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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Welltower
Welltower (WELL) investor relations material
Welltower Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary27 Oct, 2026
Executive summary
Normalized FFO was $1.67 per diluted share, up 24.6% YoY; total portfolio same-store NOI rose 15.8%, led by 21.0% SHO growth.
FY2026 normalized FFO guidance midpoint increased $0.10 to $6.50 per diluted share.
Q3 revenue was $3.716B, up 38% YoY; net income was $414.8M versus $282.2M a year earlier.
Financial highlights
Net income attributable to common stockholders was $396.6M, or $0.54 per diluted share; normalized FFO was $1.258B, or $1.67 per diluted share.
Adjusted EBITDA increased 35% YoY to $1.43B; total portfolio same-store NOI increased 15.8%.
SHOP same-store revenue grew 9.1% YoY; RevPOR rose 5.3%, occupancy increased 320 bps, and margin expanded 310 bps to 31.7%.
Q3 reported FFO was $1.071B, up 30% YoY; NOI was $1.470B, up 33%.
Outlook and guidance
FY2026 net income guidance is $3.31–$3.37 per diluted share; normalized FFO guidance is $6.47–$6.53, with a $6.50 midpoint.
Expected same-store NOI growth is 15.0%–16.25% overall: SHO 20.25%–21.75%, seniors housing triple-net 3.5%–4.5%, outpatient medical 2%–3%, and skilled nursing 2%–3%.
SHO guidance assumes 9.3% revenue growth, ~350 bps occupancy growth, 5.1% RevPOR growth, and 4.6% expense growth.
Guidance includes $21.0B of pro rata investments and $6.0B of dispositions and loan repayments closed or under contract; it excludes speculative activity and unannounced transitions or restructures.
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Latest events from Welltower
- Q4 SHO NOI grew 23.7%, with FY24 midpoint guidance of 18%.WELL
Q4 2023 - FFO per share up 25% YoY, with strong NOI, raised guidance, and a 15% dividend hike.WELLQ2 2026
- Directors and auditor were approved; executive compensation vote did not pass.WELLAGM 2026
- Net income and FFO per share surged, guidance raised, and liquidity remains strong.WELLQ1 2026
- AI-driven capital allocation and rising construction costs shape senior housing growth outlook.WELLCiti’s Miami Global Property CEO Conference 2026
- Record financial results, new long-term executive plan, and leading ESG progress highlighted.WELLProxy filing
- Nine directors, auditor ratification, and executive pay are up for vote at the 2026 meeting.WELLProxy filing
- Record growth in 2025 and strong 2026 outlook driven by senior housing and capital discipline.WELLQ4 2025
- FFO per share rose 22%, NOI surged, and guidance and dividend were raised for 2025.WELLQ2 2025
Next Welltower earnings date
Q4 202610 Feb, 2027
Welltower
Next Welltower earnings date
Q4 202610 Feb, 2027
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Frequently asked questions
Building a healthy future
Welltower is a real estate investment trust (REIT) that specializes in healthcare infrastructure. The company's primary focus is on owning, acquiring, and managing properties in the healthcare sector, with a particular emphasis on senior housing, post-acute care, and outpatient medical facilities. Welltower's business model revolves around generating income through rental and leasing agreements with healthcare providers who utilize their properties.
Specialization and consistency
One of Welltower's key competitive advantages is its specialization in healthcare real estate. The company has developed significant expertise and a deep understanding of the unique requirements and dynamics of the healthcare industry. This knowledge allows Welltower to make informed investment decisions, identify attractive acquisition opportunities, and maintain long-term relationships with healthcare providers.
The aging population serves as an opportunity
Welltower operates in an industry with several opportunities. The aging population, particularly in developed countries, presents a significant growth opportunity for senior housing and healthcare services. The demand for healthcare facilities is likely to increase as the elderly population continues to expand. Additionally, advancements in medical technology and changing healthcare delivery models could lead to the development of specialized medical properties and opportunities for Welltower to diversify its portfolio.
However, there are also challenges that Welltower faces. Regulatory changes in the healthcare industry, shifts in reimbursement models, and evolving healthcare policies can impact the demand for specific types of healthcare properties and affect the company's operations. Economic downturns and fluctuations in interest rates may also pose challenges to Welltower's financial performance.
Three listed peers to Welltower in the healthcare real estate sector are: Ventas, Healthpeak, and Medical Properties Trust.