Welltower Inc.

Record quarter + major upgrade to 2026 outlook (strong forward momentum): - Reported normalized FFO $1.60/share (≈+25% YoY) and per-share FFO +25% YoY growth, one of the highest in company history. - Full-year 2026 guidance midpoint raised to $6.40 normalized FFO/share (range $6.36–$6.44), +$0.12 from prior guidance. - Net income attributable to common guided to $3.11–$3.19/share. - Core operating drivers: same-store occupancy +330 bps YoY and RevPOR +5.2% (vs 4.9% in Q2 last year), plus margin expansion (unit expenses subdued).

Operating performance: strong demand, pricing power, and improving margins (with cost discipline): - Same-store NOI +15.5% YoY; SHOP NOI growth +20.5% (SHOP is ~70% of total NOI). - Expense side controlled: ExpPOR +0.7% YoY; comp/room ~+0.8% (noted as one of the lowest on record). - Flow-through margins ~65%, and operating margin +300 bps YoY to >32% (above pre-COVID levels). - Company expects continued operating leverage as occupancy remains high and incremental revenue converts to NOI.

Capital allocation / transactions: big acquisition pace (but acknowledged dilution from dispositions): - Investment activity increased another $5B since last call; total ~$15.5B for 2026 with ~30+ deals in Q2 totaling $6.2B. - ~96% of Q2 activity off-market, with median transaction size ~$46M; 138 communities acquired across US/UK/Canada in Q2. - Remaining announced activity ~$6B; described as newer vintage senior housing (avg ~6 years old, ~75% in-place occupancy) acquired at ~20% discount to replacement cost. - Notable negative/surprising candor: Q2 earnings would have been even stronger absent ~$1B dispositions in the quarter and >$11B over the past year, implying trade-offs that create near-term dilution.