Welltower

Closed Senior Housing Equity Fund One with $2.5B equity commitments including $2.1B third-party capital at 1.35% management fees, one of largest recent first-time real estate fund launches, already 50% deployed.

Sold $1.3B of former ProMedica/HCR Medicare portfolio achieving 25% unlevered IRR and 3.1x money multiple over seven years, after $500M cash flow rebound from operational turnaround.

Already closed or under contract for $5.7B acquisitions including $3.2B Amica transaction and $2.5B new activity across 30+ transactions in first six weeks of 2026.

Management acknowledged several healthcare REITs and private funds entering SHOP but argued exposure alone does not define success in operationally intensive business, welcoming competition to chase into challenging terrains.