Welltower's third quarter 2026 Normalized FFO beat expectations on robust 21% SHOP same-store growth

Welltower Inc. reported third quarter 2026 Normalized FFO of $1.67 per diluted share, surpassing analyst estimates, while total revenue reached $3.72 billion. The results reflect significant fundamental strength in the Seniors Housing Operating (SHO) portfolio, characterized by strong occupancy gains and pricing power.

Key Highlights

• Seniors Housing Operating (SHO) Same-Store NOI grew 21.0% year-over-year, outpacing the 20.0% expectation.
• SHO portfolio occupancy increased 320 basis points while Revenue Per Occupied Room (RevPOR) rose 5.3% year-over-year.
• Raised full-year 2026 Normalized FFO guidance to $6.47–$6.53 per share from the previous $6.36–$6.44 range.
• Closed or contracted $21.0 billion of pro rata gross investments year-to-date, including $13.3 billion completed through September 30.