Welltower Q2 Adjusted FFO Rises 25% to $1.60/Share, but Full-Year Net Income Guidance Cut

Welltower reported in its Q2 earnings disclosed on the 27th (local time) that adjusted FFO rose 25% year-over-year to $1.60 per share, beating estimates, according to an SEC Form 8-K filing. Even so, the stock fell 1.92% from the previous close to $243.57 (about ₩354,881) as of 11:07 a.m. KST on the 29th.

📊 Price at time of writing (July 29, 2026, 11:07 AM KST)
$243.57 ▼ -1.92%
≈ ₩354,881 KRW (rate: 1,457)

Q2 Earnings at a Glance

Welltower attributed the quarter's improved results to strong growth in its senior housing operating segment. Occupancy rose 3.3 percentage points year-over-year, and revenue per occupied room (RevPOR) climbed 5.2%, driving a 9.2% increase in segment revenue.

• Adjusted FFO (funds from operations — adds back building depreciation and other items to net income to show a REIT's real cash-generating power): $1.60 per share, +25.0% year-over-year
• Earnings per share (EPS): $0.61 — the consensus estimate wasn't specified in the disclosure, but media reports characterized the result as a beat
• Total portfolio net operating income (NOI — rental revenue minus operating expenses) growth: +15.5% year-over-year, with the senior housing operating segment up +20.5%
• First-half (January-June) net income: $1.17 billion — roughly double the year-ago period, according to media tallies
• Quarterly dividend: raised 15% to $0.85 per share, marking the 221st consecutive quarterly dividend (payable August 20)
• Net debt-to-adjusted FFO ratio: 2.99x, with available liquidity of about $9.5 billion

Outlook

The company cut its full-year 2026 net income guidance to $3.11-$3.19 per share, down from its prior outlook of $3.24-$3.38. In contrast, it raised its full-year adjusted FFO guidance to $6.36-$6.44 per share, up from a prior range of $6.21-$6.35. Welltower projected total portfolio NOI growth of 13.75%-16.00%, with the senior housing operating segment expected to grow 18.5%-21.5%. General and administrative expenses are expected at $265-$270 million, with stock-based compensation around $60 million. The company also said it plans to raise an additional $1.1 billion over the next 12 months through property sales and loan repayments.

Market Reaction

Welltower shares stood at $243.57 (about ₩354,881), down 1.92% from the previous close as of the morning of the 29th following the earnings release. Yahoo Finance noted the beat-and-guidance-cut combination alongside the 221st consecutive dividend. TradingView attributed the adjusted FFO beat to strong NOI growth in the senior housing operating segment. Bloomberg listed Welltower among the companies reporting earnings that day, alongside Boeing, Corning, KLA, Seagate, and UPS.

This article was automatically generated based on the original SEC Form 8-K filing and media reports, with the goal of quickly relaying key data immediately after the release. Readers are encouraged to review the company's official filing before making trading decisions. The price shown reflects the time of writing and may differ from the current price.