Welltower (WELL) official guidance

Last night, we updated our full-year 2026 outlook for net income attributable to common stockholders to $3.11-$3.19 per diluted share, and normalized FFO to $6.36-$6.44 per diluted share, or $6.40 at the midpoint.

Last night, we updated our full year 2026 outlook for net income attributable to common stockholders of $3.24-$3.38 per diluted share, and normalized FFO of $6.21-$6.35 per diluted share, or $6.28 at the midpoint.

Outlook for 2026 Net income attributable to common stockholders guidance has been revised to a range of $3.24 to $3.38 per diluted share from the previous range of $3.11 to $3.27.

Last night, we introduced a full year 2026 outlook for net income attributable to common stockholders of $3.11-$3.27 per diluted share and normalized FFO of $6.09-$6.25 per diluted share, or $6.17 at the midpoint.

We are introducing our 2026 earnings guidance and expect to report net income attributable to common stockholders guidance in a range of $3.11 to $3.27 per diluted share and normalized FFO attributable to common stockholders in a range of $6.09 to $6.25 per diluted share.

Taken together, this net investment activity and continued cash flow growth from in-place portfolio are expected to result in year-end net debt-to-adjusted EBITDAR of approximately 3x, in line with our prior expectations.

We also increased the guidance range of full year normalized FFO attributable to common stockholders to a range of $6.47 to $6.53 per diluted share from the previous range of $6.36 to $6.44.

Last night, we updated our full-year 2026 outlook for net income attributable to common stockholders to $3.11-$3.19 per diluted share, and normalized FFO to $6.36-$6.44 per diluted share, or $6.40 at the midpoint.

We also increased the guidance range of full year normalized FFO attributable to common stockholders to a range of $6.36 to $6.44 per diluted share from the previous range of $6.21 to $6.35.

Last night, we updated our full year 2026 outlook for net income attributable to common stockholders of $3.24-$3.38 per diluted share, and normalized FFO of $6.21-$6.35 per diluted share, or $6.28 at the midpoint.

We also increased the guidance range of full year normalized FFO attributable to common stockholders to a range of $6.21 to $6.35 per diluted share from the previous range of $6.09 to $6.25.

Last night, we introduced a full year 2026 outlook for net income attributable to common stockholders of $3.11-$3.27 per diluted share and normalized FFO of $6.09-$6.25 per diluted share, or $6.17 at the midpoint.

We are introducing our 2026 earnings guidance and expect to report net income attributable to common stockholders guidance in a range of $3.11 to $3.27 per diluted share and normalized FFO attributable to common stockholders in a range of $6.09 to $6.25 per diluted share.

The 10 Year Program is expected to be accretive to our normalized FFO per share in 2026.

Revenue growth of 9.3% comprised of RevPOR growth of 5.1% and year-over-year occupancy growth of 350 basis points, and expense growth of 5%, equating to ExpPOR growth of approximately 1%.

This is driven by the following midpoints of their respective ranges. Revenue growth of 9.2%, made up of RevPOR growth of 5% and year-over-year occupancy growth of 350 basis points, and expense growth of 5.3%, equating to ExPOR growth of just below 1.3%.

This is driven by the following midpoints of their respective ranges: revenue growth of 9%, made up of RevPOR growth of 4.8% and year-over-year occupancy growth of 350 basis points, and expense growth of 5.5%, equating to ExPOR growth of just below 1.5%.

Revenue growth of 9.3% comprised of RevPOR growth of 5.1% and year-over-year occupancy growth of 350 basis points, and expense growth of 5%, equating to ExpPOR growth of approximately 1%.

This is driven by the following midpoints of their respective ranges. Revenue growth of 9.2%, made up of RevPOR growth of 5% and year-over-year occupancy growth of 350 basis points, and expense growth of 5.3%, equating to ExPOR growth of just below 1.3%.

This is driven by the following midpoints of their respective ranges: revenue growth of 9%, made up of RevPOR growth of 4.8% and year-over-year occupancy growth of 350 basis points, and expense growth of 5.5%, equating to ExPOR growth of just below 1.5%.

Revenue growth of 9.3% comprised of RevPOR growth of 5.1% and year-over-year occupancy growth of 350 basis points, and expense growth of 5%, equating to ExpPOR growth of approximately 1%.

This is driven by the following midpoints of their respective ranges. Revenue growth of 9.2%, made up of RevPOR growth of 5% and year-over-year occupancy growth of 350 basis points, and expense growth of 5.3%, equating to ExPOR growth of just below 1.3%.

This is driven by the following midpoints of their respective ranges: revenue growth of 9%, made up of RevPOR growth of 4.8% and year-over-year occupancy growth of 350 basis points, and expense growth of 5.5%, equating to ExPOR growth of just below 1.5%.

Revenue growth of 9.3% comprised of RevPOR growth of 5.1% and year-over-year occupancy growth of 350 basis points, and expense growth of 5%, equating to ExpPOR growth of approximately 1%.

This is driven by the following midpoints of their respective ranges. Revenue growth of 9.2%, made up of RevPOR growth of 5% and year-over-year occupancy growth of 350 basis points, and expense growth of 5.3%, equating to ExPOR growth of just below 1.3%.

This is driven by the following midpoints of their respective ranges: revenue growth of 9%, made up of RevPOR growth of 4.8% and year-over-year occupancy growth of 350 basis points, and expense growth of 5.5%, equating to ExPOR growth of just below 1.5%.

Outpatient Medical approximately 2.0% to 3.0%

Our updated outlook assumes total portfolio year-over-year same-store NOI growth of 13.75%-16%, driven by sub-segment growth of Outpatient Medical 2%-3%, Long-Term Post-Acute 2%-3%, Senior Housing Triple Net 3.5%-4.5%, and finally, Senior Housing Operating 18.5%-21.5%, which is driven by the following midpoints in their respective ranges.

◦Outpatient Medical approximately 2.0% to 3.0%

Underlying this FFO guidance is an estimated total portfolio year-over-year same store NOI growth of 12.25%-16%, driven by sub-segment growth of outpatient medical 2%-3%, long-term post-acute 2%-3%, senior housing triple net 3%-4%, and finally, senior housing operating growth of 16.5%-21.5%.

◦Outpatient Medical approximately 2.0% to 3.0%

Underlying this FFO guidance is an estimated total portfolio year-over-year same-store NOI growth of 11.25%-15.75%, driven by subsegment growth of outpatient medical 2%-3%, long-term post-acute 2%-3%, senior housing triple net 3%-4%, and finally, senior housing operating growth of 15%-21%.

Outpatient Medical approximately 2.0% to 3.0%

Seniors Housing Operating approximately 20.25% to 21.75%

◦Seniors Housing Operating approximately 18.5% to 21.5%

◦Seniors Housing Operating approximately 16.5% to 21.5%

Underlying this FFO guidance is an estimated total portfolio year-over-year same-store NOI growth of 11.25%-15.75%, driven by subsegment growth of outpatient medical 2%-3%, long-term post-acute 2%-3%, senior housing triple net 3%-4%, and finally, senior housing operating growth of 15%-21%.

Seniors Housing Operating approximately 15.0% to 21.0%

Seniors Housing Triple-net approximately 3.5% to 4.5%

◦Seniors Housing Triple-net approximately 3.5% to 4.5%

◦Seniors Housing Triple-net approximately 3.0% to 4.0%

Underlying this FFO guidance is an estimated total portfolio year-over-year same-store NOI growth of 11.25%-15.75%, driven by subsegment growth of outpatient medical 2%-3%, long-term post-acute 2%-3%, senior housing triple net 3%-4%, and finally, senior housing operating growth of 15%-21%.

Seniors Housing Triple-net approximately 3.0% to 4.0%

Our updated outlook assumes total portfolio year-over-year same-store NOI growth of 13.75%-16%, driven by sub-segment growth of Outpatient Medical 2%-3%, Long-Term Post-Acute 2%-3%, Senior Housing Triple Net 3.5%-4.5%, and finally, Senior Housing Operating 18.5%-21.5%, which is driven by the following midpoints in their respective ranges.

Underlying this FFO guidance is an estimated total portfolio year-over-year same store NOI growth of 12.25%-16%, driven by sub-segment growth of outpatient medical 2%-3%, long-term post-acute 2%-3%, senior housing triple net 3%-4%, and finally, senior housing operating growth of 16.5%-21.5%.

Our updated outlook assumes total portfolio year-over-year same-store NOI growth of 13.75%-16%, driven by sub-segment growth of Outpatient Medical 2%-3%, Long-Term Post-Acute 2%-3%, Senior Housing Triple Net 3.5%-4.5%, and finally, Senior Housing Operating 18.5%-21.5%, which is driven by the following midpoints in their respective ranges.

Underlying this FFO guidance is an estimated total portfolio year-over-year same store NOI growth of 12.25%-16%, driven by sub-segment growth of outpatient medical 2%-3%, long-term post-acute 2%-3%, senior housing triple net 3%-4%, and finally, senior housing operating growth of 16.5%-21.5%.

Underlying this FFO guidance is an estimated total portfolio year-over-year same-store NOI growth of 11.25%-15.75%, driven by subsegment growth of outpatient medical 2%-3%, long-term post-acute 2%-3%, senior housing triple net 3%-4%, and finally, senior housing operating growth of 15%-21%.

General and Administrative Expenses: We anticipate general and administrative expenses to be approximately $265 million to $270 million and stock-based compensation expense to be approximately $60 million.

General and Administrative Expenses: We anticipate general and administrative expenses to be approximately $263 million to $271 million and stock-based compensation expense to be approximately $60 million.

For context, the net G&A assumption, we expect general administrative expenses to be approximately $265 million at the midpoint, with stock-based compensation expense of approximately $60 million or $0.08 per share dragged to normalize FFO.

General and Administrative Expenses: We anticipate general and administrative expenses to be approximately $260 million to $270 million.

Dispositions: We expect pro rata disposition proceeds of $1.4 billion at a blended yield of 6.7% in the next twelve months.

Dispositions: We expect pro rata disposition proceeds of $3.5 billion at a blended yield of 6.8% in the next twelve months.

•Dispositions: We expect pro rata disposition proceeds of $9.0 billion at a blended yield of 7.1% in the next twelve months.

Dispositions: We expect pro rata disposition proceeds of $1.1 billion at a blended yield of 6.8% in the next twelve months.

Dispositions: We expect pro rata disposition proceeds of $1.4 billion at a blended yield of 6.7% in the next twelve months.

Dispositions: We expect pro rata disposition proceeds of $3.5 billion at a blended yield of 6.8% in the next twelve months.

•Dispositions: We expect pro rata disposition proceeds of $9.0 billion at a blended yield of 7.1% in the next twelve months.

Net income attributable to common stockholders guidance has been revised to a range of $3.11 to $3.19 per diluted share from the previous range of $3.24 to $3.38.