Welltower (WELL) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly growth with normalized FFO per diluted share up 25% year-over-year to $1.60, driven by strong seniors housing operating portfolio performance, resilient demand, and significant investment activity.

• Revenue and adjusted EBITDA grew 39% and 36% year-over-year, respectively, with net income attributable to common stockholders at $0.61 per diluted share for Q2 2026.

• Completed or under contract for $15.5 billion in investments year-to-date, including major acquisitions in Canada and the UK, and disposed of nearly $1 billion in assets during the quarter.

• Maintained robust liquidity with $2.1 billion cash on hand and $9.5 billion in available liquidity, while keeping net debt to Adjusted EBITDA at 2.99x.

• Raised quarterly dividend by 15% to $0.85 per share, marking the third consecutive annual increase.

Financial highlights

• Total revenues for Q2 2026 were $3.54 billion, up 39% year-over-year; net income attributable to common stockholders was $445 million, up 47%.

• Normalized FFO for Q2 2026 was $1.18 billion, up from $857 million in Q2 2025; payout ratio improved to 46%.

• Same-store NOI grew 15.5% year-over-year, with the SHOP/SHO portfolio up 20.5%.

• Raised $3.9 billion through share issuance, OP unit funding, and capital recycling, and funded $6.3 billion of gross investment activity.

• Net debt to book capitalization ratio was 25% as of June 30, 2026; interest coverage ratio for Q2 2026 was 7.52x.

Outlook and guidance

• Raised full-year 2026 normalized FFO guidance to $6.36–$6.44 per diluted share and increased same-store NOI growth guidance to 13.75%–16% for the total portfolio.

• Portfolio same-store NOI growth expected at 13.75%–16% year-over-year, with SHOP/SHO segment projected to grow 18.5%–21.5%.

• Revenue growth forecasted at 9.3%, driven by 5.1% RevPOR growth and 350 basis points occupancy increase; expense growth expected at 5%.

• Announced over $5 billion in expected seniors housing acquisitions for the second half of 2026.