(7) Represents various federal and local reimbursement programs in the United Kingdom and Canada.
1
Portfolio
(dollars in thousands at Welltower pro rata ownership)
In-Place NOI Diversification(1)
By Partner:
Total Properties
Seniors Housing Operating
Seniors Housing Triple-net
Outpatient Medical
Long-Term/ Post-Acute Care
Total
% of Total
Cogir Management Corporation
180
$
333,608
$
—
$
—
$
—
$
333,608
9.4
%
Sunrise Senior Living
86
221,440
—
—
—
221,440
6.2
%
Aspire Healthcare
102
—
—
—
175,076
175,076
4.9
%
Oakmont Management Group
69
169,604
—
—
—
169,604
4.8
%
Avery Healthcare
94
86,656
76,400
—
—
163,056
4.6
%
Integra Healthcare Properties
117
—
—
—
155,796
155,796
4.4
%
StoryPoint Senior Living
101
152,552
—
—
—
152,552
4.3
%
Care UK
74
124,140
—
—
—
124,140
3.5
%
Legend Senior Living
58
103,260
—
—
1,268
104,528
2.9
%
Sagora Senior Living
73
88,408
—
—
—
88,408
2.5
%
Remaining
1,263
810,548
281,660
570,060
196,692
1,858,960
52.5
%
Total
2,217
$
2,090,216
$
358,060
$
570,060
$
528,832
$
3,547,168
100.0
%
By Country:
United States
1,871
$
1,628,332
$
232,816
$
570,060
$
522,184
$
2,953,392
83.3
%
United Kingdom
210
216,164
122,012
—
—
338,176
9.5
%
Canada
136
245,720
3,232
—
6,648
255,600
7.2
%
Total
2,217
$
2,090,216
$
358,060
$
570,060
$
528,832
$
3,547,168
100.0
%
By MSA:
Los Angeles
75
$
106,880
$
20,760
$
43,604
$
1,368
$
172,612
4.9
%
New York / New Jersey
82
91,228
19,488
40,160
17,480
168,356
4.7
%
Dallas
88
89,032
888
29,312
13,036
132,268
3.7
%
Greater London
64
97,796
22,360
—
—
120,156
3.4
%
Washington D.C.
43
55,708
6,044
13,608
26,756
102,116
2.9
%
Houston
51
20,084
4
72,836
7,848
100,772
2.8
%
Philadelphia
52
26,600
4,864
20,052
32,896
84,412
2.4
%
Montréal
25
78,600
—
—
—
78,600
2.2
%
Chicago
52
53,800
6,676
10,132
7,056
77,664
2.2
%
San Francisco
24
54,016
10,984
1,716
2,492
69,208
2.0
%
Seattle
33
39,208
1,244
14,104
1,956
56,512
1.6
%
Charlotte
31
19,500
10,312
24,928
—
54,740
1.5
%
Boston
22
43,032
5,544
2,404
—
50,980
1.4
%
San Diego
20
23,584
7,312
12,552
3,088
46,536
1.3
%
Raleigh
13
10,468
30,880
3,148
—
44,496
1.3
%
Tampa
38
5,276
2,320
6,096
29,216
42,908
1.2
%
Pittsburgh
23
24,772
5,276
3,772
5,768
39,588
1.1
%
Minneapolis
25
23,840
—
14,256
—
38,096
1.1
%
Miami
43
2,404
3,912
15,116
15,244
36,676
1.0
%
Baltimore
17
9,668
1,856
10,984
14,052
36,560
1.0
%
Remaining
1,396
1,214,720
197,336
231,280
350,576
1,993,912
56.3
%
Total
2,217
$
2,090,216
$
358,060
$
570,060
$
528,832
$
3,547,168
100.0
%
Notes:
(1) Represents current quarter annualized In-Place NOI. See page 18 for reconciliation.
2
Portfolio
(dollars, units and occupancy at Welltower pro rata ownership; dollars in thousands)
Seniors Housing Operating
Total Portfolio Performance(1)
2Q24
3Q24
4Q24
1Q25
2Q25
Properties
947
1,029
1,085
1,113
1,171
Units
105,076
114,213
118,818
124,742
129,758
Total occupancy
82.8
%
83.8
%
84.8
%
85.1
%
85.6
%
Total revenues
$
1,438,143
$
1,556,957
$
1,808,025
$
1,901,227
$
2,007,567
Operating expenses
1,066,391
1,167,375
1,366,423
1,410,579
1,464,457
NOI
$
371,752
$
389,582
$
441,602
$
490,648
$
543,110
NOI margin
25.8
%
25.0
%
24.4
%
25.8
%
27.1
%
Recurring cap-ex
$
56,151
$
66,515
$
75,822
$
68,359
$
63,937
Other cap-ex
$
82,217
$
129,242
$
188,301
$
135,045
$
118,646
Same Store Performance(2)
2Q24
3Q24
4Q24
1Q25
2Q25
Properties
673
673
673
673
673
Units
77,885
77,883
77,893
77,877
77,871
Occupancy
84.6
%
86.1
%
87.5
%
88.1
%
88.8
%
Same store revenues
$
1,133,814
$
1,165,963
$
1,189,232
$
1,225,530
$
1,248,726
Compensation
482,890
495,920
505,076
508,058
513,131
Utilities
46,000
52,749
49,925
56,309
47,295
Food
44,159
45,834
48,667
46,346
48,129
Repairs and maintenance
30,444
30,726
31,030
30,868
31,843
Property taxes
41,298
39,518
37,231
41,156
41,180
All other
178,610
175,103
181,396
179,825
184,140
Same store operating expenses
823,401
839,850
853,325
862,562
865,718
Same store NOI
$
310,413
$
326,113
$
335,907
$
362,968
$
383,008
Same store NOI margin %
27.4
%
28.0
%
28.2
%
29.6
%
30.7
%
Year over year NOI growth rate
23.4
%
Year over year revenue growth rate
10.1
%
Partners(3)
Properties
Pro Rata Units
Welltower Ownership %(4)
Top Markets
2Q25 NOI
% of Total
Cogir Management Corporation
180
27,501
95.1
%
Southern California
$
42,030
7.7
%
Sunrise Senior Living
86
7,830
92.3
%
Northern California
35,712
6.6
%
Oakmont Management Group
69
6,911
100.0
%
Greater London
31,111
5.7
%
StoryPoint Senior Living
101
10,731
98.5
%
New York / New Jersey
22,682
4.2
%
Care UK
74
5,110
100.0
%
Dallas
22,149
4.1
%
Legend Senior Living
57
4,934
91.6
%
Montreal
19,808
3.6
%
Sagora Senior Living
73
8,431
100.0
%
Washington D.C.
16,384
3.0
%
Belmont Village
21
2,803
95.0
%
Chicago
13,499
2.5
%
Avery Healthcare
44
3,351
96.7
%
Boston
10,694
2.0
%
Discovery Senior Living
75
6,749
65.3
%
Seattle
10,166
1.9
%
Axis Residential
29
4,639
100.0
%
Top markets
34,359
6.4
%
Quality Senior Living
33
3,972
100.0
%
All other
508,751
93.6
%
Pegasus Senior Living
30
3,346
100.0
%
Total
$
543,110
100.0
%
New Perspective Senior Living
24
2,519
96.1
%
Remaining
267
30,547
Total
1,163
129,374
Notes:
(1) Properties, units, occupancy and cap-ex exclude land parcels, properties under development/redevelopment, leased properties and nonoperational properties.
(3) Represents partner concentration based on annualized In-Place NOI for the quarter ended June 30, 2025. Property count and pro rata units represent the In-Place portfolio.
(4) Welltower ownership percentage weighted based on In-Place NOI. See page 18 for reconciliation.
3
Portfolio
(dollars in thousands at Welltower pro rata ownership)
Payment Coverage Stratification
EBITDARM Coverage(1)
EBITDAR Coverage(1)
% of In-Place NOI
Seniors Housing Triple-net
Long-Term/ Post- Acute Care
Total
Weighted Average Maturity
Number of Leases
Seniors Housing Triple-net
Long-Term/ Post- Acute Care
Total
Weighted Average Maturity
Number of Leases
<.85x
0.3
%
—
%
0.3
%
8
2
0.3
%
2.4
%
2.7
%
15
3
.85x-.95x
—
%
—
%
—
%
—
—
—
%
—
%
—
%
—
—
.95x-1.05x
—
%
—
%
—
%
—
—
0.3
%
—
%
0.3
%
5
1
1.05x-1.15x
0.3
%
2.4
%
2.7
%
15
2
1.1
%
0.3
%
1.4
%
10
4
1.15x-1.25x
—
%
—
%
—
%
—
—
4.7
%
0.7
%
5.4
%
7
6
1.25x-1.35x
0.7
%
0.3
%
1.0
%
8
2
1.3
%
—
%
1.3
%
7
1
>1.35
6.7
%
5.1
%
11.8
%
10
21
0.3
%
4.4
%
4.7
%
16
12
Total
8.0
%
7.8
%
15.8
%
11
27
8.0
%
7.8
%
15.8
%
11
27
Revenue and Lease Maturity(2)
Rental Income
Year
Seniors Housing Triple-net
Outpatient Medical
Long-Term / Post-Acute Care
Interest Income
Total Revenues
% of Total
2025
$
6,012
$
30,068
$
—
$
8,330
$
44,410
2.6
%
2026
3,269
41,376
9,279
63,738
117,662
6.8
%
2027
—
49,113
1,287
52,891
103,291
6.0
%
2028
—
47,015
6,484
111,797
165,296
9.5
%
2029
1,083
48,252
—
3,729
53,064
3.1
%
2030
12,161
46,042
29,883
495
88,581
5.1
%
2031
6,752
51,751
4,563
216
63,282
3.7
%
2032
97,373
53,709
54,172
351
205,605
11.9
%
2033
62,862
33,461
1,070
—
97,393
5.6
%
2034
420
50,649
—
328
51,397
3.0
%
Thereafter
152,092
165,288
424,607
1,175
743,162
42.7
%
$
342,024
$
616,724
$
531,345
$
243,050
$
1,733,143
100.0
%
Weighted Avg Maturity Years
11
7
15
2
10
Notes:
(1) Represents trailing twelve month coverage metrics as of March 31, 2025 for stable portfolio only. Agreements included represent 63% of total Seniors Housing Triple-net and Long-Term/Post-Acute Care In-Place NOI. See page 18 for a reconciliation. Agreements with mixed units use the predominant type based on investment balance.
(2) Excludes all land parcels, developments and investments classified as held for sale, as well as Seniors Housing Triple-net and Long-Term / Post-Acute Care leases accounted for on a cash basis where substantially all contractual rental income during the most recent period was not collected. Rental income represents annualized cash base rent for effective lease agreements. The amounts are derived from the current contracted monthly cash base rent, net of collectability reserves, if applicable. Rental income does not include common area maintenance charges, the amortization of above/below market lease intangibles or other non-cash income. Interest income represents the annualized contractual rate of interest for loans, net of collectability reserves, if applicable.
4
Portfolio
(dollars, square feet and occupancy at Welltower pro rata ownership; dollars in thousands except per square feet)
Outpatient Medical
Total Portfolio Performance(1)
2Q24
3Q24
4Q24
1Q25
2Q25
Properties
425
426
429
433
434
Square feet
21,208,417
21,320,290
21,430,682
21,775,061
21,914,499
Occupancy
94.2
%
94.4
%
94.3
%
94.5
%
94.4
%
Total revenues
$
201,504
$
208,750
$
205,361
$
214,693
$
215,718
Operating expenses
63,440
64,795
61,392
66,804
65,197
NOI
$
138,064
$
143,955
$
143,969
$
147,889
$
150,521
NOI margin
68.5
%
69.0
%
70.1
%
68.9
%
69.8
%
Revenues per square foot
$
38.00
$
39.16
$
38.33
$
39.44
$
39.37
NOI per square foot
$
26.04
$
27.01
$
26.87
$
27.17
$
27.47
Recurring cap-ex
$
11,098
$
14,382
$
11,029
$
6,191
$
13,221
Other cap-ex
$
14,389
$
10,649
$
16,756
$
9,742
$
9,297
Same Store Performance(2)
2Q24
3Q24
4Q24
1Q25
2Q25
Properties
417
417
417
417
417
Occupancy
94.2
%
94.4
%
94.5
%
94.6
%
94.5
%
Same store revenues
$
191,496
$
194,356
$
191,887
$
198,191
$
197,391
Same store operating expenses
60,726
62,402
59,019
64,231
63,230
Same store NOI
$
130,770
$
131,954
$
132,868
$
133,960
$
134,161
NOI margin
68.3
%
67.9
%
69.2
%
67.6
%
68.0
%
Year over year NOI growth rate
2.6
%
Portfolio Diversification
by Tenant(3)
Rental Income
% of Total
Quality Indicators
Kelsey-Seybold
$
72,721
11.8
%
Health system affiliated properties as % of NOI(3)
89.4
%
UnitedHealth
18,683
3.0
%
Health system affiliated tenants as % of rental income(3)
67.0
%
Novant Health
17,401
2.8
%
Investment grade tenants as % of rental income(3)
61.0
%
Providence Health & Services
17,344
2.8
%
Retention (trailing twelve months)(3)
94.2
%
Common Spirit Health
17,119
2.8
%
In-house managed properties as % of square feet(3,4)
88.4
%
Remaining portfolio
473,456
76.8
%
Average remaining lease term (years)(3)
7.2
Total
$
616,724
100.0
%
Average building size (square feet)(3)
60,164
Average age (years)
20
Expirations(3)
2025
2026
2027
2028
2029
Thereafter
Occupied square feet
979,594
1,452,508
1,585,843
1,620,482
1,637,018
13,417,309
% of occupied square feet
4.7
%
7.0
%
7.7
%
7.8
%
7.9
%
64.9
%
Notes:
(1) Properties, square feet, occupancy and cap-ex exclude land parcels, properties under development/redevelopment and nonoperational properties. Per square foot amounts are annualized.
(2) Includes 417 same store properties representing 20,779,340 square feet. See pages 18 and 19 for reconciliation.
(3) Excludes all land parcels, developments and investments held for sale. Rental income represents annualized cash base rent for effective lease agreements. The amounts are derived from the current contracted monthly cash base rent, net of collectability reserves, if applicable. Rental income does not include common area maintenance charges, the amortization of above/below market lease intangibles or other non-cash income. Retention includes month-to-month tenants retained.
(4) Excludes tenant managed properties.
5
Investment
(dollars in thousands at Welltower pro rata ownership)
Relationship Investment History
Detail of Acquisitions/JVs(1)
2021
2022
2023
2024
1Q25
2Q25
21-25 Total
Count
35
27
52
54
26
16
210
Total
$
4,101,534
$
2,785,739
$
4,222,706
$
5,287,140
$
2,612,747
$
978,896
$
19,988,762
Low
5,000
6,485
2,950
970
13,358
4,825
970
Median
45,157
66,074
65,134
39,863
54,794
50,994
49,432
High
1,576,642
389,149
644,443
936,814
990,908
296,300
1,576,642
Investment Timing
Acquisitions and Loan Funding(2)
Yield
Construction Conversions(3)
Year 1 Yield
Dispositions and Loan Repayments
Yield
April
$
489,571
5.9
%
$
146,219
1.2
%
$
40,428
11.0
%
May
366,176
5.5
%
164,130
-0.1
%
37,648
15.9
%
June
188,861
4.4
%
160,880
2.6
%
42,432
5.4
%
Total
$
1,044,608
5.5
%
$
471,229
1.2
%
$
120,508
10.6
%
Notes:
(1) Includes non-yielding asset acquisitions.
(2) Includes advances for non-real estate loans. Excludes land acquisitions and advances for development loans.
(3) Includes expansion conversions and excludes in substance real estate investments.
6
Investment
(dollars in thousands at Welltower pro rata ownership, except per bed / unit / square foot)
Gross Investment Activity
Second Quarter 2025
Properties
Beds / Units / Square Feet
Investment Per Bed / Unit / SqFt
Pro Rata Amount
Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating
55
7,855
units
$
338,451
$
929,998
Seniors Housing Triple-net
1
60
units
304,967
18,298
Long-Term/Post-Acute Care
1
180
beds
170,000
30,600
Loan funding
65,712
Total acquisitions and loan funding(2)
57
1,044,608
5.5
%
Development Funding(3)
Development projects:
Seniors Housing Operating
27
4,355
units
92,486
Outpatient Medical
3
300,015
sf
19,636
Total development projects
30
112,122
Redevelopment and expansion projects:
Seniors Housing Operating
1
28
units
1,180
Outpatient Medical
–
42
Total redevelopment and expansion projects
1
1,222
Total development funding
31
113,344
7.5
%
Total gross investments
1,157,952
5.7
%
Dispositions and Loan Repayments(4)
Outpatient Medical
1
55,586
sf
397
22,063
Other property dispositions
6,250
Loan repayments
92,195
Total dispositions and loan repayments(5)
1
120,508
10.6
%
Net investments (dispositions)
$
1,037,444
Notes:
(1) Acquisitions represent purchase price excluding accounting adjustments pursuant to U.S. GAAP, for all consolidated and unconsolidated property acquisitions. Pro rata amounts include joint venture real estate loans receivable. Loan advances represent cash funded for real estate and non-real estate loans receivable, excluding development loans. Includes acquisition of leaseholds and additional ownership interest in properties, which are both excluded from property, unit and per unit metrics.
(2) Acquisition yields represents annualized contractual or projected cash rent/NOI to be generated divided by investment amount, excluding land parcels. Loan funding yield represents annualized contractual interest divided by investment amount.
(3) Amounts represent cash funded for all developments/expansions including construction in progress, loans and in substance real estate. Yield represents projected annualized cash rent/NOI to be generated upon conversion/stabilization divided by commitment amount.
(4) Amounts represent proceeds received for loan repayments and consolidated and unconsolidated property sales. Includes disposition of partial ownership interest in properties which are excluded from property, unit and per unit metrics. Other property dispositions include the sale of land parcels and nonoperational properties.
(5) Yield represents annualized cash rent/interest/NOI that was being generated pre-disposition divided by proceeds. Pro rata amounts include joint venture real estate loans receivable.
7
Investment
(dollars in thousands, except per bed / unit / square foot, at Welltower pro rata ownership)
Gross Investment Activity
Year-To-Date 2025
Properties
Beds / Units / Square Feet
Investment Per Bed / Unit / SqFt
Pro Rata Amount
Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating
78
11,178
units
$
308,371
$
2,075,494
Seniors Housing Triple-net
17
1,141
units
265,078
302,454
Outpatient Medical
1
46,835
sf
484
22,691
Long-Term/Post-Acute Care
49
5,513
beds
185,291
1,191,004
Loan funding
113,021
Total acquisitions and loan funding(2)
145
3,704,664
7.1
%
Development Funding(3)
Development projects:
Seniors Housing Operating
31
5,600
units
183,555
Outpatient Medical
7
439,205
sf
65,802
Total development projects
38
249,357
Redevelopment and expansion projects:
Seniors Housing Operating
2
427
units
4,280
Outpatient Medical
—
—
sf
1,305
Total redevelopment and expansion projects
2
5,585
Total development funding
40
254,942
7.4
%
Total gross investments
3,959,606
7.1
%
Dispositions and Loan Repayments(4)
Seniors Housing Operating
16
3,480
units
101,692
192,662
Seniors Housing Triple-net
4
692
units
252,890
175,000
Outpatient Medical
1
55,586
sf
397
22,063
Long-Term/Post-Acute Care
2
393
beds
15,725
6,180
Other property dispositions
12,950
Loan repayments
215,545
Total dispositions and loan repayments(5)
23
624,400
8.4
%
Net investments (dispositions)
$
3,335,206
Notes:
(1) Acquisitions represent purchase price excluding accounting adjustments pursuant to U.S. GAAP, for all consolidated and unconsolidated property acquisitions. Pro rata amounts include joint venture real estate loans receivable. Loan advances represent cash funded for real estate and non-real estate loans receivable, excluding development loans. Includes acquisition of leaseholds and additional ownership interest in properties, which are both excluded from property, unit and per unit metrics.
(2) Acquisition yields represents annualized contractual or projected cash rent/NOI to be generated divided by investment amount, excluding land parcels. Loan funding yield represents annualized contractual interest divided by investment amount.
(3) Amounts represent cash funded for all developments/expansions including construction in progress, loans and in substance real estate. Yield represents projected annualized cash rent/NOI to be generated upon conversion/stabilization divided by commitment amount.
(4) Amounts represent proceeds received for loan repayments and consolidated and unconsolidated property sales. Includes disposition of partial ownership interest in properties which are excluded from property, unit and per unit metrics. Other property dispositions include the sale of land parcels and nonoperational properties.
(5) Yield represents annualized cash rent/interest/NOI that was being generated pre-disposition divided by proceeds. Pro rata amounts include joint venture real estate loans receivable.
8
Investment
(dollars in thousands at Welltower pro rata ownership)
Development Summary(1)
Unit Mix
Facility MSA
Total
Wellness Housing
Independent Living
Assisted Living
Memory Care
Commitment Amount
Future Funding
Estimated Conversion(2)
Seniors Housing Operating
Washington D.C.
298
—
184
89
25
$
158,745
$
1,534
3Q24 - 3Q25
Washington D.C.
137
—
53
47
37
141,278
11,712
2Q25 - 3Q25
Columbus, OH
409
409
—
—
—
84,161
—
3Q25
Dallas, TX
43
43
—
—
—
11,610
2,371
2Q25 - 3Q25
Phoenix, AZ
110
110
—
—
—
41,760
59
2Q25 - 3Q25
Houston, TX
80
80
—
—
—
22,348
3,474
2Q25 - 3Q25
Kansas City, MO
134
134
—
—
—
21,220
—
3Q25
Brighton and Hove, UK
70
—
—
45
25
11,023
2,673
3Q25
Chattanooga, TN
243
243
—
—
—
60,962
6,411
1Q25 - 4Q25
Naples, FL
188
188
—
—
—
51,794
1,588
3Q25 - 4Q25
Southampton, UK
80
—
—
80
—
22,722
6,422
4Q25
Killeen, TX
256
256
—
—
—
68,243
9,287
4Q23 - 1Q26
Dallas, TX
142
142
—
—
—
45,480
12,830
4Q24 - 1Q26
Saffron Walden, UK
70
—
—
70
—
23,914
9,039
1Q26
Tring, UK
72
—
—
72
—
23,610
11,342
2Q26
Birmingham, UK
77
—
—
18
59
18,375
6,418
2Q26
Dallas, TX
230
230
—
—
—
84,674
57,902
3Q25 - 3Q26
Dallas, TX
201
201
—
—
—
65,133
36,036
2Q25 - 3Q26
Tallahassee, FL
206
206
—
—
—
48,086
35,909
4Q25 - 3Q26
Stafford, UK
76
—
—
76
—
24,700
16,438
3Q26
Atlanta, GA
192
192
—
—
—
47,125
36,731
1Q26 - 4Q26
San Jose, CA
158
—
—
158
—
61,929
28,376
Post 2026
Auburn Opelika, AL
225
225
—
—
—
59,333
47,600
Post 2026
Copthorne, UK
78
—
—
78
—
25,753
19,196
Post 2026
Subtotal
3,775
2,659
237
733
146
1,223,978
363,348
Outpatient Medical
Rentable Square Ft
Preleased %
Health System Affiliation
Commitment Amount
Future Funding
Estimated Conversion
Dallas, TX
143,046
94
%
Yes
58,362
26,412
3Q25
Waco, TX
12,324
100
%
Yes
7,846
1,301
3Q25
Subtotal
155,370
66,208
27,713
Total Development Projects
$
1,290,186
$
391,061
(1) Includes development projects (construction in progress, development loans and in substance real estate) but excludes expansion projects. Commitment amount represents current cash amount funded plus unfunded commitments to complete development, but excludes capitalized interest.
(2) Estimated conversion ranges relate to projects to be delivered in phases.
9
Investment
(dollars in thousands at Welltower pro rata ownership)
Development Funding Projections(1)
Projected Future Funding
Projects
Beds / Units / Square Feet
Stable Yields(2)
2025 Funding
Funding Thereafter
Total Unfunded Commitments
Committed Balances
Seniors Housing Operating
24
3,775
7.8
%
$
183,946
$
179,402
$
363,348
$
1,223,978
Outpatient Medical
2
155,370
7.2
%
27,713
—
27,713
66,208
Total
26
7.8
%
$
211,659
$
179,402
$
391,061
$
1,290,186
Development Project Conversion Estimates(1)
Quarterly Conversions
Annual Conversions
Amount
Year 1 Yields(2)
Stable Yields(2)
Amount
Year 1 Yields(2)
Stable Yields(2)
1Q25 actual
$
302,507
3.5
%
6.6
%
2025 actual
$
762,424
2.1
%
6.8
%
2Q25 actual
459,917
1.2
%
6.9
%
2025 estimate
693,831
(0.6)
%
7.7
%
3Q25 estimate
558,353
(0.7)
%
7.6
%
2026 estimate
449,340
(0.1)
%
7.8
%
4Q25 estimate
135,478
—
%
8.0
%
Thereafter estimate
147,015
1.9
%
7.8
%
Total
$
1,456,255
0.8
%
7.2
%
Total
$
2,052,610
0.7
%
7.4
%
Unstabilized Properties
3/31/2025 Properties
Stabilizations
Construction Conversions(3)
Acquisitions/ Dispositions
6/30/2025 Properties
Beds / Units
Seniors Housing Operating
60
(5)
6
—
61
8,709
Seniors Housing Triple-net
9
—
—
1
10
834
Total
69
(5)
6
1
71
9,543
Occupancy
3/31/2025 Properties
Stabilizations
Construction Conversions(3)
Acquisitions/ Dispositions
Progressions
6/30/2025 Properties
0% - 50%
26
—
6
1
(4)
29
50% - 70%
21
—
—
—
(4)
17
70% +
22
(5)
—
—
8
25
Total
69
(5)
6
1
—
71
Occupancy
6/30/2025 Properties
Months In Operation
Revenues
% of Total Revenues(4)
Gross Investment Balance
% of Total Gross Investment
0% - 50%
29
8
$
106,088
1.0
%
$
1,064,794
1.9
%
50% - 70%
17
29
148,786
1.4
%
704,961
1.2
%
70% +
25
40
383,892
3.7
%
1,336,400
2.3
%
Total
71
24
$
638,766
6.1
%
$
3,106,155
5.4
%
Notes:
(1) Includes development projects (construction in progress, development loans and in substance real estate) and excludes expansion projects. Actual conversions exclude $206,183,000 of in substance real estate investment projects placed in service. Projects expected to be delivered in phases over multiple quarters are reflected in the last quarter.
(2) Actual yields may vary.
(3) Includes expansion and development loan conversions.
(4) Percent of total revenues based on current quarter annualized pro rata total revenues on page 12.
10
Financial
(dollars in thousands at Welltower pro rata ownership)
Components of NAV
Stabilized NOI
Pro rata beds/units/square feet
Seniors Housing Operating(1)
$
2,090,216
128,739
units
Seniors Housing Triple-net
358,060
19,999
units
Outpatient Medical
570,060
21,881,528
square feet
Long-Term/Post-Acute Care
528,832
40,758
beds
Total In-Place NOI(2)
3,547,168
Incremental stabilized NOI(3)
142,755
Total stabilized NOI
$
3,689,923
Obligations
Lines of credit and commercial paper(4)
$
—
Senior unsecured notes(4)
13,474,359
Secured debt(4)
3,390,544
Financing lease liabilities
112,901
Total debt
16,977,804
Add (Subtract):
Other liabilities (assets), net(5)
461,527
Cash and cash equivalents and restricted cash
(4,557,060)
Net obligations
$
12,882,271
Other Assets
Land parcels(6)
$
327,722
Effective Interest Rate(9)
Real estate loans receivable(7)
2,989,135
10.3%
Non-real estate loans receivable(8)
184,103
10.0%
Joint venture real estate loans receivables(10)
255,805
5.6%
Property dispositions(11)
152,616
Development properties:(12)
Current balance
890,482
Unfunded commitments
399,704
Committed balances
$
1,290,186
Projected yield
7.8
%
Projected NOI
$
100,635
Common shares outstanding(13)
667,752
Notes:
(1) Includes $3,582,000 attributable to our proportional share of income (loss) from unconsolidated management company investments.
(3) Represents incremental NOI from Seniors Housing Operating unstabilized properties.
(4) Represents principal amounts due and do not include unamortized premiums/discounts, deferred loan expenses or other fair value adjustments as reflected on the balance sheet. Includes $892,872,000 of foreign secured debt.
(5) Includes liabilities / (assets) that impact cash or NOI and excludes non-real estate loans and non-cash items such straight-line rent receivable, unearned revenues, intangible assets and above/below market lease intangibles.
(6) Includes land parcels and predevelopment projects.
(7) Represents $3,013,155,000 of real estate loans, excluding development loans and including certain in substance real estate developments and held to maturity debt securities, net of $24,020,000 of credit allowances.
(8) Represents $191,366,000 of non-real estate loans, net of $7,263,000 of credit allowances.
(9) Average cash-pay interest rates are 7.2%, 2.2% and 5.6% for real estate, non-real estate loans and joint venture real estate loans, respectively. Rates exclude non-accrual/interest-free loans.
(10) Represents our partners' share of Welltower loans made to select joint ventures secured by the joint venture owned properties.
(11) Represents proceeds from expected property dispositions in the next twelve months.
(12) See pages 9-10. Includes expansion projects. Includes partial conversions to date.
(13) Includes OP Units and DownREIT Units.
11
Financial
(dollars in thousands at Welltower pro rata ownership)
Net Operating Income(1)
2Q24
3Q24
4Q24
1Q25
2Q25
Revenues:
Seniors Housing Operating
Resident fees and services
$
1,435,064
$
1,554,263
$
1,805,306
$
1,897,810
$
2,003,039
Other income
3,079
2,694
2,719
3,417
4,528
Total revenues
1,438,143
1,556,957
1,808,025
1,901,227
2,007,567
Seniors Housing Triple-net
Rental income
30,113
115,763
58,918
103,399
104,360
Interest income
—
—
8,167
2,111
—
Other income
1,032
773
38
32
346
Total revenues
31,145
116,536
67,123
105,542
104,706
Outpatient Medical
Rental income
198,924
206,709
203,247
212,554
213,552
Other income
2,580
2,041
2,114
2,139
2,166
Total revenues
201,504
208,750
205,361
214,693
215,718
Long-Term/Post-Acute Care
Rental income
104,312
105,234
122,471
145,439
165,214
Other income
43
201
21
199
14
Total revenues
104,355
105,435
122,492
145,638
165,228
Corporate
Interest income
67,224
72,742
66,261
63,572
65,256
Other income
31,873
43,653
32,195
34,179
30,512
Total revenues
99,097
116,395
98,456
97,751
95,768
Total
Resident fees and services
1,435,064
1,554,263
1,805,306
1,897,810
2,003,039
Rental income
333,349
427,706
384,636
461,392
483,126
Interest income
67,224
72,742
74,428
65,683
65,256
Other income
38,607
49,362
37,087
39,966
37,566
Total revenues
1,874,244
2,104,073
2,301,457
2,464,851
2,588,987
Property operating expenses:
Seniors Housing Operating
1,066,391
1,167,375
1,366,423
1,410,579
1,464,457
Seniors Housing Triple-net
7,231
6,103
5,834
5,190
4,817
Outpatient Medical
63,440
64,795
61,392
66,804
65,197
Long-Term/Post-Acute Care
3,458
3,436
4,063
3,495
3,705
Corporate
4,713
4,691
6,385
4,054
4,740
Total property operating expenses
1,145,233
1,246,400
1,444,097
1,490,122
1,542,916
Net operating income:
Seniors Housing Operating
371,752
389,582
441,602
490,648
543,110
Seniors Housing Triple-net
23,914
110,433
61,289
100,352
99,889
Outpatient Medical
138,064
143,955
143,969
147,889
150,521
Long-Term/Post-Acute Care
100,897
101,999
118,429
142,143
161,523
Corporate
94,384
111,704
92,071
93,697
91,028
Net operating income
$
729,011
$
857,673
$
857,360
$
974,729
$
1,046,071
Note:
(1) Please see discussion of Supplemental Reporting Measures on page 17. Includes amounts from investments sold or held for sale. NOI related to DownREITs included at 100%.
12
Financial
(dollars in thousands)
Leverage and EBITDA Reconciliations(1)
Twelve Months Ended
Three Months Ended
June 30, 2025
June 30, 2025
Net income (loss)
$
1,142,437
$
304,618
Interest expense
579,638
141,157
Income tax expense (benefit)
(9,058)
1,053
Depreciation and amortization
1,865,090
495,036
EBITDA
3,578,107
941,864
Loss (income) from unconsolidated entities
3,738
7,392
Stock-based compensation
85,827
15,208
Loss (gain) on extinguishment of debt, net
6,575
—
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net
(347,088)
(14,850)
Impairment of assets
119,346
19,876
Provision for loan losses, net
828
(1,113)
Loss (gain) on derivatives and financial instruments, net
(22,627)
(409)
Other expenses
85,302
16,598
Casualty losses, net of recoveries
14,488
2,496
Other impairment(2)
42,582
604
Total adjustments
(11,029)
45,802
Adjusted EBITDA
$
3,567,078
$
987,666
Interest Coverage Ratios
Interest expense
$
579,638
$
141,157
Capitalized interest
50,001
8,653
Non-cash interest expense
(47,007)
(10,231)
Total interest
$
582,632
$
139,579
EBITDA
$
3,578,107
$
941,864
Interest coverage ratio
6.14
x
6.75
x
Adjusted EBITDA
$
3,567,078
$
987,666
Adjusted Interest coverage ratio
6.12
x
7.08
x
Fixed Charge Coverage Ratios
Total interest
$
582,632
$
139,579
Secured debt principal amortization
56,337
16,558
Total fixed charges
$
638,969
$
156,137
EBITDA
$
3,578,107
$
941,864
Fixed charge coverage ratio
5.60
x
6.03
x
Adjusted EBITDA
$
3,567,078
$
987,666
Adjusted Fixed charge coverage ratio
5.58
x
6.33
x
Net Debt to EBITDA Ratios
Total debt(3)
$
16,079,566
Less: cash and cash equivalents and restricted cash
(4,523,511)
Net debt
$
11,556,055
EBITDA Annualized
$
3,767,456
Net debt to EBITDA ratio
3.07
x
Adjusted EBITDA Annualized
$
3,950,664
Net debt to Adjusted EBITDA ratio
2.93
x
Notes:
(1) Please see discussion of Supplemental Reporting Measures on page 17.
(2) Represents the write-off of straight-line rent receivable and unamortized lease incentive balances related to leases placed on cash recognition.
(3) Includes unamortized premiums/discounts, other fair value adjustments and financing lease liabilities of $108,463,000. Excludes operating lease liabilities of $1,227,184,000 related to ASC 842.
13
Financial
(in thousands except share price)
Leverage and Current Capitalization(1)
% of Total
Book capitalization
Lines of credit and commercial paper(2)
$
—
—
%
Long-term debt obligations(2)(3)
16,079,566
33.42
%
Cash and cash equivalents and restricted cash
(4,523,511)
(9.40)
%
Net debt to consolidated book capitalization
$
11,556,055
24.02
%
Total equity and noncontrolling interests(4)
36,546,301
75.98
%
Consolidated book capitalization
$
48,102,356
100.00
%
Joint venture debt, net(5)
601,417
Total book capitalization
$
48,703,773
Undepreciated book capitalization
Lines of credit and commercial paper(2)
$
—
—
%
Long-term debt obligations(2)(3)
16,079,566
26.90
%
Cash and cash equivalents and restricted cash
(4,523,511)
(7.57)
%
Net debt to consolidated undepreciated book capitalization
$
11,556,055
19.33
%
Accumulated depreciation and amortization
11,673,306
19.53
%
Total equity and noncontrolling interests(4)
36,546,301
61.14
%
Consolidated undepreciated book capitalization
$
59,775,662
100.00
%
Joint venture debt, net(5)
601,417
Total undepreciated book capitalization
$
60,377,079
Enterprise value
Lines of credit and commercial paper(2)
$
—
—
%
Long-term debt obligations(2)(3)
16,079,566
14.05
%
Cash and cash equivalents and restricted cash
(4,523,511)
(3.95)
%
Net debt to consolidated enterprise value
$
11,556,055
10.10
%
Common shares outstanding
665,120
Period end share price
153.73
Common equity market capitalization
$
102,248,898
89.34
%
Noncontrolling interests(4)
645,775
0.56
%
Consolidated enterprise value
$
114,450,728
100.00
%
Joint venture debt, net(5)
601,417
Total enterprise value
$
115,052,145
Secured debt as % of total assets
Secured debt(2)
$
2,522,222
3.74
%
Gross asset value(6)
$
67,506,801
Total debt as % of gross asset value
Total debt(2)(3)
$
16,079,566
23.82
%
Gross asset value(6)
$
67,506,801
Unsecured debt as % of unencumbered assets
Unsecured debt(2)
$
13,448,881
22.45
%
Unencumbered gross assets(7)
$
59,907,517
Notes:
(1) Please see discussion of Supplemental Reporting Measures on page 17.
(2) Amounts include unamortized premiums/discounts and other fair value adjustments as reflected on the balance sheet.
(3) Includes financing lease liabilities of $108,463,000 and excludes operating lease liabilities of $1,227,184,000 related to ASC 842.
(4) Includes all noncontrolling interests (redeemable and permanent) as reflected on our balance sheet.
(5) Net of Welltower's share of unconsolidated debt and minority partners' share of Welltower consolidated debt.
(6) Gross asset value equals total assets plus accumulated depreciation as reflected on the balance sheet.
(7) Unencumbered gross assets equals gross asset value for consolidated properties that are not financed with secured debt.
14
Financial
(dollars in thousands)
Debt Maturities and Scheduled Principal Amortization(1)
Year
Lines of Credit and Commercial Paper(2)
Senior Unsecured Notes(3)
Consolidated Secured Debt
Noncontrolling Interests' Share of Consolidated Debt
Share of Unconsolidated Secured Debt
Combined Debt(4)
% of Total
Wtd. Avg. Interest Rate (5)
2025
$
—
$
10,000
$
52,749
$
(924)
$
124,586
$
186,411
1.11
%
5.18
%
2026
—
700,000
252,104
(2,126)
28,235
978,213
5.80
%
4.00
%
2027
—
1,903,759
371,808
(2,375)
79,943
2,353,135
13.95
%
4.07
%
2028
—
2,539,600
192,768
(336)
1,579
2,733,611
16.21
%
3.82
%
2029
—
2,206,165
421,859
(122,080)
23,453
2,529,397
15.00
%
3.46
%
2030
—
1,350,000
179,345
(334)
2,322
1,531,333
9.08
%
3.69
%
2031
—
1,350,000
59,513
(351)
372,812
1,781,974
10.57
%
3.63
%
2032
—
1,050,000
71,156
(363)
128,895
1,249,688
7.41
%
3.65
%
2033
—
—
419,578
(36,875)
469
383,172
2.27
%
4.82
%
2034
—
686,000
208,132
(8,248)
492
886,376
5.26
%
4.41
%
Thereafter
—
1,800,000
438,950
(714)
13,357
2,251,593
13.34
%
4.99
%
Totals
$
—
$
13,595,524
$
2,667,962
$
(174,726)
$
776,143
$
16,864,903
100.00
%
Weighted Avg. Interest Rate(5)
—
%
3.91
%
4.08
%
4.89
%
5.30
%
3.99
%
Weighted Avg. Maturity Years
—
5.6
7.1
5.1
4.6
5.8
% Floating Rate Debt(5)
—
%
13.72
%
8.93
%
69.35
%
4.37
%
11.95
%
Debt by Local Currency(1)
Lines of Credit and Commercial Paper(2)
Senior Unsecured Notes(3)
Consolidated Secured Debt
Noncontrolling Interests' Share of Consolidated Debt
Share of Unconsolidated Secured Debt
Combined Debt(4)
Investment Hedges(6)
United States
$
—
$
11,751,165
$
1,789,537
$
(158,462)
$
745,432
$
14,127,672
$
—
United Kingdom
—
1,440,600
—
—
—
1,440,600
2,100,131
Canada
—
403,759
878,425
(16,264)
30,711
1,296,631
4,245,118
Totals
$
—
$
13,595,524
$
2,667,962
$
(174,726)
$
776,143
$
16,864,903
$
6,345,249
Notes:
(1) Represents principal amounts due excluding unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet.
(2) Our unsecured commercial paper program and our unsecured revolving credit facility had a zero balance as of June 30, 2025. The unsecured revolving credit facility is comprised of a $2,000,000,000 tranche that matures on July 24, 2029 and a $3,000,000,000 tranche that matures on July 24, 2028. The $3,000,000,000 tranche may be extended for two successive terms of six months at our option. Commercial paper borrowings are backstopped by the unsecured revolving credit facility.
(3) Senior Unsecured Notes include the following:
•2027 includes a $1,000,000,000 unsecured term loan and a CAD $250,000,000 unsecured term loan (approximately $183,527,000 USD at June 30, 2025). The loans mature on July 19, 2026. The interest rates on the loans are adjusted SOFR + 0.80% for USD and adjusted CORRA + 0.80% for CAD. Both term loans may be extended for two successive terms of six months at our option.
•2027 also includes CAD $300,000,000 of 2.95% senior unsecured notes (approximately $220,232,000 USD at June 30, 2025) that matures on January 15, 2027.
•2028 includes $1,035,000,000 of 2.75% exchangeable senior unsecured notes that mature on May 15, 2028 unless earlier exchanged, purchased or redeemed.
•2028 also includes £550,000,000 of 4.80% senior unsecured notes (approximately $754,600,000 USD at June 30, 2025). The notes mature on November 20, 2028.
•2029 includes $1,035,000,000 of 3.125% exchangeable senior unsecured notes that mature on July 15, 2029 unless earlier exchanged, purchased or redeemed.
•2034 includes £500,000,000 of 4.50% senior unsecured notes (approximately $686,000,000 USD at June 30, 2025). The notes mature on December 1, 2034.
(4) Excludes operating lease liabilities of $1,227,184,000 and finance lease liabilities of $108,463,000 related to ASC 842.
(5) Based on variable interest rates and foreign currency exchange rates in effect as of June 30, 2025. The interest rate on the unsecured revolving credit facility is adjusted SOFR + 0.725%. Commercial paper, senior notes and secured debt average interest rate represents the face value note rate. Includes the impact of notional swaps and caps to convert fixed rate debt to SOFR-based floating rate debt, and SOFR-based floating rate debt and CORRA-based floating rate debt to fixed rate debt.
(6) Represents notional value of foreign currency derivative contracts at end of period spot FX rates. The fair market value of the gains (losses) of these contracts is currently USD $(298,645,000), as represented in other assets (liabilities) on the balance sheet. We supplement our local currency debt with foreign currency derivative contracts to offset the translation and economic exposures related to our international investments. Currently, our foreign currency derivatives are comprised of cross-currency swaps.
15
Glossary
Age: Current year, less the year built, adjusted for major renovations. Average age is weighted by pro rata NOI.
Cap-ex, Tenant Improvements, Leasing Commissions: Represents amounts incurred for: 1) recurring and non-recurring capital expenditures required to maintain and re-tenant our properties; 2) second generation tenant improvements; and 3) leasing commissions paid to third party leasing agents to secure new tenants. Excludes sustainability investments.
Construction Conversion: Represents completed construction projects that were placed into service and began generating NOI.
EBITDAR: Earnings before interest, taxes, depreciation, amortization and rent. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate EBITDAR and has not independently verified the information.
EBITDAR Coverage: Represents the ratio of EBITDAR to contractual rent for leases or interest and principal payments for loans. EBITDAR coverage is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations. The coverage shown excludes properties that are unstabilized, closed or for which data is not available or meaningful.
EBITDARM: Earnings before interest, taxes, depreciation, amortization, rent and management fees. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate EBITDARM and has not independently verified the information.
EBITDARM Coverage: Represents the ratio of EBITDARM to contractual rent for leases or interest and principal payments for loans. EBITDARM coverage is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations, assuming that management fees are not paid. The coverage shown excludes properties that are unstabilized, closed or for which data is not available or meaningful.
Health System - Affiliated: Outpatient medical properties are considered affiliated with a health system if one or more of the following conditions are met: 1) the land parcel is contained within the physical boundaries of a hospital campus; 2) the land parcel is located adjacent to the campus; 3) the building is physically connected to the hospital regardless of the land ownership structure; 4) a ground lease is maintained with a health system entity; 5) a master lease is maintained with a health system entity; 6) significant square footage is leased to a health system entity; 7) the property includes an ambulatory surgery center with a hospital partnership interest; or 8) a significant square footage is leased to a physician group that is either employed, directly or indirectly by a health system, or has a significant clinical and financial affiliation with the health system.
Long-Term/Post-Acute Care: Includes all skilled nursing, rehabilitation and long-term/post-acute care facilities where the majority of individuals require 24-hour nursing or medical care. Generally, these properties are licensed for Medicaid and/or Medicare reimbursement and are subject to triple-net operating leases. Most of these facilities focus on higher acuity patients and offer rehabilitation units specializing in cardiac, orthopedic, dialysis, neurological or pulmonary rehabilitation.
MSA: For the United States and Canada, we use the Metropolitan Statistical Area as defined by the U.S. Census Bureau and the Census Metropolitan Areas as defined by Statistics Canada, respectively. For the United Kingdom, we generally use the Metro Region as defined by EuroStat with Greater London defined as a 55-mile radius around the city’s center.
Occupancy: Outpatient Medical occupancy represents the percentage of total rentable square feet leased and occupied, including month-to-month leases, as of the date reported. Occupancy for all other property types represents average quarterly operating occupancy based on the most recent quarter of available data and excludes properties that are unstabilized, closed or for which data is not available or meaningful. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate occupancy and has not independently verified the information. Occupancy metrics are reflected at our pro rata share.
Outpatient Medical: Outpatient medical buildings include properties offering ambulatory medical services such as primary and secondary care, outpatient surgery, diagnostic procedures and rehabilitation. These properties are typically affiliated with a health system and may be located on a hospital campus. They are specifically designed and constructed for use by healthcare professionals to provide services to patients. They also include medical office buildings that typically contain sole and group physician practices and may provide laboratory and other specialty services.
Seniors Housing Operating (SHO): Includes independent, assisted living and dementia care properties in the U.S. and Canada and all care homes in the U.K. generally structured to take advantage of the REIT Investment Diversification and Empowerment Act of 2007, as well as Wellness Housing properties.
Seniors Housing Triple-net (SH-NNN): Includes independent, assisted living and dementia care properties in the U.S. and Canada and all care homes in the U.K. subject to triple-net operating leases.
Square Feet: Net rentable square feet calculated utilizing Building Owners and Managers Association measurement standards.
Stable: Generally, a triple-net rental property is considered stable (versus unstabilized or under development) when it has achieved EBITDAR coverage of 1.00x or greater for three consecutive months or, if targeted performance has not been achieved, 12 months following the budgeted stabilization date. Triple-net properties for which income is recognized on a cash basis and for which substantially all contractual rent during the period has not been collected are excluded from the stable portfolio. A Seniors Housing Operating facility is considered stable upon the earliest of 90% occupancy, NOI at or above the underwritten target or 12 months past the underwritten stabilization date. Excludes assets held for sale and assets disposed of during the current quarter.
Unstabilized: An acquisition that does not meet the stable criteria upon closing or a construction property that has opened but not yet reached stabilization.
16
Supplemental Reporting Measures
We believe that revenues and net income, as defined by U.S. generally accepted accounting principles ("U.S. GAAP"), are the most appropriate earnings measurements. However, we consider EBITDA, Adjusted EBITDA, RevPOR, ExpPOR, SS RevPOR, SS ExpPOR, NOI, In-Place NOI ("IPNOI") and Same Store NOI ("SSNOI") to be useful supplemental measures of our operating performance. Excluding EBITDA and Adjusted EBITDA, these supplemental measures are disclosed on our pro rata ownership basis. Pro rata amounts are derived by reducing consolidated amounts for minority partners’ noncontrolling ownership interests and adding our minority ownership share of unconsolidated amounts. We do not control unconsolidated investments. While we consider pro rata disclosures useful, they may not accurately depict the legal and economic implications of our joint venture arrangements and should be used with caution.
We define NOI as total revenues, including tenant reimbursements, less property operating expenses. Property operating expenses represent costs associated with managing, maintaining and servicing tenants for our properties. These expenses include, but are not limited to, property-related payroll and benefits, property management fees paid to managers, marketing, housekeeping, food service, maintenance, utilities, property taxes and insurance. General and administrative expenses represent general overhead costs that are unrelated to property operations and are unallocable to the properties. These expenses include, but are not limited to, payroll and benefits related to corporate employees, professional services, office expenses and depreciation of corporate fixed assets. IPNOI represents cash NOI excluding interest income, other income and non-IPNOI and adjusted for timing of current quarter portfolio changes such as acquisitions, development conversions, segment transitions and dispositions. Properties classified as held for sale and leased properties are excluded from IPNOI. SSNOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. As used herein, same store is generally defined as those revenue-generating properties in the portfolio for the relevant year-over-year reporting periods. Acquisitions and development conversions are included in the same store amounts five full quarters after acquisition or being placed into service. Land parcels, loans and leased properties, as well as any properties sold or classified as held for sale during the period, are excluded from the same store amounts. Redeveloped properties (including major refurbishments of a Seniors Housing Operating property where 20% or more of units are simultaneously taken out of commission for 30 days or more or Outpatient Medical properties undergoing a change in intended use) are excluded from the same store amounts until five full quarters post completion of the redevelopment. Properties undergoing operator transitions and/or segment transitions are also excluded from the same store amounts until five full quarters post completion of the operator transition or segment transition. In addition, properties significantly impacted by force majeure, acts of God or other extraordinary adverse events are excluded from same store amounts until five full quarters after the properties are placed back into service. SSNOI excludes non-cash NOI and includes adjustments to present consistent property ownership percentages and to translate Canadian properties and UK properties using a consistent exchange rate. Normalizers include adjustments that in management’s opinion are appropriate in considering SSNOI, a supplemental, non-GAAP performance measure. None of these adjustments, which may increase or decrease SSNOI, are reflected in our financial statements prepared in accordance with U.S. GAAP. Significant normalizers (defined as any that individually exceed 0.50% of SSNOI growth per property type) are separately disclosed and explained. We believe NOI, IPNOI and SSNOI provide investors relevant and useful information because they measure the operating performance of our properties at the property level on an unleveraged basis. We use NOI, IPNOI and SSNOI to make decisions about resource allocations and to assess the property level performance of our portfolio.
RevPOR represents the average revenues generated per occupied room per month and ExpPOR represents the average expenses per occupied room per month at our Seniors Housing Operating properties. These metrics are calculated as our pro rata share of total resident fees and services revenues or property operating expenses from the income statement, divided by average monthly occupied room days. SS RevPOR and SS ExpPOR are used to evaluate the RevPOR and ExpPOR performance of our properties under a consistent population, which eliminates changes in the composition of our portfolio. They are based on the same pool of properties used for SSNOI and include any revenue and expense normalizations used for SSNOI. We use RevPOR, ExpPOR, SS RevPOR and SS ExpPOR to evaluate the revenue-generating capacity and profit potential of our Seniors Housing Operating portfolio independent of fluctuating occupancy rates. They are also used in comparison against industry and competitor statistics, if known, to evaluate the quality of our Seniors Housing Operating portfolio.
We measure our credit strength both in terms of leverage ratios and coverage ratios. The leverage ratios indicate how much of our balance sheet capitalization is related to long-term debt, net of cash and restricted cash. We expect to maintain capitalization ratios and coverage ratios sufficient to maintain a capital structure consistent with our current profile. The ratios are based on EBITDA and Adjusted EBITDA. EBITDA is defined as earnings (net income per income statement) before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding unconsolidated entities and including adjustments for stock-based compensation expense, provision for loan losses, gains/losses on extinguishment of debt, gains/losses on disposition of properties and acquisitions of controlling interests, impairment of assets, gains/losses on derivatives and financial instruments, other expenses, other impairment charges and other adjustments deemed appropriate in management's opinion. We believe that EBITDA and Adjusted EBITDA, along with net income, are important supplemental measures because they provide additional information to assess and evaluate the performance of our operations. We primarily use these measures to determine our interest coverage ratio, which represents EBITDA and Adjusted EBITDA divided by total interest, and our fixed charge coverage ratio, which represents EBITDA and Adjusted EBITDA divided by fixed charges. Fixed charges include total interest and secured debt principal amortization. Our leverage ratios include net debt to Adjusted EBITDA, book capitalization, undepreciated book capitalization and consolidated enterprise value. Book capitalization represents the sum of net debt (defined as total long-term debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash), total equity and redeemable noncontrolling interests. Undepreciated book capitalization represents book capitalization adjusted for accumulated depreciation and amortization. Consolidated enterprise value represents book capitalization adjusted for the fair market value of our common stock. Our leverage ratios are defined as the proportion of net debt to total capitalization.
Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and rating agencies in the valuation, comparison, rating and investment recommendations of companies. Our management uses these financial measures to facilitate internal and external comparisons to historical operating results and in making operating decisions. Additionally, these measures are utilized by the Board of Directors to evaluate management performance. None of the supplemental reporting measures represent net income or cash flow provided from operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the supplemental reporting measures, as defined by us, may not be comparable to similarly entitled items reported by other real estate investment trusts or other companies. Multi-period amounts may not equal the sum of the individual quarterly amounts due to rounding.
17
Supplemental Reporting Measures
(dollars in thousands)
Non-GAAP Reconciliations
NOI Reconciliation
2Q24
3Q24
4Q24
1Q25
2Q25
Net income (loss)
$
260,670
$
456,800
$
123,753
$
257,266
$
304,618
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net
(166,443)
(272,266)
(8,195)
(51,777)
(14,850)
Loss (income) from unconsolidated entities
(4,896)
4,038
(6,429)
(1,263)
7,392
Income tax expense (benefit)
1,101
(4,706)
114
(5,519)
1,053
Other expenses
48,684
20,239
34,405
14,060
16,598
Impairment of assets
2,394
23,421
23,647
52,402
19,876
Provision for loan losses, net
5,163
4,193
(245)
(2,007)
(1,113)
Loss (gain) on extinguishment of debt, net
1,705
419
—
6,156
—
Loss (gain) on derivatives and financial instruments, net
(5,825)
(9,906)
(9,102)
(3,210)
(409)
General and administrative expenses
55,565
77,901
48,707
63,758
64,175
Depreciation and amortization
382,045
403,779
480,406
485,869
495,036
Interest expense
133,424
139,050
154,469
144,962
141,157
Consolidated net operating income
713,587
842,962
841,530
960,697
1,033,533
NOI attributable to unconsolidated investments(1)
32,720
32,043
31,158
28,316
26,069
NOI attributable to noncontrolling interests(2)
(17,296)
(17,332)
(15,328)
(14,284)
(13,531)
Pro rata net operating income (NOI)(3)
$
729,011
$
857,673
$
857,360
$
974,729
$
1,046,071
In-Place NOI Reconciliation
At Welltower pro rata ownership
Seniors Housing Operating
Seniors Housing Triple-net
Outpatient Medical
Long-Term /Post-Acute Care
Corporate
Total
Revenues
$
2,007,567
$
104,706
$
215,718
$
165,228
$
95,768
$
2,588,987
Property operating expenses
(1,464,457)
(4,817)
(65,197)
(3,705)
(4,740)
(1,542,916)
NOI(3)
543,110
99,889
150,521
161,523
91,028
1,046,071
Adjust:
Interest income
—
—
—
—
(65,256)
(65,256)
Other income
(1,910)
(346)
(92)
(14)
(24,942)
(27,304)
Sold / held for sale
1,255
(456)
(282)
328
—
845
Nonoperational(4)
(879)
—
(185)
(335)
—
(1,399)
Non In-Place NOI(5)
(22,405)
(9,577)
(7,447)
(29,528)
(830)
(69,787)
Timing adjustments(6)
3,383
5
—
234
—
3,622
Total adjustments
(20,556)
(10,374)
(8,006)
(29,315)
(91,028)
(159,279)
In-Place NOI
522,554
89,515
142,515
132,208
—
886,792
Annualized In-Place NOI
$
2,090,216
$
358,060
$
570,060
$
528,832
$
—
$
3,547,168
Same Store Property Reconciliation
Seniors Housing Operating
Seniors Housing Triple-net
Outpatient Medical
Long-Term /Post-Acute Care
Total
Total properties
1,309
303
446
333
2,391
Recent acquisitions and development conversions(7)
(206)
(30)
(12)
(80)
(328)
Under development
(24)
—
(2)
—
(26)
Under redevelopment(8)
—
—
(2)
(1)
(3)
Current held for sale
(10)
(4)
(3)
(4)
(21)
Land parcels, loans and leased properties
(108)
(4)
(9)
—
(121)
Transitions(9)
(283)
(18)
—
(24)
(325)
Other(10)
(5)
—
(1)
(2)
(8)
Same store properties
673
247
417
222
1,559
Notes:
(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.
(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.
(3) Represents Welltower's pro rata share of NOI. See page 12 for more information.
(4) Primarily includes development properties and land parcels.
(5) Primarily represents non-cash NOI and NOI associated with leased properties.
(6) Represents timing adjustments for current quarter acquisitions, construction conversions and segment or operator transitions.
(7) Acquisitions and development conversions will enter the same store pool five full quarters after acquisition or certificate of occupancy.
(8) Redevelopment properties will enter the same store pool after five full quarters of operations post redevelopment completion.
(9) Transitioned properties will enter the same store pool after five full quarters of operations with the new operator in place or under the new structure.
(10) Represents properties that are either closed or being closed.
18
Supplemental Reporting Measures
(dollars in thousands at Welltower pro rata ownership)
Same Store NOI Reconciliation
2Q24
3Q24
4Q24
1Q25
2Q25
Y/o/Y
Seniors Housing Operating
NOI
$
371,752
$
389,582
$
441,602
$
490,648
$
543,110
Non-cash NOI on same store properties
(2,557)
(2,215)
(1,940)
(2,509)
(1,509)
NOI attributable to non-same store properties
(58,718)
(60,444)
(103,828)
(124,876)
(157,200)
Currency and ownership adjustments(1)
(1,383)
(2,646)
(1,069)
572
(4,501)
Other normalizing adjustments(2)
1,319
1,836
1,142
(867)
3,108
SSNOI
310,413
326,113
335,907
362,968
383,008
23.4
%
Seniors Housing Triple-net
NOI
23,914
110,433
61,289
100,352
99,889
Non-cash NOI on same store properties
(5,335)
(4,205)
(4,560)
(3,577)
(3,341)
NOI attributable to non-same store properties
51,337
(35,530)
15,318
(24,654)
(21,935)
Currency and ownership adjustments(1)
(500)
(1,077)
(777)
(436)
(1,621)
Other normalizing adjustments(2)
—
—
—
(31)
(31)
SSNOI
69,416
69,621
71,270
71,654
72,961
5.1
%
Outpatient Medical
NOI
138,064
143,955
143,969
147,889
150,521
Non-cash NOI on same store properties
(5,548)
(8,122)
(6,213)
(5,570)
(5,428)
NOI attributable to non-same store properties
(3,176)
(4,102)
(4,906)
(8,621)
(10,712)
Currency and ownership adjustments(1)
61
(55)
18
2
—
Other normalizing adjustments(2)
1,369
278
—
260
(220)
SSNOI
130,770
131,954
132,868
133,960
134,161
2.6
%
Long-Term/Post-Acute Care
NOI
100,897
101,999
118,429
142,143
161,523
Non-cash NOI on same store properties
(14,866)
(14,507)
(14,459)
(15,139)
(15,583)
NOI attributable to non-same store properties
(10,259)
(11,090)
(24,726)
(45,611)
(64,575)
Currency and ownership adjustments(1)
3,319
3,316
753
7
(52)
Other normalizing adjustments(2)
111
—
—
—
—
SSNOI
79,202
79,718
79,997
81,400
81,313
2.7
%
Corporate
NOI
94,384
111,704
92,071
93,697
91,028
NOI attributable to non-same store properties
(94,384)
(111,704)
(92,071)
(93,697)
(91,028)
SSNOI
—
—
—
—
—
Total
NOI
729,011
857,673
857,360
974,729
1,046,071
Non-cash NOI on same store properties
(28,306)
(29,049)
(27,172)
(26,795)
(25,861)
NOI attributable to non-same store properties
(115,200)
(222,870)
(210,213)
(297,459)
(345,450)
Currency and ownership adjustments(1)
1,497
(462)
(1,075)
145
(6,174)
Normalizing adjustments, net
2,799
2,114
1,142
(638)
2,857
SSNOI
$
589,801
$
607,406
$
620,042
$
649,982
$
671,443
13.8
%
Notes:
(1) Includes adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.43 and to translate UK properties at a GBP/USD rate of 1.23.
(2) Represents aggregate normalizing adjustments which are individually less than 0.50% of SSNOI growth per property type.
19
Supplemental Reporting Measures
(dollars in thousands, except RevPOR, SS RevPOR and SSNOI/unit)
SHO RevPOR Reconciliation
United States
United Kingdom
Canada
Total
Consolidated SHO revenues
$
1,450,344
$
357,582
$
167,806
$
1,975,732
Unconsolidated SHO revenues attributable to Welltower(1)
44,823
5,283
1,841
51,947
SHO revenues attributable to noncontrolling interests(2)
(17,707)
—
(2,405)
(20,112)
Pro rata SHO revenues(3)
1,477,460
362,865
167,242
2,007,567
Non-cash and non-RevPOR revenues
(3,072)
(650)
(197)
(3,919)
Revenues attributable to non in-place properties
(11,634)
(140,392)
—
(152,026)
SHO local revenues
1,462,753
221,823
167,045
1,851,621
Average occupied units/month
82,618
7,236
19,202
109,056
RevPOR/month in USD
$
5,918
$
10,247
$
2,908
$
5,675
RevPOR/month in local currency(4)
£
8,331
$
4,154
Reconciliations of SHO SS RevPOR Growth, SSNOI Growth and SSNOI/Unit
United States
United Kingdom
Canada
Total
2Q24
2Q25
2Q24
2Q25
2Q24
2Q25
2Q24
2Q25
SHO SS RevPOR Growth
Consolidated SHO revenues
$
1,150,336
$
1,450,344
$
117,828
$
357,582
$
127,209
$
167,806
$
1,395,373
$
1,975,732
Unconsolidated SHO revenues attributable to WELL(1)
31,667
44,823
3,215
5,283
28,282
1,841
63,164
51,947
SHO revenues attributable to noncontrolling interests(2)
(18,090)
(17,707)
—
—
(2,304)
(2,405)
(20,394)
(20,112)
SHO pro rata revenues(3)
1,163,913
1,477,460
121,043
362,865
153,187
167,242
1,438,143
2,007,567
Non-cash and non-RevPOR revenues on same store properties
(3,483)
(1,822)
—
—
(278)
(252)
(3,761)
(2,074)
Revenues attributable to non-same store properties
(266,650)
(487,668)
(38)
(220,105)
(29,181)
(34,105)
(295,869)
(741,878)
Currency and ownership adjustments(4)
2,907
—
(3,052)
(11,284)
(5,127)
(4,130)
(5,272)
(15,414)
SHO SS RevPOR revenues(5)
$
896,687
$
987,970
$
117,953
$
131,476
$
118,601
$
128,755
$
1,133,241
$
1,248,201
Avg. occupied units/month(6)
47,561
49,938
4,053
4,350
14,241
14,846
65,855
69,134
SHO SS RevPOR(7)
$
6,302
$
6,613
$
9,728
$
10,102
$
2,784
$
2,899
$
5,752
$
6,035
SS RevPOR YOY growth
4.9
%
3.8
%
4.1
%
4.9
%
SHO SSNOI Growth
Consolidated SHO NOI
$
290,047
$
403,960
$
27,383
$
71,103
$
43,037
$
62,392
$
360,467
$
537,455
Unconsolidated SHO NOI attributable to WELL(1)
10,957
16,756
411
739
11,673
886
23,041
18,381
SHO NOI attributable to noncontrolling interests(2)
(10,677)
(11,579)
—
—
(1,079)
(1,147)
(11,756)
(12,726)
SHO pro rata NOI(3)
290,327
409,137
27,794
71,842
53,631
62,131
371,752
543,110
Non-cash NOI on same store properties
(2,573)
(1,511)
—
—
16
2
(2,557)
(1,509)
NOI attributable to non-same store properties
(47,705)
(110,254)
(37)
(34,563)
(10,976)
(12,383)
(58,718)
(157,200)
Currency and ownership adjustments(4)
1,068
—
(706)
(2,963)
(1,745)
(1,538)
(1,383)
(4,501)
Other normalizing adjustments(8)
1,440
3,386
—
—
(121)
(278)
1,319
3,108
SHO pro rata SSNOI(5)
$
242,557
$
300,758
$
27,051
$
34,316
$
40,805
$
47,934
$
310,413
$
383,008
SHO SSNOI growth
24.0
%
26.9
%
17.5
%
23.4
%
SHO SSNOI/Unit
Trailing four quarters' SSNOI(5)
$
1,096,846
$
132,258
$
178,892
$
1,407,996
Average units in service(9)
56,330
5,114
16,427
77,871
SSNOI/unit in USD
$
19,472
$
25,862
$
10,890
$
18,081
SSNOI/unit in local currency(4)
£
21,026
$
15,557
Notes:
(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.
(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.
(3) Represents SHO revenues/NOI at Welltower pro rata ownership. See page 12 for more information.
(4) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.43 and to translate UK properties at a GBP/USD rate of 1.23.
(5) Represents SS SHO RevPOR revenues/SSNOI at Welltower pro rata ownership. See page 19 for more information.
(6) Represents average occupied units for SS properties related solely to referenced country on a pro rata basis.
(7) Represents pro rata SS average revenues generated per occupied room per month.
(8) Represents aggregate normalizing adjustments which are individually less than .50% of SS RevPOR revenues/NOI growth.
(9) Represents average units in service for SS properties related solely to referenced country on a pro rata basis.
20
Forward-Looking Statement and Risk Factors
Forward-Looking Statements and Risk Factors
This document contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. When Welltower uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "pro forma," "estimate" or similar expressions that do not relate solely to historical matters, Welltower is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause Welltower's actual results to differ materially from Welltower's expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to: the impact of macroeconomic and geopolitical developments, including economic downturns, elevated inflation and interest rates, political or social conflict, unrest or violence or similar events; the status of the economy; the status of capital markets, including availability and cost of capital; issues facing the healthcare industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements, public perception of the healthcare industry and operators’/tenants’ difficulty in cost effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the healthcare and seniors housing industries; negative developments in the operating results or financial condition of operators/tenants, including, but not limited to, their ability to pay rent and repay loans; Welltower's ability to transition or sell properties with profitable results; the failure to make new investments or acquisitions as and when anticipated; natural disasters, public health emergencies and extreme weather affecting Welltower's properties; Welltower's ability to re-lease space at similar rates as vacancies occur; Welltower's ability to timely reinvest sale proceeds at similar rates to assets sold; operator/tenant or joint venture partner bankruptcies or insolvencies; the cooperation of joint venture partners; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; liability or contract claims by or against operators/tenants; unanticipated difficulties and/or expenditures relating to future investments or acquisitions; environmental laws affecting Welltower's properties; changes in rules or practices governing Welltower's financial reporting; the movement of U.S. and foreign currency exchange rates and changes to U.S. and global monetary, fiscal or trade policies; Welltower's approach to artificial intelligence; Welltower's ability to maintain its qualification as a REIT; key management personnel recruitment and retention; and other risks described in Welltower's reports filed from time to time with the SEC. Welltower undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in any forward-looking statements.
Additional Information
The information in this supplemental information package should be read in conjunction with our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, our earnings press release dated July 28, 2025 and other information filed with, or furnished to, the SEC. The Supplemental Reporting Measures and reconciliations of Non-GAAP measures are an integral part of the information presented herein.
You can access our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act at www.welltower.com as soon as reasonably practicable after they are filed with, or furnished to, the SEC. You can also review these SEC filings and other information by accessing the SEC's website at http://www.sec.gov. We routinely post important information on our website at www.welltower.com in the “Investors” section, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading "Investors." Accordingly, investors should monitor such portion of our website in addition to following our press releases, public conference calls and filings with the SEC. The information on or connected to our website is not, and shall not be deemed to be, a part of, or incorporated into this supplemental information package.
About Welltower
Welltower Inc. (NYSE: WELL), an S&P 500 company, is one of the world's preeminent residential wellness and healthcare infrastructure companies. We seek to position our portfolio of 1,500+ seniors and wellness housing communities at the intersection of housing, healthcare, and hospitality, creating vibrant communities for mature renters and older adults in the United States, United Kingdom, and Canada. We also strive to support physicians in our outpatient medical buildings with the critical infrastructure needed to deliver quality care. We believe our real estate portfolio is unmatched, located in highly attractive micro-markets with stunning built environments. Yet, we are an unusual real estate organization as we view ourselves as a product company in a real estate wrapper, driven by relationships and an unconventional culture. Through our disciplined approach to capital allocation powered by our Data Science platform and superior operating results driven by our operating platform, the Welltower Business System, we aspire to deliver long-term compounding of per share growth and returns for our existing investors – our North Star. More information is available at www.welltower.com.
