Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Welltower now earns like an operator, not a landlord
Residents' fees, not tenants' rent, now drive revenue, so occupancy, pricing and labor costs flow straight into Welltower's results.
For investorsWhat the operating model needs to keep working
For foundersOwning the outcome instead of collecting the rent
Property costs fell to 72.0% of resident fees from 76.5%, even as acquisitions added large new portfolios.
Net income rose 47.0%, while income before taxes and other items rose 15.3%, with sale gains filling the gap.
Depreciation, a non-cash charge, absorbs much of the accounting profit, which helps explain a dividend above earnings per share.
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Business Lens describes Welltower from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
