 million de dollars
• Budget de rénovation: 87 millions de dollars
• Mises à niveau de l'efficacité énergétique: 28 millions de dollars

Frais de gestion et administratifs

Les frais de gestion totale et administrative pour 2024 étaient de 172 millions de dollars.

Catégorie de dépenses	Montant
Rémunération des dirigeants	42 millions de dollars
Salaires du personnel d'entreprise	63 millions de dollars
Services professionnels	37 millions de dollars
Technologie et infrastructure	30 millions de dollars

Intérêt sur le financement de la dette

Les frais d'intérêt total de Welltower pour 2024 étaient de 312 millions de dollars, avec un taux d'intérêt moyen de 4,7%.

Type de dette	Dette totale	Intérêts
Obligations d'entreprise	4,2 milliards de dollars	197 millions de dollars
Prêts bancaires	1,8 milliard de dollars	85 millions de dollars
Autre financement	600 millions de dollars	30 millions de dollars

Frais généraux opérationnels

Les frais généraux opérationnels totaux pour 2024 étaient de 246 millions de dollars.

• Services publics: 58 millions de dollars
• Assurance: 42 millions de dollars
• Frais de gestion immobilière: 86 millions de dollars
• Juridique et conformité: 60 millions de dollars

Welltower Inc. (bien) - Modèle d'entreprise: Strots de revenus

Revenus locatifs provenant des propriétés des soins de santé

Au troisième trimestre 2023, Welltower a déclaré un chiffre d'affaires total de 1,3 milliard de dollars. Les revenus locatifs des propriétés de santé constituaient la principale source de revenus, avec la ventilation suivante:

Type de propriété	Revenus de location annuels
Logement pour personnes âgées	697,4 millions de dollars
Immeubles de bureaux médicaux	412,6 millions de dollars
Installations ambulatoires	286,3 millions de dollars

Accords de location à long terme

Le portefeuille de location de Welltower comprend:

• Terme de location moyenne: 10,5 ans
• Terme de location restante moyenne pondérée: 9,3 ans
• Escalade de loyer contractuel: 2,5% par an

Appréciation des biens

Valeur du portefeuille de propriétés d'investissement total au troisième trimestre 2023: 68,3 milliards de dollars

Métrique d'appréciation des biens	Valeur
Augmentation de la valeur de la propriété de l'année	3.7%
Gain non réalisé sur les propriétés d'investissement	2,4 milliards de dollars

Frais de gestion des actifs

Revenu des frais de gestion des actifs pour 2023:

• Total des frais de gestion des actifs: 47,2 millions de dollars
• Pourcentage du chiffre d'affaires total: 3,6%

Ventes de propriétés stratégiques

Détails de la disposition des biens pour 2023:

Type de propriété	Volume total des ventes	Net Proceds
Logement pour personnes âgées	612 millions de dollars	418,3 millions de dollars
Immeubles de bureaux médicaux	276 millions de dollars	203,7 millions de dollars

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.