Welltower Inc. (WELL)

Welltower reported third-quarter 2026 net income of $415 million on 26 October 2026, or $0.54 per diluted share for common stockholders 3. Its seniors housing operating group, where Welltower owns communities and collects resident fees, grew same-store net operating income 21.0 percent, against 15.8 percent for the whole portfolio 3. Occupancy rose 320 basis points and revenue per occupied room 5.3 percent 3.

The company raised its 2026 outlook and now expects normalized funds from operations, a REIT's cash earnings measure, of $6.47 to $6.53 per diluted share, up from $6.36 to $6.44 3. It said it had closed or was under contract for $21.0 billion of investments so far this year 3.

The 10-Q lists a 62 property portfolio in the United States that Welltower is under contract to acquire for approximately $2.6 billion 2. Closing is subject to customary closing conditions and regulatory approvals, so it stays the open item 2.

Welltower is a real estate investment trust, a company that owns property and passes most of its income to shareholders, focused on rental housing for aging seniors in the United States, United Kingdom and Canada 1. Ernst & Young has audited its books since 1970 1.

Revenue grew from $6.64 billion in 2023 to $7.99 billion in 2024 and $10.84 billion in 2025 1. The 10-K says the 2025 rise came mainly from acquisitions, naming the Barchester and HC-One portfolios in October 2025 and the Care UK purchase in October 2024 1.

On 1 October 2024 Welltower acquired Care UK, which operates 136 seniors housing properties, for $842.6 million net of cash acquired 1. Care UK added $809.2 million of revenue in 2025 1.

In October 2025 it acquired Barchester, a United Kingdom care home group, for $6.85 billion net of cash acquired 1. The portfolio held 111 properties run by Barchester under a RIDEA structure, 150 properties on a triple-net lease and 21 under development 1.

Skilled Nursing News reported that chief executive Shankh Mitra called Barchester the result of nearly 6 years of conversations, after Welltower pulled out of an earlier attempt during the pandemic 7. In the same month Welltower moved from lender to owner of HC-One, a care home group, in a deal Senior Housing News put at more than $1.6 billion 6.

Welltower had financed part of this with the exit of an outpatient medical portfolio valued at $7.2 billion, which Senior Housing News said would change hands in tranches through 2026 6. Outpatient medical fell from 11 percent of revenue in 2023 to 7 percent in 2025, while seniors housing operating rose from 72 percent to 78 percent 1.

Commercial Observer reported that Mitra said on the second-quarter call that Welltower had invested $9.5 billion in the United States, Canada and United Kingdom since the beginning of the year 9.

Net income held near $962 million in 2025 against $973 million in 2024 1. General and administrative expenses, the overhead of running the company, jumped to $1.75 billion from $235 million 1. The 10-K ties $1.41 billion of that to stock compensation under a new ten-year executive program 1.

Seniors housing operating

Welltower owns the communities and pays operating partners an incentive-based management fee, while the resident fees count as its revenue 1. The segment produced $8.49 billion, 78 percent of 2025 revenue 1. At 31 December 2025 it had relationships with 62 partners, and Care UK, Cogir and Sunrise Senior Living supplied 14, 12 and 10 percent of the segment's revenue 1.

Resident fees were $8.89 billion for the first nine months of 2026, against $5.90 billion a year earlier 2.

Triple-net and outpatient medical

In triple-net, tenants lease buildings and pay all operating costs, utilities, taxes and insurance, so Welltower collects rent and does not run them 1. Leases generally run 10 to 20 years, and the segment was 11 percent of 2025 revenue 1.

Outpatient medical means doctors' office buildings, about 91 percent of them tied to health systems at 31 December 2025, and 7 percent of 2025 revenue 1.

Reach, people and rivals

The proxy statement counted 2,900 properties across the United States, United Kingdom and Canada at 31 December 2025 4. The 10-K counted 712 employees on that date, 642 of them in the United States 1.

Shankh Mitra has been chief executive and a director since 2020, and Kenneth J Bacon chairs the board 4. Skilled Nursing News named Nikhil Chaudhri as co-president and chief investment officer 7.

The 10-K says Welltower competes with other REITs, private equity and hedge fund investors, banks, insurers and healthcare operators for deals 1. It says legal proceedings are in the ordinary course and not expected to be material 1.

The first Canadian term loans, C$2,747,615,000, now mature on 9 April 2027 after a June 2026 amendment 2.

The umbrella, in words

Welltower Inc. is the majority owner of Welltower OP LLC, owning about 98.378 percent at 31 December 2025, and nearly all business runs through it 1. Welltower Inc. fully guarantees the senior notes that Welltower OP issues 1.

Exhibit 21 lists subsidiaries, mostly Delaware companies each holding one property, plus United Kingdom care home companies such as Barchester Hellens Limited and Jersey holding companies for Barchester 5. It leaves out subsidiaries that are not significant, and none of the subsidiaries is named as listed 5.

Two ties are exchange rights 8. Holders of Class A units of Welltower OP may tender them for up to 1,146,886 Welltower shares 8. Holders of Class B units of HCN Canadian Investment (Silver Quebec) LP may exchange them for up to 334,938 shares 8.

Welltower also earns a management fee for running Seniors Housing Fund I LP 1.

In 2025 Welltower substantially ended its relationship with Chartwell in Canada, buying Chartwell's interest in 23 properties and selling its own in 16 1.

The proxy lists The Vanguard Group at about 12 percent, BlackRock at 9 percent, Capital International Investors at 5 percent and State Street at 5 percent, each from its own filing 4. Their dates differ: Vanguard's filing of 29 July 2025 is as of 30 June 2025, and BlackRock's of 24 April 2025 is as of 31 March 2025 4.

The company now expects 2026 net income attributable to common stockholders of $3.31 to $3.37 per diluted share and normalized funds from operations of $6.47 to $6.53 3. It expects same-store net operating income to grow 15.0 percent to 16.25 percent, with seniors housing operating at about 20.25 percent to 21.75 percent 3.

It expects $1.9 billion of disposition proceeds over the next twelve months 3. Its guidance for general and administrative expenses is $267 million to $272 million 3.

The 10-Q says Welltower closed a 27 property Canadian portfolio on 1 October 2026 for C$2.2 billion 2. It expects the 62 property United States portfolio to be funded with cash and OP unit issuances 2.

The Board declared a dividend of $0.85 per share, payable on 19 November 2026 to holders of record on 10 November 2026, the 222nd in a row 3. Future dividends remain subject to board approval 3.

A Fellowship Grant, set up to honor Charles T Munger, could lead to up to 166,666 shares going to operating partners if service and performance conditions are met 8.