Highlights

  • Third quarter 2026 net income was $415 million, and net income attributable to common stockholders was $0.54 per diluted share.
  • Normalized funds from operations attributable to common stockholders were $1.67 per diluted share, an increase of 24.6% over the prior year.
  • Net Debt to Adjusted EBITDA was 3.02x as of September 30, 2026, with approximately $9.5 billion of available liquidity.
  • The company raised its full year 2026 normalized FFO guidance to a range of $6.47 to $6.53 per diluted share.

Welltower Inc. (NYSE: WELL) shares were trading at USD 226.98 on October 27, 2026, down 5.66%, with a relative volume at time of 3.75. The seniors rental housing company issued C$1.15 billion of senior unsecured notes in July, declared a quarterly cash dividend of $0.85 per share on October 26, and reported third quarter 2026 results and raised guidance on October 26.

Welltower is incorporated in Delaware and is headquartered in Toledo, Ohio. The company is an S&P 500 company that focuses on rental housing for aging seniors across the United States, United Kingdom and Canada. Its portfolio of seniors and wellness housing communities included 3,002 properties as of September 30, 2026. Its guidance covers Seniors Housing Operating, Seniors Housing Triple-net, Outpatient Medical and Skilled Nursing components. The company says it views itself as an operating company in a real estate wrapper. Its credit ratings are A- from S&P and A3 from Moody's.

Third Quarter 2026 Results

For the quarter ended September 30, 2026, Welltower reported net income of $415 million. Net income attributable to common stockholders was $0.54 per diluted share, compared with $0.41 in the third quarter of 2025. Total revenues were $3,715,777 thousand, including resident fees and services of $3,121,141 thousand, rental income of $488,641 thousand and interest income of $83,251 thousand.

Normalized funds from operations attributable to common stockholders, a non-GAAP measure, were $1.67 per diluted share, an increase of 24.6% over the prior year. Total portfolio year-over-year same store NOI growth was 15.8%, with same store NOI growth of 21.0% in the Seniors Housing Operating portfolio. In that portfolio, organic same store revenue growth was 9.1% year over year, resulting from 320 basis points of average occupancy growth and 5.3% growth in Revenue Per Occupied Room.

Investments, Dispositions and Capital

In the third quarter, Welltower completed $4.1 billion of pro rata gross investments, including development funding, and $2.7 billion of pro rata gross investments across 43 seniors housing properties. Year to date, it has closed or is under contract to close $21.0 billion of pro rata gross investments, of which $13.3 billion was completed in the nine months ended September 30, 2026 and $7.7 billion closed or is under contract to close after quarter end. Expected investments not yet closed are subject to customary closing conditions.

The company completed $484 million of pro rata dispositions and loan repayments in the quarter. It disposed of 25 OM properties for a pro rata purchase price of $139 million and seven seniors housing properties for $145 million.

In July 2026, it issued C$1.15 billion of 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. Net debt to consolidated enterprise value was 9.2% as of September 30, 2026, and total debt was $19,672,086 thousand.

Dividend and 2026 Outlook

On October 26, 2026, the Board of Directors declared a cash dividend of $0.85 per share for the quarter ended September 30, 2026, payable on November 19, 2026 to stockholders as of November 10, 2026. It will be the 222nd consecutive quarterly cash dividend, and future dividends remain subject to Board review and approval.

Welltower revised guidance for net income attributable to common stockholders to a range of $3.31 to $3.37 per diluted share from $3.11 to $3.19. It increased normalized FFO guidance to $6.47 to $6.53 per diluted share from $6.36 to $6.44. The company expects average blended same store NOI growth of 15.0% to 16.25% and general and administrative expenses of approximately $267 million to $272 million. It expects pro rata disposition proceeds of $1.9 billion at a blended yield of 6.5% in the next twelve months. Guidance includes only acquisitions announced or closed to date.