Welltower Q3 Net Income Hits $415 Million: Normalized FFO Rises 24.6% to $1.67 Per Share as Full-Year Guidance Is Raised to $6.47-$6.53
Welltower Inc. (NYSE: WELL), the real estate investment trust headquartered in Toledo, Ohio, reported third-quarter 2026 results on October 26 for the quarter ended September 30, 2026. Net income was $415 million, with net income attributable to common stockholders of $0.54 per diluted share. Quarterly normalized funds from operations attributable to common stockholders were $1.67 per diluted share, up 24.6% year over year and above the consensus estimate of $1.64. Total quarterly revenue was about $3.72 billion. Welltower is one of the largest U.S. healthcare and seniors-housing real estate investment trusts; the company scheduled its earnings call for 9 a.m. Eastern on October 27.
At the portfolio level, total same-store net operating income (SSNOI) grew 15.8% year over year, driven by 21.0% SSNOI growth in the Seniors Housing Operating (SHO) portfolio. Organic same-store revenue in the SHO portfolio rose 9.1% in the quarter, reflecting 320 basis points of average occupancy growth and 5.3% growth in revenue per occupied room (RevPOR).
On investment activity, Welltower has closed or is under contract to close $21.0 billion of pro rata gross investments year to date, including $13.3 billion completed in the nine months ended September 30 and $7.7 billion closed or under contract subsequent to quarter end, excluding development funding. During the third quarter the company completed $484 million of pro rata dispositions and loan repayments; for the year, dispositions and repayments total $4.1 billion, including $2.1 billion of outpatient medical dispositions and $1.2 billion of loan repayments.
As of September 30, the company reported net debt to adjusted EBITDA of 3.02x and approximately $9.5 billion of available liquidity, including available cash and restricted cash, capacity under its credit line, and expected proceeds from property sales and loan payoffs.
Welltower raised its full-year 2026 guidance: normalized FFO per diluted share is now expected at $6.47 to $6.53, up from $6.36 to $6.44, and net income attributable to common stockholders is guided to $3.31 to $3.37 per diluted share, up from $3.11 to $3.19. The company also expects about $1.9 billion of pro rata disposition proceeds over the next twelve months. Figures are from Welltower's third-quarter release distributed via PR Newswire and its Form 8-K exhibit.
Source: GSM · USA (original Chinese edition)
Photo: 图：Ohio州Toledo市中心天际线与Maumee河，Welltower总部位于该市（MrJacon000摄，Wikimedia Commons，CC BY-SA 4.0）。Image: Downtown Toledo, Ohio, skyline and the Maumee River; Welltower is headquartered in Toledo (MrJacon000, Wikimedia Commons, CC BY-SA 4.0).
