Welltower
29 named things its latest annual report says its results depend on, each in the company's own words. 17 of them are also named by other companies we've read.
Customers
Integra Healthcare Properties
earns from · approximately 16% of our Triple-net segment revenues and 2% of total revenuesFor the year ended December 31, 2025, our revenues related to our relationship with Integra Healthcare Properties (“Integra”) accounted for approximately 16% of our Triple-net segment revenues and 2% of total revenues.Business (Item 1)
Health systems (outpatient medical tenants)
earns from · approximately 91% of our outpatient medical building portfolioAs of December 31, 2025, approximately 91% of our outpatient medical building portfolio is affiliated with health systems (buildings directly on or adjacent to hospital campuses or with tenants that are satellite locations for the health system and its physicians).Business (Item 1)
U.K. Local Authorities
earns fromnamed as a riskIf we or our operators are found to be non-compliant, this may result in termination risks under our agreements with Local Authorities.Business (Item 1)
Partners and platforms
Care UK
depends on · 14% of Seniors Housing Operating Segment revenuesFor the year ended December 31, 2025, Care UK, Cogir Management Company and Sunrise Senior Living accounted for 14%, 12% and 10% of Seniors Housing Operating Segment revenues, respectively.Business (Item 1)
Cogir Management Company
depends on · 12% of Seniors Housing Operating Segment revenuesFor the year ended December 31, 2025, Care UK, Cogir Management Company and Sunrise Senior Living accounted for 14%, 12% and 10% of Seniors Housing Operating Segment revenues, respectively.Business (Item 1)
Sunrise Senior Living
depends on · 10% of Seniors Housing Operating Segment revenuesFor the year ended December 31, 2025, Care UK, Cogir Management Company and Sunrise Senior Living accounted for 14%, 12% and 10% of Seniors Housing Operating Segment revenues, respectively.Business (Item 1)
Other companies
U.K. seniors housing portfolio acquisition
£5.2 billionnamed as a riskThe largest component of the transactions we announced in 2025 is the acquisition of a real estate portfolio of seniors housing communities in the U.K. for £5.2 billion.Risk factors (Item 1A)
Outpatient medical portfolio divestiture
approximately $7.2 billionnamed as a riskFor example, during the year ended December 31, 2025, we entered into a definitive agreement to sell an outpatient medical portfolio for a sales price of approximately $7.2 billion.Risk factors (Item 1A)
Places
United Kingdom
operates in · approximately 20.0% of total Welltower revenuesnamed as a riskWe have operations in the U.K. and Canada, which represent approximately 20.0% and 6.8% of total Welltower revenues, respectively.Risk factors (Item 1A)
Also named by AGX, AJG, AMP, BAC, BF/B, BGC, BRO, C and 59 more
Hazards
Hurricanes, wildfires, earthquakes and floods
concentrated innamed as a riskA significant number of our properties are located in regions particularly susceptible to severe weather conditions and natural disasters, including hurricanes, wildfires, earthquakes, tornadoes, floods and freeze events in typically warmer climates.Risk factors (Item 1A)
U.S. flood insurance market
exposed to its pricenamed as a riskFor example, the U.S. flood insurance market has been influenced by, among other things, the increasing occurrence of flood events and the introduction of a new governmental risk rating system, resulting in significant changes in the availability and affordability of coverage.Risk factors (Item 1A)
Commodities and inputs
Canadian Dollar
exposed to its price · $3,249,635,000 denominated in Canadian Dollarsnamed as a riskIncreases or decreases in the value of the Canadian Dollar or British Pounds Sterling relative to the U.S. Dollar impact the amount of net income we earn from our investments in Canada and the U.K.Market risk (Item 7A)
Also named by ABBV, ADBE, AMG, AYI, BBY, BWXT, CBRE, CDRE and 67 more
British Pound Sterling
exposed to its price · $1,411,725,000 denominated in Pounds Sterlingnamed as a riskAs of December 31, 2025, the total principal amount of foreign currency debt obligations was $4,661,360,000, including $1,411,725,000 denominated in Pounds Sterling and $3,249,635,000 denominated in Canadian Dollars.Market risk (Item 7A)
Also named by AMG, BGC, BKNG, CBRE, CTRE, FCFS, FDS, FIS and 31 more
Lumber
exposed to its pricenamed as a riskFor example, shortages and fluctuations in the price of lumber, electrical equipment or in other important raw materials have resulted in and could continue to result in delays in the start or completion of, or increase the cost of, developing one or more of our projects.Risk factors (Item 1A)
Also named by BLDR, DHI, GHC, HD, HHH, KIM, LEN, LOW and 11 more
Regulators
Centers for Medicare and Medicaid Services (CMS)
subject tonamed as a riskGenerally, long-term/post-acute care facilities are reimbursed by Medicare under prospective payment systems, which generally provide reimbursement based on a predetermined fixed amount per episode of care and are updated by the Centers for Medicare and Medicaid Services (“CMS”), an agency of the Department of Health and Human Services (“HHS”) annually.Business (Item 1)
Also named by ABBV, CDNA, CHE, DGX, DOC, ENSG, GD, GEHC and 6 more
Laws and programs
One Big Beautiful Bill Act (OBBBA)
subject to · approximately $1 trillionnamed as a riskFor example, the OBBBA contains a provision that, starting in 2028, will require state Medicaid programs to reduce reimbursement rates by 10 percentage points each year until they reach 100% or 110% of what Medicare pays.Risk factors (Item 1A)
Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more
Medicare
subject tonamed as a riskOur operators’ and tenants’ revenues are primarily driven by occupancy, private pay rates and Medicare and Medicaid reimbursement, if applicable.Risk factors (Item 1A)
Also named by ABT, ARWR, AXGN, BAX, BDX, BMY, BSX, CAH and 48 more
Medicaid
subject tonamed as a riskThe majority of the revenues received by the operators of these facilities are from the Medicare and Medicaid programs, with the balance representing reimbursement payments from private payors and patients.Business (Item 1)
Also named by ABBV, ABT, ARE, ARWR, BAX, BMY, BSX, CHE and 39 more
HIPAA
subject tonamed as a riskWhile we have compliance programs in place designed to ensure compliance with HIPAA and other data privacy laws, there is a risk that we could incur liability if we fail to adequately protect personal data.Risk factors (Item 1A)
Also named by AFL, BAX, BBSI, CI, DHR, DOC, DOCN, DOCU and 19 more
OECD Pillar 2 global minimum tax
subject tonamed as a riskIn the event we do not qualify as a Real Estate Investment Vehicle, or one or more of our affiliates do not qualify as a “subsidiary” that is excluded from the Pillar 2 rules, or we do not otherwise qualify for a safe harbor under the Pillar 2 rules, we or our subsidiaries may be subject to Pillar 2 Taxes.Business (Item 1)
Federal Anti-Kickback Statute
subject tonamed as a riskIn addition, we could potentially be directly subject to these healthcare fraud and abuse laws, as well as potential investigation or enforcement, as a result of our RIDEA-structured arrangements and certain collaboration or other arrangements we may pursue with stakeholders who are directly subject to these laws.Business (Item 1)
SNF Value-Based Purchasing Program
subject tonamed as a riskThis may impact the reimbursement levels and public perception of our SNF tenants and operators.Business (Item 1)
Certificate of Need (CON) laws
subject tonamed as a riskCON and licensure laws may limit the number of potential operators of our tenant healthcare facilities, which could reduce the value of such properties if put up for sale.Business (Item 1)
REIT Investment Diversification and Empowerment Act of 2007 (RIDEA)
subject tonamed as a riskHowever, as the owner and TRS tenant of the property under a RIDEA structure, we are responsible for, and our financial performance is impacted by, operational and legal risks and liabilities of the property, including those described above, despite our limited ability to control or influence our operators’ management of these risks.Risk factors (Item 1A)
Also named by OHI
Inflation Reduction Act of 2022 Corporate Alternative Minimum Tax
subject tonamed as a riskOur taxable REIT subsidiaries may be subject to material U.S. federal income taxes under the Corporate AMT.Business (Item 1)
Also named by MSTR
California SB-525
subject tonamed as a riskFor example, California SB-525, which became effective in June 2024, requires certain healthcare facility employers to pay wages for certain covered employees that are higher than other state-mandated minimum wages.Risk factors (Item 1A)
Quebec privacy legislation
subject tonamed as a riskIn September 2021, the province of Quebec adopted significant amendments to its privacy legislation (each of which are now in effect), including a new enforcement scheme with significant penalties and fines: up to CAD $10 million or 2% of global turnover (whichever is greater) for administrative monetary penalties and up to CAD $25 million or 4% of global turnover for penal fines.Business (Item 1)