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Get filing alertsWelltower reports 25% FFO growth, closes $9.4B in acquisitions, raises dividend 15%
Filed July 27, 2026 · Period ending July 27, 2026 · ~1 min read
Key Changes
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Q2 2026 normalized FFO of $1.60 per share, up 25% year-over-year, driven by 20.5% same-store NOI growth in Seniors Housing Operating and 89.4% occupancy (up from 86.1% prior year).
Exhibit 99.1 view on EDGAR → -
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Closed $9.4B in acquisitions year-to-date at 6.6% yield, including C$4.1B Amica Senior Lifestyles portfolio (38 communities) in April and C$647M in development properties in July.
Exhibit 99.1 view on EDGAR → -
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Board raised quarterly dividend 15% to $0.85 per share (payable August 20, 2026), citing strong cash flow growth and balance sheet strength.
Exhibit 99.1 view on EDGAR → -
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Raised full-year 2026 normalized FFO guidance to $6.36-$6.44 per share from prior $6.21-$6.35 range; same-store NOI growth expected 13.75%-16.00% blended.
Exhibit 99.1 view on EDGAR → -
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Issued C$1.15B in Canadian dollar senior unsecured notes in July (weighted-average 3.95% coupon, 5- and 7-year maturities) to support acquisition activity.
Exhibit 99.1 view on EDGAR →
Summary
Welltower delivered strong Q2 2026 results with normalized FFO up 25% to $1.60 per share, driven by robust operational performance in its Seniors Housing Operating portfolio. Same-store NOI in that segment grew 20.5% year-over-year as occupancy climbed to 89.4% and revenues increased 9.2%.
The company deployed $9.4 billion in acquisitions during the first half of 2026, headlined by the C$4.1 billion Amica Senior Lifestyles transaction that added 38 Canadian seniors housing communities in April, plus five development properties for C$647 million in July. Net investments totaled $6.0 billion year-to-date after $3.6 billion in dispositions.
The Board raised the quarterly dividend 15% to $0.85 per share and lifted full-year FFO guidance to $6.36-$6.44 from $6.21-$6.35, reflecting confidence in sustained cash flow growth. Welltower funded the expansion with C$1.15 billion in Canadian dollar notes at a 3.95% weighted-average coupon and maintains strong credit metrics with 6.78x interest coverage and net debt of $16.1 billion against $5.3 billion in annualized EBITDA. The combination of accelerating same-store growth, aggressive capital deployment at attractive yields, and a meaningful dividend increase signals management's conviction in the seniors housing recovery and the company's ability to scale profitably.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
Welltower announced Q2 2026 operating results via press release and supplemental package posted to its website.
Added in current filing · verify on EDGAR →
On July 27, 2026, Welltower Inc. issued a press release that announced operating results for its second quarter ended June 30, 2026.
Welltower disclosed its second quarter 2026 operating results through a press release and supplemental information package. The 8-K itself does not contain the financial figures; investors must review the attached exhibits (99.1 and 99.2) or the company's website for the actual results.
Event · Exhibit 99.1
Welltower reported Q2 2026 results with 25% normalized FFO growth, closed $9.4B in acquisitions, and raised its dividend 15%.
Added in current filing · view on EDGAR →
Reported net income attributable to common stockholders of $0.61 per diluted share ... Reported quarterly normalized funds from operations attributable to common stockholders of $1.60 per diluted share, an increase of 25.0% over the prior year
Welltower reported Q2 2026 net income of $0.61 per diluted share and normalized FFO of $1.60 per diluted share, up 25% year-over-year. The strong FFO growth was driven by same-store NOI growth of 15.5%, with Seniors Housing Operating properties growing 20.5%.
Added in current filing · view on EDGAR →
On April 1, 2026, we completed the previously announced acquisition of a Canadian portfolio of 38 seniors housing communities for a pro rata purchase price of C $4.1 billion, including cash of C $3.5 billion and the assumption of C $617 million of secured debt, representing our proportionate share, with an average interest rate of 3.6%. Additionally, on July 2, 2026, we closed on five properties currently under development that are expected to be completed by the end of 2027 for a pro rata purchase price of C $647 million.
Welltower completed a major Canadian acquisition of 38 seniors housing communities for C$4.1 billion on April 1, 2026, plus five development properties for C$647 million on July 2, 2026. The transaction included assuming C$617 million of secured debt at 3.6% interest. This represents a significant expansion of Welltower's Canadian seniors housing portfolio.
Added in current filing · view on EDGAR →
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.
Welltower raised its full-year 2026 normalized FFO guidance to $6.36-$6.44 per diluted share from the prior range of $6.21-$6.35. The company also updated same-store NOI growth expectations to 13.75%-16.00% blended, with Seniors Housing Operating expected to grow 18.5%-21.5%.
Added in current filing · view on EDGAR →
In July 2026, we completed the issuance of C $1.15 billion aggregate principal amount of Canadian dollar-denominated senior unsecured notes, consisting of C $750 million of 3.850% notes due August 15, 2031 and C $400 million of 4.150% notes due August 15, 2033.
Welltower issued C$1.15 billion of Canadian dollar senior unsecured notes in July 2026 with a weighted-average coupon of 3.95%. The issuance consisted of C$750 million 5-year notes at 3.850% and C$400 million 7-year notes at 4.150%. The company also repaid $700 million of senior unsecured notes in April 2026 with free cash flow.
Event · Exhibit 99.2
Added in current filing · view on EDGAR → · paraphrased
Same store NOI $ 485,303 $ 500,438 $ 515,884 $ 554,297 $ 584,770 20.5 %
Welltower's Seniors Housing Operating same-store net operating income grew 20.5% year-over-year in Q2 2026, from $485.3 million in Q2 2025 to $584.8 million in Q2 2026. This reflects strong operational performance in the company's core seniors housing portfolio, driven by occupancy gains and revenue growth.
Added in current filing · view on EDGAR →
Occupancy 86.1 % 87.6 % 88.6 % 88.8 % 89.4 %
Same store revenues $ 1,668,269 $ 1,711,179 $ 1,741,974 $ 1,786,385 $ 1,820,945
Same-store occupancy in Seniors Housing Operating reached 89.4% in Q2 2026, up from 86.1% in Q2 2025. Same-store revenues increased 9.2% year-over-year to $1.82 billion. These metrics demonstrate continued recovery and strong demand in the seniors housing sector.
Added in current filing · view on EDGAR →
Total acquisitions and loan funding(2) 138 6,225,682 6.0 % ... Total dispositions and loan repayments(5) 20 842,720 6.2 %
Net investments (dispositions) $ 5,464,036
Welltower deployed $6.2 billion in acquisitions and loan funding at a 6.0% yield during Q2 2026, while disposing of assets totaling $843 million at a 6.2% yield. Net investments for the quarter were $5.5 billion, reflecting aggressive capital deployment into seniors housing and long-term/post-acute care properties.
Added in current filing · view on EDGAR →
Total acquisitions and loan funding(2) 1 ... 78 9,441,042 6.6 % ... Total dispositions and loan repayments(5) 119 3,622,265 7.3 %
Net investments (dispositions) $ 5,973,535
For the first half of 2026, Welltower invested $9.4 billion in acquisitions and loan funding at a 6.6% yield, while disposing of $3.6 billion in assets at a 7.3% yield. Net investments year-to-date totaled $6.0 billion, indicating substantial portfolio growth and capital recycling activity.
Added in current filing · view on EDGAR → · paraphrased
Adjusted EBITDA $ 4,860,413 $ 1,347,513 Adjusted Interest coverage ratio 6.78 x 7.67 x Adjusted Fixed charge coverage ratio 6.17 x 6.89 x | Net debt $ 16,121,380 | EBITDA Annualized $ 5,282,696 | Net debt to EBITDA ratio
Welltower reported adjusted EBITDA of $4.86 billion for the twelve months ended June 30, 2026, with an adjusted interest coverage ratio of 6.78x and adjusted fixed charge coverage ratio of 6.17x. Net debt stood at $16.1 billion against annualized EBITDA of $5.3 billion, indicating strong credit metrics and financial flexibility.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 28, 2026 · How we verify