Welltower 8-K

Summary

Q3 2026 results and raised FY2026 guidance. Welltower reported 15.8% growth in same-store NOI, led by its Seniors Housing Operating portfolio, where occupancy and revenue per occupied room increased. The company also declared a $0.85-per-share quarterly dividend, payable 11/19/2026 to holders of record 11/10/2026.

Key Figures

• Seniors Housing Operating same-store NOI rose 21.0%; organic same-store revenue grew 9.1%, with occupancy up 320 bp and revenue per occupied room up 5.3%. Same-store NOI increased 4.2% in Seniors Housing Triple-net, 2.4% in Outpatient Medical and 2.8% in Skilled Nursing.
• Q3 pro rata gross investments were $4.1B, including $2.7B invested across 43 seniors housing properties. Year-to-date, $13.3B of investments were completed and another $7.7B was closed or under contract after quarter-end, excluding development funding and subject to customary closing conditions.
• At 9/30/2026, net debt to Adjusted EBITDA was 3.02x and net debt to consolidated enterprise value was 9.2%. Available liquidity was approximately $9.5B, including expected property-sale and loan-payoff proceeds.
• In July, Welltower issued C$1.15B principal amount of senior unsecured notes: C$750M at 3.850% due 8/15/2031 and C$400M at 4.150% due 8/15/2033.

Guidance

The company expects FY2026 Seniors Housing Operating same-store revenue growth of 9.3%, driven by 350 bp occupancy growth and 5.1% revenue-per-occupied-room growth. It projects same-store expense growth of 4.6%, down from prior guidance of 5.0%, implying expense per occupied room growth of 0.6%. Expected disposition proceeds include approximately $1.5B from property sales and $328M from loan repayments.

Guidance changes, derived from earlier filings

Metric	Period	Earlier guidance	Guidance now	Change
Net income attributable to common stockholders per diluted share, GAAP	FY2026	$3.11-$3.19	$3.31-$3.37	raised
Normalized FFO attributable to common stockholders per diluted share, non-GAAP	FY2026	$6.36-$6.44	$6.47-$6.53	raised
Total portfolio same-store NOI growth, non-GAAP	FY2026	13.75%-16.00%	15.0%-16.25%	raised
Seniors Housing Operating same-store NOI growth, non-GAAP	FY2026	≈18.5%-21.5%	20.25%-21.75%	raised
Seniors Housing Triple-net same-store NOI growth, non-GAAP	FY2026	3.5%-4.5%	3.5%-4.5%	reaffirmed
Outpatient Medical same-store NOI growth, non-GAAP	FY2026	2.0%-3.0%	2.0%-3.0%	reaffirmed
Skilled Nursing same-store NOI growth, non-GAAP	FY2026	2.0%-3.0%	2.0%-3.0%	reaffirmed
General and administrative expenses	FY2026	≈$265M-$270M	≈$267M-$272M, including ≈$60M stock-based compensation	raised

Investor Takeaways

• Track Seniors Housing Operating occupancy and same-store revenue and NOI against FY2026 expectations; continued occupancy and revenue growth would support the raised segment outlook.
• Watch the conversion of the $7.7B of post-quarter-end investments under contract into completed investments and the resulting portfolio performance.