# Welltower Stock Q3 2026: Seniors Housing NOI Up 21% as FFO Guidance Rises
> Welltower stock Q3 2026: revenue rose 38% to $3.72bn, normalized FFO rose 25% to $1.67 a share and 2026 guidance rose to $6.47-6.53. WELL earnings.

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## Facts
- Ticker: WELL
- QSILabs fair value: $164.18 USD
- Price: $239.00 (as of 2026-11-02)
- As of: Q3 2026 results (quarter ended 2026-09-30, reported 2026-10-26) and Form 10-Q filed 2026-10-27; price as of 2026-11-02 close
- Fiscal period: Q3 2026 (July-September 2026)
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/welltower-stock-q3-2026-earnings-seniors-housing-occupancy/

## Short answer
Welltower stock Q3 2026 is a story of fuller senior living communities and a very large buying programme. In the three months to 30 September 2026, total revenues rose 38.4% to $3,715.8m and normalized funds from operations (FFO), the cash earnings measure REITs use, rose 24.6% to $1.67 a diluted share. Same-store net operating income (NOI) from seniors housing operating properties, the communities where Welltower takes the operating profit rather than a fixed rent, rose 21.0% as occupancy climbed 320 basis points and revenue per occupied room rose 5.3%. Welltower raised its 2026 normalized FFO guidance for the third time this year, to $6.47-6.53 a share, and said it had $21.0bn of investments closed or under contract in 2026. Our discounted cash flow model gives $164.18 a share, against a $239.00 close on 2 November 2026; below we show which assumptions drive that gap and how far it moves when you change them.

## Key takeaways
- Revenue rose 38%, FFO per share 25%. Total revenues were $3,715.8m, up from $2,685.7m, and normalized FFO was $1,258.5m, or $1.67 a diluted share, up from $1.34. The share count rose 10.1% to 754.9m.
- Seniors housing operating drove the quarter. Same-store NOI in that segment rose 21.0% to $604.3m across 1,052 properties, on organic revenue growth of 9.1%, 320 basis points more occupancy and a 310 basis point wider margin.
- Guidance rose for the third time. The 2026 normalized FFO midpoint went to $6.50 a share from $6.40, after $6.17 at the start of the year and $6.28 after the first quarter. The midpoint is 22.9% above 2025's $5.29.
- Buying continued at scale. Welltower made $13.3bn of acquisitions and loan fundings in the first nine months at a 6.2% initial yield, sold or was repaid $4.1bn at 7.0%, and had a further $7.7bn closed or under contract after the quarter.
- Leverage rose from a low base. Net debt was $17.26bn, 3.02 times annualized adjusted EBITDA and 9.2% of enterprise value; Welltower funded much of its buying with $7.56bn of new shares sold through its at-the-market programme.
- Our value: $164.18 a share, against a $239.00 close on 2 November 2026. A two-stage cross-check gives $130.88 and a scenario with a single global REIT beta gives $172.58; analysts' average target is $260.68.
- What to watch. Occupancy and pricing in seniors housing into 2027, the returns on the $21bn of 2026 investments, how much more stock Welltower issues, and whether interest rates and the cost of capital stay where they are.

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