Other
Net Operating Income
Welltower Net Operating Income increased by 4.0% to $1.30B in Q1 2026 compared to the prior quarter. Year-over-year, this metric grew by 35.0%, from $960.70M to $1.30B. Over 4 years (FY 2021 to FY 2025), Net Operating Income shows an upward trend with a 21.9% CAGR. This is a positive signal — higher values indicate stronger performance for this metric.
Analysis
StatementIncome Statement
SectionOther
CategoryProfitability
SignalHigher is better
VolatilityStable
First reportedQ1 2017
Last reportedQ1 2026Apr 29, 2026
How to read this metric
An increase indicates improved property-level profitability, higher occupancy, or better cost control at the asset level.
Detailed definition
A key performance indicator for real estate companies representing property-level revenue minus property-level operating...
Peer comparison
The primary metric used across the REIT industry to evaluate the performance of property portfolios.
Metric ID:
other_net_operating_incomeHistorical Data
20 periods
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $498.34M | $510.40M | $524.09M | $542.04M | $618.45M | $561.66M | $579.69M | $602.98M | $706.81M | $666.74M | $713.70M | $762.83M | $713.59M | $842.96M | $841.53M | $960.70M | $1.03B | $1.11B | $1.25B | $1.30B |
| QoQ Change | — | +2.4% | +2.7% | +3.4% | +14.1% | -9.2% | +3.2% | +4.0% | +17.2% | -5.7% | +7.0% | +6.9% | -6.5% | +18.1% | -0.2% | +14.2% | +7.6% | +7.3% | +12.5% | +4.0% |
| YoY Change | — | — | — | — | +24.1% | +10.0% | +10.6% | +11.2% | +14.3% | +18.7% | +23.1% | +26.5% | +1.0% | +26.4% | +17.9% | +25.9% | +44.8% | +31.5% | +48.2% | +35.0% |
Range$498.34M – $1.30B
CAGR+22.3%
Avg YoY Growth+23.1%
Median YoY Growth+23.6%
Current Streak5 quarters growth
Business Segments
| Segment | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|---|---|---|
| Seniors Housing Operating | $376.54M | $394.46M | — | $483.19M | $537.46M | $570.90M | — | $775.01M |
| Triple-net | $178.12M | $271.17M | $39.85M | $246.21M | $265.10M | $278.41M | $374.09M | $384.31M |
| Outpatient Medical | $136.90M | $143.07M | $139.81M | $146.41M | $148.98M | $151.85M | $101.46M | $53.30M |
| Total | $713.59M | $842.96M | $841.53M | $960.70M | $1.03B | $1.11B | $1.25B | $1.30B |
Net Operating Income at Other Companies
Frequently Asked Questions
- What is Welltower's net operating income?
- Welltower (WELL) reported net operating income of $1.30B in Q1 2026.
- How has Welltower's net operating income changed year-over-year?
- Welltower's net operating income increased by 35.0% year-over-year, from $960.70M to $1.30B.
- What is the long-term trend for Welltower's net operating income?
- Over 4 years (2021 to 2025), Welltower's net operating income has grown at a 21.9% compound annual growth rate (CAGR), from $1.97B to $4.35B.
- What does net operating income mean?
- The profit generated from property operations before accounting for corporate overhead, financing, and taxes.