Welltower Reports Strong Q1 Results with 23% FFO Growth and Raises Full-Year Guidance
WELL sits 49% above its 52-week low of $142.65.
Summary
Welltower Inc. announced strong first-quarter 2026 results, including a 23% year-over-year increase in normalized FFO per diluted share and 16.4% same-store NOI growth, leading to an upward revision of its full-year guidance.
Key Events · Earnings and Guidance · WELL
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Strong Q1 Financial Performance
Reported normalized FFO attributable to common stockholders of $1.47 per diluted share, a 23% increase over the prior year, and net income of $1.02 per diluted share. Total portfolio year-over-year same store NOI (SSNOI) grew by 16.4%.
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Full-Year Guidance Raised
Revised full-year 2026 net income guidance to a range of $3.24 to $3.38 per diluted share (up from $3.11 to $3.27) and normalized FFO guidance to $6.21 to $6.35 per diluted share (up from $6.09 to $6.25).
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Significant Investment and Disposition Activity
Closed or is under contract to close $10.5 billion of investment activity year-to-date, including $3.3 billion of gross investments in Q1. Completed $2.8 billion of pro rata dispositions and loan repayments during the first quarter.
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Enhanced Liquidity and Improved Debt Metrics
Reported approximately $11.1 billion of available liquidity, including $4.8 billion in cash and a recently upsized $6.25 billion line of credit. Net Debt to Adjusted EBITDA improved to 2.73x as of March 31, 2026.
Analysis · WELL · Real Estate & Construction
Welltower Inc. delivered robust first-quarter results, significantly exceeding prior-year performance with a 23% increase in normalized FFO per diluted share and strong same-store NOI growth. The company's decision to raise its full-year guidance for both net income and normalized FFO signals management's confidence in continued operational strength and portfolio performance. This positive financial update, coupled with substantial investment activity and enhanced liquidity, reinforces the company's strong position in the healthcare real estate sector, especially as its stock trades near its 52-week high.
At the time of this filing, WELL was trading at $212.50 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $147.1B. The 52-week trading range was $142.65 to $216.43. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.