Healthcare REITs 2Q26 Preview

Research evidence excerpt

Healthcare REITs 2Q26 Preview

Equity Research

Price Target Change — July 15, 2026

Healthcare REITs

Senior Housing Remains Most Preferred Sector into Key

Selling Season

Our Call John Kilichowski

We remain most constructive on SH as market data signals a strong key selling season, Equity Analyst | Wells Fargo Securities, LLC

John.Kilichowski@wellsfargo.com | 212-214-5311

and our discussions with experts indicate active transaction markets. Our top picks into

James Feldman2Q are WELL & NHP. See pg 2 for company outlooks.

Equity Analyst | Wells Fargo Securities, LLC

James.Feldman@wellsfargo.com | 212-214-5328

Our Thoughts: We head into 2Q26 most constructive on Senior Housing: NIC MAP's 2Q

release supports our thesis of continued positive momentum on occupancy, pricing &

transactions. Our preferred names into 2Q: 1) WELL, where we expect material beats

on SS NOI & acquisition expectations to drive AFFO upside & 2) NHP, where we also

expect upside to SS NOI guidance on a conservative expense outlook & also management

indications it has identified assets for the remainder of its acquisition guidance.

SHOP SS NOI: 2Q setups skew positive, but diverge by name. Biggest beat expected

at WELL; NHP also offers upside on better-than-expected margin improvement. VTR

guide likely has less upside as Canadian stability limits the range. SBRA should print within

guide. Key laggards: NHI faces materially negative SS SHOP Y/Y growth on tough comps

& struggling portfolio, & JAN carries Brookdale transition noise (April start), though

management has reiterated it is well covered within guide.

NIC MAP Data Release: On July 9, NIC MAP released its 2Q26 data. LTM transactions

remained healthy, with SH volumes +35% Y/Y & Nursing Care +14% continuing to