Welltower Inc. (NYSE:WELL) released its third-quarter 2026 earnings on October 26, 2026, reporting net income of $415 million and raising its full-year normalized FFO guidance range to $6.47 to $6.53 per diluted share.

Key Highlights

  • Net income: The company reported net income of $415 million and net income attributable to common stockholders of $0.54 per diluted share for the quarter ended September 30, 2026.
  • Normalized FFO growth: Quarterly normalized funds from operations attributable to common stockholders came in at $1.67 per diluted share, an increase of 24.6% over the prior year period.
  • Same store NOI growth: Total portfolio year-over-year same store NOI growth was 15.8%, with the Seniors Housing Operating portfolio contributing 21.0% SSNOI growth.
  • Year-to-date investments: The company closed or had under contract $21.0 billion of pro rata gross investments year-to-date, including $13.3 billion completed in the nine months ended September 30, 2026.
  • Liquidity position: As of September 30, 2026, the company reported Net Debt to Adjusted EBITDA of 3.02x and approximately $9.5 billion of available liquidity.
  • Quarterly dividend: The Board of Directors declared a cash dividend of $0.85 per share for the quarter, to be paid November 19, 2026, representing the company's 222nd consecutive quarterly cash dividend.
  • Raised full-year guidance: Full-year normalized FFO guidance was raised to $6.47 to $6.53 per diluted share from the prior range of $6.36 to $6.44.

Welltower Reports Strong Third Quarter 2026 Operating Results and Raises Annual Outlook

According to the filing, Welltower Inc. (NYSE:WELL) reported net income of $415 million for the quarter ended September 30, 2026, with net income attributable to common stockholders of $0.54 per diluted share. Quarterly normalized FFO attributable to common stockholders was $1.67 per diluted share, reflecting a 24.6% increase over the prior year. The company's Seniors Housing Operating portfolio drove same store NOI growth of 21.0%, supported by 320 basis points of average occupancy growth and 5.3% growth in Revenue Per Occupied Room, which the filing indicated resulted in SHO portfolio organic same store revenue growth of 9.1% year-over-year.

On the capital activity front, the filing disclosed that in July 2026, Welltower completed the issuance of C$1.15 billion aggregate principal amount of Canadian dollar-denominated senior unsecured notes, consisting of C$750 million of 3.850% notes due August 15, 2031 and C$400 million of 4.150% notes due August 15, 2033, with a weighted-average coupon of 3.95%. During the third quarter, the company completed $4.1 billion of pro rata gross investments inclusive of development funding, including $2.7 billion across 43 seniors housing properties. Pro rata property dispositions of $284 million and loan repayments of $200 million were also completed in the quarter, the filing stated. Net debt to consolidated enterprise value stood at 9.2% as of September 30, 2026.

For the full year 2026, the company revised its net income attributable to common stockholders guidance to a range of $3.31 to $3.37 per diluted share, up from the prior range of $3.11 to $3.19. Normalized FFO guidance was also raised, as noted above. The filing disclosed that anticipated general and administrative expenses are expected to be approximately $267 million to $272 million, inclusive of approximately $60 million of stock-based compensation expense. Blended same store NOI growth guidance was set at 15.0% to 16.25% for the full year. The company indicated expected pro rata disposition proceeds of $1.9 billion at a blended yield of 6.5% in the next twelve months.

What Was Disclosed

Welltower filed its third-quarter 2026 earnings release on October 26, 2026, covering the period ended September 30, 2026. The filing detailed operating results, investment and disposition activity, capital markets transactions, a quarterly dividend declaration, and raised full-year guidance for both net income and normalized FFO.