Welltower earnings for the third quarter of 2026 showed normalized funds from operations rising 24.6% to $1.67 per diluted share, as the healthcare real estate company raised its full-year outlook. The October 26 results beat analyst FFO expectations by $0.03, although revenue of $3.72 billion narrowly missed consensus.

Key Takeaways

  • Senior housing operating same-store net operating income grew 21.0% year over year.
  • Full-year normalized FFO guidance increased to $6.47–$6.53 per diluted share.
  • Quarterly revenue rose 38.3% but fell $30 million short of analyst expectations.

Welltower earnings show senior housing strength

Welltower’s third-quarter 2026 results announcement reported net income of $415 million for the quarter ended September 30, with net income attributable to common stockholders of $0.54 per diluted share.

Total portfolio same-store net operating income grew 15.8% year over year. The company attributed that increase to its Seniors Housing Operating portfolio, where same-store net operating income rose 21.0%.

Organic same-store revenue in that portfolio increased 9.1%, reflecting a 320-basis-point improvement in average occupancy and 5.3% growth in revenue per occupied room. Those figures distinguish growth at a consistent group of properties from expansion in the overall portfolio.

Normalized FFO is a supplemental, non-GAAP operating measure, not net income or operating cash flow. Welltower adjusts FFO for specified items, while FFO itself excludes real estate depreciation and certain other items from net income.

Higher 2026 guidance remains a forecast

Management increased its full-year normalized FFO guidance to $6.47–$6.53 per diluted share from $6.36–$6.44. It also raised expected net income attributable to common stockholders to $3.31–$3.37 per diluted share from $3.11–$3.19.

The outlook assumes blended same-store net operating income growth of 15.0%–16.25%, including 20.25%–21.75% growth in the Seniors Housing Operating portfolio.

The forecast includes only acquisitions announced or closed to date. It excludes additional unannounced investments, dispositions and capital transactions, making it distinct from both completed quarterly results and potential future deals.

Investment activity and dividend dates

Welltower completed $4.1 billion of pro rata gross investments in the third quarter, including development funding. That included $2.7 billion invested across 43 senior housing properties. Property dispositions and loan repayments totaled $484 million.

At September 30, net debt to adjusted EBITDA was 3.02 times. The company reported approximately $9.5 billion of available liquidity, a measure that included expected property-sale and loan-payoff proceeds as well as available cash, restricted cash and credit-line capacity.

The board declared a quarterly cash dividend of $0.85 per share, payable November 19, 2026, to shareholders of record on November 10. Future dividend declarations remain subject to board approval.

Next milestone

Welltower scheduled its earnings conference call for October 27, 2026, at 9:00 a.m. Eastern Time, when management planned to provide further detail on its full-year outlook and assumptions.

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