Welltower is a real estate investment trust that owns senior housing communities, medical office buildings and outpatient facilities rather than operating the healthcare services provided inside them. As a REIT, it passes most of its taxable income through to shareholders as dividends, and its property values and occupancy rates are closely tied to demographic trends, particularly the aging population moving into senior housing in growing numbers. The company partners with operating companies that run the day-to-day care in its properties, while Welltower focuses on owning and developing the real estate itself. Interest rates matter more for REITs like Welltower than for typical operating companies, since both the cost of financing new properties and the relative appeal of dividend yields move with the rate environment.