**Welltower’s Q3 2026 same-store NOI growth is most likely to land in the 12–15% range (54.5% market-implied probability), consistent with the company’s updated full-year blended guidance of roughly 13.75–16%.** The seniors housing operating (SHO) segment, the primary driver, delivered 21% SSNOI growth in Q2 2026 alongside 330 basis points of occupancy gains and 5.2% RevPOR growth, while triple-net and outpatient medical segments contributed lower-single-digit increases. This momentum, supported by operating leverage and sustained demand in senior housing, underpins trader consensus around mid-teens total portfolio growth. Q3 results, scheduled for release after market close on October 26, will test whether the pace holds near the lower end of guidance or accelerates further amid recent portfolio activity.