Welltower Inc.

Welltower Inc. is an American real estate investment trust that owns, operates, and invests in seniors housing, wellness housing, and post-acute care properties across the United States, the United Kingdom, and Canada, with a portfolio of more than 2,500 communities generating $10.7 billion in revenue in fiscal 2025. The company is the largest dedicated seniors housing REIT by a wide margin — roughly twice the revenue of its nearest competitor — and has positioned itself at the center of what it calls the "silver economy," the set of housing and healthcare needs created by the rapid aging of the populations of developed economies.

This is a story about a business that spent a decade assembling an extraordinary data and operator platform during a period when most investors wanted nothing to do with senior housing, and is now harvesting the convergence of three forces: demographic demand that is accelerating, supply that has all but vanished, and a balance sheet that lets it act as the buyer of first and last resort. Welltower is not cheap on any conventional multiple. The file turns on whether the compounding rate embedded in its portfolio is durable enough to grow into and then through the current valuation over a multi-year holding period.