Welltower Raises 2026 Outlook After Third-Quarter FFO

The Tip Desk · October 27, 2026 · 4 min read

Normalized FFO attributable to common stockholders was $1.67 a share, up 24.6% from a year earlier, as the company lifted full-year earnings guidance.

Welltower Inc. (WELL), the seniors-housing REIT, reported normalized funds from operations attributable to common stockholders of $1.67 a diluted share for the quarter ended September 30, 2026, a 24.6% increase from a year earlier after a 25.0% year-over-year rise in the second quarter.

The company raised its full-year 2026 outlook. Net income attributable to common stockholders guidance moved to $3.31 to $3.37 a diluted share from $3.11 to $3.19, and normalized FFO guidance rose to $6.47 to $6.53 a share from $6.36 to $6.44.

Reported net income attributable to common stockholders was $396.587 million, or $0.54 a diluted share, while total net income was $415 million. The income statement included a $114.7 million gain on real estate dispositions and acquisitions of controlling interests, net, versus $4.0 million a year earlier, and other expenses of $124.7 million, which the company said related primarily to non-capitalizable transaction costs and legal fees, including those tied to the HC-One Group operator restructuring.

Total portfolio and Seniors Housing Operating (SHO) same-store NOI growth rebounded from the second quarter, while SHO organic same-store revenue growth eased. Total portfolio same-store NOI growth was 15.8% year-over-year, after 15.5% in the second quarter and 16.4% in the first quarter. Seniors Housing Operating same-store NOI growth was 21.0%, after 20.5% and 22.1%. SHO organic same-store revenue growth was 9.1%, after 9.2% and 9.5%, from 320 basis points of average occupancy growth and 5.3% growth in revenue per occupied room. Occupancy contribution had been 330 bps in the second quarter and 370 bps in the first; RevPOR growth had been 5.2% and 5.0%.

For the full year, Welltower now expects average blended same-store NOI growth of 15.0% to 16.25%, with SHO approximately 20.25% to 21.75%, seniors housing triple-net 3.5% to 4.5%, outpatient medical 2.0% to 3.0%, and skilled nursing 2.0% to 3.0%. The company said the earnings guidance includes only acquisitions announced or closed to date and no transitions, restructures or capital activity beyond those already announced.

Capital deployment remained heavy. In the third quarter the company completed $4.1 billion of pro rata gross investments, including $2.7 billion across 43 seniors housing properties, after $6.3 billion in the second quarter and $3.3 billion in the first. Year-to-date, it had closed or was 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 subsequent to quarter-end, excluding development funding.

Dispositions slowed. Third-quarter pro rata dispositions and loan repayments were $484 million, after $843 million in the second quarter and $2.8 billion in the first. For the year, completed pro rata dispositions and loan repayments were $4.1 billion, including $2.1 billion of outpatient medical dispositions and $1.2 billion of loan repayments. In the quarter the company disposed of 25 outpatient medical properties for a pro rata purchase price of $139 million and seven seniors housing properties for $145 million.

The company said it sourced more than $4 billion of capital globally during the quarter. Net debt to Adjusted EBITDA was 3.02x as of September 30, 2026, versus 2.99x at June 30 and 2.73x at March 31. Available liquidity was approximately $9.5 billion, matching the June 30 level. Net debt to consolidated enterprise value was 9.2%.

The board declared a $0.85 a share cash dividend for the quarter ended September 30, 2026, the 222nd consecutive quarterly cash dividend, matching the 15% increase announced with second-quarter results. The dividend is payable November 19, 2026.

Looking ahead, Welltower expects pro rata disposition proceeds of $1.9 billion at a 6.5% blended yield in the next twelve months, including about $1.5 billion of property sales and $328 million of loan repayments. It anticipates general and administrative expenses of approximately $267 million to $272 million, inclusive of about $60 million of stock-based compensation. Guidance excludes additional investments, dispositions or capital transactions beyond those disclosed.