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Welltower
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Latest analysis
Updated Oct 27, 2026
Welltower Q3 2026: SHO SSNOI up 20.5% as $7B October acquisition wave accelerates silver economy scale
Welltower's Q3 2026 10-Q reveals a company executing the most aggressive capital deployment cycle in its history: $10.7 billion invested in the nine months ended September 30, 2026, with an additional approximately $7 billion of seniors housing acquisitions announced in October 2026 alone. Same-store NOI in the Seniors Housing Operating segment grew 20.5% year-over-year for the quarter, while average occupancy reached 88.3% — the highest disclosed level in the trailing seven-quarter table. The Outpatient Medical exit is nearly complete (315 of 319 properties sold through September 30, 2026), concentrating the portfolio decisively in seniors housing at 65% of consolidated NOI and validating the silver economy pivot as the company's defining strategic thesis.
Tone: bullishRevenue
$10.8B
WELL 10-K · FY 2025
Employees
712
Revenue FY2024
$8B
Headquarters
Toledo, OH
Profile
WELL 10-K Item 1 · Feb 12, 2026Welltower is an S&P 500 REIT focused on rental housing for aging seniors across the United States, United Kingdom, and Canada. The company owns and operates 2,500+ seniors and wellness housing communities through three segments: Seniors Housing Operating, Triple-net, and Outpatient Medical. It deploys capital through acquisitions, developments, and joint ventures, supported by a proprietary data science platform and the Welltower Business System.
Read filing description ↓ Collapse description ↑
Welltower Inc. (NYSE:WELL), a real estate investment trust ('REIT') and S&P 500 company, is positioned at the center of the silver economy, focusing on rental housing for aging seniors across the United States, United Kingdom and Canada. Our portfolio predominantly consists of 2,500+ seniors and wellness housing communities that are positioned at the intersection of housing and hospitality, creating vibrant communities for mature renters and older adults. Through our disciplined approach to capital allocation powered by our Data Science platform and superior operating results driven by the Welltower Business System - our end-to-end platform - we aspire to deliver long-term compounding of per share growth for our existing investors. To meet these objectives, we predominantly invest across seniors housing, wellness housing and post-acute care communities and diversify our investment portfolio by property type, relationship and geographic location. We seek to partner with aligned, high quality operators who demonstrate the staying power to perform across cycles, and to invest at a compelling basis that provides a meaningful margin of safety. Our capital is deployed into real estate in affluent micro-markets benefitting from secular demand in an effort to generate durable cash flow growth. We seek to structure investments to protect downside risk and avoid the risk of permanent capital loss while allowing for sustained long-term growth.
Primary products
- Wellness housing
- Independent living and independent supportive living
- Continuing care retirement communities
- Assisted living
- Alzheimer's/dementia care
- Care homes with or without nursing (U.K.)
Business segments
End markets
Geographies
Named customers
For the year ended December 31, 2025, Care UK, Cogir Management Company and Sunrise Senior Living accounted for 14%, 12% and 10% of Seniors Housing Operating Segment revenues, respectively. For the year ended December 31, 2025, our revenues related to our relationship with Integra Healthcare Properties ('Integra') accounted for approximately 16% of our Triple-net segment revenues and 2% of total revenues.
“We compete with other real estate investment trusts, real estate partnerships, private equity and hedge fund investors, banks, insurance companies, finance/investment companies, government-sponsored agencies, taxable and tax-exempt bond funds, healthcare operators, developers and other investors in the acquisition, development, leasing and financing of healthcare and seniors housing properties.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues grew substantially year-over-year driven primarily by the Seniors Housing Operating segment, which expanded from $6.04 billion in 2024 to $8.49 billion in 2025, reflecting significant acquisitions and organic occupancy improvement.
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