Welltower, an investment firm specialising in senior and assisted living facilities, reported continued balance sheet improvement for the second quarter of 2026. In an investor conference call, the Real Estate Investment Trust (REIT) announced a series of acquisitions, including the Amica Senior Lifestyles Portfolio, comprising 38 properties, for USD 1.91 billion. Simultaneously, medical outpatient properties worth USD 7.2 billion were divested.
On 2nd July, Welltower also concluded an agreement to acquire five properties under construction in Canada for approximately USD 459 million. The completion of these projects is expected in 2027. Overall, the Ohio-based company has invested USD 9.5 billion in the USA, Canada, and the UK since the beginning of the year, as stated by Shankh Mitra, CEO of Welltower, during the conference call.
Mitra explained that as the Welltower business system continues to evolve, the ability to increase cash flow after an acquisition has become both more significant and more repeatable. He emphasised that this distinction is important because “spread investing and cost-of-capital arbitrage do not create value, nor are they durable investment strategies. Our focus is different. We aim to acquire assets at a fair price, based on a realistic assessment of their future cash flows, while retaining the potential for our platform to generate value beyond that point for our owners.”
Funds from Operations (FFO) reached USD 1.60 per share in the second quarter, compared to USD 1.28 per share in the same period last year. Revenue for the quarter amounted to USD 3.54 billion, an increase from USD 2.55 billion year-on-year. Net profit was USD 12.2 billion, compared to USD 10.6 billion in the second quarter of 2025.
Welltower also reported revenue growth per occupied room of 5.2 per cent, with the average number of occupied rooms in the portfolio being 100,410, up from 96,800 year-on-year. The REIT is active in regions historically associated with the older population, most recently with the purchase of an assisted living facility in Lake Worth, Florida, in April for USD 87.2 million, which comprises 377 residential units. In March, Welltower also secured a USD 6.25 billion revolving credit facility to refinance USD 1.25 billion of existing debt and had the option to increase its credit line by a further USD 1.25 billion.
