Welltower raises FY26 normalized FFO view to $6.21-$6.35 from $6.09-$6.25

Consensus is for FY26 FFO $6.22. Sees FY26 average blended SSNOI growth of 12.25%-16.00%, which is comprised of the following components: Seniors Housing Operating approximately 16.5%-21.5%; Seniors Housing Triple-net approximately 3.0%-4.0%; Outpatient Medical approximately 2.0%-3.0%; Long-Term/Post-Acute Care approximately 2.0%-3.0%. FY26 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. Sees FY26 general and administrative expenses $263M-$271M and stock-based compensation expense to be approximately $60M. Sees FY26 pro rata disposition proceeds of $1.4B at a blended yield of 6.7% in the next twelve months. This includes approximately $1.1B of consideration from expected property sales and $300,000 of expected proceeds from loan repayments.