Welltower Inc.
WELL · NYSE
Next quarter
Expected to report Feb 9, 2027 — estimated from last year’s reporting date.
Consensus is $1.74 EPS for Dec 2026 across 6 estimates, ranging $1.70 to $1.78.
WELL Sep 2026
- 1.83%
- -5.77%
- $1.64
- $1.67
- —
- $3.12B
Reported results
- $3.12B
- 28.04%
- $414.82M
- $0.54
Highlights
- Normalized FFO: $1.67 per diluted share, up 24.6% year over year and 1.8% above the $1.64 consensus estimate; GAAP diluted EPS was $0.54.
- Seniors housing operations: Same-store NOI rose 15.8%, led by 21.0% growth in Seniors Housing Operating (SHO); SHO same-store revenue increased 9.1%.
- Occupancy and pricing: SHO average occupancy improved 320 basis points year over year, while revenue per occupied room grew 5.3%.
- Reported earnings: Net income was $414.8 million versus $282.2 million a year ago and $463.0 million in Q2; a $114.7 million real estate disposition gain contributed to the quarter.
- Revenue growth: Consolidated revenue was $3.72 billion, up 38% year over year; resident fees and services were $3.12 billion, up 51%, reflecting portfolio expansion as well as operations.
- Raised outlook: 2026 normalized FFO guidance increased to $6.47–$6.53 per share from $6.36–$6.44; net income guidance rose to $3.31–$3.37 from $3.11–$3.19.
- Investment pace: Welltower completed $13.3 billion of pro rata gross investments year to date and had $7.7 billion closed or under contract after quarter-end; Q3 included $2.7 billion of SHO acquisitions.
- Funding and leverage: Net debt to Adjusted EBITDA was 3.02x, with approximately $9.5 billion of available liquidity; the company raised $7.5 billion through common-stock issuance in the first nine months.
- Dividend: The board declared a quarterly dividend of $0.85 per share, the 222nd consecutive quarterly cash dividend.
Analysis
Welltower’s third quarter was defined by strong seniors housing operating growth, a higher earnings outlook and continued large-scale portfolio expansion. Normalized FFO of $1.67 per diluted share beat the $1.64 consensus estimate by 1.8% and rose 24.6% year over year. GAAP diluted EPS was $0.54, compared with $0.41 a year ago and $0.61 in Q2; net income of $414.8 million increased from $282.2 million year over year but declined from $463.0 million sequentially. Consolidated revenue reached $3.72 billion, up 38% from $2.69 billion, with resident fees and services at $3.12 billion versus $2.06 billion a year ago.
The underlying operating story was concentrated in Seniors Housing Operating: total portfolio same-store NOI grew 15.8%, including SHO growth of 21.0%, supported by 320 basis points of occupancy gains and 5.3% RevPOR growth. Management raised 2026 normalized FFO guidance by $0.11 at both ends to $6.47–$6.53 per share. The company also continued investing aggressively: it completed $13.3 billion of pro rata investments in the first nine months and had another $7.7 billion closed or under contract after quarter-end. That expansion has been supported in part by equity issuance; leverage remained 3.02x net debt to Adjusted EBITDA, with approximately $9.5 billion of stated available liquidity.
Seniors housing growth
- Portfolio same-store NOI: Growth was 15.8% year over year, with SHO up 21.0%; triple-net rose 4.2%, outpatient medical 2.4% and skilled nursing 2.8%.
- SHO revenue drivers: Organic same-store revenue growth was 9.1%. Average occupancy increased 320 basis points, while RevPOR rose 5.3% to $6,066 per occupied room per month.
- Operating context: SHO generated $604.3 million of same-store NOI, the largest contribution by far. The headline portfolio growth therefore reflects both broad gains and an especially strong operating-housing segment.
Earnings and guidance
- FFO performance: Normalized FFO was $1.67 per diluted share, 24.6% above the year-ago quarter and 3 cents ahead of the $1.64 consensus estimate. Normalized FFO totaled $1.26 billion, compared with $919.2 million a year earlier.
- GAAP results: Net income was $414.8 million and diluted EPS was $0.54, versus $282.2 million and $0.41 in Q3 2025. Sequentially, net income declined from $463.0 million and EPS from $0.61 in Q2.
- Disposition contribution: GAAP results included a $114.7 million net gain on real estate dispositions and acquisitions of controlling interests. The quarter also recorded $33.5 million of asset impairments, $124.7 million of other expenses and $6.8 million of debt-extinguishment losses.
- 2026 outlook: Normalized FFO guidance rose to $6.47–$6.53 per share from $6.36–$6.44; net income guidance increased to $3.31–$3.37 from $3.11–$3.19. The company expects blended same-store NOI growth of 15.0%–16.25%, including 20.25%–21.75% for SHO.
Acquisitions and funding
- Investment program: Welltower completed $13.3 billion of pro rata gross investments in the first nine months, including $4.1 billion in Q3. The quarter’s activity included $2.7 billion invested across 43 seniors housing properties.
- Pipeline: Including $7.7 billion closed or under contract after quarter-end, year-to-date completed or expected pro rata gross investments reached $21.0 billion, excluding development funding. The company separately announced approximately $7 billion of seniors housing acquisitions closed or expected to close through year-end.
- Equity capital: Net proceeds from common-stock issuance were $7.5 billion in the first nine months, including 34.6 million shares sold through the ATM programs at an average price of $218.07. The funding supports growth but also increases the share base.
- Dispositions and repayments: The release reported $4.1 billion of pro rata dispositions and loan repayments year to date, including $2.1 billion of outpatient medical dispositions and $1.2 billion of loan repayments.
Balance sheet and dividend
- Leverage and liquidity: Net debt to Adjusted EBITDA was 3.02x at September 30, and net debt was 9.2% of consolidated enterprise value. Stated available liquidity was approximately $9.5 billion, including expected property-sale and loan-payoff proceeds.
- Debt funding: In July, Welltower issued C$1.15 billion of senior unsecured notes: C$750 million at 3.85% due 2031 and C$400 million at 4.15% due 2033. The company also reported sourcing more than $4 billion of capital globally during the quarter.
- Shareholder distribution: The board declared a $0.85-per-share quarterly dividend, payable November 19 to holders of record November 10. The normalized FFO payout ratio was 51%, compared with 55% in the year-ago quarter.
Revenue and portfolio mix
- Reported revenue: Consolidated revenue was $3.72 billion, up from $2.69 billion in Q3 2025. Resident fees and services rose to $3.12 billion from $2.06 billion, while rental income was $488.6 million versus $499.5 million.
- Portfolio expansion: Revenue growth reflects acquisitions as well as same-store performance. The filing attributes nine-month revenue of $740.4 million to Barchester operations and $899.9 million to HC-One operations; these acquired businesses were not present in the year-ago comparison for the same full period.
- Disposition gains: The company recognized $591.0 million of gains in the first nine months from sales connected to its outpatient medical portfolio transaction, including $114.7 million of net disposition and control-acquisition gains in Q3.
