Published: 2022-05-10 00:00:00 ET

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Table of Contents

    

Overview			1
Portfolio			2
Investment			8
Financial			13
Glossary			18
Supplemental Reporting Measures			19
Forward Looking Statements and Risk Factors			23

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Overview

(dollars and occupancy at Welltower pro rata ownership; dollars in thousands)
Portfolio Composition															Beds/Unit Mix
			Average Age						Properties						Total						Independent Living						Assisted Living						Memory Care						Long-Term/ Post-Acute Care
Seniors Housing Operating			18						869						101,160						53,774						33,025						13,483						878
Seniors Housing Triple-net			14						318						26,394						5,333						14,489						6,303						269
Outpatient Medical			16						390						23,122,705			(1)			n/a						n/a						n/a						n/a
Health System			30						205						24,485						201						517						3,145						20,622
Long-Term/Post-Acute Care			18						94						10,775						—						723						10						10,042
Total			17						1,876

NOI Performance						Same Store(2)																								In-Place Portfolio(3)
						Properties						1Q21 NOI						1Q22 NOI						% Change						Properties						Annualized In-Place NOI						% of Total
Seniors Housing Operating						532						$	119,923					$	142,019					18.4		%				803						$	745,316					40.8		%
Seniors Housing Triple-net(4)						267						77,531						82,902						6.9		%				303						383,528						21.0		%
Outpatient Medical						351						99,885						102,631						2.7		%				379						434,884						23.8		%
Health System						190						38,023						39,069						2.8		%				201						172,368						9.4		%
Long-Term/Post-Acute Care(4)						76						21,917						22,304						1.8		%				79						89,252						5.0		%
Total						1,416						$	357,279					$	388,925					8.9		%				1,765						$	1,825,348					100.0		%

Portfolio Performance																					Facility Revenue Mix
Stable Portfolio(5)			Occupancy						EBITDAR Coverage(6)						EBITDARM Coverage(6)						Private Pay						Medicaid						Medicare						Other Government(7)
Seniors Housing Operating			77.5		%				n/a						n/a						95.5		%				1.3		%				2.0		%				1.2		%
Seniors Housing Triple-net			77.3		%				0.82						0.99						88.0		%				4.3		%				1.0		%				6.7		%
Outpatient Medical			94.8		%				n/a						n/a						100.0		%				—						—						—
Health System			72.7		%				0.03						0.66						38.7		%				41.4		%				19.9		%				—		%
Long-Term/Post-Acute Care			81.1		%				1.30						1.56						33.5		%				31.1		%				35.4		%				—		%
Total									0.65						0.97						92.4		%				3.3		%				2.9		%				1.4		%

Notes:

(1) Indicates the total square footage of Outpatient Medical.

(2) See pages 20 and 21 for reconciliation.

(3) Excludes land parcels, loans, developments and investments held for sale. See page 20 for reconciliation.

(4) Same store NOI for these property types represents cash rent excluding the impact of expansions.

(5) Data as of March 31, 2022 for Seniors Housing Operating and Outpatient Medical and December 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.

1

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Portfolio

(dollars in thousands at Welltower pro rata ownership)
In-Place NOI Diversification(1)
By Partner:			Total Properties						Seniors Housing Operating						Seniors Housing Triple-net						Outpatient Medical						Health System						Long-Term/ Post-Acute Care						Total						% of Total
ProMedica			201						$	—					$	—					$	—					$	172,368					$	—					$	172,368					9.4		%
Sunrise Senior Living			124						111,702						—						—						—						—						111,702						6.1		%
Atria Senior Living			93						81,181						—						—						—						—						81,181						4.4		%
Avery Healthcare			55						6,268						69,447						—						—						—						75,715						4.1		%
Brookdale Senior Living			85						(841)						63,628						—						—						—						62,787						3.4		%
Belmont Village			21						60,750						—						—						—						—						60,750						3.3		%
Sagora Senior Living			31						27,505						28,772						—						—						—						56,277						3.1		%
Revera			85						54,526						—						—						—						—						54,526						3.0		%
Cogir			44						48,212						—						—						—						—						48,212						2.6		%
Senior Resource Group			24						46,613						—						—						—						—						46,613						2.6		%
Remaining			1,002						309,400						221,681						434,884						—						89,252						1,055,217						58.0		%
Total			1,765						$	745,316					$	383,528					$	434,884					$	172,368					$	89,252					$	1,825,348					100.0		%
By Country:
United States			1,498						$	575,741					$	305,357					$	434,884					$	172,368					$	81,997					$	1,570,347					86.0		%
United Kingdom			117						69,010						74,474						—						—						—						143,484						7.9		%
Canada			150						100,565						3,697						—						—						7,255						111,517						6.1		%
Total			1,765						$	745,316					$	383,528					$	434,884					$	172,368					$	89,252					$	1,825,348					100.0		%
By MSA:
New York			81						$	42,073					$	27,100					$	35,830					$	5,863					$	2,401					$	113,267					6.2		%
Los Angeles			72						58,767						19,242						34,466						—						—						112,475						6.2		%
Dallas			60						34,390						6,500						29,208						862						4,123						75,083						4.1		%
Greater London			49						40,906						17,296						—						—						—						58,202						3.2		%
Philadelphia			44						7,315						1,591						23,330						21,833						465						54,534						3.0		%
Washington D.C.			42						31,042						1,458						7,207						11,348						2,787						53,842						2.9		%
Houston			32						10,112						3,487						28,830						—						—						42,429						2.3		%
San Francisco			20						25,686						10,351						—						4,976						—						41,013						2.2		%
San Diego			18						18,109						6,631						8,735						—						2,942						36,417						2.0		%
Chicago			43						7,532						7,520						5,636						11,122						—						31,810						1.7		%
Charlotte			26						1,475						9,945						19,901						—						—						31,321						1.7		%
Minneapolis			20						(1,319)						15,769						14,074						—						—						28,524						1.6		%
Seattle			29						7,744						3,393						15,247						1,515						—						27,899						1.5		%
Boston			24						18,421						5,038						2,496						—						600						26,555						1.5		%
Raleigh			12						6,885						17,916						1,003						—						—						25,804						1.4		%
Montréal			21						23,955						—						—						—						—						23,955						1.3		%
Miami			36						757						—						16,338						5,920						—						23,015						1.3		%
Birmingham, UK			15						10,663						10,526						—						—						—						21,189						1.2		%
Atlanta			26						952						—						17,870						2,051						—						20,873						1.1		%
Toronto			25						20,466						—						—						—						—						20,466						1.1		%
Remaining			1,070						379,385						219,765						174,713						106,878						75,934						956,675						52.5		%
Total			1,765						$	745,316					$	383,528					$	434,884					$	172,368					$	89,252					$	1,825,348					100.0		%

Notes:

(1) Represents current quarter annualized In-Place NOI. See page 20 for reconciliation.

2

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Portfolio

(dollars, units and occupancy at Welltower pro rata ownership; dollars in thousands)
Seniors Housing Operating
Total Portfolio Performance(1)									1Q21						2Q21						3Q21						4Q21						1Q22
Properties									608						630						736						755						805
Units									58,185						59,670						71,721						76,105						80,402
Total occupancy									72.7		%				73.0		%				74.9		%				76.3		%				76.3		%
Total revenues									$	711,118					$	728,235					$	812,096					$	877,564					$	969,979
Operating expenses									539,058						584,484						644,241						698,601						774,936
NOI									$	172,060					$	143,751					$	167,855					$	178,963					$	195,043
Recurring cap-ex									$	7,255					$	14,448					$	15,395					$	28,057					$	23,325
Other cap-ex									$	13,413					$	31,794					$	35,588					$	51,168					$	45,988

Same Store Performance(2)									1Q21						2Q21						3Q21						4Q21						1Q22
Properties									532						532						532						532						532
Occupancy									73.4		%				74.0		%				76.2		%				77.7		%				78.0		%
Same store revenues									$	611,453					$	623,841					$	646,540					$	664,357					$	679,994
Compensation									289,843						291,083						308,700						324,661						324,929
Utilities									29,972						26,372						30,544						29,838						33,788
Food									22,700						23,453						24,860						25,870						25,712
Repairs and maintenance									15,851						16,847						18,120						19,560						18,749
Property taxes									27,950						27,258						27,049						24,149						27,545
All other									105,214						104,391						102,969						110,778						107,252
Same store operating expenses									491,530						489,404						512,242						534,856						537,975
Same store NOI									$	119,923					$	134,437					$	134,298					$	129,501					$	142,019
Same store NOI margin %									19.6		%				21.5		%				20.8		%				19.5		%				20.9		%
Year over year NOI growth rate																																	18.4		%

Partners						Properties(3)						Pro Rata Units(3)						Welltower Ownership %(4)						Core Markets						1Q22 NOI						% of Total
Sunrise Senior Living						124						10,034						100.0		%				Southern California						$	23,268					11.9		%
Atria Senior Living						93						11,296						100.0		%				Northern California						15,903						8.2		%
Belmont Village						21						2,804						95.0		%				New York / New Jersey						10,128						5.2		%
Revera						85						8,352						75.0		%				Greater London						9,853						5.1		%
Cogir						31						4,369						90.9		%				Washington D.C.						8,596						4.4		%
Senior Resource Group						24						3,268						65.0		%				Montréal						6,520						3.3		%
Brandywine Living						28						2,651						99.6		%				Toronto						5,406						2.8		%
Signature Senior Lifestyle						32						2,326						85.8		%				Boston						4,423						2.3		%
Frontier Management						64						3,711						96.1		%				Seattle						2,696						1.4		%
Clover Management						33						3,630						90.4		%				Birmingham, UK						2,666						1.4		%
Legend Senior Living						37						2,809						93.3		%				Vancouver						2,455						1.3		%
Sagora Senior Living						14						1,483						93.6		%				Manchester, UK						1,844						0.9		%
Care UK						26						1,869						100.0		%				Ottawa						1,021						0.5		%
Oakmont Senior Living						15						1,437						100.0		%				Core Markets						94,779						48.7		%
Remaining						176						20,288												All Other						100,264						51.3		%
Total						803						80,327												Total						$	195,043					100.0		%

Notes:

(1) Properties, units and occupancy exclude land parcels and properties under development.

(2) See pages 20 and 21 for reconciliation.

(3) Represents In-Place Portfolio.

(4) Welltower ownership percentage weighted based on In-Place NOI. See page 20 for reconciliation.

3

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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 2.4% of our total annualized In-Place NOI (IPNOI).

3-Mile Ring(1)
			Welltower												Welltower
MSA			Prop. / 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 Angeles			36 / 4,051			$	58,767		10.2		%	10 / 1,436			11 / 1,063			$	7,675		1.1		%	9.0		%	6,731			$	107,576		$	1,122,139		1.1		%				6.8		%
New York			37 / 3,400			42,073			7.3		%	8 / 1,151			9 / 772			7,455			5.1		%	9.6		%	5,718			124,439			570,816			1.7		%				5.5		%
Dallas			30 / 3,558			34,390			6.0		%	7 / 1,011			6 / 877			4,250			6.1		%	25.8		%	3,463			98,104			394,951			3.0		%				7.1		%
Washington D.C.			17 / 1,967			31,042			5.4		%	5 / 616			9 / 922			3,018			3.5		%	11.1		%	5,374			140,024			847,419			2.1		%				4.5		%
San Francisco			13 / 1,628			25,686			4.5		%	—			—			—			2.4		%	9.8		%	8,972			148,823			1,356,968			(1.4)		%				6.8		%
Boston			17 / 1,336			18,421			3.2		%	1 / 86			1 / 59			1,026			4.5		%	8.5		%	2,795			148,368			869,507			2.3		%				5.3		%
San Diego			8 / 1,033			18,109			3.1		%	—			—			—			1.8		%	12.1		%	4,590			123,179			1,032,091			0.3		%				7.4		%
Boulder, CO			6 / 570			12,373			2.1		%	—			—			—			4.6		%	25.3		%	2,108			107,529			741,890			N/A						6.5		%
Denver			6 / 857			12,189			2.1		%	4 / 505			2 / 396			3,189			5.5		%	24.1		%	5,112			92,449			632,831			1.8		%				5.2		%
San Antonio			4 / 1,075			11,515			2.0		%	—			—			—			6.9		%	27.4		%	2,465			85,947			320,118			1.5		%				5.3		%
Sacramento			8 / 637			11,088			1.9		%	—			—			—			3.0		%	11.3		%	3,747			111,986			598,909			(0.1)		%				5.4		%
Tucson			5 / 930			10,202			1.8		%	—			—			—			-4.8		%	-3.9		%	1,973			64,034			280,710			(1.4)		%				3.5		%
Houston			10 / 953			10,112			1.8		%	1 / 118			1 / 74			1,223			5.8		%	24.6		%	3,688			91,260			409,037			(0.8)		%				5.0		%
San Jose			4 / 480			9,936			1.7		%	1 / 41			1 / 137			444			2.2		%	11.3		%	6,744			158,322			1,658,670			0.9		%				5.9		%
Sarasota			7 / 1,034			9,096			1.6		%	1 / 70			1 / 182			161			5.1		%	8.2		%	2,776			73,043			306,071			5.7		%				6.8		%
Buffalo			10 / 1,254			7,827			1.4		%	—			—			—			5.4		%	8.0		%	3,049			74,398			198,802			(2.6)		%				3.6		%
Seattle			16 / 1,711			7,744			1.3		%	2 / 175			3 / 361			768			6.3		%	18.7		%	5,300			121,259			853,640			0.6		%				5.4		%
Portland, OR			9 / 945			7,685			1.3		%	2 / 477			2 / 134			951			5.5		%	17.6		%	2,662			87,132			480,990			5.1		%				4.9		%
Chicago			19 / 2,174			7,532			1.3		%	1 / 177			1 / 131			24			1.2		%	9.3		%	3,316			107,632			445,033			1.1		%				4.8		%
Philadelphia			12 / 957			7,315			1.3		%	3 / 499			2 / 170			957			3.5		%	6.6		%	2,212			113,847			358,914			0.1		%				4.0		%
Raleigh			2 / 250			6,885			1.2		%	1 / 138			1 / 176			2,762			4.2		%	23.7		%	3,210			97,376			366,605			1.5		%				5.7		%
Charlottesville, VA			1 / 302			6,178			1.1		%	—			—			—			2.7		%	10.3		%	2,089			64,142			409,459			N/A						4.1		%
Riverside			6 / 770			6,060			1.1		%	—			—			—			2.3		%	17.1		%	3,281			136,307			744,300			2.0		%				6.4		%
Salisbury, MD			2 / 206			6,041			1.0		%	—			—			—			8.4		%	10.7		%	676			82,793			474,959			N/A						2.9		%
Santa Rosa, CA			4 / 516			5,733			1.0		%	—			—			—			0.4		%	5.5		%	2,016			97,882			803,445			N/A						5.9		%
Total - Top 25			289 / 32,594			$	383,999		66.7		%	47 / 6,500			50 / 5,454			$	33,903		3.6		%	12.4		%	4,626			$	118,797		$	799,593		1.2		%				5.8		%
All Other US SHO Markets			307 / 33,337			191,742			33.3		%	22 / 2,898			24 / 3,036			10,369			3.5		%	12.6		%	4,028			91,244			477,069
Total US SHO			596 / 65,931			$	575,741		100.0		%	69 / 9,398			74 / 8,490			$	44,272		3.6		%	12.5		%	4,407			$	113,909		$	742,379
% of Total IPNOI																		2.4		%
US National Average																					3.2		%	10.8		%	94			$	72,039		$	273,858		1.7		%	(10)			4.6		%

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 20 for a reconciliation.

(3) Construction data provided by NIC, reflects competitive seniors housing properties within 3 miles of Welltower SHO properties for US markets.

(4) Reflects annualized IPNOI for Welltower SHO properties within 3 miles of new construction for the component of our project that potentially competes with the project under construction.

(5) Total population and 75+ population growth data represents simple averages of Claritas estimates for 2022-2027.

(6) Average population density data represents average population per square mile within a 3-mile ring based on 2022 Claritas estimates.

(7) Household income and household value data are medians weighted by IPNOI.

(8) NIC MAP Data and Analysis Service, 1Q22. 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 February 2021 - February 2022 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

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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 5.0% of our total annualized In-Place NOI (IPNOI).

5-Mile Ring(1)
			Welltower												Welltower
MSA			Prop. / 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 Angeles			36 / 4,051			$	58,767		10.2		%	13 / 1,876			22 / 2,454			$	14,553		1.1		%	9.6		%	6,492			$	100,108		$	1,043,412		1.1		%				6.8		%
New York			37 / 3,400			42,073			7.3		%	14 / 2,037			16 / 1,486			13,076			5.2		%	9.7		%	5,166			120,806			561,518			1.7		%				5.5		%
Dallas			30 / 3,558			34,390			6.0		%	13 / 1,798			13 / 1,637			9,441			5.9		%	25.8		%	3,292			90,859			370,354			3.0		%				7.1		%
Washington D.C.			17 / 1,967			31,042			5.4		%	7 / 980			16 / 1,718			4,475			3.3		%	11.1		%	5,338			134,702			827,291			2.1		%				4.5		%
San Francisco			13 / 1,628			25,686			4.5		%	2 / 159			2 / 230			995			2.5		%	9.9		%	7,640			148,255			1,274,143			(1.4)		%				6.8		%
Boston			17 / 1,336			18,421			3.2		%	4 / 513			5 / 436			4,193			4.5		%	9.4		%	2,775			137,974			800,841			2.3		%				5.3		%
San Diego			8 / 1,033			18,109			3.1		%	1 / 180			1 / 50			343			2.1		%	11.6		%	4,464			121,607			971,248			0.3		%				7.4		%
Boulder, CO			6 / 570			12,373			2.1		%	—			—			—			5.0		%	23.7		%	1,422			114,047			739,210			N/A						6.5		%
Denver			6 / 857			12,189			2.1		%	5 / 586			3 / 485			6,434			5.3		%	22.2		%	4,782			87,871			601,027			1.8		%				5.2		%
San Antonio			4 / 1,075			11,515			2.0		%	1 / 231			1 / 162			1,929			6.9		%	26.7		%	2,310			83,810			300,960			1.5		%				5.3		%
Sacramento			8 / 637			11,088			1.9		%	1 / 145			1 / 115			436			3.0		%	12.1		%	3,512			106,151			565,021			(0.1)		%				5.4		%
Tucson			5 / 930			10,202			1.8		%	—			—			—			-4.7		%	-3.2		%	1,736			62,990			278,277			(1.4)		%				3.5		%
Houston			10 / 953			10,112			1.8		%	3 / 522			3 / 474			3,055			6.0		%	27.4		%	3,736			87,737			333,540			(0.8)		%				5.0		%
San Jose			4 / 480			9,936			1.7		%	2 / 144			2 / 280			3,505			2.2		%	11.3		%	5,754			163,871			1,662,349			0.9		%				5.9		%
Sarasota			7 / 1,034			9,096			1.6		%	3 / 455			5 / 445			2,115			5.0		%	7.9		%	2,265			71,734			330,338			5.7		%				6.8		%
Buffalo			10 / 1,254			7,827			1.4		%	—			—			—			5.3		%	8.3		%	2,669			71,675			190,727			(2.6)		%				3.6		%
Seattle			16 / 1,711			7,744			1.3		%	5 / 580			5 / 669			3,206			6.3		%	20.6		%	4,618			130,794			885,101			0.6		%				5.4		%
Portland, OR			9 / 945			7,685			1.3		%	2 / 477			4 / 273			2,755			5.4		%	16.4		%	2,478			86,116			459,642			5.1		%				4.9		%
Chicago			19 / 2,174			7,532			1.3		%	1 / 177			1 / 131			24			1.0		%	9.9		%	3,065			116,509			465,851			1.1		%				4.8		%
Philadelphia			12 / 957			7,315			1.3		%	4 / 583			4 / 327			1,376			3.6		%	7.2		%	2,396			93,443			309,912			0.1		%				4.0		%
Raleigh			2 / 250			6,885			1.2		%	1 / 138			1 / 176			2,762			4.9		%	29.4		%	2,681			105,417			415,810			1.5		%				5.7		%
Charlottesville, VA			1 / 302			6,178			1.1		%	—			—			—			3.9		%	12.6		%	1,489			81,795			428,169			N/A						4.1		%
Riverside			6 / 770			6,060			1.1		%	—			—			—			2.4		%	17.3		%	2,819			96,989			688,625			2.0		%				6.4		%
Salisbury, MD			2 / 206			6,041			1.0		%	—			—			—			8.2		%	10.5		%	588			84,960			450,906			N/A						2.9		%
Santa Rosa, CA			4 / 516			5,733			1.0		%	2 / 222			1 / 90			4			0.6		%	6.7		%	1,119			98,439			829,245			N/A						5.9		%
Total - Top 25			289 / 32,594			$	383,999		66.7		%	84 / 11,803			106 / 11,638			$	74,677		3.7		%	12.9		%	4,282			$	115,212		$	764,276		1.2		%				5.8		%
All Other US SHO Markets			307 / 33,337			191,742			33.3		%	40 / 5,464			41 / 4,928			16,624			3.4		%	12.9		%	3,437			82,690			456,818
Total US SHO			596 / 65,931			$	575,741		100.0		%	124 / 17,267			147 / 16,566			$	91,301		3.6		%	12.9		%	3,972			$	109,443		$	709,735
% of Total IPNOI																		5.0		%
US National Average																					3.2		%	10.8		%	94			$	72,039		$	273,858		1.7		%	(10)			4.6		%

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 20 for a reconciliation.

(3) Construction data provided by NIC, reflects competitive seniors housing properties within 5 miles of Welltower SHO properties for US markets.

(4) Reflects annualized IPNOI for Welltower SHO properties within 5 miles of new construction for the component of our project that potentially competes with the project under construction.

(5) Total population and 75+ population growth data represents simple averages of Claritas estimates for 2022-2027.

(6) Average population density data represents average population per square mile within a 5-mile ring based on 2022 Claritas estimates.

(7) Household income and household value data are medians weighted by IPNOI.

(8) NIC MAP Data and Analysis Service, 1Q22. 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 February 2021 - February 2022 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

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Portfolio

(dollars in thousands at Welltower pro rata ownership)
Payment Coverage Stratification
			EBITDARM Coverage(1)																								EBITDAR Coverage(1)
% of In-Place NOI			Seniors Housing Triple-net						Long-Term/ Post- Acute Care			Total						Weighted Average Maturity						Number of Leases						Seniors Housing Triple-net						Long-Term/ Post- Acute Care			Total						Weighted Average Maturity						Number of Leases
< 0.85x			3.2		%				0.1		%	3.3		%				10						8						8.8		%				0.7		%	9.5		%				10						12
0.85x - 0.95x			3.5		%				—		%	3.5		%				6						1						0.6		%				—		%	0.6		%				9						1
0.95x - 1.05x			0.6		%				0.8		%	1.4		%				9						2						0.9		%				0.6		%	1.5		%				10						3
1.05x - 1.15x			2.1		%				—		%	2.1		%				15						2						1.6		%				2.1		%	3.7		%				9						3
1.15x - 1.25x			2.5		%				—		%	2.5		%				8						3						4.5		%				—		%	4.5		%				10						2
1.25x - 1.35x			4.5		%				1.7		%	6.2		%				10						4						—		%				—		%	—		%				—						—
> 1.35x			—		%				1.6		%	1.6		%				10						4						—		%				0.8		%	0.8		%				6						3
Total			16.4		%				4.2		%	20.6		%				9						24						16.4		%				4.2		%	20.6		%				9						24

Revenue and Lease Maturity(2)
						Rental Income
Year						Seniors Housing Triple-net						Outpatient Medical						Health System						Long-Term / Post-Acute Care												Interest Income						Total Revenues						% of Total
2022						$	—					$	42,074					$	—					$	1,319											$	2,894					$	46,287					3.8		%
2023						—						48,734						—						840												7,667						57,241						4.7		%
2024						12,110						58,170						—						—												23,895						94,175						7.7		%
2025						5,290						31,111						—						—												3,085						39,486						3.2		%
2026						58,515						40,352						—						9,493												98,503						206,863						17.0		%
2027						13,265						31,743						—						—												769						45,777						3.8		%
2028						4,799						25,892						—						19,383												112						50,186						4.1		%
2029						3,972						23,272						—						—												585						27,829						2.3		%
2030						15,722						37,768						—						27,601												142						81,233						6.7		%
2031						16,867						38,233						—						4,336												—						59,436						4.9		%
Thereafter						213,326						94,251						172,363						28,420												1,680						510,040						41.8		%
						$	343,866					$	471,600					$	172,363					$	91,392											$	139,332					$	1,218,553					100.0		%
Weighted Avg Maturity Years						10						7						14						8												4						9

Notes:

(1) Represents trailing twelve month coverage metrics as of December 31, 2021 for stable portfolio only. Agreements included represent 80% of total Seniors Housing Triple-net and Long-Term/Post-Acute Care In-Place NOI. See page 20 for a reconciliation. Agreements with mixed units use the predominant type based on investment balance.

(2) Excludes all land parcels, developments and investments held for sale. Rental income represents annualized cash base rent for effective lease agreements. The amounts are derived from the current contracted monthly cash base rent, net of collectability reserves, if applicable. Rental income does not include common area maintenance charges, the amortization of above/below market lease intangibles or other non cash income. Interest income represents contractual rate of interest for loans, net of collectability reserves if applicable.

6

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Portfolio

(dollars, square feet and occupancy at Welltower pro rata ownership; dollars in thousands except per square feet)
Outpatient Medical
Total Portfolio Performance(1)						1Q21						2Q21						3Q21						4Q21						1Q22
Properties						357						360						366						375						379
Square feet						16,917,791						17,291,495						17,383,040						17,572,561						18,079,918
Occupancy						94.4		%				94.8		%				94.7		%				94.8		%				94.7		%
Total revenues						$	157,162					$	160,514					$	160,003					$	161,022					$	163,597
Operating expenses						47,764						46,184						48,796						47,254						50,599
NOI						$	109,398					$	114,330					$	111,207					$	113,768					$	112,998
NOI margin						69.6		%				71.2		%				69.5		%				70.7		%				69.1		%
Revenues per square foot						$	37.16					$	37.13					$	36.82					$	36.65					$	36.19
NOI per square foot						$	25.87					$	26.45					$	25.59					$	25.90					$	25.00
Recurring cap-ex						$	4,178					$	5,978					$	7,327					$	18,287					$	9,141
Other cap-ex						$	2,376					$	2,014					$	2,064					$	4,738					$	1,594

Same Store Performance(2)						1Q21						2Q21						3Q21						4Q21						1Q22
Properties						351						351						351						351						351
Occupancy						94.7		%				94.8		%				94.7		%				94.8		%				94.5		%
Same store revenues						$	145,708					$	144,881					$	146,785					$	146,887					$	150,087
Same store operating expenses						45,823						45,439						46,638						44,836						47,456
Same store NOI						$	99,885					$	99,442					$	100,147					$	102,051					$	102,631
NOI margin						68.6		%				68.6		%				68.2		%				69.5		%				68.4		%
Year over year NOI growth rate																														2.7		%

Portfolio Diversification by Tenant(3)						Rental Income						% of Total						Quality Indicators
Kelsey-Seybold						$	26,031					5.5		%				Health system affiliated properties as % of NOI(3)			89.8		%
Virtua						15,301						3.2		%				Health system affiliated tenants as % of rental income(3)			61.8		%
Novant Health						14,778						3.1		%				Retention (trailing twelve months)(3)			90.1		%
Providence Health & Services						13,658						2.9		%				In-house managed properties as % of square feet(3,4)			88.4		%
Common Spirit Health						12,868						2.7		%				Average remaining lease term (years)(3)			6.6
Remaining portfolio						388,964						82.6		%				Average building size (square feet)(3)			60,127
Total						$	471,600					100.0		%				Average age (years)			16

Expirations(3)						2022						2023						2024						2025						2026						Thereafter
Occupied square feet						1,434,327						1,740,426						1,950,158						1,120,222						1,532,081						9,348,890
% of occupied square feet						8.4		%				10.2		%				11.4		%				6.5		%				8.9		%				54.6		%

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 351 same store properties representing 16,560,342 square feet. See pages 20 and 21 for reconciliation.

(3) Excludes all land parcels, developments and investments held for sale. Rental income represents annualized cash base rent for effective lease agreements. The amounts are derived from the current contracted monthly cash base rent, net of collectability reserves, if applicable. Rental income does not include common area maintenance charges, the amortization of above/below market lease intangibles or other non cash income. Retention includes month-to-month tenants retained.

(4) Excludes tenant managed properties.

7

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Investment

(dollars in thousands at Welltower pro rata ownership)

Relationship Investment History

Detail of Acquisitions/JVs(1)
			2018									2019						2020						2021						1Q22																								18-22 Total
Count						15						27						12						35						5																								94
Total						$	3,788,261					$	4,073,554					$	910,217					$	4,101,534					$	740,036																							$	13,613,602
Low						4,950						7,550						6,201						5,000						24,500																								4,950
Median						73,727						38,800						48,490						45,157						137,437																								44,504
High						2,481,723						1,250,000						235,387						1,576,642						389,149																								2,481,723

Investment Timing
						Acquisitions and Loan Funding(2)			Yield															Construction Conversions(3)			Yield						Dispositions and Loan Payoffs			Yield
January						$	547,815		5.2		%													$	55,093		9.0		%				$	—		—		%
February						88,661			4.9		%													120,328			6.6		%				60,632			6.8		%
March						150,428			5.5		%													52,600			7.0		%				94,213			7.6		%
Total						$	786,904		5.2		%													$	228,021		7.3		%				$	154,845		7.3		%

Notes:

(1) Includes non-yielding asset acquisitions.

(2) Excludes land acquisitions and includes advances for non-real estate loans and excludes advances for development loans.

(3) Includes expansion conversions.

8

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Investment

(dollars in thousands at Welltower pro rata ownership, except per bed / unit / square foot)
Gross Investment Activity
			First Quarter 2022
			Properties						Beds / Units / Square Feet									Investment Per Bed / Unit / SqFt						Pro Rata Amount						Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating			10						1,421			units						$	334,504					$	454,349
Outpatient Medical			4						509,617			sf						291						148,250
Health System			—						—			units						—						137,437
Loan funding																								46,868
Total acquisitions and loan funding(2)			14																					786,904						5.2		%
Development Funding(3)
Development projects:
Seniors Housing Operating			40						6,194			units												193,122
Seniors Housing Triple-net			6						551			units												18,686
Outpatient Medical			4						303,369			sf												18,670
Total development projects			50																					230,478
Expansion projects:
Seniors Housing Operating			3						195			units												1,710
Outpatient Medical			1						31,845			sf												1,159
Total expansion projects			4																					2,869
Total development funding			54																					233,347						7.3		%
Total gross investments																								1,020,251						5.7		%
Dispositions and Loan Payoffs(4)
Seniors Housing Triple-net			1						72			units						125,347						9,025
Long-Term/Post-Acute Care			6						683			beds						97,936						66,890
Loan payoffs																								78,930
Total dispositions and loan payoffs(5)			7																					154,845						7.3		%
Net investments (dispositions)																								$	865,406

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. Includes acquisition of additional ownership interest in existing properties which are excluded from property, unit and per unit metrics.

(2) Acquisition yields represents annualized contractual or projected cash rent/NOI to be generated divided by investment amount, excluding land parcels. Loan funding yield represents annualized contractual interest divided by investment amount.

(3) Amounts represent cash funded and capitalized interest for all developments/expansions including construction in progress, loans and in-substance real estate. Yield represents projected annualized cash rent/NOI to be generated upon conversion/stabilization divided by commitment amount.

(4) Amounts represent proceeds received for loan payoffs and consolidated and unconsolidated property sales.

(5) Yield represents annualized cash rent/interest/NOI that was being generated pre-disposition divided by proceeds. Pro rata amounts include joint venture real estate loans receivable.

9

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Investment

Property Acquisitions Detail

Operator

Units

Location

MSA

Seniors Housing Operating

Cogir Management Corporation

153

1360 K.L.O Road

Kelowna

BC

CA

Kelowna

Cogir Management Corporation

165

580 Yates Road

Kelowna

BC

CA

Kelowna

Cogir Management Corporation

169

1075 Barnes Avenue

Kelowna

BC

CA

Kelowna

Cogir Management Corporation

165

1277 Gordon Drive

Kelowna

BC

CA

Kelowna

Cogir Management Corporation

76

3200 Lakeshore Road

Kelowna

BC

CA

Kelowna

Cogir Management Corporation

158

3475 Wilson Street

Penticton

BC

CA

Penticton

Cogir Management Corporation

153

1800 58th Avenue

Vernon

BC

CA

Vernon

Cogir Management Corporation

126

2505 Ingram Road

West Kelowna

BC

CA

Kelowna

New Perspective Senior Living

100

2300 Illinois Route 53

Long Grove

IL

US

Chicago

United Group

156

1 Patriot Circle

Utica

NY

US

Utica, NY

Total

1,421

Outpatient Medical

Sq. Ft

Tenet Healthcare

133,026

513 Brookwood Boulevard

Birmingham

AL

US

Birmingham

Tenet Healthcare

131,825

2006 Brookwood Medical Center Drive

Birmingham

AL

US

Birmingham

Tenet Healthcare

165,367

2022 Brookwood Medical Center Drive

Birmingham

AL

US

Birmingham

Tenet Healthcare

79,399

2018 Brookwood Medical Center Drive

Birmingham

AL

US

Birmingham

Total

509,617

10

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Investment

(dollars in thousands at Welltower pro rata ownership)
Development Summary(1)
									Unit Mix
			Facility						Total			Independent Living			Assisted Living			Memory Care									Commitment Amount						Balance at 03/31/22						Estimated Conversion
Seniors Housing Operating
			Barnet, UK						100			—			76			24									$	51,096					$	46,122					2Q22
			Staten Island, NY						95			—			45			50									21,590						19,741						2Q22
			Sachse, TX						193			193			—			—									37,788						18,373						3Q22
			Princeton, NJ						80			—			68			12									29,624						27,620						3Q22
			Montreal, ON						249			225			—			24									20,577						12,400						3Q22
			Montreal, ON						229			229			—			—									18,478						11,430						3Q22
			Berea, OH						120			120			—			—									13,441						11,236						3Q22
			Painesville, OH						119			119			—			—									13,016						9,633						3Q22
			Beaver, PA						116			116			—			—									12,766						8,833						3Q22
			Bellevue, WA						110			—			85			25									10,169						7,335						3Q22
			New York, NY						528			400			92			36									146,096						140,897						4Q22
			New Rochelle, NY						72			—			36			36									41,922						17,437						4Q22
			Pflugerville, TX						196			196			—			—									39,224						15,266						4Q22
			Georgetown, TX						188			188			—			—									35,961						18,644						4Q22
			Denton, TX						65			65			—			—									19,386						6,565						4Q22
			Orange, CA						91			—			49			42									19,054						9,250						4Q22
			Livingston, NJ						103			—			77			26									16,867						9,145						4Q22
			Sunnyvale, CA						90			—			52			38									25,661						11,768						1Q23
			McLean, VA						103			—			63			40									24,211						11,806						1Q23
			Brookline, MA						159			81			38			40									145,990						36,750						2Q23
			New York, NY						160			—			76			84									79,400						55,026						2Q23
			Vienna, VA						85			—			49			36									40,808						15,680						2Q23
			Lake Jackson, TX						130			130			—			—									31,684						4,247						2Q23
			Coral Gables, FL						91			—			55			36									21,147						5,549						2Q23
			White Marsh, MD						188			106			55			27									77,234						8,110						3Q23
			Weymouth, MA						165			91			48			26									76,188						15,200						3Q23
			Charlotte, NC						328			328			—			—									71,658						31,352						3Q23
			Glendale, AZ						204			204			—			—									53,870						8,348						3Q23
			Oceanside, CA						90			—			50			40									15,147						2,365						3Q23
			Miami Twp, OH						122			122			—			—									16,385						1,962						4Q23
			Tarrytown, NY						85			—			53			32									20,720						4,004						1Q24
			Gaithersburg, MD						302			190			89			23									156,194						29,494						2Q24
			Leander, TX						72			72			—			—									26,231						3,595						2Q24
			Temple, TX						245			245			—			—									65,569						5,407						4Q24
			Cupertino, CA						158			—			158			—									61,929						26,937						4Q24
			Kyle, TX						225			245			—			—									61,436						4,477						1Q25
			Subtotal						5,656			3,665			1,314			697									1,618,517						672,004
Seniors Housing Triple-net
			Redhill, UK						76			—			46			30									20,912						18,471						2Q22
			London, UK						82			—			51			31									42,436						22,650						3Q22
			Wombourne, UK						66			—			41			25									15,782						11,891						4Q22
			Leicester, UK						60			—			36			24									14,730						10,186						4Q22
			Rugby, UK						76			—			51			25									20,140						10,460						1Q23
			Raleigh, NC						191			151			40			—									141,853						53,291						2Q23
			Subtotal						551			151			265			135									255,853						126,949
Outpatient Medical												Rentable Square Ft			Preleased %			Health System Affiliation									Commitment Amount						Balance at 03/31/22						Estimated Conversion
			Norman, OK									47,082			100		%	Yes									21,792						11,105						3Q22
			Tyler, TX									85,214			100		%	Yes									34,750						20,452						4Q22
			Stafford, TX									36,788			100		%	Yes									18,031						6,172						4Q22
			Norman, OK									134,285			100		%	Yes									68,136						7,338						2Q23
			Subtotal									303,369															142,709						45,067
Total Development Projects																											$	2,017,079					$	844,020

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.

11

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Investment

(dollars in thousands at Welltower pro rata ownership)
Development Funding Projections(1)
																					Projected Future Funding
			Projects						Beds / Units / Square Feet						Projected Yields(2)						2022 Funding						Funding Thereafter						Total Unfunded Commitments						Committed Balances
Seniors Housing Operating			36						5,656						7.4		%				$	501,800					$	444,713					$	946,513					$	1,618,517
Seniors Housing Triple-net			6						551						7.2		%				92,511						36,393						128,904						255,853
Outpatient Medical			4						303,369						6.1		%				78,935						18,707						97,642						142,709
Total			46												7.1		%				$	673,246					$	499,813					$	1,173,059					$	2,017,079

Development Project Conversion Estimates(1)
Quarterly Conversions																		Annual Conversions
						Amount						Projected Yields(2)												Amount						Projected Yields(2)
1Q22 actual						$	228,021					7.3		%				2022 actual						$	228,021					7.3		%
2Q22 estimate						93,598						8.5		%				2022 estimate						715,488						6.9		%
3Q22 estimate						220,087						7.0		%				2023 estimate						909,512						7.6		%
4Q22 estimate						401,803						6.4		%				2024 estimate						330,643						7.4		%
1Q23 estimate						70,012						7.7		%				2025 estimate						61,436						6.4		%
2Q23 estimate						529,018						7.6		%				Total						$	2,245,100					7.3		%
3Q23 estimate						294,097						7.6		%
4Q23 estimate						16,385						6.1		%
1Q24 estimate						20,720						8.2		%
2Q24 estimate						182,425						8.3		%
4Q24 estimate						127,498						6.1		%
2Q25 estimate						61,436						6.4		%
Total						$	2,245,100					7.3		%

Unstabilized Properties
						12/31/2021 Properties						Stabilizations						Construction Conversions(3)						Acquisitions/ Dispositions						03/31/2022 Properties						Beds / Units
Seniors Housing Operating						33						—						4						1						38						5,474
Seniors Housing Triple-net						24						—						(1)						1						24						2,554
Total						57						—						3						2						62						8,028

Occupancy						12/31/2021 Properties						Stabilizations						Construction Conversions(3)						Acquisitions/ Dispositions						Progressions						03/31/2022 Properties
0% - 50%						33						—						4						1						—						38
50% - 70%						17						—						—						—						—						17
70% +						7						—						—						—						—						7
Total						57						—						4						1						—						62
Occupancy						03/31/2022 Properties						Months In Operation						Revenues						% of Total Revenues(4)						Gross Investment Balance						% of Total Gross Investment
0% - 50%						38						10						$	44,671					0.8		%				$	1,162,335					2.9		%
50% - 70%						17						21						65,177						1.2		%				542,950						1.3		%
70% +						7						20						37,571						0.7		%				364,880						0.9		%
Total						62						11						$	147,419					2.7		%				$	2,070,165					5.1		%

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 14.

12

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Financial

(dollars in thousands at Welltower pro rata ownership)
Components of NAV
Stabilized NOI												Pro rata beds/units/square feet
Seniors Housing Operating(1)						$	745,316					80,327			units
Seniors Housing Triple-net						383,528						24,052			units
Outpatient Medical						434,884						18,079,918			square feet
Health System						172,368						20,279			units/beds
Long-Term/Post-Acute Care						89,252						6,256			beds
Total In-Place NOI(2)						1,825,348
Incremental stabilized NOI(3)						109,467
Total stabilized NOI						$	1,934,815
Obligations
Lines of credit and commercial paper(4)						$	300,000
Senior unsecured notes(4)						12,231,595
Secured debt(4)						2,962,487
Financing lease liabilities						110,824
Total debt						$	15,604,906
Add (Subtract):
Other liabilities (assets), net(5)						$	436,725
Cash and cash equivalents and restricted cash						(367,043)
Net obligations						$	15,674,588
Other Assets
Land parcels						$	266,338					Effective Interest Rate(8)
Real estate loans receivable(6)						1,257,303						11.0%
Non real estate loans receivable(7)						239,023						10.6%
Joint venture real estate loans receivables(9)						228,325						5.8%
Other investments(10)						8,844
Investments held for sale(11)						265,294
Development properties:(12)
Current balance						853,641
Unfunded commitments						1,190,230
Committed balances						$	2,043,871
Projected yield						7.1		%
Projected NOI						$	145,115
Common Shares Outstanding(13)						455,344

Notes:

(1) Includes $12,772,000 attributable to our proportional share of income from unconsolidated management company investments.

(2) See page 20 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 $1,120,988,000 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						$	309,401
Below market tenant lease intangibles, net						27,735
Deferred taxes, net						(33,689)
Intangible assets, net						(48,196)
Other non-cash liabilities / (assets), net						6,438
Total non-cash liabilities/(assets), net						$	261,689

(6) Represents $1,271,458,000 of real estate loans, excluding development loans and including certain in substance real estate developments and held to maturity debt securities, and net of $14,155,000 of credit allowances.

(7) Represents $390,559,000 of non-real estate loans, net of $151,536,000 of credit allowances.

(8) Average cash-pay interest rates are 6.3% and 1.8% 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 March 31, 2022 and estimated fair value of a 3.4% ownership in a Seniors Housing Operating portfolio excluded from IPNOI.

(11) Represents expected proceeds from assets held for sale.

(12) See pages 11-12. Also includes expansion projects.

(13) Includes redeemable OP units.

13

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Financial

(dollars in thousands at Welltower pro rata ownership)
Net Operating Income(1)
						1Q21						2Q21						3Q21						4Q21						1Q22
Revenues:
Seniors Housing Operating
Resident fees and services						$	708,026					$	726,516					$	809,930					$	870,039					$	965,574
Interest income						1,125						859						1,117						1,091						1,398
Other income						1,967						860						1,049						6,434						3,007
Total revenues						711,118						728,235						812,096						877,564						969,979
Seniors Housing Triple-net
Rental income						57,328						108,612						114,039						116,497						108,792
Interest income						6,660						28,885						32,153						33,149						33,097
Other income						913						1,357						901						1,068						1,471
Total revenues						64,901						138,854						147,093						150,714						143,360
Outpatient Medical
Rental income						151,688						150,781						157,474						155,715						160,288
Interest income						3,538						4,731						472						51						71
Other income						1,936						5,002						2,057						5,256						3,238
Total revenues						157,162						160,514						160,003						161,022						163,597
Health System
Rental income						42,445						46,554						46,204						47,440						51,243
Total revenues						42,445						46,554						46,204						47,440						51,243
Long-Term/Post-Acute Care
Rental income						49,761						40,542						32,255						30,989						30,039
Interest income						8,256						3,973						6,122						5,381						5,107
Other income						186						—						184						—						234
Total revenues						58,203						44,515						38,561						36,370						35,380
Corporate
Other income						3,129						2,672						3,362						3,548						3,183
Total revenues						3,129						2,672						3,362						3,548						3,183
Total
Rental income						301,222						346,489						349,972						350,641						350,362
Resident fees and services						708,026						726,516						809,930						870,039						965,574
Interest income						19,579						38,448						39,864						39,672						39,673
Other income						8,131						9,891						7,553						16,306						11,133
Total revenues						1,036,958						1,121,344						1,207,319						1,276,658						1,366,742
Property operating expenses:
Seniors Housing Operating						539,058						584,484						644,241						698,601						774,936
Seniors Housing Triple-net						7,758						7,871						7,927						8,236						7,421
Outpatient Medical						47,764						46,184						48,796						47,254						50,599
Health System						20						54						64						64						35
Long-Term/Post-Acute Care						5,279						4,848						3,859						4,085						3,958
Corporate						1,654						2,174						3,054						1,935						2,615
Total property operating expenses						601,533						645,615						707,941						760,175						839,564
Net operating income:
Seniors Housing Operating						172,060						143,751						167,855						178,963						195,043
Seniors Housing Triple-net						57,143						130,983						139,166						142,478						135,939
Outpatient Medical						109,398						114,330						111,207						113,768						112,998
Health System						42,425						46,500						46,140						47,376						51,208
Long-Term/Post-Acute Care						52,924						39,667						34,702						32,285						31,422
Corporate						1,475						498						308						1,613						568
Net operating income						$	435,425					$	475,729					$	499,378					$	516,483					$	527,178

Note:

(1) Please see discussion of Supplemental Reporting Measures on page 19. Includes amounts from investments sold or held for sale. NOI related to DownREITs included at 100%. Excludes NOI related to a leasehold portfolio interest for 26 properties assumed by a wholly-owned affiliate in conjunction with the Holiday Retirement transaction. Subsequent to the initial transaction, we purchased eight of the leased properties and one of the properties was sold by the landlord and removed from the lease. No rent will be paid in excess of net cash flow relating to the leasehold properties and therefore, the leasehold interests have been excluded from NOI and relevant metrics such as property count, unit count, IPNOI. same store NOI, REVPOR and same store REVPOR.

14

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Financial

(dollars in thousands)
Leverage and EBITDA Reconciliations(1)
						Twelve Months Ended						Three Months Ended
						March 31, 2022						March 31, 2022
Net income (loss)						$	368,038					$	65,751
Interest expense						488,407						121,696
Income tax expense (benefit)						9,783						5,013
Depreciation and amortization						1,097,228						304,088
EBITDA						1,963,456						496,548
Loss (income) from unconsolidated entities						38,866						2,884
Stock-based compensation(2)						19,681						7,445
Loss (gain) on extinguishment of debt, net						54,505						(12)
Loss (gain) on real estate dispositions, net						(199,229)						(22,934)
Impairment of assets						27,539						—
Provision for loan losses, net						5,083						(804)
Loss (gain) on derivatives and financial instruments, net						(6,689)						2,578
Other expenses(2)						56,127						26,066
Leasehold interest adjustment(3)						(7,697)						(8,457)
Casualty losses, net of recoveries(4)						5,799						13
Total adjustments						(6,015)						6,779
Adjusted EBITDA						$	1,957,441					$	503,327
Interest Coverage Ratios
Interest expense						$	488,407					$	121,696
Capitalized interest						20,335						5,479
Non-cash interest expense						(18,624)						(4,109)
Total interest						$	490,118					$	123,066
EBITDA						$	1,963,456					$	496,548
Interest coverage ratio						4.01		x				4.03		x
Adjusted EBITDA						$	1,957,441					$	503,327
Adjusted Interest coverage ratio						3.99		x				4.09		x
Fixed Charge Coverage Ratios
Total interest						$	490,118					$	123,066
Secured debt principal amortization						65,600						15,968
Total fixed charges						$	555,718					$	139,034
EBITDA						$	1,963,456					$	496,548
Fixed charge coverage ratio						3.53		x				3.57		x
Adjusted EBITDA						$	1,957,441					$	503,327
Adjusted Fixed charge coverage ratio						3.52		x				3.62		x
Net Debt to EBITDA Ratios
Total debt(5)												$	14,652,497
Less: cash and cash equivalents and restricted cash												(367,043)
Net debt												$	14,285,454
EBITDA Annualized												$	1,986,192
Net debt to EBITDA ratio												7.19		x
Adjusted EBITDA Annualized												$	2,013,308
Net debt to Adjusted EBITDA ratio												7.10		x

Notes:

(1) Please see discussion of Supplemental Reporting Measures on page 19.

(2) Certain severance-related costs are included in stock-based compensation and excluded from other expenses.

(3) For the three months ended March 31, 2022, represents $13,941,000 of revenues and $5,484,000 of property operating expenses associated with a leasehold portfolio interest relating to 26 properties assumed by a wholly-owned affiliate in conjunction with the Holiday Retirement transaction. Subsequent to the initial transaction, we purchased eight of the leased properties and one of the properties was sold by the landlord and removed from the lease. No rent will be paid in excess of net cash flow relating to the leasehold properties and therefore, the net impact has been excluded from Adjusted EBITDA.

(4) Represents casualty losses net of any insurance recoveries.

(5) Includes unamortized premiums/discounts, other fair value adjustments and financing lease liabilities of $110,824,000. Excludes operating lease liabilities of $438,175,000 related to ASC 842 adoption.

15

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Financial

(in thousands except share price)
Leverage and Current Capitalization(1)
															% of Total
Book Capitalization
Lines of credit and commercial paper(2)									$	299,968					0.90		%
Long-term debt obligations(2)(3)									14,352,529						42.89		%
Cash and cash equivalents and restricted cash									(367,043)						(1.10)		%
Net debt to consolidated book capitalization									$	14,285,454					42.69		%
Total equity(4)									19,178,026						57.31		%
Consolidated book capitalization									$	33,463,480					100.00		%
Joint venture debt, net(5)									846.846
Total book capitalization									$	33,464,326.846
Undepreciated Book Capitalization
Lines of credit and commercial paper(2)									$	299,968					0.74		%
Long-term debt obligations(2)(3)									14,352,529						35.28		%
Cash and cash equivalents and restricted cash									(367,043)						(0.90)		%
Net debt to consolidated undepreciated book capitalization									$	14,285,454					35.12		%
Accumulated depreciation and amortization									7,215,622						17.74		%
Total equity(4)									19,178,026						47.14		%
Consolidated undepreciated book capitalization									$	40,679,102					100.00		%
Joint venture debt, net(5)									846.846
Total undepreciated book capitalization									$	40,679,948.846
Enterprise Value
Lines of credit and commercial paper(2)									$	299,968					0.51		%
Long-term debt obligations(2)(3)									14,352,529						24.24		%
Cash and cash equivalents and restricted cash									(367,043)						(0.62)		%
Net debt to consolidated enterprise value									$	14,285,454					24.13		%
Common shares outstanding									453,948
Period end share price									96.14
Common equity market capitalization									$	43,642,561					73.71		%
Noncontrolling interests(4)									1,282,450						2.17		%
Consolidated enterprise value									$	59,210,465					100.00		%
Joint venture debt, net(5)									846.846
Total enterprise value									$	59,211,311.846
Secured Debt as % of Total Assets
Secured debt(2)									$	2,104,945					5.93		%
Total assets									$	35,472,453
Total Debt as % of Total Assets
Total debt(2)(3)									$	14,652,497					41.31		%
Total assets									$	35,472,453
Unsecured Debt as % of Unencumbered Assets
Unsecured debt(2)									$	12,436,728					35.52		%
Unencumbered assets									$	35,009,520

Notes:

(1) Please see discussion of Supplemental Reporting Measures on page 19.

(2) Amounts include unamortized premiums/discounts and other fair value adjustments as reflected on the balance sheet.

(3) Includes financing lease liabilities of $110,824,000 and excludes operating lease liabilities of $438,175,000 related to ASC 842 adoption.

(4) Includes all noncontrolling interests (redeemable and permanent) as reflected on our balance sheet.

(5) Net of Welltower's share of unconsolidated debt and minority partners' share of Welltower consolidated debt.

16

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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 Debt						Share of Unconsolidated Secured Debt						Noncontrolling Interests' Share of Consolidated Secured Debt						Combined Debt(7)						% of Total						Wtd. Avg. Interest Rate(8)
2022									$	—					$	—					$	575,737					$	146,558					$	(162,930)					$	559,365					3.61		%				2.93		%
2023									—						700,288						448,580						159,884						(71,314)						1,237,438						7.99		%				2.42		%
2024									—						1,350,000						184,770						143,002						(25,125)						1,652,647						10.67		%				3.78		%
2025									—						1,260,000						167,506						502,528						(30,530)						1,899,504						12.26		%				3.78		%
2026									300,000						700,000						109,782						50,001						(30,115)						1,129,668						7.29		%				3.22		%
2027									—						740,347						169,760						66,084						(46,692)						929,499						6.00		%				2.95		%
2028									—						1,473,360						80,994						27,411						(13,840)						1,567,925						10.12		%				4.47		%
2029									—						1,050,000						246,513						36,732						(1,945)						1,331,300						8.59		%				2.84		%
2030									—						750,000						5,028						32,496						(1,133)						786,391						5.08		%				3.06		%
2031									—						1,350,000						5,254						27,996						(1,186)						1,382,064						8.92		%				2.77		%
Thereafter									—						2,857,600						121,717						74,213						(35,249)						3,018,281						19.47		%				4.42		%
Totals									$	300,000					$	12,231,595					$	2,115,641					$	1,266,905					$	(420,059)					$	15,494,082					100.00		%
Weighted Avg. Interest Rate(8)									1.01		%				3.61		%				3.03		%				3.30		%				2.91		%				3.47		%
Weighted Avg. Maturity Years									4.2						7.6						3.6						5.3						3.3						6.9
% Floating Rate Debt(8)									100.00		%				10.30		%				33.14		%				25.22		%				36.68		%				15.66		%

Debt by Local Currency(1)
									Lines of Credit and Commercial Paper(2)						Senior Unsecured Notes(3,4,5,6)						Consolidated Secured Debt						Share of Unconsolidated Secured Debt						Noncontrolling Interests' Share of Consolidated Secured Debt						Combined Debt(7)						Investment Hedges(9)
United States									$	300,000					$	10,410,000					$	1,082,993					$	934,809					$	(176,303)					$	12,551,499					$	—
United Kingdom									—						1,380,960						—						—						—						1,380,960						2,486,659
Canada									—						440,635						1,032,648						332,096						(243,756)						1,561,623						861,240
Totals									$	300,000					$	12,231,595					$	2,115,641					$	1,266,905					$	(420,059)					$	15,494,082					$	3,347,899

Notes:

(1) Represents principal amounts due excluding unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet.

(2) The 2026 maturity reflects the $190,000,000 in principal outstanding on our unsecured commercial paper program as of as of March 31, 2022. The unsecured revolving credit facility is comprised of a $1,000,000,000 tranche that matures on June 4, 2023 (none outstanding at March 31, 2022) and a $3,000,000,000 tranche that matures on June 4, 2025 ($110,000,000 at March 31, 2022). Both tranches may be extended for two successive terms of six months at our option. Commercial paper borrowings are backstopped by the unsecured revolving credit facility. As such, we calculate the weighted average remaining term of our commercial paper borrowings using the extended maturity date of the unsecured revolving credit facility.

(3) 2023 includes a $500,000,000 unsecured term loan and a CAD $250,000,000 unsecured term loan (approximately $200,288,000 USD at March 31, 2022). 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 $240,347,000 USD at March 31, 2022) that matures on January 15, 2027.

(5) 2028 includes £550,000,000 of 4.80% senior unsecured notes (approximately $723,360,000 USD at March 31, 2022). The notes mature on November 20, 2028.

(6) Thereafter includes £500,000,000 of 4.50% senior unsecured notes (approximately $657,600,000 USD at March 31, 2022). The notes mature on December 1, 2034.

(7) Excludes operating lease liabilities of $438,175,000 and finance lease liabilities of $110,824,000 related to ASC 842 adoption.

(8) Based on variable interest rates and foreign currency exchange rates in effect as of March 31, 2022. 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. Includes the impact of notional swaps to convert fixed rate debt to SOFR-based floating rate debt, LIBOR-based floating rate debt to fixed rate debt, and CDOR-based floating rate debt to fixed rate debt.

(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 $(23,548,000), 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.

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Glossary

Age: Current year, less the year built, adjusted for major renovations. Average age is weighted by pro rata NOI.

Cap-ex, Tenant Improvements, Leasing Commissions: Represents amounts incurred for: 1) recurring and non-recurring capital expenditures required to maintain and re-tenant our properties; 2) second generation tenant improvements; and 3) leasing commissions paid to third party leasing agents to secure new tenants.

Construction Conversion: Represents completed construction projects that were placed into service and began generating NOI.

EBITDAR: Earnings before interest, taxes, depreciation, amortization and rent. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate EBITDAR and has not independently verified the information.

EBITDAR Coverage: Represents the ratio of EBITDAR to contractual rent for leases or interest and principal payments for loans. EBITDAR coverage is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations. The coverage shown excludes properties that are unstabilized, closed or for which data is not available or meaningful.

EBITDARM: Earnings before interest, taxes, depreciation, amortization, rent and management fees. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate EBITDARM and has not independently verified the information.

EBITDARM Coverage: Represents the ratio of EBITDARM to contractual rent for leases or interest and principal payments for loans. EBITDARM coverage is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations, assuming that management fees are not paid. The coverage shown excludes properties that are unstabilized, closed or for which data is not available or meaningful.

Health System: Includes independent, assisted living, dementia care and long-term/post-acute care properties subject to triple-net operating leases to or guaranteed by investment-grade health systems.

Health System - Affiliated: Outpatient medical properties are considered affiliated with a health system if one or more of the following conditions are met: 1) the land parcel is contained within the physical boundaries of a hospital campus; 2) the land parcel is located adjacent to the campus; 3) the building is physically connected to the hospital regardless of the land ownership structure; 4) a ground lease is maintained with a health system entity; 5) a master lease is maintained with a health system entity; 6) significant square footage is leased to a health system entity; 7) the property includes an ambulatory surgery center with a hospital partnership interest; or (8) a significant square footage is leased to a physician group that is either employed, directly or indirectly by a health system, or has a significant clinical and financial affiliation with the health system.

Long-Term/Post-Acute Care: Includes all skilled nursing, rehabilitation and long-term/post-acute care facilities where the majority of individuals require 24-hour nursing or medical care. Generally, these properties are licensed for Medicaid and/or Medicare reimbursement and are subject to triple-net operating leases. Most of these facilities focus on higher acuity patients and offer rehabilitation units specializing in cardiac, orthopedic, dialysis, neurological or pulmonary rehabilitation.

MSA:  For the United States and Canada, we use the Metropolitan Statistical Area as defined by the U.S. Census Bureau and the Census Metropolitan Areas as defined by Statistics Canada, respectively. For the United Kingdom, we generally use the Metro Region as defined by EuroStat with Greater London defined as a 55-mile radius around the city’s center.

Occupancy: Outpatient Medical occupancy represents the percentage of total rentable square feet leased and occupied, including month-to-month leases, as of the date reported. Occupancy for all other property types represents average quarterly operating occupancy based on the most recent quarter of available data and excludes properties that are unstabilized, closed or for which data is not available or meaningful. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate occupancy and has not independently verified the information. Occupancy metrics are reflected at our pro rata share.

Outpatient Medical: Outpatient medical buildings include properties offering ambulatory medical services such as primary and secondary care, outpatient surgery, diagnostic procedures and rehabilitation. These properties are typically affiliated with a health system and may be located on a hospital campus. They are specifically designed and constructed for use by health care professionals to provide services to patients. They also include medical office buildings that typically contain sole and group physician practices and may provide laboratory and other specialty services.

Seniors Housing Operating (SHO): Includes independent, assisted living and dementia care properties in the U.S. and Canada and all care homes in the U.K. structured to take advantage of the REIT Investment Diversification and Empowerment Act of 2007.

Seniors Housing Triple-net (SH-NNN): Includes independent, assisted living, and dementia care properties in the U.S. and Canada and all care homes in the U.K. subject to triple-net operating leases and loans receivable.

Square Feet: Net rentable square feet calculated utilizing Building Owners and Managers Association measurement standards.

Stable: Generally, a triple-net rental property is considered stable (versus unstabilized or under development) when it has achieved EBITDAR coverage of 1.00x or greater for three consecutive months or, if targeted performance has not been achieved, 12 months following the budgeted stabilization date. Triple-net properties for which income is recognized on a cash basis and for which substantially all contractual rent during the period has not been collected are excluded from the stable portfolio. A Seniors Housing Operating facility is considered stable upon the earliest of 90% occupancy, NOI at or above the underwritten target or 12 months past the underwritten stabilization date. Excludes assets held for sale and assets disposed of during the current quarter.

Unstabilized: An acquisition that does not meet the stable criteria upon closing or a construction property that has opened but not yet reached stabilization.

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Supplemental Reporting Measures

We believe that revenues and net income, as defined by U.S. generally accepted accounting principles ("U.S. GAAP"), are the most appropriate earnings measurements. However, we consider EBITDA, Adjusted EBITDA, REVPOR, SS REVPOR, NOI, In-Place NOI ("IPNOI") and SSNOI to be useful supplemental measures of our operating performance. Excluding EBITDA and Adjusted EBITDA, these supplemental measures are disclosed on our pro rata ownership basis. Pro rata amounts are derived by reducing consolidated amounts for minority partners’ noncontrolling ownership interests and adding our minority ownership share of unconsolidated amounts. We do not control unconsolidated investments. While we consider pro rata disclosures useful, they may not accurately depict the legal and economic implications of our joint venture arrangements and should be used with caution.

We define NOI as total revenues, including tenant reimbursements, less property operating expenses. Property operating expenses represent costs associated with managing, maintaining and servicing tenants for our properties. These expenses include, but are not limited to, property-related payroll and benefits, property management fees paid to operators, marketing, housekeeping, food service, maintenance, utilities, property taxes and insurance. General and administrative expenses represent costs unrelated to property operations or transaction costs. These expenses include, but are not limited to, payroll and benefits, professional services, office expenses and depreciation of corporate fixed assets. IPNOI represents NOI excluding interest income, other income and non-IPNOI and adjusted for timing of current quarter portfolio changes such as acquisitions, development conversions, segment transitions, dispositions and investments held for sale. SSNOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. As used herein, same store is generally defined as those revenue-generating properties in the portfolio for the relevant year-over-year reporting periods. Acquisitions and development conversions are included in the same store amounts five full quarters after acquisition or being placed into service. Land parcels, loans and sub-leases, as well as any properties sold or classified as held for sale during the period, are excluded from the same store amounts. Redeveloped properties (including major refurbishments of a Seniors Housing Operating property where 20% or more of units are simultaneously taken out of commission for 30 days or more or Outpatient Medical properties undergoing a change in intended use) are excluded from the same store amounts until five full quarters post completion of the redevelopment. Properties undergoing operator transitions and/or segment transitions are also excluded from the same store amounts until five full quarters post completion of the operator transition or segment transition. In addition, properties significantly impacted by force majeure, acts of God or other extraordinary adverse events are excluded from same store amounts until five full quarters after the properties are placed back into service. SSNOI excludes non-cash NOI and includes adjustments to present consistent property ownership percentages and to translate Canadian properties and UK properties using a consistent exchange rate. Normalizers include adjustments that in management’s opinion are appropriate in considering SSNOI, a supplemental, non-GAAP performance measure. None of these adjustments, which may increase or decrease SSNOI, are reflected in our financial statements prepared in accordance with U.S. GAAP. Significant normalizers (defined as any that individually exceed 0.50% of SSNOI growth per property type) are separately disclosed and explained. We believe NOI, IPNOI and SSNOI provide investors relevant and useful information because they measure the operating performance of our properties at the property level on an unleveraged basis. We use NOI, IPNOI and SSNOI to make decisions about resource allocations and to assess the property level performance of our properties.

REVPOR represents the average revenues generated per occupied room per month at our Seniors Housing Operating properties. It is calculated as our pro rata version of total resident fees and services revenues from the income statement divided by average monthly occupied room days. SS REVPOR is used to evaluate the REVPOR performance of our properties under a consistent population which eliminates changes in the composition of our portfolio. It is based on the same pool of properties used for SSNOI and includes any revenue normalizations used for SSNOI. We use REVPOR and SS REVPOR to evaluate the revenue-generating capacity and profit potential of our Seniors Housing Operating portfolio independent of fluctuating occupancy rates. They are also used in comparison against industry and competitor statistics, if known, to evaluate the quality of our Seniors Housing Operating portfolio.

We measure our credit strength both in terms of leverage ratios and coverage ratios. The leverage ratios indicate how much of our balance sheet capitalization is related to long-term debt, net of cash and restricted cash. We expect to maintain capitalization ratios and coverage ratios sufficient to maintain a capital structure consistent with our current profile. The ratios are based on EBITDA and Adjusted EBITDA. EBITDA is defined as earnings (net income per income statement) before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding unconsolidated entities and including adjustments for stock-based compensation expense, provision for loan losses, gains/losses on extinguishment of debt, gains/losses/impairments on properties, gains/losses on derivatives and financial instruments, other expenses, other impairment charges and other adjustments deemed appropriate in management's opinion. We believe that EBITDA and Adjusted EBITDA, along with net income, are important supplemental measures because they provide additional information to assess and evaluate the performance of our operations. We primarily use these measures to determine our interest coverage ratio, which represents EBITDA and Adjusted EBITDA divided by total interest, and our fixed charge coverage ratio, which represents EBITDA and Adjusted EBITDA divided by fixed charges. Fixed charges include total interest and secured debt principal amortization. Our leverage ratios include net debt to Adjusted EBITDA, book capitalization, undepreciated book capitalization and market capitalization. Book capitalization represents the sum of net debt (defined as total long-term debt, excluding operating lease liabilities, less cash and cash equivalents and restricted cash), total equity and redeemable noncontrolling interests. Undepreciated book capitalization represents book capitalization adjusted for accumulated depreciation and amortization. Market capitalization represents book capitalization adjusted for the fair market value of our common stock. Our leverage ratios are defined as the proportion of net debt to total capitalization.

Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and rating agencies in the valuation, comparison, rating and investment recommendations of companies. Our management uses these financial measures to facilitate internal and external comparisons to historical operating results and in making operating decisions. Additionally, these measures are utilized by the Board of Directors to evaluate management. None of the supplemental reporting measures represent net income or cash flow provided from operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the supplemental reporting measures, as defined by us, may not be comparable to similarly entitled items reported by other real estate investment trusts or other companies. Multi-period amounts may not equal the sum of the individual quarterly amounts due to rounding.

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Supplemental Reporting Measures

(dollars in thousands)
Non-GAAP Reconciliations
NOI Reconciliation															1Q21						2Q21						3Q21						4Q21						1Q22
Net income (loss)															$	72,192					$	45,757					$	190,336					$	66,194					$	65,751
Loss (gain) on real estate dispositions, net															(59,080)						(44,668)						(119,954)						(11,673)						(22,934)
Loss (income) from unconsolidated entities															(13,049)						7,976						15,832						12,174						2,884
Income tax expense (benefit)															3,943						(2,221)						4,940						2,051						5,013
Other expenses															10,994						11,687						3,575						15,483						26,069
Impairment of assets															23,568						23,692						1,490						2,357						—
Provision for loan losses, net															1,383						6,197						(271)						(39)						(804)
Loss (gain) on extinguishment of debt, net															(4,643)						55,612						(5)						(1,090)						(12)
Loss (gain) on derivatives and financial instruments, net															1,934						(359)						(8,078)						(830)						2,578
General and administrative expenses															29,926						31,436						32,256						33,109						37,706
Depreciation and amortization															244,426						240,885						267,754						284,501						304,088
Interest expense															123,142						122,341						122,522						121,848						121,696
Consolidated net operating income															434,736						498,335						510,397						524,085						542,035
NOI attributable to unconsolidated investments(1)															21,516						21,180						20,042						20,287						20,142
NOI attributable to noncontrolling interests(2)															(20,827)						(43,786)						(31,061)						(27,889)						(34,999)
Pro rata net operating income (NOI)(3)															$	435,425					$	475,729					$	499,378					$	516,483					$	527,178

In-Place NOI Reconciliation
At Welltower pro rata ownership						Seniors Housing Operating						Seniors Housing Triple-net						Outpatient Medical						Health System						Long-Term /Post-Acute Care						Corporate						Total
Revenues						$	969,979					$	143,360					$	163,597					$	51,243					$	35,380					$	3,183					$	1,366,742
Property operating expenses						(774,936)						(7,421)						(50,599)						(35)						(3,958)						(2,615)						(839,564)
NOI(3)						195,043						135,939						112,998						51,208						31,422						568						527,178
Adjust:
Interest income						(1,398)						(33,097)						(71)						—						(5,107)						—						(39,673)
Other income(4)						(3,007)						(1,471)						(3,238)						—						(234)						(3,183)						(11,133)
Sold / held for sale						276						30						—						(454)						(2,656)						—						(2,804)
Non operational(5)						1,258						—						67						—						(272)						—						1,053
Non In-Place NOI(6)						(6,401)						(5,680)						(3,073)						(8,289)						(840)						2,615						(21,668)
Timing adjustments(7)						558						161						2,038						627						—						—						3,384
Total adjustments						(8,714)						(40,057)						(4,277)						(8,116)						(9,109)						(568)						(70,841)
In-Place NOI						186,329						95,882						108,721						43,092						22,313						—						456,337
Annualized In-Place NOI						$	745,316					$	383,528					$	434,884					$	172,368					$	89,252					$	—					$	1,825,348

Same Store Property Reconciliation
						Seniors Housing Operating						Seniors Housing Triple-net						Outpatient Medical						Health System						Long-Term /Post-Acute Care						Total
Total properties						869						318						390						205						94						1,876
Recent acquisitions/ development conversions(8)						(172)						(28)						(26)						(2)						—						(228)
Under development						(36)						(5)						(4)						—						—						(45)
Under redevelopment(9)						(4)						—						(2)						—						(3)						(9)
Current held for sale						(3)						—						(1)						(4)						(9)						(17)
Land parcels, loans and sub-leases						(23)						(11)						(6)						—						—						(40)
Transitions(10)						(97)						(7)						—						(9)						(3)						(116)
Other(11)						(2)						—						—						—						(3)						(5)
Same store properties						532						267						351						190						76						1,416

Notes:

(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.

(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner and includes an adjustment to remove NOI related to certain leasehold properties. See page 14 for more information.

(3) Represents Welltower's pro rata share of NOI. See page 14 for more information.

(4) Excludes amounts recognized in other income related to the Health and Human Services Provider Relief Fund in the United States and similar programs in the United Kingdom and Canada.

(5) Primarily includes development properties and land parcels.

(6) Primarily represents non-cash NOI.

(7) Represents timing adjustments for current quarter acquisitions, construction conversions and segment or operator transitions

(8) Acquisitions and development conversions will enter the same store pool 5 full quarters after acquisition or certificate of occupancy.

(9) Redevelopment properties will enter the same store pool after 5 full quarters of operations post redevelopment completion.

(10) Transitioned properties will enter the same store pool after 5 full quarters of operations with the new operator in place or under the new structure.

(11) Represents properties that are either closed or being closed.

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Supplemental Reporting Measures

(dollars in thousands at Welltower pro rata ownership)
Same Store NOI Reconciliation						1Q21						2Q21						3Q21						4Q21						1Q22						Y/o/Y
Seniors Housing Operating
NOI						$	172,060					$	143,751					$	167,855					$	178,963					$	195,043
Non-cash NOI on same store properties						(865)						12,268						(98)						(36)						(74)
NOI attributable to non-same store properties						(19,399)						(13,548)						(29,810)						(35,210)						(51,575)
Currency and ownership adjustments(1)						(186)						(998)						12						78						178
Normalizing adjustment for government grants(2)						(32,457)						(8,130)						(4,998)						(18,051)						(1,304)
Other normalizing adjustments(3)						770						1,094						1,337						3,757						(249)
SSNOI(4)						119,923						134,437						134,298						129,501						142,019						18.4		%
Seniors Housing Triple-net
NOI						57,143						130,983						139,166						142,478						135,939
Non-cash NOI on same store properties						(4,537)						(4,461)						(3,987)						(2,694)						(2,912)
NOI attributable to non-same store properties						25,170						(52,410)						(59,664)						(61,300)						(50,186)
Currency and ownership adjustments(1)						(233)						(515)						(237)						184						274
Other normalizing adjustments(3)						(12)						405						535						59						(213)
SSNOI						77,531						74,002						75,813						78,727						82,902						6.9		%
Outpatient Medical
NOI						109,398						114,330						111,207						113,768						112,998
Non-cash NOI on same store properties						(2,656)						(2,675)						(1,901)						(2,493)						(2,096)
NOI attributable to non-same store properties						(5,562)						(11,810)						(8,441)						(9,278)						(7,798)
Currency and ownership adjustments(1)						(1,140)						(55)						296						(240)						64
Other normalizing adjustments(3)						(155)						(348)						(1,014)						294						(537)
SSNOI						99,885						99,442						100,147						102,051						102,631						2.7		%
Health System
NOI						42,425						46,500						46,140						47,376						51,208
Non-cash NOI on same store properties						(5,278)						(5,278)						(4,647)						(5,760)						(7,418)
NOI attributable to non-same store properties						(1,361)						(5,436)						(5,051)						(4,845)						(5,289)
Currency and ownership adjustments(1)						2,237						2,237						2,278						2,298						568
SSNOI						38,023						38,023						38,720						39,069						39,069						2.8		%
Long-Term/Post-Acute Care
NOI						52,924						39,667						34,702						32,285						31,422
Non-cash NOI on same store properties						(326)						(950)						(1,137)						(937)						(1,026)
NOI attributable to non-same store properties						(30,840)						(16,849)						(11,679)						(9,376)						(8,082)
Currency and ownership adjustments(1)						(10)						(67)						(21)						(19)						(10)
Other normalizing adjustments(3)						169						—						—						—						—
SSNOI						21,917						21,801						21,865						21,953						22,304						1.8		%
Corporate
NOI						1,475						498						308						1,613						568
NOI attributable to non-same store properties						(1,475)						(498)						(308)						(1,613)						(568)
SSNOI						—						—						—						—						—
Total
NOI						435,425						475,729						499,378						516,483						527,178
Non-cash NOI on same store properties						(13,662)						(1,096)						(11,770)						(11,920)						(13,526)
NOI attributable to non-same store properties						(33,467)						(100,551)						(114,953)						(121,622)						(123,498)
Currency and ownership adjustments(1)						668						(1,635)						50						3						1,074
Normalizing adjustments, net						(31,685)						(6,979)						(4,140)						(13,941)						(2,303)
SSNOI						$	357,279					$	365,468					$	368,565					$	369,003					$	388,925					8.9		%

Notes:

(1) Includes adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.2739 and to translate UK properties at a GBP/USD rate of 1.35.    

(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.

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Supplemental Reporting Measures

(dollars in thousands, except REVPOR, SS REVPOR and SSNOI/unit)
SHO REVPOR Reconciliation						United States						United Kingdom						Canada						Total
Consolidated SHO revenues						$	786,071					$	101,099					$	109,442					$	996,612
Unconsolidated SHO revenues attributable to Welltower(1)						26,834						—						22,274						49,108
SHO revenues attributable to noncontrolling interests(2)						(43,901)						(9,367)						(22,473)						(75,741)
Pro rata SHO revenues(3)						769,004						91,732						109,243						969,979
SHO interest and other income						(1,940)						(6)						(2,458)						(4,404)
SHO revenues attributable to sold and held for sale properties						(186)						—						—						(186)
Currency and ownership adjustments(4)						—						581						(596)						(15)
SHO local revenues						766,877						92,307						106,189						965,373
Average occupied units/month						45,842						3,218						12,104						61,164
REVPOR/month in USD						$	5,654					$	9,694					$	2,965					$	5,334
REVPOR/month in local currency(4)												£	7,025					$	3,753

Reconciliations of SHO SS REVPOR Growth, SSNOI Growth and SSNOI/Unit
			United States												United Kingdom												Canada												Total
			1Q21						1Q22						1Q21						1Q22						1Q21						1Q22						1Q21						1Q22
SHO SS REVPOR Growth
Consolidated SHO revenues			$	526,248					$	786,071					$	95,184					$	101,099					$	104,970					$	109,442					$	726,402					$	996,612
Unconsolidated SHO revenues attributable to WELL(1)			22,008						26,834						—						—						21,206						22,274						43,214						49,108
SHO revenues attributable to noncontrolling interests(2)			(23,702)						(43,901)						(11,705)						(9,367)						(23,122)						(22,473)						(58,529)						(75,741)
SHO pro rata revenues(3)			524,554						769,004						83,479						91,732						103,054						109,243						711,087						969,979
Non-cash revenues on same store properties			(849)						(562)						—						—						—						—						(849)						(562)
Revenues attributable to non-same store properties			(30,443)						(208,311)						(63,175)						(69,174)						(5,099)						(11,544)						(98,717)						(289,029)
Currency and ownership adjustments(4)			161						—						368						147						(597)						(541)						(68)						(394)
SHO SS revenues(5)			493,423						560,131						20,672						22,705						97,358						97,158						611,453						679,994
Avg. occupied units/month(6)			26,647						29,177						746						802						11,086						10,929						38,479						40,908
SHO SS REVPOR(7)			$	6,258					$	6,488					$	9,365					$	9,568					$	2,968					$	3,004					$	5,370					$	5,618
SS REVPOR YOY growth			—		%				3.7		%				—		%				2.2		%				—		%				1.2		%				—						4.6		%
SHO SSNOI Growth
Consolidated SHO NOI			$	123,120					$	162,292					$	21,226					$	18,224					$	26,088					$	26,168					$	170,434					$	206,684
Unconsolidated SHO NOI attributable to WELL(1)			4,612						3,617						—						—						7,291						5,973						11,903						9,590
SHO NOI attributable to noncontrolling interests(2)			(2,693)						(15,007)						(2,225)						(1,345)						(5,359)						(4,879)						(10,277)						(21,231)
SHO pro rata NOI(3)			125,039						150,902						19,001						16,879						28,020						27,262						172,060						195,043
Non-cash NOI on same store properties			(865)						(86)						—						—						—						12						(865)						(74)
NOI attributable to non-same store properties			(4,606)						(34,305)						(14,171)						(12,714)						(622)						(4,556)						(19,399)						(51,575)
Currency and ownership adjustments(4)			(80)						266						94						33						(200)						(121)						(186)						178
Normalizing adjustment for government grants(8)			(30,041)						(497)						—						—						(2,416)						(807)						(32,457)						(1,304)
Other normalizing adjustments(9)			770						(249)						—						—						—						—						770						(249)
SHO pro rata SSNOI(5)			$	90,217					$	116,031					$	4,924					$	4,198					$	24,782					$	21,790					$	119,923					$	142,019
SHO SSNOI growth									28.6		%										(14.7)		%										(12.1)		%										18.4		%
SHO SSNOI/Unit
Trailing four quarters' SSNOI(5)									$	426,375											$	19,478											$	94,402											$	540,255
Average units in service(10)									37,257												1,203												13,995												52,455
SSNOI/unit in USD									$	11,444											$	16,191											$	6,745											$	10,299
SSNOI/unit in local currency(4)																					£	11,733											$	8,538

Notes:

(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.

(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner and includes an adjustment to remove NOI related to certain leasehold properties. See page 14 for more information.

(3) Represents SHO revenues/NOI at Welltower pro rata ownership. See pages 14 & 21 for more information.

(4) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.2739 and to translate UK properties at a GBP/USD rate of 1.35.

(5) Represents SS SHO revenues/SSNOI at Welltower pro rata ownership. See page 21 for more information.

(6) Represents average occupied units for SS properties related solely to referenced country on a pro rata basis.

(7) Represents pro rata SS average revenues generated per occupied room per month.

(8) Represents 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.

(9) Represents aggregate normalizing adjustments which are individually less than .50% of SSNOI growth.

(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 impact of the COVID-19 pandemic; uncertainty regarding the implementation and impact of the CARES Act and future stimulus or other COVID-19 relief legislation; the status of the economy; the status of capital markets, including availability and cost of capital; issues facing the health care industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements and operators’/tenants’ difficulty in cost effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the health care and seniors housing industries; negative developments in the operating results or financial condition of operators/tenants, including, but not limited to, their ability to pay rent and repay loans; Welltower’s ability to transition or sell properties with profitable results; the failure to make new investments or acquisitions as and when anticipated; natural disasters and other acts of God affecting Welltower’s properties; Welltower’s ability to re-lease space at similar rates as vacancies occur; Welltower’s ability to timely reinvest sale proceeds at similar rates to assets sold; operator/tenant or joint venture partner bankruptcies or insolvencies; the cooperation of joint venture partners; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; liability or contract claims by or against operators/tenants; unanticipated difficulties and/or expenditures relating to future investments or acquisitions; environmental laws affecting Welltower’s properties; changes in rules or practices governing Welltower’s financial reporting; the movement of U.S. and foreign currency exchange rates; Welltower’s ability to maintain its qualification as a REIT; key management personnel recruitment and retention; and other risks described in Welltower’s reports filed from time to time with the SEC. Welltower undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in any forward-looking statements.

Additional Information

The information in this supplemental information package should be read in conjunction with our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, our earnings press release dated May 10, 2022 and other information filed with, or furnished to, the SEC. The Supplemental Reporting Measures and reconciliations of Non-GAAP measures are an integral part of the information presented herein.

You can access our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act at www.welltower.com as soon as reasonably practicable after they are filed with, or furnished to, the SEC. You can also review these SEC filings and other information by accessing the SEC’s website at http://www.sec.gov. We routinely post important information on our website at www.welltower.com in the “Investors” section, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading “Investors.” Accordingly, investors should monitor such portion of our website in addition to following our press releases, public conference calls and filings with the SEC. The information on or connected to our website is not, and shall not be deemed to be, a part of, or incorporated into this supplemental information package.

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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