Business Segments · Net Operating Income
Triple Net — Net Operating Income
Welltower Triple Net — Net Operating Income increased by 34.4% to $374.09M in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 838.8%, from $39.85M to $374.09M. Over 4 years (FY 2021 to FY 2025), Triple Net — Net Operating Income shows an upward trend with a 8.5% CAGR. This is a positive signal — higher values indicate stronger performance for this metric.
Analysis
StatementSegment
CategoryProfitability
SignalHigher is better
VolatilityStable
First reportedQ1 2013
Last reportedQ4 2025
How to read this metric
An increase indicates improved rental performance or better expense control, while a decrease suggests declining occupancy or rising costs.
Detailed definition
Calculated as total segment revenues minus property operating expenses, this metric measures the core profitability of t...
Peer comparison
A primary performance metric for all REITs; highly comparable across the industry.
Metric ID:
well_segment_triple_net_net_operating_incomeHistorical 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 | $226.31M | $228.32M | $230.85M | $223.95M | $222.87M | $217.32M | $222.88M | $226.34M | $291.53M | $226.28M | $256.99M | $258.92M | $178.12M | $271.17M | $39.85M | $246.21M | $265.10M | $278.41M | $374.09M |
| QoQ Change | — | +0.9% | +1.1% | -3.0% | -0.5% | -2.5% | +2.6% | +1.6% | +28.8% | -22.4% | +13.6% | +0.8% | -31.2% | +52.2% | -85.3% | +517.9% | +7.7% | +5.0% | +34.4% |
| YoY Change | — | — | — | — | -1.5% | -4.8% | -3.5% | +1.1% | +30.8% | +4.1% | +15.3% | +14.4% | -38.9% | +19.8% | -84.5% | -4.9% | +48.8% | +2.7% | +838.8% |
Range$39.85M – $374.09M
CAGR+11.8%
Avg YoY Growth+55.8%
Median YoY Growth+2.7%
Current Streak4 quarters growth
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Frequently Asked Questions
- What is Welltower's triple net — net operating income?
- Welltower (WELL) reported triple net — net operating income of $374.09M in Q4 2025.
- How has Welltower's triple net — net operating income changed year-over-year?
- Welltower's triple net — net operating income increased by 838.8% year-over-year, from $39.85M to $374.09M.
- What is the long-term trend for Welltower's triple net — net operating income?
- Over 4 years (2021 to 2025), Welltower's triple net — net operating income has grown at a 8.5% compound annual growth rate (CAGR), from $841.12M to $1.16B.
- What does triple net — net operating income mean?
- The core profit generated by the triple-net lease segment before corporate overhead and financing costs.