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July 29, 2025 – 60 Seconds with Swett: Welltower Continues To Climb

Welltower hit a record $165.87/share, pushing its market cap past $100B—the first in the industry. Q2 results impressed, with occupancy up 420 bps YoY to 88.8% and SHOP NOI rising 23.4%. A 10.4% dividend hike and $9.5B in liquidity position the REIT for continued growth through acquisitions and development.

Transcript

The Welltower juggernaut just keeps on rolling, as another great earnings report sent shares up by more than 4.7% from their previous close to a new record high of $165.87 as of this filming. Its market cap pushed well beyond $100 billion, solidifying the REIT’s position as our industry’s first $100 billion dollar company. The board of directors may have also surprised a few by declaring a cash dividend for the second quarter of $0.74 per share, or a 10.4% increase from the prior quarter. The REIT is still sitting on approximately $9.5 billion of available liquidity too, including $4.5 billion of available cash and restricted cash plus full capacity under its $5 billion line of credit. So the acquisitions and developments should keep on coming.

The operating gains continue to impress, with same-store occupancy rising by 420 basis points year over year to 88.8%, and the sequential occupancy increase of 70 basis points improved over Q1’s sequential increase of 60 basis points, both of which buck historical trends that usually show no occupancy improvements in the first half of the year, according to our analysis of NIC MAP data. Its same-store SHOP NOI grew by 23.4% year over year, with the margin also expanding to 30.7% from 27.4% in the year-ago quarter and from 29.6% in the first quarter. ExpPOR growth was significantly reined in during the quarter, and has been for more than a year. Lastly, Welltower raised its guidance across the board.

The company is still the best positioned to acquire and develop in the coming years and take advantage of the numerous opportunities ahead, not to mention the almighty demographics, so unless a couple operating relationships sour and sour quickly, it’s hard to see the ride stopping anytime soon.

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60 Seconds with Steve: What Do People Really Think?

At our Q2 2025 webinar, 82% of attendees preferred buying over building despite aging inventory. Labor scarcity (48%) topped workforce concerns, while 50% cited cost as the main reason seniors avoid communities, not COVID-19, which only 5% noted.

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60 Seconds with Steve: Brookdale Senior Living, What’s Next?

Brookdale shareholders rejected Ortelius’s nominees, sticking with current leadership amid occupancy gains. Some see missed opportunities for new expertise. Share price hopes vary, but real value growth will require major ops and capital improvements.

60 Seconds with Swett: The Great Debates of Senior Care

Join us Thursday, July 17 at 1pm ET for our Second Quarter Investor Call, sponsored by Ziegler, featuring The Great Debates of Senior Care—tackling hot topics like demand, cap rates, build vs. buy, and tech. Expect lively discussion, case studies, and audience input!