Welltower (WELL) Q1 2026 earnings summary

Executive summary

• Net income attributable to common stockholders was $1.02 per diluted share for Q1 2026, up from $0.40 in Q1 2025, with normalized FFO per diluted share rising 23% year-over-year to $1.47, driven by strong seniors housing operating portfolio performance and robust investment activity.

• Revenues rose 38% to $3.35B, with significant growth in Seniors Housing Operating and Triple-net segments, and major acquisitions in the UK and Canada.

• Raised the midpoint of full-year FFO per share guidance by $0.11 to $6.28, reflecting outperformance and portfolio transformation.

• Continued transformation into a tech-enabled, vertically integrated real estate platform, including monetization of proprietary data science capabilities and external partnerships.

• Executed $3.2B of investments in Q1 and have $7.3B more under contract, while completing nearly $3B in dispositions to rotate capital.

Financial highlights

• Total revenues for Q1 2026 were $3.35 billion, up from $2.42 billion in Q1 2025; net income attributable to common stockholders was $728.7 million, up from $258.0 million year-over-year.

• Normalized FFO attributable to common stockholders was $1.07 billion, or $1.47 per diluted share, up 23% year-over-year.

• Same store NOI grew 16.4% year-over-year, with SHOP same-store NOI up 22.1%, marking the 14th consecutive quarter of 20%+ growth.

• Operating margin expanded by 320 bps to 30.9%; flow-through margin reached 64%.

• Net debt to adjusted EBITDA improved to 2.7x from 3.3x year-over-year, with available liquidity exceeding $11.1 billion.

Outlook and guidance

• 2026 net income guidance raised to $3.24–$3.38 per diluted share, and full-year normalized FFO guidance increased to $6.21–$6.35 per diluted share.

• Portfolio same-store NOI growth expected at 12.25%-16% year-over-year, led by 16.5%-21.5% growth in senior housing operating.

• Guidance includes $10.5 billion of pro rata gross investments and $4.3 billion of dispositions for 2026.

• Expense growth guidance lowered to 5.3%, with ExpPOR growth expected below 1.5%.

• Year-end net debt to adjusted EBITDA expected at ~3x, below prior expectations.