Welltower's first quarter 2026 FFO beats estimates, driven by strong 22.1% growth in Seniors Housing Operating NOI.

Welltower reported first quarter 2026 total revenues of $3.35 billion and normalized Funds From Operations (FFO) of $1.47 per share, beating analyst expectations. The company subsequently raised its full-year 2026 normalized FFO guidance.

Key Highlights

• Total portfolio same-store NOI (SSNOI) grew 16.4% year-over-year, led by 22.1% growth in the Seniors Housing Operating (SHO) portfolio, significantly exceeding the 18.0% consensus estimate.
• The strong SHO portfolio performance was driven by a 370 basis point increase in average occupancy combined with a 5.0% rise in Revenue Per Occupied Room (RevPOR).
• Full-year 2026 normalized FFO guidance was increased to a range of $6.21-$6.35 per share, up from the previous range of $6.09-$6.25 per share.