RVBA-WELLReal Estate & REITs

Welltower — in detail

Full extracted data, every event in the company's history we've captured, and (soon) external news. The full ratios diagnostic with peer benchmarks lives at /ratios.

Reference sources (2/5)

Source documents
Recent disclosure
Multi-year metrics
Targets
Certifications

External news

No ESG-relevant news ingested yet for this company. Run python -m pipeline.news_gdelt to backfill. Sourced from GDELT 2.0 (3-month trailing window).

Data by year· every metric + key events per year

Each year shows the firm's reported metrics on the left and the most material events on the right. Up to 10 events per year; the full event log is one click further.

2025

cdp response ↗sustainability report ↗annual report ↗

no metric rows for this year

2024

annual report ↗

Governance

board independence pct	89%
board diversity pct	33%
esg linked executive pay yn	0

P&L highlights (USD)

Headcount (FTE)	685people
Revenue	8B
Cost of revenue	(4.8B)
Gross profit	3.2B
Total operating expenses	(7.5B)

Balance sheet highlights (USD)

Property, plant & equipment	40.7B
Right-of-use (leased) assets	1.2B
Total assets	51B
Total debt	15.6B
Cash & equivalents	3.5B
Minority interest	360.2M

Market & shares

Market cap (FY-end)

80.1B

Events 2024· 13

Primary: Energy efficiency investments and ENERGY STAR benchmarking across portfolio

Welltower focuses on reducing greenhouse gas emissions and energy consumption across its portfolio through targeted property improvement projects. The sustainability team is embedded within asset management, creating project scopes for energy-saving component replacements and upgrades aligned with normal replacement schedules. The company benchmarks its portfolio in ENERGY STAR Portfolio Manager and has been recognized as ENERGY STAR Partner of the Year for six consecutive years, maintaining Sustained Excellence status for four consecutive years. Review processes use actual meter readings and specialized equipment to estimate and track energy and water savings.

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Renewable energy technologies and green bond financing for portfolio

Welltower is committed to implementing renewable energy technologies across its portfolio as part of its environmental stewardship strategy. The company has issued 'green' bonds in the past to fund green building development projects. The sustainability approach includes implementing energy efficiency, water efficiency and renewable energy technologies across the portfolio, with a focus on obtaining green building certifications and performing portfolio-wide physical and transition risk analyses.

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Dependent: Tenant energy management through operator engagement and RIDEA structures

As a REIT operating predominantly through RIDEA structures, Welltower works with 53 operating partners across its Seniors Housing Operating segment to drive energy and sustainability improvements within properties. The company's sustainability steering committee and cross-functional governance model oversees sustainability initiatives across the portfolio. Welltower works with stakeholders including employees, vendors, operators, residents and tenants to meet environmental objectives and encourage evolving practices of environmental sustainability.

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Primary: Green building certifications and GRESB Green Star status

Welltower pursues green building certifications across its portfolio as part of its sustainability strategy and maintains GRESB Green Star status (fourth consecutive year as of 2024). The company also maintained Prime status under ISS-ESG Corporate Rating for six consecutive years and achieved an MSCI ESG rating of AA. These certifications validate the company's sustainability approach and drive property-level improvements in energy and water efficiency.

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Primary: Climate risk analysis and physical resilience investment across properties

Welltower performs portfolio-wide physical and transition risk analyses to identify opportunities to mitigate climate-related risks. The company acknowledges that changes in federal, state and local legislation relating to climate change could result in increased capital expenditures to improve energy efficiency and resiliency of existing properties. In 2024, the portfolio was impacted by Hurricanes Beryl, Debby, Helene and Milton as well as wildfires, highlighting the materiality of physical climate risk. The company monitors climate risk as part of enterprise risk management.

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Care UK Acquisition - 136 seniors housing properties in UK

Welltower acquired all shares of Care UK Holdings Limited and related entities via share purchase agreement. Care UK operates 136 seniors housing properties. Total consideration net of cash acquired was $842,567,000. Transaction recognized $87,192,000 in goodwill. Revenue recognized from operations since acquisition: $188,308,000.

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Record $6 billion acquisitions in 2024 - 251 properties

Welltower completed 251 property acquisitions and joint venture investments totaling $5,716,098,000 book amount in 2024 (SHO: 198 properties $4,542,752K, Triple-net: 52 properties $1,126,492K, OM: 1 property $46,854K). Additionally acquired remaining beneficial interest in 39 triple-net properties from existing JV for $205,029,000.

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Affinity Living Communities Acquisition - 22 of 25 SHO properties

In February 2024, Welltower entered definitive agreement to acquire 25 Seniors Housing Operating properties under the Affinity brand. Closed on 22 properties for $807,954,000 via cash, 203,328 OP Units and assumption of $427,725,000 secured debt. Remaining 3 properties expected to close Q1 2025.

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Issued $1.035 billion 3.125% Exchangeable Senior Notes due 2029

In July 2024, Welltower OP issued $1,035,000,000 aggregate principal amount of 3.125% exchangeable senior unsecured notes maturing July 15, 2029. Commercial paper program also increased to $2 billion.

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Expanded unsecured revolving credit facility to $5 billion

In July 2024, closed on expanded $5,000,000,000 unsecured revolving credit facility replacing prior $4,000,000,000 facility. Comprised of $3B tranche maturing June 2028 and $2B tranche maturing June 2029. Bearing interest at 0.725% over adjusted SOFR.

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2023

Governance

esg linked executive pay yn	1
board diversity pct	40%
board independence pct	90%

P&L highlights (USD)

Headcount (FTE)	533people
Revenue	6.6B
Cost of revenue	(3.9B)
Gross profit	2.7B
Operating expenses (S&M + G&A)	(1.6B)
Operating income	940.5M
Net income	340.1M

Balance sheet highlights (USD)

Property, plant & equipment	37.1B
Right-of-use (leased) assets	351M
Total assets	44B
Total debt	15.8B
Cash & equivalents	2B
Minority interest	967.4M

Market & shares

Market cap (FY-end)	50.9B
Shares outstanding	515.6M

Events 2023· 9

Primary: Energy efficiency and green building across owned/managed portfolio

Welltower's environmental strategy focuses on reducing greenhouse gas emissions, energy consumption, water usage, and waste production across its portfolio. The company benchmarks properties in ENERGY STAR Portfolio Manager, obtains green building certifications, and implements green technologies. Net proceeds from two green bond issuances ($500M in 2019 and $550M in 2022, totaling $1.05B) have been fully deployed into energy efficiency, water conservation, and green building projects as of September 30, 2023.

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Improved GRESB score - maintained GRESB Green Star status for third consecutive year

Welltower improved its GRESB score and maintained GRESB Green Star status for the third consecutive year. Also maintained MSCI ESG rating of AA, top 30% ISS Quality Score for Environment and Social, and Prime status under ISS-ESG Corporate Rating for fifth consecutive year.

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Primary: Water conservation programs funded through green bond proceeds

Water conservation is explicitly cited as one of three categories of eligible projects for Welltower's green bond framework. Both green bonds ($500M issued 2019 and $550M issued 2022) funded energy efficiency, water conservation, and green building projects. As of September 30, 2023, all $1.05 billion of proceeds have been fully utilized. Water usage reduction is also stated as a key environmental goal alongside GHG emissions and energy consumption reduction.

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Dependent: Portfolio-wide physical and transition climate risk analysis

Welltower performs portfolio-wide physical and transition risk analysis to identify opportunities to help mitigate climate risks across its seniors housing and outpatient medical portfolio. The company recognizes that changes in federal, state and local legislation relating to climate change could result in increased capital expenditures to improve energy efficiency and resiliency of existing properties, and acknowledges the risk of increased costs on new development properties without a corresponding increase in revenue.

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ENERGY STAR Partner of the Year - Sustained Excellence for 3rd consecutive year

Welltower was recognized by the U.S. EPA and U.S. Department of Energy as an ENERGY STAR Partner of the Year for the fifth consecutive year and maintained the level of Sustained Excellence (EPA's highest recognition) for the third consecutive year. Also achieved Executive Member level in EPA's Certification Nation program.

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Dependent: Operator engagement and contract alignment to improve sustainability performance

Welltower has modernized nearly all operator contracts under RIDEA 3.0/4.0 structures that align operators on bottom-line performance metrics and data sharing, which supports sustainability improvements through operators. The company's data science platform monitors property performance and transitions underperforming operators - indirectly enabling energy and operational efficiency improvements across the Seniors Housing Operating segment (72% of total revenues in 2023).

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Record $6 billion capital deployment in 2023 including 153 property acquisitions

Welltower deployed a record $6 billion of capital in 2023 (book amount $4.23 billion for acquisitions), completing over 50 transactions with a median check size of $54 million, adding nearly 10,000 units (approximately 10% expansion of asset base). Segments: SHO 52 properties $2.66B, Triple-net 66 properties $1.10B, Outpatient Medical 35 properties $0.47B.

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Strategic dissolution of Revera joint ventures across US, UK, and Canada

During 2023, Welltower entered into definitive agreements to dissolve existing Revera joint venture relationships across the U.S., U.K. and Canada. Transactions include acquiring remaining interests in 110 properties from Revera while simultaneously selling interests in 31 properties to Revera. UK portion closed June 2023, US portion closed Q3 2023. Canadian portfolio (85 properties) expected to close first half 2024.

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Renewable energy technology implementation across portfolio

Welltower's sustainability strategy explicitly includes implementing renewable energy technologies across its portfolio. The company works with operators, residents, and tenants to encourage evolving practices of environmental sustainability including renewable energy. This is part of a broader goal of prudent environmental stewardship focused on reducing greenhouse gas emissions and energy consumption, though specific renewable energy targets or percentage figures are not disclosed in this annual report (detailed metrics are in the separate ESG report).

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2022

sustainability report ↗

Climate · carbon footprint (tCO2e)

Scope 1	180,316
Scope 2 (market-based)	426,603
Scope 3	285,097
Cat 1 · Purchased goods	1,694
Cat 3 · Fuel + energy	58,607
Cat 5 · Waste in operations	22,769
Cat 6 · Business travel	1,011
Cat 7 · Employee commuting	1,061
Cat 13 · Downstream leased	260,256
Cat 14 · Franchises	0
Cat 15 · Investments	0
Gross carbon footprint	892,016
Net carbon footprint	892,016

Energy (kWh)

Electricity	1.9B
Fuel (stationary + mobile)	989.9M
Heat / steam	1.7M
Total energy	2.4B
Renewable energy	(51.6M)
Non-renewable / hydrocarbon	2.3B
Renewable electricity %	4%

Nature

water withdrawal m3	18.2Mm3
waste generated t	41,901tons
waste recycled t	10,025tons

Social

workforce female pct	48%
workforce management female pct	47%
workforce board female pct	40%
ethnicity minority pct	22%
employee turnover pct	11%
training hours per employee	10hours
h s lost time injury rate	1per 1000000 hours
h s total recordable injury rate	2per 200000 hours
h s fatalities	0count
community investment amount	460,000USD
supply chain audited pctⓘ	10%
gender pay gap mean pct	13%

Governance

board diversity pct	90%
esg linked executive pay yn	1yes/no
audit assurance climate levelⓘ	1level

P&L highlights (USD)

Headcount (FTE)	514people
Revenue	5.9B
Cost of revenue	(3.6B)
Gross profit	2.3B
Total operating expenses	(5.7B)

Balance sheet highlights (USD)

Property, plant & equipment	32.9B
Right-of-use (leased) assets	323.9M
Total assets	37.9B
Total debt	14.7B
Cash & equivalents	631.7M
Minority interest	1.1B

Market & shares

Market cap (FY-end)

32.2B

Events 2022· 44

Primary: Green building certifications and low-carbon new construction

Welltower pursues LEED, BREEAM, IREM, WELL and Fitwel certifications for new developments and existing properties. As of end-2022, the portfolio includes 58 ENERGY STAR certified, 8 LEED certified, 1 WELL certified, and 19 IREM Certified Sustainable Properties. New development projects are guided by Sustainability Guidelines developed with Arup in 2022. Example projects include Wandsworth Common (UK, CHP + PV + motion-sensor lighting, 35% regulated CO2 savings) and The Apsley NYC (24% embodied carbon savings vs baseline). The Balfour at Brookline development targets LEED Gold.

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Dependent: Tenant/operator engagement via Performance Playbook & green leases

Because the bulk of emissions sit in tenant-operated seniors-housing space (downstream leased assets — Scope 3 Cat 13 = ~190k tCO2e electricity alone in 2022), Welltower drives reductions via the Seniors Housing 'Performance Playbook' (launched 2019), green leases (95% of new MOB leases include cost-recovery clauses for efficiency capex covering 3M sq ft), tenant newsletters, and ENERGY STAR Portfolio Manager benchmarking across 1,400+ properties (75% portfolio coverage, 83 operators).

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Dependent: Water efficiency in operated and leased portfolio

Water intensity reduced 8.7% within control boundary from 2018 baseline. Pilots include wireless underground soil sensors at an Atlanta-area MOB for smart irrigation, and leak-detection systems deployed at nine properties. Standard practices include low-flow fixtures, drought-tolerant landscaping, and cooling-tower water management upgrades.

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Scope 3 disclosure includes downstream leased assets, business travel, commuting, waste

Welltower's Scope 3 inventory covers Categories 5 (waste), 6 (business travel air), 7 (employee commuting), and 13 (downstream leased assets — triple-net SHO properties), with LRQA limited assurance.

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LRQA limited assurance over GHG and sustainability data

LRQA provided limited assurance over Welltower's CY2022 Scope 1, 2 and 3 GHG emissions, energy, water, waste, workforce diversity and safety metrics.

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ENERGY STAR Partner of the Year - Sustained Excellence (2nd year)

Received ENERGY STAR Partner of the Year, Sustained Excellence Award for the second consecutive year; 58 ENERGY STAR certified properties (+14 from 2021).

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Issued $550M second green bond

Welltower issued its second green bond offering ($550M) in 2022, taking total outstanding green bonds to $1.05B; net proceeds fund energy efficiency, water efficiency and green building projects.

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Launched ESG Steering Committee

Formed a cross-functional ESG Steering Committee led by the CEO and AVP Capital Markets & ESG to coordinate ESG strategy across divisions.

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Updated Vendor Code of Conduct

Released refreshed Vendor Code of Conduct covering business ethics, human rights, ethical labor, environmental sustainability, DEI, health, safety and data privacy.

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Improved data coverage by >10% for benchmarking

Data coverage in ENERGY STAR Portfolio Manager improved by over 10% to 75%+, after operator engagement and QAQC of property profiles.

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2021

annual report ↗

Climate · carbon footprint (tCO2e)

Scope 1	147,308
Scope 2 (market-based)	353,174
Scope 3	348,559
Cat 5 · Waste in operations	34,665
Cat 6 · Business travel	478
Cat 7 · Employee commuting	1,055
Cat 13 · Downstream leased	311,219
Gross carbon footprint	849,041
Net carbon footprint	849,041

Energy (kWh)

Electricity	1.8B
Total energy	3,097.7B
Renewable energy	(24.7M)
Non-renewable / hydrocarbon	3,097.7B
Renewable energy %	4%

Nature

waste generated t	111,823tons
waste recycled t	14,696tons
water withdrawal m3	7.7Mm3

Social

employee turnover pct	9%
workforce board female pct	82%

Governance

board diversity pct	82%
audit assurance climate levelⓘ	1

P&L highlights (USD)

Headcount (FTE)	465people
Revenue	4.7B
Cost of revenue	(2.8B)
Gross profit	2B
Total operating expenses	(4.6B)

Balance sheet highlights (USD)

Total debt	13.9B
Minority interest	1.4B

Market & shares

Market cap (FY-end)

38.4B

Events 2021· 11

Green power procurement and on-site solar to reduce carbon footprint

Welltower procures renewable energy where feasible through green power contracts and on-site solar generation. In 2021 the company used 24,700,000 kilowatt-hours of green power (24,565,804 kWh via green power purchases and 172,669 kWh via live solar generation). Welltower participates in the Clean Energy Buyers Association and negotiates energy rates with local and national energy companies across the portfolio to support expansion of renewable energy procurement. Renewable energy represented 4% of Medical Office Building energy consumption.

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Primary: Energy and GHG intensity reduction through ENERGY STAR benchmarking and efficiency projects

Welltower utilizes ENERGY STAR Portfolio Manager to benchmark 741 properties (40% of portfolio) for GHG, energy, water and waste performance. The company targets a 10% reduction in Scope 1 and 2 GHG emissions intensity by 2025 over a 2018 baseline and had achieved 5.9% reduction as of 2021. Welltower's Sustainability Management System is aligned with ISO 14001 and 50001 and uses a Plan-Do-Check-Act approach for continuous improvement. 382 total efficiency projects have been implemented to date.

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Holiday Retirement portfolio acquisition - 85 seniors housing properties for $1.58B

On July 30, 2021, Welltower acquired a portfolio of 85 seniors housing properties owned by Holiday Retirement for $1,576,600,000. Atria Senior Living assumed operations pursuant to an incentive-based management agreement. Subsequently, leasehold interests were terminated effective April 1, 2022 following agreement with NHI.

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Primary: LED Retrofit Program across outpatient medical and seniors housing portfolio

Welltower has an ongoing LED Retrofit Program conducted in partnership with Greenleaf Energy Solutions. As of 2021, 382 LED retrofit projects have been completed with a total investment of $36M, generating $7.4M in operational cost savings with a return on investment under 5 years. 15 new projects were completed in 2021. This is the primary operational energy reduction lever for the directly managed outpatient medical portfolio.

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Portfolio-wide climate change scenario analysis launched using Moody's ESG Solutions

In 2021, Welltower launched a portfolio-wide climate change scenario analysis using Moody's ESG Solutions Physical Climate Risk Application to identify heat stress, water stress, wildfire risk, flood risk, hurricanes, typhoons, regulatory and reputational risks.

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Primary: Sustainable building development targeting green certifications

Welltower pursues development opportunities in large metro areas to leverage existing infrastructure and minimise biodiversity impact. All new developments incorporate energy and water efficient equipment (high-efficiency lighting, low-flow fixtures) and low-emitting materials for indoor air quality. As of 2021, the portfolio holds 94 valid green building certifications including 44 ENERGY STAR, 7 LEED, 1 WELL, 5 BREEAM and 21 IREM Certified Sustainable Properties. Approximately $728 million in new development projects were anticipated to be funded in 2022.

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Scope 3 sub-categories explicitly assured: downstream leased assets, business travel, employee commuting, waste

Welltower's LRQA assurance scope for CY2021 explicitly covered Scope 3 categories: downstream leased assets, business travel, employee commuting, and waste generated in operations for approximately 20% of properties by sq ft. This represents explicit disaggregation of Scope 3 categories.

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Green Bond proceeds of $277.7M utilized as of 9/30/21

Welltower utilized $277.7 million in Green Bond proceeds as of 9/30/21, supporting energy and water efficiency upgrades, LED lighting retrofits, HVAC replacements and properties pursuing top-tier green building certifications.

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Dependent: Downstream leased asset decarbonisation via green leases and Performance Playbook

Welltower's largest Scope 3 category is downstream leased assets (Category 13), totalling approximately 311,219 tCO2e in 2021 (market-based). The company uses standard green leases across its outpatient medical portfolio (Gold-level Green Lease Leader since 2020) requiring data sharing and ENERGY STAR benchmarking. The Seniors Housing Efficiency Playbook, launched in 2019, guides operators on energy, water and waste reduction. Tenant Improvement Guidelines encourage ENERGY STAR labelled products. Green Bond proceeds fund energy and water efficiency upgrades with 25%+ efficiency gain targets.

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Primary: Water efficiency upgrades targeting 10% intensity reduction by 2025

Welltower targets a 10% water usage intensity reduction by 2025 over a 2018 baseline; as of 2021 the control boundary showed 9.5% reduction. Mitigation strategies include low-flow and high-efficiency fixtures, leak detection technology, drip irrigation systems, drought-tolerant landscaping, and active monitoring of domestic water usage trends. Total water withdrawal with data coverage was 7,687 thousand cubic metres in 2021.

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2020

annual report ↗

Climate · carbon footprint (tCO2e)

Scope 1	126,656
Scope 2 (market-based)	342,355
Scope 3	378,061
Cat 13 · Downstream leased	378,061
Gross carbon footprint	847,072
Net carbon footprint	847,072

Energy (kWh)

Electricity	1.9B
Total energy	3B
Renewable energy	(33.3M)
Non-renewable / hydrocarbon	3B
Renewable energy %	1%

Nature

waste generated t	27,902tons
waste recycled t	6,144tons
water withdrawal m3	11.8Mm3

Social

employee turnover pct

Governance

board diversity pct	50%
esg linked executive pay yn	1binary
audit assurance climate levelⓘ	10-2 scale

P&L highlights (USD)

Headcount (FTE)	414people
Revenue	4.6B

Events 2020· 12

Lloyd's Register limited assurance on GHG and sustainability data CY2020

Lloyd's Register Quality Assurance provided independent limited assurance on Welltower's GHG emissions inventory and sustainability data for CY2020, covering Scope 1, 2, 3 (limited categories), energy, water, waste, and workforce diversity data.

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Expanded sustainability dataset in 2020 to increase portfolio coverage

In 2020, Welltower increased data coverage across the portfolio by working with seniors housing operators and medical office teams, achieving 100% data coverage for Scope 1&2 and Scope 3 property categories.

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ESG goals expanded to executive leadership team performance requirements

In 2020, Welltower expanded ESG goals to extend to executive leadership team performance and increased ESG team staffing with a full-time ESG Analyst, creating organization-wide ESG engagement.

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Primary: Water efficiency programme — leak detection, low-flow fixtures, benchmarking

Welltower manages water use across its portfolio through benchmarking, high-efficiency fixtures, low-flow plumbing, drought-tolerant landscaping, drip irrigation, and leak detection technology. The control boundary water intensity fell 12.1% vs the 2018 baseline in 2020, exceeding the halfway point to the 2025 target of 10% reduction. Water performance covers 49% of portfolio floor area by sq ft.

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Primary: Energy efficiency upgrades — LED retrofit program across portfolio

Welltower's most significant efficiency programme is its LED retrofit initiative, with 367 projects completed to date totalling over $35M in investment and generating an estimated $7.2M in operational cost savings with a return on investment under five years. The company uses ENERGY STAR Portfolio Manager to benchmark outpatient medical properties and tracks performance against a 10% energy reduction target by 2025 vs 2018 baseline. Total portfolio energy intensity was 84.32 kBtu/sqft in 2020; control boundary energy intensity fell 3.5% vs 2018 baseline.

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Green power procurement, on-site solar, and REBA membership

Welltower treats energy as a controllable expense and actively procures renewable energy through green power contracts and on-site solar generation, using over 33 million kWh of green power in 2020. The company is an EPA Green Power Partner and in 2020 joined the Renewable Energy Buyers Alliance (REBA), committing to support the transition to a zero-carbon energy system. Renewable energy represented 1.1% of total portfolio energy consumption. The company's new development pipeline also incorporates solar-ready rooftop design.

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Primary: GHG emissions reduction target tracking with Scope 1, 2 and 3 reporting

Welltower tracks Scope 1, 2, and Scope 3 GHG emissions across its entire portfolio (1,698 buildings, 129M sqft), estimating usage where direct collection is not feasible. Scope 1&2 intensity fell 4.9% against the 2018 baseline to 6.08 MTCO2e/1,000 sqft in 2020. The 2025 target requires a 10% reduction in GHG emissions over the 2018 baseline; Welltower is approximately halfway to the target.

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Primary: Green Bond financing for certified buildings and energy/water efficiency upgrades

Welltower was the first US health care REIT to complete a public green bond offering, with $104.5M in proceeds allocated to eligible projects including financing of properties targeting high-level green building certification and energy/water efficiency upgrades designed to achieve 25%+ efficiency gains (LED lighting, HVAC/chiller replacements, irrigation systems, low-flow fixtures). Projects are selected by the Green Bond Committee in compliance with the third-party reviewed Green Bond Framework.

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10% reduction target for GHG, energy and water by 2025 over 2018 baseline

Welltower set a goal to reduce greenhouse gas emissions, energy, and water usage 10% by 2025 over a 2018 baseline. Reporting boundary uses financial control method covering outpatient medical properties and seniors housing JV communities.

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Dependent: Tenant and operator engagement via green leases and Performance Playbook

Welltower engages senior housing operators and medical office tenants through its Performance Playbook (a guide for efficiency and excellence) and a standard green lease requiring data sharing and ENERGY STAR benchmarking. By 2020, 580 green leases had been executed covering 1.66M sqft of medical office space. The Welltower Advisory Services programme extends sustainable vendor partnerships to operating partners at preferred pricing, driving sustainability outcomes beyond direct operational control (Scope 3 boundary).

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