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Published: 2021-11-04 16:09:09 ET
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EX-99.2 3 a3q21supplement992.htm EX-99.2 Document

welltowersupplemental_3q20.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 Operating18781 90,18149,77429,53912,384526
Seniors Housing Triple-net1535029,0365,68816,2356,809304
Outpatient Medical1537622,256,093(1)n/an/an/an/a
Health System3020524,4852015173,14520,622
Long-Term/Post-Acute Care18103 12,039—843—11,196
Total181,815

NOI Performance
Same Store(2)
In-Place Portfolio(3)
Properties3Q20 NOI3Q21 NOI% ChangePropertiesAnnualized
In-Place NOI		% of Total
Seniors Housing Operating527$164,918 $140,363 (14.9)%735$685,716 38.7 %
Seniors Housing Triple-net(4)
28184,403 83,697(0.8)%329410,524 23.2 %
Outpatient Medical35096,72799,9743.4 %365417,788 23.6 %
Health System190 35,729 36,712 2.8 %201 161,732 9.1 %
Long-Term/Post-Acute Care(4)
7722,51122,281(1.0)%9095,076 5.4 %
Total1,425$404,288 $383,027 (5.3)%1,720$1,770,836 100.0 %

Portfolio PerformanceFacility Revenue Mix
Stable Portfolio(5)
Occupancy
EBITDAR Coverage(6)
EBITDARM Coverage(6)
Private PayMedicaidMedicare
Other Government(7)
Seniors Housing Operating76.7 %n/an/a96.5 %1.2 %0.5 %1.8 %
Seniors Housing Triple-net73.5 %0.830.9989.4 %3.4 %0.7 %6.5 %
Outpatient Medical94.7 %n/an/a100.0 %— — — 
Health System(8)
69.6 %0.240.8837.6 %42.1 %20.3 %— %
Long-Term/Post-Acute Care73.5 %1.251.5030.3 %35.9 %33.8 %— %
Total0.731.0392.5 %3.6 %2.0 %1.9 %
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 September 30, 2021 for Seniors Housing Operating and Outpatient Medical and June 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.
(8) EBITDAR and EBITDARM coverage as reported by ProMedica inclusive of sold properties prior to their disposition and the 4 properties classified as held for sale as of September 30, 2021.
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
Sunrise Senior Living North America121 $109,293 $— $— $— $— $109,293 6.2 %
Sunrise Senior Living United Kingdom45 64,534 — — — — 64,534 3.6 %
ProMedica201 — — — 161,732 — 161,732 9.1 %
Atria Senior Living93 90,304 — — — — 90,304 5.1 %
Avery Healthcare55 5,792 70,498 — — — 76,290 4.3 %
Revera85 74,971 — — — — 74,971 4.2 %
Belmont Village21 63,565 — — — — 63,565 3.6 %
Brookdale Senior Living85 (749)61,571 — — — 60,822 3.4 %
Sagora Senior Living31 27,336 26,997 — — — 54,333 3.1 %
Legend Senior Living33 — 49,815 — — 1,088 50,903 2.9 %
StoryPoint Senior Living43 233 36,620 — — — 36,853 2.1 %
Remaining907 250,437 165,023 417,788 — 93,988 927,236 52.4 %
Total1,720 $685,716 $410,524 $417,788 $161,732 $95,076 $1,770,836 100.0 %
By Country:
United States1,464 $479,357 $332,081 $417,788 $161,732 $87,774 $1,478,732 83.5 %
United Kingdom114 85,808 74,722 — — — 160,530 9.1 %
Canada142 120,551 3,721 — — 7,302 131,574 7.4 %
Total1,720 $685,716 $410,524 $417,788 $161,732 $95,076 $1,770,836 100.0 %
By MSA:
Los Angeles70$50,932 $19,199 $32,392 $— $— $102,523 5.8 %
New York7740,819 11,160 36,521 5,476 3,192 97,168 5.5 %
Greater London4758,262 17,442 — — — 75,704 4.3 %
Dallas5721,895 15,001 28,512 806 4,068 70,282 4.0 %
Philadelphia454,386 1,590 26,736 20,269 555 53,536 3.0 %
Washington D.C.4228,624 1,456 7,053 11,402 3,873 52,408 3.0 %
Houston3210,960 3,320 28,781 — — 43,061 2.4 %
San Francisco2019,964 10,291 — 4,650 — 34,905 2.0 %
Charlotte261,355 9,673 20,845 — — 31,873 1.8 %
San Diego1814,750 6,631 7,462 — 2,748 31,591 1.8 %
Chicago429,844 5,240 5,682 10,397 — 31,163 1.8 %
Seattle299,308 3,210 16,336 1,416 — 30,270 1.7 %
Montréal2129,903 — — — — 29,903 1.7 %
Minneapolis20(1,029)15,270 14,146 — — 28,387 1.6 %
Toronto2525,035 — — — — 25,035 1.4 %
Raleigh125,881 17,552 998 — — 24,431 1.4 %
Baltimore193,226 — 11,496 4,179 4,542 23,443 1.3 %
Hattiesburg2— 19,772 2,113 — — 21,885 1.2 %
Miami36219 — 15,651 5,533 — 21,403 1.2 %
Boston2417,578 — 2,991 — (496)20,073 1.1 %
Remaining1,056 333,804253,717160,07397,60476,594921,792 52.0 %
Total1,720 $685,716 $410,524 $417,788 $161,732 $95,076 $1,770,836 100.0 %
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)
3Q204Q201Q212Q213Q21
Properties563 607 608 630 736 
Units55,498 58,370 58,185 59,670 71,721 
Total occupancy77.9 %76.0 %72.7 %73.0 %74.9 %
Total revenues$726,133 $703,039 $711,118 $728,235 $812,096 
Operating expenses550,755 539,465 539,058 584,484 644,241 
NOI$175,378 $163,574 $172,060 $143,751 $167,855 
Recurring cap-ex$11,851 $14,356 $7,255 $14,448 $15,395 
Other cap-ex$27,577 $27,728 $13,413 $31,794 $35,588 

Same Store Performance(2)
3Q204Q201Q212Q213Q21
Properties527 527 527 527 527 
Occupancy78.3 %76.9 %73.9 %74.4 %76.3 %
Same store revenues$671,258 $656,817 $633,567 $646,104 $668,869 
Compensation309,066 301,737 303,853 305,670 321,673 
Utilities28,300 28,111 30,027 26,482 30,547 
Food24,639 25,257 23,130 23,708 25,179 
Repairs and maintenance16,255 16,572 16,636 17,879 18,975 
Property taxes26,386 24,882 26,797 26,086 25,806 
All other101,694 113,091 108,113 107,154 106,326 
Same store operating expenses506,340 509,650 508,556 506,979 528,506 
Same store NOI$164,918 $147,167 $125,011 $139,125 $140,363 
NOI margin24.6 %22.4 %19.7 %21.5 %21.0 %
Year over year NOI growth rate(14.9)%
Partners
Properties(3)
Pro Rata Units(3)
Welltower Ownership %(4)
Core Markets3Q21 NOI% of Total
Sunrise Senior Living166 13,065 98.0 %Southern California$18,474 11.0 %
Atria Senior Living93 11,296 100.0 %Greater London13,928 8.3 %
Revera85 8,351 75.0 %Northern California12,278 7.3 %
Belmont Village21 2,804 95.0 %New York / New Jersey9,009 5.4 %
Senior Resource Group24 3,268 61.3 %Washington D.C.7,906 4.7 %
Brandywine Living29 2,791 99.6 %Montréal7,467 4.4 %
Cogir23 3,242 89.2 %Toronto6,251 3.7 %
Chartwell Retirement Residences42 4,479 49.9 %Boston4,155 2.5 %
Clover Management33 3,630 90.1 %Ottawa2,315 1.4 %
Sagora Senior Living14 1,483 98.2 %Birmingham, UK2,297 1.4 %
Frontier Management64 3,731 94.5 %Seattle2,208 1.3 %
Oakmont Senior Living15 1,437 100.0 %Vancouver1,784 1.1 %
Balfour Senior Living7 675 95.0 %Manchester, UK1,751 1.0 %
Signature Senior Lifestyle11 758 75.0 %Core Markets89,823 53.5 %
Remaining 108 10,665 All Other78,032 46.5 %
Total735 71,675 Total$167,855 100.0 %
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 1.6% 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 Angeles34 / 3,890$50,932 10.6 %8 / 1,2687 / 634$5,663 1.1 %9.0 %6,796 $100,862 $1,042,035 0.9 %7.2 %
New York32 / 2,75740,819 8.5 %3 / 5914 / 3422,544 5.1 %9.8 %4,162 119,267 549,240 (0.1)%5.3 %
Washington D.C.16 / 1,75828,624 6.0 %5 / 5537 / 9202,726 3.5 %11.6 %5,280 137,375 713,342 2.0 %2.5 %
Dallas23 / 3,02521,895 4.6 %1 / 2291 / 21432 6.1 %26.4 %3,222 79,339 339,677 2.4 %5.4 %
San Francisco13 / 1,62819,964 4.2 %— — — 2.4 %9.8 %8,972 131,187 1,186,392 (1.3)%4.9 %
Boston18 / 1,36517,578 3.7 %1 / 1501 / 1121,526 4.4 %8.8 %2,736 131,937 780,148 (0.3)%5.9 %
San Diego8 / 1,03314,750 3.1 %— — — 2.2 %13.1 %4,634 112,683 968,370 (0.4)%4.4 %
Boulder, CO7 / 61612,033 2.5 %— — — 4.5 %23.8 %2,109 101,769 695,001 N/A5.3 %
Denver5 / 73411,636 2.4 %5 / 7102 / 3643,895 5.5 %24.1 %5,112 81,798 581,288 1.5 %5.4 %
Sacramento8 / 63711,302 2.4 %— — — 3.1 %12.4 %3,683 92,582 518,299 (0.6)%4.3 %
Houston10 / 95310,960 2.3 %2 / 2302 / 2412,370 5.8 %23.6 %3,484 80,630 376,426 1.0 %4.8 %
Chicago18 / 1,9479,844 2.1 %1 / 1771 / 131376 1.3 %9.3 %3,135 99,060 349,438 1.0 %2.7 %
San Jose4 / 4809,795 2.0 %1 / 411 / 137598 2.2 %11.3 %6,744 145,204 1,505,838 (1.3)%3.9 %
Seattle16 / 1,6439,308 1.9 %2 / 1753 / 362560 6.1 %18.0 %4,942 103,069 663,121 0.3 %5.5 %
Buffalo10 / 1,2547,879 1.6 %— — — 5.5 %8.4 %2,922 73,386 190,759 (0.3)%7.2 %
Riverside5 / 5147,250 1.5 %1 / 1151 / 59449 2.5 %13.1 %2,976 96,781 546,201 (0.7)%4.5 %
San Antonio4 / 1,0756,620 1.4 %1 / 1121 / 162869 6.9 %27.4 %2,465 68,936 272,597 (0.5)%4.9 %
Charlottesville, VA1 / 3026,218 1.3 %— — — 2.7 %10.3 %2,089 58,803 375,962 N/A2.5 %
Raleigh2 / 2505,881 1.2 %1 / 1381 / 1762,538 4.2 %23.7 %3,210 93,995 331,133 2.8 %5.2 %
Portland, OR9 / 9375,865 1.2 %1 / 2101 / 5396 5.1 %15.6 %2,500 86,161 440,586 2.7 %5.0 %
Salisbury, MD2 / 2145,492 1.1 %— — — 8.4 %10.7 %676 76,355 424,518 N/A6.1 %
Cincinnati6 / 9135,172 1.1 %1 / 1991 / 99— 2.0 %9.5 %2,051 63,243 160,315 (0.5)%4.2 %
Trenton, NJ2 / 2074,714 1.0 %— — — 6.5 %12.9 %852 126,630 489,925 N/A4.7 %
Santa Rosa, CA4 / 5124,676 1.0 %— — — 0.4 %5.5 %2,016 82,841 729,913 N/A4.5 %
Santa Maria, CA1 / 3634,652 1.0 %— — — 1.0 %3.8 %2,245 121,828 945,988 N/A4.0 %
Total - Top 25258 / 29,007$333,859 69.6 %34 / 4,89834 / 4,006$24,242 3.8 %13.6 %4,298 $112,410 $768,878 0.5 %5.1 %
All Other US SHO Markets280 / 29,276145,498 30.4 %19 / 2,47022 / 2,6234,311 3.0 %10.3 %2,277 77,389 332,074 
Total US SHO538 / 58,283$479,357 100.0 %53 / 7,36856 / 6,629$28,553 3.4 %11.9 %3,256 $101,334 $630,725 
% of Total IPNOI1.6 %
US National Average3.2 %10.8 %94$72,039 $273,858 1.7 %
(10)
4.3 %
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, 3Q21. 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 August 2020 - August 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 3.9% 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 Angeles34 / 3,890$50,932 10.6 %10 / 1,46816 / 1,844$9,738 1.1 %9.5 %6,633 $95,067 $970,102 0.9 %7.2 %
New York32 / 2,75740,819 8.5 %7 / 1,2899 / 7524,252 5.2 %9.8 %4,109 114,327 530,624 (0.1)%5.3 %
Washington D.C.16 / 1,75828,624 6.0 %7 / 76511 / 1,2924,848 3.4 %11.9 %5,198 128,657 684,557 2.0 %2.5 %
Dallas23 / 3,02521,895 4.6 %6 / 9775 / 7113,526 6.1 %26.2 %2,932 77,227 332,882 2.4 %5.4 %
San Francisco13 / 1,62819,964 4.2 %2 / 1592 / 230186 2.5 %9.9 %7,640 131,708 1,130,549 (1.3)%4.9 %
Boston18 / 1,36517,578 3.7 %3 / 3543 / 2261,586 4.5 %9.5 %2,740 124,028 710,891 (0.3)%5.9 %
San Diego8 / 1,03314,750 3.1 %— — — 2.3 %11.9 %4,310 108,618 866,944 (0.4)%4.4 %
Boulder, CO7 / 61612,033 2.5 %— — — 4.9 %22.1 %1,412 107,077 679,682 N/A5.3 %
Denver5 / 73411,636 2.4 %6 / 7914 / 5288,397 5.3 %22.2 %4,782 80,354 523,295 1.5 %5.4 %
Sacramento8 / 63711,302 2.4 %— — — 3.1 %12.7 %3,323 90,839 491,273 (0.6)%4.3 %
Houston10 / 95310,960 2.3 %3 / 4503 / 3443,072 6.1 %26.4 %3,474 79,257 303,902 1.0 %4.8 %
Chicago18 / 1,9479,844 2.1 %3 / 4043 / 371557 1.2 %10.0 %2,991 103,542 364,513 1.0 %2.7 %
San Jose4 / 4809,795 2.0 %2 / 1542 / 2804,898 2.2 %11.3 %5,754 146,128 1,494,081 (1.3)%3.9 %
Seattle16 / 1,6439,308 1.9 %3 / 3115 / 5072,148 6.2 %19.7 %4,411 106,103 666,766 0.3 %5.5 %
Buffalo10 / 1,2547,879 1.6 %— — — 5.3 %8.5 %2,633 69,327 180,286 (0.3)%7.2 %
Riverside5 / 5147,250 1.5 %1 / 1152 / 1382,338 2.5 %13.6 %2,434 80,114 523,398 (0.7)%4.5 %
San Antonio4 / 1,0756,620 1.4 %3 / 3831 / 1622,387 6.9 %26.7 %2,310 70,363 255,377 (0.5)%4.9 %
Charlottesville, VA1 / 3026,218 1.3 %— — — 3.9 %12.6 %1,489 74,576 377,174 N/A2.5 %
Raleigh2 / 2505,881 1.2 %1 / 1381 / 1762,538 4.9 %29.4 %2,681 101,868 370,229 2.8 %5.2 %
Portland, OR9 / 9375,865 1.2 %2 / 4774 / 2652,596 5.0 %14.9 %2,098 84,735 422,527 2.7 %5.0 %
Salisbury, MD2 / 2145,492 1.1 %— — — 8.2 %10.5 %588 78,759 387,428 N/A6.1 %
Cincinnati6 / 9135,172 1.1 %1 / 1991 / 99— 2.1 %10.0 %1,665 63,008 161,145 (0.5)%4.2 %
Trenton, NJ2 / 2074,714 1.0 %1 / 981 / 1121,681 5.4 %12.6 %1,116 124,877 467,344 N/A4.7 %
Santa Rosa, CA4 / 5124,676 1.0 %— — — 0.6 %6.7 %1,119 85,680 739,848 N/A4.5 %
Santa Maria, CA1 / 3634,652 1.0 %— — — 1.4 %4.8 %1,736 104,620 962,329 N/A4.0 %
Total - Top 25258 / 29,007$333,859 69.6 %61 / 8,53273 / 8,037$54,748 3.9 %14.0 %4,003 $109,311 $737,635 0.5 %5.1 %
All Other US SHO Markets280 / 29,276145,49830.4 %39 / 5,66540 / 4,82914,009 3.0 %10.9 %1,91972,824322,332
Total US SHO538 / 58,283$479,357 100.0 %100 / 14,197113 / 12,866$68,757 3.4 %12.4 %2,929$97,771 $606,282 
% of Total IPNOI3.9 %
US National Average3.2 %10.8 %94$72,039 $273,858 1.7 %
(10)
4.3 %
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, 3Q21. 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 August 2020 - August 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
< 0.85x7.6 %0.1 %7.7 %7 10 11.0 %1.3 %12.3 %7 12 
0.85x - 0.95x— %— %— %— — 0.6 %0.8 %1.4 %10 2 
0.95x - 1.05x4.1 %1.2 %5.3 %7 3 3.0 %0.6 %3.6 %9 5 
1.05x - 1.15x— %0.8 %0.8 %10 1 — %— %— %— — 
1.15x - 1.25x2.4 %0.6 %3.0 %8 4 4.6 %0.1 %4.7 %11 3 
1.25x - 1.35x5.2 %— %5.2 %11 3 — %— %— %— — 
> 1.35x— %1.8 %1.8 %10 5 — %1.7 %1.7 %10 4 
Total19.3 %4.5 %23.8 %8 26 19.2 %4.5 %23.7 %8 26 
Revenue and Lease Maturity(2)
Rental Income
YearSeniors Housing
Triple-net		Outpatient MedicalHealth
System		Long-Term / Post-Acute CareInterest
Income		Total
Revenues		% of Total
2021$— $13,385 $— $— $3,728 $17,113 1.5 %
2022— 46,454 — 2,913 4,625 53,992 4.6 %
20231,642 47,501 — 840 5,943 55,926 4.7 %
202411,431 60,616 — — 20,241 92,288 7.8 %
20254,917 29,353 — — 3,140 37,410 3.2 %
202661,976 37,690 — 9,493 100,330 209,489 17.8 %
202729,700 26,514 — — 190 56,404 4.8 %
20284,675 25,047 — 16,953 1,192 47,867 4.1 %
202932,248 21,268 — — 559 54,075 4.6 %
203015,505 37,158 — 27,146 475 80,284 6.8 %
Thereafter165,234 112,698 158,280 32,185 4,862 473,259 40.1 %
$327,328 $457,684 $158,280 $89,530 $145,285 $1,178,107 100.0 %
Weighted Avg Maturity Years9 6 12 9 3 7 
Notes:
(1) Represents trailing twelve month coverage metrics as of June 30, 2021 for stable portfolio only. Agreements included represent 83% 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)
3Q204Q201Q212Q213Q21
Properties359 357 357 360 366 
Square feet19,150,586 17,315,776 16,917,791 17,291,495 17,383,040 
Occupancy94.0 %94.5 %94.4 %94.8 %94.7 %
Total revenues$170,733 $166,679 $157,162 $160,514 $160,003 
Operating expenses52,312 50,231 47,764 46,184 48,796 
NOI$118,421 $116,448 $109,398 $114,330 $111,207 
Revenues per square foot$35.66 $38.50 $37.16 $37.13 $36.82 
NOI per square foot$24.73 $26.90 $25.87 $26.45 $25.59 
Recurring cap-ex$7,592 $7,278 $4,178 $5,978 $7,327 
Other cap-ex$8,946 $6,169 $2,376 $2,014 $2,064 

Same Store Performance(2)
3Q204Q201Q212Q213Q21
Properties350 350 350 350 350 
Occupancy95.0 %95.0 %94.7 %94.8 %94.7 %
Same store revenues$142,126 $143,166 $145,520 $144,677 $146,564 
Same store operating expenses45,399 43,645 45,744 45,376 46,590 
Same store NOI$96,727 $99,521 $99,776 $99,301 $99,974 
NOI margin68.1 %69.5 %68.6 %68.6 %68.2 %
Year over year NOI growth rate3.4 %

Portfolio Diversification
by Tenant(3)
Rental Income% of TotalQuality Indicators
Kelsey-Seybold$25,022 5.5 %
Health system affiliated properties as % of NOI(3)
90.3 %
Virtua15,104 3.3 %
Health system affiliated tenants as % of rental income(3)
65.6 %
Novant Health14,343 3.1 %
Retention (trailing twelve months)(3)
90.0 %
Providence Health & Services13,588 3.0 %
In-house managed properties as % of square feet(3,4)
88.2 %
Common Spirit Health12,707 2.8 %
Average remaining lease term (years)(3)
6.2 
Remaining portfolio376,920 82.3 %
Average building size (square feet)(3)
60,165 
Total$457,684 100.0 %Average age (years)15 

Expirations(3)
20212022202320242025Thereafter
Occupied square feet465,282 1,577,744 1,732,586 2,032,382 1,048,198 9,486,071 
% of occupied square feet2.8 %9.7 %10.6 %12.4 %6.4 %58.1 %
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 16,517,307 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-6068c01d69414ddbb11.jpg
Detail of Acquisitions/JVs(1)
20172018201920201Q212Q213Q2117-21 Total
Count18 15 27 12 6 8 9 95 
Total$742,020 $3,788,261 $4,073,554 $910,217 $209,413 $503,362 $2,059,032 $12,285,859 
Low7,310 4,950 7,550 6,201 5,000 13,650 16,400 4,950 
Median24,025 73,727 38,800 48,490 12,824 41,785 49,789 38,242 
High149,400 2,481,723 1,250,000 235,387 132,124 158,729 1,576,642 2,481,723 

Investment Timing
Acquisitions and Loan Funding(2)
Yield
Construction Conversions(3)
YieldDispositions and Loan PayoffsYield
July$1,806,970 5.9 %$— — %$356,964 8.0 %
August256,150 5.7 %14,745 5.9 %64,566 4.2 %
September22,614 6.4 %51,384 8.8 %66,539 4.1 %
Total$2,085,734 5.9 %$66,129 8.1 %$488,069 7.0 %

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
Third Quarter 2021
PropertiesBeds / Units / Square FeetInvestment Per
Bed / Unit /
SqFt		Pro Rata
Amount		Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating 10411,919 units$149,787 $1,785,315 
Seniors Housing Triple-net7788 units202,796 159,803 
Outpatient Medical7197,383 sf503 97,514 
Health System148 units427,083 16,400 
Loan funding26,702 
Total acquisitions and loan funding(2)
1192,085,734 5.9 %
Development Funding(3)
Development projects:
Seniors Housing Operating355,258 units109,888 
Seniors Housing Triple-net6551 units14,943 
Outpatient Medical4198,103 sf13,418 
Total development projects45138,249 
Expansion projects:
Seniors Housing Operating186 units1,234 
Outpatient Medical117,159 sf1,971 
Total expansion projects23,205 
Total development funding47141,454 7.6 %
Total gross investments2,227,188 6.0 %
Dispositions and Loan Payoffs(4)
Seniors Housing Triple-net2157units127,364 19,996 
Outpatient Medical2138,240sf437 60,440 
Health System131,524 units60,151 73,336 
Long-Term/Post-Acute Care202598beds128,675 334,297 
Total dispositions and loan payoffs(5)
37488,069 7.0 %
Net investments (dispositions)$1,739,119 

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 Operating13214,059 units$149,442 $2,032,608 
Seniors Housing Triple-net202,209 units201,068 444,159 
Outpatient Medical10544,802 sf527 270,240 
Health System296 units322,917 24,800 
Loan funding938,154 
Total acquisitions and loan funding(2)
1643,709,961 7.1 %
Development Funding(3)
Development projects:
Seniors Housing Operating385,968 units296,774 
Seniors Housing Triple-net8718 units65,995 
Outpatient Medical7339,339 sf35,094 
Total development projects53397,863 
Expansion projects:
Seniors Housing Operating186 units2,908 
Outpatient Medical117,159sf3,912 
Total expansion projects26,820 
Total development funding55404,683 7.4 %
Total gross investments4,114,644 7.1 %
Dispositions and Loan Payoffs(4)
Seniors Housing Operating121,103 units96,939 88,693 
Seniors Housing Triple-net2157 units127,364 19,996 
Outpatient Medical10672,434 sf380 219,318 
Health System212,623 units57,489 120,635 
Long-Term/Post-Acute Care232,770 beds147,761 409,297 
Loan payoffs387,982 
Total dispositions and loan payoffs(5)
681,245,921 6.9 %
Net investments (dispositions)$2,868,723 
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
Frontier Management952707 Clare AvenueBremertonWAUSBremerton
Frontier Management88150 Cottage LandingCarrolltonGAUSAtlanta
Frontier Management361510 East Commonwealth AvenueFullertonCAUSLos Angeles
Frontier Management3611848 Valley View StreetGarden GroveCAUSLos Angeles
Frontier Management1141645 Massey RoadMemphisTXUSMemphis
Frontier Management532305 Lingleville HighwayStephenvilleTXUSStephenville
Frontier Management363730 South Greenville StreetSanta AnaCAUSLos Angeles
Frontier Management381030 Barathaven BoulevardDardenne PrairieMOUSSt. Louis
Frontier Management391801 East Natoma StreetFolsomCAUSSacramento
Frontier Management508722 Winchester RoadMemphisTNUSMemphis
Frontier Management388525 Urbandale AvenueUrbandaleIAUSDes Moines
Atria Senior Living (1)
11,296
Total11,919 
Seniors Housing Triple-net
StoryPoint Senior Living167 5435 Morse RoadGahannaOHUSColumbus
StoryPoint Senior Living132 611 Windmiller DrivePickeringtonOHUSColumbus
StoryPoint Senior Living89 3872 Attucks DrivePowellOHUSColumbus
StoryPoint Senior Living126 10351 Sawmill ParkwayPowellOHUSColumbus
StoryPoint Senior Living87 1148 Mountain Creek RoadChattanoogaTNUSChattanooga
StoryPoint Senior Living87 8501 South Northshore DriveKnoxvilleTNUSKnoxville
StoryPoint Senior Living100 6751 West Mequon RoadMequonWIUSMilwaukee
Total 788 
Health System
ProMedica Health System481853 Old Donation ParkwayVirginia BeachVAUSVirginia Beach
Outpatient MedicalSq. Ft
Aspect Health42,70740 Old Ridgebury RoadDanburyCTUSNorwalk
Aspect Health26,150226 White StreetDanburyCTUSNorwalk
Aspect Health43,2012 Riverview DriveDanburyCTUSNorwalk
Aspect Health25,984164 Mount Pleasant RoadNewtownCTUSNorwalk
Aspect Health30,000170 Mount Pleasant RoadNewtownCTUSNorwalk
Aspect Health9,713131 Kent RoadNew MilfordCTUSTorrington
Aspect Health19,628131 Kent RoadNew MilfordCTUSTorrington
Total197,383
(1) Please refer to the 3Q21 Welltower Facility Address List in the Investors section of our website for further details.

11
Investment
(dollars in thousands at Welltower pro rata ownership)
Development Summary(1)
Unit Mix
FacilityTotalIndependent LivingAssisted LivingMemory CareCommitment AmountBalance at 9/30/21Estimated Conversion
Seniors Housing Operating
New York, NY151 — 69 82 $99,878 $99,172 4Q21
Beckenham, UK100 — 76 24 47,583 42,492 4Q21
Staten Island, NY95 — 45 50 21,590 19,039 4Q21
Redwood City, CA90 — 56 34 19,465 18,609 4Q21
Franklin Lakes, NY88 — 51 37 16,921 14,991 4Q21
Mountain Lakes, NJ90 — 57 33 15,063 12,729 4Q21
San Francisco, CA214 11 170 33 110,905 108,429 1Q22
White Plains, NY132 132 — — 59,913 44,353 1Q22
Hendon, UK102 — 78 24 56,069 48,103 1Q22
Barnet, UK100 — 76 24 52,331 42,137 1Q22
Bellevue, WA110 — 85 25 9,518 5,034 1Q22
Georgetown, TX188 188 — — 35,961 7,997 2Q22
New Rochelle, NY72 — 36 36 41,922 10,577 3Q22
Pflugerville, TX196 196 — — 39,224 6,219 3Q22
Sachse, TX193 193 — — 37,788 7,079 3Q22
Lake Jackson, TX130 130 — — 31,684 3,061 3Q22
Princeton, NJ80 — 68 12 29,592 23,289 3Q22
Montreal, ON247 247 — — 16,312 5,402 3Q22
Montreal, ON223 223 — — 13,872 4,912 3Q22
New York, NY528 400 92 36 145,864 136,958 4Q22
Sunnyvale, CA90 — 52 38 25,661 7,797 4Q22
McLean, VA103 — 63 40 24,211 7,166 4Q22
Orange, CA91 — 49 42 18,578 5,836 4Q22
Coral Gables, FL91 — 55 36 18,225 5,082 4Q22
Livingston, NJ103 — 77 26 17,375 4,870 4Q22
Berea, OH120 120 — — 13,441 7,281 4Q22
Painesville, OH119 119 — — 13,016 5,263 4Q22
Beaver, PA116 116 — — 12,766 4,285 4Q22
Vienna, VA85 — 49 36 40,808 9,172 1Q23
New York, NY160 — 76 84 79,400 44,253 2Q23
Weymouth, MA165 91 48 26 76,188 8,670 3Q23
Charlotte, NC328 328 — — 71,658 17,342 1Q24
Gaithersburg, MD302 190 89 23 156,150 18,475 2Q24
Subtotal5,002 2,684 1,517 801 1,468,932 806,074 
Seniors Housing Triple-net
Redhill, UK76 — 46 30 21,417 17,794 1Q22
London, UK82 — 51 31 43,462 22,691 2Q22
Wombourne, UK66 — 41 25 16,164 9,394 2Q22
Leicester, UK60 — 36 24 15,086 8,296 2Q22
Rugby, UK76 — 51 25 20,627 6,868 4Q22
Raleigh, NC191 151 40 — 141,853 27,695 2Q23
Subtotal551 151 265 135 258,609 92,738 
Outpatient MedicalRentable Square FtPreleased %Health System AffiliationCommitment AmountBalance at 9/30/21Estimated Conversion
College Station, TX25,200 100 %Yes9,0255,581 4Q21
Norman, OK47,082 100 %Yes21,7922,308 3Q22
Tyler, TX85,214 100 %Yes34,750 7,447 4Q22
Subtotal157,496 65,567 15,336 
Total Development Projects$1,793,108 $914,148 
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)
2021 FundingFunding ThereafterTotal Unfunded CommitmentsCommitted Balances
Seniors Housing Operating335,0027.5 %$170,593 $492,265 $662,858 $1,468,932 
Seniors Housing Triple-net65517.2 %35,234 130,637 165,871 258,609 
Outpatient Medical3157,4966.3 %15,218 35,013 50,231 65,567 
Total427.4 %$221,045 $657,915 $878,960 $1,793,108 

Development Project Conversion Estimates(1)
Quarterly ConversionsAnnual Conversions
Amount
Projected
Yields(2)
Amount
Projected
Yields(2)
1Q21 actual$173,792 6.2 %2021 actual$435,727 7.6 %
2Q21 actual195,8068.7 %2021 estimate229,525 8.3 %
3Q21 actual66,1298.1 %2022 estimate997,526 7.0 %
4Q21 estimate229,5258.3 %2023 estimate338,2497.9 %
1Q22 estimate310,1537.5 %2024 estimate227,808 7.8 %
2Q22 estimate110,6736.4 %Total$2,228,835 7.5 %
3Q22 estimate232,1866.9 %
4Q22 estimate344,5146.7 %
1Q23 estimate40,8088.2 %
2Q23 estimate221,2537.8 %
3Q23 estimate76,1888.0 %
1Q24 estimate71,6585.8 %
2Q24 estimate156,1508.7 %
Total$2,228,835 7.5 %

Unstabilized Properties
6/30/2021 PropertiesStabilizations
Construction Conversions(3)
Acquisitions/ Dispositions9/30/2021 PropertiesBeds / Units
Seniors Housing Operating33(3)2— 324,650
Seniors Housing Triple-net15— —5 202,215
Total48(3)25 526,865
Occupancy6/30/2021 PropertiesStabilizations
Construction Conversions(3)
Acquisitions/ DispositionsProgressions9/30/2021 Properties
0% - 50%28 — 2 5 (2)33 
50% - 70%15 (1)— — — 14 
70% +5 (2)— — 2 5 
Total48 (3)2 5 — 52 
Occupancy9/30/2021 PropertiesMonths In OperationRevenues
% of Total Revenues(4)
Gross Investment Balance% of Total Gross Investment
0% - 50%33 7 $48,046 1.0 %$918,394 2.4 %
50% - 70%14 15 57,760 1.2 %464,102 1.2 %
70% +5 27 17,737 0.4 %119,402 0.3 %
Total52 11 $123,543 2.6 %$1,501,898 3.9 %
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)
$685,716 71,675 units
Seniors Housing Triple-net410,524 25,766 units
Outpatient Medical417,788 17,256,094 square feet
Health System161,732 19,086 units/beds
Long-Term/Post-Acute Care95,076 7,984 beds
Total In-Place NOI(2)
1,770,836 
Incremental stabilized NOI(3)
84,908 
Total stabilized NOI$1,855,744 
Obligations
Lines of credit and commercial paper(4)
$291,000 
Senior unsecured notes(4)
11,208,344 
Secured debt(4)
3,050,725 
Financing lease liabilities110,244 
Total debt$14,660,313 
Add (Subtract):
Other liabilities (assets), net(5)
$371,433 
Cash and cash equivalents and restricted cash(362,645)
Net obligations$14,669,101 
Other Assets
Land parcels$196,129 
Effective Interest Rate(8)
Real estate loans receivable(6)
1,151,813 11.2%
Non real estate loans receivable(7)
210,822 11.4%
Joint venture real estate loans receivables(9)
247,460 5.2%
Other investments(10)
9,312 
Investments held for sale(11)
283,031 
Development properties:(12)
Current balance920,968 
Unfunded commitments880,763 
Committed balances$1,801,731 
Projected yield7.4 %
Projected NOI$133,328 
Common Shares Outstanding(13)
436,670 
Notes:
(1) Includes $10,033,000 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 $1,154,547,000 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$134,651 
Below market tenant lease intangibles, net31,599 
Deferred taxes, net(37,175)
Intangible assets, net(42,825)
Other non-cash liabilities / (assets), net6,643 
Total non-cash liabilities/(assets), net$92,893 
(6) Represents $1,124,460,000 of real estate loans, excluding development loans and including certain in substance real estate developments and held to maturity debt securities, and net of $14,801,000 of credit allowances.
(7) Represents $360,520,000 of non-real estate loans, net of $149,698,000 of credit allowances.
(8) Average cash-pay interest rates are 6.8% and 2.2% 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 September 30, 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)
3Q204Q201Q212Q213Q21
Revenues:
Seniors Housing Operating
Resident fees and services$725,043 $701,590 $708,026 $726,516 $809,930 
Interest income113 313 1,125 859 1,117 
Other income977 1,136 1,967 860 1,049 
Total revenues726,133 703,039 711,118 728,235 812,096 
Seniors Housing Triple-net
Rental income92,572 115,604 57,328 108,612 114,039 
Interest income6,552 6,763 6,660 28,885 32,153 
Other income930 1,503 913 1,357 901 
Total revenues100,054 123,870 64,901 138,854 147,093 
Outpatient Medical
Rental income169,007 160,981 151,688 150,781 157,474 
Interest income760 4,226 3,538 4,731 472 
Other income966 1,472 1,936 5,002 2,057 
Total revenues170,733 166,679 157,162 160,514 160,003 
Health System
Rental income42,445 42,445 42,445 46,554 46,204 
Total revenues42,445 42,445 42,445 46,554 46,204 
Long-Term/Post-Acute Care
Rental income(46,789)54,272 49,761 40,542 32,255 
Interest income9,325 9,794 8,256 3,973 6,122 
Other income190 9 186 — 184 
Total revenues(37,274)64,075 58,203 44,515 38,561 
Corporate
Other income2,966 3,095 3,129 2,672 3,362 
Total revenues2,966 3,095 3,129 2,672 3,362 
Total
Rental income257,235 373,302 301,222 346,489 349,972 
Resident fees and services725,043 701,590 708,026 726,516 809,930 
Interest income16,750 21,096 19,579 38,448 39,864 
Other income6,029 7,215 8,131 9,891 7,553 
Total revenues1,005,057 1,103,203 1,036,958 1,121,344 1,207,319 
Property operating expenses:
Seniors Housing Operating550,755 539,465 539,058 584,484 644,241 
Seniors Housing Triple-net7,353 9,110 7,758 7,871 7,927 
Outpatient Medical52,312 50,231 47,764 46,184 48,796 
Health System20 20 20 54 64 
Long-Term/Post-Acute Care5,107 5,728 5,279 4,848 3,859 
Corporate1,718 1,663 1,654 2,174 3,054 
Total property operating expenses617,265 606,217 601,533 645,615 707,941 
Net operating income:
Seniors Housing Operating175,378 163,574 172,060 143,751 167,855 
Seniors Housing Triple-net92,701 114,760 57,143 130,983 139,166 
Outpatient Medical118,421 116,448 109,398 114,330 111,207 
Health System42,425 42,425 42,425 46,500 46,140 
Long-Term/Post-Acute Care(42,381)58,347 52,924 39,667 34,702 
Corporate1,248 1,432 1,475 498 308 
Net operating income$387,792 $496,986 $435,425 $475,729 $499,378 
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
September 30, 2021September 30, 2021
Net income (loss)$463,563 $190,336 
Interest expense489,178 122,522 
Income tax expense (benefit)6,952 4,940 
Depreciation and amortization995,798 267,754 
EBITDA1,955,491 585,552 
Loss (income) from unconsolidated entities10,501 15,832 
Stock-based compensation(2)
22,248 4,535 
Loss (gain) on extinguishment of debt, net64,760 (5)
Loss (gain) on real estate dispositions, net(409,166)(119,954)
Impairment of assets58,067 1,490 
Provision for loan losses, net90,394 (271)
Loss (gain) on derivatives and financial instruments, net(5,934)(8,078)
Other expenses(2)
52,960 3,519 
Leasehold interest adjustment(3)
(640)(640)
Casualty losses, net of recoveries(4)
998 998 
Other impairment(5)
49,241 — 
Total adjustments(66,571)(102,574)
Adjusted EBITDA$1,888,920 $482,978 
Interest Coverage Ratios
Interest expense$489,178 $122,522 
Capitalized interest18,265 4,669 
Non-cash interest expense(14,163)(5,461)
Total interest$493,280 $121,730 
EBITDA$1,955,491 $585,552 
Interest coverage ratio3.96  x4.81  x
Adjusted EBITDA$1,888,920 $482,978 
Adjusted Interest coverage ratio3.83  x3.97  x
Fixed Charge Coverage Ratios
Total interest$493,280 $121,730 
Secured debt principal amortization64,832 17,040 
Total fixed charges$558,112 $138,770 
EBITDA$1,955,491 $585,552 
Fixed charge coverage ratio3.50  x4.22  x
Adjusted EBITDA$1,888,920 $482,978 
Adjusted Fixed charge coverage ratio3.38  x3.48  x
Net Debt to EBITDA Ratios
Total debt(6)
$13,779,652 
  Less: cash and cash equivalents(7)
(307,385)
Net debt$13,472,267 
EBITDA Annualized$2,342,208 
Net debt to EBITDA ratio5.75  x
Adjusted EBITDA Annualized$1,931,912 
Net debt to Adjusted EBITDA ratio6.97  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) Represents $13,214,000 of revenues and $12,574,000 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 $110,244,000. Excludes operating lease liabilities of $434,303,000 related to ASC 842 adoption.
(7) Inclusive of IRC Section 1031 deposits, if any.

16
Financial


(in thousands except share price)
Leverage and Current Capitalization(1)
% of Total
Book Capitalization
Lines of credit and commercial paper(2)
$290,996 0.92 %
Long-term debt obligations(2)(3)
13,488,656 42.62 %
Cash and cash equivalents(4)
(307,385)(0.97)%
Net debt to consolidated book capitalization$13,472,267 42.57 %
Total equity(5)
18,172,111 57.43 %
Consolidated book capitalization$31,644,378 100.00 %
Joint venture debt, net(6)
780,944 
Total book capitalization$32,425,322 
Undepreciated Book Capitalization
Lines of credit and commercial paper(2)
$290,996 0.76 %
Long-term debt obligations(2)(3)
13,488,656 35.24 %
Cash and cash equivalents(4)
(307,385)(0.80)%
Net debt to consolidated undepreciated book capitalization$13,472,267 35.20 %
Accumulated depreciation and amortization6,634,061 17.33 %
Total equity(5)
18,172,111 47.47 %
Consolidated undepreciated book capitalization$38,278,439 100.00 %
Joint venture debt, net(6)
780,944 
Total undepreciated book capitalization$39,059,383 
Enterprise Value
Lines of credit and commercial paper(2)
$290,996 0.57 %
Long-term debt obligations(2)(3)
13,488,656 26.63 %
Cash and cash equivalents(4)
(307,385)(0.61)%
Net debt to consolidated enterprise value$13,472,267 26.60 %
Common shares outstanding435,274 
Period end share price82.40 
Common equity market capitalization$35,866,578 70.82 %
Noncontrolling interests(5)
1,308,908 2.58 %
Consolidated enterprise value$50,647,753 100.00 %
Joint venture debt, net(6)
780,944 
Total enterprise value$51,428,697 
Secured Debt as % of Total Assets
Secured debt(2)
$2,262,345 6.76 %
Total assets$33,480,025 
Total Debt as % of Total Assets
Total debt(2)(3)
$13,779,652 41.16 %
Total assets$33,480,025 
Unsecured Debt as % of Unencumbered Assets
Unsecured debt(2)
$11,407,063 35.45 %
Unencumbered assets$32,179,053 
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 $110,244,000 and excludes operating lease liabilities of $434,303,000 related to ASC 842 adoption.
(4) Inclusive of IRC Section 1031 deposits, if any.
(5) Includes all noncontrolling interests (redeemable and permanent) as reflected on our balance sheet.
(6) 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
2021$240,000 $— $211,978 $37,622 $(39,260)$450,340 3.10 %1.67 %
2022— — 481,702 108,970 (69,870)520,802 3.58 %3.27 %
2023— 697,270 504,855 145,906 (134,472)1,213,559 8.34 %2.41 %
2024— 1,350,000 183,192 133,585 (24,598)1,642,179 11.29 %3.83 %
2025— 1,260,000 178,544 500,193 (33,169)1,905,568 13.10 %3.82 %
202651,000 700,000 88,834 21,027 (24,734)836,127 5.75 %4.05 %
2027— 736,724 163,805 65,821 (45,027)921,323 6.33 %2.95 %
2028— 1,490,850 76,232 27,033 (13,211)1,580,904 10.87 %4.48 %
2029— 1,050,000 247,298 36,530 (1,935)1,331,893 9.15 %3.13 %
2030— 750,000 5,935 32,039 (1,136)786,838 5.41 %3.07 %
Thereafter— 3,173,500 127,406 96,049 (36,419)3,360,536 23.08 %4.11 %
Totals$291,000 $11,208,344 $2,269,781 $1,204,775 $(423,831)$14,550,069 100.00 %
Weighted Avg. Interest Rate(8)
0.73 %3.71 %3.10 %3.28 %2.86 %3.54 %
Weighted Avg. Maturity Years0.8
(2)
7.93.75.83.57.1
(2)
% Floating Rate Debt100.00 %6.31 %33.01 %33.37 %41.18 %13.57 %

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$291,000 $9,360,000 $1,191,336 $885,460 $(180,618)$11,547,178 $— 
United Kingdom— 1,414,350 — — — 1,414,350 2,565,642 
Canada— 433,994 1,078,445 319,315 (243,213)1,588,541 493,174 
Totals$291,000 $11,208,344 $2,269,781 $1,204,775 $(423,831)$14,550,069 $3,058,816 
Notes:
(1) Represents principal amounts due excluding unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet.
(2) The 2021 maturity reflects the $240,000,000 in principal outstanding on our unsecured commercial paper program as of as of September 30, 2021. The unsecured revolving credit facility is comprised of a $1,000,000,000 tranche that matures on June 4, 2023 (none outstanding at September 30, 2021) and a $3,000,000,000 tranche that matures on June 4, 2025 ($51,000,000 outstanding at September 30, 2021). Both tranches may be extended for two successive terms of six month at our option. These borrowings reduce the available borrowing capacity of our unsecured revolving credit facility to $3,709,000,000 as of September 30, 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 7.2 years with extensions.
(3) 2023 includes a $500,000,000 unsecured term loan and a CAD $250,000,000 unsecured term loan (approximately $197,270,000 USD at September 30, 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 $236,724,000 USD at September 30, 2021) that matures on January 15, 2027.
(5) 2028 includes £550,000,000 of 4.80% senior unsecured notes (approximately $740,850,000 USD at September 30, 2021). The notes mature on November 20, 2028.
(6) Thereafter includes £500,000,000 of 4.50% senior unsecured notes (approximately $673,500,000 USD at September 30, 2021). The notes mature on December 1, 2034.
(7) Excludes operating lease liabilities of $434,303,000 and finance lease liabilities of $110,244,000 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 $(8,078,000), 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 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 Internal Revenue Code (“IRC”) Section 1031 deposits. 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 any IRC Section 1031 deposits), 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 Reconciliation3Q204Q201Q212Q213Q21
Net income (loss)$394,978 $155,278 $72,192 $45,757 $190,336 
Loss (gain) on real estate dispositions, net(484,304)(185,464)(59,080)(44,668)(119,954)
Loss (income) from unconsolidated entities5,981 (258)(13,049)7,976 15,832 
Income tax expense (benefit)2,003 290 3,943 (2,221)4,940 
Other expenses11,544 33,088 10,994 11,687 3,575 
Impairment of assets23,313 9,317 23,568 23,692 1,490 
Provision for loan losses, net2,857 83,085 1,383 6,197 (271)
Loss (gain) on extinguishment of debt, net33,004 13,796 (4,643)55,612 (5)
Loss (gain) on derivatives and financial instruments, net1,395 569 1,934 (359)(8,078)
General and administrative expenses31,003 27,848 29,926 31,436 32,256 
Depreciation and amortization255,532 242,733 244,426 240,885 267,754 
Interest expense124,851 121,173 123,142 122,341 122,522 
Consolidated net operating income402,157 501,455 434,736 498,335 510,397 
NOI attributable to unconsolidated investments(1)
13,659 21,481 21,516 21,180 20,042 
NOI attributable to noncontrolling interests(2)
(28,024)(25,950)(20,827)(43,786)(31,061)
Pro rata net operating income (NOI)(3)
$387,792 $496,986 $435,425 $475,729 $499,378 


In-Place NOI Reconciliation
At Welltower pro rata ownershipSeniors Housing OperatingSeniors Housing Triple-netOutpatient MedicalHealth SystemLong-Term
/Post-Acute Care		CorporateTotal
Revenues$812,096 $147,093 $160,003 $46,204 $38,561 $3,362 $1,207,319 
Property operating expenses(644,241)(7,927)(48,796)(64)(3,859)(3,054)(707,941)
NOI(3)
167,855 139,166 111,207 46,140 34,702 308 499,378 
Adjust:
Interest income(1,117)(32,153)(472)— (6,122)— (39,864)
Other income(1,049)(901)(2,057)— (184)(3,362)(7,553)
Sold / held for sale34 (99)(1,851)(415)(3,673)— (6,004)
Developments / land1,963 — 119 — — — 2,082 
Non In-Place NOI(4)
(3,673)(4,946)(2,711)(5,292)(954)3,054 (14,522)
Timing adjustments(5)
7,416 1,564 212 — — — 9,192 
Total adjustments3,574 (36,535)(6,760)(5,707)(10,933)(308)(56,669)
In-Place NOI171,429 102,631 104,447 40,433 23,769 — 442,709 
Annualized In-Place NOI$685,716 $410,524 $417,788 $161,732 $95,076 $— $1,770,836 

Same Store Property Reconciliation
Seniors Housing OperatingSeniors Housing
Triple-net		Outpatient MedicalHealth SystemLong-Term
/Post-Acute Care		Total
Total properties781 350 376 205 103 1,815 
Recent acquisitions/ development conversions(6)
(160)(34)(13)(2)— (209)
Under development(33)(5)(3)— — (41)
Under redevelopment(7)
(8)— (2)— (1)(11)
Current held for sale(2)(3)(2)(4)(13)(24)
Land parcels, loans and sub-leases(11)(14)(6)— (7)(38)
Transitions(8)
(38)(13)— (9)(3)(63)
Other(9)
(2)— — — (2)(4)
Same store properties527 281 350 190 77 1,425 
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) Primarily represents non-cash NOI.
(5) Represents timing adjustments for current quarter acquisitions, construction conversions and segment or operator transitions
(6) Acquisitions and development conversions will enter the same store pool 5 full quarters after acquisition or certificate of occupancy.
(7) Redevelopment properties will enter the same store pool after 5 full quarters of operations post redevelopment completion.
(8) 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.
(9) Represents properties that are either closed or being closed.
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Supplemental Reporting Measures
(dollars in thousands at Welltower pro rata ownership)
Same Store NOI Reconciliation3Q204Q201Q212Q213Q21Y/o/Y
Seniors Housing Operating
NOI$175,378 $163,574 $172,060 $143,751 $167,855 
Non-cash NOI on same store properties(1,064)(399)(870)12,289 (85)
NOI attributable to non-same store properties(9,723)(4,842)(12,690)(6,778)(23,506)
Currency and ownership adjustments(1)
1,554 1,561 (535)(1,116)(220)
Normalizing adjustment for government grants(2)
— (12,350)(32,954)(9,327)(5,166)
Normalizing adjustment for casualty related expenses, net(3)
— — — 1,192 1,387 
Other normalizing adjustments(4)
(1,227)(377)— (886)98 
SSNOI(5)
164,918 147,167 125,011 139,125 140,363 (14.9)%
Seniors Housing Triple-net
NOI92,701 114,760 57,143 130,983 139,166 
Non-cash NOI on same store properties16,800 (3,314)42,284 (1,524)(1,289)
NOI attributable to non-same store properties(26,641)(28,510)(19,065)(42,777)(54,195)
Currency and ownership adjustments(1)
1,597 1,224 288 325 15 
Other normalizing adjustments(4)
(54)(858)3,282 (3,282)— 
SSNOI84,403 83,302 83,932 83,725 83,697 (0.8)%
Outpatient Medical
NOI118,421 116,448 109,398 114,330 111,207 
Non-cash NOI on same store properties(3,590)(3,092)(2,654)(2,665)(1,892)
NOI attributable to non-same store properties(8,521)(7,476)(5,673)(11,961)(8,623)
Currency and ownership adjustments(1)
(10,052)(5,695)(1,140)(55)296 
Normalizing adjustment for lease restructure(6)
— — — — (705)
Other normalizing adjustments(4)
469 (664)(155)(348)(309)
SSNOI96,727 99,521 99,776 99,301 99,974 3.4 %
Health System
NOI42,425 42,425 42,425 46,500 46,140 
Non-cash NOI on same store properties(5,585)(5,278)(5,278)(5,278)(4,647)
NOI attributable to non-same store properties(1,111)(1,096)(1,096)(5,171)(4,781)
SSNOI35,729 36,051 36,051 36,051 36,712 2.8 %
Long-Term/Post-Acute Care
NOI(42,381)58,347 52,924 39,667 34,702 
Non-cash NOI on same store properties4,945 (1,150)(326)(950)(1,137)
NOI attributable to non-same store properties59,861 (34,685)(30,436)(16,445)(11,274)
Currency and ownership adjustments(1)
86 49 — (55)(10)
Other normalizing adjustments(4)
— — 169 — — 
SSNOI22,511 22,561 22,331 22,217 22,281 (1.0)%
Corporate
NOI1,248 1,432 1,475 498 308 
NOI attributable to non-same store properties(1,248)(1,432)(1,475)(498)(308)
SSNOI— — — — — 
Total
NOI387,792 496,986 435,425 475,729 499,378 
Non-cash NOI on same store properties11,506 (13,233)33,156 1,872 (9,050)
NOI attributable to non-same store properties12,617 (78,041)(70,435)(83,630)(102,687)
Currency and ownership adjustments(1)
(6,815)(2,861)(1,387)(901)81 
Normalizing adjustments, net(812)(14,249)(29,658)(12,651)(4,695)
SSNOI$404,288 $388,602 $367,101 $380,419 $383,027 (5.3)%
Notes:
(1) Includes 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.    
(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.
(6) Represents normalizing adjustment related to a lease restructure associated with one Outpatient Medical tenant.
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Supplemental Reporting Measures
(dollars in thousands, except REVPOR, SS REVPOR and SSNOI/unit)
SHO REVPOR ReconciliationUnited StatesUnited KingdomCanadaTotal
Consolidated SHO revenues$637,395 $101,430 $100,694 $839,519 
Unconsolidated SHO revenues attributable to Welltower(1)
24,204 — 21,787 45,991 
SHO revenues attributable to noncontrolling interests(2)
(38,669)(12,725)(22,020)(73,414)
Pro rata SHO revenues(3)
622,930 88,705 100,461 812,096 
SHO interest and other income(2,156)(1)(41)(2,198)
SHO revenues attributable to sold and held for sale properties(144)— (179)(323)
Currency and ownership adjustments(4)
— 94 (534)(440)
SHO local revenues620,661 88,798 99,707 809,166 
Average occupied units/month36,638 2,981 11,154 50,773 
REVPOR/month in USD$5,601 $9,848 $2,955 $5,269 
REVPOR/month in local currency(4)
£7,136 $3,748 

Reconciliations of SHO SS REVPOR Growth, SSNOI Growth and SSNOI/Unit
United StatesUnited KingdomCanadaTotal
3Q203Q213Q203Q213Q203Q213Q203Q21
SHO SS REVPOR Growth
Consolidated SHO revenues$556,042 $637,395 $80,935 $101,430 $105,088 $100,694 $742,065 $839,519 
Unconsolidated SHO revenues attributable to WELL(1)
21,823 24,204 — — 20,751 21,787 42,574 45,991 
SHO revenues attributable to noncontrolling interests(2)
(27,743)(38,669)(7,498)(12,725)(23,264)(22,020)(58,505)(73,414)
SHO pro rata revenues(3)
550,122 622,930 73,437 88,705 102,575 100,461 726,134 812,096 
Non-cash revenues on same store properties(848)(562)— — — — (848)(562)
Revenues attributable to non-same store properties(37,344)(115,170)(12,184)(23,542)(5,285)(3,505)(54,813)(142,217)
Currency and ownership adjustments(4)
(6,611)— 3,768 69 5,109 (517)2,266 (448)
Other normalizing adjustments(5)
(1,481)— — — — — (1,481)— 
SHO SS revenues(6)
503,838 507,198 65,021 65,232 102,399 96,439 671,258 668,869 
Avg. occupied units/month(7)
26,690 26,605 2,316 2,261 11,730 10,850 40,736 39,716 
SHO SS REVPOR(8)
$6,241 $6,303 $9,282 $9,539 $2,886 $2,939 $5,448 $5,568 
SS REVPOR YOY growth— %1.0 %— %2.8 %— %1.8 %— 2.2 %
SHO SSNOI Growth
Consolidated SHO NOI$125,856 $118,378 $19,802 $24,603 $28,703 $29,928 $174,361 $172,909 
Unconsolidated SHO NOI attributable to WELL(1)
4,836 3,599 — — 7,487 6,949 12,323 10,548 
SHO NOI attributable to noncontrolling interests(2)
(3,753)(6,469)(1,361)(2,654)(6,192)(6,479)(11,306)(15,602)
SHO pro rata NOI(3)
126,939 115,508 18,441 21,949 29,998 30,398 175,378 167,855 
Non-cash NOI on same store properties(1,075)(112)11 9 — 18 (1,064)(85)
NOI attributable to non-same store properties(6,035)(16,835)(3,631)(6,107)(57)(564)(9,723)(23,506)
Currency and ownership adjustments(4)
(914)(80)907 20 1,561 (160)1,554 (220)
Normalizing adjustment for government grants(9)
— — — (280)— (4,886)— (5,166)
Normalizing adjustment for casualty related expenses(10)
— 1,387 — — — — — 1,387 
Other normalizing adjustments(5)
(1,227)98 — — — — (1,227)98 
SHO pro rata SSNOI(6)
$117,688 $99,966 $15,728 $15,591 $31,502 $24,806 $164,918 $140,363 
SHO SSNOI growth(15.1)%(0.9)%(21.3)%(14.9)%
SHO SSNOI/Unit
Trailing four quarters' SSNOI(6)
$393,010 $57,157 $101,499 $551,666 
Average units in service(11)
34,867 3,183 13,996 52,046 
SSNOI/unit in USD$11,272 $17,957 $7,252 $10,600 
SSNOI/unit in local currency(4)
£13,012 $9,180 
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 aggregate normalizing adjustments which are individually less than .50% of SSNOI growth.
(6) Represents SS SHO revenues/SSNOI at Welltower pro rata ownership. See page 22 for more information.
(7) Represents average occupied units for SS properties related solely to referenced country on a pro rata basis.
(8) Represents pro rata SS average revenues generated per occupied room per month.
(9) 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.
(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 duration and scope of the COVID-19 pandemic; the impact of the COVID-19 pandemic on occupancy rates and on the operations of Welltower and its operators/tenants; actions governments take in response to the COVID-19 pandemic, including the introduction of public health measures and other regulations affecting Welltower’s properties and the operations of Welltower and its operators/tenants; the effects of health and safety measures adopted by Welltower and its operators/tenants related to the COVID-19 pandemic; increased operational costs as a result of health and safety measures related to COVID-19; the impact of the COVID-19 pandemic on the business and financial condition of operators/tenants and their ability to make payments to Welltower; disruptions to Welltower's property acquisition and disposition activity due to economic uncertainty caused by COVID-19; general economic uncertainty in key markets as a result of the COVID-19 pandemic and a worsening of global economic conditions or low levels of economic growth; the status of capital markets, including availability and cost of capital; uncertainty from the expected discontinuance of LIBOR and the transition to any other interest rate benchmark; 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 Welltower’s 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. Finally, 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 November 4, 2021 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 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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