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Published: 2021-02-09 16:17:52 ET
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EX-99.2 3 a4q20supplement992.htm EX-99.2 Document

welltowersupplemental_4q20a.jpg

Table of Contents

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


Overview

(dollars in thousands, at Welltower pro rata ownership)
Portfolio CompositionBeds/Unit Mix
Average AgePropertiesTotalIndependent LivingAssisted LivingMemory CareLong-Term/ Post-Acute Care
Seniors Housing Operating16646 74,90835,26627,43111,685526
Seniors Housing Triple-net1533026,7024,88015,4786,040304
Outpatient Medical1536822,018,577(1)n/an/an/an/a
Health System3121525,9432016633,08921,990
Long-Term/Post-Acute Care18135 15,89340873—14,980
Total171,694

NOI Performance
Same Store(2)
In-Place Portfolio(3)
Properties4Q19 NOI4Q20 NOI% ChangePropertiesAnnualized
In-Place NOI		% of Total
Seniors Housing Operating514$214,705 $142,218 (33.8)%598$662,852 37.4 %
Seniors Housing Triple-net(4)
29088,245 85,849(2.7)%315380,212 21.5 %
Outpatient Medical30383,18484,9272.1 %356401,996 22.7 %
Health System215 35,800 36,784 2.7 %215 147,136 8.3 %
Long-Term/Post-Acute Care(4)
12744,32245,2062.0 %135180,140 10.1 %
Total1,449$466,256 $394,984 (15.3)%1,619$1,772,336 100.0 %

Portfolio PerformanceFacility Revenue Mix
Stable Portfolio(5)
Occupancy
EBITDAR Coverage(6)
EBITDARM Coverage(6)
Private PayMedicaidMedicare
Other Government(7)
Seniors Housing Operating78.2 %n/an/a97.2 %0.7 %0.4 %1.7 %
Seniors Housing Triple-net79.1 %1.011.1891.1 %3.5 %0.7 %4.7 %
Outpatient Medical93.8 %n/an/a100.0 %— — — 
Health System(8)
68.5 %2.272.9033.6 %48.2 %18.2 %— 
Long-Term/Post-Acute Care72.1 %1.001.2929.0 %43.2 %27.8 %— 
Total1.301.6091.7 %4.5 %2.2 %1.6 %
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 December 31, 2020 for Seniors Housing Operating and Outpatient Medical and September 30, 2020 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 three properties disposed of during the quarter ended March 31, 2020.
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 America128 $163,640 $— $— $— $— $163,640 9.2 %
Sunrise Senior Living United Kingdom45 73,330 — — — — 73,330 4.1 %
ProMedica215 — — — 147,136 — 147,136 8.3 %
Genesis Healthcare79 — 1,481 — — 86,086 87,567 4.9 %
Avery Healthcare55 5,691 66,010 — — — 71,701 4.0 %
Sagora Senior Living31 38,275 26,729 — — — 65,004 3.7 %
Brookdale Senior Living86 (1,210)59,706 — — — 58,496 3.3 %
Revera94 57,080 — — — — 57,080 3.2 %
Brandywine Living28 48,300 — — — — 48,300 2.7 %
Legend Senior Living33 — 47,163 — — 1,066 48,229 2.7 %
Belmont Village21 41,192 — — — — 41,192 2.3 %
Remaining804 236,554 179,123 401,996 — 92,988 910,661 51.6 %
Total1,619 $662,852 $380,212 $401,996 $147,136 $180,140 $1,772,336 100.0 %
By Country:
United States1,356 $458,462 $307,281 $401,996 $147,136 $173,461 $1,488,336 84.0 %
United Kingdom114 94,864 69,516 — — — 164,380 9.3 %
Canada149 109,526 3,415 — — 6,679 119,620 6.7 %
Total1,619 $662,852 $380,212 $401,996 $147,136 $180,140 $1,772,336 100.0 %
By MSA:
New York79$51,975 $14,720 $30,484 $3,609 $12,046 $112,834 6.4 %
Los Angeles6854,472 18,645 30,789 434 — 104,340 5.9 %
Greater London4766,961 16,039 — — — 83,000 4.7 %
Dallas5726,461 14,611 30,967 760 3,927 76,726 4.3 %
Philadelphia5110,467 5,126 22,515 12,468 23,397 73,973 4.2 %
Washington D.C.3832,558 5,634 6,397 10,000 2,653 57,242 3.2 %
Houston3310,374 3,272 32,879 — — 46,525 2.6 %
San Francisco2024,961 9,995 — 4,385 — 39,341 2.2 %
San Diego1716,243 6,438 5,363 — 2,741 30,785 1.7 %
Minneapolis201,309 15,164 13,499 — — 29,972 1.7 %
Chicago415,565 9,098 5,266 9,801 — 29,730 1.7 %
Montréal2027,664 — — — — 27,664 1.6 %
Seattle287,791 3,130 14,289 1,630 — 26,840 1.5 %
Toronto2526,123 — — — — 26,123 1.5 %
Raleigh126,064 17,208 954 — — 24,226 1.4 %
Boston1716,776 — 3,973 — 2,131 22,880 1.3 %
Charlotte22— 8,755 13,066 — — 21,821 1.2 %
Miami361,298 — 15,306 5,217 — 21,821 1.2 %
Indianapolis14— 11,442 557 711 8,451 21,161 1.2 %
Baltimore194,133 — 11,343 2,562 1,712 19,750 1.1 %
Remaining955 271,657220,935164,34995,559123,082875,582 49.4 %
Total1,619 $662,852 $380,212 $401,996 $147,136 $180,140 $1,772,336 100.0 %
Notes:
(1) Represents current quarter annualized In-Place NOI. See page 22 for reconciliation.


2
Portfolio

(dollars in thousands at Welltower pro rata ownership)
Seniors Housing Operating
Total Portfolio Performance(1)
4Q191Q202Q203Q204Q20
Properties578 586 578 563 607 
Units70,144 71,710 69,434 67,154 71,017 
Total occupancy86.1 %85.3 %81.4 %78.9 %76.3 %
Total revenues$804,403 $821,990 $752,586 $726,133 $703,039 
Operating expenses564,895 582,533 573,042 550,755 539,465 
NOI$239,508 $239,457 $179,544 $175,378 $163,574 
NOI margin29.8 %29.1 %23.9 %24.2 %23.3 %
Recurring cap-ex$38,756 $15,414 $11,042 $11,851 $14,356 
Other cap-ex$55,536 $36,751 $26,445 $27,577 $27,728 

Same Store Performance(2)
4Q191Q202Q203Q204Q20
Properties514 514 514 514 514 
Occupancy86.5 %86.0 %82.1 %79.2 %77.6 %
Same store revenues$719,925 $723,868 $671,237 $652,533 $636,922 
Compensation311,749 312,467 305,009 300,000 291,461 
Utilities27,309 28,506 24,505 27,184 27,082 
Food27,233 26,703 24,977 23,994 24,508 
Repairs and maintenance18,028 16,605 13,135 16,066 16,650 
Property taxes23,635 25,159 25,077 25,350 23,844 
All other97,266 99,944 116,326 99,574 111,159 
Same store operating expenses505,220 509,384 509,029 492,168 494,704 
Same store NOI$214,705 $214,484 $162,208 $160,365 $142,218 
Year over year growth rate(33.8)%
Partners
Properties(3)
Units(3)
Welltower Ownership %(4)
Core Markets4Q20 NOI% of Total
Sunrise Senior Living173 14,711 96.7 %Southern California$19,405 11.9 %
Revera94 11,823 75.0 %Greater London13,595 8.3 %
Brandywine Living28 2,677 99.5 %Northern California12,962 7.9 %
Belmont Village21 2,952 95.0 %New York / New Jersey11,755 7.2 %
Sagora Senior Living14 2,697 100.0 %Washington D.C.9,095 5.6 %
Chartwell Retirement Residences40 8,071 51.1 %Montréal6,894 4.2 %
Senior Resource Group24 4,658 64.5 %Toronto6,480 4.0 %
Pegasus Senior Living36 3,911 98.0 %Boston3,936 2.4 %
Cogir18 3,268 91.1 %Birmingham, UK2,250 1.4 %
Clover Management33 4,020 89.8 %Ottawa2,046 1.3 %
Oakmont Senior Living8 623 100.0 %Vancouver1,917 1.2 %
Balfour Senior Living7 711 95.0 %Seattle1,641 1.0 %
Frontier Management52 3,083 96.3 %Manchester, UK1,619 1.0 %
EPOCH Senior Living3 230 95.0 %Core Markets93,595 57.4 %
Remaining 47 6,694 All Other69,979 42.6 %
Total598 70,129 Total$163,574 100.0 %
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 2.0% 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$54,472 11.9 %5 / 8315 / 434$7,360 2.6 %12.4 %6,868 $99,131 $1,037,762 0.8 %(8.1)%
New York32 / 2,75751,975 11.3 %3 / 5084 / 3702,442 0.4 %5.8 %4,037 113,384 537,262 1.8 %(9.9)%
Washington D.C.12 / 1,35832,558 7.1 %4 / 4685 / 6826,287 3.7 %13.9 %5,554 129,072 681,968 4.6 %(6.3)%
Dallas21 / 2,78426,461 5.8 %— — — 7.5 %29.0 %3,418 82,771 308,293 0.5 %(2.5)%
San Francisco13 / 1,62324,961 5.4 %— — — 4.0 %13.0 %9,068 128,027 1,141,506 0.4 %(9.3)%
Boston11 / 75116,776 3.7 %— — — 3.3 %8.4 %2,613 138,573 778,935 0.9 %(9.1)%
San Diego7 / 92216,243 3.5 %— — — 3.1 %17.0 %4,596 107,763 958,785 (1.0)%(6.4)%
San Antonio4 / 1,07512,267 2.7 %1 / 1121 / 1621,250 8.8 %30.5 %2,370 72,423 256,088 1.0 %(3.9)%
Philadelphia11 / 88510,467 2.3 %1 / 2501 / 76494 0.9 %5.0 %2,143 109,044 373,223 0.6 %(6.8)%
Houston10 / 95310,374 2.3 %2 / 2302 / 2412,038 7.3 %27.4 %3,637 81,638 332,385 8.6 %(4.6)%
Denver5 / 73510,363 2.3 %3 / 4981 / 1631,635 7.0 %26.1 %5,065 77,364 552,865 (0.7)%(3.3)%
Sacramento7 / 59810,021 2.2 %— — — 4.1 %14.4 %3,697 89,983 513,020 1.6 %(6.5)%
Boulder, CO6 / 5189,511 2.1 %— — — 6.0 %31.4 %2,029 103,523 675,817 N/A(7.2)%
Charlottesville, VA1 / 3028,229 1.8 %— — — 3.7 %10.6 %2,123 57,071 350,000 N/A(2.5)%
San Jose4 / 4807,811 1.7 %— — — 3.9 %13.0 %6,841 138,316 1,417,379 (1.6)%(5.9)%
Seattle14 / 1,4157,663 1.7 %3 / 3073 / 3391,917 6.5 %21.7 %5,093 97,656 590,710 1.6 %(6.7)%
Buffalo10 / 1,2547,413 1.6 %— — — 0.4 %3.5 %2,799 70,675 183,691 (0.6)%(7.1)%
Salisbury, MD2 / 2146,272 1.4 %— — — 8.6 %10.7 %643 74,531 427,556 N/A(5.3)%
Trenton, NJ2 / 2076,064 1.3 %1 / 1201 / 1123,036 2.2 %9.9 %819 136,688 495,366 N/A(5.9)%
Raleigh2 / 2505,565 1.2 %1 / 1381 / 1762,251 6.5 %26.1 %3,148 91,403 310,412 3.1 (5.4)%
Chicago17 / 1,8865,161 1.1 %1 / 2011 / 131292 -0.1 %10.3 %3,416 77,310 296,207 0.7 %(7.1)%
Pittsburgh4 / 4345,005 1.1 %1 / 1791 / 1011,742 0.2 %6.6 %1,899 88,677 236,216 (1.9)%(7.1)%
Santa Rosa, CA4 / 5114,386 1.0 %— — — 2.1 %8.1 %2,060 88,595 771,240 N/A(9.0)%
Phoenix7 / 7674,384 1.0 %2 / 3092 / 1671,215 6.7 %13.6 %3,659 74,620 338,928 1.4 (2.6)%
Las Vegas4 / 7004,354 0.9 %— — — 5.7 %16.7 %6,138 51,081 247,233 2.8 %(10.1)%
Total - Top 25241 / 27,057$358,756 78.3 %28 / 4,15128 / 3,154$31,959 3.4 %14.0 %4,421 $102,935 $657,968 1.4 %(6.9)%
All Other US SHO Markets153 / 16,55699,706 21.7 %11 / 1,31011 / 1,1444,282 3.5 %13.2 %2,371 78,628 341,023 
Total US SHO394 / 43,613$458,462 100.0 %39 / 5,46139 / 4,298$36,241 3.4 %13.7 %3,682 $97,685 $589,509 
% of Total IPNOI2.0 %
US National Average3.3 %11.7 %94$66,010 $245,219 1.7 %
(10)
(6.1)%
Notes:
(1) Based on historical drawing patterns in our portfolio, a 3-mile ring is appropriate for most urban markets, which accounts for the vast majority of our portfolio. A 5-mile ring is appropriate for most suburban markets. A larger ring is appropriate for rural markets. Each market is unique due to population density, town lines, geographic barriers, and roads/infrastructure. In the interest of simplicity, we have applied a 3-mile competitive ring to all of our properties given the preponderance of urban locations. We have also included a sensitivity with a 5-mile ring.
(2) Represents annualized IPNOI. See pages 2 and 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 2020-2025.
(6) Average population density data represents average population per square mile within a 3-mile ring based on 2020 Claritas estimates.
(7) Household income and household value data are medians weighted by IPNOI.
(8) NIC MAP Data and Analysis Service, 4Q20. Net inventory growth is calculated at the MSA level based on historical deletions from inventory and a 5-6 quarter construction period to reflect our urban locations. Total - Top 25 Net Inventory Growth weighted by IPNOI.
(9) Annual job growth data represents MSA level growth from November 2019 - November 2020 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 higher barriers to entry. New supply in a 5-mile ring around our properties potentially impacts just 4.1% 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$54,472 11.9 %8 / 1,13214 / 1,560$14,110 2.6 %13.0 %6,666 $92,596 $953,680 0.8 %(8.1)%
New York32 / 2,75751,975 11.3 %7 / 9328 / 7557,515 0.5 %5.7 %3,956 109,633 510,114 1.8 %(9.9)%
Washington D.C.12 / 1,35832,558 7.1 %7 / 1,02110 / 1,1398,141 4.1 %14.6 %5,489 125,618 674,913 4.6 %(6.3)%
Dallas21 / 2,78426,461 5.8 %4 / 5474 / 4143,224 7.4 %28.5 %3,250 77,588 297,985 0.5 %(2.5)%
San Francisco13 / 1,62324,961 5.4 %— — — 4.0 %13.2 %7,723 125,659 1,110,571 0.4 %(9.3)%
Boston11 / 75116,776 3.7 %— — — 3.3 %8.4 %2,551 123,300 683,023 0.9 %(9.1)%
San Diego7 / 92216,243 3.5 %— — — 3.5 %16.0 %4,480 106,482 853,762 (1.0)%(6.4)%
San Antonio4 / 1,07512,267 2.7 %2 / 1461 / 1621,971 8.6 %29.4 %2,254 69,130 240,322 1.0 %(3.9)%
Philadelphia11 / 88510,467 2.3 %2 / 3443 / 2381,353 1.0 %5.4 %2,330 99,840 332,585 0.6 %(6.8)%
Houston10 / 95310,374 2.3 %5 / 7334 / 6415,129 7.5 %30.5 %3,689 78,738 274,164 8.6 %(4.6)%
Denver5 / 73510,363 2.3 %3 / 4983 / 4406,646 6.8 %24.9 %4,744 72,964 486,457 (0.7)%(3.3)%
Sacramento7 / 59810,021 2.2 %3 / 2702 / 195732 4.0 %15.0 %3,464 87,041 483,504 1.6 %(6.5)%
Boulder, CO6 / 5189,511 2.1 %— — — 6.4 %28.7 %1,406 111,084 664,150 N/A(7.2)%
Charlottesville, VA1 / 3028,229 1.8 %— — — 4.9 %13.9 %1,500 73,864 354,630 N/A(2.5)%
San Jose4 / 4807,811 1.7 %— — — 3.9 %13.1 %5,832 136,600 1,406,014 (1.6)%(5.9)%
Seattle14 / 1,4157,663 1.7 %4 / 4433 / 3391,917 6.5 %23.4 %4,565 101,145 608,418 1.6 %(6.7)%
Buffalo10 / 1,2547,413 1.6 %— — — 0.2 %3.5 %2,522 67,123 174,709 (0.6)%(7.1)%
Salisbury, MD2 / 2146,272 1.4 %— — — 8.1 %10.2 %556 77,561 408,684 N/A(5.3)%
Trenton, NJ2 / 2076,064 1.3 %2 / 2181 / 1123,036 1.4 %9.8 %1,079 126,434 459,691 N/A(5.9)%
Raleigh2 / 2505,565 1.2 %1 / 1381 / 1762,251 7.6 %32.7 %2,640 98,673 363,401 3.1 (5.4)%
Chicago17 / 1,8865,161 1.1 %5 / 7035 / 5752,366 -0.2 %11.0 %3,283 86,301 310,760 0.7 %(7.1)%
Pittsburgh4 / 4345,005 1.1 %2 / 3062 / 1743,239 0.6 %5.7 %1,730 83,643 220,991 (1.9)%(7.1)%
Santa Rosa, CA4 / 5114,386 1.0 %— — — 2.3 %9.2 %1,144 92,803 796,078 N/A(9.0)%
Phoenix7 / 7674,384 1.0 %4 / 6253 / 2861,547 7.1 %15.1 %3,463 68,242 295,578 1.4 (2.6)%
Las Vegas4 / 7004,354 0.9 %— — — 6.0 %18.9 %5,786 50,770 246,700 2.8 %(10.1)%
Total - Top 25241 / 27,057$358,756 78.3 %59 / 8,05664 / 7,206$63,177 3.5 %14.4 %4,165 $99,724 $621,821 1.4 %(6.9)%
All Other US SHO Markets153 / 16,55699,70621.7 %24 / 3,12423 / 2,4808,817 3.4 %13.5 %2,04873,308331,469
Total US SHO394 / 43,613$458,462 100.0 %83 / 11,18087 / 9,686$71,994 3.5 %14.1 %3,402$94,018 $559,106 
% of Total IPNOI4.1 %
US National Average3.3 %11.7 %94$66,010 $245,219 1.7 %
(10)
(6.1)%
Notes:
(1) Based on historical drawing patterns in our portfolio, a 3-mile ring is appropriate for most urban markets, which accounts for the vast majority of our portfolio. A 5-mile ring is appropriate for most suburban markets. A larger ring is appropriate for rural markets. Each market is unique due to population density, town lines, geographic barriers, and roads/infrastructure. In the interest of simplicity, we have applied a 3-mile competitive ring to all of our properties given the preponderance of urban locations. We have also included a sensitivity with a 5-mile ring.
(2) Represents annualized IPNOI. See pages 2 and 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 2020-2025.
(6) Average population density data represents average population per square mile within a 5-mile ring based on 2020 Claritas estimates.
(7) Household income and household value data are medians weighted by IPNOI.
(8) NIC MAP Data and Analysis Service, 4Q20. Net inventory growth is calculated at the MSA level based on historical deletions from inventory and a 5-6 quarter construction period to reflect our urban locations. Total - Top 25 Net Inventory Growth weighted by IPNOI.
(9) Annual job growth data represents MSA level growth from November 2019 - November 2020 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 age1621
5 year total population growth3.4 %3.3 %
5 year 75+ population growth13.7 %11.7 %
Housing value$589,509 $245,219 
Household income$97,685 $66,010 
REVPOR$6,186 $5,116 
SS REVPOR growth(1.3)%1.4 %
SSNOI per unit$14,979 $18,307 
SSNOI growth(35.2)%DNA
UK Portfolio(1,3,4)
Industry Benchmarks(5)
Property age10 21 
Units per property82 41 
5 year total population growth3.0 %2.7 %
5 year 75+ population growth17.0 %18.4 %
Housing value£395,219 £229,352 
REVPOR£6,615 £3,720 
SS REVPOR growth3.6 %3.3 %
SSNOI per unit£14,518 £9,544 
SSNOI growth(12.6)%DNA
Canadian Portfolio(1,3,4)
Industry Benchmarks(6)
5 year total population growth5.6 %5.5 %
5 year 75+ population growth19.0 %22.2 %
Housing value$544,726 $456,053 
Household income$108,581 $102,231 
REVPOR$3,693 $2,469 
SS REVPOR growth0.9 %3.4 %
SSNOI per unit$11,461 DNA
SSNOI growth(37.6)%DNA

Notes:
(1) Property age, housing value and household income are NOI weighted as of December 31, 2020. 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 4Q20 NIC MAP for Majority AL Properties in the primary and secondary markets; AMR is used as a proxy for REVPOR; population growth reflects 2020-2025 Claritas projections; housing value and household income are the US median per Claritas 2020; NOI per unit per The State of Seniors Housing 2019 and represents 2018 results.
(3) REVPOR is based on total 4Q20 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 1.30. SSNOI per unit for Canadian portfolio in CAD calculated by taking SSNOI per unit in USD divided by a standardized USD/CAD rate of 1.3160. 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 29th Edition; population growth reflects 2018-2023 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 2019; REVPOR and REVPOR growth are calculated weighted averages from 2019 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
<0.85x0.6 %0.2 %0.8 %6 5 3.8 %5.5 %9.3 %11 12 
0.85x - 0.95x1.5 %— %1.5 %9 3 4.1 %— %4.1 %9 3 
0.95x - 1.05x4.2 %4.8 %9.0 %13 5 5.3 %0.6 %5.9 %8 4 
1.05x - 1.15x1.9 %— %1.9 %8 2 0.3 %1.3 %1.6 %9 3 
1.15x - 1.25x5.0 %1.1 %6.1 %7 4 3.7 %— %3.7 %13 1 
1.25x - 1.35x0.3 %1.3 %1.6 %9 3 0.7 %— %0.7 %7 1 
>1.35x5.1 %2.0 %7.1 %11 7 0.7 %2.0 %2.7 %11 5 
Total18.6 %9.4 %28.0 %10 29 18.6 %9.4 %28.0 %10 29 
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$— $44,871 $— $8,968 $31,308 $85,147 7.2 %
2022655 46,711 — 5,847 21,043 74,256 6.3 %
2023— 50,760 — 840 2,688 54,288 4.6 %
202411,431 57,747 — — 1,011 70,189 5.9 %
20254,774 30,300 — — 191 35,265 3.0 %
202668,753 30,432 — 17,177 598 116,960 9.9 %
202731,924 25,571 — 1,066 204 58,765 5.0 %
20287,065 22,306 — 20,049 168 49,588 4.2 %
202931,309 20,821 — — 218 52,348 4.4 %
203017,980 34,743 — 26,617 138 79,478 6.7 %
Thereafter174,193 84,602 147,136 100,511 2,163 508,605 42.8 %
$348,084 $448,864 $147,136 $181,075 $59,730 $1,184,889 100.0 %
Weighted Avg Maturity Years9 6 12 11 2 8 
Notes:
(1) Represents trailing twelve month coverage metrics as of September 30, 2020 for stable portfolio only. Agreements included represent 88% 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 in thousands at Welltower pro rata ownership)
Outpatient Medical
Total Portfolio Performance(1)
4Q191Q202Q203Q204Q20
Properties378 388 373 359 357 
Square feet23,044,140 23,186,273 22,468,357 21,740,520 21,555,867 
Occupancy94.0 %94.3 %93.8 %93.6 %93.7 %
Total revenues$180,101 $193,959 $178,695 $170,733 $166,679 
Operating expenses55,915 58,533 50,855 52,312 50,231 
NOI$124,186 $135,426 $127,840 $118,421 $116,448 
NOI margin69.0 %69.8 %71.5 %69.4 %69.9 %
Revenues per square foot$32.49 $36.86 $35.96 $35.66 $38.50 
NOI per square foot$22.41 $25.74 $25.72 $24.73 $26.90 
Recurring cap-ex$7,794 $7,202 $6,537 $7,592 $7,278 
Other cap-ex$8,618 $5,893 $9,644 $8,946 $6,169 

Same Store Performance(2)
4Q191Q202Q203Q204Q20
Properties303 303 303 303 303 
Occupancy94.2 %94.2 %93.9 %93.8 %93.7 %
Same store revenues$123,220 $123,462 $120,612 $123,418 $124,783 
Same store operating expenses40,036 40,847 37,698 41,196 39,856 
Same store NOI$83,184 $82,615 $82,914 $82,222 $84,927 
Year over year growth rate2.1 %

Portfolio Diversification
by Tenant(3)
Rental Income% of TotalQuality Indicators
Kelsey-Seybold$23,580 5.3 %
Health system affiliated properties as % of NOI(3)
92.6 %
CommonSpirit Health15,484 3.4 %
Health system affiliated tenants as % of rental income(3)
65.1 %
Novant Health15,173 3.4 %
Retention (trailing twelve months)(3)
87.3 %
Virtua14,854 3.3 %
In-house managed properties as % of square feet(3,4)
84.0 %
Baylor Scott & White13,406 3.0 %
Average remaining lease term (years)(3)
6.1 
Remaining portfolio366,367 81.6 %
Average building size (square feet)(3)
60,391 
Total$448,864 100.0 %Average age (years)15

Expirations(3)
20212022202320242025Thereafter
Occupied square feet2,058,524 2,067,702 2,235,476 2,416,933 1,466,414 9,954,465 
% of occupied square feet10.2 %10.2 %11.1 %12.0 %7.3 %49.2 %
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 303 same store properties representing 18,934,933 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-ff3208849ca940618bd1a.jpg
Detail of Acquisitions/JVs(1)
20162017201820191Q202Q203Q204Q2016-20 Total
Count22 18 15 27 4 1 — 794 
Total$2,287,973 $742,020 $3,788,261 $4,073,554 $397,911 $6,201 $— $506,105 $11,295,920 
Low10,618 7,310 4,950 7,550 28,420 6,201 — 11,129 4,950 
Median27,402 24,025 73,727 38,800 67,052 6,201 — 48,875 35,954 
High1,150,000 149,400 2,481,723 1,250,000 235,387 6,201 — 164,300 2,481,723 

Investment Timing
Acquisitions/Joint Ventures(2)
YieldLoan AdvancesYield
Construction
Conversions(2)
YieldDispositionsYield
October$137,783 3.4 %$— — %$— — %$212,854 4.8 %
November169,893 0.4 %20,867 6.5 %— — %167,632 6.0 %
December198,429 6.5 %— — %65,472 9.1 %293,711 5.0 %
Total$506,105 3.6 %$20,867 6.5 %$65,472 9.1 %$674,197 5.2 %

Notes:
(1) Includes non-yielding asset acquisitions.
(2) Includes expansion conversions.



9
Investment
    
(dollars in thousands at Welltower pro rata ownership, except per bed / unit / square foot)
Gross Investment Activity
Fourth Quarter 2020
PropertiesBeds / Units / Square FeetPro Rata
Amount		Investment Per
Bed / Unit /
SqFt		Yield
Acquisitions / Joint Ventures(1)
Seniors Housing Operating 201,999 units$406,068 224,493 2.9 %
Seniors Housing Triple-net11495 units88,908 179,612 6.5 %
Outpatient Medical128,038 sf11,129 397 6.0 %
Total acquisitions32506,105 3.6 %
Development(2)
Development projects:
Seniors Housing Operating304,116 units144,597 
Seniors Housing Triple-net7630 units15,234 
Outpatient Medical4462,710 sf16,616 
Total development41176,447 7.6 %
Loan advances(3)
20,867 6.5 %
Total gross investments703,419 4.7 %
Dispositions(4)
Seniors Housing Operating6506 units182,854 395,257 3.6 %
Seniors Housing Triple-net1178units30,000 168,539 11.8 %
Outpatient Medical261,585,949sf460,343 348 5.4 %
Long-Term/Post-Acute Care168beds1,000 14,706 — %
Real property dispositions34674,197 5.2 %
Net investments (dispositions)$29,222 

Notes:
(1) Amounts represent purchase price excluding accounting adjustments pursuant to U.S. GAAP for all consolidated and unconsolidated property acquisitions. Yield represents annualized contractual or projected cash rent/NOI to be generated divided by investment amount, excluding land parcels. Pro rata amounts include joint venture real estate loans receivable.
(2) 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.
(3) Amounts represent cash funded to operators for real estate and non-real estate loans, excluding development loans. Yield represents annualized contractual interest divided
by investment amount.
(4) Amounts represent proceeds received for loan payoffs and consolidated and unconsolidated property sales. 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 2020
PropertiesBeds / Units / Square FeetPro Rata
Amount		Investment Per
Bed / Unit /
SqFt		Yield
Acquisitions / Joint Ventures(1)
Seniors Housing Operating263,263 units$574,793 $212,568 3.5 %
Seniors Housing Triple-net11495 units88,908 179,612 6.5 %
Outpatient Medical17533,050 sf246,516 462 6.1 %
Total acquisitions54910,217 4.5 %
Development(2)
Development projects:
Seniors Housing Operating344,507 units355,056 
Seniors Housing Triple-net101,046 units60,659 
Outpatient Medical7604,927 sf88,456 
Total development projects51504,171 
Expansion projects:
Seniors Housing Operating4212 units23,952 
Total development55528,123 7.6 %
Loan advances(3)
199,863 7.3 %
Total gross investments1,638,203 5.8 %
Dispositions(4)
Seniors Housing Operating315,244 units1,282,439 332,179 4.8 %
Seniors Housing Triple-net2247 units38,125 154,352 11.3 %
Outpatient Medical1086,362,302 sf2,324,062 403 5.6 %
Health System3426 units53,168 156,009 3.8 %
Long-Term/Post-Acute Care3311 beds18,146 58,347 12.8 %
Real property dispositions1473,715,940 5.4 %
Loan payoffs9,012 7.0 %
Total dispositions1473,724,952 5.4 %
Net investments (dispositions)$(2,086,749)
Notes:
(1) Amounts represent purchase price excluding accounting adjustments pursuant to U.S. GAAP for all consolidated and unconsolidated property acquisitions. Yield represents annualized contractual or projected cash rent/NOI to be generated divided by investment amount, excluding land parcels.
(2) 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.
(3) Amounts represent cash funded to operators for real estate and non-real estate loans, excluding development loans. Yield represents annualized contractual interest divided
by investment amount.
(4) Amounts represent proceeds received for loan payoffs and consolidated and unconsolidated property sales. Yield represents annualized cash rent/interest/NOI that was being generated pre-disposition divided by proceeds.

11
Investment
Property Acquisitions/Joint Ventures Detail
OperatorUnitsLocationMSA
Seniors Housing Operating
Balfour Senior Living742979 Uinta StreetDenverCOUSDenver
Clover Management1282000 Carlton Hollow WayBallston SpaNYUSAlbany
Frontier Management58848 W Orchard DrBellinghamWAUSBellingham, WA
Frontier Management93966 Oyster Bay CtBremertonWAUSBremerton, WA
Frontier Management58192 Norman Ave.Coos BayORUSCoos Bay, OR
Frontier Management81 1855 Ocean Blvd SECoos BayORUSCoos Bay, OR
Frontier Management83 180 2nd Ave SEdmondsWAUSSeattle
Frontier Management40 524 75th St SEEverettWAUSSeattle
Frontier Management88 615 Washburn WayKlamath FallsORUSKlamath Falls, OR
Frontier Management48 320 Lake Havasu Ave. N,Lake Havasu CityAZUSLake Havasu City-Kingman, AZ
Frontier Management52 835 E Main StMolallaORUSPortland, OR
Frontier Management69 4452 Lancaster Dr NESalemORUSSalem, OR
Frontier Management80 4050 12th Street Cutoff SESalemORUSSalem, OR
Frontier Management81 201 NW 78th StVancouverWAUSPortland, OR
Sparrow Partners144 1240 East Pleasant RunCedar HillTXUSDallas
Sparrow Partners126 4205-4209 Dalrock RdRowlettTXUSDallas
StoryPoint Senior Living162 700 Dickinson RdChestertonINUSChicago
StoryPoint Senior Living162 3715 Union Chapel RdFort WayneINUSFort Wayne, IN
StoryPoint Senior Living204 7129 Gilmore RdWest Chester TownshipOHUSCincinnati
StoryPoint Senior Living168 1470 Pray BlvdWatervilleOHUSToledo
Total1,999 
Seniors Housing Triple-Net
StoryPoint Senior Living411320 Pine AveAlmaMIUSAlma, MI
StoryPoint Senior Living50150 Meadow LaneBad AxeMIUSNo MSA
StoryPoint Senior Living2029601 Amerihost DrDowagiacMIUSSouth Bend, IN
StoryPoint Senior Living341515 Meijer DrGreenvilleMIUSGrand Rapids
StoryPoint Senior Living401821 N. East StHastingsMIUSGrand Rapids
StoryPoint Senior Living64101 Devonshire DrLapeerMIUSDetroit
StoryPoint Senior Living452378 S. Lincoln RdMt. PleasantMIUSMount Pleasant, MI
StoryPoint Senior Living46677 HazenPaw PawMIUSKalamazoo-Portage, MI
StoryPoint Senior Living646070 Northland DrRockfordMIUSGrand Rapids
StoryPoint Senior Living4570 W. Argyle AveSanduskyMIUSNo MSA
StoryPoint Senior Living466827 Whitehall RdWhitehallMIUSMuskegon, MI
Total 495 
Outpatient Medical
University of Texas28,03811476 Space Center BlvdHoustonTXUSHouston
(1) Please refer to the 4Q20 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 12/31/20Estimated Conversion
Seniors Housing Operating
New York, NY151 — 69 82 $98,125 $95,653 2Q21
Potomac, MD120 — 90 30 55,798 47,861 2Q21
Scarborough, ON172 141 — 31 34,426 19,470 2Q21
Alexandria, VA93 — 66 27 20,624 17,848 2Q21
Newton, MA85 — 43 42 15,393 13,325 2Q21
Beckenham, UK100 — 76 24 48,261 34,292 3Q21
Staten Island, NY95 — 45 50 21,590 15,670 3Q21
Franklin Lakes, NY88 — 51 37 16,921 11,219 3Q21
Fairfax, VA84 — 51 33 16,658 9,261 3Q21
Mountain Lakes, NJ90 — 57 33 15,063 8,343 3Q21
Barnet, UK100 — 76 24 53,077 30,912 4Q21
Redwood City, CA90 — 56 34 19,465 11,989 4Q21
San Francisco, CA214 11 170 33 110,905 103,893 1Q22
White Plains, NY132 132 — — 59,913 29,739 1Q22
Hendon, UK102 — 78 24 56,868 38,113 1Q22
Bellevue, WA110 — 82 25 9,518 3,303 1Q22
New York, NY528 400 92 36 146,096 81,839 2Q22
Princeton, NJ80 — 68 12 29,592 19,021 3Q22
Montreal, ON247 247 — — 16,124 2,406 3Q22
Montreal, ON223 223 — — 13,711 2,550 3Q22
Orange, CA91 — 49 42 18,578 3,445 4Q22
Coral Gables, FL91 — 55 36 18,225 4,128 4Q22
Livingston, NJ103 — 77 26 17,375 2,480 4Q22
Berea, OH120 120 — — 13,441 1,384 4Q22
Painesville, OH119 119 — — 13,016 1,358 4Q22
Beaver, PA116 116 — — 12,766 1,037 4Q22
New York, NY160 — 76 84 79,400 32,418 2Q23
Subtotal3,704 1,509 1,427 765 1,030,929 642,957 
Seniors Housing Triple-net
Thousand Oaks, CA82 — — 82 25,391 21,408 1Q21
Redhill, UK76 — 46 30 21,723 11,869 2Q21
Edenbridge, UK85 — 51 34 20,464 19,979 2Q21
Leicester, UK60 — 36 24 15,301 5,566 1Q22
Wombourne, UK66 — 41 25 16,394 5,537 2Q22
Raleigh, NC191 151 40 — 141,853 7,170 2Q23
Subtotal560 151 214 195 241,126 71,529 
Outpatient Medical
Rentable Square FtPreleased %Health System AffiliationCommitment AmountBalance at 12/31/20Estimated Conversion
Charlotte, NC176,640 100 %Yes95,703 75,201 1Q21
Charlotte, NC104,508 100 %Yes52,255 41,018 1Q21
Brooklyn, NY140,955 100 %Yes105,306 104,148 2Q21
Kalamazoo, MI40,607 100 %Yes14,267 2,654 3Q21
Subtotal462,710 267,531 223,021 
Total Development Projects$1,539,586 $937,507 
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 Operating273,7047.7 %$283,844 $104,128 $387,972 $1,030,929 
Seniors Housing Triple-net65607.5 %66,985 102,612 169,597 241,126 
Outpatient Medical4462,7106.4 %44,510 — 44,510 267,531 
Total377.4 %$395,339 $206,740 $602,079 $1,539,586 

Development Project Conversion Estimates(1)
Quarterly ConversionsAnnual Conversions
Amount
Projected
Yields(2)
Amount
Projected
Yields(2)
1Q20 actual$93,877 8.6 %2020 actual$284,503 8.5 %
2Q20 actual99,5808.1 %2021 estimate750,510 7.8 %
3Q20 actual25,5748.5 %2022 estimate567,823 6.9 %
4Q20 actual65,4729.1 %2023 estimate221,2537.8 %
1Q21 estimate173,3495.9 %Total$1,824,089 7.6 %
2Q21 estimate371,8597.9 %
3Q21 estimate132,7609.5 %
4Q21 estimate72,5429.0 %
1Q22 estimate252,5057.2 %
2Q22 estimate162,4905.5 %
3Q22 estimate59,4277.7 %
4Q22 estimate93,4018.0 %
2Q23 estimate221,2537.8 %
Total$1,824,089 7.6 %

Unstabilized Properties
9/30/2020 PropertiesStabilizations
Construction Conversions(3)
Acquisitions/ Dispositions12/31/2020 PropertiesBeds / Units
Seniors Housing Operating23(1)38 334,819
Seniors Housing Triple-net8— 1— 9841
Long-Term/Post-Acute Care1— —— 1120
Total32(1)48 435,780
Occupancy9/30/2020 PropertiesStabilizations
Construction Conversions(3)
Acquisitions/ DispositionsProgressions12/31/2020 Properties
0% - 50%14 — 4 7 — 25 
50% - 70%11 — — 1 (1)11 
70% +7 (1)— — 1 7 
Total32 (1)4 8 — 43 
Occupancy12/31/2020 PropertiesMonths In OperationRevenues
% of Total Revenues(4)
Gross Investment Balance% of Total Gross Investment
0% - 50%25 6 $48,040 1.1 %$731,268 2.1 %
50% - 70%11 21 45,418 1.0 %360,884 1.0 %
70% +7 22 39,540 0.9 %295,984 0.8 %
Total43 12 $132,998 3.0 %$1,388,136 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 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)
$662,852 57,920 units
Seniors Housing Triple-net380,212 23,853 units
Outpatient Medical401,996 16,736,274 square feet
Health System147,136 20,754 units/beds
Long-Term/Post-Acute Care180,140 13,596 beds
Total In-Place NOI(2)
1,772,336 
Incremental stabilized NOI(3)
77,552 
Total stabilized NOI$1,849,888 
Obligations
Lines of credit and commercial paper(4)
$— 
Senior unsecured notes(4)
11,509,533 
Secured debt(4)
2,999,502 
Financing lease liabilities107,102 
Total debt14,616,137 
Add (Subtract):
Other liabilities (assets), net(5)
348,167 
Cash and cash equivalents and restricted cash(2,021,043)
Net obligations$12,943,261 
Other Assets
Land parcels$190,818 
Effective Interest Rate(8)
Real estate loans receivable(6)
394,412 7.7%
Non-real estate loans receivable(7)
240,269 11.4%
Joint venture real estate loans receivables(9)
226,315 5.5%
Other investments(10)
4,636 
Investments held for sale(11)
254,520 
Development properties:(12)
Current balance937,507 
Unfunded commitments602,079 
Committed balances$1,539,586 
Projected yield7.4 %
Projected NOI$113,929 
Common Shares Outstanding(13)
418,797 
Notes:
(1) Includes $12,967,000 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 $1,131,786,000 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$115,411 
Below market tenant lease intangibles, net36,980 
Deferred taxes, net(31,578)
In place lease intangibles, net(38,157)
Other non-cash liabilities / (assets), net6,650 
Total non-cash liabilities/(assets), net$89,306 
(6) Represents $402,718,000 of real estate loans excluding development loans and net of $8,306,000 of credit allowances.
(7) Represents $455,508,000 of non-real estate loans, net of $215,239,000 of credit allowances.
(8) Average cash-pay interest rates are 7.7% and 6.1% for real estate and non-real estate loans, respectively. Rates exclude non-accrual/interest-free loans.
(9) Represents partners' share of Welltower loans made to our partners in select joint ventures, secured by their interest in the joint venture properties.
(10) Represents the fair value of Genesis Healthcare, Inc. stock investment based on closing stock price at December 31, 2020.
(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)
4Q191Q202Q203Q204Q20
Revenues:
Seniors Housing Operating
Resident fees and services$802,452 $820,828 $748,520 $725,043 $701,590 
Interest income36 104 88 113 313 
Other income1,915 1,058 3,978 977 1,136 
Total revenues804,403 821,990 752,586 726,133 703,039 
Seniors Housing Triple-net
Rental income115,717 85,409 111,749 92,572 115,604 
Interest income6,303 5,810 5,960 6,552 6,763 
Other income1,403 1,159 937 930 1,503 
Total revenues123,423 92,378 118,646 100,054 123,870 
Outpatient Medical
Rental income177,840 193,084 176,555 169,007 160,981 
Interest income426 466 461 760 4,226 
Other income1,835 409 1,679 966 1,472 
Total revenues180,101 193,959 178,695 170,733 166,679 
Health System
Rental income43,036 42,818 42,446 42,445 42,445 
Total revenues43,036 42,818 42,446 42,445 42,445 
Long-Term/Post-Acute Care
Rental income53,422 53,388 53,696 (46,789)54,272 
Interest income8,953 8,861 9,560 9,325 9,794 
Other income473 514 (329)190 9 
Total revenues62,848 62,763 62,927 (37,274)64,075 
Corporate
Other income385 294 253 2,966 3,095 
Total revenues385 294 253 2,966 3,095 
Total
Rental income390,015 374,699 384,446 257,235 373,302 
Resident fees and services802,452 820,828 748,520 725,043 701,590 
Interest income15,718 15,241 16,069 16,750 21,096 
Other income6,011 3,434 6,518 6,029 7,215 
Total revenues$1,214,196 $1,214,202 $1,155,553 $1,005,057 $1,103,203 
Property operating expenses:
Seniors Housing Operating$564,895 $582,533 $573,042 $550,755 $539,465 
Seniors Housing Triple-net7,473 8,363 8,285 7,353 9,110 
Outpatient Medical55,915 58,533 50,855 52,312 50,231 
Health System20 20 20 20 20 
Long-Term/Post-Acute Care4,595 4,799 5,138 5,107 5,728 
Corporate— — — 1,718 1,663 
Total property operating expenses$632,898 $654,248 $637,340 $617,265 $606,217 
Net operating income:
Seniors Housing Operating$239,508 $239,457 $179,544 $175,378 $163,574 
Seniors Housing Triple-net115,950 84,015 110,361 92,701 114,760 
Outpatient Medical124,186 135,426 127,840 118,421 116,448 
Health System43,016 42,798 42,426 42,425 42,425 
Long-Term/Post-Acute Care58,253 57,964 57,789 (42,381)58,347 
Corporate385 294 253 1,248 1,432 
Net operating income$581,298 $559,954 $518,213 $387,792 $496,986 
Note:
(1) Please see discussion of Supplemental Reporting Measures on page 21. Includes amounts from investments sold or held for sale. NOI related to DownREIT's included at 100%.
16
Financial
(dollars in thousands)
Leverage and EBITDA Reconciliations(1)
Twelve Months EndedThree Months Ended
December 31, 2020December 31, 2020
Net income (loss)$1,038,852 $155,278 
Interest expense514,388 121,173 
Income tax expense (benefit)9,968 290 
Depreciation and amortization1,038,437 242,733 
EBITDA2,601,645 519,474 
Loss (income) from unconsolidated entities8,083 (258)
Stock-based compensation(2)
28,318 7,380 
Loss (gain) on extinguishment of debt, net47,049 13,796 
Loss (gain) on real estate dispositions, net(1,088,455)(185,464)
Impairment of assets135,608 9,317 
Provision for loan losses94,436 83,085 
Loss (gain) on derivatives and financial instruments, net11,049 569 
Other expenses(2)
64,171 27,583 
Other impairment(3)
146,508 — 
Total adjustments(553,233)(43,992)
Adjusted EBITDA$2,048,412 $475,482 
Interest Coverage Ratios
Interest expense$514,388 $121,173 
Capitalized interest17,472 4,238 
Non-cash interest expense(15,751)(1,739)
Total interest$516,109 $123,672 
EBITDA$2,601,645 $519,474 
Interest coverage ratio5.04  x4.20  x
Adjusted EBITDA$2,048,412 $475,482 
Adjusted Interest coverage ratio3.97  x3.84  x
Fixed Charge Coverage Ratios
Total interest$516,109 $123,672 
Secured debt principal amortization62,707 16,122 
Total fixed charges$578,816 $139,794 
EBITDA$2,601,645 $519,474 
Fixed charge coverage ratio4.49  x3.72  x
Adjusted EBITDA$2,048,412 $475,482 
Adjusted Fixed charge coverage ratio3.54  x3.40  x
Net Debt to EBITDA Ratios
Total debt(4)
$13,905,822 
  Less: cash and cash equivalents(5)
(1,968,765)
Net debt$11,937,057 
EBITDA Annualized$2,077,896 
Net debt to EBITDA ratio5.74  x
Adjusted EBITDA Annualized$1,901,928 
Net debt to Adjusted EBITDA ratio6.28  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 impairments of straight-line rent receivable deemed uncollectible.
(4) Includes unamortized premiums/discounts, other fair value adjustments and financing lease liabilities of $107,102,000. Excludes operating lease liabilities of $311,164,000 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)
13,905,822 47.68 %
Cash and cash equivalents(4)
(1,968,765)(6.75)%
Net debt to consolidated book capitalization$11,937,057 40.93 %
Total equity(5)
17,225,062 59.07 %
Consolidated book capitalization$29,162,119 100.00 %
Joint venture debt, net(6)
621,429 
Total book capitalization$29,783,548 
Undepreciated Book Capitalization
Lines of credit and commercial paper(2)
$— 0.00 %
Long-term debt obligations(2)(3)
13,905,822 39.43 %
Cash and cash equivalents(4)
(1,968,765)(5.58)%
Net debt to consolidated undepreciated book capitalization$11,937,057 33.85 %
Accumulated depreciation and amortization6,104,297 17.31 %
Total equity(5)
17,225,062 48.84 %
Consolidated undepreciated book capitalization$35,266,416 100.00 %
Joint venture debt, net(6)
621,429 
Total undepreciated book capitalization$35,887,845 
Enterprise Value
Lines of credit and commercial paper(2)
$— 0.00 %
Long-term debt obligations(2)(3)
13,905,822 34.62 %
Cash and cash equivalents(4)
(1,968,765)(4.90)%
Net debt to consolidated enterprise value$11,937,057 29.72 %
Common shares outstanding417,401 
Period end share price64.62 
Common equity market capitalization$26,972,453 67.16 %
Noncontrolling interests(5)
1,252,343 3.12 %
Consolidated enterprise value$40,161,853 100.00 %
Joint venture debt, net(6)
621,429 
Total enterprise value$40,783,282 
Secured Debt as % of Total Assets
Secured debt(2)
$2,377,930 7.32 %
Total assets$32,483,642 
Total Debt as % of Total Assets
Total debt(2)(3)
$13,905,822 42.81 %
Total assets$32,483,642 
Unsecured Debt as % of Unencumbered Assets
Unsecured debt(2)
$11,420,790 37.62 %
Unencumbered assets$30,361,791 
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 $107,102,000 and excludes operating lease liabilities of $311,164,000 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(3,4,5,6,7)
Consolidated Secured DebtShare of Unconsolidated Secured DebtNoncontrolling Interests' Share of Consolidated Secured Debt
Combined Debt(8)
% of TotalWtd. Avg. Interest Rate
2021$— $— $451,038 $54,073 $(138,054)$367,057 2.53 %3.21 %
2022— 870,000 460,892 88,505 (69,585)1,349,812 9.30 %2.04 %
2023— 1,369,784 372,541 118,419 (54,332)1,806,412 12.45 %2.82 %
2024— 1,350,000 183,345 65,630 (24,635)1,574,340 10.85 %3.86 %
2025— 1,250,000 214,440 491,878 (36,894)1,919,424 13.23 %3.88 %
2026— 700,000 67,712 19,081 (19,884)766,909 5.29 %4.15 %
2027— 735,239 163,788 63,838 (45,532)917,333 6.32 %2.95 %
2028— 1,501,410 81,498 24,962 (14,531)1,593,339 10.98 %4.48 %
2029— 550,000 249,703 30,983 (2,539)828,147 5.71 %3.66 %
2030— 750,000 5,918 30,138 (1,135)784,921 5.41 %3.07 %
Thereafter— 2,433,100 127,198 77,442 (36,399)2,601,341 17.93 %4.49 %
Totals$— $11,509,533 $2,378,073 $1,064,949 $(443,520)$14,509,035 100.00 %
Weighted Avg Interest Rate(9)
— 3.67 %3.27 %3.37 %3.05 %3.60 %
Weighted Avg Maturity Years— 7.74.36.83.87.2
% Floating Rate Debt100.00 %13.61 %28.42 %28.87 %35.53 %16.48 %

Debt by Local Currency(1)
Lines of Credit and Commercial Paper(2)
Senior Unsecured Notes(3,4,5,6,7)
Consolidated Secured DebtShare of Unconsolidated Secured DebtNoncontrolling Interests' Share of Consolidated Secured Debt
Combined Debt(8)
Investment Hedges(10)
United States$— $9,643,752 $1,242,428 $812,303 $(187,015)$11,511,468 $— 
United Kingdom— 1,434,510 — — — 1,434,510 1,831,675 
Canada— 431,271 1,135,645 252,646 (256,505)1,563,057 490,081 
Totals$— $11,509,533 $2,378,073 $1,064,949 $(443,520)$14,509,035 $2,321,756 
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 December 31, 2020. The unsecured revolving credit facility matures on July 19, 2022 (with an option to extend for two successive terms of six months each at our discretion). Available borrowing capacity of our unsecured revolving credit facility was $3,000,000,000 as of December 31, 2020.
(3) 2022 includes a $860,000,000 unsecured term loan. The loan matures on April 1, 2022 and bears interest at LIBOR plus 1.20%.
(4) 2023 includes a $500,000,000 unsecured term loan and a CAD $250,000,000 unsecured term loan (approximately $196,032,000 USD at December 31, 2020). 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.
(5) 2027 includes CAD $300,000,000 of 2.95% senior unsecured notes (approximately $235,239,000 USD at December 31, 2020) that matures on January 15, 2027.
(6) 2028 includes £550,000,000 of 4.80% senior unsecured notes (approximately $751,410,000 USD at December 31, 2020). The notes mature on November 20, 2028.
(7) Thereafter includes £500,000,000 of 4.50% senior unsecured notes (approximately $683,100,000 USD at December 31, 2020). The notes mature on December 1, 2034.
(8) Excludes operating lease liabilities of $311,164,000 and finance lease liabilities of $107,102,000 related to ASC 842 adoption.
(9) The interest rate on the unsecured revolving credit facility is 1-month LIBOR + 0.825%. Commercial paper, senior notes and secured debt average interest rate represents the face value note rate.
(10) 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 $(61,851,000), 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.
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 Reconciliation4Q191Q202Q203Q204Q20
Net income (loss)$240,136 $329,380 $159,216 $394,978 $155,278 
Loss (gain) on real estate dispositions, net(12,064)(262,824)(155,863)(484,304)(185,464)
Loss (income) from unconsolidated entities(57,420)3,692 (1,332)5,981 (258)
Income tax expense (benefit)(4,832)5,442 2,233 2,003 290 
Other expenses16,042 6,292 19,411 11,544 33,088 
Impairment of assets98 27,827 75,151 23,313 9,317 
Provision for loan losses— 7,072 1,422 2,857 83,085 
Loss (gain) on extinguishment of debt, net2,612 — 249 33,004 13,796 
Loss (gain) on derivatives and financial instruments, net(5,069)7,651 1,434 1,395 569 
General and administrative expenses26,507 35,481 34,062 31,003 27,848 
Depreciation and amortization262,644 274,801 265,371 255,532 242,733 
Interest expense131,648 142,007 126,357 124,851 121,173 
Consolidated net operating income600,302 576,821 527,711 402,157 501,455 
NOI attributable to unconsolidated investments(1)
22,031 21,150 20,871 13,659 21,481 
NOI attributable to noncontrolling interests(2)
(41,035)(38,017)(30,369)(28,024)(25,950)
Pro rata net operating income (NOI)(3)
$581,298 $559,954 $518,213 $387,792 $496,986 


In-Place NOI Reconciliation
At Welltower pro rata ownershipSeniors Housing OperatingSeniors Housing Triple-netOutpatient MedicalHealth SystemLong-Term
/Post-Acute Care		CorporateTotal
Revenues$703,039 $123,870 $166,679 $42,445 $64,075 $3,095 $1,103,203 
Property operating expenses(539,465)(9,110)(50,231)(20)(5,728)(1,663)(606,217)
NOI(3)
163,574 114,760 116,448 42,425 58,347 1,432 496,986 
Adjust:
Interest income(313)(6,763)(4,226)— (9,794)— (21,096)
Other income(1,136)(1,503)(1,472)— (9)(3,095)(7,215)
Sold / held for sale(485)(201)(7,368)— 76 — (7,978)
Developments / land952 — 150 — — — 1,102 
Non In-Place NOI(4)
(2,614)(4,107)(3,129)(5,641)(3,585)1,663 (17,413)
Timing adjustments(5)
5,735 (7,133)96 — — — (1,302)
Total adjustments2,139 (19,707)(15,949)(5,641)(13,312)(1,432)(53,902)
In-Place NOI165,713 95,053 100,499 36,784 45,035 — 443,084 
Annualized In-Place NOI$662,852 $380,212 $401,996 $147,136 $180,140 $— $1,772,336 

Same Store Property Reconciliation
Seniors Housing OperatingSeniors Housing
Triple-net		Outpatient MedicalHealth SystemLong-Term
/Post-Acute Care		Total
Total properties646 330 368 215 135 1,694 
Recent acquisitions/ development conversions(6)
(46)(18)(51)— — (115)
Under development(27)(4)(2)— — (33)
Under redevelopment(7)
(10)— (2)— (1)(13)
Current held for sale(10)(1)(2)— — (13)
Land parcels, loans and sub-leases(11)(11)(8)— (7)(37)
Transitions(8)
(27)(6)— — — (33)
Other(9)
(1)— — — — (1)
Same store properties514 290 303 215 127 1,449 
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, respectively.
(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) Includes 1 closed property.
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Supplemental Reporting Measures

(dollars in thousands at Welltower pro rata ownership)
Same Store NOI Reconciliation4Q191Q202Q203Q204Q20Y/o/Y
Seniors Housing Operating
NOI$239,508 $239,457 $179,544 $175,378 $163,574 
Non-cash NOI on same store properties(842)(879)(959)(1,017)(349)
NOI attributable to non-same store properties(23,254)(25,746)(16,799)(13,378)(8,291)
Currency and ownership adjustments(1)
754 1,183 2,026 374 (561)
Normalizing adjustment for government grants(2)
— — — — (11,797)
Other normalizing adjustments(3)
(1,461)469 (1,604)(992)(358)
SSNOI(4)
214,705 214,484 162,208 160,365 142,218 (33.8)%
Seniors Housing Triple-net
NOI115,950 84,015 110,361 92,701 114,760 
Non-cash NOI on same store properties(4,876)1,871 (2,913)17,626 (3,081)
NOI attributable to non-same store properties(21,827)4,517 (21,230)(23,393)(24,703)
Currency and ownership adjustments(1)
132 247 771 107 (269)
Other normalizing adjustments(3)
(1,134)(1,767)713 (54)(858)
SSNOI88,245 88,883 87,702 86,987 85,849 (2.7)%
Outpatient Medical
NOI124,186 135,426 127,840 118,421 116,448 
Non-cash NOI on same store properties(2,915)(2,291)(1,752)(2,029)(1,542)
NOI attributable to non-same store properties(19,674)(33,092)(31,430)(23,887)(24,050)
Currency and ownership adjustments(1)
(17,453)(17,396)(10,818)(10,225)(5,871)
Normalizing adjustment for lease termination fees(5)
(845)— — — (14)
Other normalizing adjustments(3)
(115)(32)(926)(58)(44)
SSNOI83,184 82,615 82,914 82,222 84,927 2.1 %
Health System
NOI43,016 42,798 42,426 42,425 42,425 
Non-cash NOI on same store properties(6,694)(6,670)(6,626)(5,969)(5,641)
NOI attributable to non-same store properties(530)(108)— — — 
Other normalizing adjustments(3)
8 (220)— — — 
SSNOI35,800 35,800 35,800 36,456 36,784 2.7 %
Long-Term/Post-Acute Care
NOI58,253 57,964 57,789 (42,381)58,347 
Non-cash NOI on same store properties(3,654)(3,393)(3,553)97,641 (3,591)
NOI attributable to non-same store properties(9,723)(9,163)(9,197)(10,129)(9,533)
Currency and ownership adjustments(1)
5 32 84 21 (17)
Normalizing adjustments for lease restructuring(6)
(565)(565)— — — 
Other normalizing adjustments(3)
6 — — — — 
SSNOI44,322 44,875 45,123 45,152 45,206 2.0 %
Corporate
NOI385 294 253 1,248 1,432 
NOI attributable to non-same store properties(385)(294)(253)(1,248)(1,432)
SSNOI— — — — — 
Total
NOI581,298 559,954 518,213 387,792 496,986 
Non-cash NOI on same store properties(18,981)(11,362)(15,803)106,252 (14,204)
NOI attributable to non-same store properties(75,393)(63,886)(78,909)(72,035)(68,009)
Currency and ownership adjustments(1)
(16,562)(15,934)(7,937)(9,723)(6,718)
Normalizing adjustments, net(4,106)(2,115)(1,817)(1,104)(13,071)
SSNOI$466,256 $466,657 $413,747 $411,182 $394,984 (15.3)%
Notes:
(1) Includes adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.3160 and to translate UK properties at a GBP/USD
rate of 1.30.    
(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 aggregate normalizing adjustments which are individually less than 0.50% of SSNOI growth per property type.
(4) SHO SSNOI includes expenses that are directly attributable to the COVID-19 pandemic net of any reimbursements exclusive of those included in (2) above.
(5) Represents normalizing adjustment related to lease termination fees associated with Outpatient Medical tenants.
(6) Represents normalizing adjustment related to lease restructuring associated with one Long-Term/Post-Acute Care Triple-net lease.

23
Supplemental Reporting Measures
(dollars in thousands, except REVPOR, SS REVPOR and SSNOI/unit)
SHO REVPOR ReconciliationUnited StatesUnited KingdomCanadaTotal
Consolidated SHO revenues$525,649 $83,204 $106,167 $715,020 
Unconsolidated SHO revenues attributable to Welltower(1)
22,110 — 21,065 43,175 
SHO revenues attributable to noncontrolling interests(2)
(23,589)(8,085)(23,482)(55,156)
Pro rata SHO revenues(3)
524,170 75,119 103,750 703,039 
SHO interest and other income(1,419)— (30)(1,449)
SHO revenues attributable to sold and held for sale properties(3,209)— — (3,209)
Currency and ownership adjustments(4)
— (1,177)(1,013)(2,190)
SHO local revenues519,542 73,942 102,707 696,191 
Average occupied units/month27,766 2,843 12,103 42,712 
REVPOR/month in USD$6,186 $8,599 $2,806 $5,389 
REVPOR/month in local currency(4)
£6,615 $3,693 



Reconciliations of SHO SS REVPOR Growth, SSNOI Growth and SSNOI/Unit
United StatesUnited KingdomCanadaTotal
4Q194Q204Q194Q204Q194Q204Q194Q20
SHO SS REVPOR Growth
Consolidated SHO revenues$635,783 $525,649 $85,203 $83,204 $112,472 $106,167 $833,458 $715,020 
Unconsolidated SHO revenues attributable to WELL(1)
22,511 22,110 — — 21,607 21,065 44,118 43,175 
SHO revenues attributable to noncontrolling interests(2)
(40,528)(23,589)(7,622)(8,085)(25,023)(23,482)(73,173)(55,156)
SHO pro rata revenues(3)
617,766 524,170 77,581 75,119 109,056 103,750 804,403 703,039 
Non-cash revenues on same store properties(990)(852)— — — — (990)(852)
Revenues attributable to non-same store properties(68,569)(47,345)(11,614)(12,398)(2,266)(2,788)(82,449)(62,531)
Currency and ownership adjustments(4)
227 — 244 (1,217)323 (986)794 (2,203)
Other normalizing adjustments(5)
(1,837)(531)4 — — — (1,833)(531)
SHO SS revenues(6)
546,597 475,442 66,215 61,504 107,113 99,976 719,925 636,922 
Avg. occupied units/month(7)
28,126 24,781 2,592 2,324 12,823 11,863 43,541 38,968 
SHO SS REVPOR(8)
$6,425 $6,343 $8,446 $8,750 $2,762 $2,786 $5,467 $5,404 
SS REVPOR YOY growth— %(1.3)%— %3.6 %— %0.9 %— (1.2)%
SHO SSNOI Growth
Consolidated SHO NOI$179,947 $112,784 $21,286 $23,476 $41,220 $23,537 $242,453 $159,797 
Unconsolidated SHO NOI attributable to WELL(1)
7,529 4,351 — — 8,962 8,831 16,491 13,182 
SHO NOI attributable to noncontrolling interests(2)
(9,103)(2,710)(1,080)(1,768)(9,253)(4,927)(19,436)(9,405)
SHO pro rata NOI(3)
178,373 114,425 20,206 21,708 40,929 27,441 239,508 163,574 
Non-cash NOI on same store properties(861)(331)18 (18)1 — (842)(349)
NOI attributable to non-same store properties(20,501)(4,715)(2,490)(3,161)(263)(415)(23,254)(8,291)
Currency and ownership adjustments(4)
540 — 87 (318)127 (243)754 (561)
Normalizing adjustment for government grants(9)
— (7,849)— (2,631)— (1,317)— (11,797)
Other normalizing adjustments(5)
(1,465)(358)4 — — — (1,461)(358)
SHO pro rata SSNOI(6)
$156,086 $101,172 $17,825 $15,580 $40,794 $25,466 $214,705 $142,218 
SHO SSNOI growth(35.2)%(12.6)%(37.6)%(33.8)%
SHO SSNOI/Unit
Trailing four quarters' SSNOI(6)
$494,832 $59,319 $125,124 $679,275 
Average units in service(10)
33,035 3,143 14,365 50,543 
SSNOI/unit in USD$14,979 $18,873 $8,710 $13,440 
SSNOI/unit in local currency(4)
£14,518 $11,461 
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 1.3160 and to translate UK properties at a GBP/USD rate of 1.30.
(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 23 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 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 receipt of relief funds under the CARES Act and other future stimulus legislation; 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; 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 February 9, 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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