Q1 2026 Welltower Inc Earnings Call Transcript
Key Points
- Welltower Inc (WELL) reported a 38% year-over-year increase in total revenue for the first quarter, driven by strong organic growth and acquisition activity.
- The company achieved a 23% increase in FFO per share, demonstrating strong bottom-line growth.
- Welltower Inc (WELL) reported a 16.4% total portfolio same-store net operating income growth, the highest in its history.
- The senior housing operating portfolio, which now comprises 74% of same-store NOI, showed significant strength with 22% same-store NOI growth.
- The company has a robust investment pipeline, completing $3.2 billion of investments in the first quarter and having an additional $7.3 billion under contract.
- Geopolitical tensions and macroeconomic volatility have introduced meaningful volatility into the capital markets, impacting the business environment.
- The company has completed $11 billion of dispositions since 2025, which has been meaningfully dilutive to 2026 earnings per share.
- There is a significant reliance on the senior housing operating portfolio, which could pose risks if market conditions change.
- Despite strong performance, the company acknowledges that the best years of the senior housing business are still ahead, indicating potential challenges in maintaining current growth rates.
- The company faces challenges in managing operational intensity and persistent issues within the business, requiring continued focus on operational excellence.
Thank you for standing by. At this time, I would like to welcome everyone to the Welltower first quarter 2026 earnings conference call and webcast. (Operator Instructions)
I would now like to turn the conference over to Matt McQueen, Chief Legal Officer and General Counsel. The floor is yours.
Thank you, and good morning. As a reminder, certain statements made during this call may be deemed forward-looking statements in the meaning of the Private Securities Litigation Reform Act. Although Welltower believes any forward-looking statements are based on reasonable assumptions, the company can give no assurances that its projected results will be attained. Factors that could cause actual results to differ materially from those in the forward-looking statements are detailed in the company's filings with the SEC.
And with that, I'll hand the call over to Shankh for his remarks.
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