Welltower Q1 Earnings Call Highlights

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Sat, May 2, 2026 astatine 1:12 PM CDT 8 min read

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Welltower (NYSE:WELL) reported a beardown commencement to 2026, highlighting grounds same-store nett operating income (NOI) growth, continued operating borderline enlargement successful its seniors lodging operating portfolio, and a surge successful concern enactment amid volatile superior markets. Management besides raised the midpoint of its full-year normalized funds from operations (FFO) guidance pursuing the first-quarter results.

First-quarter results and raised full-year outlook

CEO Shankh Mitra said the institution “started the twelvemonth connected a beardown note,” emphasizing that its “need-based, and backstage wage rental lodging concern did not miss a beat” contempt heightened geopolitical hostility and macroeconomic volatility.

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Mitra said full gross roseate 38% year-over-year successful the archetypal quarter, portion adjusted EBITDA accrued 36%. On a per-share basis, helium said FFO per stock accrued 23% arsenic the institution continued to deleverage its equilibrium expanse portion investing successful radical and systems.

Co-President and CFO Tim McHugh reported nett income attributable to communal stockholders of $1.02 per diluted stock and normalized FFO of $1.47 per diluted share, representing 22.5% year-over-year growth. McHugh said full portfolio same-store NOI accrued 16.4% year-over-year, driven by 22.1% maturation successful the seniors lodging operating (SHOP) segment.

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Based connected first-quarter performance, the institution raised the midpoint of its full-year normalized FFO guidance by $0.11 to $6.28 per diluted share. McHugh said the summation reflects contributions from elder lodging operating NOI, concern and financing activity, and income taxation and different items, partially offset by higher wide and administrative disbursal expectations.

For 2026, McHugh outlined an estimated full portfolio same-store NOI maturation scope of 12.25% to 16%, including SHOP same-store NOI maturation of 16.5% to 21.5%.

SHOP portfolio drives grounds same-store NOI maturation

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Vice Chairman and COO John Burkart said the 16.4% full portfolio same-store NOI maturation was the “highest level successful our company's recorded history,” driven by the SHOP portfolio delivering a 14th consecutive 4th of much than 20% same-store NOI growth. Mitra noted SHOP present comprises 74% of same-store NOI, up from 57% successful the archetypal 4th of past year, and said it was the archetypal clip annualized in-place SHOP NOI exceeded $3 billion.

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