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Welltower is the world's largest healthcare-property REIT and a pure bet on an ageing population. It owns senior-housing communities, post-acute facilities and outpatient medical buildings across the US, Canada and the UK — and, unusually for a landlord, increasingly runs the senior-housing portfolio itself through operating partners (the 'RIDEA' model), so it keeps the upside as occupancy and rents rise. Under its 'Welltower 3.0' pivot it is pouring billions into senior housing while selling ~$6B of medical offices.

A landlord that also runs the building

Most REITs just collect rent. Welltower increasingly owns AND operates its senior-housing communities through management ('RIDEA') partners like Oakmont and StoryPoint — so when occupancy and rents rise, Welltower keeps the upside instead of a fixed rent cheque. The flip side is operating risk: labour costs and occupancy now flow straight to its bottom line.

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