Welltower lifts 2026 guidance as senior housing NOI grows 21%

Welltower raised its 2026 outlook again on Monday after its senior housing portfolio posted another quarter of profit growth above 20%.

Normalized funds from operations, the main earnings measure for real estate investment trusts, were $1.67 per diluted share in the third quarter, up 24.6% from a year earlier, according to the company's earnings release filed with the SEC. Net income was $415 million, or $0.54 per diluted share attributable to common stockholders.

Senior housing keeps climbing

Total-portfolio same store net operating income grew 15.8% from a year earlier. Within that, the Seniors Housing Operating portfolio grew 21.0%.

Organic same store revenue in that portfolio rose 9.1%. The release attributed the gain to 320 basis points of higher average occupancy and 5.3% growth in revenue per occupied room.

Higher guidance

Welltower raised its full-year normalized FFO guidance to $6.47 to $6.53 per diluted share, from $6.36 to $6.44. It now expects net income attributable to common stockholders of $3.31 to $3.37 per diluted share, up from $3.11 to $3.19.

The guidance assumes blended same store NOI growth of 15.0% to 16.25%, including about 20.25% to 21.75% for Seniors Housing Operating, the release said.

Busy year for deals

Welltower said it has closed or has under contract $21.0 billion of pro rata gross investments so far this year, excluding development funding. That includes $13.3 billion completed through Sept. 30 and $7.7 billion closed or contracted since quarter end. Deals that have not closed remain subject to customary conditions.

On the other side of the ledger, it has completed $4.1 billion of dispositions and loan repayments this year. Net debt to adjusted EBITDA stood at 3.02x at quarter end.

The board declared a quarterly dividend of $0.85 per share, payable Nov. 19 to holders of record on Nov. 10.

By the numbers

• Q3 normalized FFO per share: $1.67, up 24.6%
• Seniors Housing Operating same store NOI growth: 21.0%
• 2026 normalized FFO guidance: $6.47 to $6.53, previously $6.36 to $6.44
• Year-to-date investments closed or under contract: $21.0 billion
• Quarterly dividend: $0.85

Sources

1. Welltower Inc., Form 8-K with third quarter 2026 earnings release, filed Oct. 26, 2026 (accession 0000766704-26-000043)

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