Welltower 8-K
PositiveEarningsGuidance lowered
Seniors housing occupancy and room-rate gains led NOI growth; normalized FFO outlook rose as GAAP earnings guidance fell.
Filed 2026-07-27 16:06 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results with revised FY2026 guidance. Same-store NOI growth was led by seniors housing operating, while Welltower lowered its FY2026 net income outlook and raised normalized FFO guidance. The Board also raised the quarterly dividend 15% to $0.85 per share.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y |
|---|---|---|---|
| Revenue | $3.54B | $2.55B | 39.1% |
| Net income attributable to common stockholders | $445M | $302M | 47.4% |
| Diluted EPS | $0.61 | $0.45 | 35.6% |
| Normalized FFO attributable to common stockholders per diluted share, non-GAAP | $1.60 | $1.28 | 25.0% |
- Same-store NOI grew 15.5%, led by seniors housing operating growth of 20.5%. Seniors housing operating organic same-store revenue increased 9.2%, with 330 bp of average occupancy growth and 5.2% growth in revenue per occupied room.
- Q2 pro rata gross investments were $6.3B, including development funding; pro rata dispositions and loan repayments totaled $843M. The completed Amica acquisition comprised 38 Canadian seniors housing communities for C$4.1B, including C$3.5B cash and C$617M of assumed secured debt at a 3.6% average rate.
- Net debt was $16.1B, net debt to Adjusted EBITDA was 2.99x and available liquidity was ≈$9.5B. In July, Welltower issued C$1.15B of senior unsecured notes: C$750M at 3.85% due 8/15/2031 and C$400M at 4.15% due 8/15/2033. The $0.85 quarterly dividend is payable 8/20/2026 to holders of record 8/12/2026.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Net income attributable to common stockholders per diluted share, GAAP | FY2026 | $3.11-$3.19 | $3.24-$3.38 | Lowered |
| Normalized FFO attributable to common stockholders per diluted share, non-GAAP | FY2026 | $6.36-$6.44 | $6.21-$6.35 | Raised |
| Same-store NOI growth, blended | FY2026 | 13.75%-16.00% | — | — |
| Same-store NOI growth, seniors housing operating | FY2026 | ≈18.5%-21.5% | — | — |
| Same-store NOI growth, seniors housing triple-net | FY2026 | 3.5%-4.5% | — | — |
| Same-store NOI growth, outpatient medical | FY2026 | 2.0%-3.0% | — | — |
| Same-store NOI growth, long-term/post-acute care | FY2026 | 2.0%-3.0% | — | — |
| General and administrative expenses | FY2026 | ≈$265M-$270M | — | — |
| Stock-based compensation expense | FY2026 | ≈$60M | — | — |
| Pro rata disposition proceeds; blended yield | Next 12 months | $1.1B; 6.8% | — | — |
Investor Takeaways
- Track whether same-store NOI growth and seniors housing occupancy continue to support operating performance through the remainder of 2026.
- Watch for the expected closing of the eight remaining properties in the announced outpatient medical portfolio sale before year-end 2026.
The summary is written by an AI model reading the filing.
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