Welltower’s Q3 same-store NOI growth is expected to land in the 12-18% range, reflecting sustained seniors housing operating momentum tempered by decelerating occupancy gains. Total portfolio SSNOI rose 15.5% in Q2 2026, driven by 20.5% SHO growth from 330 basis points of occupancy improvement and 5.2% RevPOR gains, with margins expanding 300 basis points to over 32%. Full-year 2026 guidance calls for 13.75-16% blended SSNOI growth, including 18.5-21.5% in SHO, though recent quarters show revenue growth easing from prior peaks as the portfolio nears 90% occupancy. The October 26 earnings release will provide the definitive figure against these benchmarks.