Welltower scales seniors housing 67%, exits outpatient medical, deploys $7.2B in H1 2026

Filed July 28, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 29, 2025 · ~2 min read

Key Changes

• high

  Portfolio expanded to 2,752 properties (from 2,227), with Seniors Housing Operating NOI up 61% to $867M and now 66% of total NOI vs. 56% prior year. Outpatient Medical NOI collapsed 74% to $38M (2.9% of total) as the company sold 74 properties for $1.7B, exiting the segment.

  MD&A: Portfolio composition verify on EDGAR →
• high

  Acquisitions totaled $7.15B (151 properties) in H1 2026, up 85% from $3.87B prior year, with blended cap rates compressing from 7.0% to 6.0%. Company announced over $5B of additional seniors housing acquisitions expected to close in H2 2026.

  MD&A: Property acquisitions verify on EDGAR →
• high

  Cash deployed from $4.41B to $1.97B (down 55%) funding acquisitions, while available revolver capacity increased to $6.25B. Operating cash flow rose 22% to $1.67B. Quarterly dividend increased 14.9% to $0.85 per share.

  MD&A: Cash and liquidity verify on EDGAR →