Welltower Inc.

Welltower Inc. is a U.S. real estate investment trust that invests in senior housing, outpatient medical properties, and other healthcare-related real estate. While water is not a production input, water utilities are important to the operation of its properties for residents, patients, sanitation, landscaping, and building functions. This gives the company a higher degree of direct water dependence than financial office-based firms, but a lower degree than water-dependent industrial sectors.

Welltower's water-management strategy emphasizes building-specific efficiency and early detection of anomalies. Property teams analyze water-use patterns to identify poorly performing buildings and leaks, while water-saving fixtures and equipment upgrades are incorporated into conversions and renovations. Landscaping best practices are also implemented where the company has operational control.

The company factors water stress into its climate-risk assessment using the Moody's Climate on Demand platform. Properties experiencing water stress receive mitigation strategies including leak detection, drought-resistant landscaping, irrigation system improvements, and monitoring of water-use intensity against peer properties.

An accounting and reporting caveat is worth noting. While reported total water use fell 10% between 2023 and 2024, water-data coverage also decreased from 74% to 56% of floor area. As a result, the lower reported total water-use figure does not necessarily indicate a portfolio-wide reduction.