Welltower Inc

Latest Results (29.08.2026):

Welltower Inc. — Quarter ended June 30, 2026 (Q2 2026): reported solid operating and cash‑flow results with strong same‑store performance in seniors housing, meaningful capital deployment and a boosted dividend; net income per diluted share of $0.61 and normalized FFO of $1.60 per diluted share (Q2 2026).

Earnings and FFO

Net income attributable to common stockholders was $445 million (diluted EPS $0.61). Normalized FFO attributable to common stockholders was $1,180 million, or $1.60 per diluted share — up 25.0% year‑over‑year on a per‑share basis.

Same‑Store Operating Performance

Total portfolio same‑store NOI (SSNOI) grew 15.5% YoY in Q2 2026, led by the Seniors Housing Operating (SHO) segment which rose 20.5% YoY.

SHO Revenue, Occupancy and RevPOR

SHO organic same‑store revenue growth was 9.2% YoY, driven by a 330 basis‑point average occupancy gain and a 5.2% increase in Revenue Per Occupied Room (RevPOR).

Top‑line and NOI

Total revenues for Q2 2026 were $3.545 billion versus $2.548 billion in Q2 2025; pro rata Same‑Store NOI was $800.5 million for the quarter.

Capital Deployment and Dispositions

Year‑to‑date closed or under contract pro rata gross investments totaled $15.5 billion (including $9.4 billion closed in the first six months). In Q2 the company completed $6.3 billion of pro rata gross investments and $843 million of pro rata dispositions and loan repayments (including $561 million of Outpatient Medical dispositions).

Balance Sheet and Liquidity

Welltower reported net debt to Adjusted EBITDA of 2.99x and approximately $9.5 billion of available liquidity (cash, restricted cash, full capacity on credit facility and expected proceeds from sales/loan payoffs). Net debt to consolidated enterprise value fell to 8.9% from 10.1% a year earlier.

Financing Activity

The company repaid $700 million of senior unsecured notes in April 2026 and in July issued C$1.15 billion of senior unsecured notes (C$750M due 2031 at 3.85% and C$400M due 2033 at 4.15%).

Dividend

On July 27, 2026 the Board increased the quarterly dividend by 15% to $0.85 per share (declared for the quarter ended June 30, 2026), payable August 20, 2026 to holders of record August 12, 2026.

Guidance and Outlook for 2026

Welltower revised 2026 net income guidance lower to $3.11–$3.19 per diluted share (from $3.24–$3.38) but raised full‑year normalized FFO guidance to $6.36–$6.44 per diluted share (from $6.21–$6.35). Management expects blended SSNOI growth of 13.75%–16.00% for 2026, with SHO ~18.5%–21.5%.

Notable Transactions

Completed the Amica Senior Lifestyles acquisition (Canadian portfolio of 38 communities) on April 1, 2026 for C$4.1 billion (pro rata), and closed five development properties on July 2, 2026 for C$647 million (pro rata). The previously announced 18M sq ft OM portfolio divestiture (~$7.2B transaction) continues with additional property sales expected to close before year‑end.