Enhanced Investments - Financial Portal

Published: 2023-05-02 00:00:00 ET

EX-99.2 3 a1q23supplement992.htm EX-99.2 Document


Table of Contents


Overview			1

Portfolio			2

Investment			6

Financial			11

Glossary			16

Supplemental Reporting Measures			17

Forward Looking Statements and Risk Factors			21


Overview


(dollars and occupancy at Welltower pro rata ownership; dollars in thousands)
Portfolio Composition(1)			Beds/Unit Mix
	Average Age	Properties	Total		Wellness Housing	Independent Living	Assisted Living	Memory Care	Long-Term/ Post-Acute Care
Seniors Housing Operating	17	959	113,277		16,917	44,456	36,094	14,942	868
Seniors Housing Triple-net	17	373	31,041		—	5,436	14,731	9,123	1,751
Outpatient Medical	17	435	25,864,057	(2)	n/a	n/a	n/a	n/a	n/a
Long-Term/Post-Acute Care	31	241	30,507		—	—	824	10	29,673
Total	19	2,008


NOI Performance	Same Store(3)							In-Place Portfolio(4)
	Properties	1Q22 NOI		1Q23 NOI		% Change		Properties	Annualized In-Place NOI		% of Total
Seniors Housing Operating	746	$	175,325	$	216,304	23.4	%	882	$	959,844	45.9	%
Seniors Housing Triple-net	339	94,203		94,408		0.2	%	366	398,356		19.0	%
Outpatient Medical	371	108,201		109,983		1.6	%	419	489,400		23.4	%
Long-Term/Post-Acute Care	76	22,364		23,308		4.2	%	232	245,624		11.7	%
Total	1,532	$	400,093	$	444,003	11.0	%	1,899	$	2,093,224	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	79.8	%	n/a	n/a	97.2	%	1.2	%	0.6	%	1.0	%
Seniors Housing Triple-net	79.5	%	0.86	1.17	91.2	%	3.4	%	0.7	%	4.7	%
Outpatient Medical	94.0	%	n/a	n/a	100.0	%	—		—		—
Long-Term/Post-Acute Care	82.2	%	1.33	1.61	26.0	%	39.9	%	34.1	%	—	%
Total			0.95	1.25	94.0	%	2.9	%	2.0	%	1.1	%

Notes:

(1) Includes land parcels and properties under development.

(2) Indicates the total square footage of Outpatient Medical properties.

(3) See pages 18 and 19 for reconciliation.

(4) Excludes land parcels, loans, developments and investments held for sale. See page 18 for reconciliation.

(5) Data as of March 31, 2023 for Seniors Housing Operating and Outpatient Medical and December 31, 2022 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.


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		Long-Term/ Post-Acute Care		Total		% of Total
Integra Healthcare Properties	147	$	—	$	—	$	—	$	152,088	$	152,088	7.3	%
Sunrise Senior Living	127	139,348		—		—		—		139,348		6.7	%
StoryPoint Senior Living	74	33,712		44,108		—		—		77,820		3.7	%
Cogir Management Corporation	49	76,816		—		—		—		76,816		3.7	%
Belmont Village	21	71,136		—		—		—		71,136		3.4	%
Atria Senior Living	92	70,972		—		—		—		70,972		3.4	%
Avery Healthcare	62	4,664		64,748		—		—		69,412		3.3	%
Oakmont Management Group	33	69,012		—		—		—		69,012		3.3	%
Brookdale Senior Living	85	(648)		66,148		—		—		65,500		3.1	%
Sagora Senior Living	40	39,932		15,476		—		—		55,408		2.6	%
Remaining	1,169	454,900		207,876		489,400		93,536		1,245,712		59.5	%
Total	1,899	$	959,844	$	398,356	$	489,400	$	245,624	$	2,093,224	100.0	%

By Country:
United States	1,612	$	767,920	$	319,828	$	489,400	$	238,824	$	1,815,972	86.8	%
United Kingdom	133	66,444		75,064		—		—		141,508		6.8	%
Canada	154	125,480		3,464		—		6,800		135,744		6.4	%
Total	1,899	$	959,844	$	398,356	$	489,400	$	245,624	$	2,093,224	100.0	%

By MSA:
Los Angeles	72	$	64,776	$	19,896	$	32,860	$	—	$	117,532	5.6	%
New York / New Jersey	84	56,744		13,188		36,872		5,960		112,764		5.4	%
Washington D.C.	58	41,048		8,000		26,132		32,008		107,188		5.1	%
Dallas	61	43,528		4,128		28,748		4,384		80,788		3.9	%
Philadelphia	46	13,708		5,188		18,380		28,612		65,888		3.1	%
Greater London	53	40,060		16,136		—		—		56,196		2.7	%
San Diego	19	19,956		6,860		12,796		2,984		42,596		2.0	%
San Francisco	23	29,868		10,652		1,896		—		42,416		2.0	%
Houston	36	6,292		2,320		30,880		—		39,492		1.9	%
Chicago	46	13,200		11,652		7,688		5,784		38,324		1.8	%
Charlotte	26	1,088		10,552		22,936		—		34,576		1.7	%
Montréal	24	32,948		—		—		—		32,948		1.6	%
Raleigh	13	7,232		18,904		3,772		—		29,908		1.4	%
Minneapolis	20	(820)		16,984		13,552		—		29,716		1.4	%
Seattle	31	8,664		3,540		14,772		—		26,976		1.3	%
Indianapolis	17	3,656		13,616		556		8,924		26,752		1.3	%
Boston	25	18,260		5,288		2,732		—		26,280		1.3	%
Toronto	25	26,100		—		—		—		26,100		1.2	%
Miami	36	160		1,364		16,232		6,684		24,440		1.2	%
Kansas City	24	7,092		9,812		700		6,100		23,704		1.1	%
Remaining	1,160	526,284		220,276		217,896		144,184		1,108,640		53.0	%
Total	1,899	$	959,844	$	398,356	$	489,400	$	245,624	$	2,093,224	100.0	%

Notes:

(1) Represents current quarter annualized In-Place NOI. See page 18 for reconciliation.


Portfolio


(dollars, units and occupancy at Welltower pro rata ownership; dollars in thousands)
Seniors Housing Operating

Total Portfolio Performance(1)	1Q22			2Q22			3Q22			4Q22			1Q23
Properties	805			836			870			882			885
Units	80,402			84,782			87,375			88,783			89,240
Total occupancy	76.3		%	77.1		%	78.0		%	78.3		%	79.0		%
Total revenues	$	969,979		$	1,000,962		$	1,061,753		$	1,095,146		$	1,143,744
Operating expenses	774,936			777,178			831,556			866,482			894,981
NOI	$	195,043		$	223,784		$	230,197		$	228,664		$	248,763
NOI margin	20.1		%	22.4		%	21.7		%	20.9		%	21.7		%
Recurring cap-ex	$	23,325		$	26,806		$	31,513		$	36,923		$	26,848
Other cap-ex	$	45,988		$	57,225		$	56,878		$	75,545		$	45,557


Same Store Performance(2)	1Q22			2Q22			3Q22			4Q22			1Q23
Properties	746			746			746			746			746
Occupancy	77.0		%	77.8		%	78.8		%	79.3		%	79.4		%
Same store revenues	$	878,092		$	899,199		$	925,588		$	948,953		$	965,881
Compensation	414,013			423,458			434,039			442,344			446,184
Utilities	45,952			40,650			49,536			48,561			52,371
Food	34,138			37,265			38,111			40,507			38,118
Repairs and maintenance	28,460			28,226			28,577			28,157			28,752
Property taxes	35,837			35,306			35,216			31,158			35,299
All other	144,367			144,657			146,228			154,075			148,853
Same store operating expenses	702,767			709,562			731,707			744,802			749,577
Same store NOI	$	175,325		$	189,637		$	193,881		$	204,151		$	216,304
Same store NOI margin %	20.0		%	21.1		%	20.9		%	21.5		%	22.4		%
Year over year NOI growth rate													23.4		%
Year over year revenue growth rate													10.0		%


Partners(3)	Properties	Pro Rata Units	Welltower Ownership %(4)		Core Markets	1Q23 NOI		% of Total
Sunrise Senior Living	127	10,139	100.0	%	Southern California	$	26,015	10.5	%
Cogir Management Corporation	49	7,168	89.1	%	Northern California	17,325		7.0	%
Belmont Village	21	2,804	95.0	%	New York / New Jersey	13,658		5.5	%
Atria Senior Living	92	10,924	100.0	%	Greater London, UK	10,045		4.0	%
Oakmont Management Group	33	4,040	100.0	%	Washington D.C.	10,081		4.1	%
Revera	78	7,262	75.0	%	Montréal, QC	8,341		3.4	%
Legend Senior Living	37	2,809	93.3	%	Toronto, ON	6,574		2.6	%
Brandywine Living	29	2,704	99.6	%	Boston, MA	4,475		1.8	%
Sagora Senior Living	18	2,884	97.5	%	Seattle, WA	2,597		1.0	%
Clover	36	3,950	90.4	%	Vancouver, BC	2,463		1.0	%
StoryPoint Senior Living	42	4,242	98.5	%	Birmingham, UK	2,030		0.8	%
Signature UK	33	2,401	82.8	%	Manchester, UK	1,730		0.7	%
Care UK	26	1,806	100.0	%	Ottawa, ON	1,306		0.5	%
Pegasus	35	3,791	99.0	%	Core Markets	106,640		42.9	%
Remaining	226	22,228			All Other	142,123		57.1	%
Total	882	89,152			Total	$	248,763	100.0	%

Notes:

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

(2) See pages 18 and 19 for reconciliation.

(3) Represents partner concentration based on annualized In Place NOI for the quarter ended March 31, 2023. Property count and pro rata units represent the In Place portfolio.

(4) Welltower ownership percentage weighted based on In-Place NOI. See page 18 for reconciliation.


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	1.7	%	0.1	%	1.8	%	12	6		4.9	%	0.5	%	5.4	%	11	12
0.85x - 0.95x	0.6	%	—	%	0.6	%	16	1		4.0	%	0.8	%	4.8	%	11	5
0.95x - 1.05x	2.3	%	—	%	2.3	%	8	3		3.2	%	—	%	3.2	%	6	1
1.05x - 1.15x	2.3	%	1.2	%	3.5	%	12	5		3.3	%	—	%	3.3	%	12	2
1.15x - 1.25x	3.2	%	—	%	3.2	%	6	1		1.1	%	—	%	1.1	%	15	2
1.25x - 1.35x	3.3	%	—	%	3.3	%	12	2		—	%	1.1	%	1.1	%	9	1
> 1.35x	3.1	%	2.6	%	5.7	%	11	9		—	%	1.5	%	1.5	%	13	4
Total	16.5	%	3.9	%	20.4	%	11	27		16.5	%	3.9	%	20.4	%	11	27


Revenue and Lease Maturity(2)
	Rental Income
Year	Seniors Housing Triple-net		Outpatient Medical		Long-Term / Post-Acute Care		Interest Income		Total Revenues		% of Total
2023	$	—	$	53,058	$	2,159	$	10,833	$	66,050	5.0	%
2024	13,088		59,213		—		23,732		96,033		7.3	%
2025	5,667		41,781		—		10,670		58,118		4.4	%
2026	36,245		44,938		9,147		95,375		185,705		14.1	%
2027	—		40,456		1,182		6,839		48,477		3.7	%
2028	5,237		32,383		5,246		374		43,240		3.3	%
2029	4,091		31,869		—		429		36,389		2.8	%
2030	40,895		34,526		28,320		144		103,885		7.9	%
2031	6,390		44,935		4,310		233		55,868		4.2	%
2032	58,026		35,265		15,338		—		108,629		8.3	%
Thereafter	204,854		110,191		194,960		2,457		512,462		39.0	%
	$	374,493	$	528,615	$	260,662	$	151,086	$	1,314,856	100.0	%

Weighted Avg Maturity Years	10		6		15		3		9

Notes:

(1) Represents trailing twelve month coverage metrics as of December 31, 2022 for stable portfolio only. Agreements included represent 66% of total Seniors Housing Triple-net and Long-Term/Post-Acute Care In-Place NOI. See page 18 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.


Portfolio


(dollars, square feet and occupancy at Welltower pro rata ownership; dollars in thousands except per square feet)
Outpatient Medical
Total Portfolio Performance(1)	1Q22			2Q22			3Q22			4Q22			1Q23
Properties	379			384			386			389			419
Square feet	18,079,918			18,452,459			18,665,903			18,844,516			20,188,159
Occupancy	94.7		%	94.5		%	94.5		%	94.2		%	94.0		%
Total revenues	$	163,597		$	166,220		$	171,990		$	176,816		$	185,190
Operating expenses	50,599			51,177			53,684			53,259			58,977
NOI	$	112,998		$	115,043		$	118,306		$	123,557		$	126,213
NOI margin	69.1		%	69.2		%	68.8		%	69.9		%	68.2		%
Revenues per square foot	$	36.19		$	36.03		$	37.15		$	37.53		$	36.69
NOI per square foot	$	25.00		$	24.94		$	25.55		$	26.23		$	25.01
Recurring cap-ex	$	9,141		$	12,752		$	13,470		$	25,200		$	10,666
Other cap-ex	$	1,594		$	2,303		$	2,472		$	5,633		$	5,118


Same Store Performance(2)	1Q22			2Q22			3Q22			4Q22			1Q23
Properties	371			371			371			371			371
Occupancy	94.7		%	94.9		%	94.9		%	95.0		%	94.9		%
Same store revenues	$	156,708		$	156,579		$	157,591		$	158,367		$	162,602
Same store operating expenses	48,507			48,833			49,747			48,737			52,619
Same store NOI	$	108,201		$	107,746		$	107,844		$	109,630		$	109,983
NOI margin	69.0		%	68.8		%	68.4		%	69.2		%	67.6		%
Year over year NOI growth rate													1.6		%


Portfolio Diversification by Tenant(3)	Rental Income		% of Total		Quality Indicators
Kelsey-Seybold	$	29,230	5.5	%	Health system affiliated properties as % of NOI(3)	88.1	%
Common Spirit Health	19,712		3.7	%	Health system affiliated tenants as % of rental income(3)	60.2	%
Novant Health	15,497		2.9	%	Retention (trailing twelve months)(3)	91.2	%
Summit Health	14,313		2.7	%	In-house managed properties as % of square feet(3,4)	86.0	%
Providence Health & Services	14,050		2.7	%	Average remaining lease term (years)(3)	6.4
Remaining portfolio	435,813		82.5	%	Average building size (square feet)(3)	59,877
Total	$	528,615	100.0	%	Average age (years)	17


Expirations(3)	2023		2024		2025		2026		2027		Thereafter
Occupied square feet	1,916,594		2,007,400		1,452,230		1,700,306		1,465,101		10,445,519
% of occupied square feet	10.1	%	10.6	%	7.6	%	9.0	%	7.7	%	55.0	%

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 371 same store properties representing 17,354,227 square feet. See pages 18 and 19 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.


Investment

(dollars in thousands at Welltower pro rata ownership)

Relationship Investment History


Detail of Acquisitions/JVs(1)
	2019			2020		2021		2022		1Q23		19-23 Total
Count		27		12		35		27		11		127
Total		$	4,073,554	$	910,217	$	4,101,534	$	2,785,739	$	443,240	$	12,314,284
Low		7,550		6,201		5,000		6,485		19,967		5,000
Median		38,800		48,490		45,157		66,074		78,250		48,793
High		1,250,000		235,387		1,576,642		389,149		140,172		1,576,642


Investment Timing
	Acquisitions and Loan Funding(2)		Yield		Construction Conversions(3)		Year 1 Yield		Dispositions and Loan Payoffs		Yield
January	$	294,202	6.6	%	$	16,156	-2.3	%	$	90,072	9.9	%
February	153,624		8.0	%	—		—	%	—		—	%
March	80,706		11.2	%	58,674		2.9	%	2,000		—	%
Total	$	528,532	7.7	%	$	74,830	1.8	%	$	92,072	9.7	%

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.


Investment


(dollars in thousands at Welltower pro rata ownership, except per bed / unit / square foot)
Gross Investment Activity

	First Quarter 2023
	Properties	Beds / Units / Square Feet		Investment Per Bed / Unit / SqFt		Pro Rata Amount		Yield
Acquisitions and Loan Funding(1)
Seniors Housing Operating	2	191	units	$	104,539	$	19,967
Seniors Housing Triple-net	8	612	units	122,217		74,797
Outpatient Medical	29	1,297,917	sf	268		348,476

Loan funding						85,292
Total acquisitions and loan funding(2)	39					528,532		7.7	%

Development Funding(3)
Development projects:
Seniors Housing Operating	43	6,830	units			149,299
Seniors Housing Triple-net	1	191	units			5,953
Outpatient Medical	7	590,764	sf			65,401

Total development projects	51					220,653
Expansion projects:
Seniors Housing Operating	2	160	units			3,342

Outpatient Medical	8	306,475	sf			32,950
Total expansion projects	10					36,292

Total development funding	61					256,945		6.8	%

Total gross investments						785,477		7.4	%

Dispositions and Loan Payoffs(4)
Seniors Housing Operating	1	18	units	18,889		323
Seniors Housing Triple-net	1	57	units	35,088		2,000

Long-Term/Post-Acute Care	—	—	beds	—		74,279
Loan payoffs						15,470
Total dispositions and loan payoffs(5)	2					92,072		9.7	%

Net investments (dispositions)						$	693,405

Notes:

(1) Acquisitions represent purchase price excluding accounting adjustments pursuant to U.S. GAAP for all consolidated and unconsolidated property acquisitions and pro rata amounts include joint venture real estate loans receivable. Loan advances represent cash funded for real estate and non-real estate loans receivable, excluding development loans.

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

(3) Amounts represent cash funded 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.


Investment

Property Acquisitions Detail

Operator / Health System

Units

Location

MSA

Seniors Housing Operating

StoryPoint Senior Living

1695 Queens Gate Circle

Cuyahoga Falls

Akron, OH

StoryPoint Senior Living

181 Applegrove Street Northeast

Canton

Canton, OH

Total

191

Seniors Housing Triple-net

Healthcare Ireland Group

23 Bannview Road

Banbridge

Northern Ireland

Newry and Banbridge

Healthcare Ireland Group

420 Crumlin Road

Belfast

Northern Ireland

Belfast

Healthcare Ireland Group

250 Ballygomartin Road

Belfast

Northern Ireland

Belfast

Healthcare Ireland Group

375 North Queen Street

Belfast

Northern Ireland

Belfast

Healthcare Ireland Group

28 Broughshane Road

Ballymena

Northern Ireland

Ballymena

Healthcare Ireland Group

2-6 Carncome Road

Connor

Northern Ireland

Ballymena

Healthcare Ireland Group

299 Kingsway

Dunmurry, Belfast

Northern Ireland

Belfast

Healthcare Ireland Group

36 Mill Road

Newtownabbey

Northern Ireland

Belfast

Total

612

Outpatient Medical

Sq. Feet

Fresenius Medical Care

15,163

497 Winn Way

Decatur

Atlanta, GA

LifePoint Health

29,512

5604 Southwest Lee Boulevard

Lawton

Lawton, OK

LifePoint Health

32,871

5606 Southwest Lee Boulevard

Lawton

Lawton, OK

Bon Secours Mercy Health

59,609

2055 Hospital Drive

Batavia

Cincinnati, OH

Community Health Systems

62,436

2200 Highway 61 North

Vicksburg

Vicksburg, MS

Emory Healthcare

15,940

484 Irvin Court

Decatur

Atlanta, GA

Emory Healthcare

21,707

465 Winn Way

Decatur

Atlanta, GA

Emory Healthcare

16,090

495 Winn Way

Decatur

Atlanta, GA

Emory Healthcare

17,828

500 Irvin Court

Decatur

Atlanta, GA

Episcopal Health Foundation

10,053

2112 Regional Medical Drive

Wharton

El Campo, TX

Franciscan Alliance

24,303

7847 Calumet Avenue

Munster

Chicago, IL

Franciscan Alliance

120,218

7905 Calumet Avenue

Munster

Chicago, IL

Green Clinic

112,035

1200 South Farmerville Street

Ruston

Ruston, LA

Memorial Hermann Health System

9,845

2112 Regional Medical Drive

Wharton

El Campo, TX

MultiCare Health System, Inc.

95,670

601 West 5th Avenue

Spokane

Spokane, WA

Northside Hospital Health System

17,090

487 Winn Way

Decatur

Atlanta, GA

Intermountain Healthcare

34,198

1159 East 200 North

American Fork

Provo, UT

TMI Sports Medicine

21,234

3533 Matlock Road

Arlington

Dallas, TX

Riverside Health System

14,031

110 Wimbledon Square

Chesapeake

Virginia Beach, VA

St. Lukes Des Peres Hospital

62,485

1010 - 1090 Old Des Peres Road

Des Peres

St. Louis, MO

UPMC

29,904

1824 Good Hope Road

Enola

Harrisburg, PA

Southcoast Health

41,585

235 Hanover Street

Fall River

Providence, RI

Unaffiliated

34,950

140 North Litchfield Road

Goodyear

Phoenix, AZ

Duly Health and Care

28,455

330 Madison Street

Joliet

Chicago, IL

BJC Healthcare

20,808

5000 Manchester Avenue

St. Louis

St. Louis, MO

BJC Healthcare

40,076

8888 Ladue Road

St. Louis

St. Louis, MO

SSM Health Care

96,343

555 North New Ballas Road

St. Louis

St. Louis, MO

Unaffiliated

173,853

2021 K Street Northwest

Washington

D.C.

Washington D.C.

UnitedHealth Group

39,625

3631 North Morrison Road

Muncie

Muncie, IN

Total

1,297,917

(1) Please refer to the 1Q23 Welltower Facility Address List in the Investors section of our website for further details.


Investment


(dollars in thousands at Welltower pro rata ownership)
Development Summary(1)
		Unit Mix
	Facility MSA	Total	Wellness Housing	Independent Living	Assisted Living		Memory Care	Commitment Amount		Balance at 03/31/23		Estimated Conversion(3)

Seniors Housing Operating
	New York, NY	158	—	—	71		87	$	78,874	$	74,244	2Q23
	New York, NY	72	—	—	36		36	39,800		31,260		2Q23
	Barnstable Town, MA	120	120	—	—		—	31,135		31,135		2Q23
	Dallas, TX	80	80	—	—		—	14,861		11,698		2Q23
	Dallas, TX	11	11	—	—		—	5,511		3,018		2Q23
	Charlotte, NC	328	328	—	—		—	59,233		48,236		2Q23 - 3Q23
	Austin, TX	188	188	—	—		—	36,017		30,876		2Q23 - 3Q23
	Hartford, CT	128	128	—	—		—	21,916		21,916		3Q23
	Hartford, CT	122	122	—	—		—	20,531		20,531		3Q23
	Boston, MA	167	—	91	48		28	72,790		43,896		4Q23
	Phoenix, AZ	199	199	—	—		—	51,794		27,097		3Q23 - 4Q23
	Naples, FL	188	188	—	—		—	54,370		14,510		4Q23 - 1Q24
	Phoenix, AZ	204	204	—	—		—	50,496		26,232		4Q23 - 1Q24
	Tampa, FL	206	206	—	—		—	49,685		13,209		4Q23 - 1Q24
	Austin, TX	196	196	—	—		—	39,627		28,749		3Q23 - 1Q24
	Houston, TX	130	130	—	—		—	31,100		18,575		4Q23 - 1Q24
	Kansas City, MO	134	134	—	—		—	20,860		20,860		1Q24
	Cincinnati, OH	122	122	—	—		—	16,385		7,811		1Q24
	Washington D.C.	302	—	190	89		23	156,276		83,169		2Q24
	Dallas, TX	72	72	—	—		—	20,427		4,760		3Q23 - 2Q24
	Dallas, TX	52	52	—	—		—	16,035		6,832		1Q24 - 2Q24
	Washington D.C.	137	—	10	90		37	115,127		43,060		3Q24
	Killeen, TX	256	256	—	—		—	64,133		10,163		3Q24
	Sacramento, CA	100	—	—	70		30	48,486		6,549		3Q24
	Burley, UK	70	—	—	45		25	10,284		2,819		3Q24
	Peterborough, UK	80	—	—	52		28	9,669		2,740		3Q24
	Boston, MA	160	—	82	37		41	148,590		78,849		4Q24
	Sherman, TX	237	237	—	—		—	75,626		6,598		2Q24 - 4Q24
	San Jose, CA	685	509	—	143		33	175,381		166,309		1Q25
	San Jose, CA	158	—	—	158		—	61,929		32,044		1Q25
	Columbus, OH	409	409	—	—		—	82,069		16,596		2Q25
	Little Rock, AR	283	283	—	—		—	13,893		4,736		3Q25
	Sunrise Developments(2)	726	—	—	422		304	190,048		122,870		2Q23 - 3Q24








	Subtotal	6,480	4,174	373	1,261		672	1,882,958		1,061,947

Seniors Housing Triple-net
	Raleigh, NC	191	—	151	40		—	131,118		103,302		2Q23


Outpatient Medical				Rentable Square Ft	Preleased %		Health System Affiliation	Commitment Amount		Balance at 03/31/23		Estimated Conversion
	Beaumont-Port Arthur, TX			33,000	100	%	Yes	11,615		6,261		2Q23
	Houston, TX			16,830	100	%	Yes	8,847		5,050		2Q23
	Houston, TX			178,446	100	%	Yes	108,068		28,216		4Q23
	Oklahoma City, OK			134,285	100	%	Yes	89,928		69,457		4Q23
	Houston, TX			121,368	100	%	Yes	84,384		12,714		1Q24
	Santa Fe, NM			90,000	100	%	Yes	45,977		8,001		3Q24

	Subtotal			573,929				348,819		129,699

Total Development Projects								$	2,362,895	$	1,294,948

(1) Includes development projects (construction in progress, development loans and in-substance real estate) and excludes redevelopments and expansion projects. Commitment amount represents current cash amount funded plus unfunded commitments to complete development but excludes capitalized interest.

(2) Relates to eight properties with a weighted-average ownership of 41%.

(3) Estimated conversion ranges relate to projects to be delivered in phases.


Investment


(dollars in thousands at Welltower pro rata ownership)
Development Funding Projections(1)
					Projected Future Funding
	Projects	Beds / Units / Square Feet	Stable Yields(2)		2023 Funding		Funding Thereafter		Total Unfunded Commitments		Committed Balances
Seniors Housing Operating	40	6,480	7.3	%	$	439,462	$	381,549	$	821,011	$	1,882,958
Seniors Housing Triple-net	1	191	9.3	%	27,816		—		27,816		131,118
Outpatient Medical	6	573,929	6.1	%	182,214		36,906		219,120		348,819
Total	47		7.2	%	$	649,492	$	418,455	$	1,067,947	$	2,362,895


Development Project Conversion Estimates(1)
Quarterly Conversions							Annual Conversions
	Amount		Year 1 Yields(2)		Stable Yields(2)			Amount		Year 1 Yields(2)		Stable Yields(2)
1Q23 actual	$	57,473	0.4	%	6.7	%	2023 actual	$	57,473	0.4	%	6.7	%
2Q23 estimate	408,888		2.5	%	8.3	%	2023 estimate	911,144		2.4	%	7.3	%
3Q23 estimate	179,676		1.3	%	6.6	%	2024 estimate	1,118,479		0.6	%	7.3	%
4Q23 estimate	322,580		3.0	%	6.5	%	2025 estimate	333,272		4.9	%	6.8	%
1Q24 estimate	365,982		1.6	%	6.5	%	Total	$	2,420,368	1.9	%	7.2	%
2Q24 estimate	213,885		(1.2)	%	8.3	%
3Q24 estimate	314,396		0.8	%	7.2	%
4Q24 estimate	224,216		0.4	%	7.9	%
1Q25 estimate	237,310		6.5	%	6.5	%
2Q25 estimate	82,069		0.4	%	7.8	%
3Q25 estimate	13,893		4.1	%	6.9	%

Total	$	2,420,368	1.9	%	7.2	%


Unstabilized Properties
	12/31/2022 Properties	Stabilizations	Construction Conversions(3)	Acquisitions/ Dispositions	3/31/2023 Properties	Beds / Units
Seniors Housing Operating	49	(4)	4	1	50	6,722
Seniors Housing Triple-net	17	(3)	—	1	15	1,491

Total	66	(7)	4	2	65	8,213


Occupancy	12/31/2022 Properties	Stabilizations	Construction Conversions(3)		Acquisitions/ Dispositions		Progressions		3/31/2023 Properties
0% - 50%	28	—	4		2		(4)		30
50% - 70%	26	(1)	—		—		(1)		24
70% +	12	(6)	—		—		5		11
Total	66	(7)	4		2		—		65

Occupancy	3/31/2023 Properties	Months In Operation	Revenues		% of Total Revenues(4)		Gross Investment Balance		% of Total Gross Investment
0% - 50%	30	12	$	44,429	0.7	%	$	873,779	2.1	%
50% - 70%	24	24	92,799		1.5	%	683,768		1.6	%
70% +	11	27	65,951		1.0	%	377,582		0.9	%
Total	65	11	$	203,179	3.2	%	$	1,935,129	4.6	%

Notes:

(1) Includes development projects (construction in progress, development loans and in-substance real estate) and excludes expansion projects. Projects expected to be delivered in phases over multiple quarters are reflected in the last quarter.

(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 12.


Financial


(dollars in thousands at Welltower pro rata ownership)
Components of NAV

Stabilized NOI				Pro rata beds/units/square feet
Seniors Housing Operating(1)	$	959,844		89,152	units
Seniors Housing Triple-net	398,356			27,489	units
Outpatient Medical	489,400			20,188,159	square feet
Long-Term/Post-Acute Care	245,624			25,856	beds
Total In-Place NOI(2)	2,093,224
Incremental stabilized NOI(3)	107,489
Total stabilized NOI	$	2,200,713

Obligations
Lines of credit and commercial paper(4)	$	—
Senior unsecured notes(4)	12,615,399
Secured debt(4)	3,468,795
Financing lease liabilities	113,254
Total debt	$	16,197,448
Add (Subtract):
Other liabilities (assets), net(5)	$	381,615
Cash and cash equivalents and restricted cash	(638,796)
Net obligations	$	15,940,267

Other Assets
Land parcels	$	235,255		Effective Interest Rate(8)
Real estate loans receivable(6)	1,512,496			11.0%
Non-real estate loans receivable(7)	258,917			11.6%
Joint venture real estate loans receivables(9)	267,699			5.9%
Other investments(10)	15,243
Property dispositions(11)	382,304
Development properties:(12)
Current balance	1,340,427
Unfunded commitments	1,278,675
Committed balances	$	2,619,102
Projected yield	7.2		%
Projected NOI	$	188,575

Common Shares Outstanding(13)	498,159

Notes:

(1) Includes $13,702,000 attributable to our proportional share of income from unconsolidated management company investments.

(2) See page 18 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 $1,051,371,000 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	$	446,027
Below market tenant lease intangibles, net	27,212
Deferred taxes, net	(50,165)
Intangible assets, net	(159,684)
Other non-cash liabilities / (assets), net	7,141
Total non-cash liabilities/(assets), net	$	270,531

(6) Represents $1,525,536,000 of real estate loans, excluding development loans and including certain in substance real estate developments and held to maturity debt securities, and net of $13,040,000 of credit allowances.

(7) Represents $429,663,000 of non-real estate loans, net of $170,746,000 of credit allowances.

(8) Average cash-pay interest rates are 7.2%, 1.7% and 5.9% for real estate, non-real estate loans and joint venture 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) Primarily represents the estimated fair value of 3.4% ownership in Seniors Housing Operating portfolios excluded from IPNOI.

(11) Represents proceeds from expected property dispositions in the next twelve months.

(12) See pages 9-10. Also includes expansion projects.

(13) Includes OP Units and DownREIT Units.


Financial


(dollars in thousands at Welltower pro rata ownership)
Net Operating Income(1,2)
	1Q22		2Q22		3Q22		4Q22		1Q23
Revenues:
Seniors Housing Operating
Resident fees and services	$	965,574	$	1,000,571	$	1,057,814	$	1,091,043	$	1,138,916

Interest income	1,398		1,642		2,210		2,388		2,318
Other income	3,007		(1,251)		1,729		1,715		2,510
Total revenues	969,979		1,000,962		1,061,753		1,095,146		1,143,744

Seniors Housing Triple-net

Rental income	121,233		123,557		116,233		122,267		119,786
Interest income	33,097		31,725		32,726		31,837		31,540
Other income	1,471		1,786		1,307		1,361		1,675
Total revenues	155,801		157,068		150,266		155,465		153,001

Outpatient Medical
Rental income	160,288		163,808		170,051		174,182		182,044
Interest income	71		65		80		86		91
Other income	3,238		2,347		1,859		2,548		3,055
Total revenues	163,597		166,220		171,990		176,816		185,190

Long-Term/Post-Acute Care
Rental income	68,841		68,598		70,356		71,021		80,423
Interest income	5,107		5,499		5,760		5,982		6,367
Other income	234		—		513		153		193
Total revenues	74,182		74,097		76,629		77,156		86,983

Corporate
Other income	3,183		3,665		3,942		7,714		5,147
Total revenues	3,183		3,665		3,942		7,714		5,147

Total
Rental income	350,362		355,963		356,640		367,470		382,253
Resident fees and services	965,574		1,000,571		1,057,814		1,091,043		1,138,916
Interest Income	39,673		38,931		40,776		40,293		40,316
Other Income	11,133		6,547		9,350		13,491		12,580
Total revenues	1,366,742		1,402,012		1,464,580		1,512,297		1,574,065

Property operating expenses:
Seniors Housing Operating	774,936		777,178		831,556		866,482		894,981
Seniors Housing Triple-net	7,441		7,799		7,710		6,924		7,917
Outpatient Medical	50,599		51,177		53,684		53,259		58,977
Long-Term/Post-Acute Care	3,973		3,916		4,034		3,426		4,040
Corporate	2,615		2,645		5,794		5,086		3,877
Total property operating expenses	839,564		842,715		902,778		935,177		969,792

Net operating income:
Seniors Housing Operating	195,043		223,784		230,197		228,664		248,763
Seniors Housing Triple-net	148,360		149,269		142,556		148,541		145,084
Outpatient Medical	112,998		115,043		118,306		123,557		126,213
Long-Term/Post-Acute Care	70,209		70,181		72,595		73,730		82,943
Corporate	568		1,020		(1,852)		2,628		1,270
Net operating income	$	527,178	$	559,297	$	561,802	$	577,120	$	604,273

Note:

(1) Please see discussion of Supplemental Reporting Measures on page 17. 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 was paid in excess of net cash flow relating to the leasehold properties and therefore, the leasehold interests were excluded from NOI and relevant metrics such as property count, unit count, IPNOI. same store NOI, RevPOR and same store RevPOR. Effective April 1, 2022, the lease was terminated and the related lease termination income was also excluded from NOI.

(2) The results related to the 205 properties previously reported as Health System have been reclassified to Seniors Housing Triple-net and Long-Term/Post-Acute Care for all periods.


Financial


(dollars in thousands)
Leverage and EBITDA Reconciliations(1)
	Twelve Months Ended			Three Months Ended
	March 31, 2023			March 31, 2023
Net income (loss)	$	123,452		$	28,635
Interest expense	552,226			144,403
Income tax expense (benefit)	5,279			3,045
Depreciation and amortization	1,345,392			339,112
EBITDA	2,026,349			515,195
Loss (income) from unconsolidated entities	25,477			7,071
Stock-based compensation	27,709			9,124
Loss (gain) on extinguishment of debt, net	697			5
Loss (gain) on real estate dispositions, net	6,144			(747)
Impairment of assets	30,131			12,629
Provision for loan losses, net	11,098			777
Loss (gain) on derivatives and financial instruments, net	5,751			930
Other expenses	98,346			22,745
Lease termination and leasehold interest adjustment(2)	(56,397)			—
Casualty losses, net of recoveries	14,865			4,487
Other impairment(3)	(620)			—
Total adjustments	163,201			57,021
Adjusted EBITDA	$	2,189,550		$	572,216

Interest Coverage Ratios
Interest expense	$	552,226		$	144,403
Capitalized interest	35,347			10,335
Non-cash interest expense	(22,728)			(5,083)
Total interest	$	564,845		$	149,655
EBITDA	$	2,026,349		$	515,195
Interest coverage ratio	3.59		x	3.44		x
Adjusted EBITDA	$	2,189,550		$	572,216
Adjusted Interest coverage ratio	3.88		x	3.82		x

Fixed Charge Coverage Ratios
Total interest	$	564,845		$	149,655
Secured debt principal amortization	57,088			14,942
Total fixed charges	$	621,933		$	164,597
EBITDA	$	2,026,349		$	515,195
Fixed charge coverage ratio	3.26		x	3.13		x
Adjusted EBITDA	$	2,189,550		$	572,216
Adjusted Fixed charge coverage ratio	3.52		x	3.48		x

Net Debt to EBITDA Ratios
Total debt(4)				$	15,074,320
Less: cash and cash equivalents and restricted cash				(638,796)
Net debt				$	14,435,524
EBITDA Annualized				$	2,060,780
Net debt to EBITDA ratio				7.00		x
Adjusted EBITDA Annualized				$	2,288,864
Net debt to Adjusted EBITDA ratio				6.31		x

Notes:

(1) Please see discussion of Supplemental Reporting Measures on page 17.

(2) Effective April 1, 2022, our leasehold interest relating to the master lease with National Health Investors ("NHI") for 17 properties assumed in conjunction with the Holiday Retirement acquisition was terminated as a result of the transition or sale of the properties by NHI. We recognized a gain of $58,621,000 related to the termination of this lease in other income. The net impact of these leasehold properties inclusive of the gain has been excluded from Adjusted EBITDA.

(3) Primarily related to the release of previously reserved straight-line receivables.

(4) Includes unamortized premiums/discounts, other fair value adjustments and financing lease liabilities of $113,254,000. Excludes operating lease liabilities of $301,915,000 related to ASC 842 adoption.


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)	15,074,320		41.83	%
Cash and cash equivalents and restricted cash	(638,796)		(1.77)	%
Net debt to consolidated book capitalization	$	14,435,524	40.06	%
Total equity(4)	21,596,155		59.94	%
Consolidated book capitalization	$	36,031,679	100.00	%
Joint venture debt, net(5)	961,987
Total book capitalization	$	36,993,666

Undepreciated book capitalization
Lines of credit and commercial paper(2)	$	—	0.00	%
Long-term debt obligations(2)(3)	15,074,320		33.92	%
Cash and cash equivalents and restricted cash	(638,796)		(1.44)	%
Net debt to consolidated undepreciated book capitalization	$	14,435,524	32.48	%
Accumulated depreciation and amortization	8,417,151		18.94	%
Total equity(4)	21,596,155		48.58	%
Consolidated undepreciated book capitalization	$	44,448,830	100.00	%
Joint venture debt, net(5)	961,987
Total undepreciated book capitalization	$	45,410,817

Enterprise value
Lines of credit and commercial paper(2)	$	—	0.00	%
Long-term debt obligations(2)(3)	15,074,320		29.46	%
Cash and cash equivalents and restricted cash	(638,796)		(1.25)	%
Net debt to consolidated enterprise value	$	14,435,524	28.21	%
Common shares outstanding	496,295
Period end share price	71.69
Common equity market capitalization	$	35,579,389	69.54	%
Noncontrolling interests(4)	1,148,000		2.24	%
Consolidated enterprise value	$	51,162,913	100.00	%
Joint venture debt, net(5)	961,987
Total enterprise value	$	52,124,900

Secured debt as % of total assets
Secured debt(2)	$	2,474,837	5.28	%
Gross asset value(6)	$	46,911,040

Total debt as % of gross asset value
Total debt(2)(3)	$	15,074,320	32.13	%
Gross asset value(6)	$	46,911,040

Unsecured debt as % of unencumbered assets
Unsecured debt(2)	$	12,486,229	30.64	%
Unencumbered gross assets(7)	$	40,756,547

Notes:

(1) Please see discussion of Supplemental Reporting Measures on page 17.

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

(3) Includes financing lease liabilities of $113,254,000 and excludes operating lease liabilities of $301,915,000 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.

(6) Gross asset value equals total assets plus accumulated depreciation as reflected on the balance sheet.

(7) Unencumbered gross assets equals gross asset value for consolidated properties that are not financed with secured debt.


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)
2023	$	—			$	—		$	550,304		$	235,171		$	(133,747)		$	651,728			4.05	%	5.16	%
2024	—				1,350,000			376,620			176,613			(70,161)			1,833,072				11.40	%	4.11	%
2025	—				1,260,000			287,203			523,455			(42,398)			2,028,260				12.61	%	3.94	%
2026	—				700,000			139,870			71,331			(19,720)			891,481				5.54	%	4.12	%
2027	—				1,906,654			186,449			114,490			(38,285)			2,169,308				13.49	%	4.49	%
2028	—				1,430,295			93,809			25,480			(11,003)			1,538,581				9.57	%	4.49	%
2029	—				1,050,000			289,308			35,698			(916)			1,374,090				8.54	%	3.66	%
2030	—				750,000			56,660			30,155			(124)			836,691				5.20	%	3.14	%
2031	—				1,350,000			6,556			32,630			(130)			1,389,056				8.64	%	2.77	%
2032	—				1,050,000			47,516			3,377			(135)			1,100,758				6.84	%	4.08	%
Thereafter	—				1,768,450			472,513			70,501			(40,295)			2,271,169				14.12	%	5.03	%
Totals	$	—			$	12,615,399		$	2,506,808		$	1,318,901		$	(356,914)		$	16,084,194			100.00	%

Weighted Avg. Interest Rate(8)	—				4.06		%	4.55		%	4.33		%	4.70		%	4.14		%

Weighted Avg. Maturity Years	—			(2)	6.8			4.6			4.4			3.1			6.3			(2)

% Floating Rate Debt(8)	100.00		%		11.06		%	27.67		%	19.35		%	44.51		%	13.58		%


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	$	—	$	10,910,000	$	1,560,038	$	995,867	$	(138,481)	$	13,327,424	$	—
United Kingdom	—		1,298,745		—		—		—		1,298,745		2,338,617
Canada	—		406,654		946,770		323,034		(218,433)		1,458,025		794,824
Totals	$	—	$	12,615,399	$	2,506,808	$	1,318,901	$	(356,914)	$	16,084,194	$	3,133,441

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, 2023. The unsecured revolving credit facility is comprised of a $1,000,000,000 tranche that matures on June 4, 2026 and a $3,000,000,000 tranche that matures on June 4, 2025. 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.

(3) 2027 includes a $1,000,000,000 unsecured term loan and a CAD $250,000,000 unsecured term loan (approximately $184,843,000 USD at March 31, 2023). The loans mature on July 19, 2026. The interest rates on the loans are adjusted SOFR + 0.85% for USD and CDOR + 0.85% for CAD. Both term loans may be extended for two successive terms of six months at our option.

(4) 2027 includes CAD $300,000,000 of 2.95% senior unsecured notes (approximately $221,811,000 USD at March 31, 2023) that matures on January 15, 2027.

(5) 2028 includes £550,000,000 of 4.80% senior unsecured notes (approximately $680,295,000 USD at March 31, 2023). The notes mature on November 20, 2028.

(6) Thereafter includes £500,000,000 of 4.50% senior unsecured notes (approximately $618,450,000 USD at March 31, 2023). The notes mature on December 1, 2034.

(7) Excludes operating lease liabilities of $301,915,000 and finance lease liabilities of $113,254,000 related to ASC 842 adoption.

(8) Based on variable interest rates and foreign currency exchange rates in effect as of March 31, 2023. The interest rate on the unsecured revolving credit facility is adjusted SOFR + 0.775%. Commercial paper, senior notes and secured debt average interest rate represents the face value note rate. Includes the impact of notional swaps and caps to convert fixed rate debt to SOFR-based floating rate debt, SOFR-based floating rate debt, LIBOR-based floating 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 $146,527,000, 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.


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 - 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.


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, ExpPOR, SS RevPOR, SS ExpPOR, NOI, In-Place NOI ("IPNOI") and Same Store NOI ("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 general overhead costs that are unrelated to property operations and are unallocable to the properties, or transaction costs. These expenses include, but are not limited to, payroll and benefits related to corporate employees, 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 and ExpPOR represents the average expenses per occupied room at our Seniors Housing Operating properties. These metrics are calculated as our pro rata version of total resident fees and services revenues or property operating expenses from the income statement divided by average monthly occupied room days. SS RevPOR and SS ExpPOR are used to evaluate the RevPOR and ExpPOR performance of our properties under a consistent population which eliminates changes in the composition of our portfolio. They are based on the same pool of properties used for SSNOI and includes any revenue or expense normalizations used for SSNOI. We use RevPOR, ExpPOR, SS RevPOR and SS ExpPOR 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.


Supplemental Reporting Measures


(dollars in thousands)
Non-GAAP Reconciliations

NOI Reconciliation	1Q22		2Q22		3Q22		4Q22		1Q23
Net income (loss)	$	65,751	$	95,672	$	(2,653)	$	1,798	$	28,635
Loss (gain) on real estate dispositions, net	(22,934)		3,532		(1,064)		4,423		(747)
Loss (income) from unconsolidated entities	2,884		7,058		6,698		4,650		7,071
Income tax expense (benefit)	5,013		3,065		3,257		(4,088)		3,045
Other expenses	26,069		35,166		15,481		24,954		22,745
Impairment of assets	—		—		4,356		13,146		12,629
Provision for loan losses, net	(804)		165		490		10,469		777
Loss (gain) on extinguishment of debt, net	(12)		603		2		87		5
Loss (gain) on derivatives and financial instruments, net	2,578		(1,407)		6,905		258		930
General and administrative expenses	37,706		36,554		34,811		41,319		44,371
Depreciation and amortization	304,088		310,295		353,699		342,286		339,112
Interest expense	121,696		127,750		139,682		140,391		144,403
Consolidated net operating income	542,035		618,453		561,664		579,693		602,976
NOI attributable to unconsolidated investments(1)	20,142		23,648		27,374		24,950		26,354
NOI attributable to noncontrolling interests(2)	(34,999)		(82,804)		(27,236)		(27,523)		(25,057)
Pro rata net operating income (NOI)(3)	$	527,178	$	559,297	$	561,802	$	577,120	$	604,273


In-Place NOI Reconciliation
At Welltower pro rata ownership	Seniors Housing Operating		Seniors Housing Triple-net		Outpatient Medical		Long-Term /Post-Acute Care		Corporate		Total
Revenues	$	1,143,744	$	153,001	$	185,190	$	86,983	$	5,147	$	1,574,065
Property operating expenses	(894,981)		(7,917)		(58,977)		(4,040)		(3,877)		(969,792)
NOI(3)	248,763		145,084		126,213		82,943		1,270		604,273
Adjust:
Interest income	(2,318)		(31,540)		(91)		(6,367)		—		(40,316)
Other income	(2,338)		(826)		(285)		(193)		(1,148)		(4,790)
Sold / held for sale	371		2		115		(1,857)		—		(1,369)
Non operational(4)	1,367		—		(265)		(84)		—		1,018
Non In-Place NOI(5)	(6,167)		(13,104)		(5,078)		(13,140)		(122)		(37,611)
Timing adjustments(6)	283		(27)		1,741		104		—		2,101
Total adjustments	(8,802)		(45,495)		(3,863)		(21,537)		(1,270)		(80,967)
In-Place NOI	239,961		99,589		122,350		61,406		—		523,306
Annualized In-Place NOI	$	959,844	$	398,356	$	489,400	$	245,624	$	—	$	2,093,224


Same Store Property Reconciliation
	Seniors Housing Operating	Seniors Housing Triple-net	Outpatient Medical	Long-Term /Post-Acute Care	Total
Total properties	959	373	435	241	2,008
Recent acquisitions/ development conversions(7)	(98)	(13)	(44)	—	(155)
Under development	(41)	—	(6)	—	(47)
Under redevelopment(8)	(9)	—	(4)	(6)	(19)
Current held for sale	(5)	—	(1)	(7)	(13)
Land parcels, loans and sub-leases	(21)	(8)	(9)	—	(38)
Transitions(9)	(29)	(13)	—	(150)	(192)
Other(10)	(10)	—	—	(2)	(12)
Same store properties	746	339	371	76	1,532

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 12 for more information.

(3) Represents Welltower's pro rata share of NOI. See page 12 for more information.

(4) Primarily includes development properties and land parcels.

(5) Primarily represents non-cash NOI.

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

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

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

(9) 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.

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


Supplemental Reporting Measures


(dollars in thousands at Welltower pro rata ownership)

Same Store NOI Reconciliation	1Q22		2Q22		3Q22		4Q22		1Q23		Y/o/Y
Seniors Housing Operating
NOI	$	195,043	$	223,784	$	230,197	$	228,664	$	248,763
Non-cash NOI on same store properties	(1,865)		(1,187)		(1,324)		(1,277)		(1,301)
NOI attributable to non-same store properties	(12,519)		(16,414)		(33,760)		(26,766)		(35,634)
Currency and ownership adjustments(1)	(3,570)		(1,892)		(649)		610		(522)
Normalizing adjustment for government grants(2)	(1,993)		(16,804)		(2,190)		(2,595)		(51)


Normalizing adjustment for casualty related expenses, net(3)	(156)		2,010		1,607		5,515		5,049


Other normalizing adjustments(4)	385		140		—		—		—
SSNOI(5)	175,325		189,637		193,881		204,151		216,304		23.4	%

Seniors Housing Triple-net
NOI	148,360		149,269		142,556		148,541		145,084
Non-cash NOI on same store properties	(7,727)		(13,320)		(10,878)		(10,378)		(12,561)
NOI attributable to non-same store properties	(44,561)		(43,146)		(39,741)		(43,968)		(37,903)
Currency and ownership adjustments(1)	(1,656)		(818)		295		371		(212)




Other normalizing adjustments(4)	(213)		—		—		—		—
SSNOI	94,203		91,985		92,232		94,566		94,408		0.2	%

Outpatient Medical
NOI	112,998		115,043		118,306		123,557		126,213
Non-cash NOI on same store properties	(3,237)		(3,417)		(3,867)		(4,445)		(4,294)
NOI attributable to non-same store properties	(1,989)		(4,483)		(5,731)		(9,329)		(11,676)
Currency and ownership adjustments(1)	575		437		192		(153)		180



Other normalizing adjustments(4)	(146)		166		(1,056)		—		(440)
SSNOI	108,201		107,746		107,844		109,630		109,983		1.6	%

Long-Term/Post-Acute Care
NOI	70,209		70,181		72,595		73,730		82,943
Non-cash NOI on same store properties	(840)		(725)		(1,654)		(1,526)		(1,538)
NOI attributable to non-same store properties	(46,869)		(47,050)		(47,914)		(49,478)		(58,075)
Currency and ownership adjustments(1)	(136)		(123)		(84)		(16)		(22)



Other normalizing adjustments(4)	—		—		(327)		—		—
SSNOI	22,364		22,283		22,616		22,710		23,308		4.2	%

Corporate
NOI	568		1,020		(1,852)		2,628		1,270
NOI attributable to non-same store properties	(568)		(1,020)		1,852		(2,628)		(1,270)
SSNOI	—		—		—		—		—

Total
NOI	527,178		559,297		561,802		577,120		604,273
Non-cash NOI on same store properties	(13,669)		(18,649)		(17,723)		(17,626)		(19,694)
NOI attributable to non-same store properties	(106,506)		(112,113)		(125,294)		(132,169)		(144,558)
Currency and ownership adjustments(1)	(4,787)		(2,396)		(246)		812		(576)
Normalizing adjustments, net	(2,123)		(14,488)		(1,966)		2,920		4,558
SSNOI	$	400,093	$	411,651	$	416,573	$	431,057	$	444,003	11.0	%

Notes:

(1) Includes adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.37 and to translate UK properties at a GBP/USD rate of 1.20.

(2) Represents normalizing adjustment related to amounts recognized related to the Health and Human Services Provider Relief Fund in the United States and similar programs in the United Kingdom and Canada.

(3) Represents normalizing adjustment related to casualty related expenses net of any insurance reimbursements.

(4) Represents aggregate normalizing adjustments which are individually less than 0.50% of SSNOI growth per property type.

(5) SHO SSNOI includes expenses that are directly attributable to the COVID-19 pandemic net of any reimbursements exclusive of those included in (2) above.


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	$	913,152	$	109,328	$	114,201	$	1,136,681
Unconsolidated SHO revenues attributable to Welltower(1)	35,174		1,174		23,232		59,580
SHO revenues attributable to noncontrolling interests(2)	(18,432)		(11,234)		(22,851)		(52,517)
Pro rata SHO revenues(3)	929,894		99,268		114,582		1,143,744
SHO interest and other income	(13,722)		(66)		(439)		(14,227)
SHO revenues attributable to sold and held for sale properties	(1,119)		—		—		(1,119)
Currency and ownership adjustments(4)	(2,175)		(1,167)		(1,594)		(4,936)
SHO local revenues	912,878		98,035		112,549		1,123,462
Average occupied units/month	53,962		3,642		13,054		70,658
RevPOR/month in USD	$	5,717	$	9,097	$	2,914	$	5,374
RevPOR/month in local currency(4)			£	7,581	$	3,992


Reconciliations of SHO SS RevPOR Growth, SSNOI Growth and SSNOI/Unit

	United States					United Kingdom					Canada					Total
	1Q22		1Q23			1Q22		1Q23			1Q22		1Q23			1Q22		1Q23
SHO SS RevPOR Growth
Consolidated SHO revenues	$	786,071	$	913,152		$	101,099	$	109,328		$	109,442	$	114,201		$	996,612	$	1,136,681
Unconsolidated SHO revenues attributable to WELL(1)	26,834		35,174			—		1,174			22,274		23,232			49,108		59,580
SHO revenues attributable to noncontrolling interests(2)	(43,901)		(18,432)			(9,367)		(11,234)			(22,473)		(22,851)			(75,741)		(52,517)
SHO pro rata revenues(3)	769,004		929,894			91,732		99,268			109,243		114,582			969,979		1,143,744
Non-cash and non-RevPOR revenues on same store properties	(2,404)		(1,981)			(5)		(27)			(30)		(340)			(2,439)		(2,348)
Revenues attributable to non-same store properties	(77,075)		(156,775)			(2,756)		(4,690)			(7,899)		(12,297)			(87,730)		(173,762)
Currency and ownership adjustments(4)	15,127		—			(9,385)		(1,113)			(7,619)		(1,298)			(1,877)		(2,411)




SHO SS revenues(5)	$	704,652	$	771,138		$	79,586	$	93,438		$	93,695	$	100,647		$	877,933	$	965,223
Avg. occupied units/month(6)	43,152		44,318			3,122		3,461			11,234		11,442			57,508		59,221
SHO SS RevPOR(7)	$	5,519	$	5,881		$	8,615	$	9,124		$	2,819	$	2,973		$	5,159	$	5,508
SS RevPOR YOY growth			6.6		%			5.9		%			5.5		%			6.8		%

SHO SSNOI Growth
Consolidated SHO NOI	$	160,239	$	199,833		$	18,224	$	19,197		$	26,155	$	30,568		$	204,618	$	249,598
Unconsolidated SHO NOI attributable to WELL(1)	3,616		5,859			—		(558)			5,950		6,825			9,566		12,126
SHO NOI attributable to noncontrolling interests(2)	(12,801)		(5,560)			(1,345)		(1,962)			(4,866)		(5,438)			(19,012)		(12,960)
SHO pro rata NOI(3)	151,054		200,132			16,879		16,677			27,239		31,955			195,172		248,764
Non-cash NOI on same store properties	(1,873)		(1,296)			(4)		(4)			12		(1)			(1,865)		(1,301)
NOI attributable to non-same store properties	(9,639)		(30,907)			354		660			(3,363)		(5,387)			(12,648)		(35,634)
Currency and ownership adjustments(4)	6		20			(1,784)		(205)			(1,792)		(339)			(3,570)		(524)
Normalizing adjustment for government grants(8)	(582)		(51)			(416)		—			(995)		—			(1,993)		(51)


Normalizing adjustment for casualty related expenses(9)	(156)		5,068			—		—			—		(18)			(156)		5,050


Other normalizing adjustments(10)	385		—			—		—			—		—			385		—
SHO pro rata SSNOI(5)	$	139,195	$	172,966		$	15,029	$	17,128		$	21,101	$	26,210		$	175,325	$	216,304
SHO SSNOI growth			24.3		%			14.0		%			24.2		%			23.4		%

SHO SSNOI/Unit
Trailing four quarters' SSNOI(5)			$	639,686				$	62,854				$	101,433				$	803,973
Average units in service(11)			55,809					4,397					14,341					74,547
SSNOI/unit in USD			$	11,462				$	14,295				$	7,073				$	10,785
SSNOI/unit in local currency(4)								£	11,913				$	9,689

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 revenues and NOI related to certain leasehold properties. See page 12 for more information.

(3) Represents SHO revenues/NOI at Welltower pro rata ownership. See page 12 for more information.

(4) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.37 and to translate UK properties at a GBP/USD rate of 1.20.

(5) Represents SS SHO RevPOR revenues/SSNOI at Welltower pro rata ownership. See page 19 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 for 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 normalizing adjustment related to casualty related expenses net of any insurance reimbursements.

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

(11) Represents average units in service for SS properties related solely to referenced country on a pro rata basis.


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 2, 2023 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), a REIT and S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. Welltower 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, 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.