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Published: 2021-04-28 00:00:00 ET
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EX-99.2 3 a1q21supplement992.htm EX-99.2 Document

welltowersupplemental_1q20.jpg

Table of Contents

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


Overview

(dollars and occupancy at Welltower pro rata ownership; dollars in thousands)
Portfolio CompositionBeds/Unit Mix
Average AgePropertiesTotalIndependent LivingAssisted LivingMemory CareLong-Term/ Post-Acute Care
Seniors Housing Operating17649 74,84834,97527,66111,686526
Seniors Housing Triple-net1533727,5825,09315,8316,354304
Outpatient Medical1536922,025,757(1)n/an/an/an/a
Health System3121625,9912016633,13721,990
Long-Term/Post-Acute Care19135 15,89340873—14,980
Total181,706

NOI Performance
Same Store(2)
In-Place Portfolio(3)
Properties1Q20 NOI1Q21 NOI% ChangePropertiesAnnualized
In-Place NOI		% of Total
Seniors Housing Operating526$219,867 $123,021 (44.0)%600$647,632 38.5 %
Seniors Housing Triple-net(4)
28285,560 83,817(2.0)%319362,608 21.6 %
Outpatient Medical33494,11497,0403.1 %357399,868 23.8 %
Health System190 34,826 35,784 2.8 %191 143,684 8.5 %
Long-Term/Post-Acute Care(4)
8124,79424,8420.2 %103127,216 7.6 %
Total1,413$459,161 $364,504 (20.6)%1,570$1,681,008 100.0 %

Portfolio PerformanceFacility Revenue Mix
Stable Portfolio(5)
Occupancy
EBITDAR Coverage(6)
EBITDARM Coverage(6)
Private PayMedicaidMedicare
Other Government(7)
Seniors Housing Operating75.0 %n/an/a96.7 %1.1 %0.4 %1.8 %
Seniors Housing Triple-net76.5 %1.001.1790.8 %3.3 %0.8 %5.1 %
Outpatient Medical94.4 %n/an/a100.0 %— — — 
Health System(8)
68.4 %1.902.5630.9 %51.6 %17.5 %— 
Long-Term/Post-Acute Care71.4 %1.371.6430.0 %31.6 %38.4 %— 
Total1.301.6292.7 %3.7 %1.9 %1.7 %
Notes:
(1) Indicates the total square footage of Outpatient Medical.
(2) See pages 21 and 22 for reconciliation.
(3) Excludes land parcels, loans, developments and investments held for sale. See page 21 for reconciliation.
(4) Same store NOI for these property types represents cash rent excluding the impact of expansions.
(5) Data as of March 31, 2021 for Seniors Housing Operating and Outpatient Medical and December 31, 2020 for remaining asset types.
(6) Represents trailing twelve month coverage metrics.
(7) Represents various federal and local reimbursement programs in the United Kingdom and Canada.
(8) EBITDAR and EBITDARM coverage as reported by ProMedica inclusive of the 25 properties classified as held for sale as of March 31, 2021.
1
Portfolio


(dollars in thousands at Welltower pro rata ownership)
In-Place NOI Diversification(1)
By Partner:Total PropertiesSeniors Housing OperatingSeniors Housing
Triple-net		Outpatient
Medical		Health
System		Long-Term/ Post-Acute CareTotal% of Total
Sunrise Senior Living North America128 $171,747 $— $— $— $— $171,747 10.2 %
Sunrise Senior Living United Kingdom45 52,378 — — — — 52,378 3.1 %
ProMedica191 — — — 143,684 — 143,684 8.5 %
Avery Healthcare55 5,694 69,249 — — — 74,943 4.5 %
Revera92 60,999 — — — — 60,999 3.6 %
Brookdale Senior Living85 (896)60,527 — — — 59,631 3.5 %
Sagora Senior Living31 32,060 26,727 — — — 58,787 3.5 %
Senior Resource Group24 47,997 — — — — 47,997 2.9 %
Belmont Village21 40,823 — — — — 40,823 2.4 %
Genesis Healthcare44 — — — — 37,888 37,888 2.3 %
Pegasus Senior Living36 36,166 — — — — 36,166 2.2 %
Remaining818 200,664 206,105 399,868 — 89,328 895,965 53.3 %
Total1,570 $647,632 $362,608 $399,868 $143,684 $127,216 $1,681,008 100.0 %
By Country:
United States1,309 $466,621 $285,758 $399,868 $143,684 $120,342 $1,416,273 84.3 %
United Kingdom114 71,699 73,336 — — — 145,035 8.6 %
Canada147 109,312 3,514 — — 6,874 119,700 7.1 %
Total1,570 $647,632 $362,608 $399,868 $143,684 $127,216 $1,681,008 100.0 %
By MSA:
New York76$50,797 $20,933 $29,733 $3,609 $6,082 $111,154 6.6 %
Los Angeles6759,165 18,661 32,275 — — 110,101 6.5 %
Greater London4749,646 17,236 — — — 66,882 4.0 %
Washington D.C.3835,667 1,420 6,748 15,424 2,676 61,935 3.7 %
Dallas5718,478 7,764 30,090 760 3,949 61,041 3.6 %
Philadelphia445,336 1,537 22,727 11,364 13,425 54,389 3.2 %
Houston3310,866 3,272 32,337 — — 46,475 2.8 %
San Francisco2023,178 10,039 — 4,385 — 37,602 2.2 %
Seattle2712,329 3,130 15,409 1,335 — 32,203 1.9 %
San Diego1716,335 6,438 6,434 — 2,733 31,940 1.9 %
Montréal2030,421 — — — — 30,421 1.8 %
Chicago419,210 5,175 5,072 9,801 — 29,258 1.7 %
Minneapolis20(93)15,232 13,688 — — 28,827 1.7 %
Miami362,695 — 15,827 5,217 — 23,739 1.4 %
Raleigh125,261 17,355 992 — — 23,608 1.4 %
Charlotte23— 9,685 13,570 — — 23,255 1.4 %
Baltimore194,519 — 13,349 2,562 1,755 22,185 1.3 %
Atlanta23324 — 18,419 1,807 — 20,550 1.2 %
Boston1715,780 — 2,459 — 1,228 19,467 1.2 %
Kansas City204,455 8,412 712 — 5,760 19,339 1.2 %
Remaining913 293,263216,319140,02787,42089,608826,637 49.3 %
Total1,570 $647,632 $362,608 $399,868 $143,684 $127,216 $1,681,008 100.0 %
Notes:
(1) Represents current quarter annualized In-Place NOI. See page 21 for reconciliation.


2
Portfolio

(dollars, units and occupancy at Welltower pro rata ownership; dollars in thousands)
Seniors Housing Operating
Total Portfolio Performance(1)
1Q202Q203Q204Q201Q21
Properties586 578 563 607 608 
Units (2)
58,788 56,822 55,498 58,370 58,185 
Total occupancy (2)
85.0 %80.7 %77.9 %76.0 %72.7 %
Total revenues$821,990 $752,586 $726,133 $703,039 $711,118 
Operating expenses582,533 573,042 550,755 539,465 539,058 
NOI$239,457 $179,544 $175,378 $163,574 $172,060 
NOI margin29.1 %23.9 %24.2 %23.3 %24.2 %
Recurring cap-ex$15,414 $11,042 $11,851 $14,356 $7,255 
Other cap-ex$36,751 $26,445 $27,577 $27,728 $13,413 

Same Store Performance(3)
1Q202Q203Q204Q201Q21
Properties526 526 526 526 526 
Occupancy85.4 %81.3 %78.6 %77.0 %73.9 %
Same store revenues$746,385 $693,246 $675,138 $659,510 $635,692 
Compensation322,331 315,199 310,384 302,158 304,625 
Utilities29,314 25,304 28,216 28,062 29,982 
Food27,611 25,898 24,924 25,503 23,351 
Repairs and maintenance17,068 13,571 16,677 17,152 17,077 
Property taxes26,096 25,947 26,565 24,968 26,610 
All other104,098 120,249 103,503 115,875 111,026 
Same store operating expenses526,518 526,168 510,269 513,718 512,671 
Same store NOI$219,867 $167,078 $164,869 $145,792 $123,021 
Year over year growth rate(44.0)%
Partners
Properties(4)
Pro Rata Units(4)
Welltower Ownership %(5)
Core Markets1Q21 NOI% of Total
Sunrise Senior Living173 13,904 99.3 %Southern California$20,803 12.1 %
Revera92 8,723 75.0 %Northern California14,465 8.4 %
Senior Resource Group24 3,268 63.7 %Greater London12,392 7.2 %
Belmont Village21 2,804 95.0 %New York / New Jersey11,794 6.9 %
Pegasus Senior Living36 3,833 98.0 %Washington D.C.9,954 5.8 %
Cogir18 2,924 88.1 %Montréal7,606 4.4 %
Chartwell Retirement Residences40 4,153 51.0 %Toronto4,789 2.8 %
Brandywine Living28 2,662 99.5 %Boston4,458 2.6 %
Sagora Senior Living14 1,483 100.0 %Seattle3,087 1.8 %
Frontier Management53 3,108 97.9 %Ottawa2,455 1.4 %
Clover Management33 3,630 89.9 %Birmingham, UK2,142 1.2 %
Oakmont Senior Living8 623 100.0 %Vancouver2,139 1.2 %
Signature Senior Lifestyle11 758 75.0 %Manchester, UK1,450 0.8 %
Balfour Senior Living7 675 95.0 %Core Markets97,534 56.6 %
Remaining 42 5,429 All Other74,526 43.4 %
Total600 57,977 Total$172,060 100.0 %
Notes:
(1) Properties, units and occupancy exclude land parcels and properties under development.
(2) Units and occupancy metrics have been revised for all periods presented to be reported at Welltower pro rata share as opposed to at 100%. The 1Q21 metrics under the previous methodology would have been 70,769 units and 73.0%.
(3) See pages 21 and 22 for reconciliation.
(4) Represents In-Place Portfolio.
(5) Welltower ownership percentage weighted based on In-Place NOI. See page 21 for reconciliation.

3
Portfolio

(dollars in thousands at Welltower pro rata ownership)
New Supply in Our US Seniors Housing Operating Portfolio
We have strategically acquired and developed properties in major US metro markets that benefit from population growth and density, affluence, job growth, and higher barriers to entry. New supply in a 3-mile ring around our properties potentially impacts just 2.2% of our total annualized In-Place NOI (IPNOI).
3-Mile Ring(1)
WelltowerWelltower
MSAProp. / Units
Annualized
IPNOI(2)
% of US SHO Portfolio
Prop. / Units Under Construction(3)
Prop. / Units Potentially Impacted
IPNOI Potentially Impacted(4)
5 Year Total Pop. Growth(5)
5 Year 75+ Pop. Growth(5)
Avg. Pop. Density(6)
Household Income(7)
Housing Value(7)
Est. Net Annual Inventory Growth(8)
Est. Annual Job Growth(9)
Los Angeles31 / 3,678$59,165 12.7 %5 / 8245 / 448$5,718 1.7 %10.9 %6,807 $99,131 $1,037,762 1.4 %(11.7)%
New York32 / 2,75750,797 10.9 %2 / 5193 / 2633,545 -0.1 %4.8 %3,990 113,384 537,262 1.7 %(11.2)%
Washington D.C.12 / 1,35835,667 7.6 %4 / 4685 / 6826,762 3.1 %11.5 %5,528 129,072 681,968 4.4 %(9.0)%
San Francisco13 / 1,62323,178 5.0 %— — — 3.2 %11.3 %9,023 128,027 1,141,506 (0.4)%(11.3)%
Dallas21 / 2,78418,478 4.0 %1 / 2291 / 21456 7.7 %27.9 %3,174 82,771 308,293 2.1 %(3.7)%
San Diego7 / 92216,335 3.5 %— — — 2.3 %14.1 %4,570 107,763 958,785 (1.3)%(8.7)%
Boston11 / 74715,780 3.4 %— — — 2.5 %7.1 %2,601 138,573 778,935 (0.9)%(9.1)%
Sacramento7 / 59813,107 2.8 %— — — 3.5 %12.5 %3,715 89,983 513,020 1.1 %(6.2)%
Seattle14 / 1,41512,329 2.6 %5 / 4515 / 5053,164 6.4 %19.8 %5,039 97,656 590,710 0.9 %(6.6)%
Denver5 / 73511,669 2.5 %4 / 6352 / 3663,747 7.1 %25.8 %5,108 77,364 552,865 (0.6)%(4.9)%
Boulder, CO6 / 51811,494 2.5 %— — — 6.1 %29.3 %2,031 103,523 675,817 N/A(7.5)%
Houston10 / 95310,866 2.3 %2 / 2302 / 2411,822 7.4 %25.9 %3,465 81,638 332,385 5.2 %(7.3)%
San Antonio4 / 1,07510,403 2.2 %1 / 1121 / 1621,071 8.7 %29.7 %2,419 72,423 256,088 (0.3)%(3.3)%
Chicago17 / 1,8869,210 2.0 %1 / 2011 / 131240 -0.4 %8.5 %3,235 77,310 296,207 1.4 (8.4)%
Buffalo10 / 1,2547,489 1.6 %— — — 0.0 %3.1 %2,791 70,675 183,691 (0.6)%(8.9)%
Vallejo, CA4 / 5767,133 1.5 %— — — 2.7 %10.2 %3,209 79,277 458,109 N/A(8.4)%
Santa Rosa, CA4 / 5117,115 1.5 %— — — 1.1 %6.7 %2,032 88,595 771,240 N/A(12.9)%
Charlottesville, VA1 / 3026,869 1.5 %— — — 2.9 %10.2 %2,100 57,071 350,000 N/A(8.3)%
San Jose4 / 4806,577 1.4 %— — — 3.0 %12.0 %6,782 138,316 1,417,379 (1.7)(8.8)%
Portland, OR6 / 5815,768 1.2 %— — — 6.5 %17.8 %2,385 84,225 425,913 1.2 (8.4)%
Philadelphia11 / 8855,336 1.1 %2 / 3362 / 177754 0.7 %4.2 %2,149 109,044 373,223 0.5 %(7.2)%
Raleigh2 / 2505,261 1.1 %1 / 1381 / 1761,923 6.4 %25.6 %3,214 91,403 310,412 2.8 %(3.2)%
Las Vegas4 / 7005,021 1.1 %— — — 5.5 %15.2 %6,231 51,081 247,233 2.8 %(13.8)%
Pittsburgh4 / 4344,883 1.0 %— — — 0.0 %6.2 %1,905 88,677 236,216 (2.4)(7.5)%
Tucson4 / 5184,800 1.0 %— — — 3.7 %4.2 %2,062 51,254 205,265 0.1 %(5.8)%
Total - Top 25244 / 27,540$364,730 78.2 %28 / 4,14328 / 3,365$28,802 3.1 %13.1 %4,304 $104,531 $683,815 1.1 %(9.0)%
All Other US SHO Markets154 / 16,274101,891 21.8 %15 / 1,93617 / 1,8908,010 3.3 %12.0 %2,288 80,342 357,723 
Total US SHO398 / 43,814$466,621 100.0 %43 / 6,07945 / 5,255$36,812 3.2 %12.7 %3,534 $98,602 $603,884 
% of Total IPNOI2.2 %
US National Average2.9 %10.8 %94$67,761 $254,824 1.4 %
(10)
(6.2)%
Notes:
(1) Based on historical drawing patterns in our portfolio, a 3-mile ring is appropriate for most urban markets, which accounts for the vast majority of our portfolio. A 5-mile ring is appropriate for most suburban markets. A larger ring is appropriate for rural markets. Each market is unique due to population density, town lines, geographic barriers, and roads/infrastructure. In the interest of simplicity, we have applied a 3-mile competitive ring to all of our properties given the preponderance of urban locations. We have also included a sensitivity with a 5-mile ring.
(2) Represents annualized IPNOI. See pages 2 and 21 for a reconciliation.
(3) Construction data provided by NIC, reflects competitive seniors housing properties within 3 miles of Welltower SHO properties for US markets.
(4) Reflects annualized IPNOI for Welltower SHO properties within 3 miles of new construction for the component of our project that potentially competes with the project under construction.
(5) Total population and 75+ population growth data represents simple averages of Claritas estimates for 2021-2026.
(6) Average population density data represents average population per square mile within a 3-mile ring based on 2021 Claritas estimates.
(7) Household income and household value data are medians weighted by IPNOI.
(8) NIC MAP Data and Analysis Service, 1Q21. 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 2020 - February 2021 per Bureau of Labor Statistics. Total - Top 25 Estimated Annual Job Growth weighted by IPNOI.
(10) Reflects net inventory growth for NIC Top 99 Markets.











4
Portfolio


(dollars in thousands at Welltower pro rata ownership)
New Supply in Our US Seniors Housing Operating Portfolio
We have strategically acquired and developed properties in major US metro markets that benefit from population growth and density, affluence, job growth, and higher barriers to entry. New supply in a 5-mile ring around our properties potentially impacts just 4.2% of our total annualized In-Place NOI (IPNOI).
5-Mile Ring(1)
WelltowerWelltower
MSAProp. / Units
Annualized IPNOI(2)
% of US SHO Portfolio
Prop. / Units Under Construction(3)
Prop. / Units Potentially Impacted
IPNOI Potentially Impacted(4)
5 Year Total Pop. Growth(5)
5 Year 75+ Pop. Growth(5)
Avg. Pop. Density(6)
Household Income(7)
Housing Value(7)
Est. Net Annual Inventory Growth(8)
Est. Annual Job Growth(9)
Los Angeles31 / 3,678$59,165 12.7 %7 / 98313 / 1,437$10,742 1.8 %11.4 %6,609 $92,596 $953,680 1.4 %(11.7)%
New York32 / 2,75750,797 10.9 %4 / 7155 / 3936,533 0.1 %4.8 %3,937 109,633 510,114 1.7 %(11.2)%
Washington D.C.12 / 1,35835,667 7.6 %6 / 94610 / 1,1399,722 3.4 %12.3 %5,460 125,618 674,913 4.4 %(9.0)%
San Francisco13 / 1,62323,178 5.0 %2 / 1592 / 225371 3.2 %11.5 %7,684 125,659 1,110,571 (0.4)%(11.3)%
Dallas21 / 2,78418,478 4.0 %5 / 7765 / 6282,521 7.6 %28.1 %2,825 77,588 297,985 2.1 %(3.7)%
San Diego7 / 92216,335 3.5 %— — — 2.6 %13.4 %4,454 106,482 853,762 (1.3)%(8.7)%
Boston11 / 74715,780 3.4 %— — — 2.5 %7.1 %2,539 123,300 683,023 (0.9)%(9.1)%
Sacramento7 / 59813,107 2.8 %3 / 2702 / 1951,212 3.4 %13.2 %3,482 87,041 483,504 1.1 %(6.2)%
Seattle14 / 1,41512,329 2.6 %6 / 5875 / 5053,164 6.5 %21.7 %4,543 101,145 608,418 0.9 %(6.6)%
Denver5 / 73511,669 2.5 %5 / 7164 / 5297,578 6.9 %24.4 %4,785 72,964 486,457 (0.6)%(4.9)%
Boulder, CO6 / 51811,494 2.5 %— — — 6.5 %26.5 %1,411 111,084 664,150 N/A(7.5)%
Houston10 / 95310,866 2.3 %5 / 7334 / 6414,949 7.6 %28.9 %3,458 78,738 274,164 5.2 %(7.3)%
San Antonio4 / 1,07510,403 2.2 %2 / 1521 / 1621,796 8.5 %28.8 %2,283 69,130 240,322 (0.3)%(3.3)%
Chicago17 / 1,8869,210 2.0 %5 / 7035 / 5752,639 -0.4 %9.2 %3,092 86,301 310,760 1.4 (8.4)%
Buffalo10 / 1,2547,489 1.6 %— — — -0.2 %3.2 %2,516 67,123 174,709 (0.6)%(8.9)%
Vallejo, CA4 / 5767,133 1.5 %— — — 2.6 %10.7 %1,938 88,468 474,249 N/A(8.4)%
Santa Rosa, CA4 / 5117,115 1.5 %— — — 1.3 %7.7 %1,127 92,803 796,078 N/A(12.9)%
Charlottesville, VA1 / 3026,869 1.5 %— — — 4.0 %12.9 %1,491 73,864 354,630 N/A(8.3)%
San Jose4 / 4806,577 1.4 %— — — 3.0 %12.0 %5,784 136,600 1,406,014 (1.7)(8.8)%
Portland, OR6 / 5815,768 1.2 %— — — 6.1 %16.5 %2,093 82,691 416,519 1.2 (8.4)%
Philadelphia11 / 8855,336 1.1 %3 / 4204 / 3391,266 0.8 %4.7 %2,332 99,840 332,585 0.5 %(7.2)%
Raleigh2 / 2505,261 1.1 %1 / 1381 / 1761,923 7.2 %31.8 %2,682 98,673 363,401 2.8 %(3.2)%
Las Vegas4 / 7005,021 1.1 %1 / 621 / 80272 5.8 %17.3 %5,875 50,770 246,700 2.8 %(13.8)%
Pittsburgh4 / 4344,883 1.0 %1 / 1271 / 731,066 0.4 %5.3 %1,729 83,643 220,991 (2.4)(7.5)%
Tucson4 / 5184,800 1.0 %— — — 3.8 %5.1 %1,811 53,531 210,726 0.1 %(5.8)%
Total - Top 25244 / 27,540$364,730 78.2 %56 / 7,48763 / 7,097$55,754 3.2 %13.5 %4,013 $101,516 $646,349 1.1 %(9.0)%
All Other US SHO Markets154 / 16,274101,89121.8 %29 / 3,76429 / 3,23014,777 3.2 %12.4 %2,00975,629344,063
Total US SHO398 / 43,814$466,621 100.0 %85 / 11,25192 / 10,327$70,531 3.2 %13.1 %3,244$95,583 $574,774 
% of Total IPNOI4.2 %
US National Average2.9 %10.8 %94$67,761 $254,824 1.4 %
(10)
(6.2)%
Notes:
(1) Based on historical drawing patterns in our portfolio, a 3-mile ring is appropriate for most urban markets, which accounts for the vast majority of our portfolio. A 5-mile ring is appropriate for most suburban markets. A larger ring is appropriate for rural markets. Each market is unique due to population density, town lines, geographic barriers, and roads/infrastructure. In the interest of simplicity, we have applied a 3-mile competitive ring to all of our properties given the preponderance of urban locations. We have also included a sensitivity with a 5-mile ring.
(2) Represents annualized IPNOI. See pages 2 and 21 for a reconciliation.
(3) Construction data provided by NIC, reflects competitive seniors housing properties within 5 miles of Welltower SHO properties for US markets.
(4) Reflects annualized IPNOI for Welltower SHO properties within 5 miles of new construction for the component of our project that potentially competes with the project under construction.
(5) Total population and 75+ population growth data represents simple averages of Claritas estimates for 2021-2026.
(6) Average population density data represents average population per square mile within a 5-mile ring based on 2021 Claritas estimates.
(7) Household income and household value data are medians weighted by IPNOI.
(8) NIC MAP Data and Analysis Service, 1Q21. 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 2020 - February 2021 per Bureau of Labor Statistics. Total -Top 25 Estimated Annual Job Growth weighted by IPNOI.
(10) Reflects net inventory growth for NIC Top 99 Markets.


5
Portfolio

(Currency amounts in thousands, except per unit and REVPOR. Company amounts at Welltower pro rata ownership. DNA = data not available.)
Seniors Housing Operating Quality Indicators
US Portfolio(1,3,4)
Industry Benchmarks(2)
Property age1721
5 year total population growth3.2 %2.9 %
5 year 75+ population growth12.7 %10.8 %
Housing value$603,884 $254,824 
Household income$98,602 $67,761 
REVPOR$6,338 $5,164 
SS REVPOR growth(1.7)%0.9 %
SSNOI per unit$12,564 $16,505 
SSNOI growth(47.8)%DNA
UK Portfolio(1,3,4)
Industry Benchmarks(5)
Property age11 25 
Units per property82 41 
5 year total population growth2.7 %2.4 %
5 year 75+ population growth16.0 %17.9 %
Housing value£399,632 £250,341 
REVPOR£7,106 £3,783 
SS REVPOR growth2.6 %4.1 %
SSNOI per unit£13,180 £9,680 
SSNOI growth(27.4)%DNA
Canadian Portfolio(1,3,4)
Industry Benchmarks(6)
5 year total population growth5.6 %5.5 %
5 year 75+ population growth19.1 %22.2 %
Housing value$540,840 $474,236 
Household income$110,220 $104,603 
REVPOR$3,791 $2,962 
SS REVPOR growth1.5 %2.8 %
SSNOI per unit$10,248 DNA
SSNOI growth(36.2)%DNA

Notes:
(1) Property age, housing value and household income are NOI weighted as of March 31, 2021. The median housing value and household income is used for the US, and the average housing value and household income is used for the UK and Canada. Housing value, household income and population growth are based on a 3-mile radius. Growth figures represent performance of Welltower's same store portfolio for current quarter. See page 23 for reconciliations.
(2) Property age, REVPOR and REVPOR growth per 1Q21 NIC MAP for Majority AL Properties in the primary and secondary markets; AMR is used as a proxy for REVPOR; population growth reflects 2021-2026 Claritas projections; housing value and household income are the US median per Claritas 2021; NOI per unit per The State of Seniors Housing 2020 and represents 2019 results.
(3) REVPOR is based on total 1Q21 results. See page 23 for reconciliation.
(4) SSNOI per unit represents the SSNOI per unit available based on trailing four quarters for those properties in the portfolio for 15 months preceding the end of the current portfolio performance period. SSNOI per unit for UK portfolio in GBP calculated by taking SSNOI per unit in USD divided by a standardized GBP/USD rate of 1.38. SSNOI per unit for Canadian portfolio in CAD calculated by taking SSNOI per unit in USD divided by a standardized USD/CAD rate of 1.2658. See page 23 for reconciliation.
(5) Property age, units per property, REVPOR, REVPOR growth and NOI per Unit derived from LaingBuisson, Care of Older People UK Market Report 31st Edition; population growth reflects 2021-2026 Experian projections; housing value represents UK average per Experian 2019.
(6) Population growth reflects 2019-2024 Environics projection; housing value and household income represents Canadian average per Environics WealthScapes 2020; REVPOR and REVPOR growth are calculated weighted averages from 2020 CMHC Seniors Housing reports from each province.

6
Portfolio

(dollars in thousands at Welltower pro rata ownership)
Payment Coverage Stratification
EBITDARM Coverage(1)
EBITDAR Coverage(1)
% of In-Place NOISeniors Housing Triple-netLong-Term/ Post- Acute CareTotalWeighted Average MaturityNumber of LeasesSeniors Housing Triple-netLong-Term/ Post- Acute CareTotalWeighted Average MaturityNumber of Leases
<0.85x0.9 %— %0.9 %15 4 5.0 %0.5 %5.5 %9 12 
0.85x - 0.95x0.9 %— %0.9 %10 3 2.0 %1.3 %3.3 %10 3 
0.95x - 1.05x5.2 %0.5 %5.7 %9 6 5.3 %1.5 %6.8 %8 4 
1.05x - 1.15x1.6 %1.3 %2.9 %8 3 0.3 %— %0.3 %5 1 
1.15x - 1.25x3.6 %1.5 %5.1 %8 3 4.8 %— %4.8 %11 2 
1.25x - 1.35x1.1 %— %1.1 %6 2 — %— %— %— — 
>1.35x4.6 %2.2 %6.8 %12 7 0.5 %2.2 %2.7 %11 6 
Total17.9 %5.5 %23.4 %9 28 17.9 %5.5 %23.4 %9 28 
Revenue and Lease Maturity(2)
Rental Income
YearSeniors Housing
Triple-net		Outpatient MedicalHealth
System		Long-Term / Post-Acute CareInterest
Income		Total
Revenues		% of Total
2021$— $32,815 $— $— $19,494 $52,309 5.0 %
2022— 46,951 — 2,913 $5,758 55,622 5.3 %
20231,642 49,113 — 840 $2,695 54,290 5.2 %
202411,431 58,975 — — $23,957 94,363 9.1 %
20254,917 29,331 — — $326 34,574 3.3 %
202658,564 34,501 — 17,308 $— 110,373 10.6 %
202729,266 24,222 — — $203 53,691 5.2 %
20284,527 23,326 — 16,797 $1,717 46,367 4.4 %
202931,393 21,271 — — $219 52,883 5.1 %
203015,236 34,767 — 26,899 $462 77,364 7.4 %
Thereafter146,312 86,958 143,137 31,923 $2,162 410,492 39.4 %
$303,288 $442,230 $143,137 $96,680 $56,993 $1,042,328 100.0 %
Weighted Avg Maturity Years10 6 12 9 2 8 
Notes:
(1) Represents trailing twelve month coverage metrics as of December 31, 2020 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 21 for a reconciliation. Agreements with mixed units use the predominant type based on investment balance.
(2) Excludes all land parcels, developments and investments held for sale. Rental income represents annualized cash base rent for effective lease agreements. The amounts are derived from the current contracted monthly cash base rent, net of collectability reserves, if applicable. Rental income does not include common area maintenance charges, the amortization of above/below market lease intangibles or other non cash income. Interest income represents contractual rate of interest for loans, net of collectability reserves if applicable.




7
Portfolio

(dollars, square feet and occupancy at Welltower pro rata ownership; dollars in thousands except per square feet)
Outpatient Medical
Total Portfolio Performance(1)
1Q202Q203Q204Q201Q21
Properties388 373 359 357 357 
Square feet (2)
20,806,517 19,878,423 19,150,586 17,315,776 16,917,791 
Occupancy (2)
94.6 %94.1 %94.0 %94.5 %94.4 %
Total revenues$193,959 $178,695 $170,733 $166,679 $157,162 
Operating expenses58,533 50,855 52,312 50,231 47,764 
NOI$135,426 $127,840 $118,421 $116,448 $109,398 
NOI margin69.8 %71.5 %69.4 %69.9 %69.6 %
Revenues per square foot$36.86 $35.96 $35.66 $38.50 $37.16 
NOI per square foot$25.74 $25.72 $24.73 $26.90 $25.87 
Recurring cap-ex$7,202 $6,537 $7,592 $7,278 $4,178 
Other cap-ex$5,893 $9,644 $8,946 $6,169 $2,376 

Same Store Performance(3)
1Q202Q203Q204Q201Q21
Properties334 334 334 334 334 
Occupancy95.3 %94.9 %94.9 %94.9 %94.6 %
Same store revenues$137,506 $135,089 $137,894 $140,176 $141,671 
Same store operating expenses43,392 40,612 43,904 42,909 44,631 
Same store NOI$94,114 $94,477 $93,990 $97,267 $97,040 
Year over year growth rate3.1 %

Portfolio Diversification
by Tenant(4)
Rental Income% of TotalQuality Indicators
Kelsey-Seybold$23,580 5.3 %
Health system affiliated properties as % of NOI(4)
91.9 %
Virtua15,054 3.4 %
Health system affiliated tenants as % of rental income(4)
65.1 %
Novant Health14,810 3.3 %
Retention (trailing twelve months)(4)
87.3 %
Baylor Scott & White13,435 3.0 %
In-house managed properties as % of square feet(4,5)
85.7 %
Providence Health & Services13,252 3.0 %
Average remaining lease term (years)(4)
6.0 
Remaining portfolio362,099 82.0 %
Average building size (square feet)(4)
60,331 
Total$442,230 100.0 %Average age (years)15

Expirations(4)
20212022202320242025Thereafter
Occupied square feet1,111,953 1,595,389 1,787,183 1,984,184 1,075,132 8,422,233 
% of occupied square feet7.0 %10.0 %11.2 %12.4 %6.7 %52.7 %
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) Square feet and occupancy metrics have been revised for all periods presented to be reported at Welltower pro rata share as opposed to at 100%. The 1Q21 metrics under the previous methodology would have been 21,538,223 square feet and 93.4%.
(3) Includes 334 same store properties representing 16,133,410 square feet. See pages 21 and 22 for reconciliation.
(4) 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.
(5) Excludes tenant managed properties.








8
Investment

(dollars in thousands at Welltower pro rata ownership)
Relationship Investment History
chart-9aaa19f3ad3d4f94bc31.jpg
Detail of Acquisitions/JVs(1)
20172018201920201Q2117-21 Total
Count18 15 27 12 6 78 
Total$742,020 $3,788,261 $4,073,554 $910,217 $209,413 $9,723,465 
Low7,310 4,950 7,550 6,201 5,000 4,950 
Median24,025 73,727 38,800 48,490 12,824 37,195 
High149,400 2,481,723 1,250,000 235,387 132,124 2,481,723 

Investment Timing
Acquisitions/Joint Ventures(2)
Yield
Loan Advances(3)
Yield
Construction
Conversions(4)
YieldDispositionsYield
January$13,997 5.9 %$6,349 10.0 %$22,990 7.0 %$40,616 6.3 %
February187,016 6.2 %3,170 10.0 %20,861 8.0 %65,763 5.3 %
March8,400 6.5 %28,026 6.4 %129,941 5.7 %110,000 5.3 %
Total$209,413 6.2 %$37,545 7.3 %$173,792 6.2 %$216,379 5.5 %

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



9
Investment
    
(dollars in thousands at Welltower pro rata ownership, except per bed / unit / square foot)
Gross Investment Activity
First Quarter 2021
PropertiesBeds / Units / Square FeetPro Rata
Amount		Investment Per
Bed / Unit /
SqFt		Yield
Acquisitions / Joint Ventures(1)
Seniors Housing Operating 153 units$5,000 94,340 9.6 %
Seniors Housing Triple-net10945 units182,016 192,610 6.1 %
Outpatient Medical139,142 sf13,997 358 5.9 %
Health System148 units8,400 218,750 6.5 %
Total acquisitions13209,413 6.2 %
Development(2)
Development projects:
Seniors Housing Operating284,304 units74,780 
Seniors Housing Triple-net8718 units35,853 
Outpatient Medical5207,043 sf9,562 
Total development projects41120,195 
Expansion projects:
Seniors Housing Operating186 units579 
Outpatient Medical117,159 sf683 
Total expansion projects21,262 
Total development43121,457 7.1 %
Loan advances(3)
37,545 7.3 %
Total gross investments368,415 6.6 %
Dispositions(4)
Seniors Housing Operating4528 units57,501 127,970 6.1 %
Outpatient Medical8534,194sf158,878 365 5.2 %
Real property dispositions12216,379 5.5 %
Net investments (dispositions)$152,036 

Notes:
(1) Amounts represent purchase price excluding accounting adjustments pursuant to U.S. GAAP for all consolidated and unconsolidated property acquisitions. Yield represents annualized contractual or projected cash rent/NOI to be generated divided by investment amount, excluding land parcels. Pro rata amounts include joint venture real estate loans receivable.
(2) Amounts represent cash funded and capitalized interest for all developments/expansions including construction in progress, loans and in-substance real estate. Yield represents projected annualized cash rent/NOI to be generated upon conversion/stabilization divided by commitment amount.
(3) Amounts represent cash funded to operators for real estate and non-real estate loans, excluding development loans. Yield represents annualized contractual interest divided
by investment amount.
(4) Amounts represent proceeds received for loan payoffs and consolidated and unconsolidated property sales. Yield represents annualized cash rent/interest/NOI that was being generated pre-disposition divided by proceeds. Pro rata amounts include joint venture real estate loans receivable.





10
Investment
Property Acquisitions/ Joint Ventures Detail
OperatorUnitsLocationMSA
Seniors Housing Operating
Frontier Management5314370 SE Oregon Trail DrClackamasORUSPortland, OR
Seniors Housing Triple-Net
Chelsea Senior Living90782 Valley RoadCliftonNJUSNew York
Harbor Retirement Associates, LLC691415 Fort Clarke BlvdGainesvilleFLUSGainesville, FL
Harbor Retirement Associates, LLC884801 Whitesport Cir SWHuntsvilleALUSHuntsville, AL
Harbor Retirement Associates, LLC803455 San Pablo Rd SJacksonvilleFLUSJacksonville
Harbor Retirement Associates, LLC992960 Tampa RdPalm HarborFLUSTampa
Harbor Retirement Associates, LLC721611 Constitution BlvdRock HillSCUSCharlotte
Harbor Retirement Associates, LLC84100 John Knox RdTallahasseeFLUSTallahassee, FL
Harbor Retirement Associates, LLC854150 Indian River BlvdVero BeachFLUSSebastian, FL
Harbor Retirement Associates, LLC213910 Regency SquareVero BeachFLUSSebastian, FL
StoryPoint Senior Living656901 Carslaw Ct.ProspectKYUSLouisville
Total 945 
Health System
ProMedica4813800 Bon Secours DriveMidlothianVAUSRichmond
Total48
Outpatient Medical
Flagship Healthcare Properties, LLC39,1422721 Del Prado BlvdCape CoralFLUSFort Myers
(1) Please refer to the 1Q21 Welltower Facility Address List in the Investors section of our website for further details

11
Investment
(dollars in thousands at Welltower pro rata ownership)
Development Summary(1)
Unit Mix
FacilityTotalIndependent LivingAssisted LivingMemory CareCommitment AmountBalance at 3/31/21Estimated Conversion
Seniors Housing Operating
New York, NY151 — 69 82 $98,125 $96,724 2Q21
Potomac, MD120 — 90 30 55,798 54,735 2Q21
Scarborough, ON172 141 — 31 34,921 23,307 2Q21
Alexandria, VA93 — 66 27 20,624 18,776 2Q21
Newton, MA85 — 43 42 15,393 14,199 2Q21
Staten Island, NY95 — 45 50 21,590 17,488 3Q21
Franklin Lakes, NY88 — 51 37 16,921 12,822 3Q21
Fairfax, VA84 — 51 33 16,658 11,136 3Q21
Mountain Lakes, NJ90 — 57 33 15,063 10,079 3Q21
Hendon, UK102 — 78 24 57,418 41,024 4Q21
Barnet, UK100 — 76 24 53,590 33,896 4Q21
Beckenham, UK100 — 76 24 48,727 37,995 4Q21
Redwood City, CA90 — 56 34 19,465 14,347 4Q21
San Francisco, CA214 11 170 33 110,905 105,350 1Q22
White Plains, NY132 132 — — 59,913 34,389 1Q22
Bellevue, WA110 — 82 25 9,518 3,467 1Q22
New York, NY528 400 92 36 145,864 108,898 2Q22
Georgetown, TX188 188 — — 35,961 5,203 2Q22
Princeton, NJ80 — 68 12 29,592 18,403 3Q22
Montreal, ON247 247 — — 16,355 3,656 3Q22
Montreal, ON223 223 — — 13,908 2,948 3Q22
Orange, CA91 — 49 42 18,578 3,823 4Q22
Coral Gables, FL91 — 55 36 18,225 4,272 4Q22
Livingston, NJ103 — 77 26 17,375 2,546 4Q22
Berea, OH120 120 — — 13,441 2,110 4Q22
Painesville, OH119 119 — — 13,016 1,672 4Q22
Beaver, PA116 116 — — 12,766 2,152 4Q22
New York, NY160 — 76 84 79,400 33,909 2Q23
Subtotal3,892 1,697 1,427 765 1,069,110 719,326 
Seniors Housing Triple-net
Redhill, UK76 — 46 30 21,932 12,097 2Q21
Leicester, UK60 — 36 24 15,449 6,495 1Q22
London, UK82 — 51 31 44,508 22,738 2Q22
Wombourne, UK66 — 41 25 16,553 6,434 2Q22
Rugby, UK76 — 51 25 21,123 3,782 4Q22
Raleigh, NC191 151 40 — 141,853 13,016 2Q23
Subtotal551 151 265 135 261,418 64,562 
Outpatient Medical
Rentable Square FtPreleased %Health System AffiliationCommitment AmountBalance at 3/31/21Estimated Conversion
Brooklyn, NY140,955 100 %Yes110,306 106,692 2Q21
Kalamazoo, MI40,607 100 %Yes14,267 5,917 3Q21
College Station, TX25,200 100 %Yes9,025 1,111 1Q22
Subtotal206,762 133,598 113,720 
Total Development Projects$1,464,126 $897,608 
Note:
(1) Includes development projects (construction in progress, development loans and in-substance real estate) and excludes redevelopments and expansion projects. Commitment amount represents current balances plus capitalized interest and unfunded commitments to complete development.
12
Investment
(dollars in thousands at Welltower pro rata ownership)
Development Funding Projections(1)
Projected Future Funding
ProjectsBeds / Units / Square Feet
Projected Yields(2)
2021 FundingFunding ThereafterTotal Unfunded CommitmentsCommitted Balances
Seniors Housing Operating283,8927.7 %$225,361 $124,423 $349,784 $1,069,110 
Seniors Housing Triple-net65517.2 %76,763 120,093 196,856 261,418 
Outpatient Medical3206,7627.4 %17,899 1,979 19,878 133,598 
Total377.6 %$320,023 $246,495 $566,518 $1,464,126 

Development Project Conversion Estimates(1)
Quarterly ConversionsAnnual Conversions
Amount
Projected
Yields(2)
Amount
Projected
Yields(2)
1Q21 actual$173,792 6.2 %2021 actual$173,792 6.2 %
2Q21 estimate357,0997.9 %2021 estimate620,798 8.5 %
3Q21 estimate84,4999.4 %2022 estimate622,075 6.6 %
4Q21 estimate179,2009.2 %2023 estimate221,2537.8 %
1Q22 estimate204,8106.7 %Total$1,637,918 7.4 %
2Q22 estimate242,8865.8 %
3Q22 estimate59,8557.7 %
4Q22 estimate114,5247.7 %
2Q23 estimate221,2537.8 %
Total$1,637,918 7.4 %

Unstabilized Properties
12/31/2020 PropertiesStabilizations
Construction Conversions(3)
Acquisitions/ Dispositions3/31/2021 PropertiesBeds / Units
Seniors Housing Operating33(2)—— 314,611
Seniors Housing Triple-net9— 22 131,163
Long-Term/Post-Acute Care1(1)—— ——
Total43(3)22 445,774
Occupancy12/31/2020 PropertiesStabilizations
Construction Conversions(3)
Acquisitions/ DispositionsProgressions3/31/2021 Properties
0% - 50%25 — 2 2 (1)28 
50% - 70%11 — — — 1 12 
70% +7 (3)— — — 4 
Total43 (3)2 2 — 44 
Occupancy3/31/2021 PropertiesMonths In OperationRevenues
% of Total Revenues(4)
Gross Investment Balance% of Total Gross Investment
0% - 50%28 7 $58,931 1.4 %$820,258 2.3 %
50% - 70%12 22 42,372 1.0 %372,580 1.1 %
70% +4 25 33,141 0.8 %223,430 0.6 %
Total44 13 $134,444 3.2 %$1,416,268 4.0 %
Notes:
(1) Includes development projects (construction in progress, development loans and in-substance real estate) and excludes expansion projects.
(2) Actual yields may vary.
(3) Includes expansion and development loan conversions.
(4) Percent of total revenues based on current quarter annualized pro rata total revenues on page 15.

13
Financial

(dollars in thousands at Welltower pro rata ownership)
Components of NAV
Stabilized NOIPro rata beds/units/square feet
Seniors Housing Operating(1)
$647,632 57,977 units
Seniors Housing Triple-net362,608 24,428 units
Outpatient Medical399,868 16,917,791 square feet
Health System143,684 18,193 units/beds
Long-Term/Post-Acute Care127,216 9,387 beds
Total In-Place NOI(2)
1,681,008 
Incremental stabilized NOI(3)
77,128 
Total stabilized NOI$1,758,136 
Obligations
Lines of credit and commercial paper(4)
$— 
Senior unsecured notes(4)
12,279,592 
Secured debt(4)
3,036,901 
Financing lease liabilities105,529 
Total debt$15,422,022 
Add (Subtract):
Other liabilities (assets), net(5)
$328,470 
Cash and cash equivalents and restricted cash(2,558,822)
Net obligations$13,191,670 
Other Assets
Land parcels$201,462 
Effective Interest Rate(8)
Real estate loans receivable(6)
587,272 6.1%
Non real estate loans receivable(7)
242,928 11.4%
Joint venture real estate loans receivables(9)
227,166 5.4%
Other investments(10)
10,092 
Investments held for sale(11)
688,021 
Development properties:(12)
Current balance898,870 
Unfunded commitments571,550 
Committed balances$1,470,420 
Projected yield7.6 %
Projected NOI$111,752 
Common Shares Outstanding(13)
418,916 
Notes:
(1) Includes $8,061,000 attributable to our proportional share of income from unconsolidated management company investments.
(2) See page 21 for reconciliation.
(3) Represents incremental NOI from Seniors Housing Operating unstabilized properties.
(4) Represents principal amounts due and do not include unamortized premiums/discounts, deferred loan expenses or other fair value adjustments as reflected on the balance sheet. Includes $1,165,154,000 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$133,374 
Below market tenant lease intangibles, net34,909 
Deferred taxes, net(35,169)
In place lease intangibles, net(40,848)
Other non-cash liabilities / (assets), net6,647 
Total non-cash liabilities/(assets), net$98,913 
(6) Represents $595,834,000 of real estate loans, excluding development loans and including completed in substance real estate developments, and net of $8,562,000 of credit allowances.
(7) Represents $458,391,000 of non-real estate loans, net of $215,463,000 of credit allowances.
(8) Average cash-pay interest rates are 6.1% and 6.1% for real estate and non-real estate loans, respectively. Rates exclude non-accrual/interest-free loans.
(9) Represents partners' share of Welltower loans made to our partners in select joint ventures, secured by their interest in the joint venture properties.
(10) Represents the fair value of Genesis Healthcare, Inc. stock investment based on closing stock price at March 31, 2021 and estimated fair value of a 3.4% ownership in a 34 property Seniors Housing Operating portfolio excluded from IPNOI.
(11) Represents expected proceeds from assets held for sale.
(12) See pages 12-13. Also includes expansion projects.
(13) Includes redeemable OP units.
14
Financial
(dollars in thousands at Welltower pro rata ownership)
Net Operating Income(1)
1Q202Q203Q204Q201Q21
Revenues:
Seniors Housing Operating
Resident fees and services$820,828 $748,520 $725,043 $701,590 $708,026 
Interest income104 88 113 313 1,125 
Other income1,058 3,978 977 1,136 1,967 
Total revenues821,990 752,586 726,133 703,039 711,118 
Seniors Housing Triple-net
Rental income85,409 111,749 92,572 115,604 57,328 
Interest income5,810 5,960 6,552 6,763 6,660 
Other income1,159 937 930 1,503 913 
Total revenues92,378 118,646 100,054 123,870 64,901 
Outpatient Medical
Rental income193,084 176,555 169,007 160,981 151,688 
Interest income466 461 760 4,226 3,538 
Other income409 1,679 966 1,472 1,936 
Total revenues193,959 178,695 170,733 166,679 157,162 
Health System
Rental income42,818 42,446 42,445 42,445 42,445 
Total revenues42,818 42,446 42,445 42,445 42,445 
Long-Term/Post-Acute Care
Rental income53,388 53,696 (46,789)54,272 49,761 
Interest income8,861 9,560 9,325 9,794 8,256 
Other income514 (329)190 9 186 
Total revenues62,763 62,927 (37,274)64,075 58,203 
Corporate
Other income294 253 2,966 3,095 3,129 
Total revenues294 253 2,966 3,095 3,129 
Total
Rental income374,699 384,446 257,235 373,302 301,222 
Resident fees and services820,828 748,520 725,043 701,590 708,026 
Interest income15,241 16,069 16,750 21,096 19,579 
Other income3,434 6,518 6,029 7,215 8,131 
Total revenues1,214,202 1,155,553 1,005,057 1,103,203 1,036,958 
Property operating expenses:
Seniors Housing Operating582,533 573,042 550,755 539,465 539,058 
Seniors Housing Triple-net8,363 8,285 7,353 9,110 7,758 
Outpatient Medical58,533 50,855 52,312 50,231 47,764 
Health System20 20 20 20 20 
Long-Term/Post-Acute Care4,799 5,138 5,107 5,728 5,279 
Corporate— — 1,718 1,663 1,654 
Total property operating expenses654,248 637,340 617,265 606,217 601,533 
Net operating income:
Seniors Housing Operating239,457 179,544 175,378 163,574 172,060 
Seniors Housing Triple-net84,015 110,361 92,701 114,760 57,143 
Outpatient Medical135,426 127,840 118,421 116,448 109,398 
Health System42,798 42,426 42,425 42,425 42,425 
Long-Term/Post-Acute Care57,964 57,789 (42,381)58,347 52,924 
Corporate294 253 1,248 1,432 1,475 
Net operating income$559,954 $518,213 $387,792 $496,986 $435,425 
Note:
(1) Please see discussion of Supplemental Reporting Measures on page 20. Includes amounts from investments sold or held for sale. NOI related to DownREITs included at 100%.
15
Financial
(dollars in thousands)
Leverage and EBITDA Reconciliations(1)
Twelve Months EndedThree Months Ended
March 31, 2021March 31, 2021
Net income (loss)$781,664 $72,192 
Interest expense495,523 123,142 
Income tax expense (benefit)8,469 3,943 
Depreciation and amortization1,008,062 244,426 
EBITDA2,293,718 443,703 
Loss (income) from unconsolidated entities(8,658)(13,049)
Stock-based compensation(2)
26,811 5,576 
Loss (gain) on extinguishment of debt, net42,406 (4,643)
Loss (gain) on real estate dispositions, net(884,711)(59,080)
Impairment of assets131,349 23,568 
Provision for loan losses88,747 1,383 
Loss (gain) on derivatives and financial instruments, net5,332 1,934 
Other expenses(2)
68,939 10,799 
Other impairment(3)
163,481 49,241 
Total adjustments(366,304)15,729 
Adjusted EBITDA$1,927,414 $459,432 
Interest Coverage Ratios
Interest expense$495,523 $123,142 
Capitalized interest17,222 4,496 
Non-cash interest expense(10,617)(2,991)
Total interest$502,128 $124,647 
EBITDA$2,293,718 $443,703 
Interest coverage ratio4.57  x3.56  x
Adjusted EBITDA$1,927,414 $459,432 
Adjusted Interest coverage ratio3.84  x3.69  x
Fixed Charge Coverage Ratios
Total interest$502,128 $124,647 
Secured debt principal amortization63,136 15,955 
Total fixed charges$565,264 $140,602 
EBITDA$2,293,718 $443,703 
Fixed charge coverage ratio4.06  x3.16  x
Adjusted EBITDA$1,927,414 $459,432 
Adjusted Fixed charge coverage ratio3.41  x3.27  x
Net Debt to EBITDA Ratios
Total debt(4)
$14,618,713 
  Less: cash and cash equivalents(5)
(2,513,156)
Net debt$12,105,557 
EBITDA Annualized$1,774,812 
Net debt to EBITDA ratio6.82  x
Adjusted EBITDA Annualized$1,837,728 
Net debt to Adjusted EBITDA ratio6.59  x
Notes:
(1) Please see discussion of Supplemental Reporting Measures on page 20.
(2) Certain severance-related costs are included in stock-based compensation and excluded from other expenses.
(3) Amounts relate to reserve for straight-line rent receivable balances for leases placed on cash recognition.
(4) Includes unamortized premiums/discounts, other fair value adjustments and financing lease liabilities of $105,529,000. Excludes operating lease liabilities of $303,387,000 related to ASC 842 adoption.
(5) Inclusive of IRC Section 1031 deposits, if any.



16
Financial
(in thousands except share price)
Leverage and Current Capitalization(1)
% of Total
Book Capitalization
Lines of credit and commercial paper(2)
$— 0.00 %
Long-term debt obligations(2)(3)
14,618,713 50.14 %
Cash and cash equivalents(4)
(2,513,156)(8.62)%
Net debt to consolidated book capitalization$12,105,557 41.52 %
Total equity(5)
17,046,932 58.48 %
Consolidated book capitalization$29,152,489 100.00 %
Joint venture debt, net(6)
700,729 
Total book capitalization$29,853,218 
Undepreciated Book Capitalization
Lines of credit and commercial paper(2)
$— 0.00 %
Long-term debt obligations(2)(3)
14,618,713 41.34 %
Cash and cash equivalents(4)
(2,513,156)(7.11)%
Net debt to consolidated undepreciated book capitalization$12,105,557 34.23 %
Accumulated depreciation and amortization6,212,432 17.57 %
Total equity(5)
17,046,932 48.20 %
Consolidated undepreciated book capitalization$35,364,921 100.00 %
Joint venture debt, net(6)
700,729 
Total undepreciated book capitalization$36,065,650 
Enterprise Value
Lines of credit and commercial paper(2)
$— 0.00 %
Long-term debt obligations(2)(3)
14,618,713 33.79 %
Cash and cash equivalents(4)
(2,513,156)(5.81)%
Net debt to consolidated enterprise value$12,105,557 27.99 %
Common shares outstanding417,520 
Period end share price71.63 
Common equity market capitalization$29,906,958 69.13 %
Noncontrolling interests(5)
1,248,054 2.88 %
Consolidated enterprise value$43,260,569 100.00 %
Joint venture debt, net(6)
700,729 
Total enterprise value$43,961,298 
Secured Debt as % of Total Assets
Secured debt(2)
$2,329,474 7.06 %
Total assets$32,992,251 
Total Debt as % of Total Assets
Total debt(2)(3)
$14,618,713 44.31 %
Total assets$32,992,251 
Unsecured Debt as % of Unencumbered Assets
Unsecured debt(2)
$12,183,710 39.14 %
Unencumbered assets$31,131,596 
Notes:
(1) Please see discussion of Supplemental Reporting Measures on page 20.
(2) Amounts include unamortized premiums/discounts and other fair value adjustments as reflected on the balance sheet.
(3) Includes financing lease liabilities of $105,529,000 and excludes operating lease liabilities of $303,387,000 related to ASC 842 adoption.
(4) Inclusive of IRC Section 1031 deposits, if any.
(5) Includes all noncontrolling interests (redeemable and permanent) as reflected on our balance sheet.
(6) Net of Welltower's share of unconsolidated debt and minority partners' share of Welltower consolidated debt.

17
Financial
(dollars in thousands)
Debt Maturities and Principal Payments(1)
Year
Lines of Credit and Commercial Paper(2)
Senior Unsecured Notes(3,4,5,6,7,8)
Consolidated Secured DebtShare of Unconsolidated Secured DebtNoncontrolling Interests' Share of Consolidated Secured Debt
Combined Debt(9)
% of TotalWtd. Avg. Interest Rate
2021$— $— $438,772 $16,407 $(135,816)$319,363 2.09 %3.13 %
2022— 870,000 463,891 108,821 (70,354)1,372,358 8.96 %2.06 %
2023— 1,372,602 373,613 130,065 (54,634)1,821,646 11.89 %2.93 %
2024— 1,350,000 183,982 109,666 (24,830)1,618,818 10.57 %3.84 %
2025— 1,250,000 180,595 499,286 (33,704)1,896,177 12.38 %3.84 %
2026— 700,000 67,851 21,168 (19,901)769,118 5.02 %4.15 %
2027— 738,620 164,967 65,959 (45,820)923,726 6.03 %2.95 %
2028— 1,508,670 81,623 27,231 (14,555)1,602,969 10.47 %4.48 %
2029— 550,000 247,346 36,636 (1,943)832,039 5.43 %3.95 %
2030— 750,000 5,956 32,278 (1,137)787,097 5.14 %3.07 %
Thereafter— 3,189,700 127,576 92,322 (36,416)3,373,182 22.02 %4.11 %
Totals$— $12,279,592 $2,336,172 $1,139,839 $(439,110)$15,316,493 100.00 %
Weighted Avg Interest Rate(10)
— 3.62 %3.14 %3.29 %2.92 %3.54 %
Weighted Avg Maturity Years— 7.64.06.63.67.1
% Floating Rate Debt100.00 %12.78 %31.51 %30.78 %39.31 %16.21 %

Debt by Local Currency(1)
Lines of Credit and Commercial Paper(2)
Senior Unsecured Notes(3,4,5,6,7,8)
Consolidated Secured DebtShare of Unconsolidated Secured DebtNoncontrolling Interests' Share of Consolidated Secured Debt
Combined Debt(9)
Investment Hedges(11)
United States$— $10,393,752 $1,201,503 $853,088 $(182,844)$12,265,499 $— 
United Kingdom— 1,448,370 — — — 1,448,370 1,849,373 
Canada— 437,470 1,134,669 286,751 (256,266)1,602,624 497,125 
Totals$— $12,279,592 $2,336,172 $1,139,839 $(439,110)$15,316,493 $2,346,498 
Notes:
(1) Represents principal amounts due excluding unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet.
(2) Our unsecured commercial paper program and our unsecured revolving credit facility had a zero balance as of March 31, 2021. The unsecured revolving credit facility matures on July 19, 2022 (with an option to extend for two successive terms of six months each at our discretion). Available borrowing capacity of our unsecured revolving credit facility was $3,000,000,000 as of March 31, 2021.
(3) On April 15, 2021, we extinguished $339,128,000 of our 3.75% senior unsecured notes due March 2023 and $334,624,000 of our 3.95% senior unsecured notes due September 2023.
(4) 2022 includes a $860,000,000 unsecured term loan. The loan matures on April 1, 2022 and bears interest at LIBOR plus 1.20%.
(5) 2023 includes a $500,000,000 unsecured term loan and a CAD $250,000,000 unsecured term loan (approximately $198,850,000 USD at March 31, 2021). The loans mature on July 19, 2023. The interest rates on the loans are LIBOR + 0.9% for USD and CDOR + 0.9% for CAD.
(6) 2027 includes CAD $300,000,000 of 2.95% senior unsecured notes (approximately $238,620,000 USD at March 31, 2021) that matures on January 15, 2027.
(7) 2028 includes £550,000,000 of 4.80% senior unsecured notes (approximately $758,670,000 USD at March 31, 2021). The notes mature on November 20, 2028.
(8) Thereafter includes £500,000,000 of 4.50% senior unsecured notes (approximately $689,700,000 USD at March 31, 2021). The notes mature on December 1, 2034.
(9) Excludes operating lease liabilities of $303,387,000 and finance lease liabilities of $105,529,000 related to ASC 842 adoption.
(10) The interest rate on the unsecured revolving credit facility is 1-month LIBOR + 0.825%. Commercial paper, senior notes and secured debt average interest rate represents the face value note rate.
(11) 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 $(84,219,000), as represented in other assets (liabilities) on the balance sheet. We supplement our local currency debt with foreign currency derivative contracts to offset the translation and economic exposures related to our international investments. Currently, our foreign currency derivatives are comprised of forward contracts and cross-currency swaps.

18
Glossary
Age: Current year, less the year built, adjusted for major renovations. Average age is weighted by pro rata NOI.
Cap-ex, Tenant Improvements, Leasing Commissions: Represents amounts incurred for: 1) recurring and non-recurring capital expenditures required to maintain and re-tenant our properties; 2) second generation tenant improvements; and 3) leasing commissions paid to third party leasing agents to secure new tenants.
Construction Conversion: Represents completed construction projects that were placed into service and began generating NOI.
EBITDAR: Earnings before interest, taxes, depreciation, amortization and rent. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate EBITDAR and has not independently verified the information.
EBITDAR Coverage: Represents the ratio of EBITDAR to contractual rent for leases or interest and principal payments for loans. EBITDAR coverage is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations. The coverage shown excludes properties that are unstabilized, closed or for which data is not available or meaningful.
EBITDARM: Earnings before interest, taxes, depreciation, amortization, rent and management fees. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate EBITDARM and has not independently verified the information.
EBITDARM Coverage: Represents the ratio of EBITDARM to contractual rent for leases or interest and principal payments for loans. EBITDARM coverage is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations, assuming that management fees are not paid. The coverage shown excludes properties that are unstabilized, closed or for which data is not available or meaningful.
Health System: Includes independent, assisted living, dementia care and long-term post-acute care properties subject to triple-net operating leases to or guaranteed by investment-grade health systems.
Health System - Affiliated: Outpatient medical properties are considered affiliated with a health system if one or more of the following conditions are met: 1) the land parcel is contained within the physical boundaries of a hospital campus; 2) the land parcel is located adjacent to the campus; 3) the building is physically connected to the hospital regardless of the land ownership structure; 4) a ground lease is maintained with a health system entity; 5) a master lease is maintained with a health system entity; 6) significant square footage is leased to a health system entity; 7) the property includes an ambulatory surgery center with a hospital partnership interest; or (8) a significant square footage is leased to a physician group that is either employed, directly or indirectly by a health system, or has a significant clinical and financial affiliation with the health system.
Long-Term/Post-Acute Care: Includes all skilled nursing, rehabilitation and long-term acute-care facilities where the majority of individuals require 24-hour nursing or medical care. Generally, these properties are licensed for Medicaid and/or Medicare reimbursement and are subject to triple-net operating leases. Most of these facilities focus on higher acuity patients and offer rehabilitation units specializing in cardiac, orthopedic, dialysis, neurological or pulmonary rehabilitation.
MSA:  For the United States and Canada, we use the Metropolitan Statistical Area as defined by the U.S. Census Bureau and the Census Metropolitan Areas as defined by Statistics Canada, respectively. For the United Kingdom, we generally use the Metro Region as defined by EuroStat with Greater London defined as a 55-mile radius around the city’s center.
Occupancy: Outpatient Medical occupancy represents the percentage of total rentable square feet leased and occupied, including month-to-month leases, as of the date reported. Occupancy for all other property types represents average quarterly operating occupancy based on the most recent quarter of available data and excludes properties that are unstabilized, closed or for which data is not available or meaningful. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate occupancy and has not independently verified the information. Occupancy metrics are reflected at our pro rata share.
Outpatient Medical: Outpatient medical buildings include properties offering ambulatory medical services such as primary and secondary care, outpatient surgery, diagnostic procedures and rehabilitation. These properties are typically affiliated with a health system and may be located on a hospital campus. They are specifically designed and constructed for use by health care professionals to provide services to patients. They also include medical office buildings that typically contain sole and group physician practices and may provide laboratory and other specialty services.
Seniors Housing Operating (SHO): Includes independent, assisted living and dementia care properties in the U.S. and Canada and all care homes in the U.K. structured to take advantage of the REIT Investment Diversification and Empowerment Act of 2007.
Seniors Housing Triple-net (SH-NNN): Includes independent, assisted living, and dementia care properties in the U.S. and Canada and all care homes in the U.K. subject to triple-net operating leases and loans receivable.
Square Feet: Net rentable square feet calculated utilizing Building Owners and Managers Association measurement standards.
Stable: Generally, a triple-net rental property is considered stable (versus unstabilized or under development) when it has achieved EBITDAR coverage of 1.00x or greater for three consecutive months or, if targeted performance has not been achieved, 12 months following the budgeted stabilization date. Triple-net properties for which income is recognized on a cash basis and for which substantially all contractual rent during the period has not been collected are excluded from the stable portfolio. A Seniors Housing Operating facility is considered stable upon the earliest of 90% occupancy, NOI at or above the underwritten target or 12 months past the underwritten stabilization date. Excludes assets held for sale and assets disposed of during the current quarter.
Unstabilized: An acquisition that does not meet the stable criteria upon closing or a construction property that has opened but not yet reached stabilization.

19
Supplemental Reporting Measures

We believe that revenues and net income, as defined by U.S. generally accepted accounting principles ("U.S. GAAP"), are the most appropriate earnings measurements. However, we consider EBITDA, Adjusted EBITDA, REVPOR, SS REVPOR, NOI, In-Place NOI ("IPNOI") and SSNOI to be useful supplemental measures of our operating performance. Excluding EBITDA and Adjusted EBITDA, these supplemental measures are disclosed on our pro rata ownership basis. Pro rata amounts are derived by reducing consolidated amounts for minority partners’ noncontrolling ownership interests and adding our minority ownership share of unconsolidated amounts. We do not control unconsolidated investments. While we consider pro rata disclosures useful, they may not accurately depict the legal and economic implications of our joint venture arrangements and should be used with caution.
We define NOI as total revenues, including tenant reimbursements, less property operating expenses. Property operating expenses represent costs associated with managing, maintaining and servicing tenants for our properties. These expenses include, but are not limited to, property-related payroll and benefits, property management fees paid to operators, marketing, housekeeping, food service, maintenance, utilities, property taxes and insurance. General and administrative expenses represent costs unrelated to property operations or transaction costs. These expenses include, but are not limited to, payroll and benefits, professional services, office expenses and depreciation of corporate fixed assets. IPNOI represents NOI excluding interest income, other income and non-IPNOI and adjusted for timing of current quarter portfolio changes such as acquisitions, development conversions, segment transitions, dispositions and investments held for sale. SSNOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. As used herein, same store is generally defined as those revenue-generating properties in the portfolio for the relevant year-over-year reporting periods. Acquisitions and development conversions are included in the same store amounts five full quarters after acquisition or being placed into service. Land parcels, loans and sub-leases, as well as any properties sold or classified as held for sale during the period, are excluded from the same store amounts. Redeveloped properties (including major refurbishments of a Seniors Housing Operating property where 20% or more of units are simultaneously taken out of commission for 30 days or more or Outpatient Medical properties undergoing a change in intended use) are excluded from the same store amounts until five full quarters post completion of the redevelopment. Properties undergoing operator transitions and/or segment transitions are also excluded from the same store amounts until five full quarters post completion of the operator transition or segment transition. In addition, properties significantly impacted by force majeure, acts of God or other extraordinary adverse events are excluded from same store amounts until five full quarters after the properties are placed back into service. SSNOI excludes non-cash NOI and includes adjustments to present consistent property ownership percentages and to translate Canadian properties and UK properties using a consistent exchange rate. Normalizers include adjustments that in management’s opinion are appropriate in considering SSNOI, a supplemental, non-GAAP performance measure. None of these adjustments, which may increase or decrease SSNOI, are reflected in our financial statements prepared in accordance with U.S. GAAP. Significant normalizers (defined as any that individually exceed 0.50% of SSNOI growth per property type) are separately disclosed and explained. We believe NOI, IPNOI and SSNOI provide investors relevant and useful information because they measure the operating performance of our properties at the property level on an unleveraged basis. We use NOI, IPNOI and SSNOI to make decisions about resource allocations and to assess the property level performance of our properties.
REVPOR represents the average revenues generated per occupied room per month at our Seniors Housing Operating properties. It is calculated as our pro rata version of total resident fees and services revenues from the income statement divided by average monthly occupied room days. SS REVPOR is used to evaluate the REVPOR performance of our properties under a consistent population which eliminates changes in the composition of our portfolio. It is based on the same pool of properties used for SSNOI and includes any revenue normalizations used for SSNOI. We use REVPOR and SS REVPOR to evaluate the revenue-generating capacity and profit potential of our Seniors Housing Operating portfolio independent of fluctuating occupancy rates. They are also used in comparison against industry and competitor statistics, if known, to evaluate the quality of our Seniors Housing Operating portfolio.
We measure our credit strength both in terms of leverage ratios and coverage ratios. The leverage ratios indicate how much of our balance sheet capitalization is related to long-term debt, net of cash and Internal Revenue Code (“IRC”) Section 1031 deposits. We expect to maintain capitalization ratios and coverage ratios sufficient to maintain a capital structure consistent with our current profile. The ratios are based on EBITDA and Adjusted EBITDA. EBITDA is defined as earnings (net income per income statement) before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA excluding unconsolidated entities and including adjustments for stock-based compensation expense, provision for loan losses, gains/losses on extinguishment of debt, gains/losses/impairments on properties, gains/losses on derivatives and financial instruments, other expenses, additional other income and other impairment charges. We believe that EBITDA and Adjusted EBITDA, along with net income, are important supplemental measures because they provide additional information to assess and evaluate the performance of our operations. We primarily use these measures to determine our interest coverage ratio, which represents EBITDA and Adjusted EBITDA divided by total interest, and our fixed charge coverage ratio, which represents EBITDA and Adjusted EBITDA divided by fixed charges. Fixed charges include total interest and secured debt principal amortization. Our leverage ratios include net debt to Adjusted EBITDA, book capitalization, undepreciated book capitalization and market capitalization. Book capitalization represents the sum of net debt (defined as total long-term debt, excluding operating lease liabilities, less cash and cash equivalents and any IRC Section 1031 deposits), total equity and redeemable noncontrolling interests. Undepreciated book capitalization represents book capitalization adjusted for accumulated depreciation and amortization. Market capitalization represents book capitalization adjusted for the fair market value of our common stock. Our leverage ratios are defined as the proportion of net debt to total capitalization.
Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and rating agencies in the valuation, comparison, rating and investment recommendations of companies. Our management uses these financial measures to facilitate internal and external comparisons to historical operating results and in making operating decisions. Additionally, these measures are utilized by the Board of Directors to evaluate management. None of the supplemental reporting measures represent net income or cash flow provided from operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the supplemental reporting measures, as defined by us, may not be comparable to similarly entitled items reported by other real estate investment trusts or other companies. Multi-period amounts may not equal the sum of the individual quarterly amounts due to rounding.
20
Supplemental Reporting Measures
(dollars in thousands)
Non-GAAP Reconciliations
NOI Reconciliation1Q202Q203Q204Q201Q21
Net income (loss)$329,380 $159,216 $394,978 $155,278 $72,192 
Loss (gain) on real estate dispositions, net(262,824)(155,863)(484,304)(185,464)(59,080)
Loss (income) from unconsolidated entities3,692 (1,332)5,981 (258)(13,049)
Income tax expense (benefit)5,442 2,233 2,003 290 3,943 
Other expenses6,292 19,411 11,544 33,088 10,994 
Impairment of assets27,827 75,151 23,313 9,317 23,568 
Provision for loan losses7,072 1,422 2,857 83,085 1,383 
Loss (gain) on extinguishment of debt, net— 249 33,004 13,796 (4,643)
Loss (gain) on derivatives and financial instruments, net7,651 1,434 1,395 569 1,934 
General and administrative expenses35,481 34,062 31,003 27,848 29,926 
Depreciation and amortization274,801 265,371 255,532 242,733 244,426 
Interest expense142,007 126,357 124,851 121,173 123,142 
Consolidated net operating income576,821 527,711 402,157 501,455 434,736 
NOI attributable to unconsolidated investments(1)
21,150 20,871 13,659 21,481 21,516 
NOI attributable to noncontrolling interests(2)
(38,017)(30,369)(28,024)(25,950)(20,827)
Pro rata net operating income (NOI)(3)
$559,954 $518,213 $387,792 $496,986 $435,425 


In-Place NOI Reconciliation
At Welltower pro rata ownershipSeniors Housing OperatingSeniors Housing Triple-netOutpatient MedicalHealth SystemLong-Term
/Post-Acute Care		CorporateTotal
Revenues$711,118 $64,901 $157,162 $42,445 $58,203 $3,129 $1,036,958 
Property operating expenses(539,058)(7,758)(47,764)(20)(5,279)(1,654)(601,533)
NOI(3)
172,060 57,143 109,398 42,425 52,924 1,475 435,425 
Adjust:
Interest income(1,125)(6,660)(3,538)— (8,256)— (19,579)
Other income(1,967)(913)(1,936)— (186)(3,129)(8,131)
Sold / held for sale(3,688)(419)(1,196)(1,363)(12,416)— (19,082)
Developments / land1,423 — 13 — — — 1,436 
Non In-Place NOI(4)
(4,459)40,813 (2,852)(5,278)(262)1,654 29,616 
Timing adjustments(5)
(336)688 78 137 — — 567 
Total adjustments(10,152)33,509 (9,431)(6,504)(21,120)(1,475)(15,173)
In-Place NOI161,908 90,652 99,967 35,921 31,804 — 420,252 
Annualized In-Place NOI$647,632 $362,608 $399,868 $143,684 $127,216 $— $1,681,008 

Same Store Property Reconciliation
Seniors Housing OperatingSeniors Housing
Triple-net		Outpatient MedicalHealth SystemLong-Term
/Post-Acute Care		Total
Total properties649 337 369 216 135 1,706 
Recent acquisitions/ development conversions(6)
(34)(25)(21)(1)— (81)
Under development(28)(5)(3)— — (36)
Under redevelopment(7)
(11)— (2)— (1)(14)
Current held for sale(9)(4)(1)(25)(32)(71)
Land parcels, loans and sub-leases(12)(10)(8)— (7)(37)
Transitions(8)
(27)(11)— — (12)(50)
Other(9)
(2)— — — (2)(4)
Same store properties526 282 334 190 81 1,413 
Notes:
(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.
(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.
(3) Represents Welltower's pro rata share of NOI. See page 15 for more information.
(4) Primarily represents non-cash NOI.
(5) Represents timing adjustments for current quarter acquisitions, construction conversions and segment or operator transitions
(6) Acquisitions and development conversions will enter the same store pool 5 full quarters after acquisition or certificate of occupancy, respectively.
(7) Redevelopment properties will enter the same store pool after 5 full quarters of operations post redevelopment completion.
(8) Transitioned properties will enter the same store pool after 5 full quarters of operations with the new operator in place or under the new structure.
(9) 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 Reconciliation1Q202Q203Q204Q201Q21Y/o/Y
Seniors Housing Operating
NOI$239,457 $179,544 $175,378 $163,574 $172,060 
Non-cash NOI on same store properties(879)(958)(1,015)(349)(822)
NOI attributable to non-same store properties(22,515)(13,745)(10,967)(6,558)(14,428)
Currency and ownership adjustments(1)
3,693 3,843 2,464 1,576 (19)
Normalizing adjustment for government grants(2)
— — — (11,797)(33,770)
Normalizing adjustment for policy change(3)
(1,610)— — — — 
Other normalizing adjustments(4)
1,721 (1,606)(991)(654)— 
SSNOI(5)
219,867 167,078 164,869 145,792 123,021 (44.0)%
Seniors Housing Triple-net
NOI84,015 110,361 92,701 114,760 57,143 
Non-cash NOI on same store properties(4,520)(4,100)17,006 (3,158)42,439 
NOI attributable to non-same store properties6,545 (23,111)(26,649)(28,521)(18,961)
Currency and ownership adjustments(1)
1,302 1,854 1,175 793 11 
Normalizing adjustment for prior period allowance(6)
— — — — 3,185 
Normalizing adjustments for lease restructuring(7)
(872)(861)(54)(858)— 
Normalizing adjustments for development fee(8)
(628)— — — — 
Other normalizing adjustments(4)
(282)797 — — — 
SSNOI85,560 84,940 84,179 83,016 83,817 (2.0)%
Outpatient Medical
NOI135,426 127,840 118,421 116,448 109,398 
Non-cash NOI on same store properties(3,762)(3,312)(3,387)(2,820)(2,447)
NOI attributable to non-same store properties(20,235)(18,727)(11,027)(10,702)(8,604)
Currency and ownership adjustments(1)
(17,221)(10,669)(10,063)(5,706)(1,151)
Other normalizing adjustments(4)
(94)(655)46 47 (156)
SSNOI94,114 94,477 93,990 97,267 97,040 3.1 %
Health System
NOI42,798 42,426 42,425 42,425 42,425 
Non-cash NOI on same store properties(6,244)(6,200)(5,585)(5,278)(5,278)
NOI attributable to non-same store properties(1,728)(1,399)(1,375)(1,363)(1,363)
SSNOI34,826 34,827 35,465 35,784 35,784 2.8 %
Long-Term/Post-Acute Care
NOI57,964 57,789 (42,381)58,347 52,924 
Non-cash NOI on same store properties(1,493)(1,653)4,822 (1,273)(450)
NOI attributable to non-same store properties(31,211)(31,296)62,488 (32,051)(27,802)
Currency and ownership adjustments(1)
99 149 87 49 1 
Normalizing adjustment for prior period allowance(6)
— — — — 169 
Normalizing adjustments for lease restructuring(7)
(565)— — — — 
SSNOI24,794 24,989 25,016 25,072 24,842 0.2 %
Corporate
NOI294 253 1,248 1,432 1,475 
NOI attributable to non-same store properties(294)(253)(1,248)(1,432)(1,475)
SSNOI— — — — — 
Total
NOI559,954 518,213 387,792 496,986 435,425 
Non-cash NOI on same store properties(16,898)(16,223)11,841 (12,878)33,442 
NOI attributable to non-same store properties(69,438)(88,531)11,222 (80,627)(72,633)
Currency and ownership adjustments(1)
(12,127)(4,823)(6,337)(3,288)(1,158)
Normalizing adjustments, net(2,330)(2,325)(999)(13,262)(30,572)
SSNOI$459,161 $406,311 $403,519 $386,931 $364,504 (20.6)%
Notes:
(1) Includes adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.2658 and to translate UK properties at a GBP/USD rate of 1.38.    
(2) Represents normalizing adjustment related to amounts recognized related to the Health and Human Services Provider Relief Fund in the United States and similar programs in the United Kingdom and Canada.
(3) Represents normalizing adjustment to reflect the application of consistent policies for all periods presented for one Seniors Housing Operating partner.
(4) Represents aggregate normalizing adjustments which are individually less than 0.50% of SSNOI growth per property type.
(5) SHO SSNOI includes expenses that are directly attributable to the COVID-19 pandemic net of any reimbursements exclusive of those included in (2) above.
(6) Represents normalizing adjustment related to an allowance of prior period rent related to one Seniors Housing Triple-net lease and one Long-Term/Post-Acute Care lease.
(7) Represents normalizing adjustment related to lease restructuring associated with one Seniors Housing Triple-net lease and one Long-Term/Post-Acute Care lease.
(8) Represents normalizing adjustment related to a development fee associated with one Seniors Housing Triple-net operator.
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Supplemental Reporting Measures
(dollars in thousands, except REVPOR, SS REVPOR and SSNOI/unit)
SHO REVPOR ReconciliationUnited StatesUnited KingdomCanadaTotal
Consolidated SHO revenues$526,248 $95,184 $104,970 $726,402 
Unconsolidated SHO revenues attributable to Welltower(1)
22,039 — 21,206 43,245 
SHO revenues attributable to noncontrolling interests(2)
(23,702)(11,705)(23,122)(58,529)
Pro rata SHO revenues(3)
524,585 83,479 103,054 711,118 
SHO interest and other income(2,429)— (609)(3,038)
SHO revenues attributable to sold and held for sale properties(2,728)— (416)(3,144)
Currency and ownership adjustments(4)
— 81 31 112 
SHO local revenues519,428 83,560 102,060 705,048 
Average occupied units/month27,698 2,880 11,515 42,093 
REVPOR/month in USD$6,338 $9,806 $2,995 $5,661 
REVPOR/month in local currency(4)
£7,106 $3,791 

Reconciliations of SHO SS REVPOR Growth, SSNOI Growth and SSNOI/Unit
United StatesUnited KingdomCanadaTotal
1Q201Q211Q201Q211Q201Q211Q201Q21
SHO SS REVPOR Growth
Consolidated SHO revenues$655,185 $526,248 $85,524 $95,184 $110,419 $104,970 $851,128 $726,402 
Unconsolidated SHO revenues attributable to WELL(1)
23,264 22,039 — — 21,132 21,206 44,396 43,245 
SHO revenues attributable to noncontrolling interests(2)
(41,367)(23,702)(7,660)(11,705)(24,507)(23,122)(73,534)(58,529)
SHO pro rata revenues(3)
637,082 524,585 77,864 83,479 107,044 103,054 821,990 711,118 
Non-cash revenues on same store properties(797)(839)— — — — (797)(839)
Revenues attributable to non-same store properties(66,909)(46,933)(13,998)(24,379)(3,270)(3,362)(84,177)(74,674)
Currency and ownership adjustments(4)
177 — 4,507 57 6,232 30 10,916 87 
Normalizing adjustment for policy change(5)
(1,610)— — — — — (1,610)— 
Other normalizing adjustments(6)
63 — — — — — 63 — 
SHO SS revenues(7)
568,006 476,813 68,373 59,157 110,006 99,722 746,385 635,692 
Avg. occupied units/month(8)
28,881 24,653 2,519 2,125 12,623 11,278 44,023 38,056 
SHO SS REVPOR(9)
$6,647 $6,537 $9,173 $9,408 $2,945 $2,988 $5,730 $5,645 
SS REVPOR YOY growth— %(1.7)%— %2.6 %— %1.5 %— (1.5)%
SHO SSNOI Growth
Consolidated SHO NOI$185,133 $123,120 $20,317 $21,226 $37,807 $26,088 $243,257 $170,434 
Unconsolidated SHO NOI attributable to WELL(1)
7,072 4,613 — — 7,882 7,291 14,954 11,904 
SHO NOI attributable to noncontrolling interests(2)
(9,439)(2,694)(957)(2,225)(8,358)(5,359)(18,754)(10,278)
SHO pro rata NOI(3)
182,766 125,039 19,360 19,001 37,331 28,020 239,457 172,060 
Non-cash NOI on same store properties(884)(829)1 7 4 — (879)(822)
NOI attributable to non-same store properties(19,420)(7,861)(2,421)(5,881)(674)(686)(22,515)(14,428)
Currency and ownership adjustments(4)
361 — 1,152 6 2,180 (25)3,693 (19)
Normalizing adjustment for government grants(10)
— (31,242)— — — (2,528)— (33,770)
Normalizing adjustment for policy change(5)
(1,610)— — — — — (1,610)— 
Other normalizing adjustments(6)
1,721 — — — — — 1,721 — 
SHO pro rata SSNOI(7)
$162,934 $85,107 $18,092 $13,133 $38,841 $24,781 $219,867 $123,021 
SHO SSNOI growth(47.8)%(27.4)%(36.2)%(44.0)%
SHO SSNOI/Unit
Trailing four quarters' SSNOI(7)
$430,589 $55,039 $115,132 $600,760 
Average units in service(11)
34,273 3,026 14,221 51,520 
SSNOI/unit in USD$12,564 $18,189 $8,096 $11,661 
SSNOI/unit in local currency(4)
£13,180 $10,248 
Notes:
(1) Represents Welltower's interests in joint ventures where Welltower is the minority partner.
(2) Represents minority partners' interests in joint ventures where Welltower is the majority partner.
(3) Represents SHO revenues/NOI at Welltower pro rata ownership. See pages 15 & 22 for more information.
(4) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.2658 and to translate UK properties at a GBP/USD rate of 1.38.
(5) Represents normalizing adjustment to reflect the application of consistent policies for all periods presented for one Seniors Housing Operating partner.
(6) Represents aggregate normalizing adjustments which are individually less than .50% of SSNOI growth.
(7) Represents SS SHO revenues/SSNOI at Welltower pro rata ownership. See page 22 for more information.
(8) Represents average occupied units for SS properties related solely to referenced country on a pro rata basis.
(9) Represents pro rata SS average revenues generated per occupied room per month.
(10) Represents normalizing adjustment related to amounts recognized related to the Health and Human Services Provider Relief Fund in the United States and similar programs in the United Kingdom and Canada.
(11) Represents average units in service for SS properties related solely to referenced country on a pro rata basis.
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Forward-Looking Statement and Risk Factors
Forward-Looking Statements and Risk Factors
This document contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. When Welltower uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “pro forma,” “estimate” or similar expressions that do not relate solely to historical matters, Welltower is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause Welltower’s actual results to differ materially from Welltower’s expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to: the duration and scope of the COVID-19 pandemic; the impact of the COVID-19 pandemic on occupancy rates and on the operations of Welltower and its operators/tenants; actions governments take in response to the COVID-19 pandemic, including the introduction of public health measures and other regulations affecting Welltower’s properties and the operations of Welltower and its operators/tenants; the effects of health and safety measures adopted by Welltower and its operators/tenants related to the COVID-19 pandemic; increased operational costs as a result of health and safety measures related to COVID-19; the impact of the COVID-19 pandemic on the business and financial condition of operators/tenants and their ability to make payments to Welltower; disruptions to Welltower's property acquisition and disposition activity due to economic uncertainty caused by COVID-19; general economic uncertainty in key markets as a result of the COVID-19 pandemic and a worsening of global economic conditions or low levels of economic growth; the status of capital markets, including availability and cost of capital; uncertainty from the expected discontinuance of LIBOR and the transition to any other interest rate benchmark; issues facing the health care industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements and operators’/tenants’ difficulty in cost effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the health care and seniors housing industries; negative developments in the operating results or financial condition of operators/tenants, including, but not limited to, their ability to pay rent and repay loans; Welltower’s ability to transition or sell properties with profitable results; the failure to make new investments or acquisitions as and when anticipated; natural disasters and other acts of God affecting Welltower’s properties; Welltower’s ability to re-lease space at similar rates as vacancies occur; Welltower’s ability to timely reinvest sale proceeds at similar rates to assets sold; operator/tenant or joint venture partner bankruptcies or insolvencies; the cooperation of joint venture partners; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; liability or contract claims by or against operators/tenants; unanticipated difficulties and/or expenditures relating to future investments or acquisitions; environmental laws affecting Welltower’s properties; changes in rules or practices governing Welltower’s financial reporting; the movement of U.S. and foreign currency exchange rates; Welltower’s ability to maintain Welltower’s qualification as a REIT; key management personnel recruitment and retention; and other risks described in Welltower’s reports filed from time to time with the SEC. Finally, Welltower undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in any forward-looking statements.
Additional Information
The information in this supplemental information package should be read in conjunction with our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, our earnings press release dated April 28, 2021 and other information filed with, or furnished to, the SEC. The Supplemental Reporting Measures and reconciliations of Non-GAAP measures are an integral part of the information presented herein.
You can access our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act at www.welltower.com as soon as reasonably practicable after they are filed with, or furnished to, the SEC. You can also review these SEC filings and other information by accessing the SEC’s website at http://www.sec.gov. We routinely post important information on our website at www.welltower.com in the “Investors” section, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading “Investors.” Accordingly, investors should monitor such portion of our website in addition to following our press releases, public conference calls and filings with the SEC. The information on or connected to our website is not, and shall not be deemed to be, a part of, or incorporated into this supplemental information package.

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

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