$WELL · WELLTOWER INC.
Welltower Inc. filed its 10-Q for the quarter ended September 30, 2026. Revenue surged 38.4% YoY to $3.716B, with net income attributable to common stockholders of $396.6M ($0.54 diluted EPS) versus $280.6M ($0.41) a year ago. FFO per diluted share reached $4.33, up from $3.61. The company deployed $9.7B in acquisitions year-to-date, expanding total assets to $73.7B. Seniors Housing Operating NOI grew 59% YoY to $897.7M, the standout segment.
- Revenue of $3.716B grew 38.4% YoY, driven by resident fees and services more than doubling versus Q3 2025.
- FFO per diluted share reached $4.33 vs $3.61 a year ago, a 19.9% increase.
- Seniors Housing Operating NOI hit $897.7M, up 59% YoY from $564.4M, reflecting aggressive portfolio expansion.
- Net income attributable to common stockholders was $396.6M ($0.54 diluted EPS) vs $280.6M ($0.41) in Q3 2025.
- Total assets swelled to $73.7B from $67.3B at year-end 2025, with $9.7B deployed in acquisitions year-to-date.
Stock closed regular session at $226.72, down 5.77% on the day. Extended-hours last trade shows no additional move beyond the regular-session decline. The selloff may reflect profit-taking or macro pressure rather than fundamental disappointment, given the strong 38.4% revenue growth and 19.9% FFO/share expansion.
The 38.4% revenue growth and 19.9% FFO/share expansion at a $163B market-cap healthcare REIT is exceptional scale, confirming the demographic-driven Seniors Housing boom is accelerating.
Welltower's Seniors Housing Operating NOI growth of 59% YoY underscores the powerful demographic tailwind in healthcare REITs, as the aging population drives occupancy and rate gains. The $73.7B asset base cements its position as the largest pure-play healthcare REIT.
Rapid acquisition pace ($9.7B YTD) increases integration risk and leverage; interest expense rose to $192.7M from $162.1M YoY. Foreign currency translation losses of $387.8M over nine months signal international exposure risk.