Welltower (WELL) Q3 2026 earnings summary

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.