Welltower management check
WELL · Real Estate · Health Care REITs · CEO Shankh Mitra
Filings as of
5 good · 0 to watch · 2 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $328, against $138 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.92 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Flag
What does the CEO cost owners?
87.6% of net income$821.1m of reported pay in fiscal 2025, against $936.8m of net income.
- Good
Do they own the stock?
Insiders are buyingThe CEO holds 76,494 shares, directly or through trusts (unvested awards not counted): about 0.0 years of pay. 1 insider bought $2.4m on the open market in the last six months, with their own money, near the lows.
- Flag
Are owners being diluted?
Share count growingDiluted shares changed +14.5% a year over the last three fiscal years. Stock-based pay was 18.4% of revenue in the latest year.
- Good
Is leadership stable?
6 leadership filings in 3 yearsCEO in the pay table: Shankh Mitra. 6 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Real Estate.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 100 | 45 | |
| Pay for performance | 96 | 86 | |
| CEO cost | 0 | 23 | |
| Skin in the game | 20 | 32 | |
| Dilution | 0 | 23 | |
| Stable leadership | 95 | 85 | |
| Clean books | 100 | 100 |
Closest peers
Others in Health Care REITs, by management score. Welltower is 18th of 29 in its sector.
- 289VTRVentas62
- 341UDRUDR, Inc.59
- 342WELLWelltower59
- 347WYWeyerhaeuser58
- 358KIMKimco Realty57
- 477DOCHealthpeak Properties37
Pay versus performance
From the proxy statement filed April 10, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Shankh Mitra | $821.1m | $999.6m | $136.6m | $328 | $138 | $936.8m |
| 2024 | Shankh Mitra | $20.2m | $106.6m | $5.8m | $219 | $134 | $951.7m |
| 2023 | Shankh Mitra | $17.3m | $40.8m | $5.0m | $153 | $123 | $340.1m |
| 2022 | Shankh Mitra | $14.3m | $6.0m | $4.1m | $108 | $108 | $141.2m |
| 2021 | Shankh Mitra | $12.8m | $22.9m | $3.1m | $137 | $143 | $336.1m |
The board says pay is tied most to normalized FFO. Its other key measures: Relative Total Shareholder Return, Normalized FFO per Diluted Share, Adjusted Fixed Charge Coverage, (Net Debt + Preferred) / Annualized Adjusted EBITDA.
Insiders and the CEO's stake
Shankh Mitra (CEO) held 76,494 shares directly after their latest Form 4 on Jun 26, 2026, roughly $13.3m at that filing's price.
1 insider bought $2.4m on the open market in the last six months, with their own money, near the lows.
- BoughtAndrew GundlachDirector$2.4mAug 26, 2026
Leadership and governance on file
- Oct 27, 2025Leadership change8-K 5.02
- Jan 2, 2025Leadership change8-K 5.02
- Dec 6, 2024Leadership change8-K 5.02
- Jul 29, 2024Leadership change8-K 5.02
- Mar 25, 2024Leadership change8-K 5.02
- Dec 28, 2023Leadership change8-K 5.02
- May 25, 2022Leadership change8-K 5.02
Latest shareholder vote results: May 22, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $6.9bn returned to owners in buybacks and dividends, 253% of net income, and $1.7bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $3.2bn | $4.2bn | $4.8bn | $6.0bn | $8.5bn |
| Net income | $336.1m | $141.2m | $340.1m | $951.7m | $936.8m |
| Stock-based pay | $17.8m | $26.1m | $37.2m | $75.8m | $1.6bn |
| Buybacks | $0 | $0 | — | — | — |
| Dividends | $1.0bn | $1.1bn | $1.3bn | $1.5bn | $1.9bn |
| Diluted shares | 427m | 465m | 519m | 609m | 680m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.