WELLTOWER INC.

Welltower is a healthcare-focused real estate investment trust that acquires, develops and owns seniors‑housing, post‑acute and outpatient medical properties and structures long‑term leases and operating partnerships with care providers and health systems to generate rental income, service revenue and investment returns. The company monetizes real estate through direct ownership, triple‑net leases, joint ventures and capital recycling.^[1]

Business Segments

• Seniors Housing Operating — ownership and operation of senior living communities (largest revenue source; ~68% of consolidated revenue).^[2]
• Triple‑net (NNN) — long‑term net leases with post‑acute and specialty care operators (~19% of consolidated revenue).^[2]
• Outpatient Medical — medical office and outpatient facilities leased to health systems and providers (~13% of consolidated revenue).^[2]

Competitive Position

• Scale and specialization — one of the largest healthcare REITs with a concentrated portfolio across seniors housing, post‑acute and medical office, giving scale advantages in sourcing deals and partner relationships.^[3]
• Operator partnerships and contractual cash flows — diversified long‑term lease and programmatic operator arrangements reduce direct operating risk and create predictable cash flow streams.^[4]

Investment Considerations

• Secular demand tailwind — demographic aging supports long‑term demand for senior housing and related healthcare real estate, creating a durable growth runway for occupancy and rents.^[4]
• Portfolio and cash‑flow mix — heavy exposure to operating senior housing can lift returns but also increases sensitivity to operator performance and operating costs; diversification into triple‑net and outpatient assets moderates that exposure.^[2]
• Key risks from counterparties and regulation — operator insolvency, changes in healthcare reimbursement/regulation, licensing and RIDEA‑related legal/operational obligations can materially affect tenant cash flows and REIT distributions.^[2]
• Valuation and execution considerations — investors should weigh balance‑sheet flexibility, capital allocation (acquisitions/divestitures and JV structures) and relative valuation; analyst and independent commentary highlight both opportunity from portfolio repositioning and sensitivity to funding costs and price paid for acquisitions.^[5]