WELL

Welltower raised the full-year normalized FFO midpoint by $0.10 to $6.50 per share. Total portfolio same-store net operating income grew 16% year over year.

Nearly 70 million boomers are turning 80 while new senior housing construction crawls near record lows.

The correlation between rates and REIT performance has weakened in 2026. Certain REIT categories, such as healthcare, lodging, and data centers, are soaring.

REITs, as measured by VNQ, have pulled back ~6% from July highs amid rising interest rates, now trading at meaningful discounts to NAV. Public REITs' low leverage and fixed-rate debt position them to benefit from declining new supply and potential rent growth over 2027-2028. Current market dislocation reflects capital market volatility, not deteriorating property fundamentals; transaction markets remain frozen due to wide bid-ask spreads.

BXP's Q3 2026 FFO and revenues beat estimates as occupancy gains and higher same-property NOI drive growth, prompting a raise in its full-year FFO outlook.

Welltower is upgraded to a strong buy, driven by robust Q3 results, portfolio growth, and resilient market performance. WELL outperforms key benchmarks, demonstrates durable revenue and FFO growth, and maintains top-tier investment-grade ratings with low operator concentration risk. Q3 highlights include 24.6% YoY normalized FFO growth, 15.8% same-store NOI growth, and a 9.1% increase in same-store SHO revenue.

Welltower Inc. ( WELL ) Q3 2026 Earnings Call October 27, 2026 9:00 AM EDT Company Participants Matthew McQueen - Chief Legal Officer, General Counsel & Corporate Secretary Shankh Mitra - CEO & Director John Burkart - Vice Chairman & COO Nikhil Chaudhri - Co-President & Chief Investment Officer Tim McHugh - Co-President & CFO Conference Call Participants Farrell Granath - BofA Securities, Research Division Vikram Malhotra - Mizuho Securities USA LLC, Research Division Ronald Kamdem - Morgan Stanley, Research Division Michael Goldsmith - UBS Investment Bank, Research Division Juan Sanabria - BMO Capital Markets Equity Research Nicholas Yulico - Scotiabank Global Banking and Markets, Research Division Nicholas Joseph - Citigroup Inc., Research Division Michael Mueller - JPMorgan Chase & Co, Research Division James Feldman - Wells Fargo Securities, LLC, Research Division Omotayo Okusanya - Deutsche Bank AG, Research Division James Kammert - Evercore ISI Institutional Equities, Research Division Richard Hightower - Barclays Bank PLC, Research Division Austin Wurschmidt - KeyBanc Capital Markets Inc., Research Division Michael Carroll - RBC Capital Markets, Research Division Richard Anderson - Cantor Fitzgerald & Co., Research Division Michael Stroyeck - Green Street Advisors, LLC, Research Division Presentation Operator Hello, and welcome to the Welltower Third Quarter 2026 Earnings Call. [Operator Instructions] I would now like to turn the conference over to Matt McQueen, Chief Legal Officer and General Counsel.

Welltower's Q3 2026 FFO beat estimates as strong seniors housing growth, higher occupancy and expanding margins fuel a raised full-year earnings outlook.

TOLEDO, Ohio, Oct. 26, 2026 /PRNewswire/ -- Welltower® Inc. (NYSE: WELL) has issued the following business update which can be found at: https://welltower.com/oct_26_26_business-update  About Welltower Welltower Inc. (NYSE: WELL), an S&P 500 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. Our portfolio of seniors and wellness housing communities is uniquely situated at the intersection of housing and hospitality, creating vibrant communities for mature renters and older adults.

TOLEDO, Ohio, Oct. 26, 2026 /PRNewswire/ -- Welltower Inc. (NYSE:WELL) today announced results for the quarter ended September 30, 2026. Third Quarter and Other Recent Highlights Reported net income of $415 million and net income attributable to common stockholders of $0.54 per diluted share Reported quarterly normalized funds from operations attributable to common stockholders of $1.67 per diluted share, an increase of 24.6% over the prior year Reported total portfolio year-over-year same store NOI ("SSNOI") growth of 15.8%, driven by SSNOI growth in our Seniors Housing Operating ("SHO") portfolio of 21.0% SHO portfolio organic same store revenue growth increased 9.1% year-over-year in the third quarter, resulting from 320 basis points ("bps") of average occupancy growth and 5.3% growth in Revenue Per Occupied Room ("RevPOR") Year-to-date, closed or under contract to close $21.0 billion of pro rata gross investments, 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, excluding development funding.