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Published: 2021-07-29 16:07:57 ET
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EX-99.2 3 a2q21supplement992.htm EX-99.2 Document

welltowersupplemental_2q20.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 Operating18672 77,13135,97628,70711,922526
Seniors Housing Triple-net1534228,2675,34116,1006,522304
Outpatient Medical1637122,179,742(1)n/an/an/an/a
Health System2921725,9912016933,13721,930
Long-Term/Post-Acute Care21123 14,65240843—13,769
Total181,725

NOI Performance
Same Store(2)
In-Place Portfolio(3)
Properties2Q20 NOI2Q21 NOI% ChangePropertiesAnnualized
In-Place NOI		% of Total
Seniors Housing Operating528$168,076 $138,535 (17.6)%623$605,268 36.8 %
Seniors Housing Triple-net(4)
28285,376 83,101(2.7)%322386,148 23.5 %
Outpatient Medical35097,27999,4412.2 %359403,080 24.5 %
Health System190 34,907 35,866 2.7 %200 157,612 9.6 %
Long-Term/Post-Acute Care(4)
7722,47222,217(1.1)%9093,260 5.6 %
Total1,427$408,110 $379,160 (7.1)%1,594$1,645,368 100.0 %

Portfolio PerformanceFacility Revenue Mix
Stable Portfolio(5)
Occupancy
EBITDAR Coverage(6)
EBITDARM Coverage(6)
Private PayMedicaidMedicare
Other Government(7)
Seniors Housing Operating74.6 %n/an/a96.5 %1.2 %0.5 %1.8 %
Seniors Housing Triple-net72.5 %0.891.0590.4 %3.3 %0.8 %5.5 %
Outpatient Medical94.8 %n/an/a100.0 %— — — 
Health System(8)
67.9 %1.251.9135.3 %45.3 %19.4 %— %
Long-Term/Post-Acute Care70.2 %1.291.5530.2 %34.3 %35.5 %— %
Total1.051.3592.9 %3.5 %1.8 %1.8 %
Notes:
(1) Indicates the total square footage of Outpatient Medical.
(2) See pages 22 and 23 for reconciliation.
(3) Excludes land parcels, loans, developments and investments held for sale. See page 22 for reconciliation.
(4) Same store NOI for these property types represents cash rent excluding the impact of expansions.
(5) Data as of June 30, 2021 for Seniors Housing Operating and Outpatient Medical and March 31, 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 the 8 properties sold during the quarter ended June 30, 2021 and the 17 properties classified as held for sale as of June 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 America131 $116,838 $— $— $— $— $116,838 7.1 %
Sunrise Senior Living United Kingdom45 55,616 — — — — 55,616 3.4 %
ProMedica200 — — — 157,612 — 157,612 9.6 %
Avery Healthcare55 5,311 70,872 — — — 76,183 4.6 %
Revera85 74,477 — — — — 74,477 4.5 %
Belmont Village21 69,042 — — — — 69,042 4.2 %
Legend Senior Living33 — 67,588 — — 1,088 68,676 4.2 %
Brookdale Senior Living85 (1,038)60,629 — — — 59,591 3.6 %
Sagora Senior Living31 16,765 26,729 — — — 43,494 2.6 %
Senior Resource Group24 36,856 — — — — 36,856 2.2 %
Chartwell41 34,152 — — — — 34,152 2.1 %
Remaining843 197,249 160,330 403,080 — 92,172 852,831 51.9 %
Total1,594 $605,268 $386,148 $403,080 $157,612 $93,260 $1,645,368 100.0 %
By Country:
United States1,339 $402,558 $307,312 $403,080 $157,612 $85,871 $1,356,433 82.4 %
United Kingdom114 76,600 75,060 — — — 151,660 9.2 %
Canada141 126,110 3,776 — — 7,389 137,275 8.4 %
Total1,594 $605,268 $386,148 $403,080 $157,612 $93,260 $1,645,368 100.0 %
By MSA:
Los Angeles67$58,490 $18,693 $31,258 $— $— $108,441 6.6 %
Dallas5821,299 21,417 30,416 760 3,949 77,841 4.7 %
New York7636,625 2,848 29,087 5,228 3,196 76,984 4.7 %
Greater London4752,024 17,535 — — — 69,559 4.2 %
Washington D.C.4025,624 1,420 6,949 15,753 3,498 53,244 3.2 %
Philadelphia456,008 1,537 23,022 19,471 553 50,591 3.1 %
Houston325,840 3,272 27,881 — — 36,993 2.2 %
San Diego1818,334 6,438 7,231 — 2,725 34,728 2.1 %
San Francisco2019,584 10,128 — 4,385 — 34,097 2.1 %
Montréal2133,171 — — — — 33,171 2.0 %
Chicago4210,071 5,710 5,366 9,801 — 30,948 1.9 %
Charlotte25— 9,662 21,052 — — 30,714 1.9 %
Minneapolis20(811)15,250 14,200 — — 28,639 1.7 %
Toronto2427,456 — — — — 27,456 1.7 %
Seattle277,927 3,130 14,756 1,335 — 27,148 1.6 %
Raleigh124,806 17,391 1,021 — — 23,218 1.4 %
Baltimore193,429 — 11,864 3,998 3,029 22,320 1.4 %
Miami361,302 — 15,707 5,217 — 22,226 1.4 %
Atlanta23733 — 18,675 1,807 — 21,215 1.3 %
Birmingham, UK158,665 10,938 — — — 19,603 1.2 %
Remaining927 264,691240,779144,59589,85776,310816,232 49.6 %
Total1,594 $605,268 $386,148 $403,080 $157,612 $93,260 $1,645,368 100.0 %
Notes:
(1) Represents current quarter annualized In-Place NOI. See page 22 for reconciliation.


2
Portfolio

(dollars, units and occupancy at Welltower pro rata ownership; dollars in thousands)
Seniors Housing Operating
Total Portfolio Performance(1)
2Q203Q204Q201Q212Q21
Properties578 563 607 608 630 
Units56,822 55,498 58,370 58,185 59,670 
Total occupancy80.7 %77.9 %76.0 %72.7 %73.0 %
Total revenues$752,586 $726,133 $703,039 $711,118 $728,235 
Operating expenses573,042 550,755 539,465 539,058 584,484 
NOI$179,544 $175,378 $163,574 $172,060 $143,751 
Recurring cap-ex$11,042 $11,851 $14,356 $7,255 $14,448 
Other cap-ex$26,445 $27,577 $27,728 $13,413 $31,794 

Same Store Performance(2)
2Q203Q204Q201Q212Q21
Properties528 528 528 528 528 
Occupancy81.0 %78.4 %76.9 %73.9 %74.3 %
Same store revenues$698,084 $680,472 $665,011 $641,296 $653,143 
Compensation317,301 312,291 304,352 306,689 306,825 
Utilities25,620 28,551 28,359 30,297 26,693 
Food25,965 24,983 25,578 23,418 23,975 
Repairs and maintenance13,556 16,849 17,311 17,300 18,640 
Property taxes26,227 26,849 25,281 27,238 26,545 
All other121,339 104,425 116,466 111,762 111,930 
Same store operating expenses530,008 513,948 517,347 516,704 514,608 
Same store NOI$168,076 $166,524 $147,664 $124,592 $138,535 
NOI margin24.1 %24.5 %22.2 %19.4 %21.2 %
Year over year NOI growth rate(17.6)%
Partners
Properties(3)
Pro Rata Units(3)
Welltower Ownership %(4)
Core Markets2Q21 NOI% of Total
Sunrise Senior Living176 14,039 99.3 %Southern California$20,874 14.5 %
Revera85 8,351 75.0 %Greater London12,779 8.9 %
Belmont Village21 2,804 95.0 %Northern California12,500 8.7 %
Senior Resource Group24 3,268 62.1 %Montréal8,207 5.7 %
Chartwell Retirement Residences41 4,393 50.3 %New York / New Jersey8,105 5.6 %
Brandywine Living29 2,791 99.7 %Washington D.C.7,243 5.0 %
Pegasus Senior Living36 3,872 98.6 %Toronto6,781 4.7 %
Cogir18 2,924 88.8 %Boston3,486 2.4 %
Clover Management33 3,630 90.0 %Ottawa3,345 2.3 %
Oakmont Senior Living9 733 100.0 %Birmingham, UK2,164 1.5 %
Sagora Senior Living14 1,483 66.6 %Seattle1,966 1.4 %
Signature Senior Lifestyle11 758 75.0 %Vancouver1,734 1.2 %
Balfour Senior Living7 675 95.0 %Manchester, UK1,518 1.1 %
Frontier Management53 3,108 92.5 %Core Markets90,702 63.0 %
Remaining 66 6,710 All Other53,049 37.0 %
Total623 59,539 Total$143,751 100.0 %
Notes:
(1) Properties, units and occupancy exclude land parcels and properties under development.
(2) See pages 22 and 23 for reconciliation.
(3) Represents In-Place Portfolio.
(4) Welltower ownership percentage weighted based on In-Place NOI. See page 22 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 1.7% 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 Angeles31 / 3,678$58,490 14.5 %6 / 1,1356 / 598$4,892 1.7 %10.9 %6,807 $100,862 $1,042,035 1.8 %8.6 %
New York32 / 2,75736,625 9.1 %2 / 5193 / 2631,889 -0.1 %4.8 %3,990 119,267 549,240 0.7 %10.7 %
Washington D.C.14 / 1,57125,624 6.4 %4 / 6686 / 8202,509 3.1 %11.7 %5,377 137,375 713,342 1.6 %3.6 %
Dallas22 / 2,92121,299 5.3 %1 / 2291 / 214128 7.7 %29.4 %3,196 79,339 339,677 1.7 %7.4 %
San Francisco13 / 1,62319,584 4.9 %— — — 3.2 %11.3 %9,023 131,187 1,186,392 (0.6)%6.1 %
San Diego8 / 1,03318,334 4.6 %— — — 2.7 %15.1 %4,617 112,683 968,370 (0.3)%9.3 %
Boston12 / 83213,574 3.4 %— — — 2.5 %7.2 %3,084 131,937 780,148 (1.0)%10.6 %
Sacramento7 / 59812,476 3.1 %— — — 3.5 %12.5 %3,715 92,582 518,299 0.3 %7.5 %
Denver5 / 73510,990 2.7 %5 / 7102 / 3663,603 7.1 %25.8 %5,108 81,798 581,288 1.2 %8.0 %
Boulder, CO6 / 51810,770 2.7 %— — — 6.1 %29.3 %2,031 101,769 695,001 N/A4.3 %
Chicago18 / 1,94710,071 2.5 %1 / 1771 / 131805 -0.3 %8.9 %3,102 99,060 349,438 1.3 %7.3 %
San Jose4 / 4808,269 2.1 %1 / 411 / 137440 3.0 %12.0 %6,782 145,204 1,505,838 (2.4)%5.4 %
Seattle14 / 1,4157,927 2.0 %3 / 2814 / 435637 6.4 %19.8 %5,039 103,069 663,121 1.1 %7.3 %
Charlottesville, VA1 / 3027,757 1.9 %— — — 2.9 %10.2 %2,100 58,803 375,962 N/A5.3 %
Buffalo10 / 1,2547,508 1.9 %— — — 0.0 %3.1 %2,791 73,386 190,759 (0.6)%17.4 %
San Antonio4 / 1,0756,719 1.7 %1 / 1121 / 162679 8.7 %29.7 %2,419 68,936 272,597 (0.5)%8.5 %
Philadelphia12 / 9726,008 1.5 %2 / 3372 / 177526 0.9 %4.6 %2,106 110,291 394,676 0.1 %10.4 %
Houston10 / 9535,840 1.5 %2 / 2302 / 2412,496 7.4 %25.9 %3,465 80,630 376,426 3.9 %4.8 %
Santa Rosa, CA4 / 5115,315 1.3 %— — — 1.1 %6.7 %2,032 82,841 729,913 N/A8.3 %
Vallejo, CA4 / 5764,891 1.2 %— — — 2.7 %10.2 %3,209 83,265 477,226 N/A6.3 %
Raleigh2 / 2504,806 1.2 %1 / 1381 / 1761,829 6.4 %25.6 %3,214 93,995 331,133 2.8 %9.8 %
Trenton, NJ2 / 2074,687 1.2 %1 / 1201 / 1121,824 1.3 %7.9 %812 126,630 489,925 N/A6.1 %
Salisbury, MD2 / 2144,665 1.2 %— — — 8.0 %10.1 %654 76,355 424,518 N/A19.9 %
Las Vegas4 / 7004,651 1.2 %— — — 5.5 %15.2 %6,231 53,260 278,585 2.1 21.4 %
Santa Maria, CA1 / 3634,403 1.1 %— — — 1.5 %5.1 %2,253 121,828 945,988 N/A8.6 %
Total - Top 25242 / 27,485$321,283 79.8 %30 / 4,69731 / 3,832$22,257 3.1 %13.4 %4,351 $105,284 $726,839 0.7 %8.3 %
All Other US SHO Markets185 / 18,16281,275 20.2 %17 / 2,15119 / 2,4615,619 2.9 %11.0 %2,132 79,112 334,601 
Total US SHO427 / 45,647$402,558 100.0 %47 / 6,84850 / 6,293$27,876 3.0 %12.3 %3,400 $99,176 $635,289 
% of Total IPNOI1.7 %
US National Average2.9 %10.8 %94$67,761 $254,824 1.0 %
(10)
8.6 %
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 22 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 2021-2026.
(6) Average population density data represents average population per square mile within a 3-mile ring based on 2021 Claritas estimates.
(7) Household income and household value data are medians weighted by IPNOI.
(8) NIC MAP Data and Analysis Service, 2Q21. 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 May 2020 - May 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 3.4% 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 Angeles31 / 3,678$58,490 14.5 %8 / 1,49113 / 1,586$8,225 1.8 %11.4 %6,609 $95,067 $970,102 1.8 %8.6 %
New York32 / 2,75736,625 9.1 %3 / 6515 / 3933,008 0.1 %4.8 %3,937 114,327 530,624 0.7 %10.7 %
Washington D.C.14 / 1,57125,624 6.4 %6 / 87611 / 1,2773,342 3.5 %12.3 %5,367 128,657 684,557 1.6 %3.6 %
Dallas22 / 2,92121,299 5.3 %6 / 8966 / 8172,156 7.6 %28.9 %2,872 77,227 332,882 1.7 %7.4 %
San Francisco13 / 1,62319,584 4.9 %2 / 1592 / 225208 3.2 %11.5 %7,684 131,708 1,130,549 (0.6)%6.1 %
San Diego8 / 1,03318,334 4.6 %— — — 2.9 %13.7 %4,300 108,618 866,944 (0.3)%9.3 %
Boston12 / 83213,574 3.4 %1 / 1562 / 114— 2.5 %7.3 %3,015 124,028 710,891 (1.0)%10.6 %
Sacramento7 / 59812,476 3.1 %— — — 3.4 %13.2 %3,482 90,839 491,273 0.3 %7.5 %
Denver5 / 73510,990 2.7 %6 / 7914 / 5297,438 6.9 %24.4 %4,785 80,354 523,295 1.2 %8.0 %
Boulder, CO6 / 51810,770 2.7 %— — — 6.5 %26.5 %1,411 107,077 679,682 N/A4.3 %
Chicago18 / 1,94710,071 2.5 %3 / 4043 / 3711,026 -0.4 %9.6 %2,958 103,542 364,513 1.3 %7.3 %
San Jose4 / 4808,269 2.1 %2 / 1542 / 2803,524 3.0 %12.0 %5,784 146,128 1,494,081 (2.4)%5.4 %
Seattle14 / 1,4157,927 2.0 %4 / 4175 / 5051,170 6.5 %21.7 %4,543 106,103 666,766 1.1 %7.3 %
Charlottesville, VA1 / 3027,757 1.9 %— — — 4.0 %12.9 %1,491 74,576 377,174 N/A5.3 %
Buffalo10 / 1,2547,508 1.9 %— — — -0.2 %3.2 %2,516 69,327 180,286 (0.6)%17.4 %
San Antonio4 / 1,0756,719 1.7 %2 / 1521 / 1621,140 8.5 %28.8 %2,283 70,363 255,377 (0.5)%8.5 %
Philadelphia12 / 9726,008 1.5 %3 / 4214 / 3391,281 0.8 %4.8 %2,305 95,562 352,156 0.1 %10.4 %
Houston10 / 9535,840 1.5 %4 / 6344 / 6413,905 7.6 %28.9 %3,458 79,257 303,902 3.9 %4.8 %
Santa Rosa, CA4 / 5115,315 1.3 %— — — 1.3 %7.7 %1,127 85,680 739,848 N/A8.3 %
Vallejo, CA4 / 5764,891 1.2 %— — — 2.6 %10.7 %1,938 94,563 504,925 N/A6.3 %
Raleigh2 / 2504,806 1.2 %1 / 1381 / 1761,829 7.2 %31.8 %2,682 101,868 370,229 2.8 %9.8 %
Trenton, NJ2 / 2074,687 1.2 %2 / 2181 / 1121,824 0.5 %8.0 %1,068 124,877 467,344 N/A6.1 %
Salisbury, MD2 / 2144,665 1.2 %— — — 7.5 %9.7 %568 78,759 387,428 N/A19.9 %
Las Vegas4 / 7004,651 1.2 %— — — 5.8 %17.3 %5,875 52,236 278,145 2.1 21.4 %
Santa Maria, CA1 / 3634,403 1.1 %— — — 2.0 %6.1 %1,741 104,620 962,329 N/A8.6 %
Total - Top 25242 / 27,485$321,283 79.8 %53 / 7,55864 / 7,527$40,076 3.1 %13.7 %4,069 $102,371 $685,768 0.7 %8.3 %
All Other US SHO Markets185 / 18,16281,27520.2 %34 / 4,93036 / 4,34415,607 2.8 %11.3 %1,82272,239315,087
Total US SHO427 / 45,647$402,558 100.0 %87 / 12,488100 / 11,871$55,683 3.0 %12.7 %3,106$95,338 $599,251 
% of Total IPNOI3.4 %
US National Average2.9 %10.8 %94$67,761 $254,824 1.0 %
(10)
8.6 %
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 22 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 2021-2026.
(6) Average population density data represents average population per square mile within a 5-mile ring based on 2021 Claritas estimates.
(7) Household income and household value data are medians weighted by IPNOI.
(8) NIC MAP Data and Analysis Service, 2Q21. 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 May 2020 - May 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

(Currency amounts in thousands, except per unit and REVPOR. Company amounts at Welltower pro rata ownership. DNA = data not available.)
Seniors Housing Operating Quality Indicators
US Portfolio(1,3,4)
Industry Benchmarks(2)
Property age18 21 
5 year total population growth3.0 %2.9 %
5 year 75+ population growth12.3 %10.8 %
Housing value$635,289 $254,824 
Household income$99,176 $67,761 
REVPOR$6,242 $5,202 
SS REVPOR growth1.2 %1.4 %
SSNOI per unit$11,632 $16,505 
SSNOI growth(19.4)%DNA
UK Portfolio(1,3,4)
Industry Benchmarks(5)
Property age11 25 
Units per property82 41 
5 year total population growth2.7 %2.4 %
5 year 75+ population growth16.0 %17.9 %
Housing value£391,889 £250,341 
REVPOR£7,164 £3,783 
SS REVPOR growth4.1 %4.1 %
SSNOI per unit£13,045 £9,680 
SSNOI growth33.0 %DNA
Canadian Portfolio(1,3,4)
Industry Benchmarks(6)
5 year total population growth5.7 %5.5 %
5 year 75+ population growth18.9 %22.2 %
Housing value$540,421 $474,236 
Household income$110,942 $104,603 
REVPOR$3,772 $2,962 
SS REVPOR growth2.2 %2.8 %
SSNOI per unit$9,785 DNA
SSNOI growth(25.2)%DNA

Notes:
(1) Property age, housing value and household income are NOI weighted as of June 30, 2021. The median housing value and household income is used for the US, and the average housing value and household income is used for the UK and Canada. Housing value, household income and population growth are based on a 3-mile radius. Growth figures represent performance of Welltower's same store portfolio for current quarter. See page 24 for reconciliations.
(2) Property age, REVPOR and REVPOR growth per 2Q21 NIC MAP for Majority AL Properties in the primary and secondary markets; AMR is used as a proxy for REVPOR; population growth reflects 2021-2026 Claritas projections; housing value and household income are the US median per Claritas 2021; NOI per unit per The State of Seniors Housing 2020 and represents 2019 results.
(3) REVPOR is based on total 2Q21 results. See page 24 for reconciliation.
(4) SSNOI per unit represents the SSNOI per unit available based on trailing four quarters for those properties in the portfolio for 15 months preceding the end of the current portfolio performance period. SSNOI per unit for UK portfolio in GBP calculated by taking SSNOI per unit in USD divided by a standardized GBP/USD rate of 1.38. SSNOI per unit for Canadian portfolio in CAD calculated by taking SSNOI per unit in USD divided by a standardized USD/CAD rate of 1.2658. See page 24 for reconciliation.
(5) Property age, units per property, REVPOR, REVPOR growth and NOI per Unit derived from LaingBuisson, Care of Older People UK Market Report 31st Edition; population growth reflects 2021-2026 Experian projections; housing value represents UK average per Experian 2019.
(6) Population growth reflects 2019-2024 Environics projection; housing value and household income represents Canadian average per Environics WealthScapes 2020; REVPOR and REVPOR growth are calculated weighted averages from 2020 CMHC Seniors Housing reports from each province.

6
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
<0.85x6.2 %0.1 %6.3 %8 9 12.7 %0.1 %12.8 %6 11 
0.85x - 0.95x2.9 %— %2.9 %1 1 1.3 %2.2 %3.5 %11 4 
0.95x - 1.05x4.3 %— %4.3 %7 2 2.0 %0.6 %2.6 %7 3 
1.05x - 1.15x2.3 %2.2 %4.5 %9 4 — %0.1 %0.1 %2 1 
1.15x - 1.25x0.3 %0.6 %0.9 %8 2 5.6 %— %5.6 %11 3 
1.25x - 1.35x0.8 %0.1 %0.9 %6 2 — %— %— %11 — 
>1.35x4.8 %1.8 %6.6 %12 6 — %1.8 %1.8 %— 4 
Total21.6 %4.8 %26.4 %8 26 21.6 %4.8 %26.4 %8 26 
Revenue and Lease Maturity(2)
YearSeniors Housing
Triple-net		Outpatient MedicalHealth
System		Long-Term / Post-Acute CareInterest
Income		Total
Revenues		% of Total
2021$— $21,349 $— $— $2,506 $23,855 2.1 %
2022— 47,750 — 2,913 4,970 55,633 4.8 %
20231,642 49,234 — 840 6,756 58,472 5.0 %
202411,431 59,857 — — 15,396 86,684 7.5 %
20254,917 28,774 — — 2,364 36,055 3.1 %
202660,769 35,791 — 9,631 99,054 205,245 17.7 %
202729,266 25,077 — — 197 54,540 4.7 %
20284,527 25,020 — 16,839 2,523 48,909 4.2 %
202931,393 21,017 — — 562 52,972 4.6 %
203015,236 35,737 — 26,985 137 78,095 6.7 %
Thereafter154,646 99,743 157,354 43,046 3,917 458,706 39.6 %
$313,827 $449,349 $157,354 $100,254 $138,382 $1,159,166 100.0 %
Weighted Avg Maturity Years9 6 12 9 3 8 
Notes:
(1) Represents trailing twelve month coverage metrics as of March 31, 2021 for stable portfolio only. Agreements included represent 91% of total Seniors Housing Triple-net and Long-Term/Post-Acute Care In-Place NOI. See page 22 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.




7
Portfolio

(dollars, square feet and occupancy at Welltower pro rata ownership; dollars in thousands except per square feet)
Outpatient Medical
Total Portfolio Performance(1)
2Q203Q204Q201Q212Q21
Properties373 359 357 357 360 
Square feet19,878,423 19,150,586 17,315,776 16,917,791 17,291,495 
Occupancy94.1 %94.0 %94.5 %94.4 %94.8 %
Total revenues$178,695 $170,733 $166,679 $157,162 $160,514 
Operating expenses50,855 52,312 50,231 47,764 46,184 
NOI$127,840 $118,421 $116,448 $109,398 $114,330 
Revenues per square foot$35.96 $35.66 $38.50 $37.16 $37.13 
NOI per square foot$25.72 $24.73 $26.90 $25.87 $26.45 
Recurring cap-ex$6,537 $7,592 $7,278 $4,178 $5,978 
Other cap-ex$9,644 $8,946 $6,169 $2,376 $2,014 

Same Store Performance(2)
2Q203Q204Q201Q212Q21
Properties350 350 350 350 350 
Occupancy94.9 %94.9 %94.9 %94.6 %94.8 %
Same store revenues$138,965 $142,570 $143,688 $145,915 $145,049 
Same store operating expenses41,686 45,651 43,788 46,037 45,608 
Same store NOI$97,279 $96,919 $99,900 $99,878 $99,441 
NOI margin70.0 %68.0 %69.5 %68.4 %68.6 %
Year over year NOI growth rate2.2 %

Portfolio Diversification
by Tenant(4)
Rental Income% of TotalQuality Indicators
Kelsey-Seybold$24,945 5.6 %
Health system affiliated properties as % of NOI(3)
92.2 %
Virtua15,079 3.4 %
Health system affiliated tenants as % of rental income(3)
65.5 %
Novant Health13,664 3.0 %
Retention (trailing twelve months)(3)
89.1 %
Baylor Scott & White13,438 3.0 %
In-house managed properties as % of square feet(3,4)
88.5 %
Providence Health & Services13,418 3.0 %
Average remaining lease term (years)(3)
6.0 
Remaining portfolio368,805 82.0 %
Average building size (square feet)(3)
60,893 
Total$449,349 100.0 %Average age (years)16 

Expirations(3)
20212022202320242025Thereafter
Occupied square feet727,848 1,635,493 1,789,276 2,024,711 1,044,442 9,019,290 
% of occupied square feet4.5 %10.1 %11.0 %12.5 %6.4 %55.5 %
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 16,566,764 square feet. See pages 22 and 23 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.








8
Investment

(dollars in thousands at Welltower pro rata ownership)
Relationship Investment History
chart-371bd621229a459194c.jpg
Detail of Acquisitions/JVs(1)
20172018201920201Q212Q2117-21 Total
Count18 15 27 12 6 8 86 
Total$742,020 $3,788,261 $4,073,554 $910,217 $209,413 $503,362 $10,226,827 
Low7,310 4,950 7,550 6,201 5,000 13,650 4,950 
Median24,025 73,727 38,800 48,490 12,824 41,785 37,195 
High149,400 2,481,723 1,250,000 235,387 132,124 158,729 2,481,723 

Investment Timing
Acquisitions and Loan Funding(2)
Yield
Construction
Conversions(4)
YieldDispositions and Loan PayoffsYield
April$1,049,642 10.0 %$78,546 10.0 %$216,641 8.4 %
May2,604 6.0 %15,393 9.3 %69,211 1.8 %
June325,023 5.4 %101,867 7.6 %255,621 8.3 %
Total$1,377,269 8.9 %$195,806 8.7 %$541,473 7.5 %

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



9
Investment
    
(dollars in thousands at Welltower pro rata ownership, except per bed / unit / square foot)
Gross Investment Activity
Second Quarter 2021
PropertiesBeds / Units / Square FeetInvestment Per
Bed / Unit /
SqFt		Pro Rata
Amount		Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating 272,087 units$148,872 $242,293 
Seniors Housing Triple-net3476 units215,000 102,340 
Outpatient Medical2308,277 sf563 158,729 
Loan funding873,907 
Total acquisitions and loan funding(2)
321,377,269 8.9 %
Development Funding(3)
Development projects:
Seniors Housing Operating334,536 units112,106 
Seniors Housing Triple-net6551 units15,199 
Outpatient Medical5339,058 sf12,114 
Total development projects44139,419 
Expansion projects:
Seniors Housing Operating186 units1,095 
Outpatient Medical117,159 sf1,258 
Total expansion projects22,353 
Total development funding46141,772 7.4 %
Total gross investments1,519,041 8.8 %
Dispositions and Loan Payoffs(4)
Seniors Housing Operating8575 units68,445 31,192 
Health System81,099 units53,798 47,299 
Long-Term/Post-Acute Care3172beds436,047 75,000 
Loan payoffs387,982 
Total dispositions and loan payoffs(5)
19541,473 7.5 %
Net investments (dispositions)$977,568 

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
(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 Operating282,140 units$147,521 $247,293 
Seniors Housing Triple-net131,421 units200,110 284,356 
Outpatient Medical3347,419 sf540 172,726 
Health System148 units218,750 8,400 
Loan funding911,452 
Total acquisitions and loan funding(2)
451,624,227 8.5 %
Development Funding(3)
Development projects:
Seniors Housing Operating334,948 units186,886 
Seniors Housing Triple-net8718 units51,052 
Outpatient Medical7339,339 sf21,676 
Total development projects48259,614 
Expansion projects:
Seniors Housing Operating186 units1,674 
Outpatient Medical117,159sf1,941 
Total expansion projects23,615 
Total development funding50263,229 7.3 %
Total gross investments1,887,456 8.4 %
Dispositions and Loan Payoffs(4)
Seniors Housing Operating121,103 units96,939 88,693 
Outpatient Medical8534,194 sf365 158,878 
Health System81,099 units53,798 47,299 
Long-Term/Post-Acute Care3172 beds436,047 75,000 
Loan payoffs387,982 
Total dispositions and loan payoffs(5)
31757,852 6.9 %
Net investments (dispositions)$1,129,604 
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.

11
Investment
Property Acquisitions/ Joint Ventures Detail
OperatorUnitsLocationMSA
Seniors Housing Operating
Chartwell Retirement Residences564950 Boulevard Lucille-TeasdaleTerrebonneQCCAMontréal
Enclave Property Management953783 S 16th St #112Grand ForksNDUSGrand Forks, ND-MN
Oakmont Senior Living1111290 Santa Rosa DrChula VistaCAUSSan Diego
Pathway Senior Living45300 Lincoln Highway RoadCharlestonILUSCharleston-Mattoon, IL
Pathway Senior Living461101 North Maple StreetEffinghamILUSEffingham, IL
Pathway Senior Living46315 Market StreetFairfieldILUSNo MSA
Pathway Senior Living46165 Ron Morse DriveHarrisburgILUSNo MSA
Pathway Senior Living471920 Brookstone LaneMattoonILUSCharleston-Mattoon, IL
Pathway Senior Living462008 South 9th StreetMattoonILUSCharleston-Mattoon, IL
Pathway Senior Living461110 North East StreetOlneyILUSNo MSA
Pathway Senior Living46146 Brookstone LaneParisILUSNo MSA
Pathway Senior Living46300 Twin Lakes DriveRantoulILUSCharleston-Mattoon, IL
Pathway Senior Living421101 North Monroe StreetRobinsonILUSNo MSA
Pathway Senior Living461106 East Northline RoadTuscolaILUSNo MSA
Pathway Senior Living461607 West Fillmore StreetVandaliaILUSNo MSA
Pathway Senior Living18505 West Temple AvenueEffinghamILUSEffingham, IL
Pathway Senior Living572320 Sonora DriveGrove CityOHUSColumbus
Pathway Senior Living994650 East Galbraith RoadCincinnatiOHUSCincinnati
Pathway Senior Living52800 Becks Knob RoadLancasterOHUSColumbus
Pathway Senior Living41715 South Walnut StreetMarysvilleOHUSColumbus
Pathway Senior Living47500 Glenn AvenueWashington Court HouseOHUSWashington Court House, OH
Pathway Senior Living351301 North East StreetOlneyILUSNo MSA
Pathway Senior Living623495 McFarland RoadRockfordILUSRockford, IL
Pathway Senior Living611440 Somonauk StreetSycamoreILUSChicago
Pathway Senior Living852750 West Fair AvenueLancasterOHUSColumbus
Sparrow Partners1373013 Doryn DriveGrand PrairieTXUSDallas
Sunrise Senior Living751419 Horsham RdNorth WalesPAUSPhiladelphia
Total2,087 
Seniors Housing Triple-Net
StoryPoint Senior Living151 13390 N. Illinois StCarmelINUSIndianapolis
StoryPoint Senior Living164 12950 Tablick StFishersINUSIndianapolis
StoryPoint Senior Living161 6800 Central BlvdZionsvilleINUSIndianapolis
Total 476 
Health SystemSq. Ft
Atrium Health189,0441237 Harding PlaceCharlotteNCUSCharlotte
Atrium Health119,2331225 Harding PlaceCharlotteNCUSCharlotte
Total308,277 
(1) Please refer to the 2Q21 Welltower Facility Address List in the Investors section of our website for further details.

12
Investment
(dollars in thousands at Welltower pro rata ownership)
Development Summary(1)
Unit Mix
FacilityTotalIndependent LivingAssisted LivingMemory CareCommitment AmountBalance at 6/30/21Estimated Conversion
Seniors Housing Operating
New York, NY151 — 69 82 $98,125 $98,148 3Q21
Scarborough, ON172 141 — 31 35,391 27,261 3Q21
Staten Island, NY95 — 45 50 21,590 18,578 3Q21
Franklin Lakes, NY88 — 51 37 16,921 14,213 3Q21
Fairfax, VA84 — 51 33 16,658 12,702 3Q21
Mountain Lakes, NJ90 — 57 33 15,063 11,874 3Q21
Hendon, UK102 — 78 24 57,467 45,580 4Q21
Barnet, UK100 — 76 24 53,636 38,716 4Q21
Beckenham, UK100 — 76 24 48,770 41,784 4Q21
Redwood City, CA90 — 56 34 19,465 17,080 4Q21
San Francisco, CA214 11 170 33 110,905 106,945 1Q22
White Plains, NY132 132 — — 59,913 38,483 1Q22
Bellevue, WA110 — 82 25 9,518 3,822 1Q22
New York, NY528 400 92 36 145,864 138,820 2Q22
Georgetown, TX188 188 — — 35,961 5,295 2Q22
New Rochelle, NY72 — 36 36 41,922 8,404 3Q22
Pflugerville, TX196 196 — — 39,224 4,846 3Q22
Sachse, TX188 188 — — 37,788 5,691 3Q22
Princeton, NJ80 — 68 12 29,592 21,513 3Q22
Montreal, ON247 247 — — 16,575 4,542 3Q22
Montreal, ON223 223 — — 14,096 3,758 3Q22
McLean, VA103 — 63 40 24,211 5,656 4Q22
Orange, CA91 — 49 42 18,578 4,790 4Q22
Coral Gables, FL91 — 55 36 18,225 4,513 4Q22
Livingston, NJ103 — 77 26 17,375 3,163 4Q22
Berea, OH120 120 — — 13,441 3,801 4Q22
Painesville, OH119 119 — — 13,016 3,209 4Q22
Beaver, PA116 116 — — 12,766 3,209 4Q22
Vienna, VA85 — 49 36 40,808 7,726 1Q23
New York, NY160 — 76 84 79,400 37,792 2Q23
Subtotal4,238 2,081 1,376 778 1,162,264 741,914 
Seniors Housing Triple-net
Redhill, UK76 — 46 30 21,952 16,710 3Q21
Leicester, UK60 — 36 24 15,463 7,457 1Q22
London, UK82 — 51 31 44,546 22,974 2Q22
Wombourne, UK66 — 41 25 16,567 7,838 2Q22
Rugby, UK76 — 51 25 21,141 5,545 4Q22
Raleigh, NC191 151 40 — 141,853 19,131 2Q23
Subtotal551 151 265 135 261,522 79,655 
Outpatient Medical
Rentable Square FtPreleased %Health System AffiliationCommitment AmountBalance at 6/30/21Estimated Conversion
Kalamazoo, MI40,607 100 %Yes14,2679,709 3Q21
College Station, TX25,200 100 %Yes9,0252,189 1Q22
Norman, OK47,082 100 %Yes21,707745 3Q22
Tyler, TX85,214 100 %Yes34,7503,536 4Q22
Subtotal198,103 79,749 16,179 
Total Development Projects$1,503,535 $837,748 
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.
13
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 Operating304,2387.5 %$199,047 $221,303 $420,350 $1,162,264 
Seniors Housing Triple-net65517.2 %61,774 120,093 181,867 261,522 
Outpatient Medical4198,1036.2 %27,420 36,150 63,570 79,749 
Total407.4 %$288,241 $377,546 $665,787 $1,503,535 

Development Project Conversion Estimates(1)
Quarterly ConversionsAnnual Conversions
Amount
Projected
Yields(2)
Amount
Projected
Yields(2)
1Q21 actual$173,792 6.2 %2021 actual$369,598 7.5 %
2Q21 actual195,8068.7 %2021 estimate419,305 8.4 %
3Q21 estimate239,9677.8 %2022 estimate822,169 6.7 %
4Q21 estimate179,3389.2 %2023 estimate262,0617.9 %
1Q22 estimate204,8246.7 %Total$1,873,133 7.4 %
2Q22 estimate242,9385.8 %
3Q22 estimate200,9047.1 %
4Q22 estimate173,5037.6 %
1Q23 estimate40,8088.2 %
2Q23 estimate221,2537.8 %
Total$1,873,133 7.4 %

Unstabilized Properties
03/31/2021 PropertiesStabilizations
Construction Conversions(3)
Acquisitions/ Dispositions6/30/2021 PropertiesBeds / Units
Seniors Housing Operating31(3)32 334,766
Seniors Housing Triple-net13(1)—3 151,601
Long-Term/Post-Acute Care—— —— ——
Total44(4)35 486,367
Occupancy03/31/2021 PropertiesStabilizations
Construction Conversions(3)
Acquisitions/ DispositionsProgressions6/30/2021 Properties
0% - 50%28 (1)3 3 (5)28 
50% - 70%12 (2)— 2 3 15 
70% +4 (1)— — 2 5 
Total44 (4)3 5 — 48 
Occupancy6/30/2021 PropertiesMonths In OperationRevenues
% of Total Revenues(4)
Gross Investment Balance% of Total Gross Investment
0% - 50%28 7 $48,621 1.1 %$768,782 2.1 %
50% - 70%15 15 44,916 1.0 %504,626 1.4 %
70% +5 27 23,828 0.5 %205,450 0.6 %
Total48 11 $117,365 2.6 %$1,478,858 4.1 %
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 16.

14
Financial

(dollars in thousands at Welltower pro rata ownership)
Components of NAV
Stabilized NOIPro rata beds/units/square feet
Seniors Housing Operating(1)
$605,268 59,541 units
Seniors Housing Triple-net386,148 24,905 units
Outpatient Medical403,080 17,164,549 square feet
Health System157,612 19,048 units/beds
Long-Term/Post-Acute Care93,260 7,987 beds
Total In-Place NOI(2)
1,645,368 
Incremental stabilized NOI(3)
81,055 
Total stabilized NOI$1,726,423 
Obligations
Lines of credit and commercial paper(4)
$— 
Senior unsecured notes(4)
11,252,985 
Secured debt(4)
3,074,655 
Financing lease liabilities110,906 
Total debt$14,438,546 
Add (Subtract):
Other liabilities (assets), net(5)
$377,757 
Cash and cash equivalents and restricted cash(808,704)
Net obligations$14,007,599 
Other Assets
Land parcels$197,716 
Effective Interest Rate(8)
Real estate loans receivable(6)
1,086,061 7.9%
Non real estate loans receivable(7)
196,894 11.3%
Joint venture real estate loans receivables(9)
229,996 5.3%
Other investments(10)
10,450 
Investments held for sale(11)
735,457 
Development properties:(12)
Current balance837,773 
Unfunded commitments667,715 
Committed balances$1,505,488 
Projected yield7.4 %
Projected NOI$111,406 
Common Shares Outstanding(13)
423,958 
Notes:
(1) Includes $6,792,000 attributable to our proportional share of income from unconsolidated management company investments.
(2) See page 22 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 $1,190,657,000 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$132,677 
Below market tenant lease intangibles, net32,631 
Deferred taxes, net(38,903)
In place lease intangibles, net(41,113)
Other non-cash liabilities / (assets), net6,644 
Total non-cash liabilities/(assets), net$91,936 
(6) Represents $1,102,210,000 of real estate loans, excluding development loans and including completed in substance real estate developments and held to maturity debt securities, and net of $16,149,000 of credit allowances.
(7) Represents $347,938,000 of non-real estate loans, net of $151,045,000 of credit allowances.
(8) Average cash-pay interest rates are 7.9% and 1.9% 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 June 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 13-14. Also includes expansion projects.
(13) Includes redeemable OP units.
15
Financial
(dollars in thousands at Welltower pro rata ownership)
Net Operating Income(1)
2Q203Q204Q201Q212Q21
Revenues:
Seniors Housing Operating
Resident fees and services$748,520 $725,043 $701,590 $708,026 $726,516 
Interest income88 113 313 1,125 859 
Other income3,978 977 1,136 1,967 860 
Total revenues752,586 726,133 703,039 711,118 728,235 
Seniors Housing Triple-net
Rental income111,749 92,572 115,604 57,328 108,612 
Interest income5,960 6,552 6,763 6,660 28,885 
Other income937 930 1,503 913 1,357 
Total revenues118,646 100,054 123,870 64,901 138,854 
Outpatient Medical
Rental income176,555 169,007 160,981 151,688 150,781 
Interest income461 760 4,226 3,538 4,731 
Other income1,679 966 1,472 1,936 5,002 
Total revenues178,695 170,733 166,679 157,162 160,514 
Health System
Rental income42,446 42,445 42,445 42,445 46,554 
Total revenues42,446 42,445 42,445 42,445 46,554 
Long-Term/Post-Acute Care
Rental income53,696 (46,789)54,272 49,761 40,542 
Interest income9,560 9,325 9,794 8,256 3,973 
Other income(329)190 9 186 — 
Total revenues62,927 (37,274)64,075 58,203 44,515 
Corporate
Other income253 2,966 3,095 3,129 2,672 
Total revenues253 2,966 3,095 3,129 2,672 
Total
Rental income384,446 257,235 373,302 301,222 346,489 
Resident fees and services748,520 725,043 701,590 708,026 726,516 
Interest income16,069 16,750 21,096 19,579 38,448 
Other income6,518 6,029 7,215 8,131 9,891 
Total revenues1,155,553 1,005,057 1,103,203 1,036,958 1,121,344 
Property operating expenses:
Seniors Housing Operating573,042 550,755 539,465 539,058 584,484 
Seniors Housing Triple-net8,285 7,353 9,110 7,758 7,871 
Outpatient Medical50,855 52,312 50,231 47,764 46,184 
Health System20 20 20 20 54 
Long-Term/Post-Acute Care5,138 5,107 5,728 5,279 4,848 
Corporate— 1,718 1,663 1,654 2,174 
Total property operating expenses637,340 617,265 606,217 601,533 645,615 
Net operating income:
Seniors Housing Operating179,544 175,378 163,574 172,060 143,751 
Seniors Housing Triple-net110,361 92,701 114,760 57,143 130,983 
Outpatient Medical127,840 118,421 116,448 109,398 114,330 
Health System42,426 42,425 42,425 42,425 46,500 
Long-Term/Post-Acute Care57,789 (42,381)58,347 52,924 39,667 
Corporate253 1,248 1,432 1,475 498 
Net operating income$518,213 $387,792 $496,986 $435,425 $475,729 
Note:
(1) Please see discussion of Supplemental Reporting Measures on page 21. Includes amounts from investments sold or held for sale. NOI related to DownREITs included at 100%.
16
Financial
(dollars in thousands)
Leverage and EBITDA Reconciliations(1)
Twelve Months EndedThree Months Ended
June 30, 2021June 30, 2021
Net income (loss)$668,205 $45,757 
Interest expense491,507 122,341 
Income tax expense (benefit)4,015 (2,221)
Depreciation and amortization983,576 240,885 
EBITDA2,147,303 406,762 
Loss (income) from unconsolidated entities650 7,976 
Stock-based compensation(2)
24,278 4,757 
Loss (gain) on extinguishment of debt, net97,769 55,612 
Loss (gain) on real estate dispositions, net(773,516)(44,668)
Impairment of assets79,890 23,692 
Provision for loan losses93,522 6,197 
Loss (gain) on derivatives and financial instruments, net3,539 (359)
Other expenses(2)
60,985 11,059 
Other impairment(3)
161,639 — 
Total adjustments(251,244)64,266 
Adjusted EBITDA$1,896,059 $471,028 
Interest Coverage Ratios
Interest expense$491,507 $122,341 
Capitalized interest17,543 4,862 
Non-cash interest expense(12,675)(3,972)
Total interest$496,375 $123,231 
EBITDA$2,147,303 $406,762 
Interest coverage ratio4.33  x3.30  x
Adjusted EBITDA$1,896,059 $471,028 
Adjusted Interest coverage ratio3.82  x3.82  x
Fixed Charge Coverage Ratios
Total interest$496,375 $123,231 
Secured debt principal amortization63,668 15,715 
Total fixed charges$560,043 $138,946 
EBITDA$2,147,303 $406,762 
Fixed charge coverage ratio3.83  x2.93  x
Adjusted EBITDA$1,896,059 $471,028 
Adjusted Fixed charge coverage ratio3.39  x3.39  x
Net Debt to EBITDA Ratios
Total debt(4)
$13,572,816 
  Less: cash and cash equivalents(5)
(763,921)
Net debt$12,808,895 
EBITDA Annualized$1,627,048 
Net debt to EBITDA ratio7.87  x
Adjusted EBITDA Annualized$1,884,112 
Net debt to Adjusted EBITDA ratio6.80  x
Notes:
(1) Please see discussion of Supplemental Reporting Measures on page 21.
(2) Certain severance-related costs are included in stock-based compensation and excluded from other expenses.
(3) Amounts relate to reserve for straight-line rent receivable balances for leases placed on cash recognition.
(4) Includes unamortized premiums/discounts, other fair value adjustments and financing lease liabilities of $110,906,000. Excludes operating lease liabilities of $298,722,000 related to ASC 842 adoption.
(5) Inclusive of IRC Section 1031 deposits, if any.



17
Financial
(in thousands except share price)
Leverage and Current Capitalization(1)
% of Total
Book Capitalization
Lines of credit and commercial paper(2)
$— 0.00 %
Long-term debt obligations(2)(3)
13,572,816 45.16 %
Cash and cash equivalents(4)
(763,921)(2.54)%
Net debt to consolidated book capitalization$12,808,895 42.62 %
Total equity(5)
17,243,208 57.38 %
Consolidated book capitalization$30,052,103 100.00 %
Joint venture debt, net(6)
763,527 
Total book capitalization$30,815,630 
Undepreciated Book Capitalization
Lines of credit and commercial paper(2)
$— 0.00 %
Long-term debt obligations(2)(3)
13,572,816 37.22 %
Cash and cash equivalents(4)
(763,921)(2.09)%
Net debt to consolidated undepreciated book capitalization$12,808,895 35.12 %
Accumulated depreciation and amortization6,415,676 17.59 %
Total equity(5)
17,243,208 47.28 %
Consolidated undepreciated book capitalization$36,467,779 100.00 %
Joint venture debt, net(6)
763,527 
Total undepreciated book capitalization$37,231,306 
Enterprise Value
Lines of credit and commercial paper(2)
$— 0.00 %
Long-term debt obligations(2)(3)
13,572,816 27.56 %
Cash and cash equivalents(4)
(763,921)(1.55)%
Net debt to consolidated enterprise value$12,808,895 26.01 %
Common shares outstanding422,562 
Period end share price83.10 
Common equity market capitalization$35,114,902 71.30 %
Noncontrolling interests(5)
1,322,762 2.69 %
Consolidated enterprise value$49,246,559 100.00 %
Joint venture debt, net(6)
763,527 
Total enterprise value$50,010,086 
Secured Debt as % of Total Assets
Secured debt(2)
$2,304,178 7.16 %
Total assets$32,176,116 
Total Debt as % of Total Assets
Total debt(2)(3)
$13,572,816 42.18 %
Total assets$32,176,116 
Unsecured Debt as % of Unencumbered Assets
Unsecured debt(2)
$11,157,732 36.44 %
Unencumbered assets$30,619,538 
Notes:
(1) Please see discussion of Supplemental Reporting Measures on page 21.
(2) Amounts include unamortized premiums/discounts and other fair value adjustments as reflected on the balance sheet.
(3) Includes financing lease liabilities of $110,906,000 and excludes operating lease liabilities of $298,722,000 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.

18
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$— $— $253,459 $46,642 $(47,520)$252,581 1.76 %3.29 %
2022— 10,000 486,699 109,169 (71,365)534,503 3.73 %3.22 %
2023— 701,525 489,409 140,653 (131,523)1,200,064 8.38 %2.36 %
2024— 1,350,000 185,318 120,706 (25,123)1,630,901 11.38 %3.83 %
2025— 1,250,000 181,449 499,661 (33,855)1,897,255 13.24 %3.83 %
2026— 700,000 90,165 21,408 (25,042)786,531 5.49 %4.10 %
2027— 741,830 166,260 66,191 (46,137)928,144 6.48 %2.95 %
2028— 1,509,330 77,016 27,565 (13,397)1,600,514 11.17 %4.48 %
2029— 1,050,000 247,426 36,815 (1,956)1,332,285 9.30 %3.12 %
2030— 750,000 5,992 32,684 (1,139)787,537 5.50 %3.07 %
Thereafter— 3,190,300 127,935 95,523 (36,433)3,377,325 23.57 %4.11 %
Totals$— $11,252,985 $2,311,128 $1,197,017 $(433,490)$14,327,640 100.00 %
Weighted Avg Interest Rate(8)
— 3.71 %3.10 %3.27 %2.86 %3.60 %
Weighted Avg Maturity Years— 8.23.96.13.77.4
% Floating Rate Debt100.00 %6.32 %32.76 %34.13 %39.96 %11.89 %

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$— $9,360,000 $1,196,933 $869,378 $(182,313)$11,243,998 $— 
United Kingdom— 1,449,630 — — — 1,449,630 2,596,505 
Canada— 443,355 1,114,195 327,639 (251,177)1,634,012 503,813 
Totals$— $11,252,985 $2,311,128 $1,197,017 $(433,490)$14,327,640 $3,100,318 
Notes:
(1) Represents principal amounts due excluding unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet.
(2) Our unsecured commercial paper program and our unsecured revolving credit facility had a zero balance as of June 30, 2021. The unsecured revolving credit facility is comprised of a $1,000,000,000 tranche that matures on June 4, 2023 and a $3,000,000,000 tranche that matures on June 4, 2025. Both tranches may be extended for two successive terms of six month at our option. Available borrowing capacity of our unsecured revolving credit facility was $4,000,000,000 as of June 30, 2021.
(3) 2023 includes a $500,000,000 unsecured term loan and a CAD $250,000,000 unsecured term loan (approximately $201,525,000 USD at June 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 $241,830,000 USD at June 30, 2021) that matures on January 15, 2027.
(5) 2028 includes £550,000,000 of 4.80% senior unsecured notes (approximately $759,330,000 USD at June 30, 2021). The notes mature on November 20, 2028.
(6) Thereafter includes £500,000,000 of 4.50% senior unsecured notes (approximately $690,300,000 USD at June 30, 2021). The notes mature on December 1, 2034.
(7) Excludes operating lease liabilities of $298,722,000 and finance lease liabilities of $110,906,000 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 $(83,663,000), 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.

19
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.

20
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, additional other income and other impairment charges. 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.
21
Supplemental Reporting Measures
(dollars in thousands)
Non-GAAP Reconciliations
NOI Reconciliation2Q203Q204Q201Q212Q21
Net income (loss)$159,216 $394,978 $155,278 $72,192 $45,757 
Loss (gain) on real estate dispositions, net(155,863)(484,304)(185,464)(59,080)(44,668)
Loss (income) from unconsolidated entities(1,332)5,981 (258)(13,049)7,976 
Income tax expense (benefit)2,233 2,003 290 3,943 (2,221)
Other expenses19,411 11,544 33,088 10,994 11,687 
Impairment of assets75,151 23,313 9,317 23,568 23,692 
Provision for loan losses1,422 2,857 83,085 1,383 6,197 
Loss (gain) on extinguishment of debt, net249 33,004 13,796 (4,643)55,612 
Loss (gain) on derivatives and financial instruments, net1,434 1,395 569 1,934 (359)
General and administrative expenses34,062 31,003 27,848 29,926 31,436 
Depreciation and amortization265,371 255,532 242,733 244,426 240,885 
Interest expense126,357 124,851 121,173 123,142 122,341 
Consolidated net operating income527,711 402,157 501,455 434,736 498,335 
NOI attributable to unconsolidated investments(1)
20,871 13,659 21,481 21,516 21,180 
NOI attributable to noncontrolling interests(2)
(30,369)(28,024)(25,950)(20,827)(43,786)
Pro rata net operating income (NOI)(3)
$518,213 $387,792 $496,986 $435,425 $475,729 


In-Place NOI Reconciliation
At Welltower pro rata ownershipSeniors Housing OperatingSeniors Housing Triple-netOutpatient MedicalHealth SystemLong-Term
/Post-Acute Care		CorporateTotal
Revenues$728,235 $138,854 $160,514 $46,554 $44,515 $2,672 $1,121,344 
Property operating expenses(584,484)(7,871)(46,184)(54)(4,848)(2,174)(645,615)
NOI(3)
143,751 130,983 114,330 46,500 39,667 498 475,729 
Adjust:
Interest income(859)(28,885)(4,731)— (3,973)— (38,448)
Other income(860)(1,357)(5,002)— — (2,672)(9,891)
Sold / held for sale(326)(185)(1,235)(1,134)(11,425)— (14,305)
Developments / land1,710 — 84 — — — 1,794 
Non In-Place NOI(4)
7,751 (5,148)(2,972)(5,963)(954)2,174 (5,112)
Timing adjustments(5)
150 1,129 296 — — — 1,575 
Total adjustments7,566 (34,446)(13,560)(7,097)(16,352)(498)(64,387)
In-Place NOI151,317 96,537 100,770 39,403 23,315 — 411,342 
Annualized In-Place NOI$605,268 $386,148 $403,080 $157,612 $93,260 $— $1,645,368 

Same Store Property Reconciliation
Seniors Housing OperatingSeniors Housing
Triple-net		Outpatient MedicalHealth SystemLong-Term
/Post-Acute Care		Total
Total properties672 342 371 217 123 1,725 
Recent acquisitions/ development conversions(6)
(56)(28)(7)(1)— (92)
Under development(30)(5)(4)— — (39)
Under redevelopment(7)
(10)— (2)— (1)(13)
Current held for sale(8)(4)(2)(17)(33)(64)
Land parcels, loans and sub-leases(11)(12)(6)— (7)(36)
Transitions(8)
(27)(11)— (9)(3)(50)
Other(9)
(2)— — — (2)(4)
Same store properties528 282 350 190 77 1,427 
Notes:
(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.
(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.
(3) Represents Welltower's pro rata share of NOI. See page 16 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 Reconciliation2Q203Q204Q201Q212Q21Y/o/Y
Seniors Housing Operating
NOI$179,544 $175,378 $163,574 $172,060 $143,751 
Non-cash NOI on same store properties(957)(1,015)(349)(821)12,338 
NOI attributable to non-same store properties(12,476)(9,401)(4,515)(13,026)(7,405)
Currency and ownership adjustments(1)
3,894 2,553 1,662 80 (1,127)
Normalizing adjustment for government grants(2)
— — (12,350)(33,701)(9,327)
Normalizing adjustment for management fee reduction(3)
— — — — (2,058)
Normalizing adjustment for prior period allowance(4)
— — — — 1,527 
Normalizing adjustment for casualty related expenses, net(5)
— — — — 1,192 
Normalizing adjustment for policy change(6)
(1,596)(991)(358)— — 
Other normalizing adjustments(7)
(333)— — — (356)
SSNOI(8)
168,076 166,524 147,664 124,592 138,535 (17.6)%
Seniors Housing Triple-net
NOI110,361 92,701 114,760 57,143 130,983 
Non-cash NOI on same store properties(4,100)17,006 (3,158)42,439 (1,383)
NOI attributable to non-same store properties(23,111)(26,649)(28,521)(18,970)(43,056)
Currency and ownership adjustments(1)
1,854 1,175 793 9 (258)
Normalizing adjustment for prior period allowance(4)
1,243 — — 3,185 (3,185)
Normalizing adjustments for lease restructuring(9)
(871)(65)(873)— — 
SSNOI85,376 84,168 83,001 83,806 83,101 (2.7)%
Outpatient Medical
NOI127,840 118,421 116,448 109,398 114,330 
Non-cash NOI on same store properties(3,486)(3,497)(2,921)(2,529)(2,533)
NOI attributable to non-same store properties(15,841)(8,078)(7,698)(5,708)(11,961)
Currency and ownership adjustments(1)
(10,669)(10,063)(5,706)(1,151)(67)
Normalizing adjustment for lease termination fees(10)
(626)— — — (139)
Other normalizing adjustments(7)
61 136 (223)(132)(189)
SSNOI97,279 96,919 99,900 99,878 99,441 2.2 %
Health System
NOI42,426 42,425 42,425 42,425 46,500 
Non-cash NOI on same store properties(6,200)(5,585)(5,278)(5,278)(5,278)
NOI attributable to non-same store properties(1,319)(1,293)(1,280)(1,281)(5,356)
SSNOI34,907 35,547 35,867 35,866 35,866 2.7 %
Long-Term/Post-Acute Care
NOI57,789 (42,381)58,347 52,924 39,667 
Non-cash NOI on same store properties(1,529)4,945 (1,150)(326)(950)
NOI attributable to non-same store properties(33,937)59,861 (34,685)(30,436)(16,445)
Currency and ownership adjustments(1)
149 87 49 — (55)
Other normalizing adjustments(7)
— — — 166 — 
SSNOI22,472 22,512 22,561 22,328 22,217 (1.1)%
Corporate
NOI253 1,248 1,432 1,475 498 
NOI attributable to non-same store properties(253)(1,248)(1,432)(1,475)(498)
SSNOI— — — — — 
Total
NOI518,213 387,792 496,986 435,425 475,729 
Non-cash NOI on same store properties(16,272)11,854 (12,856)33,485 2,194 
NOI attributable to non-same store properties(86,937)13,192 (78,131)(70,896)(84,721)
Currency and ownership adjustments(1)
(4,772)(6,248)(3,202)(1,062)(1,507)
Normalizing adjustments, net(2,122)(920)(13,804)(30,482)(12,535)
SSNOI$408,110 $405,670 $388,993 $366,470 $379,160 (7.1)%
Notes:
(1) Includes adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.2658 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 a management fee reduction for one Seniors Housing Operating partner.
(4) Represents normalizing adjustment related to an allowance of prior period rent related to one Seniors Housing Operating lease and two Seniors Housing Triple-net leases.
(5) Represents normalizing adjustment related to casualty related expenses net of any insurance reimbursements.
(6) Represents normalizing adjustment to reflect the application of consistent policies for all periods presented for one Seniors Housing Operating partner.
(7) Represents aggregate normalizing adjustments which are individually less than 0.50% of SSNOI growth per property type.
(8) SHO SSNOI includes expenses that are directly attributable to the COVID-19 pandemic net of any reimbursements exclusive of those included in (2) above.
(9) Represents normalizing adjustment related to lease restructuring associated with one Seniors Housing Triple-net lease.
(10) Represents normalizing adjustment related to lease termination fees associated with Outpatient Medical tenants.
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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$540,559 $98,221 $103,769 $742,549 
Unconsolidated SHO revenues attributable to Welltower(1)
22,854 — 22,178 45,032 
SHO revenues attributable to noncontrolling interests(2)
(24,333)(12,267)(22,746)(59,346)
Pro rata SHO revenues(3)
539,080 85,954 103,201 728,235 
SHO interest and other income(1,686)— (33)(1,719)
SHO revenues attributable to sold and held for sale properties(1,809)— (899)(2,708)
Currency and ownership adjustments(4)
— (1,098)(3,038)(4,136)
SHO local revenues535,617 84,856 99,230 719,703 
Average occupied units/month28,683 2,869 11,129 42,681 
REVPOR/month in USD$6,242 $9,886 $2,980 $5,699 
REVPOR/month in local currency(4)
£7,164 $3,772 

Reconciliations of SHO SS REVPOR Growth, SSNOI Growth and SSNOI/Unit
United StatesUnited KingdomCanadaTotal
2Q202Q212Q202Q212Q202Q212Q202Q21
SHO SS REVPOR Growth
Consolidated SHO revenues$592,693 $540,559 $78,046 $98,221 $102,911 $103,769 $773,650 $742,549 
Unconsolidated SHO revenues attributable to WELL(1)
22,102 22,854 — — 20,314 22,178 42,416 45,032 
SHO revenues attributable to noncontrolling interests(2)
(33,435)(24,333)(7,246)(12,267)(22,799)(22,746)(63,480)(59,346)
SHO pro rata revenues(3)
581,360 539,080 70,800 85,954 100,426 103,201 752,586 728,235 
Non-cash revenues on same store properties(847)(571)— — — — (847)(571)
Revenues attributable to non-same store properties(50,833)(43,955)(11,432)(22,841)(5,048)(4,104)(67,313)(70,900)
Currency and ownership adjustments(4)
390 121 6,215 (806)9,167 (2,936)15,772 (3,621)
Normalizing adjustment for policy change(5)
(2,114)— — — — — (2,114)— 
SHO SS revenues(7)
527,956 494,675 65,583 62,307 104,545 96,161 698,084 653,143 
Avg. occupied units/month(8)
28,142 26,046 2,388 2,179 12,053 10,849 42,583 39,074 
SHO SS REVPOR(9)
$6,271 $6,348 $9,180 $9,558 $2,899 $2,963 $5,480 $5,587 
SS REVPOR YOY growth— %1.2 %— %4.1 %— %2.2 %— 2.0 %
SHO SSNOI Growth
Consolidated SHO NOI$138,301 $107,314 $10,967 $22,663 $28,869 $30,211 $178,137 $160,188 
Unconsolidated SHO NOI attributable to WELL(1)
5,421 3,437 — — 7,856 7,867 13,277 11,304 
SHO NOI attributable to noncontrolling interests(2)
(5,233)(18,698)(385)(2,612)(6,252)(6,431)(11,870)(27,741)
SHO pro rata NOI(3)
138,489 92,053 10,582 20,051 30,473 31,647 179,544 143,751 
Non-cash NOI on same store properties(935)12,329 0 9 (22)— (957)12,338 
NOI attributable to non-same store properties(10,601)(948)(1,845)(5,889)(30)(568)(12,476)(7,405)
Currency and ownership adjustments(4)
84 29 883 (195)2,927 (961)3,894 (1,127)
Normalizing adjustment for government grants(10)
— (5,021)— (1,177)— (3,129)— (9,327)
Normalizing adjustment for management fee reduction(11)
— — — — — (2,058)— (2,058)
Normalizing adjustment for prior period allowance(12)
— 1,527 — — — — — 1,527 
Normalizing adjustment for casualty related expenses(13)
— 1,192 — — — — — 1,192 
Normalizing adjustment for policy change(5)
(1,596)— — — — — (1,596)— 
Other normalizing adjustments(6)
(333)(356)— — — — (333)(356)
SHO pro rata SSNOI(7)
$125,108 $100,805 $9,620 $12,799 $33,348 $24,931 $168,076 $138,535 
SHO SSNOI growth(19.4)%33.0 %(25.2)%(17.6)%
SHO SSNOI/Unit
Trailing four quarters' SSNOI(7)
$411,818 $57,301 $108,196 $577,315 
Average units in service(14)
35,404 3,183 13,996 52,583 
SSNOI/unit in USD$11,632 $18,002 $7,730 $10,979 
SSNOI/unit in local currency(4)
£13,045 $9,785 
Notes:
(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.
(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.
(3) Represents SHO revenues/NOI at Welltower pro rata ownership. See pages 16 & 23 for more information.
(4) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.2658 and to translate UK properties at a GBP/USD rate of 1.38.
(5) Represents normalizing adjustment to reflect the application of consistent policies for all periods presented for one Seniors Housing Operating partner.
(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 23 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 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.
(11) Represents normalizing adjustment related to a management fee reduction for one Seniors Housing Operating partner.
(12) Represents normalizing adjustment related to an allowance of prior period rent related to one Seniors Housing Operating lease.
(13) Represents normalizing adjustment related to casualty related expenses net of any insurance reimbursements.
(14) 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 July 29, 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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