Welltower (WELL) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 was $752.3M, up 192% year-over-year, with diluted EPS of $1.02, driven by major UK and Canadian acquisitions, significant property dispositions, and strong seniors housing operating portfolio performance.

• Revenues rose 38% to $3.35B, with strong growth in Seniors Housing Operating and Triple-net segments.

• Normalized FFO per diluted share grew 23% year-over-year to $1.47, with the midpoint of full-year FFO guidance raised by $0.11 to $6.28.

• Continued transformation into a tech-enabled, vertically integrated real estate platform, including monetization of proprietary data science capabilities and external licensing agreements.

• Executed $3.2–$3.3 billion of investments in Q1 and have $10.5 billion closed or under contract year-to-date, while completing nearly $3 billion in dispositions.

Financial highlights

• Net income attributable to common stockholders was $728.7M, up from $258.0M year-over-year; diluted EPS was $1.02 vs. $0.40; normalized FFO was $1.47 per diluted share, up 23%.

• Total revenues for Q1 2026 were $3.35B, up from $2.42B in Q1 2025.

• Same store NOI grew 16.4% year-over-year, led by 22.1% growth in the Seniors Housing Operating portfolio, marking the 14th consecutive quarter of 20%+ growth.

• Operating margin expanded 320 bps to 30.9%; normalized FFO payout ratio improved to 50% from 56%.

• Cash and equivalents at quarter-end were $4.8–$4.9B; quarterly dividend declared at $0.74/share, a 10% increase year-over-year.

Outlook and guidance

• 2026 net income guidance raised to $3.24–$3.38 per diluted share; full-year normalized FFO guidance increased to $6.21–$6.35 per diluted share.

• FFO guidance increase driven by higher SHOP NOI, investment/financing activity, and better-than-expected tax/other income.

• Projected total portfolio same-store NOI growth of 12.25%–16% for 2026, with SHOP segment expected to grow 16.5%–21.5%.

• Expense growth guidance lowered to 5.3%, with ExpPOR growth expected below 1.5%.

• Projected $1.4B in pro rata disposition proceeds over the next twelve months.