Toledo-based Welltower Inc. raised its full-year 2026 guidance on Monday after a third quarter that included $2.7 billion in senior housing investments and acquisitions spanning 43 properties. The health care real estate investment trust, one of Toledo’s largest publicly traded companies, reported its results after the market closed.
Welltower said net income guidance for 2026 was revised to a range of $3.31 to $3.37 per diluted share, up from $3.11 to $3.19, and normalized funds from operations guidance rose to $6.47 to $6.53 per diluted share, up from $6.36 to $6.44. Management credited the senior housing operating portfolio, investment activity and its Welltower Business System initiatives.
The operating numbers behind the raise were strong. Same-store revenue in the senior housing operating platform rose 9.1% year over year, led by 320 basis points of occupancy growth and a 5.3% increase in revenue per occupied room. Same-store net operating income in that segment rose 21% in the quarter compared with a year earlier, and portfolio net operating income was up 15.8% over the last 12 months.
The company has been buying at scale. Welltower said it has closed or is under contract to close $21 billion in investments in 2026, with $13.3 billion completed in the first three quarters and the remaining $7.7 billion expected to close in the fourth quarter. Third-quarter acquisitions included markets such as Naples, Florida; Denver; San Jose, California; and Los Angeles.
The company also sold assets during the quarter. It shed 25 outpatient medical buildings and seven senior housing properties for about $284 million, and Brookdale Senior Living acquired 30 communities it leased and operated from Welltower for $290 million.
Welltower, an S&P 500 company headquartered in Toledo, describes itself as operating at the intersection of housing and hospitality for aging seniors, with communities across the United States, the United Kingdom and Canada. Its portfolio spans senior housing, outpatient medical buildings and skilled nursing facilities.
For northwest Ohio, Welltower’s growth is a hometown story: a Toledo headquarters directing tens of billions of dollars in senior housing investment at a moment when demand for senior living continues to climb with an aging population. The company’s expected same-store net operating income growth of 15.0% to 16.25% for the year reflects that demand.
Executives will discuss the results on a conference call Tuesday, October 27, at 9:00 a.m. Eastern Time. The company said general and administrative expenses for the year are expected to run about $267 million to $272 million, including roughly $60 million in stock-based compensation.
Photo: MrJacon000, CC BY-SA 4.0