Highlights

  • Third quarter 2026 total revenues were $3,715,777 thousand, compared with $2,685,692 thousand a year earlier.
  • Third quarter net income attributable to common stockholders was $396,587 thousand, and the Board declared a $0.85 quarterly dividend.
  • Welltower announced it has closed or expects to close approximately $7 billion of seniors housing acquisitions through year-end.
  • Management said updated 2026 normalized FFO guidance is $6.47 to $6.53 per share, with a $6.50 midpoint.

Welltower Inc. (NYSE:WELL) shares were trading at USD 225.60 on October 28, 2026, down 0.49%, with a relative volume at time of 3.19. The seniors housing real estate investment trust filed its quarterly report for the period ended September 30, 2026 on October 27, 2026, and its Board declared a quarterly dividend on October 26, 2026.

Welltower is a Delaware corporation with its principal executive office in Toledo, Ohio. It is a real estate investment trust focused on rental housing for aging seniors across the United States, United Kingdom and Canada. Its portfolio predominantly consists of 2,500+ seniors and wellness housing communities. Welltower has three operating segments: Seniors Housing Operating, Triple-net and Outpatient Medical. It conducts its operations through Welltower OP, in which it held an approximate ownership interest of 98.168% at September 30, 2026. For the three months ended September 30, 2026, the consolidated portfolio included 2,818 properties.

Third Quarter 2026 Results

Total revenues for the three months ended September 30, 2026 were $3,715,777 thousand, compared with $2,685,692 thousand a year earlier. Resident fees and services were $3,121,141 thousand and rental income was $488,641 thousand. Property operating expenses were $2,246,026 thousand and interest expense was $192,655 thousand.

Net income was $414,823 thousand, compared with $282,186 thousand. Net income attributable to common stockholders was $396,587 thousand, or $0.54 per diluted share, compared with $280,559 thousand, or $0.41. The quarter included impairment of assets of $33,452 thousand, a loss from unconsolidated entities of $30,689 thousand and a gain on real estate dispositions and acquisitions of controlling interests of $114,678 thousand. Net operating income (NOI), a non-GAAP measure, was $1,376,213 thousand, with Seniors Housing Operating at $897,742 thousand.

For the nine months, total revenues were $10,612,289 thousand, compared with $7,657,023 thousand, and net income attributable to common stockholders was $1,570,261 thousand, or $2.16 per diluted share.

Balance Sheet, Capital and Dividends

At September 30, 2026, cash and cash equivalents were $2,274,910 thousand and total assets were $73,711,333 thousand. Total liabilities were $23,847,319 thousand, including senior unsecured notes of $14,686,972 thousand and secured debt of $3,467,126 thousand.

In July 2026, Welltower entered into a new at-the-market program to offer up to $7,500,000,000 of common stock. In the nine months, it sold 34,646,633 shares under its ATM programs for gross proceeds of approximately $7,555,540,000. In July 2026, it issued C$1,150,000,000 of senior unsecured notes.

Dividends declared and paid were $0.85 per share for the quarter and $2.33 for the nine months. On October 26, 2026, the Board declared a cash dividend of $0.85 per share for the quarter ended September 30, 2026.

Investments and Dispositions

During the nine months, Welltower completed acquisitions and joint venture investments of 228 properties with a book amount of $10,688,259 thousand, and dispositions of 157 properties with proceeds of $2,788,708 thousand. In October 2026, it announced that it has closed or expects to close approximately $7 billion of seniors housing acquisitions through year-end. They include a 27 property Canadian portfolio for C$2.2 billion that closed on October 1, 2026, and a 62 property U.S. portfolio it is under contract to acquire for approximately $2.6 billion. Expected acquisitions are subject to customary closing conditions and regulatory approvals.

2026 Outlook

The 10-Q does not include numerical guidance. On the earnings call, management said it updated its full-year 2026 outlook to net income attributable to common stockholders of $3.31 to $3.37 per diluted share and normalized FFO of $6.47 to $6.53 per share, or $6.50 at the midpoint. Normalized FFO is a non-GAAP measure.

Management also said the outlook assumes total portfolio same-store NOI growth of 15% to 16.25%, and full-year general and administrative expense of $267 million to $272 million, including $60 million of stock-based compensation.