Welltower

Welltower is a real estate investment trust (REIT) that owns rental housing for older adults in the United States, the United Kingdom and Canada. Most of its income comes from its Seniors Housing Operating portfolio, where it owns the communities and pays operating partners to run them, so it keeps the profit from rents and services. It also leases seniors housing, skilled nursing and outpatient medical buildings to tenants, and it has sold many outpatient medical buildings since late 2025.

Total revenues were $3.72 billion in Q3 2026. Welltower has paid 222 consecutive quarterly dividends, and it is based in Toledo, Ohio.

Welltower trades at a premium because investors pay for fast growth in cash flow per share from seniors housing. Normalized FFO per share rose 24.6% to $1.67 in Q3 2026, and same store NOI in the Seniors Housing Operating portfolio rose 21.0%, as occupancy rose 320 basis points and revenue per occupied room rose 5.3%. More older adults need this housing, and Welltower uses its low leverage to buy more communities: it closed or agreed to $21.0 billion of investments in 2026 to October 26. Welltower raised its 2026 normalized FFO guidance three times, to $6.47 to $6.53 per share.

For the premium to be earned, three things must be true. Same store NOI growth in Seniors Housing Operating must stay high in 2027, as occupancy keeps rising and rents grow. New acquisitions must earn the returns that management expects, so that FFO per share keeps growing fast after the large purchases of 2025 and 2026. Net debt must stay near 3 times adjusted EBITDA while Welltower buys.

The Q4 2026 report with the 2027 guidance, expected in February 2027, is the next test. The premium can shrink if occupancy gains slow, if new building of seniors housing rises or if Welltower pays too much for acquisitions.

1. Feb 9, 2027 · est.Pending

   Q4 2026 results and 2027 guidance2027 normalized FFO guidance for double-digit growth per share and Seniors Housing Operating same store NOI growth near the 2026 level pass; guidance for much slower growth fails.

Every passed and failed checkpoint across all picks

• October 26, 2026Welltower reported Q3 2026 results. Normalized FFO per share rose 24.6% to $1.67, and total same store NOI rose 15.8%, with 21.0% growth in Seniors Housing Operating. Welltower said that it had closed or agreed to $21.0 billion of investments in 2026. It raised its 2026 normalized FFO guidance to $6.47 to $6.53 per share from $6.36 to $6.44 and declared a dividend of $0.85 per share.
• July 27, 2026Welltower reported Q2 2026 results. Normalized FFO per share rose 25.0% to $1.60, and Seniors Housing Operating same store NOI rose 20.5%. It raised its 2026 normalized FFO guidance to $6.36 to $6.44 per share. In July 2026, it sold C$1.15 billion of senior unsecured notes due 2031 and 2033.
• June 1, 2026Welltower said that it expects to raise its quarterly dividend 15% to $0.85 per share, from the second quarter of 2026.

Last earnings

October 26, 2026 (8-K on sec.gov)

Next earnings

Expected about February 9, 2027. The company has not confirmed the date.

• 8-KOther company newsFiled October 27, 2026 · well-20261027
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 27, 2026 · well-20260930
• 8-KEarnings release and Investor disclosureFiled October 26, 2026 · well-20261026
• 8-KOther company newsFiled July 28, 2026 · well-20260728
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 28, 2026 · well-20260630
• 8-KEarnings releaseFiled July 27, 2026 · well-20260727
• 8-KOther company newsFiled July 13, 2026 · Read it on sec.gov
• 8-KInvestor disclosureFiled June 1, 2026 · Read it on sec.gov
• 8-KShareholder vote resultsFiled May 22, 2026 · Read it on sec.gov
• 8-KOther company newsFiled April 29, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 766704)

• Investors expect fast growth to continue. Seniors Housing Operating same store NOI rose about 21% in 2026 because occupancy and rents rose. If new building of seniors housing rises, or if occupancy gains slow, NOI growth can fall quickly.
• Welltower closed or agreed to $21.0 billion of investments in 2026. If it pays too much, or if the acquired communities do not perform, FFO per share can grow slower than the market expects.
• In the Seniors Housing Operating portfolio, Welltower carries the operating costs, such as wages, food and insurance. Higher labor costs or a change in government rules for seniors housing can lower margins.
• Part of the portfolio is in the U.K. and Canada. A stronger U.S. dollar lowers the dollar value of income from those countries.

Welltower has low leverage for a REIT. Total debt was $19.67 billion at September 30, 2026, including financing lease liabilities: $14.69 billion of senior unsecured notes, $3.47 billion of secured debt and $1.04 billion of commercial paper. Read more

Dividend yield

1.2% (last 12 months, at today’s price of $247.35)

Paid per share

$3.07 in the last 12 months (4 payments)

Current annual rate

$3.40 ($0.85 × 4 a year)

Payout ratio

203% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

August 12, 2026, $0.85 per share

Dividends per share by year

Over the last 10 years, the dividend fell by about 1.1% a year.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.