Welltower Inc. Earnings Quote from Shankh S. Mitra

Welltower Inc. 2026 Q2: Financial Performance summary

• Capital-market level metrics: net income attributable to common stockholders was $0.61 per diluted share and normalized FFO was $1.60 per diluted share (+~25% YoY), with total portfolio same-store NOI up 15.5%.
• Expense discipline: ExpPOR growth was only 0.7% year-over-year, supported by scaling benefits as properties increased occupancy and normalized comp per occupied room at 0.8%.
• Increased full-year 2026 normalized FFO midpoint by $0.12 to $6.40 per share, reflecting a strong start to 2026 and increased confidence in the back half.
• Pricing power: RevPOR/unit revenue increased 5.2% during the quarter (vs. 4.9% in Q2 last year), with operating margin expansion of 300 bps to over 32% (surpassing pre-COVID levels).
• Q2 bottom-line growth would have been stronger absent nearly $1B of dispositions during the quarter and more than $11B over the past year.
• Reported a record quarter with per-share FFO growth up 25% year-over-year, described as among the highest levels in the company’s history.
• Revenue momentum remained strong: organic revenue growth of 9.2% driven by occupancy gains and pricing power.
• Same-store occupancy rose 330 basis points year-over-year, following a 420 basis point increase in the prior-year Q2, with sequential spot occupancy growth of 100 bps.