Welltower (NYSE: WELL) reported Q4 EPS of $0.14, $0.42 worse than the analyst estimate of $0.56. Revenue for the quarter came in at $3.18 billion versus the consensus estimate of $2.85 billion.

Outlook for 2026: We are introducing our 2026 earnings guidance and expect to report net income attributable to common stockholders guidance in a range of $3.11 to $3.27 per diluted share and normalized FFO attributable to common stockholders in a range of $6.09 to $6.25 per diluted share. In preparing our guidance, we have made the following assumptions:

Same Store NOI: We expect average blended SSNOI growth of 11.25% to 15.75%, which is comprised of the following components:

Seniors Housing Operating approximately 15.0% to 21.0%
Seniors Housing Triple-net approximately 3.0% to 4.0%
Outpatient Medical approximately 2.0% to 3.0%
Long-Term/Post-Acute Care approximately 2.0% to 3.0%

Investments: Our earnings guidance includes only those acquisitions announced or closed to date. Furthermore, no transitions, restructures or capital activity beyond those announced to date are included.
General and Administrative Expenses: We anticipate general and administrative expenses to be approximately $260 million to $270 million. General and administrative guidance and 2026 normalized FFO guidance include anticipated stock-based compensation expense of approximately $60 million, or approximately $0.08 per diluted share.
Development: We anticipate funding an additional $370 million of development in 2026 relating to projects underway as of December 31, 2025.
Dispositions: We expect pro rata disposition proceeds of $3.5 billion at a blended yield of 6.8% in the next twelve months. This includes approximately $2.7 billion of consideration from expected property sales and $0.7 billion of expected proceeds from loan repayments.

For earnings history and earnings-related data on Welltower (WELL) click here.