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Key Takeaways Welltower's SHO SSNOI rose 20.5%, marking the 15th straight quarter above 20% growth.Welltower had $15.5B of investments completed or under contract as of July 27, 2026.Welltower sold 70 properties for $1.69B in the first half, generating a $534.3M gain. Welltower Inc.’s (WELL - Free Report) growth is supported by strong demographic demand, operating leverage, disciplined capital deployment and portfolio recycling. Its flexible balance sheet and technology investments further strengthen its ability to drive sustainable growth.

Analysts seem bullish on this Zacks Rank #2 (Buy) company. The Zacks Consensus Estimate for WELL’s 2026 FFO per share has moved northward marginally over the past week to $6.42, with expected growth of 21.4% year over year.

Shares of the company have gained 13.7% over the past six months compared with the industry’s 2.8% rise.

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Factors That Make Welltower Stock a Solid Pick

Favorable SHO Portfolio Dynamics: Welltower continues to benefit from favorable demographic trends and constrained new supply, driving higher occupancy and pricing across its senior housing operating (SHO) portfolio.

In the second quarter of 2026, total portfolio same-store NOI (SSNOI) grew 15.5% year over year, led by a 20.5% increase in SHO SSNOI, marking the 15th consecutive quarter of growth above 20%. SHO same-store revenues increased 9.2%, supported by a 330-basis-point improvement in average occupancy and 5.2% growth in revenue per occupied room (RevPOR).

Strategic Acquisitions: Welltower continues to prioritize acquisitions of seniors housing assets, with a focus on increasing regional density and strengthening relationships with operators. As of July 27, 2026, the company had completed or was under contract for $15.5 billion of pro rata gross investments, including $9.4 billion completed during the first half of the year.

Restructuring Efforts: Welltower continues to recycle capital through asset sales and loan repayments, helping streamline its portfolio while funding additional seniors housing investments. In the first half of 2026, the company sold 70 properties for $1.69 billion, generating an aggregate gain of $534.3 million.

For full-year 2026, management expects approximately $4.7 billion of dispositions, including $1.1 billion of already announced proceeds, most of which are anticipated in the third quarter. This capital recycling strategy supports the company’s ongoing transition toward a more seniors housing-focused portfolio while providing funding for further investment opportunities.

Balance Sheet Strength: Welltower ended the second quarter of 2026 with Net Debt to Adjusted EBITDA of 2.99X and approximately $9.5 billion of available liquidity. The company had approximately $2.1 billion of cash and restricted cash and no borrowings under its $6.25 billion revolving credit facility at quarter-end.

S&P affirmed its A- rating and revised the outlook to positive, following Moody’s earlier move to a positive outlook on its A3 rating. Management expects year-end 2026 Net Debt to Adjusted EBITDA to remain around 3X. This capital position supports announced investment commitments while preserving access to multiple funding sources.

Other Stocks to Consider

Some other top-ranked stocks from the broader REIT sector are Four Corners Property Trust (FCPT - Free Report) and OUTFRONT Media (OUT - Free Report) , each carrying a Zacks Rank of 2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for FCPT’s 2026 FFO per share is pegged at $1.86, which indicates year-over-year growth of 4.5%.

The consensus estimate for OUT’s 2026 FFO per share has moved 3.4% upward over the past month to $2.32.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.

Posted by Defense World Staff on Aug 11th, 2026

Welltower, Prologis, Blackstone, Apollo Global Management, Digital Realty Trust, Equinix, and Macerich are the seven Real Estate stocks to watch today, according to MarketBeat’s stock screener tool. Real estate stocks are shares of publicly traded companies whose businesses involve owning, developing, managing, financing, or investing in real estate. They include real estate investment trusts (REITs) and property development or management firms, and their performance may be influenced by property values, rental income, interest rates, and economic conditions. These companies had the highest dollar trading volume of any Real Estate stocks within the last several days.

Welltower (WELL) Welltower Inc. (NYSE:WELL), a real estate investment trust (“REIT”) and S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. Welltower invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience.

Read Our Latest Research Report on WELL

Prologis (PLD) Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At March 31, 2024, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.2 billion square feet (115 million square meters) in 19 countries.

Read Our Latest Research Report on PLD

Blackstone (BX) Blackstone Inc. is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services.

Read Our Latest Research Report on BX

Apollo Global Management (APO) Apollo Global Management, Inc. is a private equity firm specializing in investments in credit, private equity, infrastructure, secondaries and real estate markets. The firm prefers to invest in private and public markets. The firm’s private equity investments include traditional buyouts, recapitalization, distressed buyouts and debt investments in real estate, corporate partner buyouts, distressed asset, corporate carve-outs, middle market, growth, venture capital, turnaround, bridge, corporate restructuring, special situation, acquisition, and industry consolidation transactions.

Read Our Latest Research Report on APO

Digital Realty Trust (DLR) Digital Realty Trust, Inc. operates as a real estate investment trust, which engages in the provision of data center, colocation and interconnection solutions. It serves the following industries: artificial intelligence (AI), networks, cloud, digital media, mobile, financial services, healthcare, and gaming.

Read Our Latest Research Report on DLR

Equinix (EQIX) Read Our Latest Research Report on EQIX

Macerich (MAC) Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C.

Read Our Latest Research Report on MAC

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Posted by Defense World Staff on Aug 4th, 2026

Welltower, American Tower, and Equinix are the three Real Estate stocks to watch today, according to MarketBeat’s stock screener tool. Real estate stocks are shares of publicly traded companies involved in owning, developing, managing, financing, or operating properties such as offices, apartments, warehouses, and shopping centers. They may include real estate investment trusts (REITs), which often distribute rental income to shareholders, and their performance can be affected by property values, interest rates, rents, and economic conditions. These companies had the highest dollar trading volume of any Real Estate stocks within the last several days.

Welltower (WELL) Welltower Inc. (NYSE:WELL), a real estate investment trust (“REIT”) and S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. Welltower invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience.

Read Our Latest Research Report on WELL

American Tower (AMT) American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.

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Welltower at 52-Week Highs—But Analysts Believe There's More to ComeWelltower NYSE: WELL reported second-quarter results marked by higher senior housing occupancy, pricing gains and continued investment activity, while raising its full-year normalized funds from operations outlook.

Chief Executive Officer Shankh Mitra said the company generated a record quarter as demand for needs-based senior housing remained resilient amid macroeconomic and geopolitical uncertainty. Normalized FFO increased approximately 25% year over year to $1.60 per diluted share, while net income attributable to common stockholders was $0.61 per diluted share.

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Why Welltower's Growth Story Might Outrun Its Rich ValuationThe company increased the midpoint of its 2026 normalized FFO guidance by $0.12 to $6.40 per share. Its updated full-year range is $6.36 to $6.44 per share, while net income guidance was set at $3.11 to $3.19 per diluted share.

Senior housing drives operating growth Total portfolio same-store net operating income increased 15.5% year over year, led by 20.5% growth in the senior housing operating portfolio, or SHOP. Chief Operating Officer John Burkart said senior housing now accounts for approximately 70% of Welltower’s total NOI and recorded its 15th consecutive quarter of NOI growth exceeding 20%.

3 Stocks Diluting Shareholders to Fund Big Long-Term OpportunitiesOrganic revenue rose 9.2%, supported by a 330-basis-point year-over-year increase in same-store occupancy and a 5.2% increase in revenue per occupied room, or RevPOR. Sequential spot occupancy increased 100 basis points during the quarter, compared with an 80-basis-point increase in the same period last year.

Expense growth remained restrained. Expense per occupied room, or ExpPOR, rose 0.7%, while compensation per occupied room increased 0.8%, which Burkart described as among the lowest growth rates in the company’s history. The resulting operating margin expanded 300 basis points year over year to more than 32%, above pre-pandemic levels, while SHOP flow-through margins reached 65%.

Mitra said occupancy gains and constrained supply have increased pricing power, particularly in communities approaching or exceeding 90% and 95% occupancy. He also cited the wealth held by the Baby Boomer generation and its willingness to pay for differentiated senior housing experiences and services.

During the question-and-answer session, Mitra said the portion of the portfolio with occupancy above 95% generated RevPOR growth of more than 6% and NOI growth above 20%.

Acquisition pace reaches $15.5 billion Welltower said it has completed or has under contract approximately $15.5 billion of investments in 2026. Chief Investment Officer Nikhil Chaudhri said the company completed more than 30 transactions totaling $6.2 billion in the second quarter, acquiring 138 communities across the U.S., Canada and the U.K. The median transaction size was $46 million, and approximately 96% of second-quarter activity was sourced off-market.

Through the end of the second quarter, Welltower had completed nearly $9.5 billion of investments. The remaining approximately $6 billion of announced activity consists primarily of newer senior housing properties across 26 transactions. Those properties have an average age of six years, average in-place occupancy of about 75%, and were acquired at roughly a 20% discount to replacement cost, according to Chaudhri.

Chaudhri said the company’s acquisition strategy focuses on pursuing specific assets and portfolios based on granular market and property-level research, including opportunities involving family businesses, local owners and generational transfers. Mitra said many owners have seen cash flow recover to pre-COVID levels and are considering retirement or other pursuits after a difficult period for the sector.

Mitra emphasized that Welltower is not focused on acquisition yields or “spread investing,” but on future cash flow and total returns. He said newly acquired properties with lower occupancy can offer substantial operating upside as they transition to Welltower’s operating platform and management partners.

Technology and operating platform expansion Management highlighted continued deployment of the Welltower Business System, or WBS, which is intended to improve customer and employee experiences and automate certain back-office workflows. Burkart said operators using WBS have begun refining site labor models and shifting time previously spent on paper-based administrative work toward resident-facing activities.

Mitra said the system’s primary objective is not simply efficiency, but improving the completeness and timeliness of information from interactions among residents, families, caregivers and community employees. He said operator performance can vary widely, with NOI growth ranging from near zero or negative levels to 30% or 40% for different operators.

Welltower expects deployment across its existing portfolio to take about three additional years, based on the current pace. The company said WBS has already been deployed at roughly 250 communities.

Capital position and outlook During the quarter, Welltower raised $3.9 billion through share issuance, operating partnership unit funding and capital recycling. The company used capital activity and internally generated cash flow to repay nearly $1 billion of senior unsecured notes and fund $6.3 billion of gross investment activity.

Net debt to adjusted EBITDAR ended the quarter at 2.99 times, in line with a year earlier. Welltower ended the period with $2.1 billion in cash and said its cash position, recent capital activity and $1.1 billion of incremental dispositions provide capacity to fund approximately $6 billion of additional investment activity, most of which it expects to close later in the year.

After quarter-end, the company issued CAD 1.15 billion of senior unsecured notes in Canada across two tranches at a blended coupon of 3.95%. S&P revised the outlook on Welltower’s A- credit rating to positive during the quarter, following Moody’s earlier decision to revise the outlook on its A3 rating to positive.

For 2026, Welltower expects total portfolio same-store NOI growth of 13.75% to 16%. Its outlook calls for SHOP NOI growth of 18.5% to 21.5%, based on midpoint assumptions of 9.3% revenue growth, 5.1% RevPOR growth, 350 basis points of occupancy growth and approximately 1% ExpPOR growth.

The board also increased the quarterly dividend 15% to $0.85 per share, marking the third consecutive annual dividend increase.

About Welltower (NYSE:WELL)Welltower Inc NYSE: WELL is a real estate investment trust (REIT) that acquires and manages real estate serving the health care industry. The company specializes in healthcare infrastructure, owning and operating a diversified portfolio of senior housing, post-acute and long-term care communities, and outpatient medical properties. Welltower's assets are designed to support the delivery of health care services through a combination of leased properties, joint ventures, and other capital arrangements with health care operators and providers.

The company's property types include assisted living, memory care, independent living and skilled nursing facilities, as well as medical office buildings and other outpatient-care real estate such as ambulatory surgery centers and specialty clinics.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Welltower (WELL - Free Report) came out with quarterly funds from operations (FFO) of $1.6 per share, beating the Zacks Consensus Estimate of $1.55 per share. This compares to FFO of $1.28 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an FFO surprise of +3.23%. A quarter ago, it was expected that this senior housing and health care real estate investment trust would post FFO of $1.45 per share when it actually produced FFO of $1.47, delivering a surprise of +1.38%.

Over the last four quarters, the company has surpassed consensus FFO estimates four times.

Welltower, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $3.54 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 3.41%. This compares to year-ago revenues of $2.55 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.

Welltower shares have added about 35.8% since the beginning of the year versus the S&P 500's gain of 8.3%.

What's Next for Welltower?While Welltower has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Welltower was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $1.62 on $3.52 billion in revenues for the coming quarter and $6.32 on $13.8 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Gladstone Land (LAND - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 11.

This real estate investment trust specializing in farmland is expected to post quarterly earnings of $0.02 per share in its upcoming report, which represents a year-over-year change of +122.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Gladstone Land's revenues are expected to be $16.51 million, up 34.2% from the year-ago quarter.

, /PRNewswire/ -- Welltower Inc. (NYSE:WELL) today announced results for the quarter ended June 30, 2026.

Second Quarter and Other Recent Highlights

Reported net income attributable to common stockholders of $0.61 per diluted share Reported quarterly normalized funds from operations attributable to common stockholders of $1.60 per diluted share, an increase of 25.0% over the prior year Reported total portfolio year-over-year same store NOI ("SSNOI") growth of 15.5%, driven by SSNOI growth in our Seniors Housing Operating ("SHO") portfolio of 20.5% SHO portfolio organic same store revenue growth increased 9.2% year-over-year in the second quarter, resulting from 330 basis points ("bps") of average occupancy growth and 5.2% growth in Revenue Per Occupied Room ("RevPOR") Year-to-date, closed or under contract to close $15.5 billion of pro rata gross investments, including $9.4 billion completed in the six months ended June 30, 2026 and $6.1 billion closed or under contract to close subsequent to quarter end, excluding development funding. Expected investments not yet closed are subject to customary closing conditions We completed $843 million of pro rata dispositions and loan repayments during the second quarter, including $561 million of Outpatient Medical ("OM") dispositions, which includes follow-on tranches of the previously announced OM portfolio transaction and $155 million of loan repayments. For the year, we have completed $3.6 billion of pro rata dispositions including $1.9 billion of OM dispositions and $1.0 billion of loan repayments As of June 30, 2026, reported Net Debt to Adjusted EBITDA of 2.99x and approximately $9.5 billion of available liquidity inclusive of available cash and restricted cash, full capacity under our line of credit and expected proceeds from property sales and loan payoffs In July, we issued C$1.15 billion of senior unsecured notes with a weighted-average coupon of 3.95% Board of Directors announced a 15% increase in the quarterly dividend to $0.85, reflecting confidence in the durability of outsized levels of cash flow growth and supported by extraordinary balance sheet strength Capital Activity and Liquidity

Liquidity Update Net debt to consolidated enterprise value decreased to 8.9% as of June 30, 2026 from 10.1% as of June 30, 2025. We sourced over $4 billion of capital, including the assumption of below-market debt, equity issuances and proceeds from dispositions and loan repayments to fund accretive capital deployment opportunities.

Unsecured Senior Note Activity Repaid $700 million of senior unsecured notes in April 2026 with free cash flow.

Canadian Note Issuance In July 2026, we completed the issuance of C$1.15 billion aggregate principal amount of Canadian dollar-denominated senior unsecured notes, consisting of C$750 million of 3.850% notes due August 15, 2031 and C$400 million of 4.150% notes due August 15, 2033.

Recent Investment Activity

In the second quarter, we completed $6.3 billion of pro rata gross investments inclusive of development funding. Additionally, we completed pro rata property dispositions of $688 million and loan repayments of $155 million.

Notable Portfolio Activity

Amica Senior Lifestyles Acquisition On April 1, 2026, we completed the previously announced acquisition of a Canadian portfolio of 38 seniors housing communities for a pro rata purchase price of C$4.1 billion, including cash of C$3.5 billion and the assumption of C$617 million of secured debt, representing our proportionate share, with an average interest rate of 3.6%. Additionally, on July 2, 2026, we closed on five properties currently under development that are expected to be completed by the end of 2027 for a pro rata purchase price of C$647 million.

OM Portfolio Dispositions We previously entered into a definitive agreement to divest an 18 million square foot OM portfolio in a transaction valued at approximately $7.2 billion. During the quarter, we sold ten properties for gross proceeds of $298 million. As of June 30, 2026 we have eight properties remaining to sell, which are expected to close before the end of 2026. Additionally, during the second quarter we sold five properties outside of the previously announced definitive agreement for gross proceeds of $260 million.

Dividend On July 27, 2026, the Board of Directors declared a cash dividend for the quarter ended June 30, 2026 of $0.85 per share. This dividend, which will be paid on August 20, 2026 to stockholders of record as of August 12, 2026, will be our 221st consecutive quarterly cash dividend. The declaration and payment of future quarterly dividends remains subject to review and approval by the Board of Directors.

Outlook for 2026 Net income attributable to common stockholders guidance has been revised to a range of $3.11 to $3.19 per diluted share from the previous range of $3.24 to $3.38. We also increased the guidance range of full year normalized FFO attributable to common stockholders to a range of $6.36 to $6.44 per diluted share from the previous range of $6.21 to $6.35. In preparing our guidance, we have updated or confirmed the following assumptions:

Same Store NOI: We expect average blended SSNOI growth of 13.75% to 16.00%, which is comprised of the following components: Seniors Housing Operating approximately 18.5% to 21.5% Seniors Housing Triple-net approximately 3.5% to 4.5% Outpatient Medical approximately 2.0% to 3.0% Long-Term/Post-Acute Care approximately 2.0% to 3.0% Investments: Our earnings guidance includes only those acquisitions announced or closed to date. Furthermore, no transitions, restructures or capital activity beyond those announced to date are included. General and Administrative Expenses: We anticipate general and administrative expenses to be approximately $265 million to $270 million and stock-based compensation expense to be approximately $60 million. Dispositions: We expect pro rata disposition proceeds of $1.1 billion at a blended yield of 6.8% in the next twelve months. This includes approximately $0.8 billion of consideration from expected property sales, which predominantly includes announced OM and Integra dispositions and land parcels related to foregone development, as well as $0.3 billion of expected proceeds from loan repayments. Our guidance does not include any additional investments, dispositions or capital transactions, nor any other expenses, impairments, unanticipated additions to the loan loss reserve or other additional normalizing items beyond those disclosed. Please see the Supplemental Reporting Measures section for further discussion and our definition of normalized FFO and SSNOI and Exhibit 3 for a reconciliation of the outlook for net income available to common stockholders to normalized FFO attributable to common stockholders. We will provide additional detail regarding our 2026 outlook and assumptions on the second quarter 2026 conference call.

Conference Call Information We have scheduled a conference call on Tuesday, July 28, 2026 at 9:00 a.m. Eastern Time to discuss our second quarter 2026 results, industry trends and portfolio performance. Telephone access will be available by dialing (888) 340-5024 or (646) 960-0135 (international). For those unable to listen to the call live, a taped rebroadcast will be available beginning two hours after completion of the call through August 4, 2026. To access the rebroadcast, dial (800) 770-2030 or (609) 800-9909 (international). The conference ID number is 8230248. To participate in the webcast, log on to www.welltower.com 15 minutes before the call to download the necessary software. Replays will be available for 90 days.

Supplemental Reporting Measures We believe that net income and net income attributable to common stockholders ("NICS"), as defined by U.S. generally accepted accounting principles ("U.S. GAAP"), are the most appropriate earnings measurements. However, we consider funds from operations ("FFO"), normalized FFO, net operating income ("NOI"), same store NOI ("SSNOI"), revenue per occupied room ("RevPOR"), same store RevPOR ("SS RevPOR"), expense per occupied room ("ExpPOR"), same store ExpPOR ("SS ExpPOR"), EBITDA and Adjusted EBITDA to be useful supplemental measures of our operating performance. Excluding EBITDA and Adjusted EBITDA, these supplemental measures are disclosed on our pro rata ownership basis. Pro rata amounts are derived by reducing consolidated amounts for minority partners' noncontrolling ownership interests and adding our minority ownership share of unconsolidated amounts. We do not control unconsolidated investments. While we consider pro rata disclosures useful, they may not accurately depict the legal and economic implications of our joint venture arrangements and should be used with caution.

Historical cost accounting for real estate assets in accordance with U.S. GAAP implicitly assumes that the value of real estate assets diminishes predictably over time as evidenced by the provision for depreciation. However, since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient. In response, the National Association of Real Estate Investment Trusts ("NAREIT") created FFO as a supplemental measure of operating performance for REITs that excludes historical cost depreciation from net income. FFO attributable to common stockholders, as defined by NAREIT, means net income attributable to common stockholders, computed in accordance with U.S. GAAP, excluding gains (or losses) from sales of real estate and acquisitions of controlling interests, impairments of depreciable assets, plus real estate depreciation and amortization, and after adjustments for unconsolidated entities and noncontrolling interests. Normalized FFO attributable to common stockholders represents FFO attributable to common stockholders adjusted for certain items detailed in Exhibit 2. We believe that normalized FFO attributable to common stockholders is a useful supplemental measure of operating performance because investors and equity analysts may use this measure to compare the operating performance of Welltower between periods or as compared to other REITs or other companies on a consistent basis without having to account for differences caused by unanticipated and/or incalculable items.

We define NOI as total revenues, including tenant reimbursements, less property operating expenses. Property operating expenses represent costs associated with managing, maintaining and servicing tenants for our properties. These expenses include, but are not limited to, property-related payroll and benefits, property management fees paid to managers, marketing, housekeeping, food service, maintenance, utilities, property taxes and insurance. General and administrative expenses represent general overhead costs that are unrelated to property operations and are unallocable to the properties. These expenses include, but are not limited to, payroll and benefits related to corporate employees, professional services, office expenses and depreciation of corporate fixed assets. SSNOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. As used herein, same store is generally defined as those revenue-generating properties in the portfolio for the relevant year-over-year reporting periods. Acquisitions and development conversions are included in the same store amounts five full quarters after acquisition or being placed into service. Land parcels, loans and leased properties, as well as any properties sold or classified as held for sale during the period, are excluded from the same store amounts. Redeveloped properties (including major refurbishments of a Seniors Housing Operating property where 20% or more of units are simultaneously taken out of commission for 30 days or more or Outpatient Medical properties undergoing a change in intended use) are excluded from the same store amounts until five full quarters post completion of the redevelopment. Properties undergoing operator transitions and/or segment transitions are also excluded from the same store amounts until five full quarters post completion of the operator transition or segment transition. In addition, properties significantly impacted by force majeure, acts of God or other extraordinary adverse events are excluded from same store amounts until five full quarters after the properties are placed back into service. SSNOI excludes non-cash NOI and includes adjustments to present consistent property ownership percentages and to translate Canadian properties and U.K. properties using a consistent exchange rate. Normalizers include adjustments that in management's opinion are appropriate in considering SSNOI, a supplemental, non-GAAP performance measure. None of these adjustments, which may increase or decrease SSNOI, are reflected in our financial statements prepared in accordance with U.S. GAAP. Significant normalizers (defined as any that individually exceed 0.50% of SSNOI growth per property type) are separately disclosed and explained. We believe NOI and SSNOI provide investors relevant and useful information because they measure the operating performance of our properties at the property level on an unleveraged basis. We use NOI and SSNOI to make decisions about resource allocations and to assess the property level performance of our portfolio. No reconciliation of the forecasted range for SSNOI on a combined basis or by property type is included in this release because we are unable to quantify certain amounts that would be required to be included in the comparable GAAP financial measure without unreasonable efforts, and we believe such reconciliation would imply a degree of precision that could be confusing or misleading to investors.

RevPOR represents the average revenues generated per occupied room per month and ExpPOR represents the average expenses per occupied room per month at our Seniors Housing Operating properties. These metrics are calculated as our pro rata share of total resident fees and services revenues or property operating expenses from the income statement, divided by average monthly occupied room days. SS RevPOR and SS ExpPOR are used to evaluate the RevPOR and ExpPOR performance of our properties under a consistent population, which eliminates changes in the composition of our portfolio. They are based on the same pool of properties used for SSNOI and include any revenue and expense normalizations used for SSNOI. We use RevPOR, ExpPOR, SS RevPOR and SS ExpPOR to evaluate the revenue-generating capacity and profit potential of our Seniors Housing Operating portfolio independent of fluctuating occupancy rates. They are also used in comparison against industry and competitor statistics, if known, to evaluate the quality of our Seniors Housing Operating portfolio.

We measure our credit strength both in terms of leverage ratios and coverage ratios. The leverage ratios indicate how much of our balance sheet capitalization is related to long-term debt, net of cash and restricted cash. We expect to maintain capitalization ratios and coverage ratios sufficient to maintain a capital structure consistent with our current profile. The ratios are based on EBITDA and Adjusted EBITDA. EBITDA is defined as earnings (net income per income statement) before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding unconsolidated entities and including adjustments for stock-based compensation expense, provision for loan losses, gains/losses on extinguishment of debt, gains/losses on disposition of properties and acquisitions of controlling interests, impairment of assets, gains/losses on derivatives and financial instruments, other expenses, other impairment charges and other adjustments deemed appropriate in management's opinion. We believe that EBITDA and Adjusted EBITDA, along with net income, are important supplemental measures because they provide additional information to assess and evaluate the performance of our operations. In addition, we use Adjusted EBITDA to measure our adjusted fixed charge coverage ratio, which represents Adjusted EBITDA divided by fixed charges. Fixed charges include total interest expense and secured debt principal amortization. Our leverage ratios include net debt to Adjusted EBITDA and consolidated enterprise value. Net debt is defined as total long-term debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash. Consolidated enterprise value represents the sum of net debt, the fair market value of our common stock and noncontrolling interests.

Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and rating agencies in the valuation, comparison, rating and investment recommendations of companies. Our management uses these financial measures to facilitate internal and external comparisons to historical operating results and in making operating decisions. Additionally, these measures are utilized by the Board of Directors to evaluate management performance. None of the supplemental reporting measures represent net income or cash flow provided from operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the supplemental reporting measures, as defined by us, may not be comparable to similarly entitled items reported by other real estate investment trusts or other companies. Please see the exhibits for reconciliations of supplemental reporting measures and the supplemental information package for the quarter ended June 30, 2026, which is available on Welltower's website (www.welltower.com), for information and reconciliations of additional supplemental reporting measures.

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 2,500+ seniors and wellness housing communities is positioned at the intersection of housing and hospitality, creating vibrant communities for mature renters and older adults. We believe our real estate portfolio is unmatched, located in highly attractive micromarkets with stunning built environments. Yet, we are an unusual real estate organization as we view ourselves as an operating company in a real estate wrapper, driven by highly-aligned partnerships and an unconventional culture. Through our disciplined approach to capital allocation powered by our Data Science platform and superior operating results driven by the Welltower Business System - our end-to-end operating platform - we aspire to deliver long-term compounding of per share growth for our existing investors, our North Star.

We routinely post important information on our website at www.welltower.com in the "Investors" section, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading "Investors." Accordingly, investors should monitor such portion of our website in addition to following our press releases, public conference calls and filings with the Securities and Exchange Commission. The information on our website is not incorporated by reference in this press release and our web address is included as an inactive textual reference only.

Forward-Looking Statements and Risk Factors This document contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. When Welltower uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "pro forma," "estimate" or similar expressions that do not relate solely to historical matters, Welltower is making forward-looking statements. These statements include, among others, management's expectations regarding the favorable impact of the acquisitions made and additional acquisition pipeline and our statements under the section "Outlook for 2026." Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause Welltower's actual results to differ materially from Welltower's expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to: the impact of macroeconomic and geopolitical developments, including economic downturns, elevated inflation and interest rates, political or social conflict, unrest or violence or similar events; the status of the economy; the status of capital markets, including availability and cost of capital; issues facing the healthcare industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements, public perception of the healthcare industry and operators'/tenants' difficulty in cost effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the healthcare and seniors housing industries; negative developments in the operating results or financial condition of operators/tenants, including, but not limited to, their ability to pay rent and repay loans; Welltower's ability to transition or sell properties with profitable results; the failure to make new investments or acquisitions as and when anticipated; natural disasters, public health emergencies and extreme weather affecting Welltower's properties; Welltower's ability to re-lease space at similar rates as vacancies occur; Welltower's ability to timely reinvest sale proceeds at similar rates to assets sold; operator/tenant or joint venture partner bankruptcies or insolvencies; the cooperation of joint venture partners; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; liability or contract claims by or against operators/tenants; unanticipated difficulties and/or expenditures relating to future investments or acquisitions; environmental laws affecting Welltower's properties; changes in rules or practices governing Welltower's financial reporting; the movement of U.S. and foreign currency exchange rates and changes to U.S. and global monetary, fiscal or trade policies; Welltower's approach to artificial intelligence; Welltower's ability to maintain its qualification as a REIT; key management personnel recruitment and retention; geopolitical tensions or conflicts, such as the ongoing conflict between Russia and Ukraine and in the Middle East, and other risks described in Welltower's reports filed from time to time with the SEC. Welltower undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in any forward-looking statements.

Welltower Inc.

Financial Exhibits

Consolidated Balance Sheets (unaudited)

(in thousands)

June 30,

2026

2025

Assets

Real estate investments:

Land and land improvements

$                     7,235,877

$                     5,794,697

Buildings and improvements

57,960,485

46,583,039

Acquired lease intangibles

3,167,918

2,775,121

Real property held for sale, net of accumulated depreciation

374,477

108,925

Construction in progress

848,347

712,119

Less accumulated depreciation and intangible amortization

(11,533,470)

(11,673,306)

Net real property owned

58,053,634

44,300,595

Right of use assets, net

1,959,414

1,279,172

Real estate loans receivable, net of credit allowance

2,952,709

1,801,860

Net real estate investments

62,965,757

47,381,627

Other assets:

Investments in unconsolidated entities

2,001,632

1,964,267

Cash and cash equivalents

1,965,164

4,409,740

Restricted cash

132,000

113,771

Receivables and other assets

2,810,627

1,964,090

Total other assets

6,909,423

8,451,868

Total assets

$                   69,875,180

$                   55,833,495

Liabilities and equity

Liabilities:

Unsecured credit facility and commercial paper

$                                 —

$                                 —

Senior unsecured notes

14,295,101

13,448,881

Secured debt

3,431,152

2,522,222

Lease liabilities

1,994,551

1,335,647

Accrued expenses and other liabilities

2,490,804

1,980,444

Total liabilities

22,211,608

19,287,194

Redeemable noncontrolling interests

224,538

283,187

Equity:

Common stock

719,068

665,238

Capital in excess of par value

55,180,367

43,949,130

Treasury stock

(25,961)

(13,944)

Cumulative net income

12,207,243

10,656,569

Cumulative dividends

(21,244,723)

(19,190,453)

Accumulated other comprehensive income

(421,646)

(166,014)

Total Welltower Inc. stockholders' equity

46,414,348

35,900,526

Noncontrolling interests

1,024,686

362,588

Total equity

47,439,034

36,263,114

Total liabilities and equity

$                   69,875,180

$                   55,833,495

Welltower Inc.

Financial Exhibits

Consolidated Statements of Income (unaudited)

(in thousands, except per share data)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Revenues:

Resident fees and services

$     2,984,891

$     1,971,044

$     5,765,822

$     3,835,574

Rental income

459,740

483,040

913,582

944,607

Interest income

77,369

62,057

148,298

124,547

Other income

22,586

32,103

68,810

66,603

Total revenues

3,544,586

2,548,244

6,896,512

4,971,331

Expenses:

Property operating expenses

2,150,123

1,514,711

4,205,543

2,977,101

Depreciation and amortization

737,764

495,036

1,360,516

980,905

Interest expense

181,914

141,157

374,629

286,119

General and administrative expenses

67,486

64,175

134,960

127,933

Loss (gain) on derivatives and financial instruments, net

—

(409)

—

(3,619)

Loss (gain) on extinguishment of debt, net

1,984

—

2,711

6,156

Provision for loan losses, net

2,183

(1,113)

3,815

(3,120)

Impairment of assets

25,774

19,876

30,600

72,278

Other expenses

56,930

16,598

118,067

30,658

Total expenses

3,224,158

2,250,031

6,230,841

4,474,411

Income (loss) from continuing operations before income taxes and
other items

320,428

298,213

665,671

496,920

Income tax (expense) benefit

61,979

(1,053)

50,346

4,466

Income (loss) from unconsolidated entities

(17,969)

(7,392)

(19,655)

(6,129)

Gain (loss) on real estate dispositions and acquisitions of controlling
interests, net

98,537

14,850

518,937

66,627

Income (loss) from continuing operations

462,975

304,618

1,215,299

561,884

Net income (loss)

462,975

304,618

1,215,299

561,884

Less: Net income (loss) attributable to noncontrolling interests(1)

17,973

2,730

41,625

2,039

Net income (loss) attributable to common stockholders

$       445,002

$       301,888

$     1,173,674

$       559,845

Average number of common shares outstanding:

Basic

709,732

656,593

704,812

650,029

Diluted

737,956

668,140

732,137

661,004

Net income (loss) attributable to common stockholders per share:

Basic

$             0.63

$             0.46

$             1.67

$             0.86

Diluted(2)

$             0.61

$             0.45

$             1.63

$             0.85

Common dividends per share

$             0.74

$             0.67

$             1.48

$             1.34

(1) Includes amounts attributable to redeemable noncontrolling interests.

(2) Includes adjustment to the numerator for income (loss) attributable to OP Units and DownREIT Units.

FFO Reconciliations

Exhibit 1

(in thousands, except per share data)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Net income (loss) attributable to common stockholders

$       445,002

$      301,888

$    1,173,674

$      559,845

Depreciation and amortization

737,764

495,036

1,360,516

980,905

Impairments and losses (gains) on real estate dispositions and
acquisitions of controlling interests, net

(72,763)

5,026

(488,337)

5,651

Noncontrolling interests(1)

10,639

(6,256)

27,739

(15,724)

Unconsolidated entities(2)

33,011

30,023

62,609

60,237

NAREIT FFO attributable to common stockholders

1,153,653

825,717

2,136,201

1,590,914

Normalizing items, net(3)

26,445

31,472

110,564

53,452

Normalized FFO attributable to common stockholders

$    1,180,098

$      857,189

$    2,246,765

$    1,644,366

Average diluted common shares outstanding

737,956

668,140

732,137

661,004

Per diluted share data attributable to common stockholders:

Net income (loss)(4)

$             0.61

$            0.45

$             1.63

$             0.85

NAREIT FFO

$             1.56

$            1.24

$             2.92

$             2.41

Normalized FFO

$             1.60

$            1.28

$             3.07

$             2.49

Normalized FFO Payout Ratio:

Dividends per common share

$             0.74

$            0.67

$             1.48

$             1.34

Normalized FFO attributable to common stockholders per
share

$             1.60

$            1.28

$             3.07

$             2.49

Normalized FFO payout ratio

46 %

52 %

48 %

54 %

Other items:(5)

Net straight-line rent and above/below market rent amortization

$        (86,006)

$       (48,607)

$      (144,627)

$        (94,728)

Non-cash interest expenses(6)

12,292

12,441

25,857

25,310

Recurring cap-ex, tenant improvements and lease commissions(7)

(99,491)

(77,158)

(168,965)

(151,708)

Stock-based compensation(8)

15,264

12,668

32,477

27,311

(1) Represents noncontrolling interests' share of net FFO adjustments.

(2) Represents Welltower's share of net FFO adjustments from unconsolidated entities.

(3) See Exhibit 2.

(4) Includes adjustment to the numerator for income (loss) attributable to OP Units and DownREIT Units, where applicable.

(5) Amounts presented net of noncontrolling interests' share and including Welltower's share of unconsolidated entities.

(6) Excludes normalized foreign currency loss (gain) (see Exhibit 2).

(7) Reflects recurring cap-ex, tenant improvements and lease commissions on owned operational properties.

(8) Excludes normalized stock compensation expense related to the 2021 Special Performance Option Awards.

Normalizing Items

Exhibit 2

(in thousands, except per share data)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Loss (gain) on derivatives and financial instruments, net

$               —

$            (409)

$               —

$        (3,619)

Loss (gain) on extinguishment of debt, net

1,984

(1)

—

2,711

6,156

Provision for loan losses, net

2,183

(2)

(1,113)

3,815

(3,120)

Income tax benefits

(71,304)

(3)

(595)

(71,304)

(8,181)

Other impairment

—

604

—

604

Other expenses

56,930

(4)

16,598

118,067

30,658

Special incentive plan compensation

234

(5)

2,540

455

5,402

Casualty losses, net of recoveries

5,038

(6)

2,496

8,078

6,338

Foreign currency loss (gain)

3,298

(7)

(1,864)

372

(1,755)

Normalizing items attributable to noncontrolling interests and
unconsolidated entities, net

28,082

(8)

13,215

48,370

20,969

Net normalizing items

$        26,445

$        31,472

$       110,564

$        53,452

Average diluted common shares outstanding

737,956

668,140

732,137

661,004

Net normalizing items per diluted share

$            0.04

$            0.05

$            0.15

$            0.08

(1) Primarily related to the extinguishment of unsecured debt.

(2) Primarily related to adjustments to reserves for loan losses based upon our current assessment of expected credit losses in the portfolio.

(3) Primarily related to the partial release of valuation allowances.

(4) Primarily related to non-capitalizable transaction costs and legal fees.

(5) Primarily related to expenses recognized on the 2021 Special Performance Option Awards.

(6) Primarily relates to casualty losses net of any insurance recoveries.

(7) Primarily relates to foreign currency gains and losses related to accrued interest on intercompany loans and third party debt denominated in a foreign currency.

(8) Primarily relates to hypothetical liquidation at book value adjustments related to in substance real estate investments.

Outlook Reconciliation: Year Ending December 31, 2026

Exhibit 3

(in millions, except per share data)

Prior Outlook

Current Outlook

Low

High

Low

High

FFO Reconciliation:

Net income attributable to common stockholders

$         2,370

$         2,472

$          2,302

$          2,362

Impairments and losses (gains) on real estate dispositions and
acquisitions of controlling interests, net(1)

(576)

(576)

(545)

(545)

Depreciation and amortization(1)

2,669

2,669

2,845

2,845

NAREIT FFO attributable to common stockholders

4,463

4,565

4,602

4,662

Normalizing items, net(1,2)

84

84

111

111

Normalized FFO attributable to common stockholders

$         4,547

$         4,649

$          4,713

$          4,773

Diluted per share data attributable to common stockholders:

Net income

$           3.24

$           3.38

$            3.11

$            3.19

NAREIT FFO

$           6.10

$           6.24

$            6.21

$            6.29

Normalized FFO

$           6.21

$           6.35

$            6.36

$            6.44

Other items:(1)

Net straight-line rent and above/below market rent amortization

$          (299)

$          (299)

$           (341)

$           (341)

Non-cash interest expenses

57

57

50

50

Recurring cap-ex, tenant improvements and lease commissions(3)

(465)

(465)

(465)

(465)

Stock-based compensation

63

63

63

63

(1) Amounts presented net of noncontrolling interests' share and Welltower's share of unconsolidated entities.

(2) See Exhibit 2.

(3) Reflects recurring cap-ex, tenant improvements and lease commissions on owned operational properties.

SSNOI Reconciliation

Exhibit 4

(in thousands)

Three Months Ended

June 30,

2026

2025

% growth

Net income (loss)

$               462,975

$                 304,618

Loss (gain) on real estate dispositions and acquisitions of controlling
interests, net

(98,537)

(14,850)

Loss (income) from unconsolidated entities

17,969

7,392

Income tax expense (benefit)

(61,979)

1,053

Other expenses

56,930

16,598

Impairment of assets

25,774

19,876

Provision for loan losses, net

2,183

(1,113)

Loss (gain) on extinguishment of debt, net

1,984

—

Loss (gain) on derivatives and financial instruments, net

—

(409)

General and administrative expenses

67,486

64,175

Depreciation and amortization

737,764

495,036

Interest expense

181,914

141,157

Consolidated NOI

1,394,463

1,033,533

NOI attributable to unconsolidated investments(1)

37,785

26,069

NOI attributable to noncontrolling interests(2)

(10,944)

(13,531)

Pro rata NOI

1,421,304

1,046,071

Non-cash NOI attributable to same store properties

(41,721)

(40,863)

NOI attributable to non-same store properties

(572,672)

(315,738)

Currency and ownership adjustments(3)

(1,092)

1,044

Normalizing adjustments, net(4)

(5,324)

2,770

Same Store NOI (SSNOI)

$               800,495

$                 693,284

15.5 %

Seniors Housing Operating

584,770

485,303

20.5 %

Seniors Housing Triple-net

82,349

78,281

5.2 %

Outpatient Medical

26,945

26,305

2.4 %

Long-Term/Post-Acute Care

106,431

103,395

2.9 %

Total SSNOI

$               800,495

$                 693,284

15.5 %

(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.

(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.

(3) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.43 and to translate U.K.
properties at a GBP/USD rate of 1.23.

(4) Includes other adjustments described in the accompanying Supplement.

Reconciliation of SHO SS RevPOR Growth

Exhibit 5

(in thousands except SS RevPOR)

Three Months Ended

June 30,

2026

2025

Consolidated SHO revenues

$          2,995,336

$          1,975,732

Unconsolidated SHO revenues attributable to WELL(1)

58,835

51,947

SHO revenues attributable to noncontrolling interests(2)

(22,535)

(20,112)

SHO pro rata revenues(3)

3,031,636

2,007,567

Non-cash and non-RevPOR revenues on same store properties

(2,543)

(2,549)

Revenues attributable to non-same store properties

(1,206,058)

(333,704)

Currency and ownership adjustments(4)

(2,805)

(3,792)

SHO SS RevPOR revenues(5)

$          1,820,230

$          1,667,522

Average occupied units/month(6)

100,410

96,800

SHO SS RevPOR(7)

$                 6,059

$                 5,758

SS RevPOR YOY growth

5.2 %

(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.

(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.

(3) Represents SHO revenues at Welltower pro rata ownership.

(4) Includes adjustments to reflect consistent property ownership percentages and foreign currency exchange rates for properties in the U.K. and Canada.

(5) Represents SS SHO RevPOR revenues at Welltower pro rata ownership.

(6) Represents average occupied units for SS properties on a pro rata basis.

(7) Represents pro rata SS average revenues generated per occupied room per month.

Net Debt to Adjusted EBITDA Reconciliation

Exhibit 6

(in thousands)

Three Months Ended

June 30,

2026

Net income (loss)

$                             462,975

Interest expense

181,914

Income tax expense (benefit)

(61,979)

Depreciation and amortization

737,764

EBITDA

1,320,674

Loss (income) from unconsolidated entities

17,969

Stock-based compensation

15,498

Loss (gain) on extinguishment of debt, net

1,984

Loss (gain) on real estate dispositions and acquisitions of controlling interests, net

(98,537)

Impairment of assets

25,774

Provision for loan losses, net

2,183

Other expenses

56,930

Casualty losses, net of recoveries

5,038

Adjusted EBITDA

$                          1,347,513

Total debt(1)

$                        18,218,544

Cash and cash equivalents and restricted cash

(2,097,164)

Net debt

$                        16,121,380

Adjusted EBITDA annualized

$                          5,390,052

Net debt to Adjusted EBITDA ratio

2.99x

(1) Amounts include unamortized premiums/discounts, other fair value adjustments and financing lease liabilities. Excludes operating lease liabilities related to ASC 842 of
$1,502,260,000 as of June 30, 2026.

Net Debt to Consolidated Enterprise Value

Exhibit 7

(in thousands, except share price)

June 30, 2026

June 30, 2025

Common shares outstanding

718,902

665,120

Period end share price

$                226.97

$                153.73

Common equity market capitalization

$       163,169,187

$       102,248,898

Total debt

$         18,218,544

$         16,079,566

Cash and cash equivalents and restricted cash

(2,097,164)

(4,523,511)

Net debt

16,121,380

11,556,055

Noncontrolling interests(1)

1,249,224

645,775

Consolidated enterprise value

$       180,539,791

$       114,450,728

Net debt to consolidated enterprise value

8.9 %

10.1 %

(1) Includes all noncontrolling interests (redeemable and permanent) as reflected on our consolidated balance sheet.

SOURCE Welltower Inc.

Welltower trades at an extreme premium, with a 41x forward AFFO multiple and implied cap rates below 3%. WELL's short-term AFFO per share growth is strong, but margin expansion and cost controls are unsustainable long-term. The REIT's best move is to issue equity at these valuations, but future AFFO multiple compression poses significant downside risk.

Key Takeaways WELL is expected to report Q2 revenues and normalized FFO growth on July 27 after market close.Senior housing demand, muted new supply and long-term leases may support Welltower's results.High interest expenses could weigh on Welltower, while investment and development efforts continue. Welltower, Inc. (WELL - Free Report) is slated to report second-quarter 2026 results on July 27, after market close. The quarterly results are likely to reflect year-over-year growth in revenues and normalized funds from operations (FFO) per share.

In the last reported quarter, this Toledo, OH-based healthcare real estate investment trust (REIT) witnessed a normalized FFO per share of $1.47, beating the Zacks Consensus Estimate of $1.45. Results reflected a rise in revenues on a year-over-year basis. The total portfolio same-store net operating income (SSNOI) increased year over year, driven by SSNOI growth in the senior housing operating (SHO) portfolio.

Over the preceding four quarters, Welltower’s normalized FFO per share beat the Zacks Consensus Estimate on all occasions, with the average beat being 2.52%. The graph below depicts this surprising history:

Factors at Play for WELLWelltower owns a diversified portfolio in the healthcare real estate industry across the major, high-growth markets of the United States, Canada and the United Kingdom. During the second quarter, the company’s SHO portfolio is likely to have continued to benefit from an aging U.S. population and a rise in healthcare expenditure by this age cohort, which is usually higher than that of the general population. In addition, muted new supply is expected to have provided a favorable operating environment for this portfolio.

Further, Welltower’s long-term leases with its healthcare management companies or operators are anticipated to have led to stable revenue generation, boosting its top line.

The Zacks Consensus Estimate for quarterly total revenues is pegged at $3.43 billion, suggesting an increase of 34.5% from the prior-year period’s reported number.

We expect WELL to have continued its investment and development activities during the to-be-reported quarter, supported by its solid balance sheet position and capital-recycling efforts.

WELL’s activities during the to-be-reported quarter were adequate to garner analysts’ confidence. The Zacks Consensus Estimate for second-quarter normalized FFO per share has been revised a cent upward to $1.55 over the past month. The figure suggests an increase of 21.1% from the year-ago reported number.

However, high interest expenses are likely to have been a spoilsport for Welltower during the to-be-reported quarter.

What Our Quantitative Model Predicts for WELLOur proven model does not conclusively predict a surprise in terms of FFO per share for Welltower this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an FFO beat, which is not the case here.

Welltower currently has an Earnings ESP of -0.72% and carries a Zacks Rank of 2. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Stocks That Warrant a LookHere are two stocks from the broader REIT industry — BXP, Inc. (BXP - Free Report) and Cousins Properties (CUZ - Free Report) — that you may want to consider, as our model shows that these have the right combination of elements to report a surprise this quarter.

BXP, which is scheduled to report second-quarter 2026 results on July 28, has an Earnings ESP of +0.18% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Cousins Properties is slated to report second-quarter 2026 results on July 30. CUZ has an Earnings ESP of +0.45% and a Zacks Rank of 3 at present.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.

Welltower gets a buy for my initial rating, as it presents both a compelling dividend idea and a capital growth idea. Top-line revenue growth is proven over 5 years already, as the portfolio keeps expanding through acquisition, with a recent acquisition in Canada. The stock is favorably covered both by Moody's and Barclays.

Vancouver, British Columbia--(Newsfile Corp. - June 17, 2026) - WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) (the "Company" or "WELL"), a digital health company focused on positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, is pleased to announce that at its annual general and special meeting held June 16, 2026 (the "Meeting"), all of the nominees for election as directors of the Company referred to in its notice of meeting and information circular dated May 8, 2026 for the Meeting were elected.

A total of 90,692,992 common shares representing 35.50% of the outstanding common shares of the Company were voted by proxy at the Meeting. Voting results for the election of directors at the Meeting were as follows:

ResolutionVote TypeTotal Votes% VotedKenneth CawkellFor
Withheld86,423,506
2,024,93097.71%
2.29%John KimFor
Withheld86,416,298
2,032,13897.70%
2.30%Sybil E Jen LauFor
Withheld87,483,574
964,86298.91%
1.09%Thomas ListonFor
Withheld86,974,569
1,473,86798.33%
1.67%Tara McCarvilleFor
Withheld86,114,137
2,334,29997.36%
2.64%Hamed ShahbaziFor
Withheld86,526,111
1,922,32597.83%
2.17%In addition, shareholders approved all other matters considered at the Meeting, the results of which are reported in the Report of Voting Results as filed on SEDAR+ (www.sedarplus.ca) on June 16, 2026.

WELL HEALTH TECHNOLOGIES CORP.
Per: "Hamed Shahbazi"

Hamed Shahbazi

Chief Executive Officer, Chairman and Director

About WELL Health Technologies Corp.

WELL Health Technologies Corp. (TSX: WELL) is Canada's largest outpatient healthcare company and a leading provider of technology-enabled healthcare solutions. WELL is building the infrastructure for a healthier Canada, where every patient gets better care, every provider is empowered by AI, and every piece of health data is protected. WELL owns and operates approximately270 clinics in Canada, supporting more than 5 million annual patient visits. Through its subsidiary WELLSTAR, WELL provides electronic medical records, AI-powered clinical tools, patient engagement platforms and IT management services. WELL provides cybersecurity services through its CYBERWELL subsidiary. WELL is publicly-traded on the TSX under the symbol "WELL" and on the OTC Exchange under the symbol "WHTCF". To learn more, please visit: www.well.company.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/301840

Source: WELL Health Technologies Corp.

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, /PRNewswire/ -- Welltower® Inc. (NYSE: WELL) today announced it will release second quarter 2026 financial results after the close of trading on the New York Stock Exchange on Monday, July 27, 2026. The Company will host a conference call and webcast on Tuesday, July 28, 2026, at 9:00 a.m. ET to discuss these results. The Company's earnings release will be available in the Investor Relations section of the Company's website.

Investors and other interested parties may access the conference call in the following ways:

At the Company's website: www.welltower.com. Via webcast: https://events.q4inc.com/attendee/434603250. A webcast replay will be available approximately two hours after the conclusion of the conference call and will be available for 90 days. Joining via webcast is recommended for those who will not be asking questions. By telephone: The participant toll-free dial-in number is (888) 340-5024. The international dial-in is (646) 960-0135. The conference ID number is 8230248. All phone participants are asked to dial in 15 minutes prior to the start of the call to ensure connectivity. A replay of the conference call will be available beginning at approximately 1:00 p.m. ET on July 28, 2026 and ending on August 4, 2026. The dial-in number for United States participants is (800) 770-2030. For international participants, the replay dial-in number is (609) 800-9909. The replay conference ID number is 8230248.

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 2,500+ seniors and wellness housing communities are positioned at the intersection of housing and hospitality, creating vibrant communities for mature renters and older adults. We believe our real estate portfolio is unmatched, located in highly attractive micromarkets with stunning built environments. Yet, we are an unusual real estate organization as we view ourselves as an operating company in a real estate wrapper, driven by highly-aligned partnerships and an unconventional culture. Through our disciplined approach to capital allocation powered by our Data Science platform and superior operating results driven by the Welltower Business System - our end-to-end operating platform - we aspire to deliver long-term compounding of per share growth for our existing investors, our North Star. More information is available at www.welltower.com.

Forward-Looking Statements

This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. When Welltower uses words such as "will", "expect" or similar expressions that do not relate solely to historical matters, Welltower is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause Welltower's actual results to differ materially from Welltower's expectations discussed in the forward-looking statements. Welltower undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in any forward-looking statements.

SOURCE Welltower Inc.

WELL Health Technologies Corp. (WELL:CA) Q1 2026 Earnings Call Transcript

As per the recent news, NextEra Energy, on May 18, entered into a definitive agreement to combine with Dominion Energy. As per the terms, Dominion shareholders will receive 0.8138 NextEra shares per Dominion share. This implies an ownership split of approximately 74.5% for NextEra and 25.5% for Dominion shareholders in the combined entity.

Jim Lebenthal, partner at Cerity Partners, picked Transocean Ltd. (NYSE:RIG).

Supporting his view, Barclays analyst Eddie Kim, on May 7, upgraded Transocean from Equal-Weight to Overweight and raised the price target from $6 to $8.

Don't forget to check out our premarket coverage here

Stephen Weiss, chief investment officer and managing partner of Short Hills Capital Partners, recommended Alibaba Group Holding Limited (NYSE:BABA).

On the earnings front, Alibaba, on May 13, reported mixed fiscal fourth-quarter 2026 results. The company reported quarterly revenue of $35.28 billion, up 3% from a year earlier and slightly ahead of analyst estimates of $35.23 billion. Excluding the divested Sun Art and Intime businesses, revenue increased 11% on a like-for-like basis.

Joseph M. Terranova, senior managing director for Virtus Investment Partners, named Welltower Inc. (NYSE:WELL) as his final trade.

Lending support to his choice, Welltower, on April 28, posted better-than-expected results for the first quarter and raised its FY2026 FFO guidance.

Price Action:

NextEra Energy shares gained 1.2% to close at $90.06 on Tuesday. Transocean fell 1.7% to settle at $7.45 during the session. Alibaba shares gained 1.8% to close at $135.64 on Tuesday. Welltower shares rose 2.5% to close at $218.00. Photo via Shutterstock

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Welltower Co-President and Chief Financial Officer brings extensive public REIT leadership, capital markets, capital allocation, technology transformation and net-lease investment experience to FrontView

DALLAS--(BUSINESS WIRE)--FrontView REIT, Inc. (NYSE: FVR) (the “Company,” “FrontView,” “we,” “our,” or “us”) today announced the appointment of Timothy G. “Tim” McHugh to the Company’s Board of Directors as an independent director, effective May 28, 2026.

Mr. McHugh currently serves as Co-President and Chief Financial Officer of Welltower Inc. (NYSE: WELL), the largest REIT in the S&P 500 in terms of market capitalization. In his role at Welltower, Mr. McHugh oversees the company’s corporate finance function and is actively involved in advancing innovation and technology transformation across the Welltower Business System and broader enterprise platform. Since joining Welltower in 2016, Mr. McHugh has helped lead a period of significant strategic transformation and has held roles of increasing responsibility, including Treasurer, Senior Vice President of Capital Markets, and Executive Vice President and Chief Financial Officer, before assuming his current role.

“Tim is one of the most respected finance and capital allocation executives in the public REIT industry, and we are thrilled to welcome him to FrontView’s Board of Directors,” said Stephen Preston, FrontView’s Chairman and Chief Executive Officer. “Tim helped transform Welltower into one of the world’s leading REIT platforms, and his perspective will be especially valuable as it aligns with our differentiated approach to net lease as we scale the business.”

“I am honored to join FrontView’s Board of Directors at an important stage in the Company’s growth,” said Mr. McHugh. “FrontView has built a differentiated platform, anchored by one of the highest-quality real estate portfolios in the sector, and is led by an experienced team with a clear strategy to create durable, long-duration value for shareholders. I look forward to working with the management team and my fellow directors as the Company continues to scale and execute on its strategic priorities.”

About FrontView REIT, Inc.

FrontView is an internally managed net-lease real estate investment trust (“REIT”) focused on acquiring, owning, and managing properties with frontage that are leased to a diversified tenant base. Our real estate investment strategy is centered around highly visible properties in prominent retail corridors with strong underlying real estate fundamentals. We target properties along high-traffic roads that offer strong consumer visibility and adaptable building formats capable of supporting various businesses over time.

As of March 31, 2026, FrontView owned a diversified portfolio of 309 direct frontage properties across 36 U.S. states, leased primarily to service and necessity-based tenants across 16 industries, including medical and dental providers, quick-service and casual dining restaurants, financial institutions, cellular retailers, automotive-related, fitness, and general retail, along with several other diversified industries.

Forward-Looking Statements

This press release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies, and prospects, both business and financial. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “outlook,” “potential,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “projects,” “predicts,” “expect,” “intends,” “anticipates,” “estimates,” “plans,” “would be,” “believes,” “continues,” or the negative version of these words or other comparable words. Forward-looking statements, including our ability to execute our business and acquisition strategies, involve known and unknown risks and uncertainties, which may cause FVR’s actual future results to differ materially from expected results, including, without limitation, risks and uncertainties related to general economic conditions, including but not limited to fluctuations in the rate of inflation and/or interest rates, local real estate conditions, tenant financial health, property investments and acquisitions, and the timing and uncertainty of completing these property investments and acquisitions, and uncertainties regarding future distributions to our stockholders. These and other risks, assumptions, and uncertainties are described in Item 1A. “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which the Company filed with the SEC on February 25, 2026, which you are encouraged to read, and is available on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company assumes no obligation to, and does not currently intend to, update any forward-looking statements after the date of this press release, whether as a result of new information, future events, changes in assumptions, or otherwise.

More News From FrontView REIT, Inc.

Back to Newsroom

A month has gone by since the last earnings report for Welltower (WELL - Free Report) . Shares have added about 1% in that time frame, underperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Welltower due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important drivers.

Welltower's Q1 FFO Beat Estimates on Strong SHO NOI GrowthWelltower reported first-quarter 2026 normalized FFO of $1.47 per share, topping the Zacks Consensus Estimate of $1.45 by 1.38%. Total revenues of $3.35 billion beat the consensus mark of $3.23 billion by 3.68% and rose 38.3% year over year.

Results reflected continued strength in the SHO portfolio, where SSNOI growth remained robust and occupancy gains supported margin recovery. Total portfolio year-over-year SSNOI increased 16.4% in the quarter, led by SHO performance.

Revenue Mix Tilted Toward Resident FeesWelltower’s top line was driven primarily by resident fees and services, reflecting the scale of its operating exposure. Resident fees and services rose 49.1% year over year to $2.78 billion in the first quarter, forming the bulk of total revenues.

Other revenue lines were comparatively smaller and moved in a mixed fashion. Rental income slipped 1.7% year over year to $453.8 million, while interest income increased 13.5% to $70.9 million and other income rose 34% to $46.2 million.

Portfolio Drove Operating LeverageWelltower’s SHO portfolio delivered another quarter of outsized SSNOI growth. Same-store revenues rose 9.5% year over year to $1.72 billion, supported by a 370-basis-point occupancy gain to 89.0% in the first quarter of 2026.

Operating leverage showed up in profitability and margins. Same-store operating expenses increased 4.7% to $1.19 billion, well below the pace of revenue growth, lifting SSNOI 22.1% to $531.8 million. SSNOI margin expanded to 30.9% from 27.7% a year ago, a 320-basis-point improvement.

Expanded Capital Deployment While Recycling AssetsCapital allocation remained active. During the first quarter, Welltower completed $3.3 billion of pro rata gross investments and, year to date through April 28, 2026, closed or was under contract to close $10.5 billion of investment activity.

The company also continued to recycle capital through dispositions and loan repayments. In the quarter, it completed $2.8 billion of pro rata dispositions and loan repayments, including $1.4 billion of outpatient medical dispositions, $524 million of sales of long-term/post-acute care properties and $873 million of loan repayments.

Ended Q1 With Low Leverage and Deep LiquidityThe company’s balance sheet position remained a notable support for its external growth strategy. As of March 31, 2026, the company reported Net Debt to Adjusted EBITDA of 2.73x and approximately $11.1 billion of available liquidity, including $4.8 billion of cash and restricted cash plus full capacity under its $6.25 billion line of credit.

The company also highlighted recent financing actions that improved flexibility and reduced refinancing pressure, including the expansion of its senior unsecured revolving credit line and the repayment of $700 million of senior unsecured notes at maturity in April using free cash flow. With leverage low and liquidity substantial, Welltower appears positioned to pursue announced investment pipelines while maintaining balance sheet capacity for additional opportunities.

Raised 2026 Outlook on NOI MomentumManagement lifted 2026 guidance following the first-quarter performance. The company raised its full-year normalized FFO outlook to a range of $6.21-$6.35 per share from its prior range of $6.09-$6.25.

Its guidance assumes the average blended SSNOI growth of 12.25-16.00%, comprising 16.5-21.5% growth in Seniors Housing Operating, 3.0-4.0% in Seniors Housing Triple-net, 2.0-3.0% in Outpatient Medical and 2.0-3.0% in Long-Term/Post-Acute Care.

How Have Estimates Been Moving Since Then?Investors have witnessed a upward trend in estimates review over the past two months.

VGM ScoresAt this time, Welltower has a average Growth Score of C, however its Momentum Score is doing a lot better with an A. However, the stock was allocated a score of D on the value side, putting it in the bottom 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook Welltower has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerWelltower belongs to the Zacks REIT and Equity Trust - Other industry. Another stock from the same industry, Crown Castle (CCI - Free Report) , has gained 5.8% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026.

Crown Castle reported revenues of $1.01 billion in the last reported quarter, representing a year-over-year change of -4.8%. EPS of $0.50 for the same period compares with $1.10 a year ago.

For the current quarter, Crown Castle is expected to post earnings of $1.00 per share, indicating a change of -2% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Crown Castle. Also, the stock has a VGM Score of D.

Key Takeaways Welltower expects to raise its quarterly dividend 15%, from 74 cents to 85 cents per share.WELL's prior 74-cent quarterly dividend marked its 220th consecutive quarterly cash payout.WELL to retain free cash flow, maintain low leverage and growth capacity across the US, UK and Canada. Welltower Inc. (WELL - Free Report) recently announced that it expects to raise its quarterly common stock dividend by 15% from the previous quarterly payout of 74 cents per share to 85 cents per share. This hike indicates its ability to generate strong cash flow through its operating portfolio.

Per Shankh Mitra, CEO of Welltower, “This action not only reflects the company's low dividend payout ratio driven by strong cash flow per share growth in recent years, but also the Board's confidence regarding outsized levels of growth in the coming years supported by extraordinary balance sheet strength."

Previously, on April 28, 2026, the Board of Directors declared a cash dividend for the first quarter of 2026 of 74 cents per share. This dividend was paid on May 21, 2026, to stockholders of record as of May 13, 2026. It was its 220th consecutive quarterly cash dividend.

Management also noted that the company continues to retain significant free cash flow and maintain extraordinarily low leverage metrics, providing it with ample capacity and flexibility to support robust, visible, and actionable organic and inorganic growth opportunities across the United States, the U.K. and Canada.

Solid dividend payouts remain the biggest attractions for real estate investment trust (REIT) investors, and WELL has remained committed to that. The company has increased its dividend two twice in the last five years, and its five-year annualized dividend growth rate is 4.18%. Check out Welltower’s dividend history here.

In the past three months, shares of this Zacks Rank #3 (Hold) company have declined 5.7% compared with the industry's fall of 0.4%.

Image Source: Zacks Investment Research

Stocks to ConsiderSome better-ranked stocks from the broader REIT sector are Outfront Media (OUT - Free Report) and Lamar Advertising (LAMR - Free Report) , each carrying a Zacks Rank of #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for OUT’s 2026 FFO per share is pegged at $2.24, which indicates year-over-year growth of 12.56%.

The Zacks Consensus Estimate for LAMR’s full-year FFO per share is pinned at $8.81, which suggests an increase of 6.66% from the year-ago period.

Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.

WELL Health is providing a corporate update on its majority-owned subsidiary Circle Medical, a leading telehealth platform delivering accessible, insurance-based primary care across the United States. Circle Medical continues to expand access to care, having more than tripled the number of commercially insured patients eligible to receive care on its platform over the last year, supported by strong double-digit growth in new patient bookings and activations in May 2026 as compared to May 2025.