Kenneth Bacon and Shankh Mitra

Toledo, Ohio-based, senior living-focused real estate investment trust Welltower has long been referred to as the largest owner of senior living sites in the United States.

In 2025, the REIT crossed the border in a big way, announcing a $3.3 billion deal to acquire 38 luxury senior housing communities in Canada from Amica Senior Lifestyles, as well as a roughly $7 billion deal in the United Kingdom to take over a 111-property portfolio from Barchester, becoming an even bigger international player in the fast-expanding sector.

Those deals underscore how the ripples of the Silver Tsunami still provide ample room for expansion in senior living. Where there was a glut of such units before the pandemic, aging baby boomers, now moving into their 80s, will rapidly increase that segment of the older adult population, so much so that a shortage of units is expected.

Welltower is well positioned for that demographic play. In March last year, it moved to secure a $6.25 billion revolving credit facility, a move that allowed it to pay off substantial debt while lowering its cost of capital amid an expansion push. Welltower engaged in $23 billion in transactions in the fourth quarter of 2025 alone, including $14 billion in acquisitions across the U.S., the U.K. and Canada. Over the last year, its stock price has rocketed more than 60 percent.

Part of Welltower’s growth strategy has been a renewed, singular focus, a company strategy dubbed Welltower 3.0 during its third-quarter earnings. The REIT sold $6 billion of medical office space to Remedy Medical Partners last year, and parted with its skilled nursing portfolio for $1.3 billion.

The REIT also made additional commitments to improving technology and operations, even as net operating income for its senior housing portfolio grew 15 percent last year. The vision is to hasten a shift toward what it calls a pure-play senior housing operating platform.