The raised guidance and strong operating metrics, particularly 21% SHO same-store NOI growth, signal continued momentum in seniors housing. Watch for the pace of capital deployment given the $7.7 billion in investments closed or under contract after quarter end, and monitor the Q3 2026 conference call for details on the HC-One operator restructuring and the trajectory of investment yields.
Price Chart
Executive Summary
Welltower reported Q3 2026 normalized FFO of $1.67 per diluted share, a 24.6% increase YoY, driven by 21.0% same-store NOI growth in Seniors Housing Operating. The company raised full-year 2026 normalized FFO guidance to $6.47-$6.53 per share from $6.36-$6.44, and net income guidance to $3.31-$3.37 from $3.11-$3.19. Total portfolio same-store NOI grew 15.8% YoY.
Key Financial Metrics
Key Facts
- Q3 2026 normalized FFO attributable to common stockholders of $1.67 per diluted share, up 24.6% YoY from $1.34
- Total portfolio same-store NOI growth of 15.8% YoY, led by Seniors Housing Operating at 21.0%
- SHO same-store revenue growth of 9.1% YoY, with 320 bps occupancy growth and 5.3% RevPOR growth
- Full-year 2026 normalized FFO guidance raised to $6.47-$6.53 per share from $6.36-$6.44
- Full-year 2026 net income guidance raised to $3.31-$3.37 per share from $3.11-$3.19
- Year-to-date closed or under contract $21.0 billion of pro rata gross investments
- Net Debt to Adjusted EBITDA of 3.02x as of September 30, 2026
- Quarterly dividend declared of $0.85 per share, the 222nd consecutive quarterly cash dividend
Financial Impact
Normalized FFO per share grew 24.6% YoY to $1.67; full-year guidance midpoint raised by $0.10 to $6.50 per share
Risk Factors
- Elevated other expenses of $124.7 million in Q3 2026, primarily related to non-capitalizable transaction costs and legal fees including the HC-One Group operator restructuring
- Net debt increased to $17.3 billion from $10.0 billion a year ago, though leverage remains manageable at 3.02x Net Debt to Adjusted EBITDA
- Outpatient Medical portfolio continues to shrink through dispositions, reducing diversification
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000766704-26-000043 |
| Document: a3q26combinedearningsrel.htm | 0000766704-26-000043 |
| Document: well-20261026.htm | 0000766704-26-000043 |
| Document: 0000766704-26-000043-index-headers.html | 0000766704-26-000043 |
| Document: 0000766704-26-000043-index.html | 0000766704-26-000043 |
| Document: 0000766704-26-000043.txt | 0000766704-26-000043 |
| 8-K Data (Synthetic) | 0000766704-26-000043 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | 8-K | $226.72 | awaiting T+60 | awaiting T+60 | $226.72 (+0.00%) |
Oct 27, 2026 today | 424B5 | $227.00 | awaiting T+60 | awaiting T+60 | $226.72 (−0.12%) |
Oct 27, 2026 today | 424B5 | $233.28 | awaiting T+60 | awaiting T+60 | $226.72 (−2.81%) |
Oct 27, 2026 today | 424B5 | $233.28 | awaiting T+60 | awaiting T+60 | $226.72 (−2.81%) |
Oct 26, 2026 1d ago | 8-K | $238.00 | awaiting T+60 | awaiting T+60 | $226.72 (−4.74%) |
Oct 26, 2026 1d ago | Press Release | $240.61 | awaiting T+60 | awaiting T+60 | $226.72 (−5.77%) |
Jul 28, 2026 13w ago | 8-K | $241.08 $237.40 | ▼ −1.53% | ▼ −6.26% | $226.72 (−5.96%) |
Jul 28, 2026 13w ago | 424B5 | $241.08 $237.40 | ▲ +1.53% | ▲ +6.26% | $226.72 (+5.96%) |
Jul 27, 2026 13w ago | 8-K | $243.57 $234.19 | ▼ −3.85% | ▼ −8.20% | $226.72 (−6.92%) |
Jun 1, 2026 21w ago | 8-K | $197.36 $241.15 | ▲ +22.19% | ▲ +20.96% | $226.72 (+14.88%) |
US Market Status
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