Welltower now runs most of the seniors housing it owns. In the third quarter of 2026, recurring profit per share rose faster than the share count; the test is whether purchases paid with new shares keep that going.
A building for older people, with a dining room and staff on site, needs an owner and often someone to run it. Welltower does both. It owns seniors housing and healthcare buildings in the United States, the United Kingdom and Canada. Today it runs most of its seniors housing itself instead of just renting it out.
In the communities Welltower runs, residents pay it for housing and services. Welltower pays for staff, food, utilities, insurance and taxes, and keeps what is left. So three things decide its profit: how full the buildings are, the rates residents pay from their own pockets, and the cost of staff. This operating side is the main engine. In the third quarter of 2026 it produced 65% of net , meaning what the properties earn after running costs. In the second engine, triple-net leasing, an operator pays Welltower rent and covers the running costs itself, so the income is steadier but capped. Heavy depreciation, an accounting charge for wear that uses no cash, lowers reported profit. So Welltower is better judged by funds from operations, or FFO, which leaves out that charge and property-sale gains.
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