Q3 2026 results
| Metric | Result | Change |
|---|---|---|
| Revenue growth | 38% | year-over-year |
| Adjusted EBITDA growth | 35% | year-over-year |
| FFO per share growth | nearly 25% | year-over-year |
| Total portfolio same-store NOI growth | 15.8% | year-over-year |
| SHOP same-store NOI margin | 31.7% | up 310 basis points year-over-year |
Guidance and outlook
- Full year 2026 normalized FFO: $6.47 to $6.53 per diluted share.
- Total portfolio same-store NOI growth: 15% to 16.5%.
- Senior housing operating same-store NOI growth: 20.25% to 21.5%.
How management sounded
Positive (+7 on our -10 to +10 scale). Management raised full-year FFO guidance by $0.10 and highlighted record-setting operational performance driven by pricing power. Management sounded more upbeat than on 48% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
Investment Strategy
Asked: Farrell Granath from Bank of America asked why Welltower is winning deals.
Answer: Management attributed success to their reputation for speed, quality, and the ability to close transactions without retrades.
Pricing Power
Asked: Vikram Malhotra from Mizuho asked about differentiation in the next 2 to 3 years.
Answer: Management emphasized their data science platform, micro-market focus, and the ability to provide premium product and service.
Occupancy and Pricing
Asked: Ronald Kamdem from Morgan Stanley asked about the performance of the 95% plus occupied cohort.
Answer: Management noted that the 90% plus occupied cohort is driving RevPOR growth above 6% and NOI growth of about 21%.
Growth Constraints
Asked: Michael Goldsmith from UBS asked about the binding constraint for compounding cash flow.
Answer: Management stated that capital is not the constraint, but rather the ability to select the right opportunities.
Skilled Nursing Trends
Asked: Juan Sanabria from BMO Capital Markets asked about SNF investment trends.
Answer: Management noted 9% yields and a new trend of HUD imposing single-borrower limits, which is affecting the broader market.
What to watch before the next call
- The 2027 maturity wall for senior housing debt and its impact on acquisition opportunities.
- The transition from occupancy-led growth to pricing-led growth across the portfolio.
- The performance of recent acquisitions as they enter the same-store pool.
