Welltower Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported net income of $415 million and net income attributable to common stockholders of $396.6 million ($0.54 per diluted share) for the quarter ended September 30, 2026, compared to $280.6 million ($0.41 per diluted share) in the prior year period.
• Reported quarterly normalized funds from operations (FFO) attributable to common stockholders of $1.26 billion ($1.67 per diluted share), a 24.6% increase year-over-year from $919.2 million ($1.34 per diluted share).
• Total portfolio year-over-year same store NOI (SSNOI) growth was 15.8%, rising from $708.3 million to $820.0 million.
• Seniors Housing Operating (SHO) portfolio organic same store revenue growth increased 9.1% year-over-year, driven by 320 basis points of average occupancy growth and 5.3% growth in Revenue Per Occupied Room (RevPOR).
• SHO SS RevPOR grew 5.3% year-over-year, increasing from $5,759 to $6,066 per occupied room per month.
• Total revenues for the quarter were $3.72 billion, up from $2.69 billion in the prior year period.
• Net debt to Adjusted EBITDA ratio was 3.02x as of September 30, 2026.
• Net debt to consolidated enterprise value was 9.2% as of September 30, 2026.
• Reported approximately $9.5 billion of available liquidity inclusive of cash, restricted cash, credit line capacity, and expected proceeds from property sales and loan payoffs.

Guidance and Future Outlook:

• Revised full-year 2026 net income attributable to common stockholders guidance to a range of $3.31 to $3.37 per diluted share, up from the previous range of $3.11 to $3.19.
• Increased full-year 2026 normalized FFO attributable to common stockholders guidance to a range of $6.47 to $6.53 per diluted share, up from the previous range of $6.36 to $6.44.
• Expects average blended SSNOI growth for 2026 of 15.0% to 16.25%, comprised of approximately 20.25% to 21.75% for Seniors Housing Operating, 3.5% to 4.5% for Seniors Housing Triple-net, 2.0% to 3.0% for Outpatient Medical, and 2.0% to 3.0% for Skilled Nursing.
• Anticipates general and administrative expenses for 2026 to be approximately $267 million to $272 million, inclusive of approximately $60 million in stock-based compensation.
• Expects pro rata disposition proceeds of $1.9 billion at a blended yield of 6.5% in the next twelve months, including approximately $1.5 billion from property sales and $328 million from loan repayments.
• Guidance includes only acquisitions announced or closed to date and excludes transitions, restructures, or capital activity beyond those announced.

Business Segments and Product Lines:

• Closed or under contract to close $21.0 billion of pro rata gross investments year-to-date, including $13.3 billion completed in the nine months ended September 30, 2026, and $7.7 billion closed or under contract to close subsequent to quarter end.
• Completed $484 million of pro rata dispositions and loan repayments during the third quarter; $4.1 billion for the year.
• Completed $2.7 billion of pro rata gross investments across 43 seniors housing properties in the third quarter.
• Disposed of 25 OM properties for $139 million and seven seniors housing properties for $145 million in the third quarter.
• Completed $4.1 billion of pro rata gross investments inclusive of development funding in the third quarter.
• Issued C$1.15 billion of senior unsecured notes in July 2026 with a weighted-average coupon of 3.95%, consisting of C$750 million of 3.850% notes due 2031 and C$400 million of 4.150% notes due 2033.

Market and Competitive Landscape:

• The company is positioned at the center of the silver economy, focusing on rental housing for aging seniors across the United States, United Kingdom, and Canada.
• Portfolio properties are located in highly attractive micromarkets.
• Management utilizes a Data Science platform and the Welltower Business System to drive operating results and capital allocation decisions.

Risks and Challenges:

• Forward-looking statements involve risks including macroeconomic and geopolitical developments, economic downturns, elevated inflation, and interest rates.
• Risks include issues facing the healthcare industry, such as regulatory changes, payment policies, and operator/tenant ability to pay rent or repay loans.
• Potential risks include natural disasters, public health emergencies, extreme weather, and the ability to re-lease space or reinvest sale proceeds at similar rates.
• Risks also encompass operator/tenant bankruptcies, joint venture partner cooperation, government regulations affecting Medicare/Medicaid, and currency exchange rate fluctuations.

Management Commentary and Tone:

• Management highlighted access to more than $4 billion of capital globally during the quarter to fund accretive deployment opportunities.
• The company emphasized its ability to optimize its cost of capital and remain highly flexible in funding growth through multiple sources across capital markets and geographies.
• Management noted that the guidance revision reflects updated assumptions on SSNOI growth and investment activity.

Other Key Points:

• The Board of Directors declared a cash dividend of $0.85 per share for the quarter ended September 30, 2026, payable on November 19, 2026, to stockholders of record as of November 10, 2026.
• This dividend marks the company's 222nd consecutive quarterly cash dividend.
• A conference call to discuss results is scheduled for October 27, 2026, at 9:00 a.m. Eastern Time.
• Total assets increased to $73.7 billion as of September 30, 2026, from $59.5 billion in the prior year period.
• Total liabilities increased to $23.8 billion as of September 30, 2026, from $20.2 billion in the prior year period.
• Total equity increased to $49.6 billion as of September 30, 2026, from $39.0 billion in the prior year period.