Welltower reported a blowout quarter with 38% revenue growth, 22.5% FFO per share growth, and record same-store NOI growth of 16.4%. The company raised full-year 2026 FFO guidance to $6.21-$6.35 and highlighted its massive capital recycling program ($11B dispositions since 2025), strong investment pipeline ($10.5B since Feb), and continued execution of its Welltower Business System (WBS) and data science platform, including its first external licensing deal with Public Storage. Welltower reported Q1 2026 normalized FFO per share of $1.47, up 22.5% YoY, and raised full-year 2026 guidance to $6.21-$6.35.
Welltower reported a blowout quarter with 38% revenue growth, 22.5% FFO per share growth, and record same-store NOI growth of 16.4%. The company raised full-year 2026 FFO guidance to $6.21-$6.35 and highlighted its massive capital recycling program ($11B dispositions since 2025), strong investment pipeline ($10.5B since Feb), and continued execution of its Welltower Business System (WBS) and data science platform, including its first external licensing deal with Public Storage. Welltower reported Q1 2026 normalized FFO per share of $1.47, up 22.5% YoY, and raised full-year 2026 guidance to $6.21-$6.35.
Welltower reported a blowout quarter with 38% revenue growth, 22.5% FFO per share growth, and record same-store NOI growth of 16.4%. The company raised full-year 2026 FFO guidance to $6.21-$6.35 and highlighted its massive capital recycling program ($11B dispositions since…
Management is aggressively expanding AI/data science from an internal capital-allocation tool into a monetizable, asset-light business: it has signed its first external licensing partnerships (Public Storage and a global PE firm) and says sovereign wealth funds, banks, and…
Management cited record same-store NOI growth, raised FFO guidance, and repeatedly described market volatility as an opportunity that strengthens their competitive position.
Guidance tone
Management is aggressively expanding AI/data science from an internal capital-allocation tool into a monetizable, asset-light business: it has signed its first external licensing partnerships (Public Storage and a global PE firm) and says sovereign wealth funds, banks, and other real estate firms are inbound. They also framed AI-driven disruption as a talent tailwind, helping Welltower hire high-c
87% occupancy leaves multiple years of occupancy and pricing growth. Management cited record same-store NOI growth, raised FFO guidance, and repeatedly described market volatility as an opportunity that strengthens their competitive position.
Capex is improving as occupancy scales fixed costs across all available rooms, and an in-house 200-person team is now managing lifecycle execution more efficiently. Management said the capex scaling effort has only recently begun to show up and expects further improvement ahead.
Management cited record same-store NOI growth, raised FFO guidance, and repeatedly described market volatility as an opportunity that strengthens their competitive position.
“some of the first time sellers have learned the hard way that five to six months timeline required to reach a signed definitive agreement in real estate is an eternity in today's world.”
“we have already closed on additional $4.2 billion of transactions in the second quarter, comprised primarily of our previously announced acquisition of Amica Senior Lifestyles.”
“Senior housing operating portfolio, which now comprises 74% of our same store ROI, up from 57% first quarter of last year.”
“we have completed $11 billion of dispositions since the beginning of 2025, which has been meaningfully dilutive to our 2026 earnings per share.”
“we launched our first external partnership during the first quarter, licensing bespoke, supervised and unsupervised models to public storage and the leading global private equity firm.”
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| EPS | FY2026 | $6.21–$6.35 | $6.28 | RAISED |
| EPS | FY2026 | $1.47 | $1.47 | GUIDED |
| Op margin | FY2026 | 12.25%–16% | 14.125% | GUIDED |
| RevenueGROWTH | FY2026 | 8.9%–9.5% | 9.2% | GUIDED |
Welltower is licensing its data science platform externally for the first time, with Public Storage as a named partner. — This is a new, potentially high-margin, asset-light revenue stream for Welltower. For Public Storage, it suggests they are seeking AI-driven capital allocation tools to refine their investment decisions.
… As many of you know, since 2016, through the efforts of a multidisciplinary team of PhD computer scientists, engineers, statisticians, and mathematicians, we have pioneered the application of data science and machine learning in real estate investing. This was instrumental in driving over $80 billion of acquisition and disposition activity over the last 10 years. Given the modular and portable nature of the platform, we launched our first external partnership during the first quarter, licensing bespoke, supervised and unsupervised models to public storage and the leading global private equity firm. These models enabling the real world application of AI by accelerating capital allocation decisions from five to nine months to mere weeks and significantly increasing velocity to market. Ultimately, our mission is to scale real estate investing, which is historically an unscalable business. More to come on this front in months and quarters ahead, but we have been incredibly busy since the announcement in March, as many highly respected real estate, non-real estate, and sovereign wealth funds have reached out to us to explore similar partnerships. Lastly, as I described in my …
Management notes that 'some of the first time sellers have learned the hard way that five to six months timeline required to reach a signed definitive agreement in real estate is an eternity in today's world', with deals retrading after market volatility. — This suggests that Welltower, with its speed of execution, is gaining a competitive advantage over slower, more traditional buyers in the current high-volatility environment.
“We did look at the Rebel portfolio, and we think that it's a very high-quality portfolio that our colleagues at Ventus will do very well with.”
Good morning. Thanks a lot for taking my question. I'm here with Justin . On the topic of capital allocation, Ventas recently acquired this Revell portfolio. Did you evaluate that opportunity? And maybe more broadly, you have the best cost of capital in this space. How do you think about accelerating accretive growth versus maintaining your discipline? Thanks.
We don't, Michael, we don't comment on other deals that our colleagues in the industry do. We did look at the Rebel portfolio, and we think that it's a very high-quality portfolio that our colleagues at Ventus will do very well with. but I don't really want to get into it. When it was brought to us a few months ago, it was in a structure that was not something we find particularly at that point palatable. You know, I've mentioned many, many times that we have problems with encumbrance on assets, and when it was brought to us, there was an encumbrance of assets there. of existing operators and asset management and all of those kind of things, which I don't want to get to. But I think that high quality real estate and our colleagues at Ventas will do very well. On your other part of your questions is accelerating capital allocation. I want you to understand this is what I wrote in my annual letter, which is under a section called cognitive dissonance of acquisition volume. And I want you to understand that what we are trying not to do, it's not a deal shop. That's why, you know, Welltower is different from our predecessor company. We want to allocate capital in a particular product market niche where we think we can add significant value. This is not a cost of capital business for us. We don't compete on cost of capital. We compete on our ability to on the data science side, on WBA side, and a network of extraordinary operators who, you know, can drive higher value for customers and employees and for us and themselves. That's the model, you know, so not everything, you know, if the goal was to do more, we would not be selling $12 billion of assets in the last 12 months, right? So, you know, and we're getting, we're seeing everything like we always have, as Nikhil said, 90, 95% of everything, you know, sort of we do comes to us off market. And frankly speaking, that makes sense, right? Because, you know, we'll tell you as a seller within a day or two, You know, whether we want to transact and probably within three to five days, you know, give or take what will transact, what price will transact at. So fundamentally, as a seller, you have nothing to lose by coming to us. And so that's how the business rolls. And we'll see what market gives us if we never buy another asset or we go back to the period pre-COVID where we sold assets. We're net sellers and we sold …
Welltower acquired the Amica Senior Lifestyles portfolio in premium markets across the GTA and Vancouver, marking a significant expansion in Canada. — This large, targeted acquisition in high-barrier markets signals Welltower's confidence in the Canadian senior housing market's long-term growth and reveals a strategic capital allocation focus.
“we have already closed on additional $4.2 billion of transactions in the second quarter, comprised primarily of our previously announced acquisition of Amica Senior Lifestyles in premium markets across the GTA and Vancouver.”
… housing portfolio. On the disposition side, during the quarter, we completed the remaining 520 million of the previously announced 1.3 billion of dispositions in our Integra JV, as well as an additional 1.3 billion of OM sales to Kane Anderson. With 6.7 billion of sales now complete, we expect the remaining approximately 500 million to be completed during the second quarter. Turning to new activity, we have already closed on additional $4.2 billion of transactions in the second quarter, comprised primarily of our previously announced acquisition of Amica Senior Lifestyles in premium markets across the GTA and Vancouver. The incremental $3.1 billion of activity is comprised primarily of newer vintage seniors housing assets with roughly 95% sourced off market across a number of transactions. I'M ALSO PLEASED TO PROVIDE AN UPDATE ON OUR U.S. SENIOR'S HOUSING EQUITY FUND. AS I MENTIONED ON OUR LAST CALL, WE HELD OUR FINAL LP CLOSE IN THE FOURTH QUARTER OF 2025. SINCE THEN, CONSISTENT WITH THE ACCELERATION AND ACTIVITY IN OUR BALANCE SHEET, THE ENTIRE 2.5 BILLION OF FUND CAPITAL IS NOW FULLY COMMITTED. WHILE WE WERE SIGNIFICANTLY OVERSUBSCRIBED, WE MADE A DELIBERATE DECISION TO …
Commentary on the passing of David Simon, highlighting his leadership at Simon Property Group and Sean Kelly's personal connection.
Welltower has sold $11 billion of dispositions since the beginning of 2025, which was 'meaningfully dilutive' to 2026 earnings per share, but 'meaningfully extended our growth curve in outer years'. — This highlights Welltower's strategic, but earnings-dilutive, portfolio transformation. The market, focused on near-term EPS, may underestimate the long-term value creation from this rotation.
… year, enabling us to raise the midpoint of our full year FFO per share guidance by 11 cents to $6.28. The pronounced mix shift of our portfolio resulting from a transformative 2025 capital allocation activity has already began to manifest itself. During the first quarter of this year, we reported 16.4% total portfolio same store net operating income growth, by far the highest in our history. This is largely a function of combined strength from a senior housing operating portfolio, which now comprises 74% of our same store ROI, up from 57% first quarter of last year. This is the first time in history that annualized in-place NOI from a shop portfolio exceeded $3 billion. During the first quarter, U.S. outperformed from an occupancy perspective with nearly 400 basis points of year-over-year growth. On the other hand, Canada, with higher overall occupancy levels than U.S. and U.K., posted growth closer to 300 basis points, but generated report growth of 6%, giving you some perspective of the art of the possible as our overall portfolio leases up. Ultimately, all three regions made strong contributions, and we achieved nearly 10% organic revenue growth in the quarter. And the …
Welltower's portfolio shift is evident as Senior Housing Operating (SHOP) now comprises 74% of same-store NOI, up from 57% a year ago.
… year, enabling us to raise the midpoint of our full year FFO per share guidance by 11 cents to $6.28. The pronounced mix shift of our portfolio resulting from a transformative 2025 capital allocation activity has already began to manifest itself. During the first quarter of this year, we reported 16.4% total portfolio same store net operating income growth, by far the highest in our history. This is largely a function of combined strength from a senior housing operating portfolio, which now comprises 74% of our same store ROI, up from 57% first quarter of last year. This is the first time in history that annualized in-place NOI from a shop portfolio exceeded $3 billion. During the first quarter, U.S. outperformed from an occupancy perspective with nearly 400 basis points of year-over-year growth. On the other hand, Canada, with higher overall occupancy levels than U.S. and U.K., posted growth closer to 300 basis points, but generated report growth of 6%, giving you some perspective of the art of the possible as our overall portfolio leases up. Ultimately, all three regions made strong contributions, and we achieved nearly 10% organic revenue growth in the quarter. And the …