Welltower Inc. (NYSE: WELL) is a real estate investment trust (REIT) that owns and operates seniors housing, wellness housing, and post-acute care properties across the United States, Canada, and the United Kingdom. It generates revenue through three segments: Seniors Housing Operating, where properties are managed under RIDEA structures with operating partners and revenue flows from resident fees; Triple-net, where tenants pay rent plus operating costs under long-term leases; and Outpatient Medical, which holds medical office and outpatient facilities leased to healthcare providers. Welltower is an S&P 500 company and positions itself at the center of the senior-focused real estate market, with a property mix spanning independent living, assisted living, memory care, continuing care retirement communities, and outpatient medical facilities. The 10-K filed February 12, 2026 (accession 000076670426000010) covers the fiscal year ended December 31, 2025.

Revenue model

Revenue comes from three segments: Seniors Housing Operating (resident fee income from properties run via RIDEA joint ventures with operating partners), Triple-net (contractual lease income from tenants who bear operating costs), and Outpatient Medical (rental income from healthcare tenants). The mix of operating and lease structures means a portion of revenue is directly tied to property-level occupancy and care fees, while the Triple-net and Outpatient Medical segments provide contractual, fixed-rent cash flows.

Products and services

Property types include wellness housing, independent living, independent supportive living, continuing care retirement communities (CCRCs), assisted living, Alzheimer's and dementia care communities, care homes with and without nursing (U.K.), and outpatient medical facilities. Properties are held as stand-alone single-service assets, combination multi-service properties, or full-service campuses, and may be held in joint venture structures.

Customers and end markets

End customers are seniors and older adults requiring assistance with activities of daily living, cognitive engagement support, or post-acute care. Lease counterparties in the Triple-net and Outpatient Medical segments are healthcare operators and outpatient medical providers. Demand is structurally tied to aging demographics, specifically the growth of the senior population.

Value-chain role

Welltower is a capital owner and property operator in the seniors housing and healthcare real estate value chain. It provides real estate capital and facilities to operating partners and healthcare tenants, acting as both landlord (Triple-net, Outpatient Medical) and co-operator (Seniors Housing Operating via RIDEA structures).

Geographic exposure

Operations span the United States, Canada, and the United Kingdom, based on property type descriptions in the 10-K filed February 12, 2026.

Source: SEC 10-K, filed 2026-02-12

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