Welltower Inc. (WELL), headquartered in Toledo, Ohio, is a real estate investment trust (REIT) specializing in health care infrastructure. Valued at $170.8 billion by market cap, the company invests in top senior housing operators, post-acute providers, and health systems and delivers the health care infrastructure necessary to facilitate better treatment.
Shares of this leading REIT have outperformed the broader market over the past year. WELL has gained 39.9% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 21.3%. In 2026, WELL stock is up 26.6%, surpassing the SPX’s 13.3% rise on a YTD basis.
Zooming in further, WELL’s outperformance looks more pronounced compared to iShares Residential and Multisector Real Estate ETF (REZ). The exchange-traded fund has gained about 16.3% over the past year. Moreover, the stock’s gains on a YTD basis outshine the ETF’s 15% returns over the same time frame.
WELL has outperformed primarily due to robust double-digit net operating income growth in its senior housing portfolio, driven by post-pandemic occupancy recovery and strong pricing power. This operating momentum is amplified by favorable demographic tailwinds from an aging population alongside a structural shortage of new senior housing development due to elevated construction and financing costs. Additionally, aggressive capital recycling, strategic acquisitions, and proactive balance sheet management have enabled the company to consistently beat earnings estimates, raise financial guidance, and deliver double-digit dividend increases.
On Jul. 27, WELL shares closed down by 1.5% after reporting its Q2 results. Its FFO of $1.60 per share surpassed Wall Street expectations of $1.55 per share. The company’s revenue stood at $3.5 billion, up 39.1% year over year. WELL expects full-year FFO in the range of $3.11 to $3.19 per share.
For the current fiscal year, ending in December, analysts expect WELL’s FFO per share to grow 21.6% to $6.43 on a diluted basis. The company’s earnings surprise history is impressive. It beat the consensus estimate in each of the last four quarters.
Among the 22 analysts covering WELL stock, the consensus is a “Strong Buy.” That’s based on 14 “Strong Buy” ratings, three “Moderate Buys,” and five “Holds.”
This configuration is slightly more bullish than two months ago, with two analysts suggesting a “Moderate Buy.”
On Aug. 5, Austin Wurschmidt from KeyBanc maintained a “Buy” rating on WELL, with a price target of $275, implying a potential upside of 17% from current levels.
The mean price target of $258.91 represents a 10.2% premium to WELL’s current price levels. The Street-high price target of $292 suggests an upside potential of 24.2%.
