10-QPeriod: Q2 FY2026

WELLTOWER INC. Quarterly Report for Q2 Ended Jun 30, 2026

Filed July 28, 2026For Securities:WELL

Summary

For the six months ended June 30, 2026, Welltower Inc. (WELL) demonstrated significant growth and strategic expansion, largely driven by substantial acquisitions in the Seniors Housing Operating and Triple-net segments. Total revenues increased by 39% year-over-year to $6.9 billion, with Net Income Attributable to Common Stockholders rising by 110% to $1.17 billion. The company's balance sheet expanded, with total assets growing to $69.9 billion, reflecting a 3.8% increase from year-end 2025. This growth was fueled by significant investment activities, including over $6.3 billion in property acquisitions during the period. Despite increased investments, the company maintained a strong credit profile, with a net debt to book capitalization ratio of 25% at June 30, 2026. The company also continued its commitment to returning capital to shareholders, declaring a cash dividend of $0.85 per share for the quarter ended June 30, 2026. Welltower's strategic focus on the seniors housing and healthcare real estate sectors continues to yield positive results, evidenced by strong performance in its Seniors Housing Operating segment, which saw a 52% increase in total revenues. The company's proactive capital management is also notable, with significant proceeds raised through its ATM program, alongside prudent debt management, including the repayment of senior unsecured notes and extension of credit facilities. Overall, the filing indicates a company effectively executing its growth strategy while maintaining a robust financial position.

Key Highlights

  • 1Total revenues for the six months ended June 30, 2026, increased by 39% year-over-year to $6.9 billion.
  • 2Net Income Attributable to Common Stockholders grew by 110% to $1.17 billion for the six months ended June 30, 2026.
  • 3Total assets increased by 3.8% to $69.9 billion as of June 30, 2026, driven by significant acquisition activity.
  • 4Welltower raised approximately $4.48 billion in gross proceeds through its ATM program during the six months ended June 30, 2026.
  • 5The Seniors Housing Operating segment showed strong performance, with total revenues increasing by 52% to $5.79 billion for the six months ended June 30, 2026.
  • 6The company maintained a solid credit profile, with a net debt to book capitalization ratio of 25% as of June 30, 2026.
  • 7A cash dividend of $0.85 per share was declared for the quarter ended June 30, 2026.

Frequently Asked Questions

For the six months ended June 30, 2026, Welltower reported Net Income Attributable to Common Stockholders of $1.17 billion, a significant increase of 110% compared to $559.8 million for the same period in 2025. This growth reflects the company's expanding portfolio and operational performance.

Welltower funded its growth and acquisitions through a combination of sources. Key financing activities included raising approximately $4.48 billion in gross proceeds through its At-the-Market (ATM) equity program, issuing $324.4 million of secured debt, and assuming $408.6 million of secured debt. Additionally, the company's operating activities generated substantial cash flow.

The Seniors Housing Operating segment continues to be a strong performer for Welltower. For the six months ended June 30, 2026, this segment reported a 52% increase in total revenues to $5.79 billion, driven by acquisitions and improvements in occupancy and rate growth. The segment's Net Operating Income (NOI) increased by 61% to $1.64 billion.

Welltower has maintained a prudent approach to its capital structure. As of June 30, 2026, its net debt to book capitalization ratio was 25%. The company actively managed its debt by repaying $700 million in senior unsecured notes at maturity, amending its credit facilities to extend maturities and improve pricing, and issuing secured debt. The company also had $6.25 billion in available borrowing capacity under its unsecured revolving credit facility.