WELL
Welltower Inc.
Is WELL Halal?
Healthcare REIT — conventional debt structure fails Sharia.
What You Should Know
Welltower's March 31, 2026 10-Q reports $67,220.556 million of assets and $17,933.568 million of debt, or approximately 26.68% debt/assets. Cash plus separately reported receivables are approximately 7.42% of assets and disclosed interest income is approximately 2.12% of revenue, so the examined financial ratios pass; healthcare tenants, ancillary services and conventional financing still require qualified qualitative review.
⚠️ Concerns
- •Conventional REIT financing
- •Healthcare tenant and ancillary-service look-through
- •Receivables-and-other-assets classification
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
17,933.568 / 67,220.556
4,703.775 / 67,220.556
4,987.981 / 67,220.556
70.929 / 3,351.926
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is approximately 26.68%, cash/assets is approximately 7.00%, receivables plus cash/assets is approximately 7.42%, and disclosed interest income is approximately 2.12%; financial ratios pass, but business activity is incomplete.
- Financial
- Pass
- Overall
- Incomplete
The examined financial ratios pass; tenant and ancillary-service activity still require a qualified review. This is not an official index classification.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets and liquidity/assets are below the examined 33% limits; business activity remains unresolved and this is not an official SAC classification.
- Financial
- Not calculated
- Overall
- Incomplete
Market-cap methods are not calculated; the asset-based financial result is shown separately and does not resolve the qualitative look-through.
Business-activity disclosure
Welltower owns and operates senior-living, outpatient and healthcare properties. The property use is plausibly permissible, but tenant contracts, ancillary services, financing structure and school-specific treatment require a qualified look-through review.
Limitation: The filing does not provide a universal, school-independent prohibited-revenue numerator for tenant and healthcare-service activities, so this record does not invent one.
Purification
A disclosed interest-income amount is available, but tenant and ancillary-service income purification requires a defined scholar-approved method.
Inputs, assumptions and primary sources
- Amounts are USD millions from Welltower's March 31, 2026 Form 10-Q.
- Long-term interest-bearing debt is 17,933.568 and total assets are 67,220.556; debt/assets is approximately 26.68%.
- Cash is 4,703.775 and the separately reported accounts-receivable line is 284.206; the filing also reports broader receivables and other assets of 2,553.021.
- Total revenue is 3,351.926 and disclosed interest income is 70.929, or approximately 2.12% of revenue.
- Tenant and operating-income look-through is not treated as automatically permissible or non-compliant.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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