Welltower Completes C$4.1B Acquisition of 38 Canadian Seniors Housing Communities

Welltower Inc. (NYSE: WELL) completed the acquisition of a Canadian portfolio of 38 seniors housing communities on April 1, 2026, for a pro rata purchase price of C$4.1 billion, the company announced alongside its first-quarter 2026 earnings results on April 28.

The acquisition — involving the Amica Senior Lifestyles portfolio — was funded through C$3.5 billion in cash and the assumption of C$617 million in secured debt, representing Welltower's proportionate share. The assumed debt carries an average interest rate of 3.6%. In addition to the 38 completed communities, Welltower entered into forward purchase agreements to acquire five properties currently under development.

Capital Activity and Liquidity

Welltower sourced over $4 billion of capital in the first quarter, including below-market debt assumptions, equity issuances, and proceeds from dispositions and loan repayments. As of March 31, 2026, Welltower reported Net Debt to Adjusted EBITDA of 2.73x and approximately $11.1 billion of available liquidity, including $4.8 billion of available cash and restricted cash and full capacity under its recently upsized $6.25 billion senior unsecured revolving credit facility. Net debt to consolidated enterprise value declined to 8.8% as of March 31, 2026, from 10.8% as of December 31, 2025.

In March, Welltower closed on an amended $6.25 billion senior unsecured revolving credit line, comprised of a $4.25 billion tranche maturing March 6, 2030 and a $2.0 billion tranche maturing July 24, 2029. The facility includes an uncommitted option to upsize by an additional $1.25 billion, bringing total available credit facilities to $7.5 billion. Concurrent with closing, the company repaid its existing $1 billion USD term loan and $250 million CAD term loan with cash on hand.

Portfolio Activity

Year-to-date through the announcement date, Welltower closed or contracted $10.5 billion of investment activity — including $3.3 billion of pro rata gross investments completed in the first quarter and $7.2 billion closed or under contract subsequent to quarter-end.

Welltower completed $2.8 billion of pro rata dispositions and loan repayments during the first quarter, including $1.4 billion of Outpatient Medical dispositions and $524 million of long-term/post-acute care property sales, which included properties within the Integra joint venture. The company also recorded $873 million of loan repayments. In April 2026, Welltower repaid $700 million of senior unsecured notes at maturity using free cash flow.

Seniors Housing Operating Performance

Welltower's first-quarter results showed growth in its Seniors Housing Operating (SHO) portfolio. The company reported total portfolio year-over-year same-store NOI growth of 16.4%, driven by SHO same-store NOI growth of 22.1%. SHO organic same-store revenue growth reached 9.5% year-over-year, resulting from 370 basis points of average occupancy growth and 5.0% growth in Revenue Per Occupied Room.

Normalized funds from operations attributable to common stockholders reached $1.47 per diluted share in the first quarter, a 23% increase over the prior year period. Net income attributable to common stockholders was $1.02 per diluted share.

Welltower Raises 2026 Guidance

Welltower revised its full-year 2026 outlook upward. The company raised its normalized FFO guidance range to $6.21 to $6.35 per diluted share, from a prior range of $6.09 to $6.25. Net income guidance was revised to $3.24 to $3.38 per diluted share, from $3.11 to $3.27.

For same-store NOI, Welltower now expects average blended growth of 12.25% to 16.00%, with the SHO portfolio projected to grow 16.5% to 21.5%. Seniors Housing Triple-net, Outpatient Medical, and Long-Term/Post-Acute Care segments are expected to grow 3.0% to 4.0%, 2.0% to 3.0%, and 2.0% to 3.0%, respectively.

The company also expects pro rata disposition proceeds of $1.4 billion at a blended yield of 6.7% over the next twelve months, including approximately $1.1 billion from property sales and $0.3 billion from loan repayments.

On April 28, 2026, Welltower's Board of Directors declared a quarterly cash dividend of $0.74 per share, payable May 21, 2026 to stockholders of record as of May 13, 2026. This marks the company's 220th consecutive quarterly cash dividend.

Welltower also announced the licensing of its data science platform to Public Storage and a preeminent global private equity real estate firm, which the company described as expanding capital-light revenue opportunities.

A conference call to discuss first-quarter results and portfolio performance is scheduled for April 29, 2026 at 9:00 a.m. Eastern Time.

Sources

Welltower Inc. — Q1 2026 Earnings Press Release (April 28, 2026)