Welltower Reports Strong Q3 2026 Results and Raises Full-Year Guidance

Welltower Inc. (NYSE: WELL) Q3 2026 Earnings & Operational Highlights

Executive Summary

On October 26, 2026, Welltower Inc. filed a Form 8-K under Items 2.02 and 7.01 reporting financial results for the third quarter ended September 30, 2026. The REIT delivered robust double-digit bottom-line growth, driven by continued operational acceleration in its Seniors Housing Operating (SHO) portfolio, and subsequently raised full-year 2026 guidance across key metrics.

Key Financial Metrics

• Net Income: Reported net income of $415 million; net income attributable to common stockholders reached $0.54 per diluted share.
• Normalized Funds From Operations (FFO): Reached $1.67 per diluted share, representing a 24.6% increase compared to the prior-year period.
• Same Store Net Operating Income (SSNOI): Total portfolio year-over-year SSNOI increased by 15.8%, headlined by 21.0% growth in the Seniors Housing Operating segment.
• SHO Organic Operational Drivers: SHO organic revenue rose 9.1% year-over-year, supported by a 320 basis points increase in average occupancy and a 5.3% growth in Revenue Per Occupied Room (RevPOR).

Capital Deployment and Balance Sheet

• Investment Activity: Year-to-date closed or under contract pro rata gross investments totaled $21.0 billion ($13.3 billion completed during the nine months ended September 30, 2026, and $7.7 billion closed or under contract subsequent to quarter-end).
• Dispositions: Completed $484 million of pro rata dispositions and loan repayments in Q3 2026 ($4.1 billion year-to-date).
• Liquidity & Leverage: Maintained a Net Debt to Adjusted EBITDA ratio of 3.02x and net debt to consolidated enterprise value of 9.2%, backed by approximately $9.5 billion in total available liquidity.
• Dividend: Declared a quarterly cash dividend of $0.85 per share payable on November 19, 2026, marking Welltower's 222nd consecutive quarterly cash dividend.

Updated 2026 Full-Year Guidance

Welltower increased its full-year 2026 outlook across all core profitability and operational ranges:

• Diluted Normalized FFO per share: $6.47 to $6.53 (raised from $6.36 to $6.44).
• Diluted Net Income per share: $3.31 to $3.37 (raised from $3.11 to $3.19).
• Total Blended SSNOI Growth: 15.0% to 16.25% (with SHO portfolio projected at 20.25% to 21.75%).