$WELL · WELLTOWER INC.
Welltower reported Q3 2026 results with net income of $415M ($0.54 per diluted share) and normalized FFO of $1.67 per share, a 24.6% YoY increase. Total portfolio same-store NOI grew 15.8%, driven by 21.0% SSNOI growth in the Seniors Housing Operating portfolio. The company raised full-year 2026 normalized FFO guidance to $6.47–$6.53 per share from $6.36–$6.44 and revised net income guidance to $3.31–$3.37 per share. Year-to-date pro rata gross investments total $21.0B closed or under contract, with $7.7B subsequent to quarter-end.
- Normalized FFO per diluted share of $1.67, up 24.6% year-over-year
- Total portfolio same-store NOI growth of 15.8%, led by Seniors Housing Operating at 21.0%
- SHO organic same-store revenue up 9.1% YoY on 320 bps occupancy growth and 5.3% RevPOR growth
- Full-year normalized FFO guidance raised to $6.47–$6.53 from $6.36–$6.44
- Net Debt to Adjusted EBITDA of 3.02x with $9.5B in available liquidity
Extended-hours trading shows WELL at $237.51, down 1.31% from the $240.66 regular close, despite strong operating metrics and raised guidance — suggesting the $173B market cap may have already priced in robust seniors housing trends.
Welltower's 21% SHO SSNOI growth and 24.6% normalized FFO increase confirm the seniors housing super-cycle is accelerating, with $21B in YTD investments signaling aggressive capital deployment at scale.
Welltower's 21% SHO SSNOI growth dramatically outpaces the broader healthcare REIT sector, reinforcing its dominant position in the silver-economy thesis as the senior population demographic tailwind accelerates.
Guidance excludes any unannounced investments, dispositions, or capital transactions; $1.9B in planned dispositions at a 6.5% blended yield could pressure near-term NOI. Impairment of assets rose to $33.5M in Q3 from $3.1M a year ago.