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Published: 2022-02-15 16:07:59 ET
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EX-99.2 3 a4q21supplement992.htm EX-99.2 Document

welltowersupplemental_4q20a.jpg

Table of Contents

    
Overview
Portfolio
Investment
Financial
Glossary
Supplemental Reporting Measures
Forward Looking Statements and Risk Factors


Overview

(dollars and occupancy at Welltower pro rata ownership; dollars in thousands)
Portfolio CompositionBeds/Unit Mix
Average AgePropertiesTotalIndependent LivingAssisted LivingMemory CareLong-Term/ Post-Acute Care
Seniors Housing Operating19813 96,03451,78130,70012,711842
Seniors Housing Triple-net1235929,8395,74016,7267,069304
Outpatient Medical1538522,471,604(1)n/an/an/an/a
Health System3020524,4852015173,14520,622
Long-Term/Post-Acute Care1799 11,417—762—10,655
Total171,861

NOI Performance
Same Store(2)
In-Place Portfolio(3)
Properties4Q20 NOI4Q21 NOI% ChangePropertiesAnnualized
In-Place NOI		% of Total
Seniors Housing Operating489$134,233 $121,713 (9.3)%754$721,684 39.3 %
Seniors Housing Triple-net(4)
28785,821 89,4234.2 %341430,476 23.5 %
Outpatient Medical35099,521101,8932.4 %375425,592 23.2 %
Health System190 35,786 36,771 2.8 %201 162,104 8.8 %
Long-Term/Post-Acute Care(4)
7722,56122,372(0.8)%9094,808 5.2 %
Total1,393$377,922 $372,172 (1.5)%1,761$1,834,664 100.0 %

Portfolio PerformanceFacility Revenue Mix
Stable Portfolio(5)
Occupancy
EBITDAR Coverage(6)
EBITDARM Coverage(6)
Private PayMedicaidMedicare
Other Government(7)
Seniors Housing Operating77.5 %n/an/a96.9 %1.4 %0.8 %0.9 %
Seniors Housing Triple-net76.0 %0.800.9589.6 %3.4 %0.7 %6.3 %
Outpatient Medical94.8 %n/an/a100.0 %— — — 
Health System71.7 %0.391.0239.9 %40.9 %19.2 %— %
Long-Term/Post-Acute Care76.4 %1.291.5530.4 %36.8 %32.8 %— %
Total0.751.0593.1 %3.6 %2.1 %1.2 %
Notes:
(1) Indicates the total square footage of Outpatient Medical.
(2) See pages 21 and 22 for reconciliation.
(3) Excludes land parcels, loans, developments and investments held for sale. See page 21 for reconciliation.
(4) Same store NOI for these property types represents cash rent excluding the impact of expansions.
(5) Data as of December 31, 2021 for Seniors Housing Operating and Outpatient Medical and September 30, 2021 for remaining asset types.
(6) Represents trailing twelve month coverage metrics.
(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 PropertiesSeniors Housing OperatingSeniors Housing
Triple-net		Outpatient
Medical		Health
System		Long-Term/ Post-Acute CareTotal% of Total
ProMedica201 $— $— $— $162,104 $— $162,104 8.8 %
Sunrise Senior Living120 93,825 — — — — 93,825 5.1 %
Atria Senior Living93 89,642 — — — — 89,642 4.9 %
Avery Healthcare55 13,839 69,485 — — — 83,324 4.5 %
Belmont Village21 77,960 — — — — 77,960 4.2 %
Brookdale Senior Living85 (681)62,283 — — — 61,602 3.4 %
Revera85 56,327 — — — — 56,327 3.1 %
Legend Senior Living38 — 52,402 — — 1,088 53,490 2.9 %
Sagora Senior Living31 22,641 28,118 — — — 50,759 2.8 %
Senior Resource Group24 49,730 — — — — 49,730 2.7 %
Remaining1,008 318,401 218,188 425,592 — 93,720 1,055,901 57.6 %
Total1,761 $721,684 $430,476 $425,592 $162,104 $94,808 $1,834,664 100.0 %
By Country:
United States1,503 $535,262 $352,304 $425,592 $162,104 $87,517 $1,562,779 85.2 %
United Kingdom116 84,298 74,457 — — — 158,755 8.7 %
Canada142 102,124 3,715 — — 7,291 113,130 6.1 %
Total1,761 $721,684 $430,476 $425,592 $162,104 $94,808 $1,834,664 100.0 %
By MSA:
Los Angeles72$64,279 $19,233 $33,736 $— $— $117,248 6.4 %
New York8045,396 20,607 34,446 5,517 3,192 109,158 5.9 %
Dallas6026,955 16,187 28,416 811 4,068 76,437 4.2 %
Greater London4849,070 17,269 — — — 66,339 3.6 %
Philadelphia459,322 1,590 23,310 20,425 552 55,199 3.0 %
Washington D.C.4330,765 1,456 7,088 10,725 3,882 53,916 2.9 %
San Francisco2024,585 10,326 — 4,682 — 39,593 2.2 %
Houston326,698 3,430 29,004 — — 39,132 2.1 %
San Diego1818,927 6,647 7,707 — 2,736 36,017 2.0 %
Charlotte261,296 9,711 20,961 — — 31,968 1.7 %
Montréal2130,830 — — — — 30,830 1.7 %
Chicago427,009 6,224 5,281 10,464 — 28,978 1.6 %
Minneapolis20(1,779)15,776 14,256 — — 28,253 1.5 %
Seattle297,653 3,256 14,101 1,425 — 26,435 1.4 %
Boston2619,311 5,039 2,506 — (817)26,039 1.4 %
Raleigh126,400 17,846 918 — — 25,164 1.4 %
Birmingham, UK1514,255 10,575 — — — 24,830 1.4 %
Baltimore193,588 — 12,273 4,211 4,427 24,499 1.3 %
Miami361,206 — 16,173 5,570 — 22,949 1.3 %
Toronto2522,499 — — — — 22,499 1.2 %
Remaining1,072 333,419265,304175,41698,27476,768949,181 51.8 %
Total1,761 $721,684 $430,476 $425,592 $162,104 $94,808 $1,834,664 100.0 %
Notes:
(1) Represents current quarter annualized In-Place NOI. See page 21 for reconciliation.


2
Portfolio

(dollars, units and occupancy at Welltower pro rata ownership; dollars in thousands)
Seniors Housing Operating
Total Portfolio Performance(1)
4Q201Q212Q213Q214Q21
Properties607 608 630 736 755 
Units58,370 58,185 59,670 71,721 76,105 
Total occupancy76.0 %72.7 %73.0 %74.9 %76.3 %
Total revenues$703,039 $711,118 $728,235 $812,096 $877,564 
Operating expenses539,465 539,058 584,484 644,241 698,601 
NOI$163,574 $172,060 $143,751 $167,855 $178,963 
Recurring cap-ex$14,356 $7,255 $14,448 $15,395 $28,057 
Other cap-ex$27,728 $13,413 $31,794 $35,588 $51,168 

Same Store Performance(2)
4Q201Q212Q213Q214Q21
Properties489 489 489 489 489 
Occupancy77.0 %74.1 %74.6 %76.5 %77.9 %
Same store revenues$603,425 $584,022 $595,276 $615,616 $632,183 
Compensation272,662 275,375 275,641 292,504 307,436 
Utilities26,695 28,573 25,146 29,134 28,378 
Food23,581 21,572 22,186 23,559 24,543 
Repairs and maintenance15,170 15,041 15,975 17,165 18,672 
Property taxes24,875 26,785 26,063 25,777 23,375 
All other106,209 101,919 101,011 99,731 108,066 
Same store operating expenses469,192 469,265 466,022 487,870 510,470 
Same store NOI$134,233 $114,757 $129,254 $127,746 $121,713 
Same store NOI margin %22.2 %19.6 %21.7 %20.8 %19.3 %
Year over year NOI growth rate(9.3)%
Partners
Properties(3)
Pro Rata Units(3)
Welltower Ownership %(4)
Core Markets4Q21 NOI% of Total
Sunrise Senior Living123 10,004 100.0 %Southern California$23,898 13.4 %
Atria Senior Living93 11,296 100.0 %Northern California15,976 8.9 %
Belmont Village21 2,804 95.0 %Greater London12,150 6.8 %
Revera85 8,352 75.0 %New York / New Jersey10,129 5.7 %
Brandywine Living28 2,703 99.6 %Washington D.C.8,216 4.6 %
Signature Senior Lifestyle31 2,251 85.8 %Montréal7,683 4.3 %
Senior Resource Group24 3,268 61.6 %Toronto5,630 3.1 %
Cogir23 3,263 87.9 %Boston4,663 2.6 %
Clover Management33 3,630 90.3 %Birmingham, UK3,365 1.9 %
Chartwell Retirement Residences42 4,479 49.6 %Vancouver2,070 1.2 %
Care UK26 1,869 100.0 %Seattle2,000 1.1 %
Watermark14 3,543 100.0 %Manchester, UK1,721 1.0 %
Sagora Senior Living14 1,483 83.4 %Ottawa1,393 0.8 %
Oakmont Senior Living15 1,437 100.0 %Core Markets98,894 55.4 %
Remaining 182 15,844 All Other80,069 44.6 %
Total754 76,226 Total$178,963 100.0 %
Notes:
(1) Properties, units and occupancy exclude land parcels and properties under development.
(2) See pages 21 and 22 for reconciliation.
(3) Represents In-Place Portfolio.
(4) Welltower ownership percentage weighted based on In-Place NOI. See page 21 for reconciliation.

3
Portfolio

(dollars in thousands at Welltower pro rata ownership)
New Supply in Our US Seniors Housing Operating Portfolio
We have strategically acquired and developed properties in major US metro markets that benefit from population growth and density, affluence, job growth, and higher barriers to entry. New supply in a 3-mile ring around our properties potentially impacts just 2.3% of our total annualized In-Place NOI (IPNOI).
3-Mile Ring(1)
WelltowerWelltower
MSAProp. / Units
Annualized
IPNOI(2)
% of US SHO Portfolio
Prop. / Units Under Construction(3)
Prop. / Units Potentially Impacted
IPNOI Potentially Impacted(4)
5 Year Total Pop. Growth(5)
5 Year 75+ Pop. Growth(5)
Avg. Pop. Density(6)
Household Income(7)
Housing Value(7)
Est. Net Annual Inventory Growth(8)
Est. Annual Job Growth(9)
Los Angeles36 / 4,012$64,279 12.0 %9 / 1,3439 / 960$9,783 1.2 %8.8 %6,743 $110,149 $1,155,326 1.0 %6.1 %
New York35 / 3,19745,396 8.5 %6 / 9608 / 7334,479 5.1 %9.7 %5,740 122,720 554,242 1.4 %3.8 %
Washington D.C.17 / 1,97430,765 5.7 %5 / 6167 / 9223,945 3.6 %11.9 %5,508 127,166 762,345 2.8 %3.3 %
Dallas23 / 3,02526,955 5.0 %3 / 5643 / 6384,330 6.1 %26.3 %3,229 93,632 375,818 2.2 %5.6 %
San Francisco13 / 1,62824,585 4.6 %— — — 2.4 %9.8 %8,980 144,357 1,299,338 (0.6)%5.0 %
Boston17 / 1,33619,311 3.6 %1 / 861 / 59951 4.5 %8.7 %2,724 143,774 818,156 0.7 %5.5 %
San Diego8 / 1,03318,927 3.5 %— — — 2.2 %13.0 %4,633 121,273 1,018,651 0.4 %4.6 %
Denver5 / 73411,952 2.2 %5 / 7102 / 3643,856 5.5 %24.1 %5,093 91,355 624,430 1.3 %5.4 %
San Jose4 / 48011,060 2.1 %1 / 411 / 137672 2.2 %11.3 %6,754 155,433 1,647,413 1.0 %4.5 %
Sacramento8 / 63711,047 2.1 %— — — 3.1 %12.1 %3,536 107,551 588,089 (0.1)%3.3 %
Tucson5 / 93010,649 2.0 %— — — -4.8 %-3.6 %2,046 58,507 245,498 (0.7)%3.1 %
Philadelphia12 / 9729,322 1.7 %2 / 3382 / 1771,284 3.6 %7.1 %2,168 118,385 364,708 (0.1)%3.9 %
Boulder, CO7 / 6169,204 1.7 %— — — 4.5 %23.9 %2,130 105,569 718,510 N/A4.9 %
Buffalo10 / 1,2548,491 1.6 %— — — 5.4 %8.0 %3,049 75,024 200,959 (1.9)%3.5 %
Charlottesville, VA1 / 3028,273 1.5 %— — — 2.8 %10.7 %2,241 70,833 417,262 N/A0.9 %
Sarasota3 / 7717,984 1.5 %— — — 5.1 %8.2 %2,776 72,582 305,838 1.9 %6.1 %
Riverside6 / 7707,948 1.5 %— — — 2.5 %11.6 %3,112 91,046 560,885 (0.8)%4.1 %
Seattle16 / 1,7227,653 1.4 %2 / 1753 / 361687 6.1 %17.4 %4,962 97,386 603,094 0.2 %5.4 %
San Antonio4 / 1,0757,533 1.4 %— — — 6.9 %27.4 %2,458 71,684 271,175 1.7 %4.7 %
Chicago18 / 2,0747,009 1.3 %1 / 1771 / 131558 1.3 %9.9 %2,895 105,771 477,523 0.7 %3.7 %
Houston10 / 9536,698 1.3 %1 / 1181 / 741,260 5.9 %23.4 %3,465 87,754 582,170 0.4 %4.8 %
Portland, OR9 / 9456,554 1.2 %1 / 2101 / 5362 5.1 %15.6 %2,498 85,431 473,909 3.7 %5.6 %
Salisbury, MD2 / 2146,517 1.2 %— — — 8.4 %10.8 %666 82,418 501,653 N/A3.2 %
Raleigh2 / 2506,400 1.2 %1 / 1381 / 1762,731 4.2 %23.7 %3,210 96,847 364,646 (0.8)%4.1 %
Vallejo, CA4 / 5816,288 1.2 %— — — 2.1 %8.7 %3,195 89,502 522,959 N/A2.0 %
Total - Top 25275 / 31,485$380,800 71.1 %38 / 5,47640 / 4,785$34,598 3.8 %13.0 %4,456 $105,698 $719,374 0.9 %4.6 %
All Other US SHO Markets281 / 30,968154,462 28.9 %22 / 2,84324 / 2,9436,731 3.0 %10.6 %2,258 79,493 384,000 
Total US SHO556 / 62,453$535,262 100.0 %60 / 8,31964 / 7,728$41,329 3.4 %11.8 %3,347 $100,503 $632,327 
% of Total IPNOI2.3 %
US National Average3.2 %10.8 %94$72,039 $273,858 1.7 %
(10)
4.1 %
Notes:
(1) Based on historical drawing patterns in our portfolio, a 3-mile ring is appropriate for most urban markets, which accounts for the vast majority of our portfolio. A 5-mile ring is appropriate for most suburban markets. A larger ring is appropriate for rural markets. Each market is unique due to population density, town lines, geographic barriers, and roads/infrastructure. In the interest of simplicity, we have applied a 3-mile competitive ring to all of our properties given the preponderance of urban locations. We have also included a sensitivity with a 5-mile ring.
(2) Represents annualized IPNOI. See pages 2 and 21 for a reconciliation.
(3) Construction data provided by NIC, reflects competitive seniors housing properties within 3 miles of Welltower SHO properties for US markets.
(4) Reflects annualized IPNOI for Welltower SHO properties within 3 miles of new construction for the component of our project that potentially competes with the project under construction.
(5) Total population and 75+ population growth data represents simple averages of Claritas estimates for 2022-2027.
(6) Average population density data represents average population per square mile within a 3-mile ring based on 2022 Claritas estimates.
(7) Household income and household value data are medians weighted by IPNOI.
(8) NIC MAP Data and Analysis Service, 4Q21. Net inventory growth is calculated at the MSA level based on historical deletions from inventory and a 5-6 quarter construction period to reflect our urban locations. Total - Top 25 Net Inventory Growth weighted by IPNOI.
(9) Annual job growth data represents MSA level growth from November 2020 - November 2021 per Bureau of Labor Statistics. Total - Top 25 Estimated Annual Job Growth weighted by IPNOI.
(10) Reflects net inventory growth for NIC Top 99 Markets.











4
Portfolio

(dollars in thousands at Welltower pro rata ownership)
New Supply in Our US Seniors Housing Operating Portfolio
We have strategically acquired and developed properties in major US metro markets that benefit from population growth and density, affluence, job growth, and high barriers to entry. New supply in a 5-mile ring around our properties potentially impacts just 4.7% of our total annualized In-Place NOI (IPNOI).
5-Mile Ring(1)
WelltowerWelltower
MSAProp. / Units
Annualized IPNOI(2)
% of US SHO Portfolio
Prop. / Units Under Construction(3)
Prop. / Units Potentially Impacted
IPNOI Potentially Impacted(4)
5 Year Total Pop. Growth(5)
5 Year 75+ Pop. Growth(5)
Avg. Pop. Density(6)
Household Income(7)
Housing Value(7)
Est. Net Annual Inventory Growth(8)
Est. Annual Job Growth(9)
Los Angeles36 / 4,012$64,279 12.0 %11 / 1,54316 / 1,909$14,134 1.2 %9.3 %6,515 $102,036 $1,064,305 1.0 %6.1 %
New York35 / 3,19745,396 8.5 %10 / 1,54615 / 1,3949,242 5.2 %9.8 %5,274 120,065 555,000 1.4 %3.8 %
Washington D.C.17 / 1,97430,765 5.7 %8 / 1,18015 / 1,8286,685 3.4 %12.2 %5,340 128,285 766,901 2.8 %3.3 %
Dallas23 / 3,02526,955 5.0 %11 / 1,70910 / 1,4309,160 6.1 %26.3 %2,953 87,109 362,370 2.2 %5.6 %
San Francisco13 / 1,62824,585 4.6 %1 / 791 / 171163 2.5 %9.9 %7,618 144,767 1,239,274 (0.6)%5.0 %
Boston17 / 1,33619,311 3.6 %3 / 2903 / 2782,379 4.5 %9.6 %2,755 131,735 763,227 0.7 %5.5 %
San Diego8 / 1,03318,927 3.5 %1 / 1801 / 5085 2.3 %11.9 %4,310 118,921 957,737 0.4 %4.6 %
Denver5 / 73411,952 2.2 %6 / 7914 / 5288,774 5.3 %22.2 %4,782 87,875 600,353 1.3 %5.4 %
San Jose4 / 48011,060 2.1 %2 / 1442 / 2804,617 2.2 %11.3 %5,751 165,392 1,678,894 1.0 %4.5 %
Sacramento8 / 63711,047 2.1 %1 / 1451 / 115469 3.1 %12.7 %3,315 102,762 555,890 (0.1)%3.3 %
Tucson5 / 93010,649 2.0 %— — — -4.7 %-2.6 %1,827 58,847 260,767 (0.7)%3.1 %
Philadelphia12 / 9729,322 1.7 %3 / 4224 / 3392,533 3.6 %7.3 %2,365 94,715 302,442 (0.1)%3.9 %
Boulder, CO7 / 6169,204 1.7 %— — — 4.9 %22.1 %1,416 111,427 718,598 N/A4.9 %
Buffalo10 / 1,2548,491 1.6 %— — — 5.3 %8.3 %2,669 72,107 192,264 (1.9)%3.5 %
Charlottesville, VA1 / 3028,273 1.5 %— — — 3.9 %12.6 %1,507 81,795 430,909 N/A0.9 %
Sarasota3 / 7717,984 1.5 %1 / 1931 / 182495 5.0 %7.9 %2,265 71,682 330,164 1.9 %6.1 %
Riverside6 / 7707,948 1.5 %— — — 2.7 %12.5 %2,347 79,261 532,235 (0.8)%4.1 %
Seattle16 / 1,7227,653 1.4 %5 / 5805 / 6692,388 6.2 %19.4 %4,387 97,115 638,088 0.2 %5.4 %
San Antonio4 / 1,0757,533 1.4 %1 / 2311 / 1621,918 6.9 %26.5 %2,300 72,529 265,865 1.7 %4.7 %
Chicago18 / 2,0747,009 1.3 %1 / 1771 / 131558 1.2 %10.6 %2,679 117,173 503,540 0.7 %3.7 %
Houston10 / 9536,698 1.3 %3 / 5223 / 4743,362 6.1 %26.4 %3,477 82,714 409,359 0.4 %4.8 %
Portland, OR9 / 9456,554 1.2 %2 / 4774 / 2732,336 5.0 %15.0 %2,095 86,144 459,443 3.7 %5.6 %
Salisbury, MD2 / 2146,517 1.2 %— — — 8.2 %10.5 %588 87,259 447,757 N/A3.2 %
Raleigh2 / 2506,400 1.2 %1 / 1381 / 1762,731 4.9 %29.4 %2,668 104,908 415,766 (0.8)%4.1 %
Vallejo, CA4 / 5816,288 1.2 %— — — 2.0 %9.1 %1,919 95,317 551,844 N/A2.0 %
Total - Top 25275 / 31,485$380,800 71.1 %71 / 10,34788 / 10,389$72,029 3.8 %13.4 %4,099 $102,933 $688,991 0.9 %4.6 %
All Other US SHO Markets281 / 30,968154,46228.9 %41 / 5,52839 / 4,61313,921 3.1 %11.2 %1,90575,706375,729
Total US SHO556 / 62,453$535,262 100.0 %112 / 15,875127 / 15,002$85,950 3.4 %12.3 %2,993$97,415 $609,563 
% of Total IPNOI4.7 %
US National Average3.2 %10.8 %94$72,039 $273,858 1.7 %
(10)
4.1 %
Notes:
(1) Based on historical drawing patterns in our portfolio, a 3-mile ring is appropriate for most urban markets, which accounts for the vast majority of our portfolio. A 5-mile ring is appropriate for most suburban markets. A larger ring is appropriate for rural markets. Each market is unique due to population density, town lines, geographic barriers, and roads/infrastructure. In the interest of simplicity, we have applied a 3-mile competitive ring to all of our properties given the preponderance of urban locations. We have also included a sensitivity with a 5-mile ring.
(2) Represents annualized IPNOI. See pages 2 and 21 for a reconciliation.
(3) Construction data provided by NIC, reflects competitive seniors housing properties within 5 miles of Welltower SHO properties for US markets.
(4) Reflects annualized IPNOI for Welltower SHO properties within 5 miles of new construction for the component of our project that potentially competes with the project under construction.
(5) Total population and 75+ population growth data represents simple averages of Claritas estimates for 2022-2027.
(6) Average population density data represents average population per square mile within a 5-mile ring based on 2022 Claritas estimates.
(7) Household income and household value data are medians weighted by IPNOI.
(8) NIC MAP Data and Analysis Service, 4Q21. Net inventory growth is calculated at the MSA level based on historical deletions from inventory and a 5-6 quarter construction period to reflect our urban locations. Total - Top 25 Net Inventory Growth weighted by IPNOI.
(9) Annual job growth data represents MSA level growth from November 2020 - November 2021 per Bureau of Labor Statistics. Total -Top 25 Estimated Annual Job Growth weighted by IPNOI.
(10) Reflects net inventory growth for NIC Top 99 Markets.


5
Portfolio

(dollars in thousands at Welltower pro rata ownership)
Payment Coverage Stratification
EBITDARM Coverage(1)
EBITDAR Coverage(1)
% of In-Place NOISeniors Housing Triple-netLong-Term/ Post- Acute CareTotalWeighted Average MaturityNumber of LeasesSeniors Housing Triple-netLong-Term/ Post- Acute CareTotalWeighted Average MaturityNumber of Leases
< 0.85x7.5 %0.1 %7.6 %6 9 11.4 %0.1 %11.5 %7 11 
0.85x - 0.95x3.4 %— %3.4 %6 1 0.9 %2.0 %2.9 %9 4 
0.95x - 1.05x1.1 %— %1.1 %11 2 0.6 %— %0.6 %14 1 
1.05x - 1.15x0.3 %2.0 %2.3 %9 3 — %0.5 %0.5 %9 1 
1.15x - 1.25x0.6 %— %0.6 %14 1 6.0 %0.9 %6.9 %10 4 
1.25x - 1.35x6.0 %0.5 %6.5 %9 4 — %0.1 %0.1 %1 1 
> 1.35x— %1.7 %1.7 %10 5 — %0.7 %0.7 %6 3 
Total18.9 %4.3 %23.2 %8 25 18.9 %4.3 %23.2 %8 25 
Revenue and Lease Maturity(2)
Rental Income
YearSeniors Housing
Triple-net		Outpatient MedicalHealth
System		Long-Term / Post-Acute CareInterest
Income		Total
Revenues		% of Total
2022$— $52,217 $— $1,319 $4,384 $57,920 4.8 %
20231,642 48,386 — 840 7,522 58,390 4.9 %
202412,110 63,353 — — 23,881 99,344 8.3 %
20254,917 30,013 — — 3,428 38,358 3.2 %
202657,650 39,888 — 9,414 100,836 207,788 17.4 %
202730,687 28,963 — — 272 59,922 5.0 %
20284,301 24,848 — 15,549 1,127 45,825 3.8 %
202932,248 21,886 — — 585 54,719 4.6 %
203015,722 37,472 — 27,305 142 80,641 6.7 %
203111,873 37,857 — 6,935 — 56,665 4.7 %
Thereafter161,050 80,147 162,224 28,125 3,721 435,267 36.6 %
$332,200 $465,030 $162,224 $89,487 $145,898 $1,194,839 100.0 %
Weighted Avg Maturity Years10 6 12 9 5 8 
Notes:
(1) Represents trailing twelve month coverage metrics as of September 30, 2021 for stable portfolio only. Agreements included represent 81% of total Seniors Housing Triple-net and Long-Term/Post-Acute Care In-Place NOI. See page 21 for a reconciliation. Agreements with mixed units use the predominant type based on investment balance.
(2) 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. Interest income represents contractual rate of interest for loans, net of collectability reserves if applicable.




6
Portfolio

(dollars, square feet and occupancy at Welltower pro rata ownership; dollars in thousands except per square feet)
Outpatient Medical
Total Portfolio Performance(1)
4Q201Q212Q213Q214Q21
Properties357 357 360 366 375 
Square feet17,315,776 16,917,791 17,291,495 17,383,040 17,572,561 
Occupancy94.5 %94.4 %94.8 %94.7 %94.8 %
Total revenues$166,679 $157,162 $160,514 $160,003 $161,022 
Operating expenses50,231 47,764 46,184 48,796 47,254 
NOI$116,448 $109,398 $114,330 $111,207 $113,768 
NOI margin69.9 %69.6 %71.2 %69.5 %70.7 %
Revenues per square foot$38.50 $37.16 $37.13 $36.82 $36.65 
NOI per square foot$26.90 $25.87 $26.45 $25.59 $25.90 
Recurring cap-ex$7,278 $4,178 $5,978 $7,327 $18,287 
Other cap-ex$6,169 $2,376 $2,014 $2,064 $4,738 

Same Store Performance(2)
4Q201Q212Q213Q214Q21
Properties350 350 350 350 350 
Occupancy95.0 %94.7 %94.8 %94.7 %94.8 %
Same store revenues$143,166 $145,543 $144,677 $146,564 $146,683 
Same store operating expenses43,645 45,767 45,376 46,590 44,790 
Same store NOI$99,521 $99,776 $99,301 $99,974 $101,893 
NOI margin69.5 %68.6 %68.6 %68.2 %69.5 %
Year over year NOI growth rate2.4 %

Portfolio Diversification
by Tenant(3)
Rental Income% of TotalQuality Indicators
Kelsey-Seybold$26,000 5.6 %
Health system affiliated properties as % of NOI(3)
90.4 %
Novant Health15,356 3.3 %
Health system affiliated tenants as % of rental income(3)
64.7 %
Virtua15,275 3.3 %
Retention (trailing twelve months)(3)
88.8 %
Providence Health & Services13,651 2.9 %
In-house managed properties as % of square feet(3,4)
88.4 %
Common Spirit Health12,728 2.7 %
Average remaining lease term (years)(3)
6.2 
Remaining portfolio382,020 82.2 %
Average building size (square feet)(3)
59,405 
Total$465,030 100.0 %Average age (years)15 

Expirations(3)
20222023202420252026Thereafter
Occupied square feet1,797,767 1,748,903 2,119,754 1,082,438 1,529,714 8,377,764 
% of occupied square feet10.8 %10.5 %12.7 %6.5 %9.2 %50.3 %
Notes:
(1) Property count, occupancy, square feet and per square foot metrics exclude properties under development and all land parcels. Per square foot amounts are annualized.
(2) Includes 350 same store properties representing 16,534,564 square feet. See pages 21 and 22 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.








7
Investment

(dollars in thousands at Welltower pro rata ownership)
Relationship Investment History
chart-7f3ed2f698df49e4803a.jpg
Detail of Acquisitions/JVs(1)
20172018201920201Q212Q213Q214Q2117-21 Total
Count18 15 27 12 6 8 9 12107 
Total$742,020 $3,788,261 $4,073,554 $910,217 $209,413 $503,362 $2,059,032 $1,329,727 $13,615,586 
Low7,310 4,950 7,550 6,201 5,000 13,650 16,400 6,345 4,950 
Median24,025 73,727 38,800 48,490 12,824 41,785 49,789 83,821 39,115 
High149,400 2,481,723 1,250,000 235,387 132,124 158,729 1,576,642 580,000 2,481,723 

Investment Timing
Acquisitions and Loan Funding(2)
Yield
Construction Conversions(3)
YieldDispositions and Loan PayoffsYield
October$66,187 7.1 %$67,884 9.5 %$25,686 5.9 %
November110,019 -0.2 %— — %10,200 0.0 %
December1,217,988 5.5 %126,305 6.8 %163,647 7.0 %
Total$1,394,194 5.1 %$194,189 7.7 %$199,533 6.5 %

Notes:
(1) Includes non-yielding asset acquisitions.
(2) Excludes land acquisitions and includes advances for non-real estate loans and excludes advances for development loans.
(3) Includes expansion conversions.



8
Investment
(dollars in thousands at Welltower pro rata ownership, except per bed / unit / square foot)
Gross Investment Activity
Fourth Quarter 2021
PropertiesBeds / Units / Square FeetInvestment Per
Bed / Unit /
SqFt		Pro Rata
Amount		Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating 194,393 units$187,934 $823,383 
Seniors Housing Triple-net131,267 units317,229 393,829 
Outpatient Medical9274,010 sf411 112,515 
Loan funding64,467 
Total acquisitions and loan funding(2)
411,394,194 5.1 %
Development Funding(3)
Development projects:
Seniors Housing Operating395,932 units103,475 
Seniors Housing Triple-net6551 units15,081 
Outpatient Medical4194,284 sf19,567 
Total development projects49138,123 
Expansion projects:
Seniors Housing Operating2120 units2,243 
Outpatient Medical249,004 sf1,380 
Total expansion projects43,623 
Total development funding53141,746 7.4 %
Total gross investments1,535,940 5.3 %
Dispositions and Loan Payoffs(4)
Seniors Housing Triple-net199units103,030 10,200 
Outpatient Medical1126,946sf573 72,800 
Long-Term/Post-Acute Care4618beds78,263 48,367 
Loan payoffs68,166 
Total dispositions and loan payoffs(5)
6199,533 6.5 %
Net investments (dispositions)$1,336,407 

Notes:
(1) Acquisitions represent purchase price excluding accounting adjustments pursuant to U.S. GAAP for all consolidated and unconsolidated property acquisitions and 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.
(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 and capitalized interest 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 payoffs and consolidated and unconsolidated property sales.
(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.





9
Investment
(dollars in thousands, except per bed / unit / square foot, at Welltower pro rata ownership)
Gross Investment Activity
Year-To-Date 2021
PropertiesBeds / Units / Square FeetInvestment Per
Bed / Unit /
SqFt		Pro Rata
Amount		Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating15118,452 units$158,606 $2,855,991 
Seniors Housing Triple-net333,476 units243,409 837,988 
Outpatient Medical19818,812 sf488 382,755 
Health System296 units322,917 24,800 
Loan funding1,002,621 
Total acquisitions and loan funding(2)
2055,104,155 6.5 %
Development Funding(3)
Development projects:
Seniors Housing Operating446,898 units400,249 
Seniors Housing Triple-net8718 units81,076 
Outpatient Medical8376,127 sf54,661 
Total development projects60535,986 
Expansion projects:
Seniors Housing Operating2120 units5,151 
Outpatient Medical249,004sf5,292 
Total expansion projects410,443 
Total development funding64546,429 7.4 %
Total gross investments5,650,584 6.6 %
Dispositions and Loan Payoffs(4)
Seniors Housing Operating121,103 units96,939 88,693 
Seniors Housing Triple-net3256 units117,954 30,196 
Outpatient Medical11799,380 sf411 292,118 
Health System212,623 units57,489 120,635 
Long-Term/Post-Acute Care273,388 beds135,084 457,664 
Loan payoffs456,148 
Total dispositions and loan payoffs(5)
741,445,454 6.9 %
Net investments (dispositions)$4,205,130 
Notes:
(1) Acquisitions represent purchase price excluding accounting adjustments pursuant to U.S. GAAP for all consolidated and unconsolidated property acquisitions and 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.
(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 and capitalized interest 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 payoffs and consolidated and unconsolidated property sales.
(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.

10
Investment
Property Acquisitions Detail
OperatorUnitsLocationMSA
Seniors Housing Operating
Barrington Group Inc.30919600 Floridian Club DriveVeniceFLUSSarasota
New Perspective Senior Living179689 Pro-Med LaneCarmelINUSIndianapolis
New Perspective Senior Living130200 South Arbor LaneDanvilleINUSIndianapolis
New Perspective Senior Living1324400 Terrace DriveNew PalestineINUSIndianapolis
Quality Senior Living1004015 2nd AvenueSummervilleSCUSCharleston
Watermark Retirement Communities2165100 Fillmore AvenueAlexandriaVAUSWashington D.C.
Watermark Retirement Communities155919 109th Avenue North EastBellevueWAUSSeattle
Watermark Retirement Communities211965 North Brighton Circle WestCrystal LakeILUSChicago
Watermark Retirement Communities14125411 Sea Bluffs DriveDana PointCAUSLos Angeles
Watermark Retirement Communities1992100 Swope DriveIndependenceMOUSKansas City
Watermark Retirement Communities2251700 Bronson WayKalamazooMIUSKalamazoo-Portage, MI
Watermark Retirement Communities16479 Flint RoadMillbrookNYUSNew York
Watermark Retirement Communities2431404 North West 122nd StreetOklahoma CityOKUSOklahoma City
Watermark Retirement Communities25641-505 Carlotta DrivePalm DesertCAUSRiverside
Watermark Retirement Communities6101255 Pasadena Avenue SouthSt. PetersburgFLUSTampa
Watermark Retirement Communities3993260 Lake Pointe BoulevardSarasotaFLUSSarasota
Watermark Retirement Communities186200 Trade StreetTarboroNCUSRocky Mount, NC
Watermark Retirement Communities4122001 West Rudasill RoadTucsonAZUSTucson
Watermark Retirement Communities1261 Rivervue PlaceTuckahoeNYUSNew York
Total4,393 
Seniors Housing Triple-net
HC-One Ltd.71 Shifnal RoadTelfordUKGUKNo MSA
Legend Senior Living91 8600 North Riverside DriveFort WorthTXUSDallas
Legend Senior Living94 220 South Crutcher CrossingMcKinneyTXUSNo MSA
Legend Senior Living91 12600 Lowell BoulevardBroomfieldCOUSDenver
Legend Senior Living83 6043 Lower Macungie RoadMacungiePAUSAllentown
Legend Senior Living72 2500 North Walnut CreekMansfieldTXUSDallas
Monarch Communities85 3 Essex StreetBeverlyMAUSBoston
Quality Senior Living119 2000 Blake BoulevardBossier CityLAUSShreveport-Bossier City, LA
Quality Senior Living118 250 Nichols CourtCharlottesvilleVAUSCharlottesville, VA
Quality Senior Living118 7904 Jefferson HighwayHarahanLAUSNew Orleans
Quality Senior Living118 915 Holston Hills DriveKingsportTNUSKingsport, TN
Wingate Healthcare64 10 Residences WayHaverhillMAUSBoston
Wingate Healthcare143 235 Gould StreetNeedhamMAUSBoston
Total 1,267 
Outpatient MedicalSq. Ft
Texas Health Resources17,0512001 West Rosedale StreetFort WorthTXUSDallas
Trinity Health71,1444350 Jackson RoadAnn ArborMIUSAnn Arbor, MI
Trinity Health35,68349650 Cherry Hill RoadCantonMIUSDetroit
Trinity Health21,975870 East Arkona RoadMilanMIUSMonroe, MI
Trinity Health11,098202 West Highland RoadHowellMIUSDetroit
Trinity Health7,03311775 Tecumseh-Clinton HighwayClintonMIUSAdrian, MI
Trinity Health13,17010200 Dexter-Pinckney RoadPinckneyMIUSAnn Arbor, MI
Trinity Health46,8284200 Whitehall DriveAnn ArborMIUSAnn Arbor, MI
Trinity Health50,0284918, 4936, 4940, 4972, and 4990 West Clark RoadYpsilantiMIUSAnn Arbor, MI
Total 274,010

11
Investment
(dollars in thousands at Welltower pro rata ownership)
Development Summary(1)
Unit Mix
FacilityTotalIndependent LivingAssisted LivingMemory CareCommitment AmountBalance at 12/31/21Estimated Conversion
Seniors Housing Operating
San Francisco, CA214 11 170 33 $110,905 $108,183 1Q22
White Plains, NY132 132 — — 59,913 50,260 1Q22
Hendon, UK102 — 78 24 56,194 51,617 1Q22
Barnet, UK100 — 76 24 52,448 45,542 1Q22
Staten Island, NY95 — 45 50 21,590 19,308 1Q22
Mountain Lakes, NJ90 — 57 33 15,063 13,201 1Q22
Georgetown, TX188 188 — — 35,961 13,828 2Q22
New Rochelle, NY72 — 36 36 41,922 12,547 3Q22
Sachse, TX193 193 — — 37,788 12,442 3Q22
Princeton, NJ80 — 68 12 29,592 24,854 3Q22
Montreal, ON247 247 — — 15,101 7,225 3Q22
Montreal, ON223 223 — — 13,560 6,717 3Q22
Bellevue, WA110 — 85 25 10,169 6,106 3Q22
New York, NY528 400 92 36 145,864 139,181 4Q22
Pflugerville, TX196 196 — — 39,224 10,335 4Q22
Sunnyvale, CA90 — 52 38 25,661 9,200 4Q22
Denton, TX65 65 — — 19,386 4,721 4Q22
Orange, CA91 — 49 42 19,054 7,217 4Q22
Livingston, NJ103 — 77 26 16,867 6,357 4Q22
Berea, OH120 120 — — 13,441 9,651 4Q22
Painesville, OH119 119 — — 13,016 8,029 4Q22
Beaver, PA116 116 — — 12,766 6,944 4Q22
McLean, VA103 — 63 40 24,211 9,054 1Q23
New York, NY160 — 76 84 79,400 50,585 2Q23
Vienna, VA85 — 49 36 40,808 11,320 2Q23
Lake Jackson, TX130 130 — — 31,684 3,615 2Q23
Coral Gables, FL91 — 55 36 21,147 5,329 2Q23
White Marsh, MD188 106 55 27 77,234 7,240 3Q23
Weymouth, MA165 91 48 26 65,569 9,680 3Q23
Miami Twp, OH122 122 — — 16,385 1,866 4Q23
Charlotte, NC328 328 — — 71,658 25,165 1Q24
Tarrytown, NY85 — 53 32 20,720 3,749 1Q24
Gaithersburg, MD302 190 89 23 156,194 23,387 2Q24
Temple, TX245 245 — — 65,569 5,132 4Q24
Kyle, TX225 245 — — 61,436 4,324 1Q25
Subtotal5,503 3,467 1,373 683 1,537,500 733,911 
Seniors Housing Triple-net
Redhill, UK76 — 46 30 21,465 18,347 1Q22
London, UK82 — 51 31 43,559 22,981 2Q22
Rugby, UK76 — 51 25 20,673 8,487 4Q22
Wombourne, UK66 — 41 25 16,200 10,422 4Q22
Leicester, UK60 — 36 24 15,120 9,047 4Q22
Raleigh, NC191 151 40 — 141,853 40,853 2Q23
Subtotal551 151 265 135 258,870 110,137 
Outpatient MedicalRentable Square FtPreleased %Health System AffiliationCommitment AmountBalance at 12/31/21Estimated Conversion
Norman, OK47,082 100 %Yes21,7927,835 3Q22
Tyler, TX85,214 100 %Yes34,75013,915 4Q22
Stafford, TX36,788 100 %Yes18,031 4,249 4Q22
Subtotal169,084 74,573 25,999 
Total Development Projects$1,870,943 $870,047 
Note: (1) Includes development projects (construction in progress, development loans and in-substance real estate) and excludes redevelopments and expansion projects. Commitment amount represents current balances plus capitalized interest and unfunded commitments to complete development.
12
Investment
(dollars in thousands at Welltower pro rata ownership)
Development Funding Projections(1)
Projected Future Funding
ProjectsBeds / Units / Square Feet
Projected Yields(2)
2022 FundingFunding ThereafterTotal Unfunded CommitmentsCommitted Balances
Seniors Housing Operating355,5037.4 %$560,307 $243,282 $803,589 $1,537,500 
Seniors Housing Triple-net65517.2 %119,027 29,706 148,733 258,870 
Outpatient Medical3169,0846.2 %48,574 — 48,574 74,573 
Total447.3 %$727,908 $272,988 $1,000,896 $1,870,943 

Development Project Conversion Estimates(1)
Quarterly ConversionsAnnual Conversions
Amount
Projected
Yields(2)
Amount
Projected
Yields(2)
1Q21 actual$173,792 6.2 %2021 actual$624,624 7.7 %
2Q21 actual195,8068.7 %2022 estimate997,075 7.0 %
3Q21 actual66,1298.1 %2023 estimate498,291 7.9 %
4Q21 actual188,8977.8 %2024 estimate314,1417.5 %
1Q22 estimate337,5787.7 %2025 estimate61,436 6.4 %
2Q22 estimate79,5206.3 %Total$2,495,567 7.4 %
3Q22 estimate169,9247.4 %
4Q22 estimate410,0536.4 %
1Q23 estimate24,2118.7 %
2Q23 estimate314,8927.7 %
3Q23 estimate142,8038.3 %
4Q23 estimate16,3856.1 %
1Q24 estimate92,3786.3 %
2Q24 estimate156,1948.7 %
4Q24 estimate65,5696.1 %
1Q25 estimate61,4366.4 %
Total$2,495,567 7.4 %

Unstabilized Properties
9/30/2021 PropertiesStabilizations
Construction Conversions(3)
Acquisitions/ Dispositions12/31/2021 PropertiesBeds / Units
Seniors Housing Operating32(4)32 334,913
Seniors Housing Triple-net20— —4 242,554
Total52(4)36 577,467
Occupancy9/30/2021 PropertiesStabilizations
Construction Conversions(3)
Acquisitions/ DispositionsProgressions12/31/2021 Properties
0% - 50%26 (1)3 5 — 33 
50% - 70%14 — — 1 2 17 
70% +8 (3)— — 2 7 
Total48 (4)3 6 4 57 
Occupancy12/31/2021 PropertiesMonths In OperationRevenues
% of Total Revenues(4)
Gross Investment Balance% of Total Gross Investment
0% - 50%33 8 $40,890 0.8 %$993,946 2.5 %
50% - 70%17 12 65,146 1.3 %508,277 1.3 %
70% +7 19 28,342 0.6 %293,859 0.7 %
Total57 11 $134,378 2.7 %$1,796,082 4.5 %
Notes:
(1) Includes development projects (construction in progress, development loans and in-substance real estate) and excludes expansion projects.
(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 15.

13
Financial

(dollars in thousands at Welltower pro rata ownership)
Components of NAV
Stabilized NOIPro rata beds/units/square feet
Seniors Housing Operating(1)
$721,684 76,059 units
Seniors Housing Triple-net430,476 27,001 units
Outpatient Medical425,592 17,572,561 square feet
Health System162,104 19,086 units/beds
Long-Term/Post-Acute Care94,808 7,980 beds
Total In-Place NOI(2)
1,834,664 
Incremental stabilized NOI(3)
100,620 
Total stabilized NOI$1,935,284 
Obligations
Lines of credit and commercial paper(4)
$325,000 
Senior unsecured notes(4)
11,707,961 
Secured debt(4)
3,028,658 
Financing lease liabilities111,683 
Total debt$15,173,302 
Add (Subtract):
Other liabilities (assets), net(5)
$332,326 
Cash and cash equivalents and restricted cash(346,755)
Net obligations$15,158,873 
Other Assets
Land parcels$266,206 
Effective Interest Rate(8)
Real estate loans receivable(6)
1,174,610 11.2%
Non real estate loans receivable(7)
223,627 11.2%
Joint venture real estate loans receivables(9)
248,044 5.3%
Other investments(10)
9,312 
Investments held for sale(11)
160,689 
Development properties:(12)
Current balance875,202 
Unfunded commitments1,019,226 
Committed balances$1,894,428 
Projected yield7.3 %
Projected NOI$138,293 
Common Shares Outstanding(13)
448,635 
Notes:
(1) Includes $7,639,000 attributable to our proportional share of income from unconsolidated management company investments.
(2) See page 21 for reconciliation.
(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 $1,102,759,000 of foreign secured debt.
(5) Includes liabilities / (assets) that impact cash or NOI and excludes non real estate loans and non-cash items such as the following (in thousands):
Unearned revenues$294,616 
Below market tenant lease intangibles, net29,618 
Deferred taxes, net(34,450)
Intangible assets, net(47,713)
Other non-cash liabilities / (assets), net6,642 
Total non-cash liabilities/(assets), net$248,713 
(6) Represents $1,189,962,000 of real estate loans, excluding development loans and including certain in substance real estate developments and held to maturity debt securities, and net of $15,352,000 of credit allowances.
(7) Represents $375,060,000 of non-real estate loans, net of $151,433,000 of credit allowances.
(8) Average cash-pay interest rates are 6.3% and 2.1% for real estate and non-real estate loans, respectively. Rates exclude non-accrual/interest-free loans.
(9) Represents partners' share of Welltower loans made to our partners in select joint ventures, secured by their interest in the joint venture properties.
(10) Represents the fair value of Genesis Healthcare, Inc. stock investment based on closing stock price at December 31, 2021 and estimated fair value of a 3.4% ownership in a 34 property Seniors Housing Operating portfolio excluded from IPNOI.
(11) Represents expected proceeds from assets held for sale.
(12) See pages 12-13. Also includes expansion projects.
(13) Includes redeemable OP units.
14
Financial
(dollars in thousands at Welltower pro rata ownership)
Net Operating Income(1)
4Q201Q212Q213Q214Q21
Revenues:
Seniors Housing Operating
Resident fees and services$701,590 $708,026 $726,516 $809,930 $870,039 
Interest income313 1,125 859 1,117 1,091 
Other income1,136 1,967 860 1,049 6,434 
Total revenues703,039 711,118 728,235 812,096 877,564 
Seniors Housing Triple-net
Rental income115,604 57,328 108,612 114,039 116,497 
Interest income6,763 6,660 28,885 32,153 33,149 
Other income1,503 913 1,357 901 1,068 
Total revenues123,870 64,901 138,854 147,093 150,714 
Outpatient Medical
Rental income160,981 151,688 150,781 157,474 155,715 
Interest income4,226 3,538 4,731 472 51 
Other income1,472 1,936 5,002 2,057 5,256 
Total revenues166,679 157,162 160,514 160,003 161,022 
Health System
Rental income42,445 42,445 46,554 46,204 47,440 
Total revenues42,445 42,445 46,554 46,204 47,440 
Long-Term/Post-Acute Care
Rental income54,272 49,761 40,542 32,255 30,989 
Interest income9,794 8,256 3,973 6,122 5,381 
Other income9 186 — 184 — 
Total revenues64,075 58,203 44,515 38,561 36,370 
Corporate
Other income3,095 3,129 2,672 3,362 3,548 
Total revenues3,095 3,129 2,672 3,362 3,548 
Total
Rental income373,302 301,222 346,489 349,972 350,641 
Resident fees and services701,590 708,026 726,516 809,930 870,039 
Interest income21,096 19,579 38,448 39,864 39,672 
Other income7,215 8,131 9,891 7,553 16,306 
Total revenues1,103,203 1,036,958 1,121,344 1,207,319 1,276,658 
Property operating expenses:
Seniors Housing Operating539,465 539,058 584,484 644,241 698,601 
Seniors Housing Triple-net9,110 7,758 7,871 7,927 8,236 
Outpatient Medical50,231 47,764 46,184 48,796 47,254 
Health System20 20 54 64 64 
Long-Term/Post-Acute Care5,728 5,279 4,848 3,859 4,085 
Corporate1,663 1,654 2,174 3,054 1,935 
Total property operating expenses606,217 601,533 645,615 707,941 760,175 
Net operating income:
Seniors Housing Operating163,574 172,060 143,751 167,855 178,963 
Seniors Housing Triple-net114,760 57,143 130,983 139,166 142,478 
Outpatient Medical116,448 109,398 114,330 111,207 113,768 
Health System42,425 42,425 46,500 46,140 47,376 
Long-Term/Post-Acute Care58,347 52,924 39,667 34,702 32,285 
Corporate1,432 1,475 498 308 1,613 
Net operating income$496,986 $435,425 $475,729 $499,378 $516,483 
Note:
(1) Please see discussion of Supplemental Reporting Measures on page 20. Includes amounts from investments sold or held for sale. NOI related to DownREITs included at 100%. Excludes NOI related to a leasehold portfolio interest for 26 properties assumed by a wholly-owned affiliate in conjunction with the Holiday Retirement transaction. Subsequent to the initial transaction, we purchased eight of the leased properties and one of the properties was sold by the landlord and removed from the lease. No rent will be paid in excess of net cash flow relating to the leasehold properties and therefore, the leasehold interests have been excluded from NOI and relevant metrics such as property count, unit count, IPNOI. same store NOI, REVPOR and same store REVPOR.
15
Financial
(dollars in thousands)
Leverage and EBITDA Reconciliations(1)
Twelve Months EndedThree Months Ended
December 31, 2021December 31, 2021
Net income (loss)$374,479 $66,194 
Interest expense489,853 121,848 
Income tax expense (benefit)8,713 2,051 
Depreciation and amortization1,037,566 284,501 
EBITDA1,910,611 474,594 
Loss (income) from unconsolidated entities22,933 12,174 
Stock-based compensation(2)
17,812 2,944 
Loss (gain) on extinguishment of debt, net49,874 (1,090)
Loss (gain) on real estate dispositions, net(235,375)(11,673)
Impairment of assets51,107 2,357 
Provision for loan losses, net7,270 (39)
Loss (gain) on derivatives and financial instruments, net(7,333)(830)
Other expenses(2)
40,860 15,483 
Leasehold interest adjustment(3)
760 1,400 
Casualty losses, net of recoveries(4)
5,786 4,788 
Other impairment(5)
49,241 — 
Total adjustments2,935 25,514 
Adjusted EBITDA$1,913,546 $500,108 
Interest Coverage Ratios
Interest expense$489,853 $121,848 
Capitalized interest19,352 5,325 
Non-cash interest expense(17,506)(5,082)
Total interest$491,699 $122,091 
EBITDA$1,910,611 $474,594 
Interest coverage ratio3.89  x3.89  x
Adjusted EBITDA$1,913,546 $500,108 
Adjusted Interest coverage ratio3.89  x4.10  x
Fixed Charge Coverage Ratios
Total interest$491,699 $122,091 
Secured debt principal amortization65,587 16,877 
Total fixed charges$557,286 $138,968 
EBITDA$1,910,611 $474,594 
Fixed charge coverage ratio3.43  x3.42  x
Adjusted EBITDA$1,913,546 $500,108 
Adjusted Fixed charge coverage ratio3.43  x3.60  x
Net Debt to EBITDA Ratios
Total debt(6)
$14,242,637 
  Less: cash and cash equivalents and restricted cash(346,755)
Net debt$13,895,882 
EBITDA Annualized$1,898,376 
Net debt to EBITDA ratio7.32  x
Adjusted EBITDA Annualized$2,000,432 
Net debt to Adjusted EBITDA ratio6.95  x
Notes:
(1) Please see discussion of Supplemental Reporting Measures on page 20.
(2) Certain severance-related costs are included in stock-based compensation and excluded from other expenses.
(3) For the three months ended December 31, 2021, represents $14,774,000 of revenues and $16,174,000 of property operating expenses associated with a leasehold portfolio interest relating to 26 properties assumed by a wholly-owned affiliate in conjunction with the Holiday Retirement transaction. Subsequent to the initial transaction, we purchased eight of the leased properties and one of the properties was sold by the landlord and removed from the lease. No rent will be paid in excess of net cash flow relating to the leasehold properties and therefore, the net impact has been excluded from Adjusted EBITDA.
(4) Represents casualty losses net of any insurance recoveries.
(5) Amounts relate to reserve for straight-line rent receivable balances for leases placed on cash recognition.
(6) Includes unamortized premiums/discounts, other fair value adjustments and financing lease liabilities of $111,683,000. Excludes operating lease liabilities of $434,261,000 related to ASC 842 adoption.
16
Financial
(in thousands except share price)
Leverage and Current Capitalization(1)
% of Total
Book Capitalization
Lines of credit and commercial paper(2)
$324,935 0.99 %
Long-term debt obligations(2)(3)
13,917,702 42.30 %
Cash and cash equivalents and restricted cash(346,755)(1.05)%
Net debt to consolidated book capitalization$13,895,882 42.24 %
Total equity(4)
18,997,873 57.76 %
Consolidated book capitalization$32,893,755 100.00 %
Joint venture debt, net(5)
826,346 
Total book capitalization$33,720,101 
Undepreciated Book Capitalization
Lines of credit and commercial paper(2)
$324,935 0.82 %
Long-term debt obligations(2)(3)
13,917,702 34.96 %
Cash and cash equivalents and restricted cash(346,755)(0.87)%
Net debt to consolidated undepreciated book capitalization$13,895,882 34.91 %
Accumulated depreciation and amortization6,910,114 17.36 %
Total equity(4)
18,997,873 47.73 %
Consolidated undepreciated book capitalization$39,803,869 100.00 %
Joint venture debt, net(5)
826,346 
Total undepreciated book capitalization$40,630,215 
Enterprise Value
Lines of credit and commercial paper(2)
$324,935 0.61 %
Long-term debt obligations(2)(3)
13,917,702 25.96 %
Cash and cash equivalents and restricted cash(346,755)(0.65)%
Net debt to consolidated enterprise value$13,895,882 25.92 %
Common shares outstanding447,239 
Period end share price85.77 
Common equity market capitalization$38,359,689 71.54 %
Noncontrolling interests(4)
1,361,872 2.54 %
Consolidated enterprise value$53,617,443 100.00 %
Joint venture debt, net(5)
826,346 
Total enterprise value$54,443,789 
Secured Debt as % of Total Assets
Secured debt(2)
$2,192,261 6.28 %
Total assets$34,910,325 
Total Debt as % of Total Assets
Total debt(2)(3)
$14,242,637 40.80 %
Total assets$34,910,325 
Unsecured Debt as % of Unencumbered Assets
Unsecured debt(2)
$11,938,693 35.18 %
Unencumbered assets$33,937,661 
Notes:
(1) Please see discussion of Supplemental Reporting Measures on page 20.
(2) Amounts include unamortized premiums/discounts and other fair value adjustments as reflected on the balance sheet.
(3) Includes financing lease liabilities of $111,683,000 and excludes operating lease liabilities of $434,261,000 related to ASC 842 adoption.
(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.

17
Financial
(dollars in thousands)
Debt Maturities and Principal Payments(1)
Year
Lines of Credit and Commercial Paper(2)
Senior Unsecured Notes(3,4,5,6)
Consolidated Secured DebtShare of Unconsolidated Secured DebtNoncontrolling Interests' Share of Consolidated Secured Debt
Combined Debt(7)
% of TotalWtd. Avg. Interest Rate
2022$325,000 $— $582,884 $149,218 $(90,606)$966,496 6.42 %2.19 %
2023— 695,664 551,716 153,835 (145,851)1,255,364 8.33 %2.79 %
2024— 1,350,000 181,710 138,134 (24,589)1,645,255 10.92 %3.85 %
2025— 1,260,000 160,427 498,392 (33,095)1,885,724 12.52 %3.83 %
2026— 700,000 107,327 48,133 (29,540)825,920 5.48 %4.03 %
2027— 734,797 162,130 65,681 (44,796)917,812 6.09 %2.95 %
2028— 1,492,500 78,440 26,833 (13,468)1,584,305 10.52 %4.48 %
2029— 1,050,000 246,374 36,423 (1,923)1,330,874 8.84 %3.09 %
2030— 750,000 4,965 31,796 (1,130)785,631 5.22 %3.06 %
2031— 1,350,000 5,189 25,193 (1,183)1,379,199 9.16 %2.77 %
Thereafter— 2,325,000 121,150 74,108 (35,219)2,485,039 25.63 %4.57 %
Totals$325,000 $11,707,961 $2,202,312 $1,247,746 $(421,400)$15,061,619 100.00 %
Weighted Avg. Interest Rate(8)
0.41 %3.67 %3.03 %3.24 %2.86 %3.49 %
Weighted Avg. Maturity Years0.1
(2)
7.83.65.53.46.9
(2)
% Floating Rate Debt100.00 %6.03 %32.31 %34.34 %38.05 %13.35 %

Debt by Local Currency(1)
Lines of Credit and Commercial Paper(2)
Senior Unsecured Notes(3,4,5,6)
Consolidated Secured DebtShare of Unconsolidated Secured DebtNoncontrolling Interests' Share of Consolidated Secured Debt
Combined Debt(7)
Investment Hedges(9)
United States$325,000 $9,860,000 $1,182,975 $923,747 $(180,823)$12,110,899 $— 
United Kingdom— 1,417,500 — — — 1,417,500 2,571,356 
Canada— 430,461 1,019,337 323,999 (240,577)1,533,220 528,293 
Totals$325,000 $11,707,961 $2,202,312 $1,247,746 $(421,400)$15,061,619 $3,099,649 
Notes:
(1) Represents principal amounts due excluding unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet.
(2) The 2022 maturity reflects the $325,000,000 in principal outstanding on our unsecured commercial paper program as of as of December 31, 2021. The unsecured revolving credit facility is comprised of a $1,000,000,000 tranche that matures on June 4, 2023 (none outstanding at December 31, 2021) and a $3,000,000,000 tranche that matures on June 4, 2025 (none outstanding at December 31, 2021). Both tranches may be extended for two successive terms of six months at our option. These borrowings reduce the available borrowing capacity of our unsecured revolving credit facility to $3,675,000,000 as of December 31, 2021. If the commercial paper was refinanced using the unsecured revolving credit facility, the weighted average years to maturity of our combined debt would be 7.0 years with extensions.
(3) 2023 includes a $500,000,000 unsecured term loan and a CAD $250,000,000 unsecured term loan (approximately $195,664,000 USD at December 31, 2021). The loans mature on July 19, 2023. The interest rates on the loans are LIBOR + 0.9% for USD and CDOR + 0.9% for CAD.
(4) 2027 includes CAD $300,000,000 of 2.95% senior unsecured notes (approximately $234,797,000 USD at December 31, 2021) that matures on January 15, 2027.
(5) 2028 includes £550,000,000 of 4.80% senior unsecured notes (approximately $742,500,000 USD at December 31, 2021). The notes mature on November 20, 2028.
(6) Thereafter includes £500,000,000 of 4.50% senior unsecured notes (approximately $675,000,000 USD at December 31, 2021). The notes mature on December 1, 2034.
(7) Excludes operating lease liabilities of $434,261,000 and finance lease liabilities of $111,683,000 related to ASC 842 adoption.
(8) The interest rate on the unsecured revolving credit facility is 1-month LIBOR + 0.775%. Commercial paper, senior notes and secured debt average interest rate represents the face value note rate.
(9) 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 $(32,280,000), 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 forward contracts and cross-currency swaps.

18
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.
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: Includes independent, assisted living, dementia care and long-term/post-acute care properties subject to triple-net operating leases to or guaranteed by investment-grade health systems.
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 health care 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. structured to take advantage of the REIT Investment Diversification and Empowerment Act of 2007.
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 and loans receivable.
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.
19
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, SS REVPOR, NOI, In-Place NOI ("IPNOI") and 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 operators, marketing, housekeeping, food service, maintenance, utilities, property taxes and insurance. General and administrative expenses represent costs unrelated to property operations or transaction costs. These expenses include, but are not limited to, payroll and benefits, professional services, office expenses and depreciation of corporate fixed assets. IPNOI represents 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, dispositions and investments held for sale. 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 sub-leases, 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 properties.
REVPOR represents the average revenues generated per occupied room per month at our Seniors Housing Operating properties. It is calculated as our pro rata version of total resident fees and services revenues from the income statement divided by average monthly occupied room days. SS REVPOR is used to evaluate the REVPOR performance of our properties under a consistent population which eliminates changes in the composition of our portfolio. It is based on the same pool of properties used for SSNOI and includes any revenue normalizations used for SSNOI. We use REVPOR and SS REVPOR 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/impairments on properties, 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 market capitalization. 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. Market capitalization 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. 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.
20
Supplemental Reporting Measures
(dollars in thousands)
Non-GAAP Reconciliations
NOI Reconciliation4Q201Q212Q213Q214Q21
Net income (loss)$155,278 $72,192 $45,757 $190,336 $66,194 
Loss (gain) on real estate dispositions, net(185,464)(59,080)(44,668)(119,954)(11,673)
Loss (income) from unconsolidated entities(258)(13,049)7,976 15,832 12,174 
Income tax expense (benefit)290 3,943 (2,221)4,940 2,051 
Other expenses33,088 10,994 11,687 3,575 15,483 
Impairment of assets9,317 23,568 23,692 1,490 2,357 
Provision for loan losses, net83,085 1,383 6,197 (271)(39)
Loss (gain) on extinguishment of debt, net13,796 (4,643)55,612 (5)(1,090)
Loss (gain) on derivatives and financial instruments, net569 1,934 (359)(8,078)(830)
General and administrative expenses27,848 29,926 31,436 32,256 33,109 
Depreciation and amortization242,733 244,426 240,885 267,754 284,501 
Interest expense121,173 123,142 122,341 122,522 121,848 
Consolidated net operating income501,455 434,736 498,335 510,397 524,085 
NOI attributable to unconsolidated investments(1)
21,481 21,516 21,180 20,042 20,287 
NOI attributable to noncontrolling interests(2)
(25,950)(20,827)(43,786)(31,061)(27,889)
Pro rata net operating income (NOI)(3)
$496,986 $435,425 $475,729 $499,378 $516,483 


In-Place NOI Reconciliation
At Welltower pro rata ownershipSeniors Housing OperatingSeniors Housing Triple-netOutpatient MedicalHealth SystemLong-Term
/Post-Acute Care		CorporateTotal
Revenues$877,564 $150,714 $161,022 $47,440 $36,370 $3,548 $1,276,658 
Property operating expenses(698,601)(8,236)(47,254)(64)(4,085)(1,935)(760,175)
NOI(3)
178,963 142,478 113,768 47,376 32,285 1,613 516,483 
Adjust:
Interest income(1,091)(33,149)(51)— (5,381)— (39,672)
Other income(4)
(2,026)(1,068)(5,256)— — (3,548)(11,898)
Sold / held for sale55 (254)(830)(478)(2,263)— (3,770)
Non operational(5)
2,028 1 11 — — — 2,040 
Non In-Place NOI(6)
(3,727)(3,897)(3,395)(6,372)(939)1,935 (16,395)
Timing adjustments(7)
6,219 3,508 2,151 — — — 11,878 
Total adjustments1,458 (34,859)(7,370)(6,850)(8,583)(1,613)(57,817)
In-Place NOI180,421 107,619 106,398 40,526 23,702 — 458,666 
Annualized In-Place NOI$721,684 $430,476 $425,592 $162,104 $94,808 $— $1,834,664 

Same Store Property Reconciliation
Seniors Housing OperatingSeniors Housing
Triple-net		Outpatient MedicalHealth SystemLong-Term
/Post-Acute Care		Total
Total properties813 359 385 205 99 1,861 
Recent acquisitions/ development conversions(8)
(183)(46)(23)(2)— (254)
Under development(35)(5)(3)— — (43)
Under redevelopment(9)
(2)— (2)— (1)(5)
Current held for sale(2)(1)(1)(4)(9)(17)
Land parcels, loans and sub-leases(18)(12)(6)— (7)(43)
Transitions(10)
(82)(8)— (9)(3)(102)
Other(11)
(2)— — — (2)(4)
Same store properties489 287 350 190 77 1,393 
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 and includes an adjustment to remove NOI related to certain leasehold properties. See page 15 for more information.
(3) Represents Welltower's pro rata share of NOI. See page 15 for more information.
(4) Excludes amounts recognized in other income related to the Health and Human Services Provider Relief Fund in the United States and similar programs in the United Kingdom and Canada.
(5) Primarily includes development properties and land parcels.
(6) Primarily represents non-cash NOI.
(7) Represents timing adjustments for current quarter acquisitions, construction conversions and segment or operator transitions
(8) Acquisitions and development conversions will enter the same store pool 5 full quarters after acquisition or certificate of occupancy.
(9) Redevelopment properties will enter the same store pool after 5 full quarters of operations post redevelopment completion.
(10) Transitioned properties will enter the same store pool after 5 full quarters of operations with the new operator in place or under the new structure.
(11) Represents properties that are either closed or being closed.
21
Supplemental Reporting Measures
(dollars in thousands at Welltower pro rata ownership)
Same Store NOI Reconciliation4Q201Q212Q213Q214Q21Y/o/Y
Seniors Housing Operating
NOI$163,574 $172,060 $143,751 $167,855 $178,963 
Non-cash NOI on same store properties(381)(877)12,279 (94)(35)
NOI attributable to non-same store properties(20,058)(23,156)(18,214)(36,652)(42,733)
Currency and ownership adjustments(1)
1,062 (331)(718)38 149 
Normalizing adjustment for government grants(2)
(9,586)(32,939)(8,150)(5,029)(18,089)
Normalizing adjustment for casualty related expenses, net(3)
— — 1,192 1,386 3,942 
Other normalizing adjustments(4)
(378)— (886)242 (484)
SSNOI(5)
134,233 114,757 129,254 127,746 121,713 (9.3)%
Seniors Housing Triple-net
NOI114,760 57,143 130,983 139,166 142,478 
Non-cash NOI on same store properties(3,748)41,868 (1,940)(1,694)(157)
NOI attributable to non-same store properties(26,452)(16,572)(40,199)(51,671)(53,379)
Currency and ownership adjustments(1)
1,224 288 325 15 422 
Other normalizing adjustments(4)
37 3,271 (2,878)535 59 
SSNOI85,821 85,998 86,291 86,351 89,423 4.2 %
Outpatient Medical
NOI116,448 109,398 114,330 111,207 113,768 
Non-cash NOI on same store properties(3,092)(2,654)(2,665)(1,892)(2,483)
NOI attributable to non-same store properties(7,476)(5,673)(11,961)(8,623)(9,446)
Currency and ownership adjustments(1)
(5,695)(1,140)(55)296 (240)
Other normalizing adjustments(4)
(664)(155)(348)(1,014)294 
SSNOI99,521 99,776 99,301 99,974 101,893 2.4 %
Health System
NOI42,425 42,425 46,500 46,140 47,376 
Non-cash NOI on same store properties(5,278)(5,278)(5,278)(4,647)(5,760)
NOI attributable to non-same store properties(1,361)(1,361)(5,436)(5,051)(4,845)
SSNOI35,786 35,786 35,786 36,442 36,771 2.8 %
Long-Term/Post-Acute Care
NOI58,347 52,924 39,667 34,702 32,285 
Non-cash NOI on same store properties(1,150)(326)(950)(1,137)(937)
NOI attributable to non-same store properties(34,685)(30,436)(16,445)(11,274)(8,968)
Currency and ownership adjustments(1)
49 — (55)(10)(8)
Other normalizing adjustments(4)
— 169 — — — 
SSNOI22,561 22,331 22,217 22,281 22,372 (0.8)%
Corporate
NOI1,432 1,475 498 308 1,613 
NOI attributable to non-same store properties(1,432)(1,475)(498)(308)(1,613)
SSNOI— — — — — 
Total
NOI496,986 435,425 475,729 499,378 516,483 
Non-cash NOI on same store properties(13,649)32,733 1,446 (9,464)(9,372)
NOI attributable to non-same store properties(91,464)(78,673)(92,753)(113,579)(120,984)
Currency and ownership adjustments(1)
(3,360)(1,183)(503)339 323 
Normalizing adjustments, net(10,591)(29,654)(11,070)(3,880)(14,278)
SSNOI$377,922 $358,648 $372,849 $372,794 $372,172 (1.5)%
Notes:
(1) Includes adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.2657 and to translate UK properties at a GBP/USD rate of 1.38.    
(2) Represents normalizing adjustment related to amounts recognized related to the Health and Human Services Provider Relief Fund in the United States and similar programs in the United Kingdom and Canada.
(3) Represents normalizing adjustment related to casualty related expenses net of any insurance reimbursements.
(4) Represents aggregate normalizing adjustments which are individually less than 0.50% of SSNOI growth per property type.
(5) SHO SSNOI includes expenses that are directly attributable to the COVID-19 pandemic net of any reimbursements exclusive of those included in (2) above.

22
Supplemental Reporting Measures
(dollars in thousands, except REVPOR, SS REVPOR and SSNOI/unit)
SHO REVPOR ReconciliationUnited StatesUnited KingdomCanadaTotal
Consolidated SHO revenues$700,436 $101,888 $102,456 $904,780 
Unconsolidated SHO revenues attributable to Welltower(1)
25,553 — 22,283 47,836 
SHO revenues attributable to noncontrolling interests(2)
(41,095)(11,625)(22,332)(75,052)
Pro rata SHO revenues(3)
684,894 90,263 102,407 877,564 
SHO interest and other income(7,397)(84)(43)(7,524)
SHO revenues attributable to sold and held for sale properties(135)— — (135)
Currency and ownership adjustments(4)
— 2,137 (420)1,717 
SHO local revenues677,361 92,316 101,945 871,622 
Average occupied units/month41,456 3,116 11,271 55,843 
REVPOR/month in USD$5,402 $9,795 $2,990 $5,160 
REVPOR/month in local currency(4)
£7,098 $3,785 

Reconciliations of SHO SS REVPOR Growth, SSNOI Growth and SSNOI/Unit
United StatesUnited KingdomCanadaTotal
4Q204Q214Q204Q214Q204Q214Q204Q21
SHO SS REVPOR Growth
Consolidated SHO revenues$525,649 $700,436 $83,204 $101,888 $106,167 $102,456 $715,020 $904,780 
Unconsolidated SHO revenues attributable to WELL(1)
22,110 25,553 — — 21,065 22,283 43,175 47,836 
SHO revenues attributable to noncontrolling interests(2)
(23,588)(41,095)(8,085)(11,625)(23,482)(22,332)(55,155)(75,052)
SHO pro rata revenues(3)
524,171 684,894 75,119 90,263 103,750 102,407 703,040 877,564 
Non-cash revenues on same store properties(851)(562)— — — — (851)(562)
Revenues attributable to non-same store properties(31,246)(157,676)(65,370)(79,068)(5,400)(3,800)(102,016)(240,544)
Currency and ownership adjustments(4)
(216)— 1,133 920 2,884 (406)3,801 514 
Normalizing adjustment for government grants(5)
— (4,406)— — — — — (4,406)
Other normalizing adjustments(6)
(549)— — (383)— — (549)(383)
SHO SS revenues(7)
491,309 522,250 10,882 11,732 101,234 98,201 603,425 632,183 
Avg. occupied units/month(8)
26,197 27,279 450 471 11,543 10,936 38,190 38,686 
SHO SS REVPOR(9)
$6,201 $6,330 $7,995 $8,235 $2,900 $2,969 $5,224 $5,403 
SS REVPOR YOY growth— %2.1 %— %3.0 %— %2.4 %— 3.4 %
SHO SSNOI Growth
Consolidated SHO NOI$112,784 $133,486 $23,476 $22,595 $23,537 $24,294 $159,797 $180,375 
Unconsolidated SHO NOI attributable to WELL(1)
4,351 4,425 — — 8,831 6,288 13,182 10,713 
SHO NOI attributable to noncontrolling interests(2)
(2,710)(5,339)(1,768)(1,907)(4,927)(4,879)(9,405)(12,125)
SHO pro rata NOI(3)
114,425 132,572 21,708 20,688 27,441 25,703 163,574 178,963 
Non-cash NOI on same store properties(381)(35)— — — — (381)(35)
NOI attributable to non-same store properties(386)(25,328)(19,594)(16,736)(78)(669)(20,058)(42,733)
Currency and ownership adjustments(4)
(37)(3)275 289 824 (137)1,062 149 
Normalizing adjustment for government grants(5)
(8,217)(15,246)— (1,287)(1,369)(1,556)(9,586)(18,089)
Normalizing adjustment for casualty related expenses(10)
— 3,942 — — — — — 3,942 
Other normalizing adjustments(6)
(378)— — (484)— — (378)(484)
SHO pro rata SSNOI(7)
$105,026 $95,902 $2,389 $2,470 $26,818 $23,341 $134,233 $121,713 
SHO SSNOI growth(8.7)%3.4 %(13.0)%(9.3)%
SHO SSNOI/Unit
Trailing four quarters' SSNOI(7)
$385,599 $9,850 $98,021 $493,470 
Average units in service(11)
34,896 720 13,996 49,612 
SSNOI/unit in USD$11,050 $13,681 $7,004 $9,947 
SSNOI/unit in local currency(4)
£9,914 $8,866 
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 and includes an adjustment to remove NOI related to certain leasehold properties. See page 16 for more information.
(3) Represents SHO revenues/NOI at Welltower pro rata ownership. See pages 15 & 22 for more information.
(4) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.2684 and to translate UK properties at a GBP/USD rate of 1.38.
(5) Represents normalizing adjustment related to amounts recognized related to the Health and Human Services Provider Relief Fund in the United States and similar programs in the United Kingdom and Canada.
(6) Represents aggregate normalizing adjustments which are individually less than .50% of SSNOI growth.
(7) Represents SS SHO revenues/SSNOI at Welltower pro rata ownership. See page 22 for more information.
(8) Represents average occupied units for SS properties related solely to referenced country on a pro rata basis.
(9) Represents pro rata SS average revenues generated per occupied room per month.
(10) Represents normalizing adjustment related to casualty related expenses net of any insurance reimbursements.
(11) Represents average units in service for SS properties related solely to referenced country on a pro rata basis.



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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 the COVID-19 pandemic; uncertainty regarding the implementation and impact of the CARES Act and future stimulus or other COVID-19 relief legislation; the status of the economy; the status of capital markets, including availability and cost of capital; issues facing the health care industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements and operators’/tenants’ difficulty in cost effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the health care 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 and other acts of God 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; 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 February 15, 2022 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.

24
Forward-Looking Statement and Risk Factors

About Welltower
Welltower Inc. (NYSE:WELL), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The Company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate and infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience. Welltower™, a REIT, owns interests in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient medical properties. More information is available at www.welltower.com.

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