WELLTOWER INC. (WELL) Earnings History
WELLTOWER INC. - Q1 2026 EarningsBeat
EXECUTIVE SUMMARY
Welltower reported strong first-quarter results with significant growth in normalized FFO and Same Store NOI, driven by robust performance in its Seniors Housing Operating portfolio. The company also executed substantial investment and disposition activity, alongside an expansion of its credit facilities, positioning it for continued growth.
POSITIVE HIGHLIGHTS
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Normalized FFO per diluted share increased 23% year-over-year to $1.47.
positive - •
Total portfolio Same Store NOI (SSNOI) grew 16.4% year-over-year, with Seniors Housing Operating (SHO) portfolio SSNOI growing 22.1%.
positive - •
SHO portfolio organic same store revenue growth increased 9.5% year-over-year, driven by occupancy and RevPOR growth.
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Completed $3.3 billion of pro rata gross investments in Q1 and closed or contracted $7.2 billion subsequent to quarter-end.
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Expanded senior unsecured revolving credit line to $6.25 billion, enhancing flexibility and pricing.
positive - •
Net Debt to Consolidated Enterprise Value decreased to 8.8% from 10.8%.
positive
CONCERNS & RISKS
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Net income attributable to common stockholders per diluted share was $1.02, a significant decrease from the prior year's $0.40, though this is impacted by normalizing items and FFO is a better indicator of operational performance.
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While SSNOI for Outpatient Medical and Long-Term/Post-Acute Care segments showed growth, it was modest at 2.4% and 2.6% respectively, compared to the strong growth in SHO.
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The company completed $1.9 billion of pro rata property dispositions and $873 million of loan repayments, indicating a significant portfolio repositioning which may impact future revenue streams.
attention
FINANCIAL METRICS
MARGIN ANALYSIS
Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
REVENUE BY SEGMENT — Q1 2026 2026
VISUAL OVERVIEW
DETAILED BREAKDOWN
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Seniors Housing Operating | N/A | — | — | — |
Seniors Housing Triple-net | N/A | — | — | — |
Outpatient Medical | N/A | — | — | — |
Long-Term/Post-Acute Care | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
MANAGEMENT GUIDANCE
FY2026
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
EARNINGS CALL —
MANAGEMENT COMMENTARY
Welltower is positioned at the center of the silver economy, focusing on rental housing for aging seniors.
The company's disciplined approach to capital allocation powered by its Data Science platform and superior operating results driven by the Welltower Business System aims to deliver long-term compounding of per share growth.
The acquisition of Amica Senior Lifestyles in Canada represents a significant step in expanding the company's international presence.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
OPERATIONAL METRICS
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.