Welltower Inc. WELL

Competitive advantage analysis · real-estate

REIT Specialized
Overall moat score
46/100
Developing

Ranked against 20 peers in REIT - Healthcare Facilities

About Welltower Inc.

Welltower Inc. is a S&P 500 company, is positioned at the center of the silver economy, focusing on rental housing for aging seniors across the United States, United Kingdom and Canada. Our portfolio of 2,000+ seniors and wellness housing communities are positioned at the intersection of housing and hospitality, creating vibrant communities for mature renters and older adults. We believe … Full WELL analysis →

Key strengths

  • Conservative Leverage Leverage is conservative (score 0.68), providing refinancing flexibility.
  • Accretive Growth Track Record Growth appears accretive (score 0.84), suggesting disciplined capital allocation.

Key risks

  • Weak NOI Margins NOI margins lag peers (score 0.16), indicating weak pricing power.
  • Weak AFFO Coverage AFFO generation is weak (score 0.26), threatening dividend sustainability.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Rent Pricing Power

Developing
37
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Signals, strengths and risks for Rent Pricing Power

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Signals, strengths and risks for AFFO Strength

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Signals, strengths and risks for Balance Sheet & Cost of Capital

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Signals, strengths and risks for Capital Recycling & Growth

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Signals, strengths and risks for Operational Efficiency

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Signals, strengths and risks for Portfolio Quality & Diversification

Where WELL ranks in REIT - Healthcare Facilities

Welltower Inc. ranks #11 of 20 scored companies in REIT - Healthcare Facilities by moat score — the top 55%. The widest moat in the group is CareTrust REIT, Inc. (CTRE) at 88/100.

# Company Moat score Rating
7 Universal Health Realty Income UHT 63/100 Moderate
8 Sila Realty Trust, Inc. SILA 62/100 Moderate
9 Ventas, Inc. VTR 59/100 Moderate
10 Healthpeak Properties, Inc. DOC 55/100 Moderate
11 Welltower Inc. WELL 46/100 Developing
12 American Healthcare REIT, Inc. AHR 44/100 Developing
13 Medical Properties Trust, Inc. MPW 41/100 Developing
14 Community Healthcare Trust Inco CHCT 40/100 Developing
15 Global Medical REIT Inc. GMRE 39/100 Developing

See every Real Estate Investment Trusts company ranked by moat score →

How WELL scores on the REIT Specialized defenses

Rent Pricing Power

Score 37 · 20% of the moat score

For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.

AFFO Strength

Score 35 · 18% of the moat score

AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.

Balance Sheet & Cost of Capital

Score 46 · 20% of the moat score

Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.

Capital Recycling & Growth

Score 59 · 16% of the moat score

REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.

Operational Efficiency

Score 21 · 14% of the moat score

Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.

Portfolio Quality & Diversification

Score 71 · 12% of the moat score

Portfolio quality is really a question about what happens when a tenant fails.

How each REIT Specialized defense is measured, in full →

Understanding WELL's moat

What is Welltower Inc.'s moat score?

Welltower Inc. (WELL) scores 46 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as developing. It ranks #11 of 20 scored companies in REIT - Healthcare Facilities, the top 55%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 20 companies in REIT - Healthcare Facilities. Its strongest defense is Portfolio Quality & Diversification (71/100) and its weakest is Operational Efficiency (21/100).

How does Welltower Inc. compare with other REIT - Healthcare Facilities companies?

Welltower Inc. ranks #11 of 20 scored companies in REIT - Healthcare Facilities by moat score. The widest moat in REIT - Healthcare Facilities is CareTrust REIT, Inc. (CTRE) at 88/100. The companies ranked closest are Healthpeak Properties, Inc. (DOC) at 55 just above it and American Healthcare REIT, Inc. (AHR) at 44 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 20 companies in REIT - Healthcare Facilities. The defenses are then weighted to produce the overall score out of 100.

Why is Welltower Inc. scored with the REIT Specialized template?

A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.

Which competitive defenses are measured for Welltower Inc.?

The REIT Specialized template measures 6 defenses, and WELL scores: Rent Pricing Power (37), AFFO Strength (35), Balance Sheet & Cost of Capital (46), Capital Recycling & Growth (59), Operational Efficiency (21), Portfolio Quality & Diversification (71). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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