WELLTOWER INC.

Red flags

• Dilution was substantial: 61.2 million shares were issued in 2025, including 56.1 million ATM shares at an average $159.47; outstanding shares rose to 696.5 million from 635.3 million, approximately 9.6%.
• Debt totaled $19.20 billion at carrying value, with $5.21 billion of scheduled principal maturities in 2026-2027 and $6.18 billion of gross property value securing secured debt.
• NOI concentration is meaningful: the top five relationships contributed 27% of 2025 NOI; Cogir alone represented 8%, while Care UK represented 5% and generated $1.17 billion of revenue from managed properties.
• Loan exposure is expanding: net cash advances on loans receivable were $469.0 million in 2025, and total loans receivable reached $2.08 billion, including $125.0 million of deteriorated loans before the Genesis-related disclosure detail.
• Reported stock-based compensation was $1.56 billion in 2025, including $1.41 billion tied to Executive & Key Employee LTIP awards; this is a substantial non-cash expense and complicates interpretation of reported earnings and dilution.