Welltower Inc., the Toledo-based healthcare real estate company, reported third-quarter 2026 results on Monday, October 26, and raised its full-year outlook, citing continued strength in its seniors housing business.
The company reported net income of $415 million for the quarter ended September 30, with net income attributable to common stockholders of $0.54 per diluted share. Normalized funds from operations attributable to common stockholders came in at $1.67 per diluted share, an increase of 24.6 percent over the prior year.
Same-store net operating income across Welltower’s portfolio grew 15.8 percent year over year, driven by its Seniors Housing Operating portfolio, where same-store NOI grew 21.0 percent. The company said seniors housing revenue growth reflected about 320 basis points of average occupancy growth combined with 5.3 percent growth in revenue per occupied room.
Welltower said it has closed or has under contract about $21.0 billion of pro rata gross investments for the year to date, including $13.3 billion completed in the first nine months of 2026 and a further $7.7 billion closed or under contract since quarter end, excluding development funding.
During the third quarter the company completed $484 million of pro rata dispositions and loan repayments, bringing the year-to-date total to $4.1 billion. As of September 30, Welltower reported net debt to adjusted EBITDA of 3.02 times and about $9.5 billion of available liquidity.
The results land as demand for seniors housing continues to climb with the aging of the U.S. population, a trend Welltower calls the silver economy. The company says its operating platform and data-science tools are aimed at matching that demand with renovated and newly developed communities operated with its partners.
Welltower describes itself as an S&P 500 company positioned at the center of the so-called silver economy, owning rental housing for aging seniors across the United States, the United Kingdom and Canada. Its headquarters is in Toledo, where it is one of northwest Ohio’s largest publicly traded companies. Market coverage of the report noted the stock traded lower Monday even as the company raised its guidance, with net income trailing some consensus estimates while normalized funds from operations beat them.
Photo: Lance Woodworth, CC BY