Welltower Reports Third Quarter 2026 Results
WELLTOWER INC. (WELL) filed an SEC Form 8-K — Results of Operations and Financial Condition. Welltower Reports Third Quarter 2026 Results Toledo, Ohio, October 26, 2026.…Welltower Inc. (NYSE:WELL) today announced results for the quarter ended September 30, 2026. Third Quarter and Other Recent Highlights • Reported net income of $415 million and net income attributable to
How this was made
The 30-second read
Why it matters
The guidance revision is a primary disclosure that can affect valuation and investor sentiment.
Market read
Guidance upgrade is likely to boost WELL and may influence peer REITs in the senior‑housing sector.
What to watch
Potential pressure from rising interest rates could offset guidance benefits.
Welltower reported third-quarter normalized FFO of $1.67 per diluted share, up 24.6% over the prior year, with total portfolio SSNOI growth of 15.8% and increased full-year 2026 guidance.
Third-quarter normalized FFO per diluted share increased 24.6% year over year, total portfolio SSNOI grew 15.8%, SHO SSNOI grew 21.0%, and the company raised both net income and normalized FFO per-share guidance for 2026.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Three months ended September 30, 2026 total revenuesGAAP | $3.72B | – | – |
| Three months ended September 30, 2026 resident fees and servicesGAAP | $3.12B | – | – |
| Three months ended September 30, 2026 rental incomeGAAP | $488.6M | – | – |
| Three months ended September 30, 2026 interest incomeGAAP | $83.25M | – | – |
| Three months ended September 30, 2026 other incomeGAAP | $22.74M | – | – |
| Three months ended September 30, 2026 property operating expensesGAAP | $2.25B | – | – |
| Three months ended September 30, 2026 depreciation and amortizationGAAP | $706.8M | – | – |
| Three months ended September 30, 2026 interest expenseGAAP | $192.7M | – | – |
| Three months ended September 30, 2026 general and administrative expensesGAAP | $67.17M | – | – |
| Three months ended September 30, 2026 impairment of assetsGAAP | $33.45M | – | – |
| Three months ended September 30, 2026 other expensesGAAP | $124.7M | – | – |
| Three months ended September 30, 2026 total expensesGAAP | $3.38B | – | – |
| Three months ended September 30, 2026 net incomeGAAP | $414.8M | – | – |
| Three months ended September 30, 2026 net income attributable to common stockholdersGAAP | $396.6M | – | – |
| Three months ended September 30, 2026 diluted net income attributable to common stockholders per shareGAAP | $0.54 | – | – |
| Three months ended September 30, 2026 NAREIT FFO attributable to common stockholdersnon-GAAP | $1.07B | – | – |
| Three months ended September 30, 2026 NAREIT FFO per diluted sharenon-GAAP | $1.42 | – | – |
| Three months ended September 30, 2026 normalized FFO attributable to common stockholdersnon-GAAP | $1.26B | – | – |
| Three months ended September 30, 2026 normalized FFO attributable to common stockholders per diluted sharenon-GAAP | $1.67 | – | 24.6% |
| Three months ended September 30, 2026 normalized FFO payout rationon-GAAP | 51 % | – | – |
| Three months ended September 30, 2026 consolidated NOInon-GAAP | 1,469,751 | – | – |
| Three months ended September 30, 2026 pro rata NOInon-GAAP | 1,496,462 | – | – |
| Three months ended September 30, 2026 total same store NOInon-GAAP | $820.0M | – | 15.8% |
| Three months ended September 30, 2026 SHO same store NOInon-GAAP | $604.3M | – | 21.0% |
| Three months ended September 30, 2026 Seniors Housing Triple-net same store NOInon-GAAP | $78.24M | – | 4.2% |
| Three months ended September 30, 2026 Outpatient Medical same store NOInon-GAAP | $28.50M | – | 2.4% |
| Three months ended September 30, 2026 Skilled Nursing same store NOInon-GAAP | $108.9M | – | 2.8% |
| Three months ended September 30, 2026 SHO SS RevPORnon-GAAP | $6.07M | – | 5.3 % |
| Three months ended September 30, 2026 average occupied units/monthother | 103,899 | – | – |
| Three months ended September 30, 2026 Adjusted EBITDAnon-GAAP | $1.43B | – | – |
| Three months ended September 30, 2026 net debt to Adjusted EBITDA rationon-GAAP | 3.02 x | – | – |
| Nine months ended September 30, 2026 total revenuesGAAP | $10.61B | – | – |
| Nine months ended September 30, 2026 resident fees and servicesGAAP | $8.89B | – | – |
| Nine months ended September 30, 2026 rental incomeGAAP | $1.40B | – | – |
| Nine months ended September 30, 2026 total expensesGAAP | $9.61B | – | – |
| Nine months ended September 30, 2026 net incomeGAAP | $1.63B | – | – |
| Nine months ended September 30, 2026 net income attributable to common stockholdersGAAP | $1.57B | – | – |
| Nine months ended September 30, 2026 diluted net income attributable to common stockholders per shareGAAP | $2.16 | – | – |
| Nine months ended September 30, 2026 normalized FFO attributable to common stockholdersnon-GAAP | $3.51B | – | – |
| Nine months ended September 30, 2026 normalized FFO attributable to common stockholders per diluted sharenon-GAAP | $4.74 | – | – |
| September 30, 2026 cash and cash equivalentsGAAP | $2.27B | – | – |
| September 30, 2026 restricted cashGAAP | $141.1M | – | – |
| September 30, 2026 senior unsecured notesGAAP | $14.69B | – | – |
| September 30, 2026 secured debtGAAP | $3.47B | – | – |
| September 30, 2026 unsecured credit facility and commercial paperGAAP | $1.04B | – | – |
| September 30, 2026 total debtnon-GAAP | $19.67B | – | – |
| September 30, 2026 net debtnon-GAAP | $17.26B | – | – |
| September 30, 2026 net debt to consolidated enterprise valuenon-GAAP | 9.2 % | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Seniors Housing OperatingSHO portfolio organic same store revenue growth increased 9.1% year-over-year in the third quarter, resulting from 320 basis points of average occupancy growth and 5.3% growth in Revenue Per Occupied Room. | $3.13B | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Year ending December 31, 2026 outlook
- Operating expensesGeneral and administrative expenses of approximately $267 million to $272 million, inclusive of stock-based compensation expense of approximately $60 million.
- NoteNet income attributable to common stockholders of $3.31 to $3.37 per diluted share.
- NoteNormalized FFO attributable to common stockholders of $6.47 to $6.53 per diluted share.
- NoteAverage blended SSNOI growth of 15.0% to 16.25%.
- NoteSeniors Housing Operating SSNOI growth of approximately 20.25% to 21.75%.
- NoteSeniors Housing Triple-net SSNOI growth of approximately 3.5% to 4.5%.
- NoteOutpatient Medical SSNOI growth of approximately 2.0% to 3.0%.
- NoteSkilled Nursing SSNOI growth of approximately 2.0% to 3.0%.
- NotePro rata disposition proceeds of $1.9 billion at a blended yield of 6.5% in the next twelve months, including approximately $1.5 billion of consideration from expected property sales and $328 million of expected proceeds from loan repayments.
- NoteEarnings guidance includes only acquisitions announced or closed to date and does not include additional investments, dispositions or capital transactions.
Capital returns
- The Board declared a cash dividend for the quarter ended September 30, 2026 of $0.85 per share.
- The dividend will be paid on November 19, 2026 to stockholders of record as of November 10, 2026.
- The declared dividend will be Welltower's 222nd consecutive quarterly cash dividend.
What drove it
- Total portfolio year-over-year SSNOI growth was 15.8%.
- SHO SSNOI growth was 21.0%.
- SHO organic same store revenue growth was 9.1% year-over-year, driven by 320 basis points of average occupancy growth and 5.3% growth in RevPOR.
- During the third quarter, Welltower completed $4.1 billion of pro rata gross investments, inclusive of development funding.
- Third-quarter seniors housing acquisitions totaled $2.7 billion of pro rata gross investments across 43 seniors housing properties.
- Year-to-date, Welltower closed or had under contract to close $21.0 billion of pro rata gross investments, including $13.3 billion completed in the nine months ended September 30, 2026 and $7.7 billion closed or under contract to close subsequent to quarter end, excluding development funding.
Concerns
- Rental income was $488,641 in the third quarter of 2026 versus $499,475 in the third quarter of 2025.
- Other income was $22,744 in the third quarter of 2026 versus $57,631 in the third quarter of 2025.
- Other expenses were $124,687 in the third quarter of 2026 versus $44,699 in the third quarter of 2025.
- Impairment of assets was $33,452 in the third quarter of 2026 versus $3,081 in the third quarter of 2025.
- Guidance excludes any additional investments, dispositions or capital transactions, as well as unanticipated expenses, impairments, additions to the loan loss reserve and other additional normalizing items beyond those disclosed.
What to watch
- Progress against the 15.0% to 16.25% average blended SSNOI growth outlook.
- SHO SSNOI performance against the approximately 20.25% to 21.75% outlook range.
- Execution of expected $1.9 billion of pro rata disposition proceeds in the next twelve months at a blended yield of 6.5%.
- Closing of the $7.7 billion of pro rata gross investments closed or under contract to close subsequent to quarter end.
- Liquidity and funding activity following the more than $4 billion of capital sourced globally during the quarter.
Balance sheet and cash flow
- As of September 30, 2026, Welltower reported approximately $9.5 billion of available liquidity inclusive of available cash and restricted cash, available capacity under its line of credit and expected proceeds from property sales and loan payoffs.
- In July 2026, Welltower issued 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.
- The Canadian senior unsecured notes had a weighted-average coupon of 3.95%.
- Third-quarter Adjusted EBITDA annualized was $5,722,908.
- Net debt to consolidated enterprise value was 9.2% as of September 30, 2026.
Analysis
Welltower reported strong third-quarter operating results, led by normalized FFO attributable to common stockholders of $1.67 per diluted share, an increase of 24.6% over the prior year. GAAP net income was $414,823, while net income attributable to common stockholders was $396,587, or $0.54 per diluted share. Total revenues were $3,715,777, including $3,121,141 of resident fees and services, while total expenses were $3,377,827.
Property-level performance was led by seniors housing. Total same store NOI was $819,987, up 15.8%, and SHO same store NOI was $604,319, up 21.0%. The company cited 9.1% SHO organic same store revenue growth, supported by 320 basis points of average occupancy growth and 5.3% SS RevPOR growth. SHO SS RevPOR was $6,066, compared with $5,759 in the prior-year quarter. Other property types also posted positive SSNOI growth, including 4.2% for Seniors Housing Triple-net, 2.4% for Outpatient Medical, and 2.8% for Skilled Nursing.
Capital deployment remained substantial. Welltower completed $4.1 billion of pro rata gross investments during the quarter, including $2.7 billion across 43 seniors housing properties. It also completed $484 million of pro rata dispositions and loan repayments during the quarter, consisting of $284 million of property dispositions and $200 million of loan repayments. Year-to-date, the company reported $21.0 billion of pro rata gross investments closed or under contract to close, including $13.3 billion completed through September 30, 2026.
The balance sheet reflected $2,274,910 of cash and cash equivalents, $141,097 of restricted cash, and $19,672,086 of total debt. Net debt was $17,256,079, and net debt to Adjusted EBITDA was 3.02 x. During July, Welltower issued C$1.15 billion of Canadian dollar-denominated senior unsecured notes with a weighted-average coupon of 3.95%. Management also reported approximately $9.5 billion of available liquidity and net debt to consolidated enterprise value of 9.2%.
Management raised full-year 2026 net income attributable to common stockholders guidance to $3.31 to $3.37 per diluted share from $3.11 to $3.19, and increased normalized FFO guidance to $6.47 to $6.53 per diluted share from $6.36 to $6.44. The company expects average blended SSNOI growth of 15.0% to 16.25%, including approximately 20.25% to 21.75% for SHO. The updated outlook also calls for approximately $267 million to $272 million of general and administrative expenses and $1.9 billion of pro rata disposition proceeds in the next twelve months at a blended yield of 6.5%.
Not in the filing
stated, not guessed- Operating income was not reported as a line item.
- Gross margin was not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Share repurchases were not reported.
- A prior-quarter comparison was not reported for the presented key metrics.
- A separately provided previous earnings release/outlook for comparison with actual reported results was not provided.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Welltower reported Q3 2026 results and updated its 2026 outlook in an SEC Form 8‑K filing.
Ticker impact
Welltower revised its 2026 net income guidance to $3.31‑$3.37 per share, up from $3.11‑$3.19, and raised full‑year normalized FFO guidance.
likely upside as investors price in higher earnings expectations
The 8‑K filing is the first public disclosure of the revised guidance, providing fresh material that can move the stock immediately.
Market effects
Higher REIT earnings guidance may lift other senior‑housing and healthcare REITs.
U.S. REIT sector could see modest gains.
Limited to U.S. real‑estate investment trusts.
Counterpoint
If the guidance raise is already priced in, the stock may face disappointment on earnings beat.
Key entities
- CompanyWelltower Inc.
Senior housing REIT that issued the guidance update.
