WELLTOWER INC. Earnings Per Share Disclosure
| Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Numerator for basic earnings per share - net income attributable to common stockholders | $ | 936,845 | $ | 951,680 | $ | 340,094 | ||||||||||||||
| Adjustment for net income (loss) attributable to OP Units and DownREIT Units | 7,246 | 1,700 | (303) | |||||||||||||||||
| Numerator for diluted earnings per share | $ | 944,091 | $ | 953,380 | $ | 339,791 | ||||||||||||||
| Denominator for basic earnings per share - weighted average shares | 665,639 | 602,975 | 515,629 | |||||||||||||||||
| Effect of dilutive securities: | ||||||||||||||||||||
| Employee stock options | 654 | 262 | 32 | |||||||||||||||||
| Unvested restricted shares and units | 3,221 | 1,932 | 1,031 | |||||||||||||||||
OP Units and DownREIT Units | 4,068 | 2,207 | 1,983 | |||||||||||||||||
| Employee stock purchase program | 19 | 21 | 26 | |||||||||||||||||
| Exchangeable Notes | 5,920 | 1,353 | — | |||||||||||||||||
| Dilutive potential common shares | 13,882 | 5,775 | 3,072 | |||||||||||||||||
| Denominator for diluted earnings per share - adjusted weighted average shares | 679,521 | 608,750 | 518,701 | |||||||||||||||||
| Basic earnings per share | $ | 1.41 | $ | 1.58 | $ | 0.66 | ||||||||||||||
| Diluted earnings per share | $ | 1.39 | $ | 1.57 | $ | 0.66 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 12, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 21, 2023 | |
| 2021 | Feb 16, 2022 | |
| 2020 | Feb 10, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2018 | Feb 25, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 22, 2017 | |
| 2015 | Feb 18, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.