Healthcare REITs: BofA’s 1Q26 HC REIT Quarterly: double digit SHOP growth exceeds expectations

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Healthcare REITs: BofA’s 1Q26 HC REIT Quarterly: double digit SHOP growth exceeds expectations

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Healthcare REITs

BofA’s 1Q26 HC REIT Quarterly: double

digit SHOP growth exceeds expectations

Price Objective Change

Strong 1Q26 results, with beats led by SHOP performance 26 May 2026

HC REITs delivered strong 1Q26 results, with 8 beats, 2 in-line, and 1 miss, reflecting Equity

solid operating trends and acquisition momentum across the sector. SHOP remains the United States

primary performance driver, with double-digit SS NOI growth supported by occupancy REITs

gains and accelerating rate growth. SNFs continue to benefit from favorable Farrell Granath

demographic tailwinds, albeit to a lesser extent than SH. Life Science fundamentals Research Analyst

remain challenged given the supply/demand backdrop, with mixed outlook commentary, BofAS+1 646 855 1351

while Hospitals continuing to face pressures, though tenant quality is showing signs of farrell.granath@bofa.com

improvement. See inside for updated POs following 1Q26 model updates. Jeffrey Spector

Research Analyst

BofAS

+1 646 855 1363Guidance increases on SHOP external growth & operations

jeff.spector@bofa.com

As noted in our 1Q26 preview, we expected both external and internal SHOP growth to

Julieta Michelin

drive beats and guidance increases across HC REITs. In 1Q, AHR, CTRE, OHI, VTR, and Research Analyst

WELL raised FY26 FFO/sh midpoints, while JAN introduced initial guidance above Street, BofAS

+1 646 855 1898

supporting DOC’s upward revision. Additionally, AHR, VTR, WELL, and JAN/DOC julieta.michelin@bofa.com

increased SS SHOP NOI guidance, highlighting accelerating internal performance. SBRA REITs Team

reaffirmed its FY26 FFO guidance, which we attribute primarily to acquisition timing. BofAS