Welltower Stock Falls Nearly 6% After Q3 Revenue Miss Despite 25% FFO Growth and Raised Outlook

Welltower reported third-quarter 2026 results on October 26, delivering normalized funds from operations of $1.67 per diluted share, a 24.6% increase over the prior year, alongside same-store net operating income growth of 15.8% across its total portfolio. The Seniors Housing Operating segment led the way with 21.0% SSNOI growth, driven by 320 basis points of average occupancy improvement and 5.3% growth in Revenue Per Occupied Room.

Despite the strong operational metrics, revenue for the quarter came in below Wall Street expectations, sending shares down roughly 5.69% on October 27, a decline of $13.69 to $226.92. Net income attributable to common stockholders came in at $0.54 per diluted share.

Management raised its full-year normalized FFO guidance to a range of $6.47 to $6.53 per diluted share, up from the prior range of $6.36 to $6.44, and lifted its net income guidance to $3.31 to $3.37 per diluted share from $3.11 to $3.19. The board also declared a quarterly dividend of $0.85 per share. Mizuho reiterated its rating and UBS maintained its Buy rating on the stock, both citing strong underlying growth. Separately, Welltower filed prospectus supplements covering possible share issuances.