What is Welltower's operating lease variable income?

Welltower (WELL) reported operating lease variable income of $37.41M in Q4 2025.

How has Welltower's operating lease variable income changed year-over-year?

Welltower's operating lease variable income decreased by 28.8% year-over-year, from $52.55M to $37.41M.

What is the long-term trend for Welltower's operating lease variable income?

Over 4 years (2021 to 2025), Welltower's operating lease variable income has grown at a 3.2% compound annual growth rate (CAGR), from $180.86M to $205.28M.

What does operating lease variable income mean?

Income from leases that fluctuates based on tenant performance or other variable contractual terms.

Discontinued — last reported Q3 '20

Revenue

Operating Lease Variable Income

Welltower Operating Lease Variable Income decreased by 33.2% to $37.41M in Q4 2025 compared to the prior quarter. Year-over-year, this metric declined by 28.8%, from $52.55M to $37.41M. Over 4 years (FY 2021 to FY 2025), Operating Lease Variable Income shows an upward trend with a 3.2% CAGR. This decline may warrant attention — for this metric, higher values are generally preferred.

Analysis

StatementIncome Statement

SectionRevenue

CategoryGrowth

SignalHigher is better

VolatilityVolatile

First reportedQ1 2019

Last reportedQ3 2020

How to read this metric

An increase signals successful participation in tenant growth or favorable market conditions, though it introduces more revenue volatility.

Detailed definition

Captures income derived from variable lease components, such as percentage rents or performance-based escalators, within...

Peer comparison

Common in retail and senior housing REITs where lease terms are tied to operational performance.

Metric ID: is_wfc_operating_lease_variable_income

Historical Data

19 periods

	Q2 '21	Q3 '21	Q4 '21	Q1 '22	Q2 '22	Q3 '22	Q4 '22	Q1 '23	Q2 '23	Q3 '23	Q4 '23	Q1 '24	Q2 '24	Q3 '24	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25
Value	$43.86M	$44.74M	$46.23M	$48.07M	$48.24M	$49.23M	$48.01M	$53.79M	$54.77M	$55.41M	$48.00M	$56.23M	$53.38M	$56.26M	$52.55M	$57.56M	$54.30M	$56.00M	$37.41M
QoQ Change	—	+2.0%	+3.3%	+4.0%	+0.3%	+2.1%	-2.5%	+12.1%	+1.8%	+1.2%	-13.4%	+17.1%	-5.1%	+5.4%	-6.6%	+9.5%	-5.7%	+3.1%	-33.2%
YoY Change	—	—	—	—	+10.0%	+10.0%	+3.9%	+11.9%	+13.6%	+12.6%	-0.0%	+4.5%	-2.5%	+1.5%	+9.5%	+2.4%	+1.7%	-0.4%	-28.8%

Range$37.41M – $57.56M

CAGR-3.5%

Avg YoY Growth+3.3%

Median YoY Growth+3.9%

Frequently Asked Questions

What is Welltower's operating lease variable income?: Welltower (WELL) reported operating lease variable income of $37.41M in Q4 2025.
How has Welltower's operating lease variable income changed year-over-year?: Welltower's operating lease variable income decreased by 28.8% year-over-year, from $52.55M to $37.41M.
What is the long-term trend for Welltower's operating lease variable income?: Over 4 years (2021 to 2025), Welltower's operating lease variable income has grown at a 3.2% compound annual growth rate (CAGR), from $180.86M to $205.28M.
What does operating lease variable income mean?: Income from leases that fluctuates based on tenant performance or other variable contractual terms.